Slides
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2025 INVESTOR DAY
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10:00 am Welcome, Agenda and Introductions | Helen Han, VP, Investor Relations 10:05 am The Road Ahead: Strategy, Insights, and Execution | Owen Thomas, Chairman & CEO 10:45 am Pathways to Occupancy Performance | Doug Linde, President 11:25 am Strategic Funding for Long-Term Value | Mike LaBelle, CFO 12:05 pm LUNCH 1:00 pm Sustainability | Ben Myers, SVP, Sustainability 1:20 pm Residential | Rich Ellis, SVP, Residential 1:45 pm Markets, Money, Momentum | James Magaldi, SVP, Finance & Capital Markets 2:10 pm 343 Madison Avenue | Hilary Spann, EVP, New York Region & Rich Monopoli, SVP, Development 2:40 pm BREAK 2:50 PM Boston Region | Pat Mulvihill, SVP, Leasing 3:15 pm West Coast Regions | Rod Diehl, EVP, West Coast Regions & Christine Yuen, SVP, Leasing 3:40 pm Washington, DC Region | Pete Otteni, EVP, Washington, DC Region & Jake Stroman, EVP, Washington, DC Region 4:05 pm New York Region | Hilary Spann, EVP, New York Region, Andrew Levin, SVP, Leasing & Heather Kahn, SVP, Leasing 4:30 pm Final Comments / Q&A | Owen, Doug & Mike 2025 INVESTOR DAY
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BXP 2025 Investor Day 3 Forward-Looking Statements Certain statements and presentations made at this conference contain “forward-looking statements” within the meaning of the federal securities laws. Please refer to the Appendix, which can be found in the “Investors” section of our website (BXP.com) under “Events and Webcasts,” for information on how to identify these statements, as well as risks and uncertainties that could cause BXP’s actual results to differ materially from those expressed or implied by the forward-looking statements. We do not intend, nor do we undertake a duty, to update any forward-looking statements, except as may be required by law. Use of Non-GAAP Financial Measures and Other Definitions Certain statements and presentations made at this conference contain non-GAAP financial measures within the meaning of Regulation G and other terms that have particular definitions when we use them during our presentations. Our definitions of these terms may differ from those used by other companies and, therefore, may not be comparable. The definitions of these terms and, if applicable, the reasons for their use and reconciliations to the most directly comparable GAAP measures are included in the Appendix, which can be found in the “Investors” section of our website (BXP.com) under “Events and Webcasts.” Projections Certain statements and presentations made at this conference may include projections for the third quarter and full year 2025 for diluted earnings per common share (“EPS”) and diluted funds from operations (“FFO”) per share that were previously provided in BXP’s most recent earnings release on July 29, 2025. BXP has not updated or reaffirmed any of these projections since that date and is not doing so today by referencing them during this conference. Except as otherwise expressly indicated, all data is as of June 30, 2025.
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THE ROAD AHEAD: STRATEGY, INSIGHTS & EXECUTION
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AGENDA BXP Strategy Key Market Trends & Impacts Current Strategic Emphasis Action Plan 5
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BXP STRATEGY
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7 BXP STRATEGY OVERVIEW BXP 2025 Investor Day ASSETS LOCATIONS OPERATIONS INVESTMENTS
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8 Quality – highly sustainable assets that are positioned in the top 15% of buildings in their local markets and leased at premium rents to industry -leading clients Targeted asset classes – premier workplaces, life sciences and residential Clusters of buildings or complexes with shared amenities and ability to serve different sizes and types of clients BXP STRATEGY Assets BXP 2025 Investor Day
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9 Markets with the most extensive talent pool clusters of highly educated workers and the industry -leading credit- worthy firms that employ them Markets with a diversified talent base by industry Barriers to development of new supply Within selected markets, CBD or ex -urban locations where scale can be achieved BXP STRATEGY Locations BXP 2025 Investor Day
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10 Regionally led organization with local responsibility and accountability Vertically integrated structure with in- house leasing, development, construction, property management, legal and marketing Investment decisions, funding, reporting, human resources, information services, sustainability, corporate legal, tax and corporate marketing performed centrally BXP STRATEGY Operations BXP 2025 Investor Day
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11 Core goal is FFO/share growth using moderate (investment grade) leverage Primary external growth driven by new development Long- term hold versus merchant approach to investment duration, except for residential Joint venture partners provide equity for acquisitions and select developments to extend investment capital and augment FFO/share growth BXP STRATEGY Investment & Capitalization BXP 2025 Investor Day
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KEY MARKET TRENDS & IMPACTS
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13 KEY MARKET TRENDS BXP 2025 Investor Day REMOTE WORK HIGHER COSTS A.I. INDUSTRY DEVELOPMENTS SHAREHOLDER PREFERENCES
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14Source: JLL Research Hybrid 41% Fully In-Office 54% Fully Remote 1% Team-Dependent / Other 4% Office Attendance Policies As of Q2 2025 Hybrid 78% Fully In-Office 5% Fully Remote 6% Team-Dependent / Other 11% Office Attendance Policies As of Q2 2023 BXP 2025 Investor Day REMOTE WORK Return to Office – Fortune 100 Office Attendance
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15BXP 2025 Investor Day REMOTE WORK: IMPACT Flight to Premier Workplaces TRANSIT ACCESS AMENITIES MODERN DESIGN & SYSTEMS EFFICIENT FLOOR PLATES SUSTAINABILITY LOCATION ATTRACT TOP -TIER TALENT & CLIENTS
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16BXP 2025 Investor Day 1. Five selected CBD markets include: Boston, New York, San Francisco, Seattle, and Washington, D.C. 2. Represents Q2 2022 through Q2 2025. Source: CBRE Econometrics Advisors (EA) Q2 2025; assets identified as “prime” or “premier” by CBRE EA. REMOTE WORK: IMPACT Premier Assets Outperform the Broader Market1 Market Size Vacancy Net Absorption 13.7% Premier Space in Total Market 12.5% Direct Vacancy in Premier Buildings 9.3 MSF Net Absorption in Premier Buildings2 7.5% Buildings Considered Premier 20.0% Direct Vacancy in Non-Premier Buildings (3.9) MSF Net Absorption in Non-Premier Buildings2
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- 5.00 10.00 15.00 20.00 25.00 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Direct Vacancy Rate (Excluding Sublease Availability) Premier Non-Premier 17 1. Five selected CBD markets include: Manhattan, Washington, D.C., San Francisco, Boston and Seattle. Source: CBRE Econometrics Advisors (EA) Q2 2025 Average Direct Vacancy Rate for Five Selected CBD Markets (%) 50.00 60.00 70.00 80.00 90.00 100.00 110.00 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Premier Non-Premier Average Asking Rent for Five Selected CBD Markets 12.5% 20.0% $95.29 $63.62 BXP 2025 Investor Day + 50% REMOTE WORK: IMPACT Premier Assets Outperform the Broader Market1
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18BXP 2025 Investor Day BXP’s Share of NOI1 88.2% 11.8% Q2 2020 CBD Suburban 90.5% 9.5% Q2 2025 CBD Suburban BXP Occupancy 95.2% 85.8% 89.9% 70.9% 50% 60% 70% 80% 90% 100% CBD Suburban Q2 2020 Q2 2025 5.3% 14.9% REMOTE WORK: IMPACT More CBD, Less Suburban 1. Represents a non-G AAP financial measure. See Appendix.
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0 50 100 150 200 250 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Price Index % Change CPI % Change New Office Construction: Producer Price Index 19BXP 2025 Investor Day CPI & Construction Costs Source: data.bls.gov Source: fred.stlouisfed.org/series/PCU236223236223 10-Year U.S. Treasury & Fed Funds Rate Source: fred.stlouisfed.org/series/DGS10 Source: fred.stlouisfed.org/series/FEDFUNDS 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 10-Year UST Fed Funds Rate 45% HIGHER COSTS Inflation & Interest Rates
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20BXP 2025 Investor Day 3.99% 3.95% 3.78% 3.75% 3.70% 3.66% 3.65% 3.65% 3.64% 3.64% 3.57% 3.40% 3.39% 3.37% 3.43% 3.69% 3.81% 3.95% 3.97% 4.11% 4.17% 4.16% 4.25% 4.21% 4.22% 4.24% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% Weighted Average BXP Debt Cost1 HIGHER COSTS: IMPACT Increased Financing Costs 1. Represents weighted-av erage interest rates for consolidated debt. The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges (if any), the effects of hedging transactions and adjustments required to reflect loans and swaps at their fair values upon consolidation.
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21BXP 2025 Investor Day 0 50 100 150 200 250 Construction Starts SF in Millions Construction Starts Source: CoStar HIGHER COSTS: IMPACT Limited New Office Development Source: CoStar
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22BXP 2025 Investor Day HIGHER COSTS: IMPACT Strong Need for Additional Housing Monthly Average Rent (1 Br) Rent : Income Ratio Average Units Deliveries (2020 – 2025) Projected Deliveries % of Average (2020 – 2025) 2026 2027 Boston $2,667 33% 8,500 83.5% 80.0% New York $3,397 55% 24,800 59.4% 51.4% San Francisco $3,250 37% 7,800 34.0% 31.4% Washington, DC $2,308 33% 13,500 34.4% 35.3% National $1,595 23% 355,000 73.2% 50.7% Source: Zillow Rentals, U.S. Department of Housing and Urban Development’s Office of Policy Development and Research (PD&R)
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23BXP 2025 Investor Day ARTIFICAL INTELLIGENCE Venture Funding by Metro Area for 2019 - Q1 2025 San Francisco San Jose New York Boston Los Angeles Seattle Austin San Diego Chicago Washington, D.C. Billions $0 $20 $40 $60 $80 $100 $120 $140 2019 2020 2021 2022 2023 2024 Q12025 Source: CBRE, Inc. 70% Share of US A.I. Funding since 2019 BXP Market
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24 Source: CBRE, Inc. ARTIFICAL INTELLIGENCE: IMPACT A.I. Companies Drive Leasing Demand in San Francisco 6.0 5.0 4.0 3.0 2.0 1.0 0.0 30% 25% 20% 15% 10% 5% 0% 2018 2019 2020 2021 2022 2023 2024 2025 LeasingActivity Footprint Share of Total Leasing 0.97 MSF 0.29 MSF 0.23 MSF 0.65 MSF 0.30 MSF 1.71 MSF 1.99 MSF 1.09 MSF 23.9% 26.8% 19.9% Millions Square Feet 1. Data as of July 28, 2025. So urce: CBRE, Inc. 1.38 MSF 1.63 MSF 1.83 MSF 2.43 MSF 2.64 MSF 3.82 MSF 5.19 MSF 6.00 MSF BXP 2025 Investor Day % Total Leasing Activity 1
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25BXP 2025 Investor DaySource: McKinsey Global Institute ARTIFICAL INTELLIGENCE: IMPACT Job Creation in Fields that Require More Education and Skills 30% 30% 23% 12% 11% 11% 10% 9% 7% 7% 7% 3% 2% -1% -2% -13% -18% -30% -20% -10% 0% 10% 20% 30% 40% Net Change in Labor Demand, 2022-30 Resilient & Growing Occupations Stalled, but Rising Occupations Hit & Declining Occupations
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26BXP 2025 Investor Day ARTIFICAL INTELLIGENCE: IMPACT Gateway Markets Predicted to Outperform 1. Final score may be different than individual “Factor Scores” due to analyst adjustments. Source: Oxford Economics, Unionstats.com, Green Street 1 Top & Bottom 15 U.S. Office Markets Relative A.I. Susceptibility versus ‘27E Vacancy Rate1 Below Average A.I. Susceptibility Risk Above Average ’27E Market Vacancy Rate 30% 25% 20% 15% 10% 5% 0% San Francisco Seattle San Jose Oakland-East Bay D.C. Metro Boston Portland Austin Sacramento Miami Baltimore Las Vegas New YorkLong Island San Diego Honolulu San Antonio Orlando Cincinnati Columbus Nashville Richmond Tampa-St. Petersburg Phoenix Charlotte Salt Lake City Dallas / Fort Worth Minneapolis Indianapolis Houston Raleigh-Durham
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27BXP 2025 Investor Day 2015 36% 21% 43% Dedicated Generalist Index 63% 37% Dedicated Generalist 37% of active investors are Generalists 68.5% of Outstanding Shares Represented All Shareholders Active Investors 2020 24% 30% 46% Dedicated Generalist Index 44% 56% Dedicated Generalist 72.3% of Outstanding Shares Represented 2025 14% 86% Dedicated Generalist 74.6% of Outstanding Shares Represented 56% of active investors are Generalists 86% of active investors are Generalists SHAREHOLDER PREFERENCES Rise of the Generalist Investor 10% 40% 50% Dedicated Generalist Index Top 30 Shareholders (2015 -2025)
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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Price Index FFO/Share FFO/Share YoY Growth FTSE Nareit ALL REITS - PRICE INDEX 3,4 28BXP 2025 Investor Day 1. Market FFO Growth is calculated by indexing the yearly FFO per share of All Equity REITS, dividing the current year by the pr ior year to produce the percentage shown in the chart above. 2. Source: Company reports, S&P Capital IQ Pro, Nareit 2023. 3. Price Index is indexed to a starting point of January 1, 2024, set to 0.0% and then each year shown is price performance relativ e to this starting point, using the last closing share price of the year. 4. Source: LSEG Workspace 1,2 Less Correlation More Correlation SHAREHOLDER PREFERENCES Grow FFO per Share
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BXP 2025 Investor Day 29 SHAREHOLDER PREFERENCES Lower Leverage Improves Trading Multiple AMH AVBCPT ELS EQR ESS INVH MAA SUI UDRBRX FRTKIM REG UE MAC SPGSKT BXP BDN CUZ CDP DEI ESRT KRC SLG VNO COLD EGP LXP PLD REXR STAG CUBE EXR PSA NSA ARE CHCT DOC VTR DRH HST PK PEB RHP SHO ADC EPRT FCPT NNN VICI WPC 2 4 6 8 10 12 5 7 9 11 13 15 17 19 Net Debt to EBITDAre FFO Multiple1 1. Multiple equals the company's stock price per share divided by its 2025 Estimated FFO per share. Source: Evercore ISI Research, FactSet
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- 20 40 60 80 100 120 140 160 180 Aug-15 Aug-16 Aug-17 Aug-18 Aug-19 Total Return Indexed to 100; Since August 2015 BXP East Coast / NY Average West Coast Office Average BXP 2025 Investor Day 30 Source: Capital IQ; market data as of 8/29/2025. 1. Includes the market cap weighted average of ESRT, PGRE, SLG, VNO. 2. Includes the market cap weighted average of DEI, HPP, KRC. SHAREHOLDER PREFERENCES Be Multi-Market West Coast Outperforms Feb-20 (1) (2)
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- 20 40 60 80 100 120 140 160 180 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Total Return Indexed to 100; Since August 2020 BXP East Coast / NY Average West Coast Office Average 31BXP 2025 Investor Day Source: Capital IQ; market data as of 8/29/2025. 1. Includes the market cap weighted average of ESRT, PGRE, SLG, VNO. 2. Includes the market cap weighted average of DEI, HPP, KRC. SHAREHOLDER PREFERENCES Be Multi-Market East Coast Outperforms Mar 2022 – First Fed Rate Hike Since 2018 Sep 2024 –Fed Announces 50bps Rate Cut (1) (2)
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- 20 40 60 80 100 120 140 160 180 Aug-15 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Total Return Indexed to 100; Since August 2015 BXP East Coast / NY Average West Coast Office Average 32BXP 2025 Investor Day Source: Capital IQ; market data as of 8/29/2025. 1. Includes the market cap weighted average of ESRT, PGRE, SLG, VNO. 2. Includes the market cap weighted average of DEI, HPP, KRC. SHAREHOLDER PREFERENCES Be Multi-Market (7%) (23%) (20%) West Coast Outperforms East Coast Outperforms Mar 2022 – First Fed Rate Hike Since 2018 Sep 2024 –Fed Announces 50bps Rate Cut COVID-19 Pandemic (1) (2)
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0% 20% 40% 60% 80% 100% Triple Net Strip Center Storage SFR Office Mall Industrial Hotel REIT Healthcare Datacenter Apartment 33 Source: Capital IQ 1. Market data as of August 29, 2025. 2. Average excluding largest company. 3. Calculated as the total interest expense for LTM divided by the simple average of 3Q’24, 4Q’24, 1Q’25, and 2Q’25 total debt. BXP 2025 Investor Day SHAREHOLDER PREFERENCES Scale is Rewarded ~2.0x – 2.5x Category 1 ~9% – 11% Category 1 ~(100bps – 130bps) Category 1 Largest REIT vs. Sector ‘25E FFOx Spread1,2 Largest REIT vs. Sector P / (D) to NAV Spread1,2 Largest REIT vs. Sector Effective Cost of Debt1,2,3Percent of Sector by Aggregate Value1 Sorted by Largest REIT % Share of Corresponding REIT Sector Mean Spread
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CURRENT STRATEGIC EMPHASIS
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BXP 2025 Investor Day 35 CURRENT STRATEGIC EMPHASIS Operations Elevate Asset Quality Further More CBD, Less Suburban Remain Focused on Gateway Markets Select Office and More Residential Development Financial Grow FFO / Share Increase Scale Deleverage
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ACTION PLAN
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BXP 2025 Investor Day 37 ACTION PLAN STICK WITH OUR EXISTING CBD FOOTPRINT DEVELOP SELECT OFFICE AND MORE HOUSING SELL ASSETS RESET DIVIDEND LEASE SPACE BY LEVERAGING OUR PREMIER PORTFOLIO
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BXP 2025 Investor Day 38 200 Clarendon Boston 2100 Penn Washington, DC 767 Fifth Avenue New York Salesforce Tower San Francisco LEASE SPACE BY LEVERAGING OUR PREMIER PORTFOLIO BXP is Already the Luxury Brand
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BXP 2025 Investor Day 39 Savoy Club 767 Fifth Avenue, New York 200 Club 200 Clarendon Street, Boston Mosaic Embarcadero Center, San Francisco LEASE SPACE BY LEVERAGING OUR PREMIER PORTFOLIO Consistently Refreshing and Amenitizing Assets Lobby & Lounge 680 Folsom, San Francisco
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40 1. Represents the period beginning Q3 2023 to Q2 2024. 2. Includes development-project leases with future commencement dates; data as of July 25, 2025. 3. Excludes hotel and residential properties. 4. Represents the period beginning Q3 2024 to Q2 2025. BXP 2025 Investor Day LEASE SPACE BY LEVERAGING OUR PREMIER PORTFOLIO Leasing Activity Accelerating in 2025 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 H1 2024 H1 2025 Million Square feet Leases Executed Leases Under Negotiation 4.2 4.4 4.6 4.8 5.0 5.2 5.4 5.6 5.8 PTM LTM Million Square feet 18.2% Increase 1,2,3 2,3,4 2,3 2,3 22.2% Increase
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41 1.8% 3.9% 5.0% 5.8% 7.5% 6.3% 6.5% 5.9% 7.4% 7.3% 26.2% 0% 5% 10% 15% 20% 25% 30% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Square Feet as a % Total Expiring Square Feet1,2 Weighted Average Remaining Lease Term: 7.6 Years Average Annual Lease Expirations as % of Total Portfolio (2025-2034): 5.7%3 Average Annual Lease Expirations in SF (2025-2034): 2.7 Million3 BXP 2025 Investor Day LEASE SPACE BY LEVERAGING OUR PREMIER PORTFOLIO Minimal Expirations in 2026 and 2027 Provide Opportunity for Occupancy Growth 1. Includes 100% of consolidated and unconsolidated properties. I ncludes leased space in properties partially placed in- service. Excludes the hotel property and residential units. 2. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with r eplacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 3. 10- Year averages are based on calendar years 2025 through 2034.
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42BXP 2025 Investor Day STICK WITH OUR EXISTING FOOTPRINT Future Opportunities for Growth CBD Market Size (MSF)1 BXP CBD Footprint (MSF)2 BXP’s % of Total Market Boston 80.1 11.1 13.9% New York 411.1 10.4 2.5% San Francisco 54.5 5.6 10.3% Washington, D.C. 123.9 2.7 2.2% 1. Source: CBRE Econometrics Advisors (EA) Q2 2025; assets identified as “prime” or “premier” by CBRE EA. 2. Excludes the hotel property and residential units.
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BXP 2025 Investor Day 43 725 12th Street NW Washington, D.C. 343 Madison Avenue New York 3 Hudson Boulevard New York 171 Dartmouth Street Boston DEVELOP SELECT OFFICE AND MORE HOUSING Likely New Office Developments Under BXP Control Underway Potential BXP 2025 Investor Day
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y 44 Sites Under Control Property Location Status Units ¹ 121 Broadway Cambridge, MA Under Construction 440 290 Coles Street (19.46% ownership) Jersey City, NJ Under Construction 670 17 Hartwell (20% ownership) Lexington, MA Under Construction 312 Worldgate Herndon, VA Designed & Entitled 359 Shady Grove Rockville, MD Permitting & Entitlement 360 5th & K Street Washington, DC Designed 539 Back Bay Station Garage East Boston, MA Entitled 240 RTC Next Phase II - Building I Reston, VA Entitled 330 Kingstowne Alexandria, VA Permitting & Entitlement 279 RTC Next Phase II – Additional Bldgs. Reston, VA Entitled 850 Weston Quarry Weston, MA Permitting & Entitlement 280 Carnegie Center – East Campus Princeton, NJ Feasibility Study 200 Site K – Hudson Yards New York, NY Design Development 1,350 Santa Monica Business Park Santa Monica, CA Permitting & Entitlement 375 TOTAL: 6,584 1. Actual units may differ materially depending on the outcome of the permitting/entitlement process for each project. Skymark Reston, VA BXP 2025 Investor Day DEVELOP SELECT OFFICE AND MORE HOUSING BXP Residential Developments Underway and Planned
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BXP 2025 Investor Day 45 $- $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000Sales Price in Millions $343M 1. Excludes partial interest sales to Joint Venture Partners. SELL ASSETS Disposition History Since GFC1 $4.5 Billion in Dispositions (BXP’s Share) from 2012 to 2024
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BXP 2025 Investor Day 46 # of Properties Projected Net Proceeds2 ($MM) Projected FFO Impact Land 12 $400 Accretive Residential 4 $550 Accretive Non-strategic Office 11 $950 Dilutive Total 27 $1,900 Neutral ASSET SALES PROGRAM 1 Projected Net Proceeds of Nearly $2.0 Billion Over the Next 3 Years LAND RESIDENTIAL NON-STRATEGIC OFFICE 1. The disposition data are estimates. There can be no assurance that the dispositions will occur at the assumed prices, on the sc hedule currently contemplated or at all. See Appendix for information on forward looking statements. 2. All dollar amounts represent BXP’s Share and are net of secured property debt.
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BXP 2025 Investor Day 47 Projected Sales Proceeds and Year of Closing1 ($MM) # of Deals 2025 2026 2027 Total Closed 1 $17 $0 $0 $17 Under Contract2 10 $260 $20 $85 $365 Marketing/Pending2 4 $451 $246 $0 $697 Total Active 15 $728 $266 $85 $1,079 1. All dollar amounts represent BXP’s Share and are net of secured property debt. 2. The disposition data are estimates. There can be no assurance that the dispositions will occur at the assumed prices, schedule or at all. ASSET SALES PROGRAM Over $1.0 Billion of Land and Property Sales in Progress
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BXP 2025 Investor Day 48 SELL ASSETS Secure a Financial Partner for 343 Madison Avenue1 Financials Estimated Total Development Cost: $2.0 Billion Unleveraged Yield on Cost: 7.5% to 8.0% Anticipated Construction Loan: $1.0 Billion Financial Partner: 30% to 50% $300 Million to $500 Million BXP Funding: $500 Million to $700 Million Considerations BXP is de-risking the project • Anchor lease commitment • Potential additional leasing • Solidify construction costs • Construction loan Capital can be raised on better terms as risk is reduced Partner reduces BXP funding commitment and increases yield Likely investors are non-U.S. (Middle East and Asia) 1. The estimates presented assume BXP elects to secure a financial partner for an interest in the project. See Appendix for informat ion on forward-looking statements.
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BXP 2025 Investor Day 49 RESET DIVIDEND BXP Was Overpaying the Dividend $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 2018 2019 2020 2021 2022 2023 2024 2025E Operating Taxable Income Taxable Capital Gains BXP Dividend BXP 2025 Investor Day 49 BXP Reset Dividend Yield: 3.9%1 Average Office Dividend Yield: 4.5%2 Average REIT Dividend Yield: 3.9%2 Dividends in Dollars per Share 3 1. Yield is calculated using BXP’s updated quarterly dividend of $0.70 per share multiplied by 4 then divided by the closing share price as of August 29, 2025. 2. As of August 29, 2025. Source: FTSE, NAREIT. BXP’s dividend yield as of August 29, 2025 was 5.47%. 3. Estimated 2025 Taxable Income and Taxable Gains are based on, among other things, current asset sales assumptions, including projected timing of sale completions. 3 28%
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Current Strengths Office REIT with Highest Quality Assets in a Quality- Focused Market Leader in Most Important Gateway Markets – Less Impact from A.I. Growth Opportunities from Portfolio Lease Up and Pre- leased Developments Office REIT with Highest Credit Rating and Capacity for Improvement Action Plan Continued CBD Trophy Asset Focus Lease Space / Grow Occupancy Merchant Housing Development with Financial Partners & Selective Office Development Deleveraging Non-Core Asset Sales Introduce Financial Partner for 343 Madison Avenue Reset Dividend BXP 2025 Investor Day 50 SUMMARY
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QUESTIONS
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PATHWAYS TO OCCUPANCY PERFORMANCE
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AGENDA The BXP Portfolio Leasing Expirations Historical Leasing Volumes Occupancy Growth Opportunity
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THE BXP PORTFOLIO
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BXP 2025 Investor Day 55 IN-SERVICE PORTFOLIO TODAY (AS OF 6/30/2025)1 Boston 15.6 M Los Angeles 2.3 M New York 12.6 M San Francisco 7.6 M Seattle 1.5 M Washington, D.C. 8.6 M 48.2M Square Feet1 1. Includes 100% of consolidated and unconsolidated properties. Excludes Residential and the Hotel property.
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BXP 2025 Investor Day 56 DEVELOPMENTS PLACED IN-SERVICE IN Q3 20251 Reston Next Office Phase II 87,000 SF 95% Leased2 | 5% Occupied3 360 Park Avenue South 450,000 SF 38% Leased2 | 28% Occupied3 1050 Winter Street 162,000 SF 100% Leased | 100% Occupied ~70bps in Q3 Occupancy Decline 1. Includes leases signed through September 4, 2025. 2. R epresents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. 3. Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
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BXP 2025 Investor Day 57 IN-SERVICE PORTFOLIO (PROJECTED AS OF 9/30/2025) Boston 15.8 M Los Angeles 2.3 M New York 13.0 M San Francisco 7.6 M Seattle 1.5 M Washington, D.C. 8.7 M 48.9M Square Feet1 1. Includes 100% of consolidated and unconsolidated properties. Excludes Residential properties, the Hotel property and the c onsummation of any pending or new acquisition or disposition transactions.
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BXP 2025 Investor Day 58 DEVELOPMENTS EXPECTED TO BE PLACED IN-SERVICE IN 2026 290 BINNEY STREET 573,000 SF 100% Leased | 100% Occupied 651 GATEWAY 327,000 SF 21% Leased | 21% Occupied ~30 bps in 2026 Occupancy Decline
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BXP 2025 Investor Day 59 IN-SERVICE PORTFOLIO (PROJECTED AS OF 12/31/2026) Boston 16.3 M Los Angeles 2.3 M New York 13.0 M San Francisco 7.9 M Seattle 1.5 M Washington, D.C. 8.7 M 49.8M Square Feet1 1. Includes 100% of consolidated and unconsolidated properties. Excludes Residential properties, the Hotel property and the c onsummation of any pending or new acquisition or disposition transactions.
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BXP 2025 Investor Day 60 2025 & 2026 DEVELOPMENT DELIVERIES 1. Includes leases signed through September 4, 2025. Development Deliveries Square Feet Available Square Feet Leased %1 2025 699,000 283,000 59% 2026 926,600 273,000 71% 2025 & 2026 Total 1,625,600 556,000 66%
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61 LEASE EXPIRATIONS
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BXP 2025 Investor Day 62 LEASE EXPIRATIONS 1.8% 3.9% 5.0% 5.8% 7.5% 6.3% 6.5% 5.9% 7.4% 7.3% 26.2% 0% 5% 10% 15% 20% 25% 30% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Square Feet as a % of Total Total Expiring Square Feet1,2 1. Includes 100% of consolidated and unconsolidated properties and leased space in properties partially placed in-service. Excludes the hotel property and residential units. 2. Data as of June 30, 2025. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with r eplacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires. Represents rentable square footage t hat is anticipated to become vacant in the noted period. Weighted Average Remaining Lease Term: 7.6 Years Average Annual Lease Expirations as % of Total Portfolio (2025-2034): 5.7% Average Annual Lease Expirations in SF (2025-2034): 2.7 Million
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BXP 2025 Investor Day 63 HISTORICAL LEASE EXPIRATIONS – SIX MONTHS OUT1,2 3.4% 3.6% 1.7% 2.9% 4.9% 2.5% 3.5% 2.7% 3.0% 1.8% 0% 1% 2% 3% 4% 5% 6% 7% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Square Feet as a % of Total 0.85M 1. Includes 100% of consolidated and unconsolidated properties and l eased space in properties partially placed in-service. Excludes the hotel property and residential units. 2. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period.
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BXP 2025 Investor Day 64 HISTORICAL LEASE EXPIRATIONS – EIGHTEEN MONTHS OUT1,2 10.4% 7.2% 8.5% 10.0% 11.7% 8.8% 8.3% 11.3% 8.8% 5.7% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Square Feet as a % of Total 2.8M 1. Includes 100% of consolidated and unconsolidated properties and l eased space in properties partially placed in-service. Excludes the hotel property and residential units. 2. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period.
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BXP 2025 Investor Day 65 HISTORICAL LEASE EXPIRATIONS – THIRTY MONTHS OUT1,2 14.7% 15.3% 18.3% 17.8% 18.2% 13.8% 16.4% 15.1% 14.2% 9.8% 0% 5% 10% 15% 20% 25% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Square Feet as a % of Total 5.0M 1. Includes 100% of consolidated and unconsolidated properties and l eased space in properties partially placed in-service. Excludes the hotel property and residential units. 2. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period.
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BXP 2025 Investor Day 66 1.7% 3.8% 4.3% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2025 2026 2027 Square Feet as a % of In-Service Portfolio 1. Includes 100% of consolidated and unconsolidated properties and leased space in properties partially placed in-service. Excludes the hotel property and residential units. 2. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 4.7M Square Feet Expiring between 2025 and 2027 837,000 SF 1,816,000 SF 2,050,000 SF Low Rollover in 2026 and 2027 Correlates to Material Improvement Opportunity in Occupancy NEAR TERM EXPIRATIONS1,2 Including Leases Signed through August 25, 2025
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HISTORICAL LEASING VOLUMES
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2025 Investor Conference 68 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Square Feet of In-Service Leases Executed (MM)1 In-Service Leases Executed Development Leases Executed 1. Includes development-project leases with future commencement dates; data as of July 25, 2025. Includes 100% of consolidated and unconsolidated properties. 2. Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Excludes the hotel property and residential units. 2 HISTORICAL EXECUTED LEASES1,2 68BXP 2025 Investor Day
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6.2 3.9 5.2 7.0 3.5 4.6 4.4 3.9 5.4 2.9 0.0 2.0 4.0 6.0 8.0 10.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Square Feet in Millions BXP 2025 Investor Day 691. Includes 100% of consolidated and unconsolidated properties. Excludes the hotel property and residential units, as well as first generation leases. 2. Includes signed leases through August 25, 2025. 2 HISTORICAL IN-SERVICE LEASING VOLUMES1
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BXP 2025 Investor Day 70 2025 Expiring Square Feet 837,000 Client A Boston – Suburban 165,000 Client B San Francisco – CBD 62,400 Client C Seattle – CBD 56,700 1. Includes 100% of consolidated and unconsolidated properties and signed leases through August 25, 2025. 2026 Expiring Square Feet 1,816,000 Client A Los Angeles 140,500 Client B Boston – Suburban 80,900 Client C San Francisco – Suburban 66,000 2027 Expiring Square Feet 2,050,000 Client A Washington DC – CBD 143,200 Client B San Francisco – CBD 125,985 Client C New York – Suburban 121,990 FUTURE CLIENT EXPIRATIONS1
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BXP 2025 Investor Day 71 LEASING ON VACANT SPACE IN THE LAST SIX QUARTERS Quarter Square Feet Q1 2024 494,000 Q2 2024 500,000 Q3 2024 427,000 Q4 2024 320,000 Q1 2025 467,000 Q2 2025 482,000 Q3 20252 283,000 Avg: 448,333 High End: 500,000 Low End: 400,000 1. Includes 100% of consolidated and unconsolidated properties. 2. Q3 2025 includes deals signed through August 25, 2025.
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OCCUPANCY GROWTH OPPORTUNITY
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BXP 2025 Investor Day 73 Average Leasing Volume per Quarter 1M SF Leasing Volume Over the Next 10 Quarters 10M SF Leasing 65% on Vacant or Expiring (A) 6.5M SF LEASED PERCENTAGE1 1. See Appendix for information on forward-looking statements. Information is based on the in-service portfolio as of June 30, 2025.
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BXP 2025 Investor Day 74 Average Leasing Volume per Quarter 1M SF Leasing Volume Over the Next 10 Quarters 10M SF Leasing 65% on Vacant or Expiring (A) 6.5M SF Expiring SF (2025-2027) (B) 4.7M SF LEASED PERCENTAGE1 1. See Appendix for information on forward-looking statements. Information is based on the in-service portfolio as of June 30, 2025.
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BXP 2025 Investor Day 75 Average Leasing Volume per Quarter 1M SF Leasing Volume Over the Next 10 Quarters 10M SF Leasing 65% on Vacant or Expiring (A) 6.5M SF Expiring SF (2025-2027) (B) 4.7M SF Leasing Coverage (A) - (B) 1.8M SF LEASED PERCENTAGE1 1. See Appendix for information on forward-looking statements. Information is based on the in-service portfolio as of June 30, 2025.
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BXP 2025 Investor Day 76 Average Leasing Volume per Quarter 1M SF Leasing Volume Over the Next 10 Quarters 10M SF Leasing 65% on Vacant or Expiring (A) 6.5M SF Expiring SF (2025-2027) (B) 4.7M SF Leasing Coverage (A) - (B) 1.8M SF Leasing Coverage Divided By In-Service SF 3.7% LEASED PERCENTAGE1 1. See Appendix for information on forward-looking statements. Information is based on the in-service portfolio as of June 30, 2025.
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BXP 2025 Investor Day 77 Assuming the Historical Spread of 210bps Between Leased and Occupied Percentages, BXP’s 2027 Occupancy Percentage Would Be Approximately 91%. Leased Percentage Today 89.1% + 3.7% Leased Percentage 20272 92.8% PRO FORMA SAME STORE LEASED PERCENTAGE1 1. Information is based on the in-service portfolio as of June 30, 2025. 2. S ee Appendix for information on forward-looking statements.
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BXP 2025 Investor Day 78 THIRD QUARTER 2025 LEASING1,2 Q3’25 Signed Leases & Leases Under Negotiation (in SF) Vacant 2025 Expiration 2026 Expiration 2027 Expiration Future Expiration Total Signed Deals 283,100 53,600 124,800 150,300 417,700 1,029,500 Deals Under Negotiation 465,000 39,000 428,000 180,000 - 1,112,000 Total 748,100 92,600 552,800 330,300 417,700 2,141,500 1. Includes 100% of consolidated and unconsolidated properties. Excludes development leasing. 2. Includes signed leases as of August 25, 2025.
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BXP 2025 Investor Day 79 PRO FORMA SAME STORE OCCUPANCY FOR YEAR END 20261 Square Feet Occupancy % 2nd Quarter 2025 Occupancy 41.7M 86.4% Add: Signed Leases Yet to Commence 1.30M Add: Current Leases in Negotiation on Vacant Space 0.75M Add: Current Leases in Negotiation on 2025/26 Expirations 0.65M Add: Expected Leasing on Additional Vacancy and Expirations 1.40M Less: Known Expirations (2.80M) Year End 2026 Occupancy2 43.0M 89.0% 1. Includes 100% of consolidated and unconsolidated properties. See Appendix for information on forward-looking statements. Information is based on the in-service portfolio as of June 30, 2025. 2. Developments placed in-service in 2025 and 2026 are expected to reduce the occupancy percentage by approximately 100bps.
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BXP 2025 Investor Day 80 EAST COAST CBD VACANCY1 Boston 100 Federal Street | 35,000 SF3 New York 360 Park Avenue South | 279,000 SF3 Times Square Tower | 167,000 SF3 767 Fifth Avenue | 30,000 SF3 510 Madison Avenue | 23,000 SF3 Washington, D.C. 901 New York Avenue| 99,000 SF3 2200 Pennsylvania Avenue | 12,000 SF3 1. Includes 100% of consolidated and unconsolidated properties. 2. E xcludes Dock72. 3. Vacant space is net of future signed leases for which revenue recognition has not commenced. 2.0 Million Square Feet of Currently Vacant Space2
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BXP 2025 Investor Day 81 WEST COAST CBD VACANCY1 535 Mission Street 66,000 SF3 680 Folsom Street 213,000 SF3 Embarcadero One 233,000 SF3 Embarcadero Two 139,000 SF3 Embarcadero Three 173,000 SF3 1. Includes 100% of consolidated and unconsolidated properties. 2. E xcludes Santa Monica Business Park, Colorado Center, and Safeco Plaza. 3. Vacant space is net of future signed leases for which revenue recognition has not commenced. 1.1 Million Square Feet of Currently Vacant Space2
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BXP 2025 Investor Day 821. Includes 100% of consolidated and unconsolidated properties. 2. Vacant space is net of future signed leases for which revenue recognition has not commenced. Boston: Urban Edge Weston Corporate Center | 313,000 SF2 153 & 211 Second Avenue | 112,000 SF2 Bay Colony | 148,000 SF2 103 CityPoint | 113,000 SF2 Reservoir Place South | 107,000 SF2 SUBURBAN VACANCY1 New York: Princeton Carnegie Center | 511,000 SF2 San Francisco: Silicon Valley Mountain View Research Park | 213,000 SF2 Washington, D.C. Wisconsin Place | 148,000 SF2 2.6 Million Square Feet of Currently Vacant Space
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OCCUPANCY GROWTH OPPORTUNITY
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BXP 2025 Investor Daye 84 Region Vacant & Expiring Gross Rent PSF1 Vacant SF2 (in millions) Expiring SF (2025-2027) (in millions) East Coast CBD $83.58 2.0 1.8 West Coast CBD $86.62 1.1 1.1 Suburban $51.66 2.6 1.6 Total $71.09 5.7 4.5 1. Calculated based on a weighted average annualized rental obligations per square foot. Information is based on the in-service portfolio as of June 30, 2025. See Appendix. 2. Excludes Dock72, Santa Monica Business Park, Colorado Center, and Safeco Plaza. Includes 100% of consolidated and unconsolidated properties. THE VALUE OF OCCUPANCY
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BXP 2025 Investor Day 85 THE VALUE OF OCCUPANCY (CONT.) Total 48.2M SF 100bps of Occupancy 482,000 SF 482,000 SF $71 of Gross Rent $32.5M of NOI1 or $0.18 Per Share 1. Assumes a 95% margin is applied to average rental rate for possible leakage of operating expenses. Information is based on the in- service portfolio as of June 30, 2025.
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BXP 2025 Investor Day 86 OFFICE AMENITIZATION 510 Madison Avenue New York, NY 680 Folsom San Francisco, CA The Mosaic at Embarcadero Center San Francisco, CA Savoy Club at 767 Fifth Avenue New York, NY 200 Club at 200 Clarendon Boston, MA 901 New York Avenue Washington, D.C.
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CONCLUSION
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BXP 2025 Investor Day 88 TAKEAWAYS Low Lease Expirations in the Next 30 Months Strong Leasing and Continued Pipeline Refreshment Strategic Asset Amenitization Execute on Occupancy Growth Opportunities
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QUESTIONS
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FUNDING STRATEGY FOR LONG- TERM VALUE
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91BXP 2025 Investor Day Development: The DNA of BXP Funding Strategy Balance Sheet Strategy Path to 2026: FFO Considerations AGENDA
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92 BXP: BUILT ON STRENGTH, POSITIONED FOR GROWTH BXP 2025 Investor Day 186 Properties2 53.7M Square Feet Owned2 7.5 Years Weighted-Average Lease Term3,4 S&P 500 Company Investment Grade $3.3B BXP’s Share of Annualized Revenue1 $1.9B BXP’s Share of Annualized EBITDAre1 $846M Funds Available for Distribution1 for Trailing Four Quarters $27.8B BXP’s Share of Market Capitalization1 1. See Appendix for the Company’s definitions, reconciliations and related disclosures, including the definition of BXP’s Share. 2. I ncludes 100% of consolidated and unconsolidated properties. 3. Excludes the hotel property and residential units. 4. Calculation is based on BXP’s Share of Annualized Rental Obligations. See Appendix. BXP 2025 Investor Day
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DEVELOPMENT: THE DNA OF BXP
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94 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Millions 1. Represents BXP’s Share. 2. 2025 includes developments anticipated to be fully or partially placed in–service in the 2H 2025. $9.2B1 of developments delivered in the past 12 years with an average stabilized yield of approximately 7% HISTORICAL DEVELOPMENT PLACED IN -SERVICE: “BXP’S DNA” BXP 2025 Investor Day 2
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BXP 2025 Investor Day 95 PAST DEVELOPMENTS 535 Mission Street San Francisco, CA 2100 Pennsylvania Avenue Washington, D.C. 888 Boylston Street Boston, MA 325 Main Street Cambridge, MA 145 Broadway Cambridge, MA Salesforce Tower San Francisco, CA 250 West 55th Street New York, NY 17 Fifty Presidents Street Reston, VA BXP 2025 Investor Day
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$- $100 $200 $300 $400 $500 $600 $700 $800 2H 2025 2026 2027 2028 2029 2030 Millions Total Development 343 Madison Avenue 1. Amounts represent expected cash outflows on properties under development, excluding equity carry, at BXP’s Share. Includes 343 Madison Avenue Development at 100%. $2.6 Billion Remaining to Be Spent on Current Development Pipeline FUTURE DEVELOPMENT SPEND 1 343 Madison Avenue New York, NY 96BXP 2025 Investor Day
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FUNDING STRATEGY
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98 BXP’S FUNDING OPTIONS BXP 2025 Investor Day Asset Sales Dividend Reset Private Equity Operating Cash Flow Growth Debt Public Equity
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BXP 2025 Investor Day 99 # of Properties Projected Net Proceeds2 ($MM) Projected FFO Impact Land 12 $400 Accretive Residential 4 $550 Accretive Non-strategic Office 11 $950 Dilutive Total 27 $1,900 Neutral ASSET SALES PROGRAM 1 Projected Net Proceeds of Nearly $2.0 Billion Over the Next 3 Years LAND RESIDENTIAL NON-STRATEGIC OFFICE 1. The disposition data is based on estimates. There can be no assurance that the dispositions will occur at the assumed prices, on the schedule currently contemplated or at all. 2. All dollar amounts represent BXP’s Share and are net of secured property debt.
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BXP 2025 Investor Day 100 DIVIDEND RESET The Quarterly Dividend was reset in Q3 2025 to $0.70 per share, or $2.80 per share annualized $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 2018 2019 2020 2021 2022 2023 2024 2025E Operating Taxable Income Taxable Capital Gains BXP Dividend 1. 2025 Taxable Income and Taxable Gains are based on, among other things, current asset sales assumptions, including projected t iming of sale completions. BXP 2025 Investor Day 100 1 1
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101 1. See Appendix for information on forward-looking statements. 2. Yield is calculated using BXP’s updated quarterly dividend of $0.70 per share multiplied by 4 then divided by the closing share price as of September 2, 2025. THE DIVIDEND RESET BENEFITS 1 Dividend Reset Summary Annualized Dividend of $2.80 Per Share Estimated Cash Retained through 2027 of ~$500M Accretive to FFO Improves Leverage by ~0.25x by year-end 2027 Lower leverage Improved Multiple Dividend Yield of ~3.9% 2 $0.00 $0.04 $0.09 $0.00 $0.01 $0.02 $0.03 $0.04 $0.05 $0.06 $0.07 $0.08 $0.09 $0.10 2025 2026 2027 Anticipated Impact of Dividend Reset on FFO Per Share BXP 2025 Investor Day
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102 DIVIDEND GROWTH OPPORTUNITY Resetting the dividend more closely aligns it with BXP’s taxable income Future taxable income growth from development deliveries Future taxable income growth from occupancy growth Leads to future dividend growth opportunities BXP 2025 Investor Day
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15% 6% 79% Consolidated JVs Unconsolidated JVs BXP Wholly Owned PRIVATE EQUITY • 14.8 million square feet in service • 21% of Net Operating Income from Joint Venture Assets1 103 BXP 2025 Investor Day 103 BXP Partners 1. Based on BXP’s Share of Net Operating Income (NOI) excluding termination income. See Appendix.
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BXP 2025 Investor Day 104 PRIVATE EQUITY Secure a Financial Partner for 343 Madison Avenue1 1. The information presented is based on estimated economics assuming BXP elects to secure a financial partner for the project. See Appendix for information on forward-looking statements. Estimated Economics Estimated Total Development Cost: $2.0 Billion Unleveraged Yield on Cost: 7.5% to 8.0% Anticipated Construction Loan: $1.0 Billion Financial Partner: 30% to 50% $300 - $500 Million BXP Funding: $500 - $700 Million
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BXP 2025 Investor Day 105 FUNDING STRATEGY - SUMMARY Sources of Capital ($MM) Net Proceeds from Asset Sales $1,900 1 Dividend Reset $500 2 Private Equity Partner at 343 Madison Ave 3,4 $600 - $1,000 Total Potential Capital Raise $3,000 - $3,400 1. Represents BXP’s Share. See slide 10 for more details. 2. Represents anticipated cash to be retained through 2027 as a result of the dividend reset. See slide 12 for more details. 3. Amount includes both prospective partner share of equity and debt. 4. See slide 15 for more details.
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OPERATING CASH FLOW GROWTH
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107 $ in millions FY 2026 FY 2027 BXP’s Share of Net Operating Income (NOI) – Cash (Estimated) $31.4 $43.3 • 290 Binney Street will begin to provide significant cash flow upon delivery at the end of the 2nd quarter of 2026. • The 573,000 SF lab building is 100% leased to AstraZeneca for 15 years. • Projected 8.5% Return on Cost (BXP’s Share). OPERATING CASH FLOW: 290 BINNEY STREET BXP 2025 Investor Day
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360 PARK AVENUE SOUTH New York, NY • 450,000 SF • 38% Leased2 • 71% Ownership 108 RESTON NEXT OFFICE PHASE II Reston, VA • 87,000 SF • 95% Leased 2 • 100% Ownership 651 GATEWAY South San Francisco, CA • 327,000 SF • 21% Leased 2 • 50% Ownership 1. Includes the development projects pictured and Reston Next Retail, which is also under development. 2. Includes leases signed as of August 25, 2025, but not yet commenced. OPERATING CASH FLOW: OTHER DEVELOPMENT DELIVERIES 1050 WINTER STREET Waltham, MA • 162,000 SF • 100% Leased 2 • 100% Ownership Projected Incremental $44M1 of BXP’s Share of NOI upon Stabilization Compared to 2025 BXP 2025 Investor Day
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109 Y.E. 20272 Proforma Same Store Occupancy 91.0% Average Rental Rate (PSF) on Vacant and Expiring Space $71.00 FFO Impact3 $150M 1. See Appendix for information on forward-looking statements. Information is based on the in-service portfolio as of June 30, 2025. 2. As of December 31, 2027. Projected data is calculated based on the midpoint of projected occupancy growth. 3. Assumes a 95% margin is applied to average rental rate for possible leakage of operating expenses on vacant space. OPERATING CASH FLOW: OCCUPANCY GROWTH 1 BXP 2025 Investor Day
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BXP 2025 Investor Day 110 BXP'S SHARE OF DEBT1 Unsecured Debt, $9.8 Secured Debt, $4.4 Bank Debt, $1.0 CP Program, $0.8 1. Dollars in billions. See Appendix.
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111 DEBT 1. Based on current SOFR pricing and 10-year US treasury as of August 28, 2025. BXP 2025 Investor Day New Issue Pricing1 10yr Unsecured Bonds 5.75%
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112 DEBT BXP 2025 Investor Day New Issue Pricing1 10yr Unsecured Bonds 5.75% Exchangeable Debt 4.00% (conversion premium up 40%) 1. Based on current SOFR pricing and 10-year US treasury as of August 28, 2025.
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113 DEBT BXP 2025 Investor Day New Issue Pricing1 10yr Unsecured Bonds 5.75% Exchangeable Debt 4.00% (conversion premium up 40%) Mortgage Market - CMBS 5.75% - 8.00% 1. Based on current SOFR pricing and 10-year US treasury as of August 28, 2025.
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114 DEBT BXP 2025 Investor Day New Issue Pricing1 10yr Unsecured Bonds 5.75% Exchangeable Debt 4.00% (conversion premium up 40%) Mortgage Market - CMBS 5.75% - 8.00% Bank Market 5.25% 1. Based on current SOFR pricing and 10-year US treasury as of August 28, 2025.
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115 DEBT BXP 2025 Investor Day New Issue Pricing1 10yr Unsecured Bonds 5.75% Exchangeable Debt 4.00% (conversion premium up 40%) Mortgage Market - CMBS 5.75% - 8.00% Bank Market 5.25% Commercial Paper 4.50% - 4.60% 1. Based on current SOFR pricing and 10-year US treasury as of August 28, 2025.
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BALANCE SHEET STRATEGY REDUCING LEVERAGE
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117 Impact on Leverage Leverage (x) Leverage2 (Q2 Supplemental) 8.18 Development Funding 1.00 PRO FORMA LEVERAGE: DEVELOPMENT 1 BXP 2025 Investor Day1. See Appendix for information on forward-looking statements. 2. R epresents BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized), a non-GAAP financial measure. See Appendix.
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118 Impact on Leverage Leverage (x) Leverage2 (Q2 Supplemental) 8.18 Development Funding 1.00 Asset Sales (0.60) PRO FORMA LEVERAGE: ASSET SALES 1 BXP 2025 Investor Day1. See Appendix for information on forward-looking statements. 2. R epresents BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized), a non-GAAP financial measure. See Appendix.
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119 Impact on Leverage Leverage (x) Leverage2 (Q2 Supplemental) 8.18 Development Funding 1.00 Asset Sales (0.60) Dividend Reset (0.25) PRO FORMA LEVERAGE: DIVIDEND RESET 1 BXP 2025 Investor Day1. See Appendix for information on forward-looking statements. 2. R epresents BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized), a non-GAAP financial measure. See Appendix.
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120 Impact on Leverage Leverage (x) Leverage2 (Q2 Supplemental) 8.18 Development Funding 1.00 Asset Sales (0.60) Dividend Reset (0.25) 343 Madison 50% JV Partner (0.25) PRO FORMA LEVERAGE: 343 MADISON AVENUE JOINT VENTURE 1 BXP 2025 Investor Day1. See Appendix for information on forward-looking statements. 2. R epresents BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized), a non-GAAP financial measure. See Appendix.
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121 Impact on Leverage Leverage (x) Leverage2 (Q2 Supplemental) 8.18 Development Funding 1.00 Asset Sales (0.60) Dividend Reset (0.25) 343 Madison 50% JV Partner (0.25) Development Deliveries (0.40) PRO FORMA LEVERAGE: DEVELOPMENT DELIVERIES 1 BXP 2025 Investor Day1. See Appendix for information on forward-looking statements. 2. R epresents BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized), a non-GAAP financial measure. See Appendix.
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122 Impact on Leverage Leverage (x) Leverage2 (Q2 Supplemental) 8.18 Development Funding 1.00 Asset Sales (0.60) Dividend Reset (0.25) 343 Madison 50% JV Partner (0.25) Development Deliveries (0.40) Occupancy Growth (0.60) PRO FORMA LEVERAGE: OCCUPANCY GROWTH 1 BXP 2025 Investor Day1. See Appendix for information on forward-looking statements. 2. R epresents BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized), a non-GAAP financial measure. See Appendix.
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123 Impact on Leverage Leverage (x) Leverage2 (Q2 Supplemental) 8.18 Development Funding 1.00 Asset Sales (0.60) Dividend Reset (0.25) 343 Madison 50% JV Partner (0.25) Development Deliveries (0.40) Occupancy Growth (0.60) Pro Forma Leverage (Year End 2027) 7.08 PRO FORMA LEVERAGE: SUMMARY 1 BXP 2025 Investor Day1. See Appendix for information on forward-looking statements. 2. R epresents BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized), a non-GAAP financial measure. See Appendix.
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124 BXP FUNDING STRATEGY Fully Fund Development Plan Improves Leverage Accretive to Earnings Creates Capacity for Future Investment Opportunities Positioned for Future Dividend Growth BXP 2025 Investor Day
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PATH TO 2026: FFO CONSIDERATIONS
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126 PRO FORMA IN -SERVICE 1 OCCUPANCY 86.4% 89.0% 86.0% 86.5% 87.0% 87.5% 88.0% 88.5% 89.0% 89.5% 90.0% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Occupancy BXP 2025 Investor Day1. See Appendix for the Company's definition of in-service and f or information on forward-looking statements. Information is based on the in-service portfolio as of June 30, 2025. 2026 Pro Forma Occupancy Expected to Average 87.25% to 88%
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127 NEAR- TERM DEVELOPMENT DELIVERIES 1 Development Square Feet Leased %2 Delivery Into Service Date Capitalized Interest End Date 1050 Winter Street 162,000 100% Q3 2025 July 2025 Reston Next Office Phase II 87,000 95% Q3 2025 July 2025 360 Park Avenue South (71% ownership) 450,000 33% Q3 2025 August 2025 Reston Next Retail 30,000 45% Q1 2026 January 2026 651 Gateway (50% ownership) 327,000 21% Q1 2026 January 2025 290 Binney Street (55% ownership) 573,000 100% Q2 2026 June 2026 1. See Appendix for information on forward-looking statements. 2. I ncludes leases signed as of August 25, 2025, including leases with future commencement dates. BXP 2025 Investor Day Year Over Year Capitalized Interest Burning Off of Approximately $12M or $0.07 Per Share in 2026
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128 $ in millions 2026 FY 2026 Q1 Q2 Q3 Q4 Projected GAAP NOI - - $24.1 $24.2 $49.5 Noncontrolling Interest - - ($10.9) ($10.9) ($22.3) Lost Capitalized Interest - - ($10.0) ($10.0) ($20.0) Incremental FFO - - $3.2 $3.3 $6.5 • 290 Binney is expected to be fully placed in-service at the end of the second quarter 2026. • Consolidated joint venture accounting requires BXP to capitalize interest at 100% of consolidated cost. • 2026 BXP’s Share of NOI - cash $31.4M. CAPITALIZED INTEREST: 290 BINNEY STREET 1 BXP 2025 Investor Day 1. All amounts are projections. See Appendix for information on forward-looking statements.
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129 PROJECTED IMPACT OF ASSET SALES THROUGH 2026 1 Net Proceeds Projected 2026 Per Share Dilution Sales In Progress $1,000M ($0.01) – ($0.02) Additional Sales $700M ($0.03) – ($0.07) Total $1,700M ($0.04) – ($0.09) 1. The disposition data is based on estimates. There can be no assurance that the dispositions will occur at the assumed prices, on the schedules contemplated or at all. See Appendix for information on forward-looking statements. 2. Range assumes a full year to one-half of a year of FFO impact and interest expense savings from asset sales. BXP 2025 Investor Day
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1301. See Appendix for information on forward-looking statements. 2026 BOND MATURITIES Unsecured Senior Notes due Feb 2026 Unsecured Senior Notes due Oct 2026 Total Principal Amount of Notes $1,000M $1,000M $2,000M Effective Yield 3.77% 3.50% 3.64% BXP 2025 Investor Day Pro Forma Dilution from Refinancings of ($0.02) to ($0.14) Per Share1 Refinancing Options Est. Refinancing Rates Projected 2026 Incremental Interest Expense Total Projected 2026 Per Share Dilution 10-yr Unsecured Senior Notes 5.75% $18M $6M $24M ($0.14) Unsecured Exchangeable Bond 4.00% $2M $1M $3M ($0.02)
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131 IN CONCLUSION: 2026 FFO CONSIDERATIONS BXP 2025 Investor Day 2026 Occupancy: End 2026 at ~89% | Average for year 87.25% - 88% Development NOI growth primarily from 290 Binney Street and 1050 Winter Street Dividend reset projected to add $0.04 per share Burnoff of capitalized interest projected to increase interest expense by $0.07 per share Refinancing bond maturities projected to add $0.02 - $0.14 per share of interest expense Estimated dilution from assets sales of $0.04 - $0.09 per share
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QUESTIONS
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2025 BXP Investor Day Appendix
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1 FORWARD-LOOKING STATEMENTS APPENDIX Certain statements and presentations made during BXP’s 2025 Investor Day conference contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the PSLRA, and we are including this statement for purposes of complying with those safe harbor provisions, in each case, to the extent applicable. We caution investors that forward-looking statements are based on current beliefs, plans and projections, expectations of future events, and assumptions made by, and information currently available to, our management. When used, the words “anticipate,” “believe,” “budget,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “might,” “plan,” “project,” “proforma,” “pursue,” “shall,” “should,” “will,” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance or occurrences, which may be affected by known and unknown risks, trends, uncertainties and factors that are, in some cases, beyond our control. If one or more of these known or unknown risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution you that, while forward-looking statements reflect our good-faith beliefs when we make them, they are not guarantees of future performance or occurrences and are impacted by actual events when they occur after we make such statements. Accordingly, investors should use caution in interpreting and relying on forward-looking statements, which are based on results, trends and assumptions at the time they are made, to anticipate future results or trends. The most significant factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements include the following risks and uncertainties, among others: • volatile or adverse economic, capital markets and political conditions, including continued inflation, elevated interest rates, supply chain disruptions and the direct and indirect negative impacts that new and/or increased tariffs may have on us, our current and prospective clients, including their demand for office space, and the costs and availability of construction materials and the economic returns on our construction and development activities; • volatile or adverse geopolitical conflicts and dislocations in the credit markets could adversely affect economic conditions and/or restrict our access to cost-effective capital, which could have a material adverse effect on our business opportunities, results of operations and financial condition; • risks associated with the costs, availability and terms of financing, the use of debt to fund acquisitions and developments or refinance existing indebtedness, including the impact of higher interest rates on the cost and/or availability of financing and the use of forward interest rate contracts and derivatives and the effectiveness of such arrangements; • general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on attractive terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, and competition from other developers, owners and operators of real estate); • the ability of our joint venture partners to satisfy their obligations; • risks associated with actual or threatened terrorist attacks; • costs of compliance with the Americans with Disabilities Act and other similar laws; • the uncertainties of costs to comply with regulatory changes; • potential liability for uninsured losses and environmental contamination; • risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the effects of climate change; • risks associated with cyber security breaches, incidents, and compromises, as well as other significant disruptions of our information technology networks and related systems, which support our operations and our buildings; • risks associated with legal proceedings and other claims that could result in substantial monetary damages and other costs;
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FORWARD-LOOKING STATEMENTS (continued) 2APPENDIX • risks associated with BXP’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended; • possible adverse changes in tax and environmental laws; • the effects of acquisitions, dispositions and possible impairment charges on our operating results; • the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results; • risks associated with possible state and local tax audits; and • risks associated with our dependence on key personnel whose continued service is not guaranteed. New risk factors emerge from time to time and it is not possible for management to predict all risk factors, nor can we assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not unduly rely on forward-looking statements as a prediction of actual results. Investors should also refer to our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the Securities and Exchange Commission, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this conference. Certain statements and presentations made during BXP’s 2025 Investor Day conference contain statistical data, estimates and forecasts that are based on independent industry publications and reports or other publicly available information, as well as other information based on BXP’s internal sources. This data involves assumptions and limitations, and you are cautioned not to give undue weight to these estimates and forecasts. BXP has not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. BXP makes no representations as to the accuracy or completeness of such data and undertakes no obligation to update such data after the date of this conference. Neither these presentations nor the accompanying oral presentations shall constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No part of these communications shall form the basis of, or be relied on in connection with, any contract or investment decision under any circumstance for any purpose.
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DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS 3APPENDIX This Appendix contains definitions of certain non-GAAP financial measures and other terms used in statements or presentations during this conference and, where applicable, quantitative reconciliations of the differences between the non-GAAP financial measures and the most directly comparable GAAP financial measures, 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. Throughout this conference, the term "premier workplace(s)" is used to refer to certain of our properties. Except as otherwise expressly attributed to another source, we consider premier workplaces to be well- located buildings that (i) are modern structures or have been modernized to compete with newer buildings, (ii) are professionally managed and maintained, and (iii) offer a number and type of amenities that are in high demand by clients that are focused on the importance of the physical work environment in recruiting and retaining the best and brightest employees. As such, these properties attract creditworthy clients and command upper-tier rental rates in their markets. We do not consider the expression “premier workplaces” to be a classification of our properties in accordance with any standard listing criteria in the real estate industry. We therefore caution investors that our use and definition of “premier workplaces” may be different than the use and definition of similar expressions and traditional classifications that may be used by other companies. 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 priority allocations, 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. In addition, the Company presents certain of these measures on a “Annualized” basis. Unless an "Annualized" measure is expressly defined differently, this means the measure for the applicable month or quarter is multiplied by twelve (12) or four (4), respectively. Management believes that presenting “Annualized” measures allows investors to compare results of a particular quarter to the same measure for full years and thereby more easily assess trend data. However, the Company cautions investors that “Annualized” measures should not be considered a substitute for the measures calculated in accordance with GAAP and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. Annualized Revenue Annualized Revenue is defined as (1) revenue less termination income for the quarter ended June 30, 2025, multiplied by four (4), plus (2) termination income for the quarter ended June 30, 2025. The Company believes that termination income can distort the results for any given period because termination income 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 thus does not reflect the core ongoing operating performance of the Company’s properties. As a result, the Company believes that by presenting Annualized Revenue without annualizing termination income, investors may more easily compare quarterly revenue to revenue for full fiscal years, which can provide useful trend data. Annualized Revenue should not be considered a substitute for revenue in accordance with GAAP and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. 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).
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DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) 4APPENDIX 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) and (3) common units issuable upon conversion of all outstanding LTIP Units for which all performance conditions have been satisfied for such conversion. We exclude from the calculation of Consolidated Market Capitalization other LTIP Units issued in the form of MYLTIP Awards in 2022 or later, which remain subject to performance conditions. 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. 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 Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate, or “EBITDAre,” as net income (loss) attributable to BXP, Inc. common shareholders, the most directly comparable GAAP financial measure, plus preferred dividends, preferred stock redemption charge, net (income) loss attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment loss 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 and gain on sale of investment in unconsolidated joint venture. 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. common shareholders. 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. common shareholders as presented in the Company’s consolidated financial statements. EBITDAre should not be considered a substitute to net income (loss) attributable to BXP, Inc. common shareholders 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.
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DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) 5APPENDIX Funds Available for Distribution (FAD) (aka AFFO) In addition to Funds from Operations (FFO), which is defined on the following page, the Company presents (A) 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, preferred stock redemption charge, 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), fair value interest adjustment and hedge amortization, fair value lease revenue, and amortization and accretion of 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, and (B) Annualized FAD, which is FAD for the applicable fiscal quarter ended multiplied by four (4). 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 common shareholders 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. 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. common shareholders (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, gain on sale of investment included within income (loss) from 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. common shareholders 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. common shareholders (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.
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DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) 6APPENDIX 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. Net Operating Income (NOI) Net operating income (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc. common shareholders, the most directly comparable GAAP financial measure, plus (1) preferred stock redemption charge, preferred dividends, net (income) loss attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, impairment losses, depreciation and amortization expense, losses from interest rate contracts, gains (losses) from early extinguishments of debt, unrealized gain (loss) on non-real estate investment 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, gains (losses) from investments in securities, interest and other income (loss), gain on sales-type lease and other income - assignment fee. 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 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. 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.
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 7APPENDIX Quarter ended June 30, 2025 Revenue $ 868,457 Add: BXP's share of revenue from unconsolidated Joint Ventures ("JVs")1 55,481 Less: Partners' share of revenue from consolidated JVs2 88,271 Termination income 909 BXP's share of termination income from unconsolidated JVs1 (146) Add: Partners' share of termination income from consolidated JVs2 — BXP's Share of Revenue (excluding termination income) (A) $ 834,904 BXP's Share of Annualized Revenue (excluding termination income)3 (A x 4) $ 3,339,616 Add: Termination income 909 BXP's share of termination income from unconsolidated JVs1 (146) Less: Partners' share of termination income from consolidated JVs2 — BXP's Share of Annualized Revenue $ 3,340,379 Revenue and Rental Revenue (in thousands) 1 See “Joint Ventures-Unconsolidated” in this Appendix. 2 See “Joint Ventures-Consolidated” in this Appendix. 3 BXP's Share of Annualized Revenue (excluding termination income) equals BXP's Share of Revenue (excluding termination income), multiplied by four (4). Similarly, BXP's Share of Annualized Rental Revenue (excluding termination income) equals BXP's Share of Rental Revenue (excluding termination income), multiplied by four (4). Quarter ended June 30, 2025 Revenue $ 868,457 Less: Direct reimbursements of payroll and related costs from management services contracts 4,104 Development and management services 8,846 Rental Revenue $ 855,507 Add: BXP's share of Rental Revenue from unconsolidated JVs1 55,216 Less: Partners' share of Rental Revenue from consolidated JVs2 88,271 BXP's Share of Rental Revenue $ 822,452 Less: Termination income 909 BXP's share of termination income from unconsolidated JVs1 (146) Add: Partners' share of termination income from consolidated JVs2 — BXP's Share of Rental Revenue (excluding termination income) (B) $ 821,689 BXP's Share of Annualized Rental Revenue (excluding termination income)3 (B x 4) $ 3,286,756 1 See “Joint Ventures-Unconsolidated” in this Appendix. 2 See “Joint Ventures-Consolidated” in this Appendix. 3 BXP's Share of Annualized Revenue (excluding termination income) equals BXP's Share of Revenue (excluding termination income), multiplied by four (4). Similarly, BXP's Share of Annualized Rental Revenue (excluding termination income) equals BXP's Share of Rental Revenue (excluding termination income), multiplied by four (4).
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 8APPENDIX June 30, 2025 Common stock price at period end $ 67.47 Equity market capitalization at period end (A) $ 11,928,291 Consolidated debt (B) $ 15,811,005 Add: BXP's share of unconsolidated JV debt 1,386,046 Less: Partners' share of consolidated JV debt 1,363,364 BXP's Share of Debt (C) $ 15,833,687 Consolidated Market Capitalization (A + B) $ 27,739,296 Consolidated Debt/Consolidated Market Capitalization [B ÷ (A + B)] 57.00 % BXP's Share of Market Capitalization (A + C) $ 27,761,978 BXP's Share of Debt/BXP's Share of Market Capitalization [C ÷ (A + C)] 57.03 % Debt to Market Capitalization Ratio (dollars in thousands, except per share amounts)
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 9APPENDIX December 31, June 30, 2025 March 31, 2025 2024 2023 2022 2021 2020 2019 2018 2017 Consolidated debt (B) $ 15,811,005 $ 15,671,692 $ 16,220,499 $ 15,856,297 $ 14,240,336 $ 12,896,609 $ 13,047,758 $ 11,811,806 $ 11,007,757 $ 10,271,611 Add: BXP's share of unconsolidated JV debt 1,386,046 1,385,545 1,383,764 1,421,655 1,600,367 1,383,887 1,153,628 980,110 890,574 604,845 Less: Partners' share of consolidated JV debt 1,363,364 1,362,866 1,362,367 1,360,375 1,358,395 1,356,579 1,194,619 1,199,854 1,204,774 1,209,280 BXP's Share of Debt (C) $ 15,833,687 $ 15,694,371 $ 16,241,896 $ 15,917,577 $ 14,482,308 $ 12,923,917 $ 13,006,767 $ 11,592,062 $ 10,693,557 $ 9,667,176 Debt (dollars in thousands) December 31, 2016 2015 2014 2013 2012 2011 2010 Consolidated debt (B) $ 9,796,133 $ 9,188,543 $ 10,086,984 $ 11,341,508 $ 8,912,369 $ 8,704,138 $ 7,786,001 Add: BXP's share of unconsolidated JV debt 318,193 351,926 349,647 329,188 1,445,346 1,433,687 1,543,960 Less: Partners' share of consolidated JV debt 1,144,473 1,168,142 1,324,910 883,655 178,291 62,922 63,951 BXP's Share of Debt (C) $ 8,969,853 $ 8,372,327 $ 9,111,721 $ 10,787,041 $ 10,179,424 $ 10,074,903 $ 9,266,010
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 10APPENDIX Quarter Ended June 30, 2025 Net income attributable to BXP, Inc. common shareholders $ 88,977 Add: Net income attributable to noncontrolling interests 30,164 Interest expense 162,783 Depreciation and amortization expense 223,819 Less: Gains on sales of real estate 18,390 Income (loss) from unconsolidated JVs (3,324) Add: BXP's share of EBITDAre from unconsolidated JVs 32,222 1 EBITDAre $ 522,899 Less: Partners' share of EBITDAre from consolidated JVs 52,937 2 BXP's Share of EBITDAre (A) $ 469,962 BXP's Share of Annualized EBITDAre (Ax4) $ 1,879,848 BXP's Share of EBITDAre $ 469,962 Add: Lease transaction costs that qualify as rent inducements3 4,427 BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs3 (21) 1 Straight-line ground rent expense adjustment 448 BXP's share of straight-line ground rent expense adjustment from unconsolidated JVs 136 1 Stock-based compensation expense 11,612 Less: Partners' share of lease transaction costs that qualify as rent inducements from consolidated JVs3 924 2 Straight-line rent and fair value lease revenue 26,448 Amortization and accretion related to sales type lease 232 BXP's share of amortization and accretion related to sales type lease from unconsolidated JVs 29 1 BXP's share of straight-line rent and fair value lease revenue from unconsolidated JVs 3,352 1 Add: Partners' share of straight-line rent and fair value of lease revenue from consolidated JVs 6,236 2 Partner’s share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs — BXP's Share of EBITDAre—cash $ 461,815 EBITDAre and Net Debt to EBITDAre Ratio (dollars in thousands) 1 See “Joint Ventures-Unconsolidated” in this Appendix. 2 See “Joint Ventures-Consolidated” in this Appendix. 3 Lease transaction costs are generally included in second generation tenant improvements and leasing commissions in the period in which the lease commences. Quarter Ended June 30, 2025 Consolidated debt $ 15,811,005 Add: Special dividend payable — Less: Cash and cash equivalents 446,953 Cash held in escrow for 1031 exchange — Net debt $ 15,364,052 Add: BXP's share of unconsolidated JV debt 1,386,046 Partners' share of cash and cash equivalents from consolidated JVs 143,319 Less: BXP's share of cash and cash equivalents from unconsolidated JVs 115,199 Partners' share of consolidated JV debt 1,363,364 BXP’s share of related party note receivable 30,500 BXP's Share of Net Debt (A) $ 15,384,354 BXP's Share of EBITDAre (B) $ 1,879,848 BXP's Share of Net Debt to BXP's Share of EBITDAre (A ÷ B) 8.18
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 11APPENDIX FFO and FAD (aka AFFO) (dollars in thousands) Quarter Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income (loss) attributable to BXP, Inc. common shareholders $ 88,977 $ 61,177 $ (230,019) $ 83,628 Add: Noncontrolling interest - common units of the Operating Partnership 10,064 6,979 (25,031) 9,587 Noncontrolling interests in property partnerships 20,100 18,749 17,233 15,237 Net income (loss) $ 119,141 $ 86,905 $ (237,817) $ 108,452 Add: Depreciation and amortization expense 223,819 220,107 226,043 222,890 Noncontrolling interests in property partnerships' share of depreciation and amortization (20,945) 1 (20,464) (19,905) (18,857) BXP's share of depreciation and amortization from unconsolidated joint ventures 16,674 2 17,327 21,097 20,757 Corporate-related depreciation and amortization (600) (716) (447) (438) Non real estate related amortization 2,131 2,130 2,130 2,130 Impairment loss included within income (loss) unconsolidated joint venture — — 341,338 — Less: Gains on sales of real estate 18,390 — 85 517 Noncontrolling interests in property partnerships 20,100 18,749 17,233 15,237 Gain (loss) on sales-type lease — (2,490) — — Unrealized gain (loss) on non-real estate investment (39) (483) (2) 94 FFO attributable to the Operating Partnership common unitholders (including BXP, Inc.) (“Basic FFO”) $ 301,769 $ 289,513 315,123 319,086 Less: Noncontrolling interest - common units of the Operating Partnership's share of FFO 30,117 28,922 31,134 32,228 FFO attributable to BXP, Inc. common shareholders $ 271,652 $ 260,591 $ 283,989 $ 286,858 1See “Joint Ventures-Consolidated” in this Appendix. 2See “Joint Ventures-Unconsolidated” in this Appendix.
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 12APPENDIX Quarter Ended Trailing 4 Quarters as of June 30, 2025June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 FFO attributable to the Operating Partnership common unitholders (including BXP, Inc.) (“Basic FFO”) $ 301,769 $ 289,513 $ 315,123 $ 319,086 Straight-line rent (24,533) (30,968) (19,732) (29,578) Partners' share of straight-line rent from consolidated JVs 6,247 1 6,432 (1,029) 5,544 BXP’s share of straight-line rent from unconsolidated JVs (2,249) 2 (2,151) 154 (1,399) Lease transaction costs that qualify as rent inducements3 4,427 5,638 3,512 4,983 Partners' share of lease transaction costs that qualify as rent inducements from consolidated JVs3 (924) 1 (1,149) 211 87 BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs3 (21) 2 (188) 316 — Fair value lease revenue4 (1,915) (1,864) (1,277) (1,298) Partners' share of fair value lease revenue from consolidated JVs4 (11) 1 (11) (11) (11) BXP’s share of fair value lease revenue from unconsolidated JVs4 (1,103) 2 (1,001) (1,032) (985) Non-cash losses (gains) from early extinguishments of debt — 338 — — Straight-line ground rent expense adjustment5 448 41 732 541 BXP's share of straight-line ground rent expense adjustment from unconsolidated JVs 136 2 136 136 138 Stock-based compensation 11,612 23,018 4,059 4,031 Non-real estate depreciation (1,531) (1,414) (1,683) (1,692) Fair value interest adjustment and hedge amortization 2,308 3,811 5,839 5,814 Partners' share of fair value interest adjustment and hedge amortization from consolidated JVs (144) 1 (144) (144) (144) BXP's share of fair value interest adjustment and hedge amortization from unconsolidated JVs 861 2 745 865 1,002 Second generation tenant improvements and leasing commissions (69,064) (65,709) (80,202) (88,099) Partners' share of second generation tenant improvements and leasing commissions from consolidated JVs 9,137 7,731 8,392 18,202 BXP’s share of second generation tenant improvements and leasing commissions from unconsolidated JVs (1,496) (969) (3,054) (560) Unearned portion of capitalized fees from consolidated joint ventures 969 1 825 3,040 2,274 Maintenance capital expenditures6 (32,934) (20,186) (25,716) (21,481) Partners' share of maintenance capital expenditures from consolidated JVs6 3,426 1,974 2,157 3,327 BXP’s share of maintenance capital expenditures from unconsolidated JVs6 (703) (95) (289) (66) Amortization and accretion related to sales type lease (232) (281) (254) (250) BXP’s share off amortization and accretion related to sales type lease from unconsolidated JVs (29) 2 (28) (27) (28) Hotel improvements, equipment upgrades and replacements (859) (159) (587) (308) Funds available for distribution to common shareholders and common unitholders (FAD) (A) $ 203,592 $ 213,885 $ 209,499 $ 219,130 $ 846,106 FFO and FAD (aka AFFO) (continued from previous page) (dollars in thousands) 1 See “Joint Ventures-Consolidated” in this Appendix. 2 See “Joint Ventures-Unconsolidated” in this Appendix. 3 Lease transaction costs are generally included in second generation tenant improvements and leasing commissions in the period in which the lease commences. 4 Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in-place at the property acquisition dates. 5 For the quarters ended June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, amount includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the 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 these amounts on a straight-line basis over the 99-year term of the ground and air rights lease. 6 Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures.
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 13APPENDIX 767 Fifth Avenue Total Consolidated (The GM Building) Norges Joint Ventures 1 Joint Ventures Revenue Lease 2 $ 84,205 $ 105,742 $ 189,947 Straight-line rent 2,603 11,569 14,172 Fair value lease revenue (27) — (27) Termination income — — — Total lease revenue $ 86,781 $ 117,311 $ 204,092 Parking and other — 1,708 1,708 Total rental revenue 3 $ 86,781 $ 119,019 $ 205,800 Expenses Operating 39,702 42,513 82,215 Net Operating Income (NOI) $ 47,079 $ 76,506 $ 123,585 Other income (expense) Development and management services revenue $ — $ — $ — Losses from investments in securities — (3) (3) Interest and other income 1,215 2,172 3,387 Interest expense (21,176) (7,612) (28,788) Depreciation and amortization expense (18,792) (28,217) (47,009) General and administrative expense (59) (55) (114) Total other income (expense) $ (38,812) $ (33,715) $ (72,527) Net income $ 8,267 $ 42,791 $ 51,058 BXP’s nominal ownership percentage 60 % 55 % Partners’ share of NOI (after income allocation to private REIT shareholders) 4 $ 18,129 $ 33,433 $ 51,562 BXP’s share of NOI (after income allocation to private REIT shareholders) $ 28,950 $ 43,073 $ 72,023 Unearned portion of capitalized fees 5 $ 342 $ 627 $ 969 Partners' share of select items 4 Partners’ share of parking and other revenue $ — $ 769 $ 769 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 $ 416 $ 527 $ 943 Partners’ share of capitalized interest $ — $ 23 $ 23 Partners’ share of lease transactions costs which will qualify as rent inducements $ (55) $ (869) $ (924) Partners’ share of management and other fees $ 702 $ 1,029 $ 1,731 Partners’ share of basis differential depreciation and amortization expense $ (25) $ (187) $ (212) Partners’ share of basis differential interest and other adjustments $ (4) $ 4 $ — Joint Ventures (“JVs”) - Consolidated Results of Operations for the three months ended June 30, 2025 (in thousands)
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 14APPENDIX 767 Fifth Avenue Total Consolidated Reconciliation of Partners' share of EBITDAre 6 (The GM Building) Norges Joint Ventures 1 Joint Ventures Partners' NCI $ 2,217 $ 17,883 $ 20,100 Add: Partners' share of interest expense 8,467 3,425 11,892 Partners' share of depreciation and amortization expense after BXP's basis differential 7,908 13,037 20,945 Partners' share of EBITDAre $ 18,592 $ 34,345 $ 52,937 Reconciliation of Partners' share of NOI 6 Rental revenue 3 $ 34,712 $ 53,559 $ 88,271 Less: Termination income — — — Rental revenue (excluding termination income) 3 $ 34,712 $ 53,559 $ 88,271 Less: Operating expenses (including partners' share of management and other fees) 16,583 20,160 36,743 Income allocation to private REIT shareholders — (34) (34) NOI (excluding termination income and after income allocation to private REIT shareholders) $ 18,129 $ 33,433 $ 51,562 Rental revenue (excluding termination income) 3 $ 34,712 $ 53,559 $ 88,271 Less: Straight-line rent 1,041 5,206 6,247 Fair value lease revenue (11) — (11) Add: Lease transaction costs that qualify as rent inducements 55 869 924 Subtotal $ 33,737 $ 49,222 $ 82,959 Less: Operating expenses (including partners' share of management and other fees) 16,583 20,160 36,743 Income allocation to private REIT shareholders — (34) (34) NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 17,154 $ 29,096 $ 46,250 Reconciliation of Partners' share of Revenue 4 Rental revenue 3 $ 34,712 $ 53,559 $ 88,271 Add: Development and management services revenue — — — Revenue $ 34,712 $ 53,559 $ 88,271 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, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street. The Company will be proceeding with full vertical construction of 343 Madison Avenue in New York City, New York. The Company is electing to acquire its partner’s 45% interest in the project at cost, or approximately $43.5million, during the third quarter of 2025. 2 Lease revenue includes recoveries from clients and service income from clients. 3 See the Definitions section of this Appendix package. 4 Amounts represent the partners’ share based on their respective ownership percentage. 5 Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income. 6 Amounts represent the partners’ share based on their respective ownership percentage and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees. Joint Ventures (“JVs”) - Consolidated (continued) Results of Operations for the three months ended June 30, 2025 (in thousands)
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 15APPENDIX 1 The Company agreed to fund up to $65.0 million of required capital through its preferred equity investment. The Company’s preferred equity investment will earn a 13.0% internal rate of return (“IRR”) and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030. Joint Ventures (“JVs”) - Unconsolidated As of June 30, 2025 Property BXP’s Nominal Ownership Boston 100 Causeway Street 50.00 % Hub50House 50.00 % The Hub on Causeway - Podium 50.00 % Hotel Air Rights 50.00 % 1265 Main Street 50.00 % 17 Hartwell Avenue 20.00 % Los Angeles Colorado Center 50.00 % Beach Cities Media Center 50.00 % New York 360 Park Avenue South 71.11 % Dock 72 50.00 % 200 Fifth Avenue 26.69 % 3 Hudson Boulevard 25.00 % 290 Coles Street - Common Equity 19.46 % 290 Coles Street - Preferred Equity 1 — % San Francisco Platform 16 55.00 % Gateway Commons 50.00 % 751 Gateway 49.00 % Seattle Safeco Plaza 33.67 % Washington, DC 7750 Wisconsin Avenue (Marriott International Headquarters) 50.00 % 1001 6th Street 50.00 % 13100 & 13150 Worldgate Drive 50.00 % Market Square North 50.00 % Wisconsin Place Parking Facility 33.33 % 500 North Capitol Street, N.W. 30.00 % Skymark - Reston Next Residential 20.00 %
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 16APPENDIX Joint Ventures (“JVs”) - Unconsolidated1 Results of Operations for the three months ended June 30, 2025 (in thousands) Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures Revenue Lease 2 $ 27,501 $ 19,993 $ 14,658 $ 18,361 $ 7,576 $ 23,627 $ 111,716 Straight-line rent 546 (1,332) 4,750 46 630 (185) 4,455 Fair value lease revenue — — 1,300 1 1,291 — 2,592 Termination income — — (1,402) 456 — — (946) Amortization and accretion related to sales-type lease 57 — — — — — 57 Total lease revenue $ 28,104 $ 18,661 $ 19,306 $ 18,864 $ 9,497 $ 23,442 $ 117,874 Parking and other 455 2,057 60 322 660 923 4,477 Total rental revenue 3 $ 28,559 $ 20,718 $ 19,366 $ 19,186 $ 10,157 $ 24,365 $ 122,351 Expenses Operating 10,419 7,403 14,748 4 10,542 3,407 8,340 3 54,859 Net operating income $ 18,140 $ 13,315 $ 4,618 $ 8,644 $ 6,750 $ 16,025 $ 67,492 Other income/(expense) Development and management services revenue — — 530 — — — 530 Interest and other income (loss) 426 1,091 683 (1) 144 208 2,551 Interest expense (10,514) (4,998) (15,444) — (4,206) (9,942) (45,104) Unrealized gain/loss on derivative instruments — — (4,904) — — — (4,904) Transaction costs 3 — — — — (4) (1) Depreciation and amortization expense (8,474) (5,334) (9,415) (9,783) (5,299) (5,847) (44,152) General and administrative expense (2) (20) (232) (29) (48) — (331) Total other income/(expense) $ (18,561) $ (9,261) $ (28,782) $ (9,813) $ (9,409) $ (15,585) $ (91,411) Net income/(loss) $ (421) $ 4,054 $ (24,164) $ (1,169) $ (2,659) $ 440 $ (23,919) BXP's share of select items BXP’s share of parking and other revenue $ 228 $ 1,029 $ 27 $ 161 $ 222 $ 355 $ 2,022 BXP's share of amortization of financing costs $ 170 $ 23 $ 111 $ — $ 28 $ 94 $ 426 BXP’s share of hedge amortization, net of costs $ — $ — $ — $ — $ 362 $ — $ 362 BXP’s share of fair value interest adjustment $ — $ — $ 499 $ — $ — $ — $ 499 BXP's share of capitalized interest $ — $ — $ 1,891 $ — $ — $ — $ 1,891
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 17APPENDIX Joint Ventures (“JVs”) - Unconsolidated1 Results of Operations for the three months ended June 30, 2025 (unaudited and in thousands) 1 For information on the properties included for each region and the Company’s percentage ownership in each property, see page 15. 2 Lease revenue includes recoveries from clients and service income from clients. 3 See the Definitions section of this Appendix package. 4 Includes approximately $272 of straight-line ground rent expense. 5 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture. Reconciliation of BXP's share of EBITDAre Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures Income/(loss) from unconsolidated joint ventures $ (218) $ 2,985 $ (7,421) $ 608 $ (114) $ 836 $ (3,324) Add: BXP's share of interest expense 5,258 2,499 5,809 — 1,416 3,890 18,872 BXP's share of depreciation and amortization expense 4,244 2,102 5 3,486 3,569 5 1,003 2,270 16,674 BXP's share of EBITDAre $ 9,284 $ 7,586 5 $ 1,874 $ 4,177 5 $ 2,305 $ 6,996 $ 32,222 Reconciliation of BXP's share of Net Operating Income (Loss) BXP's share of rental revenue 3 $ 14,280 $ 10,755 5 $ 7,258 5 $ 9,530 $ 3,420 $ 9,973 $ 55,216 BXP's share of operating expenses 5,210 3,702 5,747 5,332 1,143 3,053 24,187 BXP's share of net operating income/(loss) $ 9,070 $ 7,053 5 $ 1,511 5 $ 4,198 $ 2,277 $ 6,920 $ 31,029 Less: BXP's share of termination income — — (374) 228 — — (146) BXP's share of net operating income/(loss) (excluding termination income) $ 9,070 $ 7,053 $ 1,885 $ 3,970 $ 2,277 $ 6,920 $ 31,175 Less: BXP's share of straight-line rent 274 (575) 5 2,383 5 23 212 (68) 2,249 BXP's share of fair value lease revenue — 305 5 362 5 1 435 — 1,103 BXP's share of amortization and accretion related to sales-type lease 29 — — — — — 29 Add: BXP's share of straight-line ground rent adjustment — — 136 — — — 136 BXP's share of lease transaction costs that qualify as rent inducements — — — — — (21) (21) BXP's share of net operating income/(loss) - cash (excluding termination income) $ 8,767 $ 7,323 5 $ (724) 5 $ 3,946 $ 1,630 $ 6,967 $ 27,909 Reconciliation of BXP's share of Revenue BXP's share of rental revenue 3 $ 14,280 $ 10,755 5 $ 7,258 5 $ 9,530 $ 3,420 $ 9,973 $ 55,216 Add: BXP's share of development and management services revenue — — 265 — — — 265 BXP's share of revenue $ 14,280 $ 10,755 5 $ 7,523 5 $ 9,530 $ 3,420 $ 9,973 $ 55,481
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 18APPENDIX Net Operating Income (NOI) (in thousands) Quarter ended Quarter ended June 30, 2025 June 30, 2025 Net income attributable to BXP, Inc. common shareholders $ 88,977 BXP's Share of Annualized NOI (excluding termination income) (A x 4) $ 1,970,980 Preferred stock redemption — Add: Preferred dividends — Termination income 909 Net income attributable to BXP, Inc. 88,977 BXP's share of termination income from unconsolidated JVs1 (146) Net income attributable to noncontrolling interests: Less: Noncontrolling interest in discontinued operations - common units of the Operating Partnership — Partners' share of termination income from consolidated JVs2 — Noncontrolling interest - common units of the Operating Partnership 10,064 BXP's Share of Annualized NOI $ 1,971,743 Noncontrolling interest - redeemable preferred units of the Operating Partnership Noncontrolling interests in property partnerships 20,100 Net income 119,141 Add: BXP's Share of Annualized NOI (excluding termination income) (A x 4) $ 1,970,980 Interest expense 162,783 Add: Depreciation and amortization expense 223,819 Annualized Lease transaction costs that qualify as rent inducements 17,708 Transaction costs 357 Annualized BXP's share of lease transaction costs that qualify as rent inducements from unconsolidated JVs1Payroll and related costs from management services contracts 4,104 (84) General and administrative expense 42,516 Annualized Straight-line ground rent expense adjustment 1,792 Less: Annualized BXP's share of straight-line ground rent expense adjustment from unconsolidated JVs1Interest and other income (loss) 8,063 544 Gains (losses) from investments in securities 2,600 Less: Gains (losses) on sales of real estate 18,390 Annualized Partners' share of lease transaction costs that qualify as rent inducements from consolidated JVs2Income (loss) from unconsolidated joint ventures ("JVs") (3,324) — Direct reimbursements of payroll and related costs from management services contracts Adjustment to NOI for properties under re(development) 5,305 4,104 Annualized management fee expense deduction 43,081 Development and management services revenue 8,846 Annualized Straight-line rent and fair value lease revenue 105,792 Consolidated NOI 514,041 Annualized BXP's share of straight-line rent and fair value of lease revenue from unconsolidated JVs1Add: 13,408 BXP's share of NOI from unconsolidated JVs1 31,029 Add: Less: Annualized Partners' share of straight-line rent and fair value of lease revenue from consolidated JVs2 Partners' share of NOI from consolidated JVs (after income allocation to private REIT shareholders)2 $ 24,944 51,562 Adjusted BXP's Share of Annualized NOI—Cash $ 1,848,298 Termination income 909 BXP's share of termination income from unconsolidated JVs1 (146) Add: Partners' share of termination income from consolidated JVs2 — BXP's Share of NOI (excluding termination income) (A) $ 492,745 1See “Joint Ventures-Unconsolidated” in this Appendix. 2See “Joint Ventures-Consolidated” in this Appendix. Quarter ended Quarter ended June 30, 2025 June 30, 2025 Net income attributable to BXP, Inc. $ 88,977 BXP's Share of Annualized NOI (excluding termination income) (A x 4) $ 1,971,136 Net income attributable to noncontrolling interests: Add: Noncontrolling interest - common units of the Operating Partnership 10,064 Termination income 909 Noncontrolling interests in property partnerships 20,100 BXP's share of termination income from unconsolidated JVs1 (146) Net income $ 119,141 Less: Add: Partners' share of termination income from consolidated JVs2 — Interest expense 162,783 BXP's Share of Annualized NOI $ 1,971,899 Loss from unconsolidated joint ventures ("JVs") 3,324 Depreciation and amortization expense 223,819 Transaction costs 357 Payroll and related costs from management services contracts 4,104 General and administrative expense 42,516 Less: Interest and other income (loss) 8,063 Unrealized loss on non-real estate investment (39) Gains from investments in securities 2,600 Gain on sale of real estate 18,390 Direct reimbursements of payroll and related costs from management services contracts 4,104 Development and management services revenue 8,846 Consolidated NOI $ 514,080 Add: BXP's share of NOI from unconsolidated JVs1 31,029 Less: Partners' share of NOI from consolidated JVs (after income allocation to private REIT shareholders)2 51,562 BXP's Share of NOI $ 493,547 Less: Termination income 909 BXP's share of termination income from unconsolidated JVs1 (146) Add: Partners' share of termination income from consolidated JVs2 — BXP's Share of NOI (excluding termination income) (A) $ 492,784
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 19APPENDIX Net Operating Income (NOI) (in thousands) Quarter ended Quarter ended June 30, 2025 June 30, 2025 Net income attributable to BXP, Inc. common shareholders $ 88,977 BXP's Share of Annualized NOI (excluding termination income) (A x 4) $ 1,970,980 Preferred stock redemption — Add: Preferred dividends — Termination income 909 Net income attributable to BXP, Inc. 88,977 BXP's share of termination income from unconsolidated JVs1 (146) Net income attributable to noncontrolling interests: Less: Noncontrolling interest in discontinued operations - common units of the Operating Partnership — Partners' share of termination income from consolidated JVs2 — Noncontrolling interest - common units of the Operating Partnership 10,064 BXP's Share of Annualized NOI $ 1,971,743 Noncontrolling interest - redeemable preferred units of the Operating Partnership Noncontrolling interests in property partnerships 20,100 Net income 119,141 Add: BXP's Share of Annualized NOI (excluding termination income) (A x 4) $ 1,970,980 Interest expense 162,783 Add: Depreciation and amortization expense 223,819 Annualized Lease transaction costs that qualify as rent inducements 17,708 Transaction costs 357 Annualized BXP's share of lease transaction costs that qualify as rent inducements from unconsolidated JVs1Payroll and related costs from management services contracts 4,104 (84) General and administrative expense 42,516 Annualized Straight-line ground rent expense adjustment 1,792 Less: Annualized BXP's share of straight-line ground rent expense adjustment from unconsolidated JVs1Interest and other income (loss) 8,063 544 Gains (losses) from investments in securities 2,600 Less: Gains (losses) on sales of real estate 18,390 Annualized Partners' share of lease transaction costs that qualify as rent inducements from consolidated JVs2Income (loss) from unconsolidated joint ventures ("JVs") (3,324) — Direct reimbursements of payroll and related costs from management services contracts Adjustment to NOI for properties under re(development) 5,305 4,104 Annualized management fee expense deduction 43,081 Development and management services revenue 8,846 Annualized Straight-line rent and fair value lease revenue 105,792 Consolidated NOI 514,041 Annualized BXP's share of straight-line rent and fair value of lease revenue from unconsolidated JVs1Add: 13,408 BXP's share of NOI from unconsolidated JVs1 31,029 Add: Less: Annualized Partners' share of straight-line rent and fair value of lease revenue from consolidated JVs2 Partners' share of NOI from consolidated JVs (after income allocation to private REIT shareholders)2 $ 24,944 51,562 Adjusted BXP's Share of Annualized NOI—Cash $ 1,848,298 Termination income 909 BXP's share of termination income from unconsolidated JVs1 (146) Add: Partners' share of termination income from consolidated JVs2 — BXP's Share of NOI (excluding termination income) (A) $ 492,745 Quarter ended Quarter ended June 30, 2020 June 30, 2020 Net income attributable to Boston Properties, Inc. common shareholders $ 266,525 BXP's Share of Annualized NOI (excluding termination income) (A x 4) $ 1,579,600 Preferred dividends 2,625 Add: Net income attributable to Boston Properties, Inc. 269,150 Termination income 3,309 Net income attributable to noncontrolling interests: BXP's share of termination income from unconsolidated JVs — Noncontrolling interest - common units of the Operating Partnership 30,197 Less: Noncontrolling interests in property partnerships (767) Partners' share of termination income from consolidated JVs 321 Net income $ 298,580 BXP's Share of Annualized NOI $ 1,582,588 Add: Interest expense 107,142 Depreciation and amortization expense 178,188 Transaction costs 332 Payroll and related costs from management services contracts 2,484 General and administrative expense 37,743 Less: Interest and other income (loss) 1,305 Gains (losses) from investments in securities 4,552 Gains (losses) on sales of real estate 203,767 Income (loss) from unconsolidated joint ventures ("JVs") 1,832 Direct reimbursements of payroll and related costs from management services contracts 2,484 Development and management services revenue 8,125 Consolidated NOI $ 402,404 Add: BXP's share of NOI from unconsolidated JVs 27,911 Less: Partners' share of NOI from consolidated JVs (after income allocation to private REIT shareholders) 32,427 Termination income 3,309 BXP's share of termination income from unconsolidated JVs — Add: Partners' share of termination income from consolidated JVs 321 BXP's Share of NOI (excluding termination income) (A) $ 394,900