Slides
Page 1
BXP QUARTERLY INVESTOR OVERVIEW Q4 2025
Page 2
Except as otherwise expressly indicated, all data is as of December 31, 2025. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Please refer to the Appendix 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 This presentation contains non-GAAP financial measures within the meaning of Regulation G and other terms that have particular definitions when we use them. 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. Projections This presentation includes projections for first quarter and full year 2026 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 January 27, 2026. BXP has not updated or reaffirmed any of these projections since that date and is not doing so now by including them in this presentation. Q4 2025 2
Page 3
Q4 2025 3 179 Properties2 89.4% Leased (In-Service Properties)2,3 7.6 Years Weighted-Average Lease Term4,5 52.6M Square Feet Owned2 3.5M Square Feet of Development/Redevelopment2 851% Total Return Since 1997 IPO 0.7x S&P 500 | 1.1x REIT Index9 $3.3B BXP’s Share of Annualized Revenue7 $1.9B BXP’s Share of 2025 EBITDAre7 $753.8M Funds Available for Distribution7 in 2025 S&P 500 Company 4.7% Dividend Yield8 5.6M Square Feet of Leases Executed2,4,6 in 2025 1. See Appendix for information on premier workplaces. 2. Includes 100% of consolidated and unconsolidated properties. 3. Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant spa ce with future commencement dates. Excludes the hotel property and residential units. 4. Excludes the hotel property and residential units. 5. Calculation is based on BXP’s Share of Annualized Rental Obligations. See Appendix. 6. Represents leases executed in the trailing four quarters for which the Company either (1) commenced rental revenue recognitio n or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. 7. See Appendix for the Company's definitions, reconciliations and related disclosures, including the definition of BXP's Share. 8. Annualized dividend yield equals Q4 2025 dividend per share of $0.70, multiplied by four (4), divided by BXP’s stock price as of the close of business on February 24, 2026. 9. FTSE Nareit All REITs Index. BXP QUICK FACTS The largest publicly traded developer, owner and manager of premier workplaces1 in the U.S.
Page 4
Leasing & Occupancy Well Positioned in an Evolving AI Landscape Capital Allocation The Balance Sheet 4 BXP Performance T H E L U X U RY S TA N D A R D I N P R E M I E R W O R K P L A C E S
Page 5
LEASING & OCCUPANCY
Page 6
6Q4 2025 Q1 LEASING ACTIVITY TO DATE SUPPORTING OUR OCCUPANCY OUTLOOK Q1 ACTIVITY AND PIPELINE VISIBILITY Leases Signed as of 2/27/26: 563,000 SF Leases Under Negotiation: 1.0M SF1 Leases in Active Proposal: 1.4M SF1 1.5M SF of the pipeline is on currently vacant space LIMITED NEAR-TERM EXPIRATIONS 2026 expirations total ~1.1M SF2,3,4 (2.3% of portfolio4) • Largest expiration in 2026 is 81,000 SF 2027 expirations total ~1.8M SF2,3,4 (3.9% of portfolio4) • Largest expiration in 2027 is 126,000 SF 2.9M SF Pipeline Supports Continued Occupancy Gains Through 2026 and Acceleration Into 2027 TRANSLATING OCCUPANCY GAINS INTO EARNINGS GROWTH 100bps of Occupancy $32.0M of NOI5 or $0.18 per share 1. There can be no assurance that the Company will be successful in leasing the properties in the pipeline (under negotiation an d in active proposals). See Appendix for information on forward-looking statements. 2. Includes leased space in properties partially placed in -service. Excludes the hotel property and residential units. 3. Represents rentable square footage that is anticipated to become vacant in the noted period. 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 dat es. In those cases, the data is included in the year in which the future lease expires. 4. Includes 100% of consolidated and unconsolidated properties. Excludes 2850 Ocean Park at Santa Monica Business Park which was taken out of service on January 1, 2026, when the 140,000 SF client vacated upon lease expiration, the property is in process of be ing re-entitled to an alternate use. 5. Calculated based on $71 weighted average annualized rental obligations per square foot. Assumes a 95% margin is applied to av erage rental rate for possible leakage of operating expenses. Information is based on the in -service portfolio as of December 31, 2025. 450,000 SF 2.3% 3.9% 6.2% 0% 1% 2% 3% 4% 5% 6% 7% 2026 2027 2028 Square Feet as a % of Portfolio Total Expiring Square Feet2,3,4 REINFORCING THE OCCUPANCY OUTLOOK • Current leasing pipeline represents several hundred basis points of potential occupancy1 • Limited 2026–2027 expirations reduce offset risk • Higher occupancy translates into earnings growth • Leasing momentum aligns with steady occupancy improvement
Page 7
Q4 2025 7 1. Includes 100% of consolidated and unconsolidated properties. Excludes the hotel property and residential units. 2. Calculation is based on lease term and square footage. 3. Represents leases executed in the trailing four quarters for which the Company either (1) commenced rental revenue recognition or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. 4. Includes leases at properties currently under development. 5. Represents BXP’s Share. Excludes the hotel property and residential units. See Appendix. 6. Represents BXP’s Share of signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Excludes the hotel property and residential units. STRONG LEASING MOMENTUM POSITIONS BXP FOR OCCUPANCY GROWTH Signed 1.8M1 SF of leases in Q4 2025, representing a ~19% increase from Q3 2025 – Weighted-average lease term of 11.3 years for leases signed in Q4 20251,2 – Represents ~114% of our historical 5-year average for the fourth quarter Total of 5.6M1,3 square feet of leasing executed in 2025, with an average lease term of 10.1 years Central Business District (“CBD”) Portfolio Represents ~90% of Annualized Rental Obligations5 – CBD assets are 92.8% leased6 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2020 2021 2022 2023 2024 2025 Millions Executed Leasing Volume (Square Feet)
Page 8
PRO FORMA IN -SERVICE 1 OCCUPANCY Q4 2025 8 86.7% 89.0% 85.0% 85.5% 86.0% 86.5% 87.0% 87.5% 88.0% 88.5% 89.0% 89.5% 90.0% Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Occupancy 1. See Appendix for the Company's definition of in-service and for information on forward-looking statements. Information is based on the in-service portfolio as of December 31, 2025. Excludes development projects expected to be placed in-service in 2026 and properties to be taken out of service. 2026 Pro Forma Occupancy Expected to Average 88% 1.2M square feet of signed, not yet commenced leases on vacant space will drive occupancy growth throughout 2026
Page 9
Q4 2025 9 BXP’s Share of Net Operating Income (NOI)1 Boston 38.8% Los Angeles 3.7%New York 23.6% San Francisco 17.3% Seattle 2.0% Washington, DC 14.6% CBD4 90.8% Central 1282 5.1% Carnegie Center3 1.8% Silicon Valley 1.3% Other Suburban 1.0% 1. Excluding termination income. See Appendix. 2. Includes properties in Waltham and Lexington, MA. 3. Carnegie Center is located in Princeton, NJ. 4. Includes Reston, VA. BXP IS DIVERSIFIED ACROSS U.S. MARKETS With the right assets and markets, BXP’s portfolio aligns with where corporate demand is going
Page 10
Technology 16% Media 4% Life Sciences 8% Legal Services 18% Government/Public Administration 2% Retail 7% Other Professional Services 7% Other 2% Financial Services, other 18% Commercial & Investment Banking 7% Real Estate & Insurance 7% Manufacturing 4% Q4 2025 10 Industry Diversification1 Top 20 Clients % of BXP’s Share of Annualized Rental Obligations2 Years of Remaining Lease Term By Annualized Rental Obligations2 Salesforce 3.42% 6.2 Google 2.94% 11.3 Akamai Technologies 2.22% 8.8 Kirkland & Ellis 1.94% 12.1 Biogen 1.86% 2.4 Snap 1.64% 7.9 Fannie Mae 1.55% 11.6 Millennium Management 1.46% 10.3 Ropes & Gray 1.37% 12.6 Weil Gotshal & Manges 1.25% 8.2 Microsoft 1.16% 7.7 Arnold & Porter Kaye Scholer 1.11% 6.5 Allen Overy Shearman Sterling 0.99% 16.5 Wellington Management 0.96% 10.0 Bain Capital 0.95% 6.1 Morrison & Foerster 0.93% 4.8 Wilmer Cutler Pickering Hale 0.88% 12.9 Starr (Formerly C.V. Starr & Co) 0.86% 8.3 Leidos 0.86% 7.6 Accenture 0.84% 2.0 Total Top 20 29.20% 8.93 1. Represents industry diversification percentages based on BXP’s Share of Annualized Rental Obligations. See Appendix. 2. See Appendix. 3. Represents weighted-average remaining lease term (years) of top 20 clients. STABLE, DIVERSE AND COMMITTED CLIENT BASE Long-term leases & a broad client mix provide stability
Page 11
WELL -POSITIONED IN AN EVOLVING AI LANDSCAPE
Page 12
Q4 2025 12 “The U.S. office market is shrinking as companies pack more workers into smaller spaces.” “The validation from large companies… reinforces a future where coworking is as ubiquitous as traditional office leases once were.” “The pandemic may permanently shrink the office market.” A HISTORY OF ADAPTATION AND REINVENTION Each Era Introduced a New “Disruption” - Demand Shifted Toward Premier Assets Rather Than Disappearing DENSIFICATION ERA Early to Mid-2010s THE RISE OF CO-WORKING 2016 - 2019 WORK FROM HOME 2020 - 2024 Flex space became a complement — not a replacement. Density changed layouts — not the need for office. Usage patterns evolved — but strategic and destination office remains critical. “Companies are squeezing more workers into less space, cutting real estate costs and reshaping demand for office landlords.” “The office, as we know it, may be over.” “Now, as companies adopt a mix of office and remote work, co-working is once again one of the fastest-growing segments of the office market.”
Page 13
Q4 2025 13 “Artificial intelligence threatens to upend the white- collar world.” THE AI ERA VS. WHAT WE’RE SEEING IN OUR PORTFOLIO Headlines Suggest Disruption. Portfolio Trends Reflect Ongoing Demand. THE AI ERA Present ““AI threatens white-collar jobs once thought immune to automation.” Leasing Activity Remains Strong and Durable Leasing momentum across our markets continues to reflect healthy client demand. • 5.6 million square feet leased in 2025 • 10.1-year weighted average lease term • Expanding clients exceeded contracting clients by 400K sf in 2025. Forward Pipeline Reflects Continued Engagement1 Client activity continues to remain active across the portfolio • 1.0 million square feet under negotiation | 522K SF of vacant space • 1.4 million square feet of proposals outstanding | 972K SF of vacant space The breadth of discussions and proposal volume do not indicate a broad-based pullback in space requirements. Leasing Trends Do Not Reflect AI-Driven Contraction • We are not seeing shorter lease commitments, delayed decision-making, or widespread footprint reductions tied to AI concerns. • Law firms continue to sign long-term leases, with many expanding across our core markets • AI and technology firms are actively leasing space in New York, Boston, and San Francisco If AI were materially reducing office demand today, we would expect to see it reflected in leasing velocity, term length, and pipeline activity. THIS IS NOT BXP’S REALITY. “Nearly 40% of global employment is exposed to AI.” WHAT WE ARE SEEING IN OUR PORTFOLIO 1. There can be no assurance that the Company will be successful in leasing the properties in the pipeline (under negotiation an d in active proposals). See Appendix for information on forward-looking statements.
Page 14
14Q4 2025 BXP OPERATES IN THE CORE MARKETS OF AI CAPITAL & TALENT SF Bay Area: 70% of U.S. AI Venture Capital Deployed2 86% U.S. AI Venture Capital • AI companies cluster in gateway cities • Venture capital and institutional capital remain city-centric • Talent pools remain anchored in urban ecosystems Surging AI Activity Reinforces Demand in BXP’s Gateway Markets 1. Source: Scoring Tech Talent 2025 Report, CBRE Research 2. Source: CBRE, Inc. NY: 10% of U.S. AI Venture Capital Deployed2 BOS: 6% of U.S. AI Venture Capital Deployed2 Seven of the Top 12 U.S. University’s AI Programs are located in BXP Core Markets1
Page 15
AI-exposed CBD Markets Show Sustained Rent Strength and Materially Lower Vacancy in Premier Assets 15Q4 2025 1. Source: CBRE Econometrics Advisors (EA) Q4 2025 2. Four selected CBD markets include: Boston, Manhattan, San Francisco, and Washington, D.C. 3. Represents the direct vacancy rate weighted average for Q1 2025 through Q4 2025. Average Direct Vacancy Rate for AI-Impacted CBD Markets (%)3 5% 10% 15% 20% 25% 30% Boston New York San Francisco Washington, D.C. Premier Non-Premier 50.00 60.00 70.00 80.00 90.00 100.00 110.00 120.00 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 Q3 2025 Q4 2025 Premier Non-Premier Average Asking Rent for Four Selected CBD Markets2 AI REINFORCES THE VALUE OF PREMIER WORKPLACE 1 Premier Asking Rent Averages 60% Higher Premier Direct Vacancy Averages 29% Lower
Page 16
16Q4 2025 AI DRIVES HIGHS IN DEMAND IN SAN FRANCISCO 1 Source: CBRE, Inc. AI or AI-related Tech Tech (excluding AI) Financial Education Government/Non-Profit Legal Coworking Operators Other/Undisclosed Total SF of Active and Pending Requirements by Tenant Industry 8.1M SF of Tenant Demand Net New Demand SF by Industry and Size Range Size Range Net New Demand SF 100K+ +1,830,239 30-99K +1,201,468 15-29K +211,366 0-14K +172,905 Total Projected Net Absorption +3,415,978 Tenant Industry Net New Demand SF AI or AI-related Tech +2,261,540 Tech (excluding AI) +502,575 Education +160,000 Coworking Operators +283,000 Financial +65,092 All Other Industries +102,224 Total Projected Net Absorption +3,415,978 1.0 0.3 0.2 0.6 0.4 1.7 2.0 2.9 0.7 27% 24% 27% 68% 0% 10% 20% 30% 40% 50% 60% 70% 80% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 2018 2019 2020 2021 2022 2023 2024 2025 2026 (Jan) AI Leasing Activity AI Total Footprint AI Share of Total Leasing 7.7 MSF 7.0 MSF 5.0 MSF 3.8 MSF 2.6 MSF2.4 MSF 1.8 MSF1.6 MSF1.4 MSF Artificial Intelligence Leasing and Occupancy (VC -Backed) Millions of Square Feet
Page 17
17Q4 2025 AI RESILIENCE: CLIENT MIX + STRUCTURAL STABILITY Majority of revenue derived from industries where collaboration, advisory expertise, and regulatory complexity remain central. Limited exposure to large-scale back-office processing tenants AI impacts repetitive functions more than strategic, collaborative industries Portfolio exposure aligns with roles where AI enhances productivity, not eliminates collaboration CLIENT BASE CONCENTRATED IN STRATEGIC, FRONT-OFFICE ROLES1 Our Diversified Client Base, Limited Rollover, Long WALT & Financial Structure Provide Earnings Stability FINANCIAL STRUCTURE ADDS STABILITY Long-Term Cash Flow Visibility • Long weighted-average lease term aligned with long-term fixed-rate financing • Predictable revenue base with limited near-term exposure Limited Near-Term Rollover2 • 2026 expirations: ~1.1M SF3,4,5 (2.3% of portfolio5) | Largest single expiration: 81K SF • 2027 expirations: ~1.8M SF3,4,5 (3.9% of portfolio5) | Largest single expiration: 126K SF Strong Balance Sheet Position • Staggered debt maturities • Strong liquidity position • Investment grade Development Risk Mitigated • 61% of active development pre-leased • 343 Madison is largest remaining vacancy; active leasing discussions underway 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% DC SF NY BOS Financial Services Government Other Legal Professional Services Manufacturing Retail Life Sciences Tech & Media Defense Contractor 1. Represents industry diversification percentages based on BXP’s Share of Annualized Rental Obligations. See Appendix. 2. Excludes 2850 Ocean Park at Santa Monica Business Park which was taken out of service on January 1, 2026, when the 140,000 SF client vacated upon lease expiration. 3. Includes leased space in properties partially placed in -service. Excludes the hotel property and residential units. 4. Represents rentable square footage that is anticipated to become vacant in the noted period. 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. 5. Includes 100% of consolidated and unconsolidated properties.
Page 18
CAPITAL ALLOCATION
Page 19
1. Includes 100% of consolidated and unconsolidated properties. 2. Represents BXP’s Share of gross sale proceeds. 3. Represents BXP’s Share of Estimated Total Investment. 4. BXP outlined a multi-year asset sales strategy projected to generate $1.9 billion in net proceeds to the Company at its Septembe r 2025 Investor Day. There can be no assurance that we will complete any of these transactions on the terms and schedule currently contemplated or at all. 5. For purposes of this graph, developments are considered delivered in the year in which the property was/is fully placed in -service. For projected deliveries, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule, at the assumed rental rates or at all. For additional information, refer to page 26 of this presentati on (“$3.6 Billion Active Development Pipeline”). See Appendix for information on forward-looking statements. 19 Dispositions: 15.9M SF1, $9.1B2 (2010-2025) Development Deliveries: 18.6M SF1, $10.6B3 (2010-2025) Acquisitions: 16.2M SF1, $7.7B3 (2010-2025) Acquisitions, Developments & Dispositions $2.5 $0.7 $1.1 $1.2 $2.1 $0.1 $(0.3) $(4.2) $(0.8) $(1.2) $(1.7) $(1.9) $1.2 $2.0 $2.3 $2.1 $2.4 $4.3 -$5.0 -$4.0 -$3.0 -$2.0 -$1.0 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 2010-2012 2013-2015 2016-2018 2019-2021 2022-2024 2025-2030 Acquisitions Dispositions Development Deliveries (in billions) Consistently upgrading portfolio through development, acquisitions, and recycling capital through asset sales 5 Q4 2025 4 CONSISTENT PORTFOLIO RECYCLING Strategically Capitalizing on Growth Regions and Sectors 5
Page 20
Q4 2025 20 Projected Net Sales Proceeds and Year of Closing1 ($M) # of Deals 2025 2026 2027 Total Closed 14 $848 $257 $0 $1,105 Under Contract2 6 - $139 $11 $150 Total Active 20 $848 $396 $11 $1,2553 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, on the assumed schedules or at all. 3. The ~$1.3 billion of completed and active asset sales are a subset of the $1.9 billion multi-year asset sales strategy that have either sold, are actively on the market or will be on the market shortly. EXECUTING THE STRATEGIC ASSET SALES PROGRAM Over $1.2 Billion of Land and Property Sales Completed or in Progress
Page 21
$9.2B1 of Deliveries Generating Accretive Returns (2014-2025) – 15.1 million² square feet $3.6B3,4 of Developments Driving Future Growth – $2.5B3,4 remaining share to be funded Properties Under Development/Redevelopment Projected to Add ~$300M to BXP’s Share of NOI-Cash Upon Stabilization5 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 2014- 2016 2017- 2019 2020- 2022 2023- 2025 2026- 2030 $ in Millions Development Deliveries1,6 Delivered Projected 1. Represents BXP’s Share of Estimated Total Investment. 2. Includes 100% of consolidated and unconsolidated properties. 3. Represents BXP’s Share of Estimated Total Investment, including income (loss) and interest carry during development. For additional information, refer to page 26 of this presentation (“$3.6 Billion Active Development Pipeline”). 4. The Company has the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 millio n. Upon completion, the Company has entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million. The net investment of $99.8 million will be included in the Company’s outside basis in 290 Binney Street. The Company has invested $1 25.0 million for the vault as of December 31, 2025. 5. Includes properties recently placed in-service that are not yet stabilized. 6. For purposes of this graph, developments are considered delivered in the year in which the property was/is fully placed in -service. For projected deliveries, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates. For additional information, refer to page 26 of this presentation (“$3.6 Billion Active Devel opment Pipeline”). See Appendix for information on forward-looking statements. Q4 2025 PREEMINENT DEVELOPER WITH ROBUST PIPELINE Rendering of 725 12th Street, Washington, DC 21
Page 22
$- $100 $200 $300 $400 $500 $600 $700 $800 2026 2027 2028 2029 2030 Millions Total Development 343 Madison Avenue 1. Amounts represent expected cash outflows on properties under development or recently placed in-service, excluding equity carry, at BXP’s Share. $2.1 Billion Remaining to Be Spent on Current Development Pipeline Q4 2025 22 FUTURE DEVELOPMENT SPEND 1 Rendering of 343 Madison Avenue, New York, NY
Page 23
Q4 2025 23 343 MADISON AVENUE Central Location: • Located in core Midtown Manhattan submarket and is the only premier workplace under construction • Situated atop Grand Central Terminal, with convenient and direct access to transit • Designed to be 46 floors; ~930,000 Square Feet • Estimated Initial Occupancy: Q3 2029 • Estimated Return on Cost: 7.5 – 8.0% Leasing Activity: • Anchor Client: ▪ Starr signed for ~275K SF, 20-year lease, making the building ~29% pre-leased Sustainably Designed: • Targeting LEED Platinum; All Electric; Decarbonization; Client Space & Comfort Premier Amenities: • Double-Height Amenity floors • Lounge and multi-purpose conference spaces • Biophilic Terraces & Sky Lobby Under Development Renderings of 343 Madison Avenue, New York, NY
Page 24
Accretive Investment Opportunity 725 12TH STREET 24 Original Acquisition: • ~300,000 square foot, 12-story vacant property in the East End submarket of Washington, DC • Purchase price of $34M • Closed December 2024 Development Plan: • Redevelop the property into an ~320,000 square foot premier workplace ▪ Centrally located adjacent to Metro Center Station ▪ Private terraces and outdoor spaces ▪ Expansive plaza entry experience • Estimated Project Cost: ~$350 million • Anticipated Initial Delivery Date: Early 2029 • Estimated Return on Cost: 8.0% Anchor Clients Already Secured: • ~152,000 square foot lease with McDermott Will & Emery for the top five floors of the future newly constructed trophy property • ~126,000 square foot lease with Cooley • Project is 87% pre-leased1 Q3 2025 Rendering of 725 12th Street, Washington, D.C. 1. Includes leases with future commencement dates. Data as of 2/24/2026.
Page 25
Delivers in 2026 and Will Provide Significant Cash Flow 290 BINNEY STREET 25 Joint Venture: • 55% BXP | 45% NBIM Joint Venture • NBIM’s investment reduced BXP’s share of development cost by $534 million and reduces BXP’s corporate leverage by 20 bps • Projected 8.5% Return on Cost (BXP’s Share). Anchor Client: • The 573,000 SF lab building is 100%1 leased to AstraZeneca for 15 years • Initial Occupancy expected in Q2 2026 Centrally located in Kendall Square: • Situated near public transportation • The building will feature premier amenities and communal space, and a landscaped public plaza Q3 2025 Rendering of 290 Binney Street, Cambridge, MA 1. Represents percentage leased as of February 24, 2026, including leases with future commencement dates. $ in millions FY 2026 FY 2027 BXP’s Share of Net Operating Income (NOI) – Cash (Estimated) $31.4 $43.3
Page 26
Q4 2025 26 1. Represents BXP’s Share of Estimated Total Investment, including income (loss) and interest carry on debt and equity investment during development. Excludes 651 Gateway (50% ownership), which was sold on January 2, 2026. See Appendix. 2. Represents percentage leased as of January 23, 2026, including leases with future commencement dates. 3. The project budget reflects the Company’s 55% share of joint venture costs related to 290 Binney Street. The Company has the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. Upon completion, the Company has entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million. The net investment of $99.8 million will be included in the Company’s outside basis in 290 Binney Street. The Company has invested $125.0 million for the vault as of December 31, 2025. 4. On March 5, 2025 we acquired a 19.46% interest in 290 Coles Street. The budget represents the Company’s 19.46% ownership of the project budget and financings which includes the Company’s share of preferred equity. The Company has contributed $20.0 million of common equity at closing. In addition, the Company has committed to provide up to $65.0 million in preferred equity accruing at a 13% internal rate of return. As of December 31, 2025, $29.9 million of preferred equity has been contributed. 5. Excludes residential units. Project Name Location Square Feet BXP’s Ownership Percentage Estimated Total Investment (BXP’s Share)1 Estimated Investment PSF Percent Leased2 Actual/Est. Initial Occupancy PREMIER WORKPLACE 343 Madison Avenue New York, NY 930,000 100% $1,971,000,000 $2,119 29% Q3 2029 725 12th Street Washington, DC 320,000 100% $349,600,000 $1,093 87% Q1 2029 Total Premier Workplace Properties under Construction 1,250,000 $2,320,600,000 $1,856 44% LAB/LIFE SCIENCES 290 Binney Street3 Cambridge, MA 573,000 55% $508,000,000 $1,612 100% Q2 2026 Total Lab/Life Sciences Properties Under Construction 573,000 $508,000,000 $1,612 100% RESIDENTIAL 17 Hartwell Avenue (312 units) Lexington, MA 288,000 20% $35,900,000 $619 - Q2 2027 17 Hartwell Avenue - Retail - 2,100 - - - - - 121 Broadway Street (439 units) Cambridge, MA 492,000 100% $597,800,000 $1,215 - Q3 2027 290 Coles Street (670 Units)4 Jersey City, NJ 547,000 19.46% $88,700,000 $814 - Q2 2028 290 Coles Street Retail4 - 13,000 - - - - - Total Residential Properties Under Construction 1,342,100 $722,400,000 $919 - RETAIL Reston Next Retail Reston, VA 30,000 100% $31,600,000 $1,053 70% Q1 2026 Total Retail Property Under Construction 30,000 $31,600,000 $1,053 70% Total Properties Under Construction and Redevelopment 3,195,100 $3,582,600,000 $1,411 61%5 $3.6 BILLION ACTIVE DEVELOPMENT PIPELINE 1
Page 27
Q4 2025 27 Property Location Status Units ¹ 17 Hartwell (20% ownership) Lexington, MA Under Construction 312 121 Broadway Cambridge, MA Under Construction 439 290 Coles Street (19.46% ownership) Jersey City, NJ Under Construction 670 1001 6th Street, NW (50% ownership) Washington, DC Entitled 540 Back Bay Station Garage East Boston, MA Entitled 240 RTC Next (Multiple Phases) Reston, VA Entitled 1200 Worldgate Herndon, VA Entitled 359 Weston Quarry Weston, MA Entitled 280 Bay Colony: Phase I Waltham, MA Entitled 285 SMBP: Phase I Santa Monica, CA Entitled 385 Shady Grove Rockville, MD Future 323 Kingstowne Alexandria, VA Future 300 SMBP: Phase II Santa Monica Future 325 Bay Colony (Multiple Phases) Waltham, MA Future 954 Total: 6,612 Demonstrated track record of success developing residential assets Strong pipeline under control of new development sites Exploring office conversion opportunities Entitlement activity across regions creating a pipeline for both future development and land sales 1. Actual units may differ materially depending on the outcome of the permitting/entitlement process for each project. RESIDENTIAL Attractive and Actionable Adjacency with a Track Record of Success Skymark Reston, VA Anticipated to commence within the next 12 months
Page 28
Maximizing value through strategic repositioning and development 17 HARTWELL 28 Original Site: • ~30,000 square foot, commercial building built in 1968 • Vacated in 2024, recently demolished • Re-entitlement Value Creation: $22M / $733 psf Development Plan: • Redevelop the property into an ~290,000 square foot multi-family building ▪ 312 Units with on-site parking ▪ 2,100 square feet of retail • Construction Commencement: 2025 • Estimated Project Cost: ~$36 million at BXP's share ▪ Anticipated Initial Delivery Date: 2027 • Expected to stabilize in 2028 • BXP’s Ownership: 20% Q4 2025 Renderings of 17 Hartwell Avenue, Lexington, MA
Page 29
THE BALANCE SHEET
Page 30
Q4 2025 30 Completed $8.4B¹ in Financings in 2024 and 2025 CONSISTENT ACCESS TO DEBT CAPITAL ▪ Unsecured Debt Market • $850M Senior Bond issuance in August 2024 due 2035 • $1.0B Exchangeable Senior Notes issuance in September 2025 due 2030 • $500M Commercial Paper Program established in April 2024 and upsized to $750M in March 2025 ▪ Healthy Relationships with Banks • Extended $700M Term Loan to 2030 (inclusive of extension options) • Upsized the Revolving Line of Credit to $2.25B and extended its maturity date to 2030 ▪ Secured Financing Market • Extended or refinanced mortgages totaling $2.1B, or $1.3B at BXP’s Share, in 2024 and 2025 • $252M, $126M at BXP’s Share, new non-recourse CMBS loan secured by 7750 Wisconsin Avenue closed in February 2025 • 10-year term priced at 5.5%, which was a 124bps spread over the 10 - year US Treasury rate at execution • $465M, $233M at BXP’s Share, new non-recourse CMBS loan secured by The Hub on Causeway closed in October 2025 • 5.5-year term priced at 5.7% • Represents BXP’s first “Green Bond” CMBS financing Rendering of The Hub on Causeway, Boston, MA 1. Represents refinancing amounts at 100%.
Page 31
31 Key Terms for 2030 2.00% Exchangeable Notes Offering Amount $1.0B Coupon Rate Effective GAAP Interest Rate1 2.00% 2.50% Term 5.0 years Non-Call 3.0 years Conversion Premium 22.5% Capped Call Premium Conversion Premium with Capped Call Cap Price Cost of Capped Call1 40% $105.64 $35.0M WHY EXCHANGEABLE NOTES? • Access capital at attractive terms to fuel long-term growth • Diversify sources of capital with a broader investor reach • Provide greater financial flexibility to support efficient capital deployment • Fund repayment of $1 billion 3.65% Senior Notes due February 2026, further enhancing balance sheet On September 29, 2025, BXP closed on a $1.0 billion private offering of 2.00% exchangeable senior notes due 2030.The offering was upsized from the originally announced offering size of $600.0 million. The strength of demand and efficiency of execution reflect both the quality of our platform and the depth of our capital markets relationships. 1. The cost of the capped call premium is reflected on the Company’s balance sheet as a reduction to "additional paid-in capital“ and is not included in the Effective GAAP Interest Rate. STRONG EXECUTION OF EXCHANGEABLE NOTES OFFERING Q4 2025
Page 32
32 $1,990 $2,599 $1,968 $1,797 $1,700 $1,483 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2026 2027 2028 2029 2030 2031 Billions Secured Unsecured LOC Term Loan CP Program 2 1. Floating rates are based on SOFR as of February 10, 2026. 2. Reflects the repayment at maturity of the $1B unsecured bond on February 1, 2026. 3. The $2.25B LOC facility had $0 outstanding as of December 31, 2025, with a maturity date of March 2030. 4. Commercial Paper Program maturities can range from overnight to three months. 432 DEBT MATURITIES (BXP’S SHARE) 1 Q4 2025 Wtd. Avg. Debt Rate 3.5% 4.6% 5.1% 4.1% 2.4% 3.7% % of Debt Maturing 12.7% 16.6% 12.6% 11.5% 10.9% 9.5%
Page 33
33 1. Reflects the repayment at maturity on February 1, 2026, of the $1 Billion 3.65% Unsecured Senior Notes. 2. Represents cash, cash equivalents and cash held in escrow, if any. 3. See Appendix. 4. Represents Line of Credit availability of $2.25B minus (1) amounts drawn, if any, and (2) the $750M backstop required under BPLP’s Commercial Paper Program. Revolving Credit Facility $1.5B4 Cash2 $0.6B Liquidity $2.1 Billion Secured Debt 26.8% Unsecured Debt 73.2% BXP’s Share of Debt3 $15.5 Billion Q4 2025 STRONG LIQUIDITY AND ACCESS TO CAPITAL 1
Page 34
BXP PERFORMANCE
Page 35
0.0 5.0 10.0 15.0 20.0 25.0 30.0 $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 Multiple FFO per Share ($) FFO Per Share FFO Multiple Multiple Average Q4 2025 35 1 2 1. FFO Multiple is calculated by dividing (A) the last reported sale price of BXP common stock on December 31 of each year, by ( B) FFO per diluted share for the applicable fiscal year. 2. 2026 FFO Multiple is calculated based on (A) the last reported sale price of BXP common stock on February 24, 2026, divided b y (B) $6.96 the midpoint of guidance for 2026 FFO per diluted share that was provided on January 27, 2026. BXP has not updated or reaffirmed its projections since January 27, 2026 and is not doing so now by including them in this presentation. 16.8 Avg. BXP IS A COMPELLING VALUE OPPORTUNITY AMID STRENGTHENING FUNDAMENTALS Despite improving fundamentals, our current multiple remains below historical averages FFO growth reflects disciplined execution across leasing, development, and balance sheet initiatives Continued execution on our plan should drive both earnings growth and multiple expansion BXP is positioned to outperform due to portfolio quality, improving occupancy, and scale advantages OPPORTUNITY FOR MULTIPLE EXPANSION 1 2
Page 36
Q4 2025 36 1 A HIGHER PREMIUM BACKED BY PREMIER WORKPLACES BXP has had a higher dividend yield than the 10-Year Treasury and S&P500 Dividend Yield for most of the past decade, offering a compelling income option relative to both bonds and equities BXP's premier workplaces generate stable cashflow through long-term leases providing resilience even in times of uncertainty and FAD payout ratio provides strong dividend coverage of 66%1 BXP delivers a steady income yield with meaningful valuation and dividend growth potential driven by earnings growth from leasing, development completions, and deleveraging Consistently higher yield than the S&P500 Dividend Yield and US Treasuries 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10yr UST S&P 500 Dividend Yield BXP Dividend Yield 1. FAD Payout Ratio equals (x) Q4 2025 distributions to common shareholders and unitholders, multiplied by four, divided by (y) full year 2025 FAD. See Appendix.
Page 37
Q4 2025 37 $5.36 $6.03 $6.21 $6.30 $7.01 $6.29 $6.56 $7.53 $7.28 $7.10 $6.85 $6.96 $1.3 $1.4 $1.4 $1.5 $1.7 $1.5 $1.6 $1.8 $1.9 $1.9 $1.9 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E EBITDAre (in Billions) Diluted FFO Per Share Diluted FFO Per Share EBITDAre 1. Projected 2026 FFO per diluted share of $6.96 is based on the midpoint of guidance provided on January 27, 2026. There can be no assurance that actual results will not differ materially from the amount projected. See Appendix. 2. Represents BXP’s Share. 2.4%1 2015-2026 FFO Per Share CAGR 3.7% 2015-2025 EBITDAre² CAGR 2 PROJECTED GROWTH IN FFO PER SHARE 2
Page 38
Q4 2025 38 1 BXP’S GROWTH OPPORTUNITY Leasing momentum, replenished pipeline and modest rollover create a pathway to growth in occupancy High-quality developments coming into service will add ~$300M to BXP’s Share of NOI-Cash upon stabilization1 Balance sheet enhancements by deleveraging from asset sales, disciplined capital allocation, and operating cash flow improve long-term total returns Premier workplaces in top markets position BXP to benefit from flight-to-quality and corporate space needs BXP trades at a discounted multiple, offering valuation upside as leasing, development, and balance-sheet milestones are achieved Sustained growth driven by occupancy, development and balance sheet actions 1. Includes properties recently placed in-service that are not yet stabilized.
Page 39
39 1. Includes leases with future commencement dates and retail. Data as of January 23, 2026. 2. Excludes residential and hotel properties. Calculation is based on BXP’s Share of Annualized Rental Obligations. See Appendix. Q4 2025 BXP SUMMARY • Premier workplace portfolio across six markets with strong employment growth over time • Proven, trusted corporate leadership team and regional management • Modern portfolio of new or recently refreshed assets Quality • Diverse clients across sectors and geographies to minimize risk and capture growth • Strong liquidity with access to capital • A rich history of developing, acquiring and divesting of assets to maximize shareholder value in all economic cycles Agility • Strong historical FFO growth • Pipeline of developments 61% pre-leased1 • Durable cash flow stream with a weighted-average lease term of 7.6 years2 Durability
Page 40
Q4 2025 Appendix
Page 41
41 FORWARD-LOOKING STATEMENTS APPENDIX This Presentation contains forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 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, 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,” “intend,” “may,” “might,” “plan,” “project,” “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 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, policy changes related to tariffs and prolonged government shutdowns or disruptions, which may directly or indirectly impact us, our current clients and our 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 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, and competition from other developers, owners and operators of real estate); • failure to integrate acquisitions and developments successfully; • risks and uncertainties affecting property development and construction; • 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; • 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 our use of AI and cyber security breaches, incidents, and compromises, as well as other significant disruptions of our information technology (IT) 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; • risks associated with BXP’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”);
Page 42
FORWARD-LOOKING STATEMENTS (continued) 42APPENDIX • possible adverse changes in tax and environmental laws; • 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. Investors are also urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results, including the risks and uncertainties described in (i) our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 including those described under the caption “Risk Factors,” and (ii) our subsequent filings under the Exchange Act. Other sections of this presentation may include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. 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 SEC, 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 report.
Page 43
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS 43APPENDIX This Appendix contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Presentation 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 Presentation, 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 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, financing 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, which means the measure for the applicable quarter is multiplied by four (4). 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 measure 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 December 31, 2025, multiplied by four (4), plus (2) termination income for the quarter ended December 31, 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).
Page 44
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) 44APPENDIX 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.
Page 45
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) 45APPENDIX Funds Available for Distribution (FAD) (aka AFFO) and FAD Payout Ratio 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. FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD. 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.
Page 46
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) 46APPENDIX 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. 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 (loss). For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues, amortization and accretion related to sales type lease receivable and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent and amortization and accretion related to sale type lease receivable provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and are not reflective of the core ongoing operating performance of the Company’s properties. Rental Obligations Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements. Rental Revenue Rental Revenue is equal to Total revenue, the most directly comparable GAAP financial measure, less development and management services revenue and direct reimbursements of payroll and related costs from management services contracts. The Company uses Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods. The Company also presents Rental Revenue (excluding termination income) because termination income can distort the results for any given period because it generally represents multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and does not reflect the core ongoing operating performance of the Company’s properties.
Page 47
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 47APPENDIX Projected EPS and FFO BXP’s guidance for first quarter and full year 2026 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to BXP, Inc. is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company’s earnings release issued on January 27, 2026 and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions not under contract as of the date hereof, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below. First Quarter 2026 Full Year 2026 Low High Low High Projected EPS (diluted) $ 0.32 $ 0.34 $ 2.08 $ 2.29 Add: Projected Company's share of real estate depreciation and amortization 1.27 1.27 5.10 5.10 Projected Company's share of (gains) losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments (0.03) (0.03) (0.30) (0.35) Projected FFO per share (diluted) $ 1.56 $ 1.58 $ 6.88 $ 7.04 Projected Change in FFO Per Share (Diluted) Actual 2025 Midpoint of Projected 2026 Percentage Increase/ (Decrease) Actual/Projected EPS (diluted) $ 0.09 $ 2.19 2,333.3 % Add: Actual/Projected Company's share of real estate depreciation and amortization 5.12 5.10 Actual/Projected Company share of (gains)/losses on sales of real estate, (gain)/losses on investment from unconsolidated joint venture and impairments 1.89 (0.33) Actual/Projected FFO per share (diluted) $ 7.10 $ 6.96 (2.0) %
Page 48
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 48APPENDIX Quarter ended December 31, 2025 Revenue $ 877,097 Add: BXP's share of revenue from unconsolidated Joint Ventures ("JVs")1 54,258 Less: Partners' share of revenue from consolidated JVs2 87,619 Termination income 8,947 BXP's share of termination income from unconsolidated JVs1 72 Add: Partners' share of termination income from consolidated JVs2 287 BXP's Share of Revenue (excluding termination income) (A) $ 835,004 BXP's Share of Annualized Revenue (excluding termination income)3 (A x 4) $ 3,340,016 Add: Termination income 8,947 BXP's share of termination income from unconsolidated JVs1 72 Less: Partners' share of termination income from consolidated JVs2 287 BXP's Share of Annualized Revenue $ 3,348,748 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 December 31, 2025 Revenue $ 877,097 Less: Direct reimbursements of payroll and related costs from management services contracts 3,959 Development and management services 8,641 Rental Revenue $ 864,497 Add: BXP's share of Rental Revenue from unconsolidated JVs1 54,008 Less: Partners' share of Rental Revenue from consolidated JVs2 87,616 BXP's Share of Rental Revenue $ 830,889 Less: Termination income 8,947 BXP's share of termination income from unconsolidated JVs1 72 Add: Partners' share of termination income from consolidated JVs2 287 BXP's Share of Rental Revenue (excluding termination income) (B) $ 822,157 BXP's Share of Annualized Rental Revenue (excluding termination income)3 (B x 4) $ 3,288,628 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).
Page 49
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 49APPENDIX December 31, 2025 Common stock price at period end $ 67.48 Equity market capitalization at period end (A) $ 11,930,464 Consolidated debt (B) $ 16,609,483 Add: BXP's share of unconsolidated JV debt 1,221,666 Less: Partners' share of consolidated JV debt 1,364,360 BXP's Share of Debt (C) $ 16,466,789 Consolidated Market Capitalization (A + B) $ 28,539,947 Consolidated Debt/Consolidated Market Capitalization [B ÷ (A + B)] 58.20 % BXP's Share of Market Capitalization (A + C) $ 28,397,253 BXP's Share of Debt/BXP's Share of Market Capitalization [C ÷ (A + C)] 57.99 % Debt to Market Capitalization Ratios (dollars in thousands, except per share amounts)
Page 50
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 50APPENDIX Quarter Ended Year Ended December 31, December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 2025 Net income (loss) attributable to BXP, Inc. common shareholders $ 248,486 $ (121,712) $ 88,977 $ 61,177 $ 276,800 Add: Net income (loss) attributable to noncontrolling interests 46,303 4,872 30,164 25,728 107,195 Losses (gains) from early extinguishments of debt — — — 338 338 Interest expense 162,612 164,299 162,783 163,444 653,138 Depreciation and amortization expense 232,015 236,147 223,819 220,107 912,088 Impairment losses 16,902 68,901 — — 85,803 Less: Gains on sales of real estate 156,410 1,932 18,390 — 176,732 Loss on sales-type leases — — — (2,490) (2,490) Income (loss) from unconsolidated JVs 50,232 (148,329) (3,324) (2,139) (103,560) Add: BXP's share of EBITDAre from unconsolidated JVs 29,496 1 32,054 32,222 33,834 127,606 EBITDAre $ 529,172 $ 530,958 $ 522,899 $ 509,257 $ 2,092,286 Less: Partners' share of EBITDAre from consolidated JVs 52,588 2 52,484 52,937 50,978 208,987 BXP's Share of EBITDAre (A) $ 476,584 $ 478,474 $ 469,962 $ 458,279 $ 1,883,299 BXP's Share of Annualized EBITDAre (Ax4) $ 1,906,336 $ 1,913,896 $ 1,879,848 $ 1,833,116 BXP's Share of EBITDAre $ 476,584 $ 478,474 $ 469,962 $ 458,279 $ 1,883,299 Add: Lease transaction costs that qualify as rent inducements3 4,615 5,894 4,427 5,638 20,574 BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs3 — 1 — (21) (188) (209) Straight-line ground rent expense adjustment (3,239) (530) 448 41 (3,280) BXP's share of straight-line ground rent expense adjustment from unconsolidated JVs 121 1 123 136 136 516 Stock-based compensation expense 4,497 4,404 11,612 23,018 43,531 Less: Non-cash termination income adjustment (fair value lease amounts) (4,121) — — — (4,121) Partners' share of lease transaction costs that qualify as rent inducements from consolidated JVs3 127 2 895 924 1,149 3,095 Non-cash losses (gains) from early extinguishment of debt — — — 338 338 BXP's share of non-cash losses (gains) from early extinguishment of debt from unconsolidated JVs 54 1 — — — 54 Straight-line rent and fair value lease revenue 27,693 32,011 26,448 32,832 118,984 Amortization and accretion related to sales type lease 240 236 232 281 989 BXP's share of amortization and accretion related to sales type lease from unconsolidated JVs 28 1 29 29 28 114 BXP's share of straight-line rent and fair value lease revenue from unconsolidated JVs 1,313 1 2,762 3,352 3,152 10,579 Add: Partners' share of straight-line rent and fair value of lease revenue from consolidated JVs 4,390 2 7,895 6,236 6,421 24,942 BXP's Share of EBITDAre—cash $ 461,634 $ 460,327 $ 461,815 $ 455,565 $ 1,839,341 EBITDAre (dollars in thousands)
Page 51
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 51APPENDIX Year Ended December 31, 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Net income (loss) attributable to BXP, Inc. common shareholders $ 14,272 $ 190,215 $ 848,947 $ 496,223 $ 862,227 $ 511,034 $ 572,347 $ 451,939 $ 502,285 $ 572,606 Add: Preferred stock redemption charge — — — 6,412 — — — — — — Preferred dividends — — — 2,560 10,500 10,500 10,500 10,500 10,500 10,500 Net income (loss) attributable to noncontrolling interests 69,916 101,209 171,637 126,737 145,964 130,465 129,716 100,042 57,192 216,812 Losses from interest rate contracts — — — — — — — — 140 — Losses (gains) from early extinguishments of debt — — — 45,182 — 29,540 16,490 (496) 371 22,040 Interest expense 645,117 579,572 437,139 423,346 431,717 412,717 378,168 374,481 412,849 432,196 Depreciation and amortization expense 887,191 830,813 749,775 717,336 683,751 677,764 645,649 617,547 694,403 639,542 Impairment losses 13,615 — — — — 24,038 11,812 — 1,783 — Less: Gain on sale of investment in unconsolidated JV — — — — — — — — 59,370 — Gains on sales of real estate — 517 437,019 123,660 618,982 709 182,356 7,663 80,606 375,895 Gains on sales-type leases 602 — 10,058 — — — — — — — Income (loss) from unconsolidated JVs (343,177) (239,543) (59,840) (2,570) (85,110) 46,592 2,222 11,232 8,074 22,770 Add: BXP's share of EBITDAre from unconsolidated JVs 133,965 164,790 147,169 106,957 95,444 98,389 81,340 65,132 50,712 45,864 EBITDAre $ 2,106,651 $ 2,105,625 $ 1,967,430 $ 1,803,663 $ 1,695,731 $ 1,847,146 $ 1,661,444 $ 1,600,250 1,582,185 1,540,895 Less: Partners' share of EBITDAre from consolidated JVs 191,950 199,352 192,584 185,979 163,085 185,405 181,110 177,539 174,370 209,088 BXP's Share of EBITDAre (A) $ 1,914,701 $ 1,906,273 $ 1,774,846 $ 1,617,684 $ 1,532,646 $ 1,661,741 $ 1,480,334 $ 1,422,711 $ 1,407,815 $ 1,331,807 BXP's Share of EBITDAre $ 1,914,701 $ 1,906,273 $ 1,774,846 $ 1,617,684 $ 1,532,646 $ 1,661,741 $ 1,480,334 $ 1,422,711 $ 1,407,815 $ 1,331,807 Add: Lease transaction costs that qualify as rent inducements3 17,278 4,121 15,748 10,506 9,314 6,627 8,692 920 8,853 12,667 BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs3 329 911 2,438 1,723 2,794 7,905 601 1,048 58 2,161 Straight-line ground rent expense adjustment 2,382 1,818 2,552 2,916 3,767 4,029 3,972 2,489 3,951 (790) BXP's share of straight-line ground rent expense adjustment from unconsolidated JVs 552 564 576 821 398 40 — — — — Preferred stock redemption charge — — — 6,412 — — — — — — Stock-based compensation expense 42,593 50,182 50,735 49,705 44,142 40,958 40,117 35,361 32,911 29,183 Less: Non-cash termination income adjustment (fair value lease amounts) 189 3,129 — — 1,362 — — — — — Partners' share of lease transaction costs that qualify as rent inducements from consolidated JVs3 (43) 931 (2,342) 2,548 1,231 449 277 25 17 2,167 Non-cash losses (gains) from early extinguishment of debt — — 898 2,331 — — — — — — Straight-line rent and fair value lease revenue 111,256 114,618 117,069 110,495 113,456 120,269 4 71,866 75,801 64,120 115,896 Amortization and accretion related to sales type lease 992 926 — — — — — — — — BXP's share of amortization and accretion related to sales type lease from unconsolidated JVs 110 18 — — — — — — — — BXP's share of straight-line rent and fair value lease revenue from unconsolidated JVs 12,363 17,674 33,879 10,649 5,932 19,116 13,447 13,410 10,835 2,588 Add: Partners' share of straight-line rent and fair value of lease revenue from consolidated JVs 11,945 19,387 9,228 4,498 17,052 15,538 4 13,702 9,169 14,343 25,866 Partner’s share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs — — — — 545 — — — — — BXP's Share of EBITDAre—cash 1,864,913 $ 1,845,960 $ 1,706,619 $ 1,568,242 $ 1,488,677 $ 1,597,004 $ 1,461,828 $ 1,382,462 $ 1,392,959 $ 1,280,243 EBITDAre (continued from previous page) (dollars in thousands)
Page 52
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 52APPENDIX EBITDAre (continued from previous page) (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. 4 Excludes the straight-line impact of approximately $(36.9) million and $(14.7) million for Straight-line rent and fair value lease revenue and Partners' share of straight-line rent and fair value of lease revenue from consolidated JVs, respectively, in connection with the deferred revenue received from a client. The client paid for improvements to a long-lived asset of the Company resulting in deferred revenue for the period until the asset was substantially complete, which occurred in the third quarter of 2019.
Page 53
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 53APPENDIX FFO, FAD (aka AFFO), and FAD Payout Ratios (dollars and shares in thousands) Quarter Ended Year Ended December 31, December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 2025 2024 2023 2022 2021 Net income (loss) attributable to BXP, Inc. common shareholders $ 248,486 $ (121,712) $ 88,977 $ 61,177 $ 276,800 $ 14,272 $ 190,215 $ 848,947 $ 496,223 Add: Preferred stock redemption charge — — — — — — — — 6,412 Preferred dividends — — — — — — — — 2,560 Noncontrolling interest - common units of the Operating Partnership 27,824 (12,981) 10,064 6,979 32,014 2,400 22,548 96,780 55,931 Noncontrolling interest - redeemable preferred units of the Operating Partnership — — — — — — — — — Noncontrolling interests in property partnerships 18,479 17,853 20,100 18,749 75,181 67,516 78,661 74,857 70,806 Net income (loss) $ 294,789 $ (116,840) $ 119,141 $ 86,905 $ 383,995 $ 84,188 $ 291,424 $ 1,020,584 $ 631,932 Add: Depreciation and amortization expense 232,015 236,147 223,819 220,107 912,088 887,191 830,813 749,775 717,336 Noncontrolling interests in property partnerships' share of depreciation and amortization (22,085) 1 (22,615) (20,945) (20,464) (86,109) (76,660) (73,027) (70,208) (67,825) BXP's share of depreciation and amortization from unconsolidated joint ventures 14,173 2 17,272 16,674 17,327 65,446 81,904 101,199 89,275 71,966 Corporate-related depreciation and amortization (581) (582) (600) (716) (2,479) (1,710) (1,810) (1,679) (1,753) Non real estate related amortization 2,130 2,130 2,131 2,130 8,521 8,520 (1,681) — — Impairment losses 16,902 68,901 — — 85,803 13,615 — — — Impairment loss included within income (loss) unconsolidated joint venture — 145,133 — — 145,133 341,338 272,603 50,705 — Less: — Gain on sale of investment in unconsolidated joint venture — — — — — — — — — Gain (loss) on sale of real estate included within income (loss) from unconsolidated joint ventures 51,449 2,236 — — 53,685 21,696 28,412 — 10,257 Gains on sales of real estate 156,410 1,932 18,390 — 176,732 602 517 437,019 123,660 Gain on investment included within income (loss) from unconsolidated joint ventures — — — — — — 35,756 — — Gain on sales-type lease included within income (loss) from unconsolidated joint ventures — — — — — — 1,368 — — Noncontrolling interests in property partnerships 18,479 17,853 20,100 18,749 75,181 67,516 78,661 74,857 70,806 Noncontrolling interest - redeemable preferred units of the Operating Partnership — — — — — — — — — Gain (loss) on sales-type lease — — — (2,490) (2,490) — — 10,058 — Unrealized gain (loss) on non-real estate investment (2) 178 (39) (483) (346) 546 239 (150) — Preferred dividends — — — — — — — — 2,560 Preferred stock redemption charge — — — — — — — — 6,412 FFO attributable to the Operating Partnership common unitholders (including BXP, Inc.) (“Basic FFO”) $ 311,007 $ 307,347 $ 301,769 $ 289,513 $ 1,209,636 $ 1,248,026 $ 1,274,568 $ 1,316,668 $ 1,137,961 Less: Noncontrolling interest - common units of the Operating Partnership's share of FFO 30,852 30,673 30,117 28,922 120,601 127,548 130,771 133,115 111,975 FFO attributable to BXP, Inc. common shareholders $ 280,155 $ 276,674 $ 271,652 $ 260,591 $ 1,089,035 $ 1,120,478 $ 1,143,797 $ 1,183,553 $ 1,025,986 Weighted average shares outstanding - diluted 158,869 157,793 157,201 157,137 156,376 FFO per share diluted $ 6.85 $ 7.10 $ 7.28 $ 7.53 $ 6.56 1See “Joint Ventures-Consolidated” in this Appendix. 2See “Joint Ventures-Unconsolidated” in this Appendix.
Page 54
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 54APPENDIX FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands) Year Ended December 31, 2020 2019 2018 2017 2016 2015 2014 Net income attributable to BXP, Inc. common shareholders $ 862,227 $ 511,034 $ 572,347 $ 451,939 $ 502,285 $ 572,606 $ 433,111 Add: Preferred stock redemption charge — — — — — — — Preferred dividends 10,500 10,500 10,500 10,500 10,500 10,500 10,500 Noncontrolling interest - common units of the Operating Partnership 97,704 59,345 66,807 52,210 59,260 66,951 50,862 Noncontrolling interest - redeemable preferred units of the Operating Partnership — — — — — 6 1,023 Noncontrolling interests in property partnerships 48,260 71,120 62,909 47,832 (2,068) 149,855 30,561 Net income 1,018,691 651,999 712,563 562,481 569,977 799,918 526,057 Add: Depreciation and amortization expense 683,751 677,764 645,649 617,547 694,403 639,542 628,573 Noncontrolling interests in property partnerships' share of depreciation and amortization (71,850) (71,389) (73,880) (78,190) (107,087) (90,832) (63,303) BXP's share of depreciation and amortization from unconsolidated joint ventures 80,925 58,451 54,352 34,262 26,934 6,556 19,251 Corporate-related depreciation and amortization (1,840) (1,695) (1,634) (1,986) (1,568) (1,503) (1,361) Impairment losses — 24,038 11,812 — — — — Impairment loss included within income (loss) from unconsolidated joint venture 60,524 — — — — — — Less: Gain on sale of investment in unconsolidated joint venture — — — — 59,370 — — Gain on sale of real estate included within income (loss) from unconsolidated joint ventures 5,958 47,238 8,270 — — — — Gains on sales of real estate 618,982 709 182,356 7,663 80,606 375,895 168,039 Noncontrolling interests in property partnerships 48,260 71,120 62,909 47,832 (2,068) 48,737 30,561 Noncontrolling interest - redeemable preferred units of the Operating Partnership — — — — — 6 1,023 Gain on sales-type lease — — — — — — — Unrealized gain (loss) on non-real estate investment — — — — — — — Preferred dividends 10,500 10,500 10,500 10,500 10,500 10,500 10,500 Preferred stock redemption charge — — — — — — — FFO attributable to the Operating Partnership common unitholders (including BXP, Inc.) (“Basic FFO”) 1,086,501 $ 1,209,601 $ 1,084,827 $ 1,068,119 $ 1,034,251 $ 918,543 $ 899,094 Less: Noncontrolling interest - common units of the Operating Partnership's share of FFO 108,310 123,757 110,338 108,707 106,504 94,828 91,588 FFO attributable to BXP, Inc. common shareholders $ 978,191 $ 1,085,844 $ 974,489 $ 959,412 $ 927,747 $ 823,715 $ 807,506 Weighted average shares outstanding - diluted 155,517 154,883 154,682 154,390 153,977 153,844 153,308 FFO per share diluted $ 6.29 $ 7.01 $ 6.30 $ 6.21 $ 6.03 $ 5.36 $ 5.26
Page 55
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 55APPENDIX Year Ended December 31, 2013 2012 2011 2010 2009 2008 2007 Net income attributable to BXP, Inc. common shareholders $ 741,754 $ 289,650 $ 272,679 $ 159,072 $ 231,014 $ 105,270 $ 1,310,106 Add: Preferred dividends 8,057 — — — — — — Noncontrolling interest in discontinued operations—common units of the Operating Partnership 14,151 5,075 1,243 1,290 532 (70) 40,237 Noncontrolling interest - common units of the Operating Partnership 70,085 30,125 35,007 22,809 35,002 14,462 51,978 Noncontrolling interest in gains on sales of real estate—common units of the Operating Partnership — — — 349 1,579 4,838 140,547 Noncontrolling interest - redeemable preferred units of the Operating Partnership 6,046 3,497 3,339 3,343 3,594 4,226 10,429 Noncontrolling interests in property partnerships 1,347 3,792 1,558 3,464 2,778 1,997 84 Impairment loss from discontinued operations 3,241 — — — — — — Less: Gain on forgiveness of debt from discontinued operation 20,182 — — — — — — Gains on sales of real estate from discontinued operations 112,829 36,877 — — — — 259,519 Income (loss) from discontinued operations 8,022 9,806 10,876 10,121 3,958 (483) 7,274 Income from continuing operations $ 703,648 $ 285,456 $ 302,950 $ 180,206 $ 270,541 $ 131,206 $ 1,286,588 Add: Depreciation and amortization expense 560,637 445,875 429,742 329,749 313,444 301,812 286,030 Income (loss) from discontinued operations 8,022 9,806 10,876 10,121 3,958 (483) 7,274 Noncontrolling interests in property partnerships' share of depreciation and amortization (32,583) (1,892) (1,854) (3,398) (2,735) (1,952) (353) BXP's share of depreciation and amortization from unconsolidated joint ventures 46,214 90,076 103,970 113,945 126,943 80,303 8,247 Corporate-related depreciation and amortization (1,259) (1,367) (1,363) (1,770) (1,906) (1,850) (1,590) Depreciation and amortization expense from discontinued operation 4,760 8,169 9,442 8,622 8,237 2,335 2,948 Impairment loss on investment in unconsolidated joint venture — — — — 13,555 165,158 — Less: Gain on sale of real estate included within income (loss) from unconsolidated joint ventures 54,501 248 46,166 572 — — 15,453 Gains on consolidation of joint ventures 385,991 — — — — — — Gains on sales of real estate — — — 2,734 11,760 33,340 929,785 Noncontrolling interests in property partnerships 1,347 3,792 1,558 3,464 2,778 1,997 84 Noncontrolling interest - redeemable preferred units of the Operating Partnership 4,079 3,497 3,339 3,343 3,594 3,738 4,266 Preferred dividends 8,057 — — — — — — FFO attributable to the Operating Partnership common unitholders (including BXP, Inc.) (“Basic FFO”) $ 835,464 $ 828,586 $ 802,700 $ 627,362 $ 713,905 $ 637,454 $ 639,556 Less: Noncontrolling interest - common units of the Operating Partnership's share of FFO 84,000 87,167 91,709 80,006 95,899 92,465 93,906 FFO attributable to BXP, Inc. common shareholders $ 751,464 $ 741,419 $ 710,991 $ 547,356 $ 618,006 $ 544,989 $ 545,650 Add: Losses from early extinguishments of debt associated with the sales of real estate — — — — — — 2,675 Less: Noncontrolling interest—common units of the Operating Partnership’s share of losses from early extinguishments of debt associated with the sales of real estate — — — — — — 392 Funds from Operations attributable to BXP, Inc. after supplemental adjustment to exclude losses from early extinguishments of debt associated with the sales of real estate $ 751,464 $ 741,419 $ 710,991 $ 547,356 $ 618,006 $ 544,989 $ 547,933 Weighted average shares outstanding - diluted 152,521 150,711 146,218 140,057 131,512 121,299 120,780 FFO per share diluted $ 4.93 $ 4.92 $ 4.86 $ 3.91 $ 4.70 $ 4.49 $ 4.54 FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands)
Page 56
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 56APPENDIX Quarter Ended Trailing 4 Quarters as of December 31, 2025December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 FFO attributable to the Operating Partnership common unitholders (including BXP, Inc.) (“Basic FFO”) $ 311,007 $ 307,347 $ 301,769 $ 289,513 Straight-line rent (25,710) (30,105) (24,533) (30,968) Partners' share of straight-line rent from consolidated JVs 4,401 1 7,906 6,247 6,432 BXP’s share of straight-line rent from unconsolidated JVs (277) 2 (1,660) (2,249) (2,151) Lease transaction costs that qualify as rent inducements3 4,615 5,894 4,427 5,638 Partners' share of lease transaction costs that qualify as rent inducements from consolidated JVs3 (127) 1 (895) (924) (1,149) BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs3 — 2 — (21) (188) Fair value lease revenue4 (1,983) (1,906) (1,915) (1,864) 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 (1,036) 2 (1,102) (1,103) (1,001) Non-cash losses (gains) from early extinguishments of debt — — — 338 BXP's share of non-cash losses (gains) from early extinguishments of debt from unconsolidated JVs 54 2 Non-cash termination income adjustment (fair value lease amounts) 4,121 — — — Straight-line ground rent expense adjustment5 (3,239) (530) 448 41 BXP's share of straight-line ground rent expense adjustment from unconsolidated JVs 121 2 123 136 136 Stock-based compensation 4,497 4,404 11,612 23,018 Non-real estate depreciation (1,549) (1,548) (1,531) (1,414) Fair value interest adjustment and hedge amortization 1,590 1,729 2,308 3,811 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 775 2 834 861 745 Second generation tenant improvements and leasing commissions (156,837) (72,022) (69,064) (65,709) Partners' share of second generation tenant improvements and leasing commissions from consolidated JVs 11,526 8,374 9,137 7,731 BXP’s share of second generation tenant improvements and leasing commissions from unconsolidated JVs (78) (1,067) (1,496) (969) Unearned portion of capitalized fees from consolidated joint ventures 829 1 938 969 825 Maintenance capital expenditures6 (18,157) (25,996) (32,934) (20,186) Partners' share of maintenance capital expenditures from consolidated JVs6 1,615 3,004 3,426 1,974 BXP’s share of maintenance capital expenditures from unconsolidated JVs6 (629) (349) (703) (95) Amortization and accretion related to sales type lease (240) (236) (232) (281) BXP’s share of amortization and accretion related to sales type lease from unconsolidated JVs (28) 2 (29) (29) (28) Hotel improvements, equipment upgrades and replacements (591) (1,181) (859) (159) Funds available for distribution to common shareholders and common unitholders (FAD) (A) $ 134,515 $ 201,772 $ 203,592 $ 213,885 $ 753,764 Distributions to common shareholders and unitholders (excluding any special distributions) (B) $ 123,881 $ 123,830 $ 173,357 $ 173,306 $ 594,374 FAD Payout Ratio (B ÷ A) 92.09% 61.37% 85.15% 81.03% 78.85% FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares 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 December 31, 2025, 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.
Page 57
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 57APPENDIX 767 Fifth Avenue Total Consolidated (The GM Building) Norges Joint Ventures 1 Joint Ventures Revenue Lease 2 $ 76,677 $ 109,195 $ 185,872 Straight-line rent 3,600 6,580 10,180 Fair value lease revenue (27) — (27) Termination income 716 3 719 Total lease revenue $ 80,966 $ 115,778 $ 196,744 Parking and other — 1,639 1,639 Insurance proceeds 5,980 — 5,980 Total rental revenue 3 $ 86,946 $ 117,417 $ 204,363 Expenses Operating 29,454 45,069 74,523 Restoration costs related to insurance claim 5,390 — 5,390 Net Operating Income (NOI) $ 52,102 $ 72,348 $ 124,450 Other income (expense) Development and management services revenue $ — $ 7 $ 7 Losses from investments in securities — (7) (7) Interest and other income 743 1,706 2,449 Interest expense (21,395) (7,712) (29,107) Depreciation and amortization expense (18,661) (30,780) (49,441) General and administrative expense (64) (174) (238) Total other income (expense) $ (39,377) $ (36,960) $ (76,337) Net income $ 12,725 $ 35,388 $ 48,113 BXP’s nominal ownership percentage 60 % 55 % Partners’ share of NOI (after income allocation to private REIT shareholders) 4 $ 20,167 $ 31,498 $ 51,665 BXP’s share of NOI (after income allocation to private REIT shareholders) $ 31,935 $ 40,850 $ 72,785 Unearned portion of capitalized fees 5 $ 590 $ 239 $ 829 Partners' share of select items 4 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 $ 436 $ 541 $ 977 Partners’ share of capitalized interest $ — $ 13 $ 13 Partners’ share of lease transactions costs which will qualify as rent inducements $ — $ (127) $ (127) Partners’ share of management and other fees $ 673 $ 1,089 $ 1,762 Partners’ share of basis differential depreciation and amortization expense $ (25) $ (182) $ (207) Partners’ share of basis differential interest and other adjustments $ (4) $ 7 $ 3 Joint Ventures (“JVs”) - Consolidated Results of Operations for the three months ended December 31, 2025 (in thousands)
Page 58
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 58APPENDIX 767 Fifth Avenue Total Consolidated Reconciliation of Partners' share of EBITDAre 6 (The GM Building) Norges Joint Ventures 1 Joint Ventures Partners' NCI $ 4,010 $ 14,469 $ 18,479 Add: Partners' share of interest expense 8,554 3,470 12,024 Partners' share of depreciation and amortization expense after BXP's basis differential 7,875 14,210 22,085 Partners' share of EBITDAre $ 20,439 $ 32,149 $ 52,588 Reconciliation of Partners' share of NOI 6 Rental revenue 3 $ 34,778 $ 52,838 $ 87,616 Less: Termination income 286 1 287 Rental revenue (excluding termination income) 3 $ 34,492 $ 52,837 $ 87,329 Less: Operating expenses (including partners' share of management and other fees) 14,611 21,370 35,981 Income allocation to private REIT shareholders — (30) (30) NOI (excluding termination income and after income allocation to private REIT shareholders) $ 19,881 $ 31,497 $ 51,378 Rental revenue (excluding termination income) 3 $ 34,492 $ 52,837 $ 87,329 Less: Straight-line rent 1,440 2,961 4,401 Fair value lease revenue (11) — (11) Add: Lease transaction costs that qualify as rent inducements — 127 127 Subtotal $ 33,063 $ 50,003 $ 83,066 Less: Operating expenses (including partners' share of management and other fees) 14,611 21,370 35,981 Income allocation to private REIT shareholders — (30) (30) NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 18,452 $ 28,663 $ 47,115 Reconciliation of Partners' share of Revenue 4 Rental revenue 3 $ 34,778 $ 52,838 $ 87,616 Add: Development and management services revenue — 3 3 Revenue $ 34,778 $ 52,841 $ 87,619 1 Norges Joint Ventures include 7 Times Square, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 300 Binney Street, and 290 Binney Street. 2 Lease revenue includes recoveries 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 percentages 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 December 31, 2025 (in thousands)
Page 59
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 59APPENDIX 1 The Company's partners will fund required capital until their aggregate investment is approximately 29% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. 2 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 and accrue 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. 3 On January 2, 2026, the Company sold their interest in the joint venture that owns Gateway Commons. Joint Ventures (“JVs”) - Unconsolidated As of December 31, 2025 Property BXP’s Nominal Ownership Boston 100 Causeway Street 50.00 % The Hub on Causeway - Podium 50.00 % Hub50House 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 Campus 50.00 % New York 360 Park Avenue South 1 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 2 — % San Francisco Platform 16 55.00 % Gateway Commons 3 50.00 % 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 % Wisconsin Place Parking Facility 33.33 % 500 North Capitol Street, N.W. 30.00 % Skymark - Reston Next Residential 20.00 %
Page 60
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 60APPENDIX Joint Ventures (“JVs”) - Unconsolidated1 Results of Operations for the three months ended December 31, 2025 (in thousands) Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures Revenue Lease 2 $ 27,722 $ 20,543 $ 17,094 $ 18,761 $ 8,010 $ 21,302 $ 113,432 Straight-line rent 318 (1,507) 2,097 (539) 263 117 749 Fair value lease revenue — — 1,300 — 1,095 — 2,395 Termination income — — — 144 — — 144 Amortization and accretion related to sales-type lease 56 — — — — — 56 Total lease revenue $ 28,096 $ 19,036 $ 20,491 $ 18,366 $ 9,368 $ 21,419 $ 116,776 Parking and other (5) 2,038 137 312 620 910 4,012 Total rental revenue 3 $ 28,091 $ 21,074 $ 20,628 $ 18,678 $ 9,988 $ 22,329 $ 120,788 Expenses Operating 10,390 7,664 17,020 4 11,208 4,233 6,748 57,263 Net operating income $ 17,701 $ 13,410 $ 3,608 $ 7,470 $ 5,755 $ 15,581 $ 63,525 Other income/(expense) Development and management services revenue — — 406 96 — (1) 501 Interest and other income (loss) 272 1,052 784 26 123 124 2,381 Interest expense (9,496) (5,052) (9,032) — (3,952) (8,645) (36,177) Unrealized gain/loss on derivative instruments — — 281 — — — 281 Transaction costs (47) — (10) — (3) — (60) Depreciation and amortization expense (8,486) (5,329) (11,030) (6,282) (4,999) (5,244) (41,370) General and administrative expense — (33) (262) (9) (3) — (307) Gain on sale of real estate — 359 — 67,697 — — 68,056 Loss from early extinguishment of debt — — (109) — — — (109) Impairment losses on real estate FN 5 — — — (425,750) (319,474) — (745,224) Total other income/(expense) $ (17,757) $ (9,003) $ (18,972) $ (364,222) $ (328,308) $ (13,766) $ (752,028) Net income/(loss) $ (56) $ 4,407 $ (15,364) $ (356,752) $ (322,553) $ 1,815 $ (688,503) BXP's share of select items BXP's share of amortization of financing costs $ 139 $ 23 $ 253 $ — $ 28 $ 78 $ 521 BXP’s share of hedge amortization, net of costs $ — $ — $ — $ — $ 266 $ — $ 266 BXP’s share of fair value interest adjustment $ — $ — $ 509 $ — $ — $ — $ 509 BXP's share of amortization and accretion related to sales-type lease $ 28 $ — $ — $ — $ — $ — $ 28 BXP's share of loss from early extinguishment of debt $ — $ — $ 54 $ — $ — $ — $ 54
Page 61
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 61APPENDIX Joint Ventures (“JVs”) - Unconsolidated1 Results of Operations for the three months ended December 31, 2025 (unaudited and in thousands) 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 $ (35) $ 3,116 $ (8,039) $ 30,110 $ (275) $ 25,355 $ 50,232 Add: BXP's share of interest expense 4,748 2,526 4,616 — 1,331 3,265 16,486 BXP's share of depreciation and amortization expense 4,245 2,144 6 4,354 6 559 6 926 1,945 14,173 BXP's share of loss from early extinguishment of debt — — 54 — — — 54 Less: BXP’s share of gain on sale 7 — 180 — 27,008 — 24,261 51,449 BXP's share of EBITDAre $ 8,958 $ 7,606 6 $ 985 6 $ 3,661 6 $ 1,982 $ 6,304 $ 29,496 Reconciliation of BXP's share of Net Operating Income (Loss) BXP's share of rental revenue 3 $ 14,046 $ 10,933 6 $ 7,720 6 $ 9,279 $ 3,363 $ 8,667 $ 54,008 BXP's share of operating expenses 5,196 3,833 7,314 5,667 1,419 2,396 25,825 BXP's share of net operating income/(loss) $ 8,850 $ 7,100 6 $ 406 6 $ 3,612 $ 1,944 $ 6,271 $ 28,183 Less: BXP's share of termination income — — — 72 — — 72 BXP's share of net operating income/(loss) (excluding termination income) $ 8,850 $ 7,100 $ 406 $ 3,540 $ 1,944 $ 6,271 $ 28,111 Less: BXP's share of straight-line rent 159 (663) 6 879 6 (270) 89 83 277 BXP's share of fair value lease revenue — 305 6 362 6 — 369 — 1,036 BXP's share of amortization and accretion related to sales-type lease 28 — — — — — 28 Add: BXP's share of straight-line ground rent adjustment — — 121 — — — 121 BXP's share of net operating income/(loss) - cash (excluding termination income) $ 8,663 $ 7,458 6 $ (714) 6 $ 3,810 $ 1,486 $ 6,188 $ 26,891 Reconciliation of BXP's share of Revenue BXP's share of rental revenue 3 $ 14,046 $ 10,933 6 $ 7,720 6 $ 9,279 $ 3,363 $ 8,667 $ 54,008 Add: BXP's share of development and management services revenue — — 203 48 — (1) 250 BXP's share of revenue $ 14,046 $ 10,933 6 $ 7,923 6 $ 9,327 $ 3,363 $ 8,666 $ 54,258 1 For information on the properties included for each region and the Company’s percentage ownership in each property, see page 59. 2 Lease revenue includes recoveries from clients and service income from clients. 3 See the Definitions section of this Appendix package. 4 Includes approximately $242 of straight-line ground rent expense. 5 Represents current period impairment losses in accordance with ASC 360. 6 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture. 7 The respective joint ventures completed the sales of Beach Cities Media Campus and 751 Gateway Boulevard and completed the sale of ownership interest in Market Square North.
Page 62
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 62APPENDIX Net Operating Income (NOI) (in thousands) Quarter ended Quarter ended December 31, 2025 December 31, 2025 Net income attributable to BXP, Inc. common shareholders $ 248,486 BXP's Share of Annualized NOI (excluding termination income) (A x 4) $ 1,866,580 Preferred stock redemption — Add: Preferred dividends — Termination income 8,947 Net income attributable to BXP, Inc. 248,486 BXP's share of termination income from unconsolidated JVs1 72 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 287 Noncontrolling interest - common units of the Operating Partnership 27,824 BXP's Share of Annualized NOI $ 1,875,312 Noncontrolling interest - redeemable preferred units of the Operating Partnership Noncontrolling interests in property partnerships 18,479 Net income 294,789 Add: BXP's Share of Annualized NOI (excluding termination income) (A x 4) $ 1,866,580 Interest expense 162,612 Add: Depreciation and amortization expense 232,015 Annualized Lease transaction costs that qualify as rent inducements 18,460 Transaction costs 122 Annualized BXP's share of lease transaction costs that qualify as rent inducements from unconsolidated JVs1Payroll and related costs from management services contracts 3,959 — General and administrative expense 37,801 Annualized Straight-line ground rent expense adjustment (12,956) Less: Annualized BXP's share of straight-line ground rent expense adjustment from unconsolidated JVs1Interest and other income (loss) 12,351 484 Gains (losses) from investments in securities 846 Less: Gains (losses) on sales of real estate 156,410 Annualized Partners' share of lease transaction costs that qualify as rent inducements from consolidated JVs2Income (loss) from unconsolidated joint ventures ("JVs") 50,232 — Direct reimbursements of payroll and related costs from management services contracts Adjustment to NOI for properties under re(development) 5,305 3,959 Annualized management fee expense deduction 43,081 Development and management services revenue 8,641 Annualized Straight-line rent and fair value lease revenue 110,772 Consolidated NOI 498,859 Annualized BXP's share of straight-line rent and fair value of lease revenue from unconsolidated JVs1Add: 5,252 BXP's share of NOI from unconsolidated JVs1 28,183 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 $ 17,560 51,665 Adjusted BXP's Share of Annualized NOI—Cash $ 1,725,718 Termination income 8,947 BXP's share of termination income from unconsolidated JVs1 72 Add: Partners' share of termination income from consolidated JVs2 287 BXP's Share of NOI (excluding termination income) (A) $ 466,645 1See “Joint Ventures-Unconsolidated” in this Appendix. 2See “Joint Ventures-Consolidated” in this Appendix. Quarter ended Quarter ended December 31, 2025 December 31, 2025 Net loss attributable to BXP, Inc. $ 248,486 BXP's Share of Annualized NOI (excluding termination income) (A x 4) $ 1,934,196 Net (income) loss attributable to noncontrolling interests: Add: Noncontrolling interest - common units of the Operating Partnership 27,824 Termination income 8,947 Noncontrolling interests in property partnerships 18,479 BXP's share of termination income from unconsolidated JVs1 72 Net loss $ 294,789 Less: Add: Partners' share of termination income from consolidated JVs2 287 Interest expense 162,612 BXP's Share of Annualized NOI $ 1,942,928 Impairment losses 16,902 Loss from unconsolidated joint ventures ("JVs") (50,232) Depreciation and amortization expense 232,015 Transaction costs 122 Payroll and related costs from management services contracts 3,959 General and administrative expense 37,801 Less: Interest and other income (loss) 12,351 Unrealized gain on non-real estate investments (2) Gains from investments in securities 846 Gain on sale of real estate 156,410 Direct reimbursements of payroll and related costs from management services contracts 3,959 Development and management services revenue 8,641 Consolidated NOI $ 515,763 Add: BXP's share of NOI from unconsolidated JVs1 28,183 Less: Partners' share of NOI from consolidated JVs (after income allocation to private REIT shareholders)2 51,665 BXP's Share of NOI $ 492,281 Less: Termination income 8,947 BXP's share of termination income from unconsolidated JVs1 72 Add: Partners' share of termination income from consolidated JVs2 287 BXP's Share of NOI (excluding termination income) (A) $ 483,549