Earnings release
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Exhibit 99.1 Supplemental Operating and Financial Data for the Quarter Ended September 30, 2026
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THE COMPANY BXP, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of September 30, 2026, including properties owned by joint ventures, BXP’s portfolio totals 50.6 million square feet and 162 properties, including six properties under construction/redevelopment. BXP’s portfolio consists of 141 office properties, 13 retail properties, seven residential properties (including four residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients’ needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build- to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP has earned a fourteenth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating and was named one of the world’s most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997. FORWARD-LOOKING STATEMENTS This Supplemental package contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknownrisks, uncertainties and other factors which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the presidential administration, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, and prolonged government shutdowns or disruptions, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance or achievements. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law. NON-GAAP FINANCIAL MEASURES This Supplemental package includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company’s financial condition and results of operations, and, if applicable, the other purposes for which management uses the measures, can be found in the Definitions section of this Supplemental starting on page 56. The Company presents “BXP’s Share” of certain non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company). Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures. The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 60.
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GENERAL INFORMATION Corporate Headquarters Trading Symbol Investor Relations Inquiries 800 Boylston Street BXP BXP, Inc. Inquiries should be directed to Suite 1900 800 Boylston Street, Suite 1900 Helen Han Boston, MA 02199 Stock Exchange Listing Boston, MA 02199 Vice President, Investor Relations www.bxp.com New York Stock Exchange investors.bxp.com at 617.236.3429 or (t) 617.236.3300 investorrelations@bxp.com hhan@bxp.com (t) 617.236.3429 Michael E. LaBelle Executive Vice President, Chief Financial Officer at 617.236.3352 or mlabelle@bxp.com (Cover photo: Rendering of 343 Madison Avenue, New York, NY)
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Q3 2026 Table of contents Page OVERVIEW Company Profile 1 Guidance and assumptions 2 FINANCIAL INFORMATION Financial Highlights 3 Consolidated Balance Sheets 5 Consolidated Income Statements 6 Funds From Operations (FFO) 7 Funds Available for Distribution (FAD) 8 Net Operating Income (NOI) 9 Same Property Net Operating Income (NOI) by Reportable Segment 11 Capital Expenditures 13 Acquisitions and Dispositions 14 DEVELOPMENT ACTIVITY Construction in Progress 15 Land Parcels and Purchase Options 17 LEASING ACTIVITY Leasing Activity 18 PROPERTY STATISTICS Portfolio Overview 19 Residential and Hotel Performance 20 In-Service Property Listing 21 Top 20 Clients Listing and Portfolio Client Diversification 25 Occupancy by Location 26 DEBT AND CAPITALIZATION Capital Structure 27 Debt Analysis 29 Senior Unsecured Debt Covenant Compliance Ratios 30 Net Debt to EBITDAre 31 Debt Ratios 32 JOINT VENTURES Consolidated Joint Ventures 33 Unconsolidated Joint Ventures 35 LEASE EXPIRATION ROLL-OUT Total In-Service Properties 38 Boston 39 Los Angeles 41 New York 43 San Francisco 45 Seattle 47 Washington, DC 49 CBD 51 Suburban 53 RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS Research Coverage 55 Definitions 56 Reconciliations 60 Consolidated Income Statement - Prior Year 68
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Q3 2026 Company profile SNAPSHOT (as of September 30, 2026) Fiscal Year-End December 31 Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment) 162 Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment) 50.6 million Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units and Outperformance Plan (OPP) Units) on an as-converted basis 177.5 million Closing Price, at the end of the quarter $61.11 per share Dividend - Quarter/Annualized $0.70/$2.80 per share Dividend Yield 4.6% Consolidated Market Capitalization $27.4 billion BXP’s Share of Market Capitalization $27.2 billion Unsecured Senior Debt Ratings BBB (S&P); Baa2 (Moody’s) STRATEGY BXP’s primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the key tenets of our long-term business strategy are to: • continue to embrace our leadership position in the premier workplace segment and leverage our strengths in portfolio quality, client relationships, development skills, market penetration, and sustainability to profitably build market share; • maintain a keen focus on select dynamic gateway markets that exhibit the strongest economic growth and investment characteristics over time - currently Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC; • invest in the highest quality buildings (primarily premier workplaces) with unique amenities and desirable locations that are able to maintain high occupancy rates and achieve premium rental rates through economic cycles; • maintain scale and a full-service real estate capability (leasing, development, construction, marketing, legal, and property management) in our markets to ensure we (1) see all relevant investment deal flow, (2) maintain an ability to execute on all types of real estate opportunities, such as acquisitions, dispositions, repositioning and development, throughout the real estate investment cycle, (3) provide superior service to our clients and (4) develop and manage our assets in the most sustainable manner possible; • ensure a strong balance sheet to maintain consistent access to equity and debt capital and the ability to make new investments at opportune times; • pursue attractive asset class adjacencies where we have a track record of success, such as life sciences and residential development; • recycle capital for future investment through disposing of assets that no longer meet our investment profile or provide an opportunity for an attractive sale price relative to reinvestment; • maintain a leadership position in sustainability innovation to minimize emissions from BXP’s development and in-service portfolio, as well as to provide clients sustainable solutions for their space use needs; and • foster a culture and reputation of integrity, excellence and purposefulness, making us the employer of choice for talented real estate professionals, the landlord and developer of choice for our clients, as well as the counterparty of choice for real estate industry participants. MANAGEMENT Board of Directors Executive Officers Owen D. Thomas Chairman of the Board Owen D. Thomas Chief Executive Officer Douglas T. Linde Douglas T. Linde President Joel I. Klein Lead Independent Director Michael E. LaBelle Executive Vice President, Chief Financial Officer and Treasurer Bruce W. Duncan Chair of Audit Committee Rodney C. Diehl Executive Vice President, West Coast Regions Diane J. Hoskins Chair of Sustainability Committee Donna D. Garesché Executive Vice President, Chief Human Resources Officer Mary E. Kipp Bryan J. Koop Executive Vice President, Boston Region Matthew J. Lustig Chair of Nominating & Corporate Peter V. Otteni Executive Vice President, Co-Head of the Washington, DC Governance Committee Region Timothy J. Naughton Chair of Compensation Committee Hilary J. Spann Executive Vice President, New York Region Julie G. Richardson John J. Stroman Executive Vice President, Co-Head of the Washington, DC William H. Walton, III Region Derek A. (Tony) West Colin D. Joynt Senior Vice President, Chief Information Officer Eric G. Kevorkian Senior Vice President, Chief Legal Officer and Secretary Michael R. Walsh Senior Vice President, Chief Accounting Officer ___________________ Common units and LTIP units are units of limited partnership interest in Boston Properties Limited Partnership, the entity through which the Company conducts substantially all of its business. For additional detail, see page 28. For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 56. 1, 2 2 2, 3 1 2 3 1
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Q3 2026 Guidance and assumptions GUIDANCE BXP’s guidance for 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 October 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. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 58. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below. Full Year 2026 Low High Projected EPS (diluted) $ 2.35 $ 2.37 Add: Projected Company share of real estate depreciation and amortization 5.02 5.02 Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated jointventure and impairments (0.31) (0.31) Projected FFO per share (diluted) $ 7.06 $ 7.08 ASSUMPTIONS (dollars in thousands) Full Year 2026 Low High Operating property activity: Average In-service portfolio occupancy 88.75 % 89.25 % Change in BXP’s Share of Same Property net operating income (excluding termination income) 2.35 % 2.75 % Change in BXP’s Share of Same Property net operating income - cash (excluding termination income) (0.25)% 0.25 % BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excludingasset sales) $ 52,000 $ 56,000 Taking Buildings Out-of-Service $ (11,000) $ (11,000) BXP’s Share of incremental net operating income related to assets sold over prior year $ (79,000) $ (78,000) BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue) $ 150,000 $ 162,000 BXP’s Share of Termination income $ 23,000 $ 25,000 Other revenue (expense): Development, management services and other revenue $ 34,000 $ 36,000 General and administrative expense $ (183,000) $ (176,000) Consolidated net interest expense $ (598,000) $ (593,000) Unconsolidated joint venture interest expense $ (62,000) $ (60,000) Noncontrolling interest: Noncontrolling interest in property partnerships’ share of FFO $ (197,000) $ (194,000) _______________ Excludes development properties placed into service in 2026. Excludes estimated changes in the market value of the Company’s deferred compensation plan and gains (losses) from investments in securities. 1 2 1 2 2
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Q3 2026 Financial highlights (unaudited and in thousands, except ratios and per share amounts) Three Months Ended 30-Sep-26 30-Jun-26 Net income attributable to BXP, Inc. $ 114,482 $ 68,564 Net income attributable to BXP, Inc. per share - diluted $ 0.71 $ 0.43 FFO attributable to BXP, Inc. $ 302,240 $ 283,412 Diluted FFO per share $ 1.89 $ 1.78 Dividends per common share $ 0.70 $ 0.70 Funds available for distribution to common shareholders and common unitholders (FAD) $ 163,414 $ 142,069 Selected items: Revenue $ 911,431 $ 895,699 Recoveries from clients $ 153,825 $ 152,352 Service income from clients $ 4,472 $ 4,840 BXP’s Share of revenue $ 854,287 $ 838,636 BXP’s Share of straight-line rent $ 46,541 $ 19,396 BXP’s Share of fair value lease revenue $ 2,863 $ 2,864 BXP’s Share of termination income $ 7,000 $ 2,805 Ground rent expense $ 3,313 $ 3,876 Capitalized interest $ 14,398 $ 12,868 Capitalized wages $ 4,087 $ 4,585 Income (loss) from unconsolidated joint ventures $ 1,145 $ (2,448) BXP’s share of FFO from unconsolidated joint ventures $ 13,192 $ 9,111 Net income attributable to noncontrolling interests in property partnerships $ 28,692 $ 26,121 FFO attributable to noncontrolling interests in property partnerships $ 52,593 $ 49,457 Balance Sheet items: Above-market rents (included within Prepaid Expenses and Other Assets) $ 4,111 $ 4,351 Below-market rents (included within Other Liabilities) $ 10,609 $ 13,000 Accrued rental income liability (included within Other Liabilities) $ 112,668 $ 125,794 Ratios: Interest Coverage Ratio (excluding capitalized interest) 2.98 3.12 Interest Coverage Ratio (including capitalized interest) 2.73 2.87 Fixed Charge Coverage Ratio 2.50 2.62 BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 7.52 7.94 Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 3.4 % 3.5 % Change in BXP’s Share of Same Property NOI (excluding termination income) - cash (0.3)% 0.8 % FAD Payout Ratio 76.11 % 87.54 % Operating Margins [(rental revenue - rental expense)/rental revenue] 62.1 % 61.3 % Occupancy % of In-Service Properties 89.4 % 88.4 % Leased % of In-Service Properties 91.9 % 91.3 % Capitalization: Consolidated Debt $ 16,590,522 $ 15,618,563 BXP’s Share of Debt $ 16,325,843 $ 15,355,350 Consolidated Market Capitalization $ 27,437,364 $ 27,388,124 Consolidated Debt/Consolidated Market Capitalization 60.47 % 57.03 % BXP’s Share of Market Capitalization $ 27,172,685 $ 27,124,911 BXP’s Share of Debt/BXP’s Share of Market Capitalization 60.08 % 56.61 % _____________ For a quantitative reconciliation of FFO attributable to BXP, Inc. and Diluted FFO per share, see page 7. For a quantitative reconciliation of FAD, see page 8. FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD. See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates. For the three months ended September 30, 2026, includes approximately $2.4 million of amortization of deferred financing costs. For the three months ended June 30, 2026, amount includes gains on sales of approximately $1.2 million. For a quantitative reconciliation for the three months ended September 30, 2026, see page 37. For a quantitative reconciliation for the three months ended September 30, 2026, see page 34. For a quantitative reconciliation for the three months ended September 30, 2026 and June 30, 2026, see page 32. For a quantitative reconciliation for the three months ended September 30, 2026 and June 30, 2026, see page 31. For a quantitative reconciliation for the three months ended September 30, 2026 and June 30, 2026, see pages 11, 66 and 67. 1 1 2 3 3 3, 4 3 5 6 7 8 9 9 9 10 11 11 2 12 13 14 14 14 1 2 3 4 5 6 7 8 9 10 11 3
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Q3 2026 Financial highlights (continued) Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Excludes hotel and residential properties. Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Excludes hotel and residential properties. For a quantitative reconciliation for September 30, 2026, see page 28. 12 13 14 4
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Q3 2026 Consolidated Balance Sheets (unaudited and in thousands) 30-Sep-26 30-Jun-26 ASSETS Real estate $ 27,106,552 $ 27,132,125 Construction in progress 1,128,313 975,361 Land held for future development 503,648 499,424 Right of use assets - finance leases 372,619 371,889 Right of use assets - operating leases 285,912 290,726 Less accumulated depreciation (8,319,577) (8,277,690) Total real estate 21,077,467 20,991,835 Cash and cash equivalents 1,471,631 493,949 Cash held in escrows 50,029 59,514 Investments in securities 45,932 46,526 Tenant and other receivables, net 92,300 90,679 Note receivable, net 12,495 12,185 Related party notes receivable, net 28,166 35,337 Sales-type lease receivable, net 16,332 16,170 Accrued rental income, net 1,599,110 1,573,959 Deferred charges, net 843,151 848,273 Prepaid expenses and other assets 193,572 122,830 Investments in unconsolidated joint ventures 831,228 820,068 Assets held for sale 10,425 62,544 Total assets $ 26,271,838 $ 25,173,869 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 4,309,813 $ 4,281,198 Unsecured senior notes, net 9,506,144 8,811,158 Unsecured exchangeable senior notes, net 979,894 978,642 Unsecured line of credit 247,000 — Unsecured term loans, net 797,671 797,565 Unsecured commercial paper 750,000 750,000 Lease liabilities - finance leases 350,953 353,436 Lease liabilities - operating leases 384,213 386,487 Accounts payable and accrued expenses 536,428 474,141 Dividends and distributions payable 123,849 123,857 Accrued interest payable 127,383 109,523 Other liabilities 346,911 364,082 Liabilities held for sale 111 6,130 Total liabilities 18,460,370 17,436,219 Commitments and contingencies — — Redeemable deferred stock units 7,577 7,927 Equity: Stockholders’ equity attributable to BXP, Inc.: Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding — — Common stock, $0.01 par value, 250,000,000 shares authorized, 159,751,217 and 159,600,410 issued and159,672,317 and 159,521,510 outstanding at September 30, 2026 and June 30, 2026, respectively 1,597 1,595 Additional paid-in capital 6,902,261 6,881,671 Dividends in excess of earnings (1,724,898) (1,727,547) Treasury common stock at cost, 78,900 shares at September 30, 2026 and June 30, 2026 (2,722) (2,722) Accumulated other comprehensive income (loss) 15,265 2,148 Total stockholders’ equity attributable to BXP, Inc. 5,191,503 5,155,145 Noncontrolling interests: Common units of the Operating Partnership 555,123 555,763 Property partnerships 2,057,265 2,018,815 Total equity 7,803,891 7,729,723 Total liabilities and equity $ 26,271,838 $ 25,173,869 5
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Q3 2026 Consolidated Income Statements (unaudited and in thousands, except per share amounts) Three Months Ended 30-Sep-26 30-Jun-26 Revenue Lease $ 846,159 $ 831,678 Parking and other 36,887 36,485 Insurance proceeds 1,382 1,101 Hotel revenue 13,219 14,901 Development and management services 9,792 7,633 Direct reimbursements of payroll and related costs from management services contracts 3,992 3,901 Total revenue 911,431 895,699 Expenses Operating 192,257 192,421 Real estate taxes 141,967 142,194 Restoration expenses related to insurance claims 1,121 1,526 Hotel operating 9,925 9,369 General and administrative 37,604 50,444 Payroll and related costs from management services contracts 3,992 3,901 Transaction costs 101 (62) Depreciation and amortization 228,679 236,977 Total expenses 615,646 636,770 Other income (expense) Income (loss) from unconsolidated joint ventures 1,145 (2,448) Gains on sales of real estate 10,441 6,997 Gains (losses) from investments in securities (744) 4,385 Unrealized gain (loss) on non-real estate investments 386 (75) Interest and other income 7,608 6,137 Impairment loss — (18,036) Interest expense (159,127) (153,425) Net income 155,494 102,464 Net income attributable to noncontrolling interests Noncontrolling interest in property partnerships (28,692) (26,121) Noncontrolling interest - common units of the Operating Partnership (12,320) (7,779) Net income attributable to BXP, Inc. $ 114,482 $ 68,564 INCOME PER SHARE OF COMMON STOCK (EPS) Net income attributable to BXP, Inc. per share - basic $ 0.72 $ 0.43 Net income attributable to BXP, Inc. per share - diluted $ 0.71 $ 0.43 _____________ For the three months ended June 30, 2026, includes approximately $6.0 million related to the accelerated vesting of non-stock compensation expense for employees who satisfied the conditions for a qualified retirement and, for each three months ended period, approximately $2.9 million related to the 2025 OPP Awards. Includes $(0.7) million and $4.4 million for the three months ended September 30, 2026 and June 30, 2026, respectively, related to the Company’s deferred compensation plan. For the three months ended June 30, 2026, amount includes gains on sales of approximately $1.2 million. For additional detail, see page 14. On May 29, 2026, the anticipated sale of the Company’s leasehold interest in the Sumner Square property located in Washington, DC met the Company’s “held for sale” criteria. Following the classification of a property as “held for sale”, the assets are written down to the lower of carrying value or fair market value, less cost to sell. This write down resulted in an impairment. The sale occurred on August 5, 2026. For additional detail, see page 14. For additional detail, see page 7. 1, 2 3 4 2 5 6 1 2 3 4 5 6 6
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Q3 2026 Funds from operations (FFO) (unaudited and dollars in thousands, except per share amounts) Three Months Ended 30-Sep-26 30-Jun-26 Net income attributable to BXP, Inc. $ 114,482 $ 68,564 Add: Noncontrolling interest - common units of the Operating Partnership 12,320 7,779 Noncontrolling interests in property partnerships 28,692 26,121 Net income 155,494 102,464 Add: Depreciation and amortization expense 228,679 236,977 Noncontrolling interests in property partnerships' share of depreciation and amortization (23,901) (23,336) BXP's share of depreciation and amortization from unconsolidated joint ventures 12,047 12,716 Corporate-related depreciation and amortization (632) (549) Non-real estate related amortization 2,131 2,131 Impairment loss — 18,036 Less: Gains on sales of real estate 10,441 6,997 Gains on sales included within income (loss) from unconsolidated joint ventures — 1,157 Unrealized gain (loss) on non-real estate investments 386 (75) Noncontrolling interests in property partnerships 28,692 26,121 FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO) 334,299 314,239 Less: Noncontrolling interest - common units of the Operating Partnership’s share of FFO 32,059 30,827 FFO attributable to BXP, Inc. $ 302,240 $ 283,412 BXP, Inc.’s percentage share of Basic FFO 90.41 % 90.19 % Noncontrolling interest’s - common unitholders percentage share of Basic FFO 9.59 % 9.81 % Basic FFO per share $ 1.89 $ 1.78 Weighted average shares outstanding - basic 159,585 159,167 Diluted FFO per share $ 1.89 $ 1.78 Weighted average shares outstanding - diluted 160,109 159,629 RECONCILIATION TO DILUTED FFO Three Months Ended 30-Sep-26 30-Jun-26 Basic FFO $ 334,299 $ 314,239 Add: Effect of dilutive securities - stock-based compensation — — Diluted FFO 334,299 314,239 Less: Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO 31,959 30,733 BXP, Inc.’s share of Diluted FFO $ 302,340 $ 283,506 RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO Three Months Ended 30-Sep-26 30-Jun-26 Shares/units for Basic FFO 176,512 176,474 Add: Effect of dilutive securities - stock-based compensation (shares/units) 524 462 Shares/units for Diluted FFO 177,036 176,936 Less: Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units) 16,927 17,307 BXP, Inc.’s share of shares/units for Diluted FFO 160,109 159,629 BXP, Inc.’s percentage share of Diluted FFO 90.44 % 90.22 % _____________ See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. For a quantitative reconciliation for the three months ended September 30, 2026, see page 34. For a quantitative reconciliation for the three months ended September 30, 2026, see page 37. 1 2 3 3 1 2 3
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Q3 2026 Funds available for distributions (FAD) (dollars in thousands) Three Months Ended 30-Sep-26 30-Jun-26 Net income attributable to BXP, Inc. $ 114,482 $ 68,564 Add: Noncontrolling interest - common units of the Operating Partnership 12,320 7,779 Noncontrolling interests in property partnerships 28,692 26,121 Net income 155,494 102,464 Add: Depreciation and amortization expense 228,679 236,977 Noncontrolling interests in property partnerships’ share of depreciation and amortization (23,901) (23,336) BXP’s share of depreciation and amortization from unconsolidated joint ventures 12,047 12,716 Corporate-related depreciation and amortization (632) (549) Non-real estate related amortization 2,131 2,131 Impairment loss — 18,036 Less: Gains on sales of real estate 10,441 6,997 Gains on sales included within income (loss) from unconsolidated joint ventures — 1,157 Unrealized gain (loss) on non-real estate investments 386 (75) Noncontrolling interests in property partnerships 28,692 26,121 Basic FFO 334,299 314,239 Add: BXP’s Share of lease transaction costs that qualify as rent inducements 3,993 4,071 BXP’s Share of hedge amortization, net of costs 877 1,714 BXP’s Share of fair value interest adjustment 260 260 BXP’s Share of straight-line ground rent expense adjustment (5,391) (3,895) Stock-based compensation 7,398 15,463 Non-real estate depreciation and amortization (1,499) (1,582) Unearned portion of capitalized fees from consolidated joint ventures 2,119 915 Less: BXP’s Share of straight-line rent 46,541 19,396 BXP’s Share of fair value lease revenue 2,863 2,864 BXP’s Share of non-cash termination income adjustment (4,376) (2,306) BXP’s Share of 2nd generation tenant improvements and leasing commissions 117,990 153,008 BXP’s Share of maintenance capital expenditures 14,153 14,617 BXP’s Share of amortization and accretion related to sales type lease 186 278 Hotel improvements, equipment upgrades and replacements 1,285 1,259 Funds available for distribution to common shareholders and common unitholders (FAD) (A) $ 163,414 $ 142,069 Distributions to common shareholders and unitholders (excluding any special distributions) (B) 124,379 124,374 FAD Payout Ratio (B÷A) 76.11 % 87.54 % _____________ See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. For a quantitative reconciliation for the three months ended September 30, 2026, see page 34. For additional information for the three months ended September 30, 2026, see page 37. Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences. Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $39.0 million, which it expects to incur by the end of 2027 with no payments thereafter. The Company is recognizing this expense on a straight-line basis over the 99-year term of the ground and air rights lease, see page 3. See page 62 for additional information. Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates. Maintenance capital expenditures do not include capital expenditures that are planned at the time of acquisition or capital expenditures incurred in connection with repositioning activities. 1 2 3 1, 4 1 1 1, 5 6 1 1, 7 1 1 1, 8 1 1 1 2 3 4 5 6 7 8 8
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Q3 2026 Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) (in thousands) Three Months Ended 30-Sep-26 30-Sep-25 Net income (loss) attributable to BXP, Inc. $ 114,482 $ (121,712) Net (income) loss attributable to noncontrolling interests Noncontrolling interest - common units of the Operating Partnership 12,320 (12,981) Noncontrolling interest in property partnerships 28,692 17,853 Net income (loss) 155,494 (116,840) Add: Interest expense 159,127 164,299 Impairment loss — 68,901 Depreciation and amortization expense 228,679 236,147 Transaction costs 101 1,431 Payroll and related costs from management services contracts 3,992 3,821 General and administrative expense 37,604 36,188 Less: Interest and other income 7,608 7,620 Unrealized gain on non-real estate investment 386 178 Gains (losses) from investments in securities (744) 2,400 Gains on sales of real estate 10,441 1,932 Income (loss) from unconsolidated joint ventures 1,145 (148,329) Direct reimbursements of payroll and related costs from management services contracts 3,992 3,821 Development and management services revenue 9,792 9,317 Net Operating Income (NOI) 552,377 517,008 Add: BXP’s share of NOI from unconsolidated joint ventures 25,592 30,675 Less: Partners’ share of NOI from consolidated joint ventures (after income allocation to private REITshareholders) 63,665 51,504 BXP’s Share of NOI 514,304 496,179 Less: Termination income 3,333 1,241 BXP’s share of termination income from unconsolidated joint ventures 3,667 141 Add: Partners’ share of termination income from consolidated joint ventures — — BXP’s Share of NOI (excluding termination income) $ 507,304 $ 494,797 Net Operating Income (NOI) $ 552,377 $ 517,008 Less: Termination income 3,333 1,241 NOI from non Same Properties (excluding termination income) 28,514 13,038 Same Property NOI (excluding termination income) 520,530 502,729 Less: Partners’ share of NOI from consolidated joint ventures (excluding termination income and after incomeallocation to private REIT shareholders) 63,665 51,504 Add: Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding terminationincome and after income allocation to private REIT shareholders) 10,991 — BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 21,925 30,534 Less: BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding terminationincome) 1,881 9,961 BXP’s Share of Same Property NOI (excluding termination income) $ 487,900 $ 471,798 _____________ For a quantitative reconciliation for the three months ended September 30, 2026, see page 65. For a quantitative reconciliation for the three months ended September 30, 2026, see pages 62-63. Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2026 and therefore are no longer a part of the Company’s property portfolio. 1 2 1 2 3 2 3 1 3 1 2 3 9
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Q3 2026 Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash (in thousands) Three Months Ended 30-Sep-26 30-Sep-25 Net income (loss) attributable to BXP, Inc. $ 114,482 $ (121,712) Net (income) loss attributable to noncontrolling interests Noncontrolling interest - common units of the Operating Partnership 12,320 (12,981) Noncontrolling interest in property partnerships 28,692 17,853 Net income (loss) 155,494 (116,840) Add: Interest expense 159,127 164,299 Impairment loss — 68,901 Depreciation and amortization expense 228,679 236,147 Transaction costs 101 1,431 Payroll and related costs from management services contracts 3,992 3,821 General and administrative expense 37,604 36,188 Less: Interest and other income 7,608 7,620 Unrealized gain on non-real estate investment 386 178 Gains (losses) from investments in securities (744) 2,400 Gains on sales of real estate 10,441 1,932 Income (loss) from unconsolidated joint ventures 1,145 (148,329) Direct reimbursements of payroll and related costs from management services contracts 3,992 3,821 Development and management services revenue 9,792 9,317 Net Operating Income (NOI) 552,377 517,008 Less: Straight-line rent 46,907 30,105 Fair value lease revenue 2,151 1,906 Amortization and accretion related to sales type lease 157 236 Termination income 3,333 1,241 Add: Straight-line ground rent expense adjustment 573 531 Lease transaction costs that qualify as rent inducements 3,838 5,894 NOI - cash (excluding termination income) 504,240 489,945 Less: NOI - cash from non Same Properties (excluding termination income) 22,509 13,124 Same Property NOI - cash (excluding termination income) 481,731 476,821 Less: Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and afterincome allocation to private REIT shareholders) 58,801 44,504 Add: Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excludingtermination income and after income allocation to private REIT shareholders) 8,734 — BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 16,961 27,866 Less: BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excludingtermination income) (1,108) 8,917 BXP’s Share of Same Property NOI - cash (excluding termination income) $ 449,733 $ 451,266 _____________ In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(6,084) and $(1,061) for the three months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, the Company has remaining lease payments aggregating approximately $9.3 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly. Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 8. Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2026 and therefore are no longer a part of the Company’s property portfolio. For a quantitative reconciliation for the three months ended September 30, 2026, see page 63. For a quantitative reconciliation for the three months ended September 30, 2026, see page 65. 1 2 3 4 3 5 3 1 2 3 4 5 10
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Q3 2026 Same property net operating income (NOI) by reportable segment (dollars in thousands) Office Hotel & Residential Three Months Ended $ % Three Months Ended $ % 30-Sep-26 30-Sep-25 Change Change 30-Sep-26 30-Sep-25 Change Change Rental Revenue $ 843,604 $ 813,786 $ 17,102 $ 16,478 Less: Termination income 3,333 1,241 — — Rental revenue (excluding termination income) 840,271 812,545 $ 27,726 3.4 % 17,102 16,478 $ 624 3.8 % Less: Operating expenses and real estate taxes324,875 314,683 10,192 3.2 % 11,968 11,611 357 3.1 % NOI (excluding termination income) $ 515,396 $ 497,862 $ 17,534 3.5 % $ 5,134 $ 4,867 $ 267 5.5 % Rental revenue (excluding termination income) $ 840,271 $ 812,545 $ 27,726 3.4 % $ 17,102 $ 16,478 $ 624 3.8 % Less: Straight-line rent and fair value leaserevenue and amortization and accretion fromsales-type lease 43,187 31,951 11,236 35.2 % (7) (2) (5) (250.0)% Add: Lease transaction costs that qualify as rentinducements 3,808 5,417 (1,609) (29.7)% — — — — % Subtotal 800,892 786,011 14,881 1.9 % 17,109 16,480 629 3.8 % Less: Operating expenses and real estate taxes324,875 314,683 10,192 3.2 % 11,968 11,611 357 3.1 % Add: Straight-line ground rent expense 573 624 (51) (8.2)% — — — — % NOI - cash (excluding termination income) $ 476,590 $ 471,952 $ 4,638 1.0 % $ 5,141 $ 4,869 $ 272 5.6 % Consolidated Total (A) BXP’s share of Unconsolidated Joint Ventures (B) Three Months Ended $ % Three Months Ended $ % 30-Sep-26 30-Sep-25 Change Change 30-Sep-26 30-Sep-25 Change Change Rental Revenue $ 860,706 $ 830,264 $ 40,259 $ 37,372 Less: Termination income 3,333 1,241 3,210 — Rental revenue (excluding termination income) 857,373 829,023 $ 28,350 3.4 % 37,049 37,372 $ (323) (0.9)% Less: Operating expenses and real estate taxes336,843 326,294 10,549 3.2 % 17,005 16,799 206 1.2 % NOI (excluding termination income) $ 520,530 $ 502,729 $ 17,801 3.5 % $ 20,044 $ 20,573 $ (529) (2.6)% Rental revenue (excluding termination income) $ 857,373 $ 829,023 $ 28,350 3.4 % $ 37,049 $ 37,372 $ (323) (0.9)% Less: Straight-line rent and fair value leaserevenue and amortization and accretion fromsales-type lease 43,180 31,949 11,231 35.2 % 2,250 1,747 503 28.8 % Add: Lease transaction costs that qualify as rentinducements 3,808 5,417 (1,609) (29.7)% 155 — 155 100.0 % Subtotal 818,001 802,491 15,510 1.9 % 34,954 35,625 (671) (1.9)% Less: Operating expenses and real estate taxes336,843 326,294 10,549 3.2 % 17,005 16,799 206 1.2 % Add: Straight-line ground rent expense 573 624 (51) (8.2)% 120 123 (3) (2.4)% NOI - cash (excluding termination income) $ 481,731 $ 476,821 $ 4,910 1.0 % $ 18,069 $ 18,949 $ (880) (4.6)% Partners’ share of Consolidated Joint Ventures(C) BXP’s Share Three Months Ended $ % Three Months Ended $ % 30-Sep-26 30-Sep-25 Change Change 30-Sep-26 30-Sep-25 Change Change Rental Revenue $ 90,973 $ 88,181 $ 809,992 $ 779,455 Less: Termination income — — 6,543 1,241 Rental revenue (excluding termination income) 90,973 88,181 $ 2,792 3.2 % 803,449 778,214 $ 25,235 3.2 % Less: Operating expenses and real estate taxes38,299 36,677 1,622 4.4 % 315,549 306,416 9,133 3.0 % NOI (excluding termination income) $ 52,674 $ 51,504 $ 1,170 2.3 % $ 487,900 $ 471,798 $ 16,102 3.4 % Rental revenue (excluding termination income) $ 90,973 $ 88,181 $ 2,792 3.2 % $ 803,449 $ 778,214 $ 25,235 3.2 % Less: Straight-line rent and fair value leaserevenue and amortization and accretion fromsales-type lease 2,607 7,895 (5,288) (67.0)% 42,823 25,801 17,022 66.0 % Add: Lease transaction costs that qualify as rentinducements — 895 (895) (100.0)% 3,963 4,522 (559) (12.4)% Subtotal 88,366 81,181 7,185 8.9 % 764,589 756,935 7,654 1.0 % Less: Operating expenses and real estate taxes38,299 36,677 1,622 4.4 % 315,549 306,416 9,133 3.0 % Add: Straight-line ground rent expense — — — — % 693 747 (54) (7.2)% NOI - cash (excluding termination income) $ 50,067 $ 44,504 $ 5,563 12.5 % $ 449,733 $ 451,266 $ (1,533) (0.3)% ___________________ Includes 100% share of consolidated joint ventures that are a Same Property. See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. For a quantitative reconciliation of net income attributable to BXP, Inc. to net operating income (NOI) (excluding termination income) and NOI - cash (excluding termination income), see pages 9-10. 1 2 2 2, 3 2 4 5 2, 3 1 2 2 2, 3 2 4 5 2, 3 2, 6 2 2 2, 3 2 4 5 2, 3 1 2 3 11
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Q3 2026 Same property net operating income (NOI) by reportable segment (continued) Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 8. Excludes the straight-line impact of approximately $(6,084) and $(1,061) for the three months ended September 30, 2026 and 2025, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station. BXP’s Share equals (A) + (B) - (C). 4 5 6 12
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Q3 2026 Capital expenditures (dollars in thousands, except PSF amounts) CAPITAL EXPENDITURES Three Months Ended 30-Sep-26 30-Jun-26 Maintenance capital expenditures $ 14,752 $ 15,936 Planned capital expenditures associated with acquisition properties 135 719 Repositioning capital expenditures 1,579 634 Hotel improvements, equipment upgrades and replacements 1,285 1,259 Subtotal 17,751 18,548 Add: BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs) 453 572 BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs 1 17 BXP’s share of repositioning capital expenditures from unconsolidated JVs — — Less: Partners’ share of maintenance capital expenditures from consolidated JVs 1,052 1,891 Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs — — Partners’ share of repositioning capital expenditures from consolidated JVs — — BXP’s Share of Capital Expenditures $ 17,153 $ 17,246 ___________________ See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. 1 1 13
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Q3 2026 Acquisitions and dispositions For the period from January 1, 2026 through September 30, 2026 (dollars in thousands) ACQUISITIONS BXP’s Share of Investment Property Location Date Acquired Square Feet Initial AnticipatedFuture Total In-serviceLeased (%) 13150 Worldgate Drive (20%ownership) Herndon, VA June 4, 2026 N/A $ 4,236 $ 22,164 $ 26,400 N/A 860 & 870 Winter Street Waltham, MA August 20, 2026 N/A 30,287 — 30,287 N/A Total Acquisitions — $ 34,523 $ 22,164 $ 56,687 — % DISPOSITIONS BXP’s Share of Property Location Date Disposed Square Feet Gross SalesPrice Net CashProceeds Book Gain(Loss) Land: North First Business Park San Jose, CA January 14, 2026 191,000 $ 50,500 $ 49,437 $ (229) Shady Grove Parcel 1 Rockville, MD February 5, 2026 N/A 24,650 23,546 (763) 13150 Worldgate Drive (50%ownership) Herndon, VA June 4, 2026 N/A 10,275 10,248 832 191,000 85,425 83,231 (160) Residential: The Lofts at Atlantic Wharf Boston, MA February 25, 2026 87,000 55,500 54,188 14,744 87,000 55,500 54,188 14,744 Non-Strategic Office / Retail: Gateway Commons (50%ownership) South San Francisco,CA January 2, 2026 792,700 150,000 131,023 6,407 7750 Wisconsin Avenue (50%ownership) Bethesda/ChevyChase, MD March 19, 2026 736,000 215,000 81,501 34,840 Kingstowne Retail Alexandria, VA April 17, 2026 88,300 19,700 19,205 7,029 Sumner Square Washington, DC August 5, 2026 210,500 63,000 61,090 1,932 1330 Connecticut Avenue Washington, DC September 23, 2026 253,400 92,375 89,217 8,528 2,080,900 540,075 382,036 58,736 Development 343 Madison Avenue (10.55%ownership) New York, NY September 23, 2026 930,000 208,131 50,289 N/A 930,000 208,131 50,289 N/A Total Dispositions 3,288,900 $ 889,131 $ 569,744 $ 73,320 ___________________ The Company previously recognized an impairment loss.Including approximately $9.0 million of tenant improvement obligations assumed by the buyer, the total consideration is approximately $101.4 million. The Company completed a partial equity interest sale to AVRS Partners of 10.55%. The partner agreed to invest an aggregate of $81.5 million, of which $50.7 million was invested at closing. The partner’s investment excludes its share of equity carry. The Company retains an 89.45% ownership interest and will provide development, property management, and leasing services for the venture. This transaction did not qualify as a sale of real estate for financial reporting purposes as the Company continues to effectively control the property and thus will continue to account for the property on a consolidated basis in its financial statements. 1 1 1 1 1, 2 3 1 2 3 14
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Q3 2026 Construction in progress (dollars in thousands) CONSTRUCTION IN PROGRESS AT SEPTEMBER 30, 2026 Actual/Estimated BXP’s share InitialOccupancy StabilizationDate SquareFeet Investmentto Date EstimatedTotalInvestment TotalFinancing AmountDrawn at9/30/2026 EstimatedFutureEquityRequirement PercentageLeased Percentageplaced in-service NetOperatingIncome(Loss) (BXP’sshare)Location Office ReservoirPlace Q2 2027 Q2 2027 Waltham,MA 363,000 $ 14,900 $ 87,000 $ — $ — $ 72,100 89 % — % N/A 725 12thStreet Q1 2029 Q3 2029 Washington,DC 320,000 125,765 349,600 — — 223,835 93 % — % N/A 343 MadisonAvenue(89.45%ownership)Q3 2029 Q2 2031 New York,NY 930,000 498,037 1,750,000 1,073,400 71,634 250,197 56 % — % N/A Total Office Properties under Construction1,613,000 638,702 2,186,600 1,073,400 71,634 546,132 71 % — % N/A Residential Reverie - 17HartwellAvenue(312 units)(20%ownership)Q2 2027 Q2 2028 Lexington,MA 347,000 23,213 35,900 19,747 4,469 — — % — % N/A 17 HartwellAvenue -Retail 2,100 — — — — — — % — % N/A 121 BroadwayStreet (439units) Q2 2027 Q2 2029 Cambridge,MA 490,000 411,207 597,800 — — 186,593 — % — % N/A 121BroadwayStreet -Retail 1,550 — — — — — — % — % N/A 290 ColesStreet (670units)(19.46%ownership)Q1 2028 Q3 2029 Jersey City,NJ 693,000 46,949 88,700 56,422 21,918 7,247 — % — % N/A 290 ColesStreet -Retail 13,000 — — — — — — % — % N/A WorldgateDrive (359units) (20%ownership)Q3 2028 Q2 2030 Herndon,VA 347,000 4,576 26,400 13,639 — 8,185 — % — % N/A Total Residential Properties underConstruction 1,893,650 485,945 748,800 89,808 26,387 202,025 — % — % N/A Total Properties Under Construction 3,506,650 $1,124,647 $2,935,400 $1,163,208 $98,021 $ 748,157 70 % — % N/A PROJECTS FULLY PLACED IN-SERVICE DURING 2026 Actual/Estimated BXP’s share EstimatedTotalInvestment AmountDrawn at9/30/2026 EstimatedFutureEquityRequirement NetOperatingIncome(Loss) (BXP’sshare)InitialOccupancy StabilizationDate Investmentto Date TotalFinancing Percentage Location SquareFeet Leased Reston Next RetailQ2 2026 Q4 2026 Reston, VA 30,284 $ 30,918 $ 31,600 $ — $ — $ 682 69 % $ (38) 290 Binney Street(55% ownership)Q2 2026 Q2 2026 Cambridge,MA 572,578 440,398 488,000 — — 47,602 100 % 13,980 Total Projects Fully Placed In-Service 602,862 $ 471,316 $ 519,600 $ — $ — $ 48,284 98 % $ 13,942 ________________ A project is classified as Construction in Progress when (1) construction or supply contracts have been signed, physical improvements have commenced or a lease has been signed and (2) capitalized interest has commenced. Includes income (loss) and interest carry on debt and equity investment. Represents percentage leased as of October 23, 2026, including leases with future commencement dates. Represents the portion of the project that no longer qualifies for capitalization of interest in accordance with GAAP. Amounts represent Net Operating Income (Loss) for the three months ended September 30, 2026. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 56. Reservoir Place consists of approximately 528,000 rentable square feet of which approximately 165,000 square feet is in-service. For additional detail, see page 23. Residential projects are shown in gross square feet. Total Financing and Amount Drawn includes the Company’s share of the $225 million construction loan and $65 million of preferred equity. The Company provided the preferred equity, which accrues at a 13% internal rate of return and has been fully funded. 1 2 2 2 3 4 5 6 7 8 9 2 2 5 2 3 10 1 2 3 4 5 6 7 8 15
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Q3 2026 Construction in progress (continued) Total percentage leased excludes Residential units. 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 $159.1 million for the vault as of September 30, 2026. 9 10 16
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Q3 2026 Land parcels and purchase options as of September 30, 2026 OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT Office Approximate Developable Square Feet Location New York, NY (25% ownership) 2,000,000 Princeton, NJ 1,723,000 Reston, VA 1,278,000 San Jose, CA (55% ownership) 1,088,000 San Francisco, CA 850,000 Waltham, MA 698,000 Springfield, VA 576,000 Lexington, MA 420,000 Washington, DC 320,000 Rockville, MD 150,000 Boston, MA 25,000 Total Office 9,128,000 Residential Approximate Developable Square Feet Residential Units (Estimated) Location Reston, VA 1,193,000 1,052 Rockville, MD 622,000 490 Weston, MA 600,000 380 West Los Angeles, CA 545,000 790 Washington, DC (50% ownership) 520,000 539 Waltham, MA 444,000 633 Herndon, VA (50% ownership) 236,000 458 Total Residential 4,160,000 4,342 Total Owned Land Parcels 13,288,000 VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS Office Approximate Developable Square Feet Location Waltham, MA 1,200,000 Boston, MA 668,000 Cambridge, MA 573,000 Total Office 2,441,000 Residential Approximate Developable Square Feet Location Boston, MA 632,000 Total Residential 632,000 Total Land Purchase Options 3,073,000 __________________ Includes properties that are no longer considered “in-service” because the occupancy percentage is below 50% and the Company anticipates a future development / redevelopment of the property. During the nine months ended September 30, 2026, approximately 260,000 net rentable square feet were removed from the Company’s in-service properties portfolio in anticipation of future redevelopment. There can be no assurance that the Company will develop or redevelop these land parcels and properties for office, residential or other uses, if at all. Actual uses may differ from those shown depending on, among other things, the outcome of the permitting and/or entitlement processes for each land parcel/property. Represents 100% of consolidated and unconsolidated projects. The Company expects to be a 50% partner in the future development of these sites. 1 2 3 2 2 3 2 1 2 3 17
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Q3 2026 Leasing activity for the three months ended September 30, 2026 OCCUPANCY ACTIVITY - NET (INCREASE)/DECREASE IN AVAILABLE SPACE (SF) Total Vacant space available at the beginning of the period 5,387,452 Less: Property dispositions/properties taken out of service 56,961 Add: Leases expiring or terminated during the period 1,020,446 Total space available for lease 6,350,937 1st generation leases 117,079 2nd generation leases with new clients 735,236 2nd generation lease renewals 662,086 Total leases commenced during the period 1,514,401 Vacant space available for lease at the end of the period 4,836,536 Net (increase)/decrease in available space 550,916 LEASING ACTIVITY - EXECUTED LEASES 1st generation leases 93,065 2nd generation leases with new clients 717,517 2nd generation leases renewals 397,761 Total Leases executed during the period 1,208,343 2nd generation leasing information: Weighted average lease term (months) 114 Weighted average free rent period (days) 356 Total transaction costs per square foot $154.60 Lease Costs per year of term $16.27 Starting weighted average gross rent $84.29 Increase (decrease) in gross rents 6.55 % Increase (decrease) in net rents 9.33 % All leases executed in the quarter (SF) Incr (decr) in 2nd generation cash rents 1st generation 2nd generation total gross net Boston — 223,300 223,300 (1.17)% (1.54)% Los Angeles — 24,546 24,546 — % — % New York 77,962 245,873 323,835 10.71 % 18.11 % San Francisco — 133,766 133,766 (8.31)% (11.19)% Seattle — 142,910 142,910 2.74 % 3.85 % Washington, DC 15,103 344,883 359,986 13.89 % 19.06 % Total / Weighted Average 93,065 1,115,278 1,208,343 6.55 % 9.33 % _____________ Total square feet of properties taken out of service vacant space in Q3 2026 consists of 14,764 at Sumner Square and 42,197 at 1330 Connecticut Avenue. 1st generation leases are defined as leases for development and redevelopment space that has not previously been leased. 2nd generation leases are defined as leases for in-service space that has previously been leased. Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions. Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 923,369 square feet of 2nd generation leases that had been occupied within the prior 24 months from the execution of the new lease; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis. Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 923,369 square feet of 2nd generation leases that had been occupied within the prior 24 months from the execution of the new lease; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis. The calculation for the increase/(decrease) of gross rent and net rent are based on current quarter expenses. 1 2 3 2 3 4 5 6 5,7 6,7 1 2 3 4 5 6 7 18
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Q3 2026 Portfolio overview for the three months ended September 30, 2026 (dollars in thousands) Rentable square footage of in-service properties by location and unit type Office Retail Residential Hotel Total Boston 14,564,632 1,076,529 320,444 330,000 16,291,605 Los Angeles 1,921,358 123,247 — — 2,044,605 New York 12,540,522 482,418 — — 13,022,940 San Francisco 6,050,899 333,307 318,171 — 6,702,377 Seattle 1,498,851 13,171 — — 1,512,022 Washington, DC 6,559,325 523,312 417,036 — 7,499,673 Total 43,135,587 2,551,984 1,055,651 330,000 47,073,222 % of Total 91.64 % 5.42 % 2.24 % 0.70 % 100.00 % Rentable square footage of in-service properties, excluding hotel and residential properties Total Rentable square feet of in-service properties 47,073,222 Less: Rentable square feet from residential and hotel properties 1,402,736 Partners’ share of rentable square feet from unconsolidated joint venture properties, excluding residential properties 2,885,328 Partners’ share of rentable square feet from consolidated joint venture properties 3,376,105 BXP’s Share of rentable square feet, excluding residential and hotel properties 39,409,053 Rental revenue of in-service properties by unit type Office Retail Residential Hotel Total Consolidated $ 816,908 $ 63,705 $ 3,904 $ 13,130 $ 897,647 Less: Partners’ share from consolidated joint ventures 94,127 9,645 — — 103,772 Add: BXP’s share from unconsolidated joint ventures 39,414 3,140 3,857 — 46,411 BXP’s Share of Rental revenue $ 762,195 $ 57,200 $ 7,761 $ 13,130 $ 840,286 % of Total 90.71 % 6.81 % 0.92 % 1.56 % 100.00 % Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location CBD Suburban Total Boston 35.71 % 4.93 % 40.64 % Los Angeles 3.29 % — % 3.29 % New York 22.99 % 1.70 % 24.69 % San Francisco 14.72 % 0.58 % 15.30 % Seattle 2.01 % — % 2.01 % Washington, DC 14.09 % (0.02)% 14.07 % Total 92.81 % 7.19 % 100.00 % _____________ See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. Includes 100% of the rentable square footage of the Company’s In-Service Properties. For additional detail relating to the Company’s In-Service Properties, see pages 21-24. Representsthe partners’ share of the rentable square feet from unconsolidated joint venture properties (calculated based upon the partners’ percentage ownership interest). Represents the partners’ share of the rentable square feet from consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests). Excludes approximately $89 of revenue from retail clients that is included in Retail. See page 63 for additional information. See page 65 for additional information. BXP’s Share of NOI (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of NOI (excluding termination income), see page 9. 1, 2, 3 1, 3 2 2 4 5 1 1, 3 6 7 8 1 1, 9 1 2 3 4 5 6 7 8 9 19
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Q3 2026 Residential and hotel performance (dollars in thousands, except rental rates) RESULTS OF OPERATIONS Residential Hotel Three Months Ended Three Months Ended 30-Sep-26 30-Jun-26 30-Sep-26 30-Jun-26 Rental Revenue $ 3,883 $ 3,683 $ 13,219 $ 14,901 Less: Operating expenses and real estate taxes 2,043 2,006 9,925 9,369 Net Operating Income (NOI) 1,840 1,677 3,294 5,532 Add: BXP’s share of NOI from unconsolidated joint ventures 2,375 2,362 N/A N/A BXP’s Share of NOI $ 4,215 $ 4,039 $ 3,294 $ 5,532 Rental Revenue $ 3,883 $ 3,683 $ 13,219 $ 14,901 Less: Straight line rent and fair value lease revenue — — (7) (2) Add: Lease transaction costs that qualify as rent inducements — — — — Subtotal 3,883 3,683 13,226 14,903 Less: Operating expenses and real estate taxes 2,043 2,006 9,925 9,369 NOI - cash basis 1,840 1,677 3,301 5,534 Add: BXP’s share of NOI-cash from unconsolidated joint ventures 2,375 2,362 N/A N/A BXP’s Share of NOI - cash basis $ 4,215 $ 4,039 $ 3,301 $ 5,534 RESIDENTIAL RENTAL RATES AND OCCUPANCY - Year-over-Year ResidentialUnits Three Months Ended Percent Change30-Sep-26 30-Sep-25 Boston 440 Average Monthly Rental Rate $ 4,592 $ 4,480 2.50 % Average Rental Rate Per Occupied Square Foot $ 6.27 $ 6.12 2.45 % Average Physical Occupancy 95.61 % 93.71 % 2.03 % Average Economic Occupancy 96.13 % 93.73 % 2.56 % San Francisco 402 Average Monthly Rental Rate $ 3,366 $ 3,004 12.05 % Average Rental Rate Per Occupied Square Foot $ 4.23 $ 3.80 11.32 % Average Physical Occupancy 93.53 % 90.88 % 2.92 % Average Economic Occupancy 94.20 % 89.02 % 5.82 % Washington, DC 508 Average Monthly Rental Rate $ 3,115 $ 2,639 18.04 % Average Rental Rate Per Occupied Square Foot $ 3.80 $ 3.30 15.15 % Average Physical Occupancy 93.70 % 87.80 % 6.72 % Average Economic Occupancy 93.34 % 82.45 % 13.21 % Total residential units 1,350 HOTEL RENTAL RATES AND OCCUPANCY - Year-over-Year Hotel Rooms Three Months Ended Percent Change30-Sep-26 30-Sep-25 Boston Marriott Cambridge 437 Average Occupancy 85.40 % 82.80 % 3.14 % Average Daily Rate $ 331.21 $ 328.68 0.77 % Revenue Per Available Room $ 282.97 $ 272.00 4.03 % _____________ Includes retail space. See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. Excludes retail space. For comparative purposes, rental rates and occupancy information does not include The Lofts at Atlantic Wharf, Proto Kendall Square, and Signature at Reston, which were sold prior to September 30, 2026. For additional detail related to The Lofts at Atlantic Wharf sale, see page 14. 1 2 2 2 2 2 2 2, 3 3 1 2 3 20
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Q3 2026 In-service property listing as of September 30, 2026 Sub Market Number ofBuildings SquareFeet Occupied % Leased % AnnualizedRentalObligations PerOccupied SF CBD BOSTON Office 200 Clarendon Street CBD Boston MA 1 1,700,914 97.3 % 97.3 % $ 92.62 800 Boylston Street - The Prudential Center CBD Boston MA 1 1,270,419 93.2 % 93.2 % 78.31 100 Federal Street (55% ownership) CBD Boston MA 1 1,235,133 93.6 % 93.6 % 81.78 111 Huntington Avenue - The Prudential Center CBD Boston MA 1 860,446 100.0 % 100.0 % 83.16 Atlantic Wharf Office (55% ownership) CBD Boston MA 1 793,024 100.0 % 100.0 % 94.72 100 Causeway Street (50% ownership) CBD Boston MA 1 633,818 100.0 % 100.0 % 78.69 Prudential Center (retail shops) CBD Boston MA 1 589,906 95.7 % 100.0 % 98.58 101 Huntington Avenue - The Prudential Center CBD Boston MA 1 506,476 100.0 % 100.0 % 64.62 The Hub on Causeway - Podium (50% ownership) CBD Boston MA 1 382,988 98.5 % 100.0 % 65.13 888 Boylston Street - The Prudential Center CBD Boston MA 1 377,574 96.2 % 96.2 % 84.47 Star Market at the Prudential Center CBD Boston MA 1 60,015 100.0 % 100.0 % 64.67 Subtotal 11 8,410,713 96.9 % 97.3 % $ 84.03 290 Binney Street (55% ownership) East Cambridge MA 1 572,578 100.0 % 100.0 % $ 156.85 145 Broadway East Cambridge MA 1 490,086 99.6 % 99.6 % 95.27 325 Main Street East Cambridge MA 1 406,824 99.4 % 100.0 % 115.80 125 Broadway East Cambridge MA 1 271,000 100.0 % 100.0 % 153.93 355 Main Street East Cambridge MA 1 256,966 100.0 % 100.0 % 105.46 300 Binney Street (55% ownership) East Cambridge MA 1 239,908 100.0 % 100.0 % 172.88 90 Broadway East Cambridge MA 1 223,771 100.0 % 100.0 % 95.29 255 Main Street East Cambridge MA 1 215,394 82.5 % 82.5 % 94.58 150 Broadway East Cambridge MA 1 177,226 100.0 % 100.0 % 104.37 105 Broadway East Cambridge MA 1 152,664 100.0 % 100.0 % 78.89 250 Binney Street East Cambridge MA 1 67,362 100.0 % 100.0 % 94.96 University Place Mid-Cambridge MA 1 195,282 100.0 % 100.0 % 63.22 Subtotal 12 3,269,061 98.7 % 98.8 % $ 118.08 Subtotal Boston CBD 23 11,679,774 97.4 % 97.7 % $ 93.77 Residential Hub50House (440 units) (50% ownership) CBD Boston MA 1 320,444 Subtotal 1 320,444 Hotel Boston Marriott Cambridge (437 rooms) East Cambridge MA 1 334,260 Subtotal 1 334,260 LOS ANGELES Office Colorado Center (50% ownership) West Los Angeles CA 6 1,130,066 90.3 % 90.3 % $ 80.97 Santa Monica Business Park West Los Angeles CA 12 841,820 89.9 % 94.4 % 65.40 Santa Monica Business Park Retail West Los Angeles CA 7 72,719 87.1 % 87.1 % 79.27 Subtotal 25 2,044,605 90.0 % 91.9 % $ 74.51 NEW YORK Office 767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY 1 1,970,335 99.5 % 99.7 % $ 169.96 601 Lexington Avenue (55% ownership) Park Avenue NY 1 1,671,682 99.9 % 99.9 % 103.26 399 Park Avenue Park Avenue NY 1 1,567,059 100.0 % 100.0 % 111.74 599 Lexington Avenue Park Avenue NY 1 1,105,007 95.7 % 98.1 % 86.18 1 2 3 4 5 4 5 6, 7 6 6 6 4 4 5 21
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Q3 2026 In-service property listing (continued) as of September 30, 2026 Sub Market Number ofBuildings SquareFeet Occupied % Leased % AnnualizedRentalObligations PerOccupied SF 7 Times Square (55% ownership) Times Square NY 1 1,238,722 85.8 % 92.4 % 78.62 250 West 55th Street Times Square / West Side NY 1 966,976 98.7 % 98.7 % 105.77 200 Fifth Avenue (26.69% ownership) Midtown South NY 1 845,367 59.8 % 99.5 % 101.20 360 Park Avenue South (71.11% ownership) Midtown South NY 1 450,432 74.4 % 100.0 % 98.55 Dock 72 (50% ownership) Brooklyn NY 1 668,521 42.8 % 42.8 % 33.75 510 Madison Avenue Fifth/Madison Avenue NY 1 345,081 93.2 % 99.9 % 128.24 Subtotal 10 10,829,182 89.8 % 95.2 % $ 112.39 SAN FRANCISCO Office Salesforce Tower CBD San Francisco CA 1 1,420,682 98.0 % 98.0 % $ 116.20 Embarcadero Center Four CBD San Francisco CA 1 945,937 95.3 % 95.3 % 107.72 Embarcadero Center One CBD San Francisco CA 1 838,051 70.5 % 72.9 % 94.90 Embarcadero Center Two CBD San Francisco CA 1 802,003 73.1 % 73.4 % 85.70 Embarcadero Center Three CBD San Francisco CA 1 790,469 68.8 % 75.1 % 91.34 680 Folsom Street CBD San Francisco CA 2 530,242 83.9 % 89.4 % 79.07 535 Mission Street CBD San Francisco CA 1 303,322 95.6 % 100.0 % 79.93 690 Folsom Street CBD San Francisco CA 1 26,080 100.0 % 100.0 % 118.95 Subtotal 9 5,656,786 84.4 % 86.5 % $ 99.83 Residential The Skylyne (402 units) CBD Oakland CA 1 330,996 Subtotal 1 330,996 SEATTLE Office Safeco Plaza (33.67% ownership) CBD Seattle WA 1 762,540 81.3 % 81.3 % $ 50.24 Madison Centre CBD Seattle WA 1 749,482 92.8 % 94.6 % 60.06 Subtotal 2 1,512,022 87.0 % 87.9 % $ 55.42 WASHINGTON, DC Office 901 New York Avenue East End Washington DC 1 526,383 84.4 % 84.4 % $ 72.25 2100 Pennsylvania Avenue CBD Washington DC 1 475,772 98.7 % 98.7 % 87.49 2200 Pennsylvania Avenue CBD Washington DC 1 460,039 91.3 % 95.4 % 71.10 500 North Capitol Street, N.W. (30% ownership) Capitol Hill Washington DC 1 230,900 98.5 % 98.5 % 69.09 Capital Gallery Southwest Washington DC 1 176,909 53.8 % 53.8 % 63.87 Subtotal 5 1,870,003 88.6 % 89.6 % $ 75.41 Reston Next Reston VA 2 1,063,299 99.6 % 99.6 % $ 64.28 South of Market Reston VA 3 624,386 97.6 % 100.0 % 57.57 Fountain Square Reston VA 2 524,229 97.9 % 98.5 % 54.22 One Freedom Square Reston VA 1 427,252 89.0 % 95.0 % 56.36 Two Freedom Square Reston VA 1 423,222 100.0 % 100.0 % 56.70 One and Two Discovery Square Reston VA 2 366,989 100.0 % 100.0 % 54.14 One Reston Overlook Reston VA 1 319,519 100.0 % 100.0 % 46.51 17Fifty Presidents Street Reston VA 1 275,809 100.0 % 100.0 % 75.29 Democracy Tower Reston VA 1 259,441 99.3 % 99.3 % 70.64 Fountain Square Retail Reston VA 1 196,642 93.6 % 94.8 % 52.80 Two Reston Overlook Reston VA 1 134,615 100.0 % 100.0 % 57.50 Reston Next Office Phase II Reston VA 1 86,629 92.2 % 92.2 % 59.42 Reston Next Retail Reston VA 1 30,284 11.0 % 69.1 % 58.97 Avant Retail Reston VA 1 26,179 100.0 % 100.0 % 68.48 Subtotal 19 4,758,495 97.4 % 98.7 % $ 59.21 1 2 3 4 4, 7 4 4 4 5 7 5, 7 5 22
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Q3 2026 In-service property listing (continued) as of September 30, 2026 Sub Market Number ofBuildings SquareFeet Occupied % Leased % AnnualizedRentalObligations PerOccupied SF Wisconsin Place Office Montgomery County MD 1 296,965 52.4 % 56.0 % $ 54.60 Subtotal 1 296,965 52.4 % 56.0 % $ 54.60 Subtotal Washington, DC CBD 25 6,925,463 93.1 % 94.4 % $ 63.23 Residential Skymark (508 units) (20% ownership) Reston VA 1 417,036 Subtotal 1 417,036 CBD Total 98 40,050,568 91.8 %8 94.1 %8 $ 91.72 8 BXP’s Share of CBD 92.5 %8 94.3 %8 SUBURBAN BOSTON Office Bay Colony Corporate Center Route 128 Mass Turnpike MA 2 435,917 80.4 % 80.4 % $ 43.32 Weston Corporate Center Route 128 Mass Turnpike MA 1 356,995 41.1 % 60.8 % 37.38 180 CityPoint Route 128 Mass Turnpike MA 1 329,195 87.0 % 91.5 % 72.25 Waltham Weston Corporate Center Route 128 Mass Turnpike MA 1 301,611 73.0 % 73.0 % 47.54 230 CityPoint Route 128 Mass Turnpike MA 1 299,304 97.0 % 97.0 % 56.11 200 West Street Route 128 Mass Turnpike MA 1 273,361 86.1 % 86.1 % 95.98 880 Winter Street Route 128 Mass Turnpike MA 1 243,614 80.5 % 80.5 % 102.48 10 CityPoint Route 128 Mass Turnpike MA 1 236,570 98.6 % 98.6 % 61.60 20 CityPoint Route 128 Mass Turnpike MA 1 211,476 98.1 % 98.1 % 63.71 77 CityPoint Route 128 Mass Turnpike MA 1 209,711 95.4 % 100.0 % 58.21 890 Winter Street Route 128 Mass Turnpike MA 1 180,155 84.6 % 84.6 % 47.95 Reservoir Place Route 128 Mass Turnpike MA 1 164,994 78.7 % 78.7 % 35.48 153 & 211 Second Avenue Route 128 Mass Turnpike MA 2 154,093 84.0 % 84.0 % 53.17 1265 Main Street (50% ownership) Route 128 Mass Turnpike MA 1 120,681 100.0 % 100.0 % 60.87 103 CityPoint Route 128 Mass Turnpike MA 1 112,842 — % — % — Reservoir Place North Route 128 Mass Turnpike MA 1 73,258 100.0 % 100.0 % 54.61 The Point Route 128 Mass Turnpike MA 1 16,300 100.0 % 100.0 % 68.03 33 Hayden Avenue Route 128 Northwest MA 1 80,872 100.0 % 100.0 % 81.96 32 Hartwell Avenue Route 128 Northwest MA 1 69,154 100.0 % 100.0 % 28.62 100 Hayden Avenue Route 128 Northwest MA 1 55,924 100.0 % 100.0 % 69.58 92 Hayden Avenue Route 128 Northwest MA 1 31,100 100.0 % 100.0 % 48.35 Subtotal 23 3,957,127 81.5 % 83.9 % $ 60.56 NEW YORK Office 510 Carnegie Center Princeton NJ 1 234,160 74.9 % 95.0 % $ 40.71 206 Carnegie Center Princeton NJ 1 161,763 — % — % — 210 Carnegie Center Princeton NJ 1 159,468 66.3 % 66.3 % 39.16 212 Carnegie Center Princeton NJ 1 151,035 75.9 % 82.6 % 36.41 214 Carnegie Center Princeton NJ 1 146,799 64.2 % 66.4 % 38.03 506 Carnegie Center Princeton NJ 1 139,050 95.1 % 95.1 % 41.72 508 Carnegie Center Princeton NJ 1 134,433 100.0 % 100.0 % 44.87 202 Carnegie Center Princeton NJ 1 134,067 66.5 % 76.3 % 36.75 804 Carnegie Center Princeton NJ 1 130,000 100.0 % 100.0 % 44.06 101 Carnegie Center Princeton NJ 1 122,791 82.3 % 82.3 % 36.55 504 Carnegie Center Princeton NJ 1 121,990 100.0 % 100.0 % 35.68 502 Carnegie Center Princeton NJ 1 121,460 98.6 % 98.6 % 39.80 701 Carnegie Center Princeton NJ 1 120,000 100.0 % 100.0 % 35.82 1 2 3 4 6 6 6 9 6 4 6 5 6 6 23
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Q3 2026 In-service property listing (continued) as of September 30, 2026 Sub Market Number ofBuildings SquareFeet Occupied % Leased % AnnualizedRentalObligations PerOccupied SF 104 Carnegie Center Princeton NJ 1 101,969 73.4 % 73.4 % 38.99 103 Carnegie Center Princeton NJ 1 96,322 71.4 % 71.4 % 38.23 302 Carnegie Center Princeton NJ 1 64,926 100.0 % 100.0 % 37.24 211 Carnegie Center Princeton NJ 1 47,025 — % — % — 201 Carnegie Center Princeton NJ — 6,500 100.0 % 100.0 % 35.76 Subtotal 17 2,193,758 75.4 % 78.7 % $ 39.26 SAN FRANCISCO Office Mountain View Research Park Mountain View CA 16 571,884 58.9 % 68.3 % $ 63.56 2440 West El Camino Real Mountain View CA 1 142,711 51.6 % 51.6 % 61.86 Subtotal 17 714,595 57.4 % 64.9 % $ 63.25 WASHINGTON, DC Office Kingstowne Two Springfield VA 1 157,174 52.8 % 72.1 % $ 37.76 Subtotal 1 157,174 52.8 % 72.1 % $ 37.76 Suburban Total 58 7,022,654 76.5 % 80.1 % $ 53.87 BXP’s Share of Suburban 76.3 % 79.9 % Total In-Service Properties: 156 47,073,222 89.4 %8 91.9 %8 $ 86.73 8 BXP’s Share of Total In-Service Properties: 89.7 %8 91.7 %8 _____________ Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. For additional detail, see pages 38-54. See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. This is an unconsolidated joint venture property. This is a retail property. Classified as a laboratory/life sciences property. Not included in the Same Property analysis. Excludes hotel and residential properties. For additional detail, see page 20. Reservoir Place consists of approximately 528,000 rentable square feet of which approximately 363,000 square feet is in redevelopment. For additional detail, see page 15. 1 2 3 3 1 2 3 4 5 6 7 8 9 24
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Q3 2026 Top 20 clients listing and portfolio client diversification as of September 30, 2026 TOP 20 CLIENTS No. Client BXP’s Share of Annualized Rental Obligations Weighted Average Remaining Lease Term (years) 1 Salesforce 3.34 % 5.5 2 Google 3.17 % 10.6 3 Akamai Technologies 2.17 % 8.1 4 Kirkland & Ellis 2.08 % 11.4 5 Biogen 1.81 % 1.6 6 Millennium Management 1.81 % 9.5 7 AstraZeneca Pharmaceuticals 1.67 % 14.5 8 Fannie Mae 1.53 % 10.9 9 Weil Gotshal & Manges 1.21 % 7.9 10 Microsoft 1.11 % 7.1 11 Snap 1.04 % 9.5 12 Ropes & Gray 1.02 % 14.6 13 Wellington Management 1.02 % 9.2 14 Arnold & Porter Kaye Scholer 1.01 % 8.2 15 Allen Overy Shearman Sterling 0.96 % 15.6 16 Bain Capital 0.93 % 5.3 17 Morrison & Foerster 0.92 % 15.5 18 Starr 0.85 % 2.9 19 Leidos 0.84 % 6.6 20 Aramis (Estee Lauder) 0.82 % 13.5 BXP’s Share of Annualized Rental Obligations 29.31 % BXP’s Share of Square Feet 22.74 % Weighted Average Remaining Lease Term (years) 9.1 NOTABLE SIGNED DEALS Client Property Square Feet Boston Dynamics Reservoir Place 322,000 Starr 343 Madison Avenue 321,000 Goodwin Procter 200 Fifth Avenue 310,000 Sidley Austin 2100 M Street 234,000 Google 500 North Capitol Street, N.W. 206,000 McDermott Will & Schulte 725 12th Street 152,000 McDermott Will & Schulte 343 Madison Avenue 148,000 Cooley 725 12th Street 141,000 CLIENT DIVERSIFICATION _____________ See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. Based on BXP’s Share of Annualized Rental Obligations. Represents leases signed with occupancy commencing in the future on vacant in-service space or properties under development or redevelopment. The number of square feet is an estimate. Lease executed is for the portion of Reservoir Place under redevelopment. For additional detail, see page 15. The lease and the commencement of the development are subject to various conditions. 1 2 1 3 4 5 2 1 2 3 4 5
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Q3 2026 Occupancy by location as of September 30, 2026 TOTAL IN-SERVICE OFFICE PROPERTIES - Quarter-over-Quarter CBD Suburban Total Location 30-Sep-26 30-Jun-26 30-Sep-26 30-Jun-26 30-Sep-26 30-Jun-26 Boston 97.4 % 97.6 % 81.5 % 79.0 % 93.4 % 92.9 % Los Angeles 90.0 % 88.2 % — % — % 90.0 % 88.2 % New York 89.8 % 88.9 % 75.4 % 75.8 % 87.3 % 86.7 % San Francisco 84.4 % 82.5 % 57.4 % 57.4 % 81.4 % 79.7 % Seattle 87.0 % 81.9 % — % — % 87.0 % 81.9 % Washington, DC 93.1 % 91.5 % 52.8 % 44.6 % 92.2 % 90.5 % Total Portfolio 91.8 % 90.7 % 76.5 % 75.1 % 89.4 % 88.4 % SAME PROPERTY OFFICE PROPERTIES - Year-over-Year CBD Suburban Total Location 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 Boston 97.3 % 97.3 % 81.5 % 74.4 % 93.2 % 91.3 % Los Angeles 90.0 % 87.5 % — % — % 90.0 % 87.5 % New York 90.4 % 87.3 % 75.4 % 72.6 % 87.8 % 84.8 % San Francisco 84.4 % 80.7 % 57.4 % 58.8 % 81.4 % 78.3 % Seattle 87.0 % 82.6 % — % — % 87.0 % 82.6 % Washington, DC 93.4 % 93.0 % 52.8 % 50.7 % 92.5 % 92.1 % Total Portfolio 91.9 % 90.1 % 76.5 % 71.7 % 89.5 % 87.2 % _____________ Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential units and hotel. See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. 1 1, 2 1 2 26
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Q3 2026 Capital structure (in thousands, except percentages) CONSOLIDATED DEBT Aggregate Principal Mortgage Notes Payable $ 4,374,901 Unsecured Line of Credit 247,000 Unsecured Term Loans 800,000 Unsecured Commercial Paper 750,000 Unsecured Senior Notes, at face value 9,550,000 Unsecured Exchangeable Senior Notes, at face value 1,000,000 Outstanding Principal 16,721,901 Discount on Unsecured Senior Notes (7,794) Deferred Financing Costs, Net (123,585) Consolidated Debt $ 16,590,522 MORTGAGE NOTES PAYABLE Interest Rate Property Maturity Date GAAP Stated Outstanding Principal 767 Fifth Avenue (The GM Building) (60% ownership) June 9, 2027 3.64% 3.43% $ 2,300,000 Santa Monica Business Park October 8, 2028 5.60% 5.47% 200,000 90 Broadway, 325 Main Street, 355 Main Street and KendallCenter Green Garage October 26, 2028 6.27% 6.04% 600,000 901 New York Avenue January 5, 2029 5.06% 5.00% 194,815 343 Madison Avenue (89.45% ownership) July 28, 2030 7.32% 6.18% 80,086 601 Lexington Avenue (55% ownership) January 9, 2032 2.93% 2.79% 1,000,000 Total $ 4,374,901 BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES Interest Rate Maturity Date GAAP Stated Outstanding Principal Unsecured Senior Notes October 1, 2026 3.50% 2.75% $ 1,000,000 Unsecured Senior Notes (“green bonds”) December 1, 2027 6.92% 6.75% 750,000 Unsecured Senior Notes (“green bonds”) December 1, 2028 4.63% 4.50% 1,000,000 Unsecured Senior Notes (“green bonds”) June 21, 2029 3.51% 3.40% 850,000 Unsecured Senior Notes March 15, 2030 2.98% 2.90% 700,000 Unsecured Senior Notes January 30, 2031 3.34% 3.25% 1,250,000 Unsecured Senior Notes (“green bonds”) April 1, 2032 2.67% 2.55% 850,000 Unsecured Senior Notes (“green bonds”) October 1, 2033 2.52% 2.45% 850,000 Unsecured Senior Notes (“green bonds”) January 15, 2034 6.62% 6.50% 750,000 Unsecured Senior Notes January 15, 2035 5.84% 5.75% 850,000 Unsecured Senior Notes October 15, 2036 6.16% 6.05% 700,000 $ 9,550,000 BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED EXCHANGEABLE SENIOR NOTES Interest Rate Maturity Date GAAP Stated Outstanding Principal Unsecured Exchangeable Senior Notes October 1, 2030 2.50% 2.00% $ 1,000,000 $ 1,000,000 1 2 3 1 3, 4 1 27
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Q3 2026 Capital structure (continued) CAPITALIZATION Shares/Units Common Stock Outstanding Equivalents Equivalent Value Common Stock 159,672 159,672 $ 9,757,556 Common Operating Partnership Units 17,825 17,825 1,089,286 Total Equity 177,497 $ 10,846,842 Consolidated Debt (A) $ 16,590,522 Add: BXP’s share of unconsolidated joint venture debt 1,102,877 Less: Partners’ share of consolidated debt 1,367,556 BXP’s Share of Debt (B) $ 16,325,843 Consolidated Market Capitalization (C) $ 27,437,364 BXP’s Share of Market Capitalization (D) $ 27,172,685 Consolidated Debt/Consolidated Market Capitalization (A÷C) 60.47 % BXP’s Share of Debt/BXP’s Share of Market Capitalization (B÷D) 60.08 % _____________ The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions (excluding capped calls classified as equity) and adjustments required to reflect loans and swaps at their fair values upon consolidation. The stated interest rate includes the effects of hedging transactions. All unsecured senior notes and unsecured exchangeable senior notes are rated BBB (negative), and Baa2 (stable) by S&P and Moody’s, respectively. The GAAP interest rate excludes capped call transactions that are classified as equity. The initial exchange rate of the unsecured exchangeable senior notes is 10.8180 shares of BXP’s common stock per $1,000 principal amount of notes, which represents an initial exchange price of approximately $92.44 per share of BXP’s common stock. In conjunction with the issuance of the unsecured exchangeable senior notes, the Company entered into capped call transactions to cover, subject to customary adjustments, the number of shares of BXP’s common stock initially underlying the unsecured exchangeable senior notes. The capped call transactions are expected generally to reduce the potential dilution to BXP’s common stock upon any exchange of notes and/or offset any cash payments BPLP is required to make in excess of the principal amount of exchanged notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions is initially $105.64 per share, which represents a premium of 40% over the last reported sale price of $75.46 per share of BXP’s common stock on September 24, 2025, and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions will expire upon the maturity of the unsecured exchangeable senior notes, if not earlier exercised or terminated, and the premiums associated with the purchase were classified as equity. Values are based on the September 30, 2026 closing price of $61.11 per share of BXP common stock. Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 35. Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 33. See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. 5 6 7 8 8 8 1 2 3 4 5 6 7 8 28
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Q3 2026 Debt analysis as of September 30, 2026 (dollars in thousands) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030 Facility Outstanding atSeptember 30, 2026Remaining Capacity atSeptember 30, 2026 Unsecured Line of Credit $ 2,250,000 $ 247,000 $ 2,003,000 Less: Unsecured Commercial Paper 750,000 Letters of Credit 2,496 Total Remaining Capacity $ 1,250,504 UNSECURED TERM LOANS Maturity Date Facility Outstanding Principal 2024 Unsecured Term Loan September 24, 2027 $ 100,000 $ 100,000 Unsecured Term Loan Facility March 30, 2029 $ 700,000 700,000 $ 800,000 UNSECURED AND SECURED DEBT ANALYSIS Weighted Average % of Total Debt Stated Rates GAAP Rates Maturity (years) Unsecured Debt 74.02 % 4.08 % 4.20 % 4.1 Secured Debt 25.98 % 3.82 % 4.01 % 2.1 Consolidated Debt 100.00 % 4.01 % 4.15 % 3.5 FLOATING AND FIXED RATE DEBT ANALYSIS Weighted Average % of Total Debt Stated Rates GAAP Rates Maturity (years) Floating Rate Debt 12.19 % 4.55 % 4.64 % 1.6 Fixed Rate Debt 87.81 % 3.94 % 4.08 % 3.8 Consolidated Debt 100.00 % 4.01 % 4.15 % 3.5 _____________ Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 35. Includes $1.0 billion in aggregate principal amount of BPLP’s 2.750% senior unsecured notes which was repaid at par on October 1, 2026. The unsecured commercial paper program is backstopped by available capacity under the unsecured line of credit. As such, the Company intends to maintain, at a minimum, availability under its unsecured line of credit in an amount equal to the amount of commercial paper notes outstanding. The term of the notes issued under the unsecured commercial paper program vary but may not exceed one year from the date of issuance. The commercial paper notes are included in the Company’s floating rate debt statistics. At September 30, 2026, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.18% per annum and had a weighted-average maturity of 29 days from the date of issuance and therefore, the balance is reflected in the period 2026 within the Principal due at Maturity chart. The 2024 Unsecured Term Loan has a one-year extension option remaining, subject to certain conditions. The Unsecured Term Loan Facility has two, six-month extension options, each subject to customary conditions. The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions (excluding capped calls classified as equity) and adjustments required to reflect loans and swaps at their fair values upon consolidation. The Fixed Rate Debt includes the effects of hedging transactions, excluding capped calls treated as equity. 1 2 3 4 5 6 6 3 7 1 2 3 4 5 6 7 29
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Q3 2026 Senior unsecured debt covenant compliance ratios In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the Indenture. This section presents such ratios as of September 30, 2026 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture. COVENANT RATIOS AND RELATED DATA Senior Notes IssuedPrior to December 4,2017 Senior Notes IssuedOn or After December4, 2017 Test Actual Total Outstanding Debt/Total Assets Less than 60% 47.8 % 44.8 % Secured Debt/Total Assets Less than 50% 15.0 % 14.0 % Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense) Greater than 1.50x 3.37 3.37 Unencumbered Assets/ Unsecured Debt Greater than 150% 225.1 % 243.0 % _____________ Capitalized Property Value for senior notes issued prior to December 4, 2017 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized property value for senior notes issued on or after December 4, 2017 is determined for each property and is the greater of (x) annualized EBITDA capitalized at 7.0% and (y) the undepreciated book value as determined under GAAP. 1 1
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Q3 2026 Net Debt to EBITDAre (dollars in thousands) Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDAre – cash Three Months Ended 30-Sep-26 30-Jun-26 Net income attributable to BXP, Inc. $ 114,482 $ 68,564 Add: Noncontrolling interest - common units of the Operating Partnership 12,320 7,779 Noncontrolling interest in property partnerships 28,692 26,121 Net income 155,494 102,464 Add: Interest expense 159,127 153,425 Depreciation and amortization expense 228,679 236,977 Impairment loss — 18,036 Less: Gains on sales of real estate 10,441 6,997 Income (loss) from unconsolidated joint ventures 1,145 (2,448) Add: BXP’s share of EBITDAre from unconsolidated joint ventures 27,996 24,115 EBITDAre 559,710 530,468 Less: Partners’ share of EBITDAre from consolidated joint ventures 64,620 61,359 BXP’s Share of EBITDAre (A) 495,090 469,109 Add: Stock-based compensation expense 7,398 15,463 BXP’s Share of straight-line ground rent expense adjustment (5,391) (3,895) BXP’s Share of lease transaction costs that qualify as rent inducements 3,993 4,071 Less: BXP’s Share of non-cash termination income adjustment (4,376) (2,306) BXP’s Share of straight-line rent 46,541 19,396 BXP’s Share of fair value lease revenue 2,863 2,864 BXP’s Share of amortization and accretion related to sales type lease 186 278 BXP’s Share of EBITDAre – cash $ 455,876 $ 464,516 BXP’s Share of EBITDAre (Annualized) (A x 4) $ 1,980,360 $ 1,876,436 Reconciliation of BXP’s Share of Net Debt 30-Sep-26 30-Jun-26 Consolidated debt $ 16,590,522 $ 15,618,563 Less: Cash and cash equivalents 1,471,631 493,949 Cash held in escrow for 1031 exchange — — Net debt 15,118,891 15,124,614 Add: BXP’s share of unconsolidated joint venture debt 1,102,877 1,102,142 Partners’ share of cash and cash equivalents from consolidated joint ventures 120,168 130,563 Less: BXP’s share of cash and cash equivalents from unconsolidated joint ventures 77,956 70,338 Partners’ share of consolidated joint venture debt 1,367,556 1,365,355 BXP’s share of related party note receivables 7,158 16,860 BXP’s Share of Net Debt (B) $ 14,889,266 $ 14,904,766 BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)] 7.52 7.94 _____________ See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. For the three months ended June 30, 2026, amount includes gains on sales of approximately $1.2 million. For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended September 30, 2026, see pages 35 and 64. For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended September 30, 2026, see pages 33 and 62. BXP’s Share of EBITDAre (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4). 1 2 3 1 4 1 1 1 1 1 1 1 1 5 1 1 3 4 1 1 2 3 4 5 31
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Q3 2026 Debt ratios (in thousands, except for ratio amounts) INTEREST COVERAGE RATIO Three Months Ended 30-Sep-26 30-Jun-26 BXP’s Share of interest expense $ 161,904 $ 156,527 Less: BXP’s Share of hedge amortization, net of costs 877 1,714 BXP’s Share of fair value interest adjustment 260 260 BXP’s Share of amortization of financing costs 7,937 5,724 Adjusted interest expense excluding capitalized interest (A) 152,830 148,829 Add: BXP’s Share of capitalized interest 14,169 12,860 Adjusted interest expense including capitalized interest (B) $ 166,999 $ 161,689 BXP’s Share of EBITDAre – cash (C) $ 455,876 $ 464,516 Interest Coverage Ratio (excluding capitalized interest) (C÷A) 2.98 3.12 Interest Coverage Ratio (including capitalized interest) (C÷B) 2.73 2.87 FIXED CHARGE COVERAGE RATIO Three Months Ended 30-Sep-26 30-Jun-26 BXP’s Share of interest expense $ 161,904 $ 156,527 Less: BXP’s Share of hedge amortization, net of costs 877 1,714 BXP’s Share of fair value interest adjustment 260 260 BXP’s Share of amortization of financing costs 7,937 5,724 Add: BXP’s Share of capitalized interest 14,169 12,860 BXP’s Share of maintenance capital expenditures 14,153 14,617 Hotel improvements, equipment upgrades and replacements 1,285 1,259 Total Fixed Charges (A) $ 182,437 $ 177,565 BXP’s Share of EBITDAre – cash (B) $ 455,876 $ 464,516 Fixed Charge Coverage Ratio (B÷A) 2.50 2.62 _____________ 1 1 1 1 1 1 1, 2 1 1 1 1 1 1 1 1, 2
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See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. For a quantitative reconciliation of BXP’s Share of EBITDAre – cash, see page 31. 1 2 32
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Q3 2026 Consolidated joint ventures d as of September 30, 2026 (unaudited and in thousands) BALANCE SHEET INFORMATION 343 Madison 767 Fifth Avenue Norges Total Consolidated ASSETS Avenue (The GM Building) Joint Ventures Joint Ventures Real estate, net $ 591,259 $ 3,148,753 $ 3,245,245 $ 6,985,257 Cash and cash equivalents 25,921 55,081 212,001 293,003 Other assets 87,231 338,050 503,242 928,523 Total assets $ 704,411 $ 3,541,884 $ 3,960,488 $ 8,206,783 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 16,139 $ 2,297,608 $ 992,889 $ 3,306,636 Other liabilities 259,200 53,063 165,087 477,350 Total liabilities 275,339 2,350,671 1,157,976 3,783,986 Equity: BXP, Inc. 383,715 716,168 1,265,625 2,365,508 Noncontrolling interests 45,357 475,045 1,536,887 2,057,289 Total equity 429,072 1,191,213 2,802,512 4,422,797 Total liabilities and equity $ 704,411 $ 3,541,884 $ 3,960,488 $ 8,206,783 BXP’s nominal ownership percentage 89.45% 60.00% 55.00% Partners’ share of cash and cash equivalents $ 2,736 $ 22,032 $ 95,400 $ 120,168 Partners’ share of consolidated debt $ 1,703 $ 919,053 $ 446,800 $ 1,367,556 _____________ Certain balances contain amounts that eliminate in consolidation. See the Acquisitions and Dispositions section of this Supplemental package on page 14. Norges Joint Ventures include 7 Times Square, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 300 Binney Street and 290 Binney Street. Amount excludes certain preferred shareholders’ capital. Amounts represent the partners’ share based on their respective ownership percentages. Amount adjusted for basis differentials. 1, 2 1 1, 3 4 5 5 6 1 2 3 4 5 6 33
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Q3 2026 Consolidated joint ventures (continued) for the three months ended September 30, 2026 (unaudited and in thousands) RESULTS OF OPERATIONS 343 Madison 767 Fifth Avenue Norges Total Consolidated Avenue (The GM Building) Joint Ventures Joint Ventures Revenue Lease $ — $ 86,821 $ 139,165 $ 225,986 Straight-line rent — 834 10,092 10,926 Fair value lease revenue — (27) — (27) Termination income — — — — Total lease revenue — 87,628 149,257 236,885 Parking and other — — 3,022 3,022 Insurance proceeds — 486 — 486 Total rental revenue — 88,114 152,279 240,393 Expenses Operating — 36,390 52,112 88,502 Restoration costs related to insurance claim — — — — Net Operating Income (NOI) — 51,724 100,167 151,891 Other income (expense) Development and management services revenue — — — — Gain from investments in securities — — — — Interest and other income — 494 1,796 2,290 Interest expense — (21,395) (7,718) (29,113) Depreciation and amortization expense — (18,431) (35,274) (53,705) General and administrative expense — (23) (9) (32) Total other income (expense) — (39,355) (41,205) (80,560) Net income $ — $ 12,369 $ 58,962 $ 71,331 FUNDS FROM OPERATIONS (FFO) BXP’s nominal ownership percentage 89.45% 60.00% 55.00% 343 Madison 767 Fifth Avenue Norges Total Consolidated Reconciliation of Partners’ share of FFO Avenue (The GM Building) Joint Ventures Joint Ventures Net income $ — $ 12,369 $ 58,962 $ 71,331 Add: Depreciation and amortization expense — 18,431 35,274 53,705 Entity FFO $ — $ 30,800 $ 94,236 $ 125,036 Noncontrolling interest in property partnerships (Partners’NCI) $ — $ 3,833 $ 24,859 $ 28,692 Partners’ share of depreciation and amortization expenseafter BXP’s basis differential — 7,731 16,170 23,901 Partners’ share FFO $ — $ 11,564 $ 41,029 $ 52,593 Reconciliation of BXP’s share of FFO BXP’s share of net income adjusted for partners’ NCI $ — $ 8,536 $ 34,103 $ 42,639 Depreciation and amortization expense - BXP’s basisdifference — 61 743 804 BXP’s share of depreciation and amortization expense — 10,639 18,361 29,000 BXP’s share of FFO $ — $ 19,236 $ 53,207 $ 72,443 _____________ See the Acquisitions and Dispositions section of this Supplemental package on page 14. 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. Lease revenue includes recoveries and service income from clients. See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees. 1 2 3 4 1 2 5 5 5 1 2 3 4 5 34
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Q3 2026 Unconsolidated joint ventures as of September 30, 2026 (unaudited and dollars in thousands) BALANCE SHEET INFORMATION BXP’s NominalOwnership Mortgage/Mezzanine/ConstructionLoans Payable, Net Interest Rate Property Net Equity Maturity Date Stated GAAP Boston The Hub on Causeway - Podium 50.00 % $ 48,704 $ 61,922 April 9, 2031 5.73 % 5.94 % 100 Causeway Street 50.00 % 44,008 168,428 April 9, 2031 5.73 % 5.94 % Hub50House 50.00 % 35,593 92,110 June 17, 2032 4.43 % 4.51 % Hotel Air Rights 50.00 % 12,036 — — — % — % 1265 Main Street 50.00 % 4,904 15,892 January 1, 2032 3.77 % 3.84 % 17 Hartwell Avenue 20.00 % 16,797 4,156 July 10, 2030 6.75 % 6.93 % Los Angeles Colorado Center 50.00 % 13,067 274,925 August 9, 2027 3.56 % 3.59 % Beach Cities Media Campus 50.00 % 63 — — — % — % New York 360 Park Avenue South 71.11 % 114,662 155,923 December 13,2027 6.32 % 6.63 % Dock 72 50.00 % 81,928 — — — % . 200 Fifth Avenue 26.69 % 93,827 153,859 November 24,2028 4.34 % 5.60 % 3 Hudson Boulevard 25.00 % 106,930 33,619 November 9,2027 9.41 % 10.85 % 290 Coles Street - Common Equity 19.46 % 19,571 8,980 March 5, 2029 6.21 % 6.52 % 290 Coles Street - Preferred Equity — % 70,458 — — — % — % San Francisco Platform 16 55.00 % 58,338 — — — % — % Seattle Safeco Plaza 33.67 % (560) 84,175 November 30,2028 4.00 % 4.09 % Washington, DC 1001 6th Street 50.00 % 45,750 — — — % — % 13100 Worldgate Drive 50.00 % 16,363 — — — % — % Wisconsin Place Parking Facility 33.33 % 28,570 — — — % — % 500 North Capitol Street, N.W. 30.00 % (2,645) 20,894 September 25,2031 6.78 % 6.86 % Skymark - Reston Next Residential 20.00 % 13,776 27,994 November 13,2026 5.68 % 5.70 % 13150 Worldgate Drive 20.00 % 5,412 — June 10, 2031 N/A N/A 827,552 Investments with deficit balancesreflected within Other Liabilities 3,676 Investments in Unconsolidated JointVentures $ 831,228 Mortgage/Mezzanine/ConstructionLoans Payable, Net $ 1,102,877 1 2 3 4 5 6 7 8 9 10
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Q3 2026 Unconsolidated joint ventures (continued) FLOATING AND FIXED RATE DEBT ANALYSIS Weighted Average % of Total Debt Stated Rates GAAP Rates Maturity (years) Floating Rate Debt 20.54 % 6.37 % 7.05 % 1.1 Fixed Rate Debt 79.46 % 4.50 % 4.80 % 3.9 Total Debt 100.00 % 4.88 % 5.26 % 3.3 _____________ Amounts represent BXP’s share based on its ownership percentage. The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, which includes mortgage recording fees, the effects of hedging transactions (if any) and adjustments required under Accounting Standards Codification 805 “Business Combinations” to reflect loans at their fair values (if any). The construction financing has a borrowing capacity of $98.7 million. The Company completed the sale of the property on September 17, 2025 and is currently in the process of dissolving the joint venture. This investment includes a net deficit balance from the amenity joint venture. The indebtedness consists of (x) a senior loan with a third-party lender with a principal amount of $108.0 million that bears interest at a variable rate equal to Term SOFR plus 5.25% per annum and (y) a mezzanine loan provided by the Company with a maximum commitment of $50.0 million that bears interest at a variable rate equal to Term SOFR plus 7.25% per annum. As of September 30, 2026, the Company has funded approximately $28.6 million of the mezzanine loan. The loan is reflected as related party notes receivable, net on the Company’s Consolidated Balance Sheets. The construction financing has a borrowing capacity of $225.0 million. The Company has fully funded the first $65.0 million of required capital through its preferred equity investment accruing at a 13% internal rate of return and is to be redeemed, in full, upon the earlier of two years after stabilization or March 5, 2030. The indebtedness consists of (x) a $70.0 million component that bears interest at a fixed rate of 6.78% per annum and (y) a $35.0 million component that bears interest at a variable rate equal to Term SOFR plus 2.00% per annum and as of September 30, 2026, is available to be advanced to the joint venture. No amounts have been drawn under the $68.2 million construction facility. 1 2 1 2 3 4 5 6 7 8 9 10 36
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Q3 2026 Unconsolidated joint ventures (continued) for the three months ended September 30, 2026 (unaudited and in thousands) RESULTS OF OPERATIONS Boston Los Angeles New York SanFrancisco Seattle Washington,DC TotalUnconsolidatedJoint Ventures Revenue Lease $ 28,813 $ 20,828 $ 13,499 $ — $ 7,479 $ 9,445 $ 80,064 Straight-line rent (122) (935) 11,027 — 16 105 10,091 Fair value lease revenue — 60 329 — 998 — 1,387 Termination income 4,574 — 2,520 — — (54) 7,040 Amortization and accretion related to sales-type lease 58 — — — — — 58 Total lease revenue 33,323 19,953 27,375 — 8,493 9,496 98,640 Parking and other 3 2,193 49 — 620 1,048 3,913 Total rental revenue 33,326 22,146 27,424 — 9,113 10,544 102,553 Expenses Operating 10,951 8,217 18,190 1,011 3,392 5,705 47,466 Net operating income (loss) 22,375 13,929 9,234 (1,011) 5,721 4,839 55,087 Other income (expense) Development and management servicesrevenue — 72 363 — — — 435 Interest and other income 388 639 976 (6) 9 200 2,206 Interest expense (9,488) (5,052) (14,850) — (2,613) (3,987) (35,990) Transaction costs — (1) — — — (326) (327) Depreciation and amortization expense (8,734) (5,132) (10,984) — (1,580) (3,159) (29,589) General and administrative expense (9) — (45) — (8) (55) (117) Total other income (expense) (17,843) (9,474) (24,540) (6) (4,192) (7,327) (63,382) Net income (loss) $ 4,532 $ 4,455 $ (15,306) $ (1,017) $ 1,529 $ (2,488) $ (8,295) Reconciliation of BXP’s share of Funds fromOperations (FFO) BXP’s share of net income (loss) $ 2,268 $ 2,004 $ (4,217) $ (559) $ 516 $ (618) $ (606) Basis differential Straight-line rent $ — $ 96 $ 94 $ — $ — $ — $ 190 Fair value lease revenue — 15 232 — — — 247 Interest expense — — (69) — — — (69) Fair value interest adjustment — — (260) — — — (260) Amortization of financing costs — — 111 — — — 111 Depreciation and amortization expense (4) 541 1,392 — (386) (11) 1,532 Total basis differential (4) 652 1,500 — (386) (11) 1,751 Income (loss) from unconsolidated joint ventures 2,264 2,656 (2,717) (559) 130 (629) 1,145 Add: BXP’s share of depreciation and amortizationexpense 4,368 2,025 3,910 — 918 826 12,047 BXP’s share of FFO $ 6,632 $ 4,681 $ 1,193 $ (559) $ 1,048 $ 197 $ 13,192 _____________ For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24. Lease revenue includes recoveries and service income from clients. See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture. 1 2 3 4 4 4 4 4 4 4 4 4 4 1 2 3 4 37
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Q3 2026 Lease expirations- All in-service properties as of September 30, 2026 OFFICE BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized RentalObligations Under ExpiringLeases Annualized Rental ObligationsUnder Expiring Leases with futurestep-ups Percentage of TotalSquare Feet$ $/PSF $ $/PSF 2026 166,848 154,509 10,291,842 66.61 10,249,370 66.34 0.42 % 2027 1,549,672 1,335,257 94,537,369 70.80 95,710,576 71.68 3.59 % 2028 2,369,633 1,919,839 173,818,564 90.54 180,101,187 93.81 5.16 % 2029 3,620,997 3,155,919 238,975,071 75.72 250,087,307 79.24 8.48 % 2030 2,289,036 2,199,414 175,087,933 79.61 183,555,358 83.46 5.91 % 2031 2,462,319 2,363,182 210,897,737 89.24 224,380,819 94.95 6.35 % 2032 3,004,268 2,756,116 211,156,900 76.61 245,696,332 89.15 7.41 % 2033 2,972,917 2,766,128 235,591,879 85.17 267,154,035 96.58 7.43 % 2034 3,038,851 2,602,735 238,162,224 91.50 263,444,556 101.22 7.00 % 2035 2,387,091 1,907,929 158,121,952 82.88 186,412,506 97.70 5.13 % Thereafter 14,340,702 11,740,816 1,021,902,764 87.04 1,241,374,306 105.73 31.55 % RETAIL BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized RentalObligations Under ExpiringLeases Annualized Rental ObligationsUnder Expiring Leases with futurestep-ups Percentage of TotalSquare Feet$ $/PSF $ $/PSF 2026 18,974 18,974 1,150,137 60.62 1,150,137 60.62 0.83 % 2027 87,492 73,199 8,560,872 116.95 8,604,674 117.55 3.22 % 2028 87,964 86,187 8,327,682 96.62 8,379,606 97.23 3.79 % 2029 155,660 150,335 16,305,474 108.46 16,768,315 111.54 6.61 % 2030 167,709 131,301 12,938,671 98.54 13,685,261 104.23 5.77 % 2031 105,623 96,862 11,751,099 121.32 12,598,465 130.07 4.26 % 2032 127,547 120,234 9,791,928 81.44 10,594,485 88.12 5.29 % 2033 352,670 319,267 30,235,894 94.70 33,471,968 104.84 14.04 % 2034 359,056 262,584 35,734,372 136.09 40,556,210 154.45 11.55 % 2035 322,715 285,710 16,134,496 56.47 19,317,759 67.61 12.56 % Thereafter 341,256 290,215 45,657,366 157.32 44,665,858 153.91 12.76 % IN-SERVICE PROPERTIES BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized RentalObligations Under ExpiringLeases Annualized Rental ObligationsUnder Expiring Leases with futurestep-ups Percentage of TotalSquare Feet$ $/PSF $ $/PSF 2026 185,822 173,483 11,441,979 65.95 11,399,507 65.71 0.44 % 2027 1,637,164 1,408,456 103,098,241 73.20 104,315,250 74.06 3.57 % 2028 2,457,597 2,006,026 182,146,246 90.80 188,480,793 93.96 5.08 % 2029 3,776,657 3,306,254 255,280,545 77.21 266,855,622 80.71 8.37 % 2030 2,456,745 2,330,715 188,026,604 80.67 197,240,619 84.63 5.90 % 2031 2,567,942 2,460,044 222,648,836 90.51 236,979,284 96.33 6.23 % 2032 3,131,815 2,876,350 220,948,828 76.82 256,290,817 89.10 7.29 % 2033 3,325,587 3,085,395 265,827,773 86.16 300,626,003 97.44 7.81 % 2034 3,397,907 2,865,319 273,896,596 95.59 304,000,766 106.10 7.26 % 2035 2,709,806 2,193,639 174,256,448 79.44 205,730,265 93.78 5.56 % Thereafter 14,681,958 12,031,031 1,067,560,130 88.73 1,286,040,164 106.89 30.47 % _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include residential units and hotel. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4
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Q3 2026 Lease expirations - Boston region in-service properties as of September 30, 2026 OFFICE BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 108,111 101,615 7,753,981 76.31 7,753,981 76.31 2027 486,639 398,018 25,925,759 65.14 26,211,392 65.85 2028 851,025 823,032 80,895,175 98.29 84,020,896 102.09 2029 1,214,832 1,081,346 77,097,684 71.30 79,703,971 73.71 2030 1,065,543 1,049,664 76,456,292 72.84 80,030,578 76.24 2031 558,597 549,974 39,349,771 71.55 41,855,217 76.10 2032 1,063,444 1,063,444 83,429,892 78.45 101,472,595 95.42 2033 546,896 518,173 42,594,225 82.20 48,741,629 94.06 2034 1,440,056 1,290,448 114,020,252 88.36 126,320,804 97.89 2035 717,734 647,451 57,020,305 88.07 72,724,119 112.32 Thereafter 5,341,304 4,190,280 387,685,479 92.52 474,864,696 113.33 RETAIL BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 7,939 7,939 585,135 73.70 585,135 73.70 2027 20,923 19,897 3,876,998 194.85 3,885,524 195.28 2028 28,550 28,550 3,975,463 139.25 4,061,325 142.25 2029 52,527 51,852 8,042,846 155.11 8,154,514 157.27 2030 95,021 59,046 6,767,843 114.62 6,895,353 116.78 2031 11,243 11,243 1,317,028 117.14 1,400,438 124.56 2032 80,000 73,805 5,793,608 78.50 6,300,672 85.37 2033 287,788 254,385 21,999,248 86.48 24,318,355 95.60 2034 164,155 131,856 11,100,169 84.18 12,112,685 91.86 2035 119,685 119,685 8,539,258 71.35 8,934,147 74.65 Thereafter 157,365 146,854 16,265,302 110.76 22,147,065 150.81 TOTAL PROPERTY TYPES BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 116,050 109,554 8,339,116 76.12 8,339,116 76.12 2027 507,562 417,915 29,802,757 71.31 30,096,916 72.02 2028 879,575 851,582 84,870,638 99.66 88,082,221 103.43 2029 1,267,359 1,133,198 85,140,530 75.13 87,858,485 77.53 2030 1,160,564 1,108,710 83,224,135 75.06 86,925,931 78.40 2031 569,840 561,217 40,666,799 72.46 43,255,655 77.07 2032 1,143,444 1,137,249 89,223,500 78.46 107,773,267 94.77 2033 834,684 772,558 64,593,473 83.61 73,059,984 94.57 2034 1,604,211 1,422,304 125,120,421 87.97 138,433,489 97.33 2035 837,419 767,136 65,559,563 85.46 81,658,266 106.45 Thereafter 5,498,669 4,337,134 403,950,781 93.14 497,011,761 114.59 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include residential units and hotel. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4 39
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Q3 2026 Quarterly lease expirations - Boston region in-service properties as of September 30, 2026 OFFICE BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 108,111 101,615 7,753,981 76.31 7,753,981 76.31 Total 2026 108,111 101,615 7,753,981 76.31 7,753,981 76.31 Q1 2027 166,698 105,262 7,970,686 75.72 8,057,883 76.55 Q2 2027 64,076 57,123 2,702,816 47.32 2,702,816 47.32 Q3 2027 75,990 58,152 3,078,172 52.93 3,092,865 53.19 Q4 2027 179,875 177,480 12,174,085 68.59 12,357,828 69.63 Total 2027 486,639 398,018 25,925,759 65.14 26,211,392 65.85 RETAIL BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 7,939 7,939 585,135 73.70 585,135 73.70 Total 2026 7,939 7,939 585,135 73.70 585,135 73.70 Q1 2027 12,331 12,331 2,156,258 174.86 2,156,258 174.86 Q2 2027 3,576 3,261 776,965 238.26 776,965 238.26 Q3 2027 1,315 1,315 407,841 310.15 407,841 310.15 Q4 2027 3,701 2,990 535,935 179.24 544,461 182.09 Total 2027 20,923 19,897 3,876,998 194.85 3,885,524 195.28 TOTAL PROPERTY TYPES BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 116,050 109,554 8,339,116 76.12 8,339,116 76.12 Total 2026 116,050 109,554 8,339,116 76.12 8,339,116 76.12 Q1 2027 179,029 117,593 10,126,944 86.12 10,214,141 86.86 Q2 2027 67,652 60,384 3,479,781 57.63 3,479,781 57.63 Q3 2027 77,305 59,467 3,486,013 58.62 3,500,706 58.87 Q4 2027 183,576 180,470 12,710,020 70.43 12,902,289 71.49 Total 2027 507,562 417,915 29,802,757 71.31 30,096,916 72.02 ` _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include residential units and hotel. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4
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Q3 2026 Lease expirations - Los Angeles region in-service properties as of September 30, 2026 OFFICE BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 1,936 1,936 69,696 36.00 69,696 36.00 2027 187,615 94,310 7,149,909 75.81 7,351,458 77.95 2028 270,593 172,796 14,881,735 86.12 15,663,222 90.65 2029 233,322 151,671 9,990,751 65.87 10,665,590 70.32 2030 48,592 48,592 3,092,845 63.65 3,486,818 71.76 2031 7,752 7,752 551,659 71.16 631,775 81.50 2032 267,810 148,844 12,496,556 83.96 14,781,562 99.31 2033 186,894 93,447 8,185,957 87.60 10,414,824 111.45 2034 3,739 3,739 242,624 64.89 298,397 79.81 2035 — — — — — — Thereafter 517,991 517,991 33,677,026 65.01 44,160,204 85.25 RETAIL BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 — — — — — — 2027 19,188 9,594 135,600 14.13 135,600 14.13 2028 — — — — — — 2029 38,118 38,118 2,385,252 62.58 2,530,404 66.38 2030 11,364 11,364 1,322,144 116.34 1,450,598 127.65 2031 — — — — — — 2032 — — — — — — 2033 — — — — — — 2034 19,993 9,997 248,508 24.86 248,508 24.86 2035 8,043 8,043 658,143 81.83 801,309 99.63 Thereafter 5,827 5,827 543,744 93.31 650,299 111.60 TOTAL PROPERTY TYPES BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 1,936 1,936 69,696 36.00 69,696 36.00 2027 206,803 103,904 7,285,509 70.12 7,487,058 72.06 2028 270,593 172,796 14,881,735 86.12 15,663,222 90.65 2029 271,440 189,789 12,376,003 65.21 13,195,994 69.53 2030 59,956 59,956 4,414,989 73.64 4,937,416 82.35 2031 7,752 7,752 551,659 71.16 631,775 81.50 2032 267,810 148,844 12,496,556 83.96 14,781,562 99.31 2033 186,894 93,447 8,185,957 87.60 10,414,824 111.45 2034 23,732 13,736 491,132 35.76 546,905 39.82 2035 8,043 8,043 658,143 81.83 801,309 99.63 Thereafter 523,818 523,818 34,220,770 65.33 44,810,503 85.55 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4 41
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Q3 2026 Quarterly lease expirations - Los Angeles region in-service properties as of September 30, 2026 OFFICE BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 1,936 1,936 69,696 36.00 69,696 36.00 Total 2026 1,936 1,936 69,696 36.00 69,696 36.00 Q1 2027 174,115 87,058 6,936,602 79.68 7,136,138 81.97 Q2 2027 12,496 6,248 146,203 23.40 146,203 23.40 Q3 2027 1,004 1,004 67,104 66.84 69,117 68.84 Q4 2027 — — — — — — Total 2027 187,615 94,310 7,149,909 75.81 7,351,458 77.95 RETAIL BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 — — — — — — Total 2026 — — — — — — Q1 2027 — — — — — — Q2 2027 — — — — — — Q3 2027 19,188 9,594 135,600 14.13 135,600 14.13 Q4 2027 — — — — — — Total 2027 19,188 9,594 135,600 14.13 135,600 14.13 TOTAL PROPERTY TYPES BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 1,936 1,936 69,696 36.00 69,696 36.00 Total 2026 1,936 1,936 69,696 36.00 69,696 36.00 Q1 2027 174,115 87,058 6,936,602 79.68 7,136,138 81.97 Q2 2027 12,496 6,248 146,203 23.40 146,203 23.40 Q3 2027 20,192 10,598 202,704 19.13 204,717 19.32 Q4 2027 — — — — — — Total 2027 206,803 103,904 7,285,509 70.12 7,487,058 72.06 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4
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Q3 2026 Lease expirations - New York region in-service properties as of September 30, 2026 OFFICE BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 10,943 10,943 373,944 34.17 331,059 30.25 2027 347,638 315,149 16,570,106 52.58 16,574,794 52.59 2028 233,127 212,483 17,590,494 82.79 17,800,742 83.78 2029 1,012,396 793,504 64,570,687 81.37 68,689,982 86.57 2030 580,429 515,919 49,210,451 95.38 49,593,966 96.13 2031 592,703 523,916 47,531,646 90.72 48,394,180 92.37 2032 409,283 293,446 22,156,522 75.50 23,561,898 80.29 2033 561,986 477,367 51,099,533 107.04 56,310,810 117.96 2034 1,133,412 846,904 91,374,781 107.89 98,218,857 115.97 2035 1,071,989 703,421 69,989,985 99.50 76,322,933 108.50 Thereafter 4,876,950 3,566,916 343,842,444 96.40 395,011,168 110.74 RETAIL BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 — — — — — — 2027 12,121 8,448 2,778,747 328.92 2,778,747 328.92 2028 3,538 1,761 498,443 283.05 426,741 242.33 2029 10,883 6,977 2,192,643 314.27 2,172,092 311.32 2030 3,439 3,439 519,818 151.15 620,962 180.56 2031 22,897 16,581 5,595,877 337.50 6,042,230 364.42 2032 7,599 6,481 935,098 144.28 1,034,681 159.64 2033 20,928 20,928 4,554,233 217.61 5,114,292 244.38 2034 139,214 85,037 22,010,528 258.83 25,615,841 301.23 2035 104,171 70,287 4,437,020 63.13 5,911,608 84.11 Thereafter 119,050 78,520 24,434,509 311.19 16,553,254 210.82 TOTAL PROPERTY TYPES BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 10,943 10,943 373,944 34.17 331,059 30.25 2027 359,759 323,597 19,348,853 59.79 19,353,541 59.81 2028 236,665 214,244 18,088,937 84.43 18,227,483 85.08 2029 1,023,279 800,481 66,763,330 83.40 70,862,074 88.52 2030 583,868 519,358 49,730,269 95.75 50,214,928 96.69 2031 615,600 540,497 53,127,523 98.29 54,436,410 100.72 2032 416,882 299,927 23,091,620 76.99 24,596,579 82.01 2033 582,914 498,295 55,653,766 111.69 61,425,102 123.27 2034 1,272,626 931,941 113,385,309 121.67 123,834,698 132.88 2035 1,176,160 773,708 74,427,005 96.20 82,234,541 106.29 Thereafter 4,996,000 3,645,436 368,276,953 101.02 411,564,422 112.90 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4 43
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Q3 2026 Quarterly lease expirations - New York region in-service properties as of September 30, 2026 OFFICE BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 10,943 10,943 373,944 34.17 331,059 30.25 Total 2026 10,943 10,943 373,944 34.17 331,059 30.25 Q1 2027 4,762 4,762 449,810 94.46 449,810 94.46 Q2 2027 200,837 197,880 7,789,159 39.36 7,790,494 39.37 Q3 2027 59,347 59,347 2,515,116 42.38 2,517,520 42.42 Q4 2027 82,692 53,160 5,816,021 109.41 5,816,970 109.42 Total 2027 347,638 315,149 16,570,106 52.58 16,574,794 52.59 RETAIL BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 — — — — — — Total 2026 — — — — — — Q1 2027 12,121 8,448 2,778,747 328.92 2,778,747 328.92 Q2 2027 — — — — — — Q3 2027 — — — — — — Q4 2027 — — — — — — Total 2027 12,121 8,448 2,778,747 328.92 2,778,747 328.92 TOTAL PROPERTY TYPES BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 10,943 10,943 373,944 34.17 331,059 30.25 Total 2026 10,943 10,943 373,944 34.17 331,059 30.25 Q1 2027 16,883 13,210 3,228,557 244.40 3,228,557 244.40 Q2 2027 200,837 197,880 7,789,159 39.36 7,790,494 39.37 Q3 2027 59,347 59,347 2,515,116 42.38 2,517,520 42.42 Q4 2027 82,692 53,160 5,816,021 109.41 5,816,970 109.42 Total 2027 359,759 323,597 19,348,853 59.79 19,353,541 59.81 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4
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Q3 2026 Lease expirations - San Francisco region in-service properties as of September 30, 2026 OFFICE BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 7,925 7,925 511,990 64.60 511,990 64.60 2027 310,542 310,542 31,598,525 101.75 32,038,509 103.17 2028 378,365 378,365 42,288,972 111.77 43,600,232 115.23 2029 671,435 671,435 61,532,694 91.64 63,990,131 95.30 2030 414,707 414,707 36,371,024 87.70 39,671,144 95.66 2031 993,604 993,604 107,602,521 108.30 115,743,451 116.49 2032 518,951 518,951 43,011,444 82.88 49,081,597 94.58 2033 689,297 689,297 74,957,225 108.74 82,955,622 120.35 2034 161,732 161,732 14,939,700 92.37 17,770,531 109.88 2035 21,961 21,961 2,539,576 115.64 3,400,064 154.82 Thereafter 714,986 714,986 72,358,351 101.20 96,127,917 134.45 RETAIL BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 9,382 9,382 446,254 47.56 446,254 47.56 2027 16,140 16,140 828,710 51.35 860,658 53.32 2028 22,240 22,240 1,543,681 69.41 1,564,066 70.33 2029 4,967 4,967 337,971 68.04 423,127 85.19 2030 19,864 19,864 1,563,763 78.72 1,853,174 93.29 2031 21,244 21,244 1,644,440 77.41 1,777,920 83.69 2032 6,357 6,357 453,813 71.39 492,688 77.50 2033 21,063 21,063 2,115,389 100.43 2,277,507 108.13 2034 — — — — — — 2035 — — — — — — Thereafter 7,996 7,996 486,672 60.86 552,671 69.12 TOTAL PROPERTY TYPES BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 17,307 17,307 958,244 $ 55.37 958,244 55.37 2027 326,682 326,682 32,427,235 99.26 32,899,167 100.71 2028 400,605 400,605 43,832,653 109.42 45,164,298 112.74 2029 676,402 676,402 61,870,665 91.47 64,413,258 95.23 2030 434,571 434,571 37,934,787 87.29 41,524,318 95.55 2031 1,014,848 1,014,848 109,246,961 107.65 117,521,371 115.80 2032 525,308 525,308 43,465,257 82.74 49,574,285 94.37 2033 710,360 710,360 77,072,614 108.50 85,233,129 119.99 2034 161,732 161,732 14,939,700 92.37 17,770,531 109.88 2035 21,961 21,961 2,539,576 115.64 3,400,064 154.82 Thereafter 722,982 722,982 72,845,023 100.76 96,680,588 133.72 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4 45
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Q3 2026 Quarterly lease expirations - San Francisco region in-service properties as of September 30, 2026 OFFICE BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 7,925 7,925 511,990 64.60 511,990 64.60 Total 2026 7,925 7,925 511,990 64.60 511,990 64.60 Q1 2027 65,086 65,086 6,144,262 94.40 6,232,913 95.76 Q2 2027 — — — — — — Q3 2027 73,512 73,512 6,845,935 93.13 6,873,397 93.50 Q4 2027 171,944 171,944 18,608,328 108.22 18,932,199 110.11 Total 2027 310,542 310,542 31,598,525 101.75 32,038,509 103.17 RETAIL BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 9,382 9,382 446,254 47.56 446,254 47.56 Total 2026 9,382 9,382 446,254 47.56 446,254 47.56 Q1 2027 1,275 1,275 34,908 27.38 34,908 27.38 Q2 2027 7,246 7,246 164,254 22.67 195,710 27.01 Q3 2027 5,793 5,793 480,482 82.94 480,482 82.94 Q4 2027 1,826 1,826 149,067 81.64 149,558 81.90 Total 2027 16,140 16,140 828,710 51.35 860,658 53.32 TOTAL PROPERTY TYPES BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 17,307 17,307 958,244 55.37 958,244 55.37 Total 2026 17,307 17,307 958,244 55.37 958,244 55.37 Q1 2027 66,361 66,361 6,179,170 93.11 6,267,821 94.45 Q2 2027 7,246 7,246 164,254 22.67 195,710 27.01 Q3 2027 79,305 79,305 7,326,417 92.38 7,353,879 92.73 Q4 2027 173,770 173,770 18,757,395 107.94 19,081,757 109.81 Total 2027 326,682 326,682 32,427,235 99.26 32,899,167 100.71 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4 46
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Q3 2026 Lease expirations - Seattle region in-service properties as of September 30, 2026 OFFICE BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 20,894 15,051 670,057 44.52 670,470 44.55 2027 59,769 59,769 3,572,847 59.78 3,636,660 60.85 2028 494,343 192,324 9,853,025 51.23 10,221,853 53.15 2029 325,705 294,656 16,521,325 56.07 17,195,111 58.36 2030 34,778 34,778 2,031,860 58.42 2,194,108 63.09 2031 62,686 47,705 2,311,653 48.46 2,600,013 54.50 2032 118,280 104,931 7,130,402 67.95 7,896,861 75.26 2033 — — — — — — 2034 — — — — — — 2035 60,774 20,463 1,505,083 73.55 1,809,319 88.42 Thereafter 131,625 131,625 8,485,654 64.47 10,906,593 82.86 RETAIL BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 — — — — — — 2027 — — — — — — 2028 945 945 56,413 59.70 56,413 59.70 2029 1,121 377 7,306 19.36 7,306 19.36 2030 653 220 5,302 24.11 5,578 25.37 2031 6,734 4,289 303,969 70.87 323,476 75.42 2032 — — — — — — 2033 — — — — — — 2034 — — — — — — 2035 — — — — — — Thereafter — — — — — — TOTAL PROPERTY TYPES BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 20,894 15,051 670,057 44.52 670,470 44.55 2027 59,769 59,769 3,572,847 59.78 3,636,660 60.85 2028 495,288 193,269 9,909,438 51.27 10,278,266 53.18 2029 326,826 295,033 16,528,631 56.02 17,202,417 58.31 2030 35,431 34,998 2,037,162 58.21 2,199,686 62.85 2031 69,420 51,994 2,615,622 50.31 2,923,489 56.23 2032 118,280 104,931 7,130,402 67.95 7,896,861 75.26 2033 — — — — — — 2034 — — — — — — 2035 60,774 20,463 1,505,083 73.55 1,809,319 88.42 Thereafter 131,625 131,625 8,485,654 64.47 10,906,593 82.86 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include residential units. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4 47
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Q3 2026 Quarterly lease expirations - Seattle region in-service properties as of September 30, 2026 OFFICE BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 20,894 15,051 670,057 44.52 670,470 44.55 Total 2026 20,894 15,051 670,057 44.52 670,470 44.55 Q1 2027 — — — — — — Q2 2027 3,317 3,317 204,787 61.74 204,787 61.74 Q3 2027 12,172 12,172 728,635 59.86 744,093 61.13 Q4 2027 44,280 44,280 2,639,425 59.61 2,687,780 60.70 Total 2027 59,769 59,769 3,572,847 59.78 3,636,660 60.85 RETAIL BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 — — — — — — Total 2026 — — — — — — Q1 2027 — — — — — — Q2 2027 — — — — — — Q3 2027 — — — — — — Q4 2027 — — — — — — Total 2027 — — — — — — TOTAL PROPERTY TYPES BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 20,894 15,051 670,057 44.52 670,470 44.55 Total 2026 20,894 15,051 670,057 44.52 670,470 44.55 Q1 2027 — — — — — — Q2 2027 3,317 3,317 204,787 61.74 204,787 61.74 Q3 2027 12,172 12,172 728,635 59.86 744,093 61.13 Q4 2027 44,280 44,280 2,639,425 59.61 2,687,780 60.70 Total 2027 59,769 59,769 3,572,847 59.78 3,636,660 60.85 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include residential units. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4
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Q3 2026 Lease expirations - Washington, DC region in-service properties as of September 30, 2026 OFFICE BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 17,039 17,039 912,174 53.53 912,174 53.53 2027 157,469 157,469 9,720,223 61.73 9,897,763 62.86 2028 142,180 140,839 8,309,163 59.00 8,794,242 62.44 2029 163,307 163,307 9,261,930 56.71 9,842,522 60.27 2030 144,987 135,754 7,925,461 58.38 8,578,744 63.19 2031 246,977 240,231 13,550,487 56.41 15,156,183 63.09 2032 626,500 626,500 42,932,084 68.53 48,901,819 78.06 2033 987,844 987,844 58,754,939 59.48 68,731,150 69.58 2034 299,912 299,912 17,584,867 58.63 20,835,967 69.47 2035 514,633 514,633 27,067,003 52.59 32,156,071 62.48 Thereafter 2,757,846 2,619,018 175,853,810 67.14 220,303,728 84.12 RETAIL BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 1,653 1,653 118,748 71.84 118,748 71.84 2027 19,120 19,120 940,817 49.21 944,145 49.38 2028 32,691 32,691 2,253,682 68.94 2,271,061 69.47 2029 48,044 48,044 3,339,456 69.51 3,480,872 72.45 2030 37,368 37,368 2,759,801 73.85 2,859,596 76.53 2031 43,505 43,505 2,889,785 66.42 3,054,401 70.21 2032 33,591 33,591 2,609,409 77.68 2,766,444 82.36 2033 22,891 22,891 1,567,024 68.46 1,761,814 76.97 2034 35,694 35,694 2,375,167 66.54 2,579,176 72.26 2035 90,816 87,695 2,500,075 28.51 3,670,695 41.86 Thereafter 51,018 51,018 3,927,139 76.98 4,762,569 93.35 TOTAL PROPERTY TYPES BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 18,692 18,692 1,030,922 55.15 1,030,922 55.15 2027 176,589 176,589 10,661,040 60.37 10,841,908 61.40 2028 174,871 173,530 10,562,845 60.87 11,065,303 63.77 2029 211,351 211,351 12,601,386 59.62 13,323,394 63.04 2030 182,355 173,122 10,685,262 61.72 11,438,340 66.07 2031 290,482 283,736 16,440,272 57.94 18,210,584 64.18 2032 660,091 660,091 45,541,493 68.99 51,668,263 78.27 2033 1,010,735 1,010,735 60,321,963 59.68 70,492,964 69.74 2034 335,606 335,606 19,960,034 59.47 23,415,143 69.77 2035 605,449 602,328 29,567,078 49.09 35,826,766 59.48 Thereafter 2,808,864 2,670,036 179,780,949 67.33 225,066,297 84.29 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include residential units. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4 49
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Q3 2026 Quarterly lease expirations - Washington, DC region in-service properties as of September 30, 2026 OFFICE BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 17,039 17,039 912,174 53.53 912,174 53.53 Total 2026 17,039 17,039 912,174 53.53 912,174 53.53 Q1 2027 13,199 13,199 832,818 63.10 832,818 63.10 Q2 2027 24,974 24,974 1,390,151 55.66 1,412,052 56.54 Q3 2027 78,086 78,086 5,006,291 64.11 5,082,784 65.09 Q4 2027 41,210 41,210 2,490,963 60.45 2,570,109 62.37 Total 2027 157,469 157,469 9,720,223 61.73 9,897,763 62.86 RETAIL BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 1,653 1,653 118,748 71.84 118,748 71.84 Total 2026 1,653 1,653 118,748 71.84 118,748 71.84 Q1 2027 7,588 7,588 439,897 57.97 439,897 57.97 Q2 2027 1,969 1,969 119,082 60.48 119,082 60.48 Q3 2027 8,733 8,733 339,837 38.91 343,166 39.30 Q4 2027 830 830 42,000 50.60 42,000 50.60 Total 2027 19,120 19,120 940,817 49.21 944,145 49.38 TOTAL PROPERTY TYPES BXP’s Share Quarter Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF Q1 2026 — — — — — — Q2 2026 — — — — — — Q3 2026 — — — — — — Q4 2026 18,692 18,692 1,030,922 55.15 1,030,922 55.15 Total 2026 18,692 18,692 1,030,922 55.15 1,030,922 55.15 Q1 2027 20,787 20,787 1,272,715 61.23 1,272,715 61.23 Q2 2027 26,943 26,943 1,509,233 56.02 1,531,134 56.83 Q3 2027 86,819 86,819 5,346,128 61.58 5,425,950 62.50 Q4 2027 42,040 42,040 2,532,963 60.25 2,612,109 62.13 Total 2027 176,589 176,589 10,661,040 60.37 10,841,908 61.40 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include residential units. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4
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Q3 2026 Lease expirations - CBD properties as of September 30, 2026 Boston BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 31,666 25,170 1,535,421 61.00 1,535,421 61.00 2027 148,322 119,015 10,791,496 90.67 10,868,638 91.32 2028 593,432 565,439 68,072,627 120.39 70,861,832 125.32 2029 765,366 631,205 58,308,421 92.38 60,228,955 95.42 2030 1,019,943 968,089 73,989,057 76.43 77,075,107 79.62 2031 56,415 47,792 4,535,149 94.89 4,907,920 102.69 2032 916,347 910,152 77,258,272 84.89 94,748,785 104.10 2033 612,746 550,620 48,893,894 88.80 55,097,378 100.06 2034 1,266,595 1,084,688 99,739,354 91.95 109,576,048 101.02 2035 774,303 704,020 60,726,122 86.26 76,089,428 108.08 Thereafter 5,028,502 3,866,968 385,657,195 99.73 472,693,766 122.24 Los Angeles BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 1,936 1,936 69,696 36 69,696 36.00 2027 206,803 103,904 7,285,509 70.12 7,487,058 72.06 2028 270,593 172,796 14,881,735 86.12 15,663,222 90.65 2029 271,440 189,789 12,376,003 65.21 13,195,994 69.53 2030 59,956 59,956 4,414,989 73.64 4,937,416 82.35 2031 7,752 7,752 551,659 71.16 631,775 81.50 2032 267,810 148,844 12,496,556 83.96 14,781,562 99.31 2033 186,894 93,447 8,185,957 87.60 10,414,824 111.45 2034 23,732 13,736 491,132 35.76 546,905 39.82 2035 8,043 8,043 658,143 81.83 801,309 99.63 Thereafter 523,818 523,818 34,220,770 65.33 44,810,503 85.55 New York BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 — — — — — — 2027 109,941 73,779 9,917,895 134.43 9,917,895 134.43 2028 133,651 111,230 13,864,129 124.64 14,116,755 126.92 2029 818,812 596,014 59,311,797 99.51 63,186,364 106.01 2030 457,550 393,040 44,518,489 113.27 44,802,741 113.99 2031 446,993 371,889 45,888,010 123.39 47,113,580 126.69 2032 320,458 203,503 19,459,160 95.62 20,750,481 101.97 2033 505,000 420,381 52,770,908 125.53 58,298,785 138.68 2034 1,232,257 891,572 111,767,776 125.36 122,143,103 137.00 2035 1,014,604 612,152 67,874,284 110.88 74,967,641 122.47 Thereafter 4,592,429 3,241,866 352,384,121 108.70 393,958,988 121.52 1, 2, 3 4 4 4 4 4 4 51
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Q3 2026 Lease expirations - CBD properties (continued) as of September 30, 2026 San Francisco BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 13,107 13,107 721,904 55.08 721,904 55.08 2027 306,338 306,338 30,996,598 101.18 31,468,530 102.72 2028 350,516 350,516 40,748,193 116.25 41,930,575 119.63 2029 595,191 595,191 56,185,217 94.40 59,446,437 99.88 2030 306,061 306,061 29,594,215 96.69 32,504,412 106.20 2031 961,427 961,427 106,293,036 110.56 113,959,162 118.53 2032 456,101 456,101 39,453,153 86.50 45,795,629 100.41 2033 710,360 710,360 77,072,614 108.50 85,233,129 119.99 2034 161,732 161,732 14,939,700 92.37 17,770,531 109.88 2035 21,961 21,961 2,539,576 115.64 3,400,064 154.82 Thereafter 722,982 722,982 72,845,023 100.76 96,680,588 133.72 Seattle BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 20,894 15,051 670,057 44.52 670,470 44.55 2027 59,769 59,769 3,572,847 59.78 3,636,660 60.85 2028 495,288 193,269 9,909,438 51.27 10,278,266 53.18 2029 326,826 295,033 16,528,632 56.02 17,202,417 58.31 2030 35,431 34,998 2,037,162 58.21 2,199,685 62.85 2031 69,420 51,994 2,615,622 50.31 2,923,490 56.23 2032 118,280 104,931 7,130,402 67.95 7,896,861 75.26 2033 — — — — — — 2034 — — — — — — 2035 60,774 20,463 1,505,083 73.55 1,809,319 88.42 Thereafter 131,625 131,625 8,485,654 64.47 10,906,593 82.86 Washington, DC BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 14,739 14,739 864,733 58.67 864,733 58.67 2027 172,712 172,712 10,494,611 60.76 10,675,479 61.81 2028 174,871 173,530 10,562,845 60.87 11,065,303 63.77 2029 200,341 200,341 12,209,118 60.94 12,900,940 64.39 2030 158,303 149,070 9,751,941 65.42 10,428,248 69.96 2031 273,682 266,936 15,829,295 59.30 17,529,371 65.67 2032 658,118 658,118 45,472,931 69.10 51,590,685 78.39 2033 1,010,735 1,010,735 60,321,962 59.68 70,492,964 69.74 2034 327,144 327,144 19,620,430 59.97 23,011,921 70.34 2035 605,449 602,328 29,567,078 49.09 35,826,766 59.48 Thereafter 2,796,015 2,657,187 179,324,810 67.49 224,565,186 84.51 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include residential units and hotel. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 4 4 4 4 1 2 3 4
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Q3 2026 Lease expirations - Suburban properties as of September 30, 2026 Boston BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 84,384 84,384 6,803,694 80.63 6,803,694 80.63 2027 359,240 298,900 19,011,261 63.60 19,228,278 64.33 2028 286,143 286,143 16,798,011 58.70 17,220,389 60.18 2029 501,993 501,993 26,832,109 53.45 27,629,530 55.04 2030 140,621 140,621 9,235,078 65.67 9,850,824 70.05 2031 513,425 513,425 36,131,650 70.37 38,347,735 74.69 2032 227,097 227,097 11,965,228 52.69 13,024,483 57.35 2033 221,938 221,938 15,699,579 70.74 17,962,606 80.94 2034 337,616 337,616 25,381,066 75.18 28,857,441 85.47 2035 63,116 63,116 4,833,442 76.58 5,568,839 88.23 Thereafter 470,167 470,167 18,293,586 38.91 24,317,994 51.72 New York BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 10,943 10,943 373,944 34.17 331,059 30.25 2027 249,818 249,818 9,430,958 37.75 9,435,646 37.77 2028 103,014 103,014 4,224,809 41.01 4,110,728 39.90 2029 204,467 204,467 7,451,533 36.44 7,675,710 37.54 2030 126,318 126,318 5,211,780 41.26 5,412,187 42.85 2031 168,607 168,607 7,239,513 42.94 7,322,830 43.43 2032 96,424 96,424 3,632,459 37.67 3,846,098 39.89 2033 77,914 77,914 2,882,859 37.00 3,126,317 40.13 2034 40,369 40,369 1,617,534 40.07 1,691,595 41.90 2035 161,556 161,556 6,552,721 40.56 7,266,901 44.98 Thereafter 403,571 403,571 15,892,832 39.38 17,605,434 43.62 San Francisco BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 4,200 4,200 236,340 56.27 236,340 56.27 2027 20,344 20,344 1,430,638 70.32 1,430,638 70.32 2028 50,089 50,089 3,084,459 61.58 3,233,723 64.56 2029 81,211 81,211 5,685,449 70.01 4,966,821 61.16 2030 128,510 128,510 8,340,572 64.90 9,019,906 70.19 2031 53,421 53,421 2,953,924 55.30 3,562,209 66.68 2032 69,207 69,207 4,012,103 57.97 3,778,656 54.60 2033 — — — — — — 2034 — — — — — — 2035 — — — — — — Thereafter — — — — — — 1, 2, 3 4 4 4 4 4 4 53
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Q3 2026 Lease expirations - Suburban properties (continued) as of September 30, 2026 Washington, DC BXP’s Share Year Rentable SquareFootage Rentable SquareFootage Current Annualized Rental ObligationsUnder Expiring Leases Annualized Rental Obligations UnderExpiring Leases with future step-ups $ $/PSF $ $/PSF 2026 3,953 3,953 166,189 42.04 166,189 42.04 2027 3,877 3,877 166,429 42.93 166,429 42.93 2028 — — — — — — 2029 11,010 11,010 392,268 35.63 422,454 38.37 2030 24,052 24,052 933,320 38.80 1,010,092 42.00 2031 16,800 16,800 610,977 36.37 681,213 40.55 2032 1,973 1,973 68,562 34.75 77,578 39.32 2033 — — — — — — 2034 8,462 8,462 339,604 40.13 403,223 47.65 2035 — — — — — — Thereafter 12,849 12,849 456,140 35.50 501,111 39.00 _____________ For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56. Includes partially placed in-service leased space. Does not include residential units and hotel. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires. Represents rentable square footage that is anticipated to become vacant in the noted period. 1, 2, 3 4 4 1 2 3 4
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Q3 2026 Research coverage With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by the analysts listed below do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference below imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts. Equity Research Coverage Bank of America Merrill Lynch Jeffrey Spector / Jana Galan 646.855.1363 / 646.855.5042 Barclays Brendan Lynch 212.526.9428 BMO Capital John Kim 212.885.4115 BTIG Tom Catherwood 212.738.6140 Cantor Richard Anderson 929.441.6927 Citi Nicholas Joseph / Seth Bergey 212.816.1909 / 212.816.2066 Deutsche Bank Omotayo Okusanya 212.250.9284 Evercore ISI Steve Sakwa 212.446.9462 Goldman Sachs Caitlin Burrows 212.902.4736 Green Street Advisors Dylan Burzinski 949.640.8780 Jefferies Joe Dickstein 212.778.8771 J.P. Morgan Securities Anthony Paolone 212.622.6682 Keybanc Capital Market Todd Thomas / Upal Rana 917.368.2286 / 917.368.2316 Ladenburg Thalmann Floris van Dijkum 212.409.2075 Mizuho Securities Vikram Malhotra 212.209.9300 Morgan Stanley Ronald Kamdem 212.296.8319 Piper Sandler Companies Alexander Goldfarb 212.466.7937 Scotiabank GBM Nicholas Yulico 212.225.6904 Truist Securities Michael Lewis 212.319.5659 UBS US Equity Research Michael Goldsmith 212.713.2951 Wells Fargo Securities Blaine Heck 410.662.2556 Wolfe Research Ally Yaseen 646.582.9253 Debt Research Coverage Barclays Srinjoy Banerjee 212.526.3521 J.P. Morgan Securities Mark Streeter 212.834.5086 US Bank Bill Stafford 877.558.2605 Wells Fargo Kevin McClure 704.410.1100 Rating Agencies Moody’s Investors Service Dilara Sukhov 212.553.1438 Standard & Poor’s Michael Souers 212.438.2508 55
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Q3 2026 Definitions This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents the Company files or furnishes to the SEC from time to time. The Company presents “BXP’s Share” of certain non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company). Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures. The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 60. The Company may also present "BXP's Share" of certain operating metrics, such as occupancy and leased percentages based upon square footage. Amounts are calculated based on our consolidated portfolio square feet, plus our share of the square feet from the unconsolidated joint venture properties (calculated based on our ownership percentage), minus our partners’ share of square feet from our consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests). Annualized Rental Obligations Annualized Rental Obligations is defined as monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12). Average Economic Occupancy Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue. Average Monthly Rental Rates Average Monthly Rental Rates are calculated by the Company as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP by (B) the number of occupied units for each month within the applicable fiscal period. Average Physical Occupancy Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage. Debt to Market Capitalization Ratio Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, and (5) common units issuable upon conversion of 2013-2023 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards or Outperformance Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2024, 2025 and 2026 MYLTIP Units and 2025 Outperformance Units are not included. The Company also presents BXP’s Share of Market Capitalization, which is calculated in a similar manner, except that BXP’s Share of Debt is utilized instead of the Company’s Consolidated Debt in both the numerator and the denominator. The Company presents these ratios because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and do not necessarily reflect the Company’s capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like BXP, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness. 56
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Q3 2026 Definitions (continued) Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), the Company calculates EBITDAre as net income (loss) attributable to BXP, Inc, the most directly comparable GAAP financial measure, plus net (income) loss attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment losses and adjustments to reflect the Company’s share of EBITDAre from unconsolidated joint ventures less gains (losses) on sales of real estate and sales-type leases. EBITDAre is a non-GAAP financial measure. The Company uses EBITDAre internally as a performance measure and believes EBITDAre provides useful information to investors regarding its financial condition and results of operations at the corporate level because, when compared across periods, EBITDAre reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and acquisition and development activities on an unleveraged basis, providing perspective not immediately apparent from net income (loss) attributable to BXP, Inc. In some cases the Company also presents (A) BXP’s Share of EBITDAre – cash, which is BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion of sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements, and (B) Annualized EBITDAre, which is EBITDAre for the applicable fiscal quarter ended multiplied by four (4). Presenting BXP’s Share of EBITDAre – cash allows investors to compare EBITDAre across periods without taking into account the effect of certain non-cash rental revenues, ground rent expense and stock based compensation expense. Similar to depreciation and amortization, because of historical cost accounting, fair value lease revenue may distort operating performance measures at the property level. Additionally, presenting EBITDAre excluding the impact of straight-line rent provides investors with an alternative view of operating performance at the property level that more closely reflects rental revenue generated at the property level without regard to future contractual increases in rental rates. In addition, the Company’s management believes that the presentation of Annualized EBITDAre provides useful information to investors regarding the Company’s results of operations because it enables investors to more easily compare quarterly EBITDAre to EBITDAre from full fiscal years. The Company’s computation of EBITDAre may not be comparable to EBITDAre reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. The Company believes that in order to facilitate a clear understanding of its operating results, EBITDAre should be examined in conjunction with net income (loss) attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. EBITDAre should not be considered a substitute to net income (loss) attributable to BXP, Inc. in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. Fixed Charge Coverage Ratio Fixed Charge Coverage Ratio equals BXP’s Share of EBITDAre – cash divided by Total Fixed Charges. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense, stock-based compensation expense and lease transaction costs that qualify as rent inducements. Total Fixed Charges is also a non-GAAP financial measure equal to the sum of BXP’s Share of interest expense, capitalized interest, maintenance capital expenditures, hotel improvements, equipment upgrades and replacements and preferred dividends/distributions less hedge amortization and amortization of financing costs. The Company believes that the presentation of its Fixed Charge Coverage Ratio provides investors with useful information about the Company’s financial performance as it relates to overall financial flexibility and balance sheet management. Furthermore, the Company believes that the Fixed Charge Coverage Ratio is frequently used by analysts, rating agencies and other interested parties in the evaluation of the Company’s performance as a REIT and, as a result, by presenting the Fixed Charge Coverage Ratio the Company assists these parties in their evaluations. The Company’s calculation of its Fixed Charge Coverage Ratio may not be comparable to the ratios reported by other REITs or real estate companies that define the term differently and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt. Funds Available for Distribution (FAD) and FAD Payout Ratio In addition to FFO, which is defined on the following page, the Company presents Funds Available for Distribution to common shareholders and common unitholders (FAD), which is a non-GAAP financial measure that is calculated by (1) adding to FFO lease transaction costs that qualify as rent inducements, non-real estate depreciation and amortization, non-cash losses (gains) from early extinguishments of debt, stock-based compensation expense, partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences) and unearned portion of capitalized fees, (2) eliminating the effects of straight-line rent, straight-line ground rent expense adjustment (excluding prepaid ground rent expense), hedge amortization, fair value interest adjustment, fair value lease revenue and amortization and accretion related to sales type lease receivable, and (3) subtracting maintenance capital expenditures, hotel improvements, equipment upgrades and replacements, 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences), non-cash termination income adjustment (fair value lease amounts) and impairments of non- depreciable real estate. The Company believes that the presentation of FAD provides useful information to investors regarding the Company’s results of operations because FAD provides supplemental information regarding the Company’s operating performance that would not otherwise be available and may be useful to investors in assessing the Company’s operating performance. Additionally, although the Company does not consider FAD to be a liquidity measure, as it does not make adjustments to reflect changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, the Company believes that FAD may provide investors with useful supplemental information regarding the Company’s ability to generate cash from its operating performance and the impact of the Company’s operating performance on its ability to make distributions to its shareholders. Furthermore, the Company believes that FAD is frequently used by analysts, investors and other interested parties in the evaluation of its performance as a REIT and, as a result, by presenting FAD the Company is assisting these parties in their evaluation. FAD should not be considered as a substitute for net income (loss) attributable to BXP, Inc.’s co determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD. 57
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Q3 2026 Definitions (continued) Funds from Operations (FFO) Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties or a change in control, impairment losses on depreciable real estate consolidated on the Company’s balance sheet, impairment losses on its investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but the Company believes the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing the Company’s operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies. The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. In-Service Properties The Company treats a property as being “in-service” upon the earlier of (1) lease-up and completion of tenant improvements or (2) one year after cessation of major construction activity as determined under GAAP. The determination as to when an entire property should be treated as “in-service” involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics, the Company specifies a single date for treating a property as “in-service,” which is generally later than the date the property is partially placed in-service under GAAP. Under GAAP, a property may be placed in-service in stages as construction is completed and the property is held available for occupancy. In addition, under GAAP, when a portion of a property has been substantially completed and either occupied or held available for occupancy, the Company ceases capitalizing costs on that portion, even though it may not treat the property as being “in-service,” and continues to capitalize only those costs associated with the portion still under construction. In-service properties include properties held by the Company’s unconsolidated joint ventures. A property will no longer be considered “in-service” when the occupied percentage is below 50% and the Company anticipates a future development/redevelopment of the property. Interest Coverage Ratio Interest Coverage Ratio, calculated including and excluding capitalized interest, is a non-GAAP financial measure equal to BXP’s Share of EBITDAre – cash divided by Adjusted interest expense. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements. Adjusted interest expense excluding capitalized interest is equal to BXP’s Share of interest expense less (1) BXP’s Share of hedge amortization, (2) BXP’s Share of fair value interest adjustment and (3) BXP’s Share of amortization of financing costs. Adjusted interest expense including capitalized interest is calculated in the same manner but adds back BXP’s Share of capitalized interest. The Company believes that the presentation of its Interest Coverage Ratio provides useful information about the Company’s financial condition because it provides investors additional information on the Company’s ability to meet its debt obligations and incur additional indebtedness. In addition, by analyzing interest coverage ratios over a period of time, trends may emerge that provide investors a better sense of whether a company’s financial condition is improving or declining. The ratios may also be used to compare the financial condition of different companies, which can help when making an investment decision. The Company presents its Interest Coverage Ratio in two ways - including capitalized interest and excluding capitalized interest. GAAP requires the capitalization of interest expense during development. Therefore, for a company like BXP, Inc. that is an active developer of real estate, presenting the Interest Coverage Ratio (excluding capitalized interest) provides an alternative measure of financial condition that may be more indicative of the Company’s ability to meet its interest expense obligations and therefore its overall financial condition. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt. Market Rents Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could therefore vary materially. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions. Net Debt Net Debt is equal to (A) the Company’s consolidated debt plus special dividends payable (if any) less (B) cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) (if any). The Company believes that the presentation of Net Debt provides useful information to investors because the Company reviews Net Debt as part of the management of its overall financial flexibility, capital structure and leverage. In particular, Net Debt is an important component of the Company’s ratio of BXP’s Share of Net Debt to BXP’s Share of EBITDAre. BXP’s Share of Net Debt is calculated in a similar manner to Net Debt, except that (1) BXP’s Share of Debt is utilized instead of the Company’s consolidated debt after eliminating BXP’s Share of the related party note receivable and (2) BXP’s Share of cash is utilized instead of consolidated cash. The Company believes BXP’s Share of Net Debt to BXP’s Share of EBITDAre is useful to investors because it provides an alternative measure of the Company’s financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company’s Net Debt as part of their assessments of its business. The Company may utilize a considerable portion of its cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) may not be solely controlled by the Company. The deduction of these items from consolidated debt in the calculation of Net Debt therefore should not be understood to mean that these items are available exclusively for debt reduction at any given time. 58
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Q3 2026 Definitions (continued) Net Operating Income (NOI) Net operating income (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc., the most directly comparable GAAP financial measure, plus (1) net (income) loss attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, impairment losses, loss from early extinguishment of debt, and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate or sales type leases, gains (losses) from investments in securities, unrealized gain (loss) on non-real estate investments, and interest and other income. In some cases, the Company also presents (1) NOI – cash, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) NOI and NOI – cash, in each case excluding termination income. The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company’s results of operations and financial condition because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues, amortization and accretion related to sales type lease receivable and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent and amortization and accretion related to sale type lease receivable provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and are not reflective of the core ongoing operating performance of the Company’s properties. Rental Obligations Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements. Rental Revenue Rental Revenue is equal to Total revenue, the most directly comparable GAAP financial measure, less development and management services revenue and direct reimbursements of payroll and related costs from management services contracts. The Company uses Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods. The Company also presents Rental Revenue (excluding termination income) because termination income can distort the results for any given period because it generally represents multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and does not reflect the core ongoing operating performance of the Company’s properties. Same Properties In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired, repositioned or in or held for development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” Pages 21 - 24 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.” 59
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Q3 2026 Reconciliations (unaudited and in thousands) BXP’s Share of select items Three Months Ended 30-Sep-26 30-Jun-26 Revenue $ 911,431 $ 895,699 Partners’ share of revenue from consolidated joint ventures (JVs) (103,772) (99,659) BXP’s share of revenue from unconsolidated JVs 46,628 42,596 BXP’s Share of revenue $ 854,287 $ 838,636 Straight-line rent $ 46,907 $ 3,570 Partners’ share of straight-line rent from consolidated JVs (4,875) 11,804 BXP’s share of straight-line rent from unconsolidated JVs 4,509 4,022 BXP’s Share of straight-line rent $ 46,541 $ 19,396 Fair value lease revenue $ 2,151 $ 2,168 Partners’ share of fair value lease revenue from consolidated JVs 11 11 BXP’s share of fair value lease revenue from unconsolidated JVs 701 685 BXP’s Share of fair value lease revenue $ 2,863 $ 2,864 Lease termination income $ 3,333 $ 2,828 Partners’ share of termination income from consolidated JVs — (23) BXP’s share of termination income from unconsolidated JVs 3,667 — BXP’s Share of termination income $ 7,000 $ 2,805 Non-cash termination income adjustment $ (604) $ (2,306) Partners’ share of non-cash termination income adjustment from consolidated JVs — — BXP’s share of non-cash termination income adjustment from unconsolidated JVs (3,772) — BXP’s Share of non-cash termination income adjustment $ (4,376) $ (2,306) Hedge amortization, net of costs $ 1,002 $ 1,590 Partners’ share of hedge amortization, net of costs from consolidated JVs (144) (144) BXP’s share of hedge amortization, net of costs from unconsolidated JVs 19 268 BXP’s Share of hedge amortization, net of costs $ 877 $ 1,714 Straight-line ground rent expense adjustment $ (5,511) $ (4,016) Partners’ share of straight-line ground rent expense adjustment from consolidated JVs — — BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs 120 121 BXP’s Share of straight-line ground rent expense adjustment $ (5,391) $ (3,895) Depreciation and amortization $ 228,679 $ 236,977 Noncontrolling interests in property partnerships’ share of depreciation and amortization (23,901) (23,336) BXP’s share of depreciation and amortization from unconsolidated JVs 12,047 12,716 BXP’s Share of depreciation and amortization $ 216,825 $ 226,357 Lease transaction costs that qualify as rent inducements $ 3,838 $ 4,072 Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs — (1) BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 155 — BXP’s Share of lease transaction costs that qualify as rent inducements $ 3,993 $ 4,071 2nd generation tenant improvements and leasing commissions $ 128,822 $ 159,624 Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs (13,013) (7,008) BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs 2,181 392 BXP’s Share of 2nd generation tenant improvements and leasing commissions $ 117,990 $ 153,008 Maintenance capital expenditures $ 14,752 $ 15,936 Partners’ share of maintenance capital expenditures from consolidated JVs (1,052) (1,891) BXP’s share of maintenance capital expenditures from unconsolidated JVs 453 572 BXP’s Share of maintenance capital expenditures $ 14,153 $ 14,617 1 1 1 1 2 2 2 2 3 3 3 3 60
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Q3 2026 Reconciliations (continued) Interest expense $ 159,127 $ 153,425 Partners’ share of interest expense from consolidated JVs (12,027) (11,902) BXP’s share of interest expense from unconsolidated JVs 14,804 15,004 BXP’s Share of interest expense $ 161,904 $ 156,527 Capitalized interest $ 14,398 $ 12,868 Partners’ share of capitalized interest from consolidated JVs (330) (14) BXP’s share of capitalized interest from unconsolidated JVs 101 6 BXP’s Share of capitalized interest $ 14,169 $ 12,860 Amortization of financing costs $ 8,248 $ 5,776 Partners’ share of amortization of financing costs from consolidated JVs (753) (498) BXP’s share of amortization of financing costs from unconsolidated JVs 442 446 BXP’s Share of amortization of financing costs $ 7,937 $ 5,724 Fair value interest adjustment $ — $ — Partners’ share of fair value of interest adjustment from consolidated JVs — — BXP’s share of fair value interest adjustment from unconsolidated JVs 260 260 BXP’s Share of fair value interest adjustment $ 260 $ 260 Amortization and accretion related to sales type lease $ 157 $ 249 Partners’ share of amortization and accretion related to sales type lease from consolidated JVs — — BXP’s share of amortization and accretion related to sales type lease from unconsolidated JVs 29 29 BXP’s Share of amortization and accretion related to sales type lease $ 186 $ 278 Non-cash loss from early extinguishment of debt $ — $ — Partners’ share of non-cash loss from early extinguishment of debt from consolidated JVs — — BXP’s share of non-cash loss from early extinguishment of debt from unconsolidated JVs — — BXP’s Share of non-cash loss from early extinguishment of debt $ — $ — _______ 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. Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences. Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures. 1 2 3 61
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Q3 2026 Reconciliations (continued) for the three months ended September 30, 2026 (unaudited and in thousands) CONSOLIDATED JOINT VENTURES TotalConsolidated343 Madison 767 Fifth Avenue Norges Avenue (The GM Building) Joint Ventures Joint Ventures Revenue Lease $ — $ 86,821 $ 139,165 $ 225,986 Straight-line rent — 834 10,092 10,926 Fair value lease revenue — (27) — (27) Termination income — — — — Total lease revenue — 87,628 149,257 236,885 Parking and other — — 3,022 3,022 Insurance proceeds — 486 — 486 Total rental revenue — 88,114 152,279 240,393 Expenses Operating — 36,390 52,112 88,502 Restoration costs related to insurance claim — — — — Net Operating Income (NOI) — 51,724 100,167 151,891 Other income (expense) Development and management services revenue — — — — Gain from investments in securities — — — — Interest and other income — 494 1,796 2,290 Interest expense — (21,395) (7,718) (29,113) Depreciation and amortization expense — (18,431) (35,274) (53,705) General and administrative expense — (23) (9) (32) Total other income (expense) — (39,355) (41,205) (80,560) Net income $ — $ 12,369 $ 58,962 $ 71,331 BXP’s nominal ownership percentage 89.45% 60.00% 55.00% Partners’ share of NOI (after income allocation to private REITshareholders) $ — $ 19,930 $ 43,735 $ 63,665 BXP’s share of NOI (after income allocation to private REITshareholders) $ — $ 31,794 $ 56,432 $ 88,226 Unearned portion of capitalized fees $ 1,573 $ 419 $ 127 $ 2,119 Partners’ share of select items Partners’ share of hedge amortization $ — $ 144 $ — $ 144 Partners’ share of amortization of financing costs $ 255 $ 346 $ 152 $ 753 Partners’ share of depreciation and amortization related to capitalizedfees $ — $ 383 $ 631 $ 1,014 Partners’ share of capitalized interest $ 320 $ — $ 10 $ 330 Partners’ share of management and other fees $ — $ 760 $ 1,341 $ 2,101 Partners’ share of basis differential depreciation and amortizationexpense $ — $ (24) $ (334) $ (358) Partners’ share of basis differential interest and other adjustments $ — $ (4) $ 36 $ 32 Reconciliation of Partners’ share of EBITDAre Partners’ NCI $ — $ 3,833 $ 24,859 $ 28,692 Add: Partners’ share of interest expense after BXP’s basis differential — 8,554 3,473 12,027 Partners’ share of depreciation and amortization expense afterBXP’s basis differential — 7,731 16,170 23,901 Partners’ share of EBITDAre $ — $ 20,118 $ 44,502 $ 64,620 1 2 3 4 5 6 5 7 62
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Q3 2026 Reconciliations (continued) for the three months ended September 30, 2026 (unaudited and in thousands) CONSOLIDATED JOINT VENTURES TotalConsolidatedJoint VenturesReconciliation of Partners’ share of Net Operating Income (Loss)(NOI) 343 MadisonAvenue 767 Fifth Avenue (TheGM Building) Norges JointVentures Rental revenue $ — $ 35,246 $ 68,526 $ 103,772 Less: Termination income — — — — Rental revenue (excluding termination income) — 35,246 68,526 103,772 Less: Operating expenses (including partners’ share of managementand other fees) — 15,316 24,791 40,107 Income allocation to private REIT shareholders — — — — NOI (excluding termination income and after income allocation toprivate REIT shareholders) $ — $ 19,930 $ 43,735 $ 63,665 Rental revenue (excluding termination income) $ — $ 35,246 $ 68,526 $ 103,772 Less: Straight-line rent — 334 4,541 4,875 Fair value lease revenue — (11) — (11) Add: Lease transaction costs that qualify as rent inducements — — — — Subtotal — 34,923 63,985 98,908 Less: Operating expenses (including partners’ share of managementand other fees) — 15,316 24,791 40,107 Income allocation to private REIT shareholders — — — — NOI - cash (excluding termination income and after income allocationto private REIT shareholders) $ — $ 19,607 $ 39,194 $ 58,801 Reconciliation of Partners’ share of Revenue Rental revenue $ — $ 35,246 $ 68,526 $ 103,772 Add: Development and management services revenue — — — — Revenue $ — $ 35,246 $ 68,526 $ 103,772 _____________ See the Acquisitions and Dispositions section of this Supplemental package on page 14. 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. Lease revenue includes recoveries and service income from clients. See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. Amounts represent the partners’ share based on their respective ownership percentage. Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income. 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. 7 1 2 4 4 4 5 4 1 2 3 4 5 6 7 63
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Q3 2026 Reconciliations (continued) for the three months ended September 30, 2026 (unaudited and in thousands) UNCONSOLIDATED JOINT VENTURES Boston Los Angeles New York SanFrancisco Seattle Washington,DC TotalUnconsolidatedJoint Ventures Revenue Lease $ 28,813 $ 20,828 $ 13,499 $ — $ 7,479 $ 9,445 $ 80,064 Straight-line rent (122) (935) 11,027 — 16 105 10,091 Fair value lease revenue — 60 329 — 998 — 1,387 Termination income 4,574 — 2,520 — — (54) 7,040 Amortization and accretion related tosales-type lease 58 — — — — — 58 Total lease revenue 33,323 19,953 27,375 — 8,493 9,496 98,640 Parking and other 3 2,193 49 — 620 1,048 3,913 Total rental revenue 33,326 22,146 27,424 — 9,113 10,544 102,553 Expenses Operating 10,951 8,217 18,190 1,011 3,392 5,705 47,466 Net operating income (loss) 22,375 13,929 9,234 (1,011) 5,721 4,839 55,087 Other income (expense) Development and managementservices revenue — 72 363 — — — 435 Interest and other income 388 639 976 (6) 9 200 2,206 Interest expense (9,488) (5,052) (14,850) — (2,613) (3,987) (35,990) Transaction costs — (1) — — — (326) (327) Depreciation and amortization expense (8,734) (5,132) (10,984) — (1,580) (3,159) (29,589) General and administrative expense (9) — (45) — (8) (55) (117) Total other income (expense) (17,843) (9,474) (24,540) (6) (4,192) (7,327) (63,382) Net income (loss) $ 4,532 $ 4,455 $ (15,306) $ (1,017) $ 1,529 $ (2,488) $ (8,295) BXP’s share of select items: BXP’s share of amortization of financingcosts $ 139 $ 23 $ 240 $ — $ — $ 40 $ 442 BXP’s share of hedge amortization, net ofcosts $ — $ — $ — $ — $ 19 $ — $ 19 BXP’s share of fair value interestadjustment $ — $ — $ 260 $ — $ — $ — $ 260 BXP’s share of capitalized interest $ 20 $ — $ 81 $ — $ — $ — $ 101 BXP’s share of non-cash terminationincome adjustment $ (3,601) $ — $ (155) $ — $ — $ (16) $ (3,772) Reconciliation of BXP’s share of EBITDAre Income (loss) from unconsolidated jointventures $ 2,264 $ 2,656 $ (2,717) $ (559) $ 130 $ (629) $ 1,145 Add: BXP’s share of interest expense 4,744 2,526 5,667 — 880 987 14,804 BXP’s share of depreciation andamortization expense 4,368 2,025 3,910 — 918 826 12,047 BXP’s share of EBITDAre $ 11,376 $ 7,207 $ 6,860 $ (559) $ 1,928 $ 1,184 $ 27,996 1 2 3 4 5 5 5 5 64
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Q3 2026 Reconciliations (continued) UNCONSOLIDATED JOINT VENTURES Reconciliation of BXP’s share of NetOperating Income (Loss) Boston Los Angeles New York SanFrancisco Seattle Washington,DC TotalUnconsolidatedJoint Ventures BXP’s share of rental revenue $ 16,664 $ 11,184 $ 12,659 $ — $ 3,068 $ 2,836 $ 46,411 BXP’s share of operating expenses 5,476 4,109 7,907 556 1,140 1,631 20,819 BXP’s share of net operating income (loss) 11,188 7,075 4,752 (556) 1,928 1,205 25,592 Less: BXP’s share of termination income 2,287 — 1,396 — — (16) 3,667 BXP’s share of net operating income (loss)(excluding termination income) 8,901 7,075 3,356 (556) 1,928 1,221 21,925 Less: BXP’s share of straight-line rent (61) (372) 4,905 — 5 32 4,509 BXP’s share of fair value lease revenue — 45 320 — 336 — 701 BXP’s share of amortization andaccretion related to sales type lease 29 — — — — — 29 Add: BXP’s share of straight-line groundrent expense adjustment — — 120 — — — 120 BXP’s share of lease transaction coststhat qualify as rent inducements — 149 — — 13 (7) 155 BXP’s share of net operating income (loss)- cash (excluding termination income) $ 8,933 $ 7,551 $ (1,749) $ (556) $ 1,600 $ 1,182 $ 16,961 Reconciliation of BXP’s share ofRevenue BXP’s share of rental revenue $ 16,664 $ 11,184 $ 12,659 $ — $ 3,068 $ 2,836 $ 46,411 Add: BXP’s share of development andmanagement services revenue — 36 181 — — — 217 BXP’s share of revenue $ 16,664 $ 11,220 $ 12,840 $ — $ 3,068 $ 2,836 $ 46,628 _____________ For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24. Lease revenue includes recoveries and service income from clients. See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. Includes approximately $240 of straight-line ground rent expense. The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture. 1 3 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 1 2 3 4 5 65
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Q3 2026 Reconciliations (continued) Reconciliation of Net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) (dollars in thousands) Three Months Ended 30-Jun-26 30-Jun-25 Net income attributable to BXP, Inc. $ 68,564 $ 88,977 Net income attributable to noncontrolling interests Noncontrolling interest - common units of the Operating Partnership 7,779 10,064 Noncontrolling interest in property partnerships 26,121 20,100 Net income 102,464 119,141 Add: Interest expense 153,425 162,783 Impairment loss 18,036 — Unrealized loss on non-real estate investment 75 39 Loss from unconsolidated joint ventures 2,448 3,324 Depreciation and amortization expense 236,977 223,819 Transaction costs (62) 357 Payroll and related costs from management services contracts 3,901 4,104 General and administrative expense 50,444 42,516 Less: Interest and other income 6,137 8,063 Gains from investments in securities 4,385 2,600 Gains on sales of real estate 6,997 18,390 Direct reimbursements of payroll and related costs from management services contracts 3,901 4,104 Development and management services revenue 7,633 8,846 Net Operating Income (NOI) 538,655 514,080 Add: BXP’s share of NOI from unconsolidated joint ventures 22,028 31,029 Less: Partners’ share of NOI from consolidated joint ventures (after income allocation to private REITshareholders) 60,335 51,562 BXP’s Share of NOI 500,348 493,547 Less: Termination income 2,828 909 BXP’s share of termination income from unconsolidated joint ventures — (146) Add: Partners’ share of termination income from consolidated joint ventures 23 — BXP’s Share of NOI (excluding termination income) $ 497,543 $ 492,784 Net Operating Income (NOI) $ 538,655 $ 514,080 Less: Termination income 2,828 909 NOI from non Same Properties (excluding termination income) 15,574 11,355 Same Property NOI (excluding termination income) 520,253 501,816 Less: Partners’ share of NOI from consolidated joint ventures (excluding termination income and after incomeallocation to private REIT shareholders) 60,312 51,562 Add: Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding terminationincome and after income allocation to private REIT shareholders) 6,853 — BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 22,028 31,175 Less: BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding terminationincome) 2,009 10,865 BXP’s Share of Same Property NOI (excluding termination income) $ 486,813 $ 470,564 Change in BXP’s Share of Same Property NOI (excluding termination income) $ 16,249 Change in BXP’s Share of Same Property NOI (excluding termination income) 3.5 % 66
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Q3 2026 Reconciliations (continued) Reconciliation of Net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash (dollars in thousands) Three Months Ended 30-Jun-26 30-Jun-25 Net income attributable to BXP, Inc. $ 68,564 $ 88,977 Net income attributable to noncontrolling interests Noncontrolling interest - common units of the Operating Partnership 7,779 10,064 Noncontrolling interest in property partnerships 26,121 20,100 Net income 102,464 119,141 Add: Interest expense 153,425 162,783 Impairment loss 18,036 — Unrealized loss on non-real estate investment 75 39 Loss from unconsolidated joint ventures 2,448 3,324 Depreciation and amortization expense 236,977 223,819 Transaction costs (62) 357 Payroll and related costs from management services contracts 3,901 4,104 General and administrative expense 50,444 42,516 Less: Interest and other income 6,137 8,063 Gains from investments in securities 4,385 2,600 Gains on sales of real estate 6,997 18,390 Direct reimbursements of payroll and related costs from management services contracts 3,901 4,104 Development and management services revenue 7,633 8,846 Net Operating Income (NOI) 538,655 514,080 Less: Straight-line rent 3,570 24,533 Fair value lease revenue 2,168 1,915 Amortization and accretion related to sales type lease 249 232 Termination income 2,828 909 Add: Straight-line ground rent expense adjustment 511 531 Lease transaction costs that qualify as rent inducements 4,072 4,427 NOI - cash (excluding termination income) 534,423 491,449 Less: NOI - cash from non Same Properties (excluding termination income) 47,333 12,387 Same Property NOI - cash (excluding termination income) 487,090 479,062 Less: Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and afterincome allocation to private REIT shareholders) 72,128 46,250 Add: Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excludingtermination income and after income allocation to private REIT shareholders) 21,983 — BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 17,413 27,909 Less: BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excludingtermination income) (609) 9,238 BXP’s Share of Same Property NOI - cash (excluding termination income) $ 454,967 $ 451,483 Change in BXP’s Share of Same Property NOI - cash (excluding termination income) $ 3,484 Change in BXP’s Share of Same Property NOI - cash (excluding termination income) 0.8 % _____________ In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(4,527) and $(83) for the three months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company has remaining lease payments aggregating approximately $15.6 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly. Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. 1 2 1 2 67
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Q3 2026 Consolidated Income Statement - prior year (unaudited and in thousands, except per share amounts) Three Months Ended 30-Sep-25 30-Jun-25 Revenue Lease $ 809,820 $ 805,935 Parking and other 34,404 34,709 Insurance proceeds 986 90 Hotel revenue 13,162 14,773 Development and management services 9,317 8,846 Direct reimbursements of payroll and related costs from management services contracts 3,821 4,104 Total revenue 871,510 868,457 Expenses Operating 187,820 184,942 Real estate taxes 142,992 146,272 Restoration expenses related to insurance claims 924 848 Hotel operating 9,628 9,365 General and administrative 36,188 42,516 Payroll and related costs from management services contracts 3,821 4,104 Transaction costs 1,431 357 Depreciation and amortization 236,147 223,819 Total expenses 618,951 612,223 Other income (expense) Loss from unconsolidated joint ventures (148,329) (3,324) Gains on sales of real estate 1,932 18,390 Gains from investments in securities 2,400 2,600 Unrealized gain (loss) on non-real estate investments 178 (39) Interest and other income 7,620 8,063 Impairment losses (68,901) — Interest expense (164,299) (162,783) Net income (loss) (116,840) 119,141 Net (income) loss attributable to noncontrolling interests Noncontrolling interest in property partnerships (17,853) (20,100) Noncontrolling interest - common units of the Operating Partnership 12,981 (10,064) Net income (loss) attributable to BXP, Inc. $ (121,712) $ 88,977 INCOME PER SHARE OF COMMON STOCK (EPS) Net income (loss) attributable to BXP, Inc. per share - basic $ (0.77) $ 0.56 Net income (loss) attributable to BXP, Inc. per share - diluted $ (0.77) $ 0.56 68