# EDGAR Filing Document

**Accession Number:** 0001037540
**File Stem:** 0001037540-26-000015
**Filing Date:** 2026-4
**Character Count:** 358439
**Document Hash:** c8fd94a8d4b4fa431320b176f9561f73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001037540-26-000015.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001037540-26-000015

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20260428

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BXP, Inc.
- **CENTRAL INDEX KEY:** 0001037540
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 042473675
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13087
- **FILM NUMBER:** 26907882

**BUSINESS ADDRESS:**
- **STREET 1:** 800 BOYLSTON STREET
- **STREET 2:** SUITE 1900
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 6172363300

**MAIL ADDRESS:**
- **STREET 1:** 800 BOYLSTON STREET
- **STREET 2:** SUITE 1900
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BOSTON PROPERTIES INC
- **DATE OF NAME CHANGE:** 19970409
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BOSTON PROPERTIES LTD PARTNERSHIP
- **CENTRAL INDEX KEY:** 0001043121
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50209
- **FILM NUMBER:** 26907883

**BUSINESS ADDRESS:**
- **STREET 1:** 800 BOYLSTON STREET
- **STREET 2:** SUITE 1900
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 6172363300

**MAIL ADDRESS:**
- **STREET 1:** 800 BOYLSTON STREET
- **STREET 2:** SUITE 1900
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

?xml version='1.0' encoding='ASCII'? bxp-20260428

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): **<u>April 28, 2026</u>** 

**BXP, INC.** 

**BOSTON PROPERTIES LIMITED PARTNERSHIP** 

(Exact Name of Registrants As Specified in its Charter)

---

| | | | |
|:---|:---|:---|:---|
| **BXP, Inc.** | **Delaware** | **1-13087** | **04-2473675** |
|  | (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| **Boston Properties Limited Partnership** | **Delaware** | **0-50209** | **04-3372948** |
|  | (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |

---

**<u>800 Boylston Street, Suite 1900, Boston, Massachusetts 02199</u>**

(Address of Principal Executive Offices) (Zip Code)

**<u>(617) 236-3300</u>**

(Registrants' telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (*see* General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

------

Securities registered pursuant to Section 12(b) of the Act:

---

| | | | |
|:---|:---|:---|:---|
| **Registrant** | **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| BXP, Inc. | Common Stock, par value $0.01 per share | BXP | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

BXP, Inc.:

Emerging growth company ☐

Boston Properties Limited Partnership:

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

BXP, Inc. ☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Properties Limited Partnership ☐

------

**Item 2.02.**&nbsp;&nbsp;&nbsp;&nbsp;**Results of Operations and Financial Condition.**

The information in this Item 2.02 - "Results of Operations and Financial Condition" is being furnished. Such information, including Exhibits 99.1 and 99.2 hereto, shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

On April 28, 2026, BXP, Inc. (the "Company"), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the first quarter ended 2026. That press release referred to certain supplemental information that is available on the Company's website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

**Item 9.01. Financial Statements and Exhibits.**

(d) *Exhibits.*

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| \*99.1 | <u>[BXP, Inc. Supplemental Operating and Financial Data for the quarter ended March 31, 2026.](q12026supplemental.htm)</u> |
| \*99.2 | <u>[Press release dated April 28, 2026.](q12026pressrelease.htm)</u> |
| \*101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| \*101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| \*101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| \*101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| \*104 | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.\*). |

---

<u>______________</u>

\* Filed herewith.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | BXP, INC. |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;MICHAEL E. LABELLE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Michael E. LaBelle |
|  | Executive Vice President, Chief Financial Officer |
|  | and Treasurer |
|  | BOSTON PROPERTIES LIMITED PARTNERSHIP |
|  | By: BXP, Inc., its General Partner |
| By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;MICHAEL E. LABELLE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Michael E. LaBelle |
|  | Executive Vice President, Chief Financial Officer |
|  | and Treasurer |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Date: April 28, 2026

## Exhibit 99.1

**Exhibit 99.1 *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***

![a360pas_thirdspacex5a.jpg](a360pas_thirdspacex5a.jpg)

![bxp-color.gif](bxp-color.gif)

Supplemental Operating and Financial Data

for the Quarter Ended March 31, 2026

------

***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 March 31, 2026, including properties owned by joint ventures, BXP's portfolio totals 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. BXP's portfolio consists of 143 office properties, 14 retail properties, six residential properties (including three residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients' needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP has earned a 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 unknown risks, uncertainties and other factors which are, in some cases, beyond BXP's control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients' financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the presidential administration, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, and prolonged government shutdowns or disruptions, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company's accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance or achievements. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

***NON-GAAP FINANCIAL MEASURES***

This Supplemental package includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the other purposes for which management uses the measures, can be found in the Definitions section of this Supplemental starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

The Company also presents "**BXP's Share**" of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company's share of the amount from the Company's unconsolidated joint ventures (calculated based upon the Company's percentage ownership interest and, in some cases, after priority allocations), minus the Company's partners' share of the amount from the Company's consolidated joint ventures (calculated based upon the partners' percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company). Management believes that presenting "BXP's Share" of these measures provides useful information to investors regarding the Company's financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company's partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP's Share of various financial measures in this manner can help investors better understand the Company's financial condition and/or results of operations after taking into account its true economic interest in these joint ventures. The Company cautions investors that the ownership percentages used in calculating "BXP's Share" of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners' interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of "BXP's Share" of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company's financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of "BXP's Share" of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page [60](#i0dcc74fbf2e544d08d4719902c4758e6_181).

------

***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: 360 Park Avenue South, New York, NY)

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Table of contents** |

---

---

| | |
|:---|:---|
| | Page |
| OVERVIEW |  |
| Company Profile | <u>[1](#i0dcc74fbf2e544d08d4719902c4758e6_7)</u> |
| Guidance and assumptions | <u>[2](#i0dcc74fbf2e544d08d4719902c4758e6_10)</u> |
| FINANCIAL INFORMATION |  |
| Financial Highlights | <u>[3](#i0dcc74fbf2e544d08d4719902c4758e6_16)</u> |
| Consolidated Balance Sheets | <u>[5](#i0dcc74fbf2e544d08d4719902c4758e6_19)</u> |
| Consolidated Income Statements | <u>[6](#i0dcc74fbf2e544d08d4719902c4758e6_22)</u> |
| Funds From Operations (FFO) | <u>[7](#i0dcc74fbf2e544d08d4719902c4758e6_28)</u> |
| Funds Available for Distribution (FAD) | <u>[8](#i0dcc74fbf2e544d08d4719902c4758e6_31)</u> |
| Net Operating Income (NOI) | <u>[9](#i0dcc74fbf2e544d08d4719902c4758e6_37)</u> |
| Same Property Net Operating Income (NOI) by Reportable Segment | <u>[11](#i0dcc74fbf2e544d08d4719902c4758e6_46)</u> |
| Capital Expenditures | <u>[13](#i0dcc74fbf2e544d08d4719902c4758e6_49)</u> |
| Acquisitions and Dispositions | <u>[14](#i0dcc74fbf2e544d08d4719902c4758e6_55)</u> |
| DEVELOPMENT ACTIVITY |  |
| Construction in Progress | <u>[15](#i0dcc74fbf2e544d08d4719902c4758e6_61)</u> |
| Land Parcels and Purchase Options | <u>[17](#i0dcc74fbf2e544d08d4719902c4758e6_64)</u> |
| LEASING ACTIVITY |  |
| Leasing Activity | <u>[18](#i0dcc74fbf2e544d08d4719902c4758e6_67)</u> |
| PROPERTY STATISTICS |  |
| Portfolio Overview | <u>[19](#i0dcc74fbf2e544d08d4719902c4758e6_70)</u> |
| Residential and Hotel Performance | <u>[20](#i0dcc74fbf2e544d08d4719902c4758e6_73)</u> |
| In-Service Property Listing | <u>[21](#i0dcc74fbf2e544d08d4719902c4758e6_76)</u> |
| Top 20 Clients Listing and Portfolio Client Diversification | <u>[25](#i0dcc74fbf2e544d08d4719902c4758e6_79)</u> |
| Occupancy by Location | <u>[26](#i0dcc74fbf2e544d08d4719902c4758e6_82)</u> |
| DEBT AND CAPITALIZATION |  |
| Capital Structure | <u>[27](#i0dcc74fbf2e544d08d4719902c4758e6_85)</u> |
| Debt Analysis | <u>[29](#i0dcc74fbf2e544d08d4719902c4758e6_91)</u> |
| Senior Unsecured Debt Covenant Compliance Ratios | <u>[30](#i0dcc74fbf2e544d08d4719902c4758e6_94)</u> |
| Net Debt to EBITDA*re* | <u>[31](#i0dcc74fbf2e544d08d4719902c4758e6_97)</u> |
| Debt Ratios | <u>[32](#i0dcc74fbf2e544d08d4719902c4758e6_103)</u> |
| JOINT VENTURES |  |
| Consolidated Joint Ventures | <u>[33](#i0dcc74fbf2e544d08d4719902c4758e6_106)</u> |
| Unconsolidated Joint Ventures | <u>[35](#i0dcc74fbf2e544d08d4719902c4758e6_118)</u> |
| LEASE EXPIRATION ROLL-OUT |  |
| Total In-Service Properties | <u>[38](#i0dcc74fbf2e544d08d4719902c4758e6_130)</u> |
| Boston | <u>[39](#i0dcc74fbf2e544d08d4719902c4758e6_133)</u> |
| Los Angeles | <u>[41](#i0dcc74fbf2e544d08d4719902c4758e6_139)</u> |
| New York | <u>[43](#i0dcc74fbf2e544d08d4719902c4758e6_145)</u> |
| San Francisco | <u>[45](#i0dcc74fbf2e544d08d4719902c4758e6_151)</u> |
| Seattle | <u>[47](#i0dcc74fbf2e544d08d4719902c4758e6_157)</u> |
| Washington, DC | <u>[49](#i0dcc74fbf2e544d08d4719902c4758e6_163)</u> |
| CBD | <u>[51](#i0dcc74fbf2e544d08d4719902c4758e6_169)</u> |
| Suburban | <u>[53](#i0dcc74fbf2e544d08d4719902c4758e6_172)</u> |
| RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS |  |
| Research Coverage | <u>[55](#i0dcc74fbf2e544d08d4719902c4758e6_175)</u> |
| Definitions | <u>[56](#i0dcc74fbf2e544d08d4719902c4758e6_178)</u> |
| Reconciliations | <u>[60](#i0dcc74fbf2e544d08d4719902c4758e6_181)</u> |
| Consolidated Income Statement - Prior Year | <u>[68](#i0dcc74fbf2e544d08d4719902c4758e6_202)</u> |

---

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Company profile** |

---

***SNAPSHOT***

(as of March 31, 2026)

---

| | |
|:---|:---|
| Fiscal Year-End | December 31 |
| Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment) | 164 |
| Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment) | 50.4 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 <sup>1, 2</sup> | 177.5 million |
| Closing Price, at the end of the quarter | $51.90 per share |
| Dividend - Quarter/Annualized | $0.70/$2.80 per share |
| Dividend Yield | 5.4% |
| Consolidated Market Capitalization <sup>2</sup> | $24.8 billion |
| BXP's Share of Market Capitalization <sup>2, 3</sup> | $24.6 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensure a strong balance sheet to maintain consistent access to equity and debt capital and the ability to make new investments at opportune times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursue attractive asset class adjacencies where we have a track record of success, such as life sciences and residential development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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** | **Board of Directors** | | |
| Owen D. Thomas | Chairman of the Board | Owen D. Thomas | Chief Executive Officer |
| Douglas T. Linde | | Douglas T. Linde | President |
| Joel I. Klein | Lead Independent Director | 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. Garesche | 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 |
| | | James J. Whalen | Senior Vice President, Chief Technology Officer |

---

___________________

<sup>1</sup>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.

<sup>2</sup>For additional detail, see page 28.

<sup>3</sup>For the Company's definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Guidance and assumptions** |

---

***GUIDANCE***

BXP's guidance for second quarter and full year 2026 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to BXP, Inc. is set forth and reconciled below. Except as described below, the estimates reflect management's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company's earnings release issued on April 28, 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Second Quarter 2026** | **Second Quarter 2026** | **Full Year 2026** | **Full Year 2026** |
| | | Low | High | Low | High |
| Projected EPS (diluted) | Projected EPS (diluted) | $0.44 | $0.46 | $2.15 | $2.29 |
| Add: |  |  |  |  |  |
|  | Projected Company share of real estate depreciation and amortization | 1.29 | 1.29 | 5.10 | 5.10 |
|  | Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments | (0.04) | (0.04) | (0.35) | (0.35) |
| Projected FFO per share (diluted) | Projected FFO per share (diluted) | $1.69 | $1.71 | $6.90 | $7.04 |

---

***ASSUMPTIONS***

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| | **Full Year 2026** | **Full Year 2026** |
| | Low | High |
| **Operating property activity:** |  |  |
| Average In-service portfolio occupancy <sup>1</sup> | 87.75% | 88.75% |
| Change in BXP's Share of Same Property net operating income (excluding termination income) | 1.40% | 2.40% |
| 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 (excluding asset sales) | $48000 | $53000 |
| Taking Buildings Out-of-Service | $(13000) | $(13000) |
| BXP's Share of incremental net operating income related to asset sold over prior year | $(74000) | $(70000) |
| BXP's Share of straight-line rent and fair value lease revenue (non-cash revenue) | $140000 | $160000 |
| Termination income | $17000 | $25000 |
| **Other revenue (expense):** |  |  |
| Development, management services and other revenue | $30000 | $34000 |
| General and administrative expense <sup>2</sup> | $(183000) | $(176000) |
| Consolidated net interest expense | $(602000) | $(592000) |
| Unconsolidated joint venture interest expense | $(63000) | $(60000) |
| **Noncontrolling interest:** |  |  |
| Noncontrolling interest in property partnerships' share of FFO | $(196000) | $(188000) |

---

_______________

<sup>1</sup> Excludes development properties placed into service in 2026.

<sup>2</sup> Excludes estimated changes in the market value of the Company's deferred compensation plan and gains (losses) from investments in securities.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Financial highlights** |

---

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** |
| Net income attributable to BXP, Inc. | $101576 | $248486 |
| Net income attributable to BXP, Inc. per share - diluted | $0.64 | $1.56 |
| FFO attributable to BXP, Inc. <sup>1</sup> | $252236 | $280155 |
| Diluted FFO per share <sup>1</sup> | $1.59 | $1.76 |
| Dividends per common share | $0.70 | $0.70 |
| Funds available for distribution to common shareholders and common unitholders (FAD) <sup>2</sup> | $88667 | $134515 |
| **Selected items:** |  |  |
| Revenue | $872148 | $877097 |
| Recoveries from clients | $151875 | $140571 |
| Service income from clients | $2848 | $2756 |
| BXP's Share of revenue <sup>3</sup> | $825470 | $843736 |
| BXP's Share of straight-line rent <sup>3</sup> | $20444 | $21586 |
| BXP's Share of fair value lease revenue <sup>3, 4</sup> | $2715 | $3030 |
| BXP's Share of termination income <sup>3</sup> | $12828 | $8732 |
| Ground rent expense | $3616 | $3579 |
| Capitalized interest | $16490 | $14670 |
| Capitalized wages | $4055 | $4155 |
| Income from unconsolidated joint ventures <sup>5</sup> | $35413 | $50232 |
| BXP's share of FFO from unconsolidated joint ventures <sup>6</sup> | $7686 | $12956 |
| Net income attributable to noncontrolling interests in property partnerships | $19869 | $18479 |
| FFO attributable to noncontrolling interests in property partnerships <sup>7</sup> | $40740 | $40564 |
| **Balance Sheet items:** |  |  |
| Above-market rents (included within Prepaid Expenses and Other Assets) | $4598 | $5108 |
| Below-market rents (included within Other Liabilities) | $15414 | $18796 |
| Accrued rental income liability (included within Other Liabilities) | $96767 | $97370 |
| **Ratios:** |  |  |
| Interest Coverage Ratio (excluding capitalized interest) <sup>8</sup> | 2.95 | 2.91 |
| Interest Coverage Ratio (including capitalized interest) <sup>8</sup> | 2.65 | 2.66 |
| Fixed Charge Coverage Ratio <sup>8</sup> | 2.40 | 2.41 |
| BXP's Share of Net Debt to BXP's Share of EBITDA*re* (Annualized) <sup>9</sup> | 8.50 | 7.86 |
| Change in BXP's Share of Same Property Net Operating Income (NOI) (excluding termination income) <sup>10</sup> | (2.0)% | (0.7)% |
| Change in BXP's Share of Same Property NOI (excluding termination income) - cash <sup>10</sup> | (0.4)% | 1.3% |
| FAD Payout Ratio <sup>2</sup> | 140.25% | 92.09% |
| Operating Margins [(rental revenue - rental expense)/rental revenue] | 59.5% | 60.1% |
| Occupancy % of In-Service Properties <sup>11</sup> | 87.4% | 86.7% |
| Leased % of In-Service Properties <sup>12</sup> | 90.9% | 89.4% |
| **Capitalization:** |  |  |
| Consolidated Debt | $15614009 | $16609483 |
| BXP's Share of Debt <sup>13</sup> | $15347533 | $16466789 |
| Consolidated Market Capitalization | $24824338 | $28539947 |
| Consolidated Debt/Consolidated Market Capitalization | 62.90% | 58.20% |
| BXP's Share of Market Capitalization <sup>13</sup> | $24557862 | $28397253 |
| BXP's Share of Debt/BXP's Share of Market Capitalization <sup>13</sup> | 62.50% | 57.99% |

---

_____________

<sup>1</sup>For a quantitative reconciliation of FFO attributable to BXP, Inc. and Diluted FFO per share, see page [7](#i0dcc74fbf2e544d08d4719902c4758e6_28).

<sup>2</sup>For a quantitative reconciliation of FAD, see page [8](#i0dcc74fbf2e544d08d4719902c4758e6_31). FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

<sup>3</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>4</sup>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. 

<sup>5</sup>For the three months ended March 31, 2026 and December 31, 2025, includes gains on sales of approximately $41.2 million and $51.4 million, respectively.

<sup>6</sup>For a quantitative reconciliation for the three months ended March 31, 2026, see page [37](#i0dcc74fbf2e544d08d4719902c4758e6_121).

<sup>7</sup>For a quantitative reconciliation for the three months ended March 31, 2026, see page [34](#i0dcc74fbf2e544d08d4719902c4758e6_112).

<sup>8</sup>For a quantitative reconciliation for the three months ended March 31, 2026 and December 31, 2025, see page [32](#i0dcc74fbf2e544d08d4719902c4758e6_103).

<sup>9</sup>For a quantitative reconciliation for the three months ended March 31, 2026 and December 31, 2025, see page [31](#i0dcc74fbf2e544d08d4719902c4758e6_97).

<sup>10</sup>For a quantitative reconciliation for the three months ended March 31, 2026 and December 31, 2025, see pages [11](#i0dcc74fbf2e544d08d4719902c4758e6_46), [66](#i0dcc74fbf2e544d08d4719902c4758e6_196) and [67](#i0dcc74fbf2e544d08d4719902c4758e6_199).

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Financial highlights (continued)** |

---

<sup>12</sup>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.

<sup>13</sup>For a quantitative reconciliation for March 31, 2026, see page 28.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Consolidated Balance Sheets** |

---

(unaudited and in thousands)

---

| | | |
|:---|:---|:---|
| | **31-Mar-26** | **31-Dec-25** |
| **ASSETS** | | |
| Real estate | $26256207 | $26248130 |
| Construction in progress | 1626073 | 1475257 |
| Land held for future development | 493212 | 518492 |
| Right of use assets - finance leases | 372476 | 372470 |
| Right of use assets - operating leases | 321030 | 325841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation | (8170334) | (8040311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate | 20898664 | 20899879 |
| Cash and cash equivalents | 512783 | 1478206 |
| Cash held in escrows | 68471 | 79060 |
| Investments in securities | 42072 | 44614 |
| Tenant and other receivables, net | 90137 | 92625 |
| Note receivable, net | 10071 | 9373 |
| Related party note receivables, net | 31447 | 28346 |
| Sales-type lease receivable, net | 15921 | 15672 |
| Accrued rental income, net | 1558226 | 1538515 |
| Deferred charges, net | 830917 | 847690 |
| Prepaid expenses and other assets | 188819 | 108105 |
| Investments in unconsolidated joint ventures | 854722 | 999309 |
| Assets held for sale |  | 24770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $25102250 | $26166164 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, net | $4280639 | $4280067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured senior notes, net | 8808674 | 9806100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured exchangeable senior notes, net | 977387 | 976263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured line of credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loans, net | 797309 | 797053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured commercial paper | 750000 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities - finance leases | 357039 | 360039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities - operating leases | 387481 | 389213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 418443 | 480017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions payable | 124018 | 123753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 124068 | 125345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 352813 | 386074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 17377871 | 18473924 |
| Commitments and contingencies |  |  |
| Redeemable deferred stock units | 6058 | 7538 |
| Equity: |  |  |
| Stockholders' equity attributable to BXP, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 250,000,000 shares authorized, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively | 1587 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 6843822 | 6836243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends in excess of earnings | (1684492) | (1674995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025 | (2722) | (2722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (6082) | (12921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity attributable to BXP, Inc. | 5152113 | 5147190 |
| Noncontrolling interests: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common units of the Operating Partnership | 583922 | 566563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property partnerships | 1982286 | 1970949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 7718321 | 7684702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $25102250 | $26166164 |

---

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Consolidated Income Statements** |

---

(unaudited and in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** |
| Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease | $818156 | $809150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parking and other | 30811 | 35393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds | 3 | 7490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel revenue | 9101 | 12464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development and management services | 9207 | 8641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct reimbursements of payroll and related costs from management services contracts | 4870 | 3959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 872148 | 877097 |
| Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating | 201823 | 182761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 141197 | 149611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restoration expenses related to insurance claims | 1062 | 7321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel operating | 7982 | 9041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative <sup>1</sup> | 59341 | 37801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related costs from management services contracts | 4870 | 3959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 129 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 227967 | 232015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 644371 | 622631 |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from unconsolidated joint ventures <sup>2</sup> | 35413 | 50232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of real estate <sup>3</sup> | 13402 | 156410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) from investments in securities <sup>1</sup> | (566) | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on non-real estate investments | 188 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income (loss) | 8885 | 12351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses <sup>4</sup> |  | (16902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (152093) | (162612) |
| Net income | 133006 | 294789 |
| Net income attributable to noncontrolling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in property partnerships | (19869) | (18479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership <sup>5</sup> | (11561) | (27824) |
| Net income attributable to BXP, Inc. | $101576 | $248486 |
| **INCOME PER SHARE OF COMMON STOCK (EPS)** |  |  |
| Net income attributable to BXP, Inc. per share - basic | $0.64 | $1.56 |
| Net income attributable to BXP, Inc. per share - diluted | $0.64 | $1.56 |

---

_____________

<sup>1</sup>Includes $(0.6) million and $0.8 million for the three months ended March 31, 2026 and December 31, 2025, respectively, related to the Company's deferred compensation plan. For the three months ended March 31, 2026, includes approximately $16.9 million related to the accelerated vesting of non-stock compensation expense for employees who satisfied the conditions for a qualified retirement and approximately $2.9 million related to the 2025 OPP Awards.

<sup>2</sup>For the three months ended March 31, 2026 and December 31, 2025, includes gains on sales of approximately $41.2 million and $51.4 million, respectively.

<sup>3</sup>For additional detail for the three months ended March 31, 2026, see page 14.

<sup>4</sup>Primarily related to impairment losses recognized during the three months ended December 31, 2025 for properties / land that were sold or expected to be sold.

<sup>5</sup>For additional detail, see page [7](#i0dcc74fbf2e544d08d4719902c4758e6_28).

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Funds from operations (FFO)** <sup>1</sup> |

---

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** |
| Net income attributable to BXP, Inc. | $101576 | $248486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership | 11561 | 27824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in property partnerships | 19869 | 18479 |
| Net income | 133006 | 294789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 227967 | 232015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in property partnerships' share of depreciation and amortization <sup>2</sup> | (20871) | (22085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of depreciation and amortization from unconsolidated joint ventures <sup>3</sup> | 13506 | 14173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate-related depreciation and amortization | (567) | (581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-real estate related amortization | 2131 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses |  | 16902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of real estate | 13402 | 156410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sales included within income from unconsolidated joint ventures <sup>3</sup> | 41233 | 51449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on non-real estate investments | 188 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in property partnerships | 19869 | 18479 |
| FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO) | 280480 | 311007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership's share of FFO | 28244 | 30852 |
| FFO attributable to BXP, Inc. | $252236 | $280155 |
| BXP, Inc.'s percentage share of Basic FFO | 89.93% | 90.08% |
| Noncontrolling interest's - common unitholders percentage share of Basic FFO | 10.07% | 9.92% |
| Basic FFO per share | $1.59 | $1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding - basic | 158555 | 158457 |
| Diluted FFO per share | $1.59 | $1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding - diluted | 159056 | 159115 |

---

***RECONCILIATION TO DILUTED FFO***

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** |
| Basic FFO | $280480 | $311007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive securities - stock-based compensation |  |  |
| Diluted FFO | 280480 | 311007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership's share of diluted FFO | 28188 | 30727 |
| BXP, Inc.'s share of Diluted FFO | $252292 | $280280 |

---

***RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO***

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** |
| Shares/units for Basic FFO | 176318 | 175905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive securities - stock-based compensation (shares/units) | 501 | 658 |
| Shares/units for Diluted FFO | 176819 | 176563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership's share of Diluted FFO (shares/units) | 17763 | 17448 |
| BXP, Inc.'s share of shares/units for Diluted FFO | 159056 | 159115 |
| BXP, Inc.'s percentage share of Diluted FFO | 89.95% | 90.12% |

---

_____________

<sup>1</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>2</sup>For a quantitative reconciliation for the three months ended March 31, 2026, see page [34](#i0dcc74fbf2e544d08d4719902c4758e6_112).

<sup>3</sup>For a quantitative reconciliation for the three months ended March 31, 2026, see page [37](#i0dcc74fbf2e544d08d4719902c4758e6_121).

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Funds available for distributions (FAD)** <sup>1</sup> |

---

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** |
| Net income attributable to BXP, Inc. | $101576 | $248486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership | 11561 | 27824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in property partnerships | 19869 | 18479 |
| Net income | 133006 | 294789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 227967 | 232015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in property partnerships' share of depreciation and amortization <sup>2</sup> | (20871) | (22085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of depreciation and amortization from unconsolidated joint ventures <sup>3</sup> | 13506 | 14173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate-related depreciation and amortization | (567) | (581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-real estate related amortization | 2131 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses |  | 16902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of real estate | 13402 | 156410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sales included within income from unconsolidated joint ventures <sup>3</sup> | 41233 | 51449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on non-real estate investments | 188 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in property partnerships | 19869 | 18479 |
| Basic FFO | 280480 | 311007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of lease transaction costs that qualify as rent inducements <sup>1, 4</sup> | 3739 | 4488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of hedge amortization, net of costs <sup>1</sup> | 1706 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of fair value interest adjustment <sup>1</sup> | 216 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of straight-line ground rent expense adjustment <sup>1, 5</sup> | (4849) | (3118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 26043 | 4497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-real estate depreciation and amortization | (1564) | (1549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned portion of capitalized fees from consolidated joint ventures <sup>6</sup> | 669 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of non-cash loss from early extinguishments of debt <sup>1</sup> |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of straight-line rent <sup>1</sup> | 20444 | 21586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of fair value lease revenue <sup>1, 7</sup> | 2715 | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of non-cash termination income adjustment <sup>1</sup> | (1744) | (4121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of 2nd generation tenant improvements and leasing commissions <sup>1, 8</sup> | 178371 | 145389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of maintenance capital expenditures <sup>1, 9</sup> | 16647 | 17171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of amortization and accretion related to sales type lease <sup>1</sup> | 274 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel improvements, equipment upgrades and replacements | 1066 | 591 |
| Funds available for distribution to common shareholders and common unitholders (FAD) **(A)**  | $88667 | $134515 |
| Distributions to common shareholders and unitholders (excluding any special distributions) **(B)**  | 124354 | 123881 |
| FAD Payout Ratio<sup>1</sup> **(B÷A)** | 140.25% | 92.09% |

---

_____________

<sup>1</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>2</sup>For a quantitative reconciliation for the three months ended March 31, 2026, see page [34](#i0dcc74fbf2e544d08d4719902c4758e6_112).

<sup>3</sup>For additional information for the three months ended March 31, 2026, see page [37](#i0dcc74fbf2e544d08d4719902c4758e6_121).

<sup>4</sup>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.

<sup>5</sup>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](#i0dcc74fbf2e544d08d4719902c4758e6_16).

<sup>6</sup>See page [62](#i0dcc74fbf2e544d08d4719902c4758e6_187) for additional information.

<sup>7</sup>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. 

<sup>8</sup>Amount represents aggregate tenant improvements and leasing commissions incurred in connection with approximately 2.3 million square feet of leases that commenced revenue recognition during the three months ended March 31, 2026, at an average transaction cost per lease year of approximately $10.40 per square foot. Lease commencements for years 2024 and 2025 averaged approximately 925,000 square feet per quarter at a weighted average transaction cost per lease year of approximately $11.80 per square foot.

<sup>9</sup>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.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Reconciliation of net income attributable to BXP, Inc. to BXP's Share of same property net operating income (NOI)** |

---

(in thousands)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Mar-25** |
| Net income attributable to BXP, Inc. | $101576 | $61177 |
| Net income attributable to noncontrolling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership | 11561 | 6979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in property partnerships | 19869 | 18749 |
| Net income | 133006 | 86905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 152093 | 163444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 227967 | 220107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 129 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from early extinguishment of debt |  | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related costs from management services contracts | 4870 | 4499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 59341 | 52284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income (loss) | 8885 | 7750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on non-real estate investment | 188 | (483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses from investments in securities | (566) | (365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sales-type lease |  | (2490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of real estate | 13402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated joint ventures | 35413 | (2139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct reimbursements of payroll and related costs from management services contracts | 4870 | 4499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development and management services revenue | 9207 | 9775 |
| Net Operating Income (NOI) | 506007 | 511798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of NOI from unconsolidated joint ventures <sup>1</sup> | 22370 | 32682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) <sup>2</sup> | 51710 | 49702 |
| BXP's Share of NOI | 476667 | 494778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination income | 12828 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of termination income from unconsolidated joint ventures <sup>1</sup> |  | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of termination income from consolidated joint ventures <sup>2</sup> |  |  |
| BXP's Share of NOI (excluding termination income) | $463839 | $494332 |
| Net Operating Income (NOI) | $506007 | $511798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination income | 12828 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOI from non Same Properties (excluding termination income) <sup>3</sup> | (1867) | 10944 |
| Same Property NOI (excluding termination income) | 495046 | 500608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) <sup>2</sup> | 51710 | 49702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) <sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of NOI from unconsolidated joint ventures (excluding termination income) <sup>1</sup> | 22370 | 32482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) <sup>3</sup> | 2724 | 11132 |
| BXP's Share of Same Property NOI (excluding termination income) | $462982 | $472256 |

---

_____________

<sup>1</sup>For a quantitative reconciliation for the three months ended March 31, 2026, see page 65.

<sup>2</sup>For a quantitative reconciliation for the three months ended March 31, 2026, see pages [62](#i0dcc74fbf2e544d08d4719902c4758e6_187)-63.

<sup>3</sup>Pages [21](#i0dcc74fbf2e544d08d4719902c4758e6_76)-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 March 31, 2026 and therefore are no longer a part of the Company's property portfolio.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Reconciliation of net income attributable to BXP, Inc. to BXP's Share of same property net operating income (NOI) - cash** |

---

(in thousands)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Mar-25** |
| Net income attributable to BXP, Inc. | $101576 | $61177 |
| Net income attributable to noncontrolling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership | 11561 | 6979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in property partnerships | 19869 | 18749 |
| Net income | 133006 | 86905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 152093 | 163444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 227967 | 220107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 129 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from early extinguishment of debt |  | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related costs from management services contracts | 4870 | 4499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 59341 | 52284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income (loss) | 8885 | 7750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on non-real estate investment | 188 | (483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses from investments in securities | (566) | (365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sales-type lease |  | (2490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of real estate | 13402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated joint ventures | 35413 | (2139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct reimbursements of payroll and related costs from management services contracts | 4870 | 4499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development and management services revenue | 9207 | 9775 |
| Net Operating Income (NOI) | 506007 | 511798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | 23588 | 30968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value lease revenue | 1961 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization and accretion related to sales type lease | 245 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination income | 12828 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line ground rent expense adjustment <sup>1</sup> | (260) | (206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease transaction costs that qualify as rent inducements <sup>2</sup> | 3746 | 5638 |
| NOI - cash (excluding termination income) | 470871 | 483871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOI - cash from non Same Properties (excluding termination income) <sup>3</sup> | (3366) | 11982 |
| Same Property NOI - cash (excluding termination income) | 474237 | 471889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) <sup>4</sup> | 48159 | 44430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) <sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of NOI - cash from unconsolidated joint ventures (excluding termination income) <sup>5</sup> | 21294 | 29250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) <sup>3</sup> | 1917 | 9572 |
| BXP's Share of Same Property NOI - cash (excluding termination income) | $445455 | $447137 |

---

_____________

<sup>1</sup>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 $(4,710) and $247 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company has remaining lease payments aggregating approximately $20.4 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.

<sup>2</sup>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.

<sup>3</sup>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 March 31, 2026 and therefore are no longer a part of the Company's property portfolio.

<sup>4</sup>For a quantitative reconciliation for the three months ended March 31, 2026, see page 63.

<sup>5</sup>For a quantitative reconciliation for the three months ended March 31, 2026, see page 65.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Same property net operating income (NOI) by reportable segment** |

---

(dollars in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Office** <sup>1</sup> | **Office** <sup>1</sup> | **Office** <sup>1</sup> | **Hotel & Residential** | **Hotel & Residential** | **Hotel & Residential** |
| | **Three Months Ended** | **Three Months Ended** | | **Three Months Ended** | **Three Months Ended** | |
| | **31-Mar-26** | **31-Mar-25** | $**%**<br>**Change** | **31-Mar-26** | **31-Mar-25** | $**%**<br>**Change** |
| Rental Revenue <sup>2</sup> | $839849 | $813630 |  | $12690 | $13100 |  |
| Less: Termination income | 12828 | 246 |  |  |  |  |
| Rental revenue (excluding termination income) <sup>2</sup> | 827021 | 813384 | 1.7% | 12690 | 13100 | (3.1)% |
| Less: Operating expenses and real estate taxes | 335016 | 316171 | 6.0% | 9649 | 9705 | (0.6)% |
| NOI (excluding termination income) <sup>2, 3</sup> | $492005 | $497213 | (1.0)% | $3041 | $3395 | (10.4)% |
| Rental revenue (excluding termination income) <sup>2</sup> | $827021 | $813384 | 1.7% | $12690 | $13100 | (3.1)% |
| Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease | 24297 | 34004 | (28.5)% | (2) | (2) | —% |
| Add: Lease transaction costs that qualify as rent inducements <sup>4</sup> | 3746 | 5489 | (31.8)% |  |  | —% |
| Subtotal | 806470 | 784869 | 2.8% | 12692 | 13102 | (3.1)% |
| Less: Operating expenses and real estate taxes | 335016 | 316171 | 6.0% | 9649 | 9705 | (0.6)% |
| Add: Straight-line ground rent expense <sup>5</sup> | (260) | (206) | (26.2)% |  |  | —% |
| NOI - cash (excluding termination income) <sup>2,</sup> <sup>3</sup> | $471194 | $468492 | 0.6% | $3043 | $3397 | (10.4)% |
|  | **Consolidated Total** <sup>1</sup> **(A)** | **Consolidated Total** <sup>1</sup> **(A)** | **Consolidated Total** <sup>1</sup> **(A)** | **BXP's share of Unconsolidated Joint Ventures (B)** | **BXP's share of Unconsolidated Joint Ventures (B)** | **BXP's share of Unconsolidated Joint Ventures (B)** |
|  | **Three Months Ended** | **Three Months Ended** | $**%** | **Three Months Ended** | **Three Months Ended** | $**%** |
|  | **31-Mar-26** | **31-Mar-25** | **Change** | **31-Mar-26** | **31-Mar-25** | **Change** |
| Rental Revenue <sup>2</sup> | $852539 | $826730 |  | $36576 | $38024 |  |
| Less: Termination income | 12828 | 246 |  |  | 200 |  |
| Rental revenue (excluding termination income) <sup>2</sup> | 839711 | 826484 | 1.6% | 36576 | 37824 | (3.3)% |
| Less: Operating expenses and real estate taxes | 344665 | 325876 | 5.8% | 16930 | 16474 | 2.8% |
| NOI (excluding termination income) <sup>2, 3</sup> | $495046 | $500608 | (1.1)% | $19646 | $21350 | (8.0)% |
| Rental revenue (excluding termination income) <sup>2</sup> | $839711 | $826484 | 1.6% | $36576 | $37824 | (3.3)% |
| Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease | 24295 | 34002 | (28.5)% | 415 | 1593 | (73.9)% |
| Add: Lease transaction costs that qualify as rent inducements <sup>4</sup> | 3746 | 5489 | (31.8)% | 25 | (215) | 111.6% |
| Subtotal | 819162 | 797971 | 2.7% | 36186 | 36016 | 0.5% |
| Less: Operating expenses and real estate taxes | 344665 | 325876 | 5.8% | 16930 | 16474 | 2.8% |
| Add: Straight-line ground rent expense <sup>5</sup> | (260) | (206) | (26.2)% | 121 | 136 | (11.0)% |
| NOI - cash (excluding termination income) <sup>2,</sup> <sup>3</sup> | $474237 | $471889 | 0.5% | $19377 | $19678 | (1.5)% |
|  | **Partners' share of Consolidated Joint Ventures** **(C)** | **Partners' share of Consolidated Joint Ventures** **(C)** | **Partners' share of Consolidated Joint Ventures** **(C)** | **BXP's Share** <sup>2, 6</sup> | **BXP's Share** <sup>2, 6</sup> | **BXP's Share** <sup>2, 6</sup> |
|  | **Three Months Ended** | **Three Months Ended** | $**%** | **Three Months Ended** | **Three Months Ended** | $**%** |
|  | **31-Mar-26** | **31-Mar-25** | **Change** | **31-Mar-26** | **31-Mar-25** | **Change** |
| Rental Revenue <sup>2</sup> | $90250 | $85401 |  | $798865 | $779353 |  |
| Less: Termination income |  |  |  | 12828 | 446 |  |
| Rental revenue (excluding termination income) <sup>2</sup> | 90250 | 85401 | 5.7% | 786037 | 778907 | 0.9% |
| Less: Operating expenses and real estate taxes | 38540 | 35699 | 8.0% | 323055 | 306651 | 5.3% |
| NOI (excluding termination income) <sup>2, 3</sup> | $51710 | $49702 | 4.0% | $462982 | $472256 | (2.0)% |
| Rental revenue (excluding termination income) <sup>2</sup> | $90250 | $85401 | 5.7% | $786037 | $778907 | 0.9% |
| Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease | 3583 | 6421 | (44.2)% | 21127 | 29174 | (27.6)% |
| Add: Lease transaction costs that qualify as rent inducements <sup>4</sup> | 32 | 1149 | (97.2)% | 3739 | 4125 | (9.4)% |
| Subtotal | 86699 | 80129 | 8.2% | 768649 | 753858 | 2.0% |
| Less: Operating expenses and real estate taxes | 38540 | 35699 | 8.0% | 323055 | 306651 | 5.3% |
| Add: Straight-line ground rent expense <sup>5</sup> |  |  | —% | (139) | (70) | (98.6)% |
| NOI - cash (excluding termination income) <sup>2,</sup> <sup>3</sup> | $48159 | $44430 | 8.4% | $445455 | $447137 | (0.4)% |

---

___________________

<sup>1</sup>Includes 100% share of consolidated joint ventures that are a Same Property.

<sup>2</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>3</sup>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](#i0dcc74fbf2e544d08d4719902c4758e6_40)-[10](#i0dcc74fbf2e544d08d4719902c4758e6_43).

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Same property net operating income (NOI) by reportable segment (continued)** |

---

<sup>4</sup>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](#i0dcc74fbf2e544d08d4719902c4758e6_31).

<sup>5</sup>Excludes the straight-line impact of approximately $(4,710) and $247 for the three months ended March 31, 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.

<sup>6</sup>BXP's Share equals (A) + (B) - (C).

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Capital expenditures** |

---

(dollars in thousands, except PSF amounts)

***CAPITAL EXPENDITURES***

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** |
| Maintenance capital expenditures | $18984 | $18157 |
| Planned capital expenditures associated with acquisition properties | 4206 | 8247 |
| Repositioning capital expenditures | 323 | 2399 |
| Hotel improvements, equipment upgrades and replacements | 1066 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 24579 | 29394 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of maintenance capital expenditures from unconsolidated joint ventures (JVs) | 455 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of planned capital expenditures associated with acquisition properties from unconsolidated JVs | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of repositioning capital expenditures from unconsolidated JVs |  |  |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' share of maintenance capital expenditures from consolidated JVs | 2792 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' share of planned capital expenditures associated with acquisition properties from consolidated JVs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' share of repositioning capital expenditures from consolidated JVs |  | 3 |
| BXP's Share of Capital Expenditures <sup>1</sup> | $22253 | $28415 |

---

___________________

<sup>1</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Acquisitions and dispositions** |

---

For the period from January 1, 2026 through March 31, 2026

(dollars in thousands)

***ACQUISITIONS***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **BXP's Share of Investment** | **BXP's Share of Investment** | **BXP's Share of Investment** | |
|<br>**Property** |<br>**Location** |<br>**Date Acquired** |<br>**Square Feet** | **Initial** | **Anticipated Future** | **Total** |<br>**In-service Leased (%)** |
| N/A |  |  |  | $— | $— | $— | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Acquisitions |  |  |  | $— | $— | $— | —% |

---

***DISPOSITIONS***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Date Disposed** | **Square Feet** | **BXP's Share of Gross Sales Price** | **BXP's Share of Net Cash Proceeds** | **BXP's Share of Book Gain (Loss)** <sup>1</sup> |
| **Land:** | | | | | | |
| North First Business Park <sup>2</sup> | San Jose, CA | January 14, 2026 | 191000 | $50500 | $49076 | $(229) |
| Shady Grove - Parcel 1 <sup>2</sup> | Rockville, MD | February 5, 2026 | N/A | 24650 | 23692 | (744) |
|  |  |  | 191000 | 75150 | 72768 | (973) |
| **Residential:** |  |  |  |  |  |  |
| The Lofts at Atlantic Wharf | Boston, MA | February 25, 2026 | 87000 | 55500 | 54066 | 14765 |
|  |  |  | 87000 | 55500 | 54066 | 14765 |
| **Non-Strategic Office Sales:** |  |  |  |  |  |  |
| Gateway Commons (50% ownership) <sup>2</sup> | South San Francisco, CA | January 2, 2026 | 792700 | 150000 | 130698 | 6082 |
| 7750 Wisconsin Ave (50% ownership) | Bethesda/Chevy Chase, MD | March 19, 2026 | 736000 | 215000 | 81501 | 34840 |
|  |  |  | 1528700 | 365000 | 212199 | 40922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Dispositions |  |  | 1806700 | $495650 | $339033 | $54714 |

---

___________________

<sup>1</sup>Excludes approximately $0.1 million of loss related to sales that occurred in prior periods.

<sup>2</sup>The Company previously recognized an impairment loss.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Construction in progress** |

---

(dollars in thousands)

***CONSTRUCTION IN PROGRESS AT MARCH 31, 2026*** <sup>1</sup>

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual/Estimated** | **Actual/Estimated** | | | **BXP's share** | **BXP's share** | **BXP's share** | **BXP's share** | **BXP's share** | | | | |
| | **Initial Occupancy** | **Stabilization Date** | | **Square Feet** | **Investment to Date** <sup>2</sup> | **Estimated Total Investment** <sup>2</sup> | **Total Financing** | **Amount Drawn** | **Estimated Future Equity Requirement** <sup>2</sup> | **Percentage Leased** <sup>3</sup> | | **Percentage placed in-service** <sup>4</sup> | **Net Operating Income (Loss)** <sup>5</sup> **(BXP's share)** |
| | **Initial Occupancy** | **Stabilization Date** |<br>**Location** | **Square Feet** | **Investment to Date** <sup>2</sup> | **Estimated Total Investment** <sup>2</sup> | **Total Financing** | **Amount Drawn** | **Estimated Future Equity Requirement** <sup>2</sup> | **Percentage Leased** <sup>3</sup> | | **Percentage placed in-service** <sup>4</sup> | **Net Operating Income (Loss)** <sup>5</sup> **(BXP's share)** |
| **<u>Office</u>** | | | | | | | | | | | | | |
| 725 12th Street | Q1 2029 | Q4 2030 | Washington, DC | 320000 | $97519 | $349600 | $— | $— | $252081 | 87% |  | —% | N/A |
| 343 Madison Avenue | Q3 2029 | Q2 2031 | New York, NY | 930000 | 346101 | 1971000 |  |  | 1624899 | 29% |  | —% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Office Properties under Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Office Properties under Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Office Properties under Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Office Properties under Construction** | 1250000 | 443620 | 2320600 |  |  | 1876980 | 44% |  | —% | N/A |
| **<u>Lab/Life Sciences</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 290 Binney Street (55% ownership) <sup>6</sup> | Q2 2026 | Q2 2026 | Cambridge, MA | 573000 | 379970 | 508000 |  |  | 128030 | 100% |  | —% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lab/Life Sciences Properties under Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lab/Life Sciences Properties under Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lab/Life Sciences Properties under Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lab/Life Sciences Properties under Construction** | 573000 | 379970 | 508000 |  |  | 128030 | 100% |  | —% | N/A |
| **<u>Residential</u>** <sup>7</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 17 Hartwell Avenue (312 units) (20% ownership) | Q2 2027 | Q2 2028 | Lexington, MA | 347000 | 14645 | 35900 | 19747 |  | 1508 | —% |  | —% | N/A |
| &nbsp;&nbsp;&nbsp;17 Hartwell Avenue - Retail |  |  |  | 2100 |  |  |  |  |  | —% |  | —% | N/A |
| 121 Broadway Street (439 units) | Q3 2027 | Q2 2029 | Cambridge, MA | 490000 | 322118 | 597800 |  |  | 275682 | —% |  | —% | N/A |
| &nbsp;&nbsp;&nbsp;121 Broadway Street - Retail |  |  |  | 1550 |  |  |  |  |  | —% |  | —% | N/A |
| 290 Coles Street (670 units) (19.46% ownership) <sup>8</sup> | Q2 2028 | Q3 2029 | Jersey City, NJ | 693000 | 20906 | 88700 | 56400 |  | 11394 | —% |  | —% | N/A |
| &nbsp;&nbsp;&nbsp;290 Coles Street - Retail |  |  |  | 13000 |  |  |  |  |  | —% |  | —% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Residential Properties under Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Residential Properties under Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Residential Properties under Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Residential Properties under Construction** | 1546650 | 357669 | 722400 | 76147 |  | 288584 | —% |  | —% | N/A |
| **Total Properties Under Construction** | **Total Properties Under Construction** | **Total Properties Under Construction** | **Total Properties Under Construction** | 3369650 | $1181259 | $3551000 | $76147 | $— | $2293594 | 61% | <sup>9</sup> | —% | N/A |

---

***PROJECTS FULLY PLACED IN-SERVICE DURING 2026***

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Actual/Estimated** | **Actual/Estimated** | | | **BXP's share** | **BXP's share** | **BXP's share** | **BXP's share** | **BXP's share** | | |
| | | | | | | **Estimated Total Investment** <sup>2</sup> | | **Amount Drawn at 3/31/2026** | **Estimated Future Equity Requirement** <sup>2</sup> | | **Net Operating Income (Loss)** <sup>5</sup> **(BXP's share)** |
| | **Initial Occupancy** | **Stabilization Date** | | | **Investment to Date** <sup>2</sup> | **Estimated Total Investment** <sup>2</sup> | **Total Financing** | **Amount Drawn at 3/31/2026** | **Estimated Future Equity Requirement** <sup>2</sup> | | **Net Operating Income (Loss)** <sup>5</sup> **(BXP's share)** |
| | **Initial Occupancy** | **Stabilization Date** |<br><br>**Location** |<br><br>**Square Feet** | **Investment to Date** <sup>2</sup> | **Estimated Total Investment** <sup>2</sup> | **Total Financing** | **Amount Drawn at 3/31/2026** | **Estimated Future Equity Requirement** <sup>2</sup> |<br>**Percentage**<br>**Leased** <sup>3</sup> | **Net Operating Income (Loss)** <sup>5</sup> **(BXP's share)** |
| Reston Next Retail | Q2 2026 | Q4 2026 | Reston, VA | 30284 | $28680 | $31600 | $— | $— | $2920 | 69% | $(56) |
| **Total Projects Fully Placed In-Service** | **Total Projects Fully Placed In-Service** |  |  | 30284 | $28680 | $31600 | $— | $— | $2920 | 69% | $(56) |

---

________________

<sup>1</sup>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.

<sup>2</sup>Includes income (loss) and interest carry on debt and equity investment.

<sup>3</sup>Represents percentage leased as of April 24, 2026, including leases with future commencement dates.

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

<sup>5</sup>Amounts represent Net Operating Income (Loss) for the three months ended March 31, 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](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>6</sup>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 $133.1 million for the vault as of March 31, 2026.

<sup>7</sup>Residential Projects are shown in gross square feet beginning Q1 2026.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Construction in progress (continued)** |

---

<sup>8</sup>On March 5, 2025, the Company acquired a 19.46% interest in 290 Coles Street. The budget represents the Company's 19.46% ownership of the project budget and financings which includes the Company's share of preferred equity. The Company has contributed $20.0 million of common equity at closing. In addition, the Company has committed to provide up to $65.0 million in preferred equity accruing at a 13% internal rate of return. As of March 31, 2026, $60.0 million of preferred equity has been contributed.

<sup>9</sup> Total percentage leased excludes Residential.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Land parcels and purchase options** |

---

as of March 31, 2026

***OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT*** <sup>1</sup>

---

| | |
|:---|:---|
| **Location** | **Approximate Developable Square Feet** <sup>2</sup> |
| **<u>Office</u>** | |
| New York, NY (25% ownership) | 2000000 |
| Princeton, NJ | 1723000 |
| Reston, VA | 1278000 |
| San Jose, CA (55% ownership) | 1088000 |
| Waltham, MA | 899000 |
| San Francisco, CA | 850000 |
| Springfield, VA | 576000 |
| Lexington, MA | 420000 |
| Washington, DC | 320000 |
| Rockville, MD | 150000 |
| Boston, MA | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Office | 9329000 |
| **<u>Residential</u>** |  |
| Reston, VA | 1193000 |
| Rockville, MD | 622000 |
| Herndon, VA (50% ownership) | 611000 |
| Weston, MA | 600000 |
| Washington, DC (50% ownership) | 520000 |
| Waltham, MA | 274000 |
| West Los Angeles, CA | 260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Residential | 4080000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Owned Land Parcels | 13409000 |

---

***VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS***

---

| | |
|:---|:---|
| **Location** | **Approximate Developable Square Feet** <sup>2</sup> |
| **<u>Office</u>** | |
| Waltham, MA <sup>3</sup> | 1200000 |
| Boston, MA | 668000 |
| Cambridge, MA | 573000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Office | 2441000 |
| **<u>Residential</u>** |  |
| Boston, MA | 632000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Residential | 632000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Land Purchase Options | 3073000 |

---

__________________

<sup>1</sup>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 three ended March 31, 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.

<sup>2</sup>Represents 100% of consolidated and unconsolidated projects.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Leasing activity** |

---

for the three months ended March 31, 2026

---

| | |
|:---|:---|
| ***OCCUPANCY ACTIVITY - NET (INCREASE)/DECREASE IN AVAILABLE SPACE (SF)*** | |
| | **Total** |
| Vacant space available at the beginning of the period | 6342127 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property dispositions/properties taken out of service <sup>1</sup> | 389363 |
| Add: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Properties placed (and partially placed) in-service <sup>2</sup> | 30284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leases expiring or terminated during the period | 2190499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total space available for lease | 8173547 |
| 1st generation leases <sup>3</sup> | 120757 |
| 2nd generation leases with new clients <sup>4</sup> | 794173 |
| 2nd generation lease renewals | 1501848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total leases commenced during the period <sup>5</sup> | 2416778 |
| Vacant space available for lease at the end of the period | 5756769 |
| Net (increase)/decrease in available space | 585358 |
| ***LEASING ACTIVITY - EXECUTED LEASES (new presentation in Q1'26)*** |  |
| 1st generation leases <sup>3</sup> | 194751 |
| 2nd generation leases with new clients <sup>4</sup> | 954141 |
| Total Leases executed during the period | 1148892 |
| **2nd generation leasing information:** |  |
| Weighted average lease term (months) | 96 |
| Weighted average free rent period (days) | 187 |
| Total transaction costs per square foot <sup>6</sup> | 114.11 |
| Lease Costs per year of term | $14.26 |
| Increase (decrease) in gross rents <sup>7</sup> | (1.87)% |
| Increase (decrease) in net rents <sup>8</sup> | (3.18)% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **All leases executed in the quarter (SF)** | **All leases executed in the quarter (SF)** | **All leases executed in the quarter (SF)** | **Incr (decr) in 2nd generation cash rents** | **Incr (decr) in 2nd generation cash rents** |
| | **1st generation** | **2nd generation** | **total** | **gross** <sup>7,9</sup> | **net** <sup>8,9</sup> |
| Boston | 46390 | 235680 | 282070 | (1.11)% | (2.13)% |
| Los Angeles |  | 17709 | 17709 | (32.53)% | (47.58)% |
| New York | 138228 | 215531 | 353759 | (5.32)% | (9.49)% |
| San Francisco |  | 181642 | 181642 | 10.23% | 15.43% |
| Seattle |  | 39703 | 39703 | 1.45% | 2.05% |
| Washington, DC | 10133 | 263876 | 274009 | (5.21)% | (7.63)% |
| Total / Weighted Average | 194751 | 954141 | 1148892 | (1.87)% | (3.18)% |

---

_____________

<sup>1</sup>Total vacant square feet of property dispositions/properties taken out of service in Q1 2026 consists of 260,762 at Gateway Commons, 79,382 at North First Business Park and 49,219 at Santa Monica Business Park.

<sup>2</sup> Total square feet of properties placed in service in Q1 2026 consists of 30,284 at Reston Next Retail.

<sup>3</sup> 1st generation leases are defined as leases for development and redevelopment space that has not previously been leased.

<sup>4</sup> 2nd generation leases are defined as leases for in-service space that has previously been leased.

<sup>5</sup> Leases for 302,194 square feet were signed in the current quarter.

<sup>6</sup> Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.

<sup>7</sup> Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 840,250 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.

<sup>8</sup> Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 840,250 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.

<sup>9</sup> The calculation for the increase/(decrease) of gross rent and net rent are based on current quarter expenses.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Portfolio overview** |

---

for the three months ended March 31, 2026

(dollars in thousands)

***Rentable square footage of in-service properties by location and unit type*** <sup>1, 2, 3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Office** | **Retail** | **Residential** | **Hotel** | **Total** |
| Boston | 13990185 | 1076529 | 320444 | 330000 | 15717158 |
| Los Angeles | 1923230 | 123534 |  |  | 2046764 |
| New York | 12538424 | 488017 |  |  | 13026441 |
| San Francisco | 6039880 | 333171 | 318171 |  | 6691222 |
| Seattle | 1503381 | 13171 |  |  | 1516552 |
| Washington, DC | 7010147 | 624129 | 417036 |  | 8051312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 43005247 | 2658551 | 1055651 | 330000 | 47049449 |
| &nbsp;&nbsp;&nbsp;&nbsp;% of Total | 91.41% | 5.65% | 2.24% | 0.70% | 100.00% |

---

***Rentable square footage of in-service properties, excluding hotel and residential properties*** <sup>1, 3</sup>

---

| | |
|:---|:---|
| | **Total** |
| Rentable square feet of in-service properties <sup>2</sup> | 47049449 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rentable square feet from residential and hotel properties <sup>2</sup> | 1402736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' share of rentable square feet from unconsolidated joint venture properties, excluding residential properties <sup>4</sup> | 2884659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' share of rentable square feet from consolidated joint venture properties <sup>5</sup> | 3117910 |
| BXP's Share of rentable square feet, excluding residential and hotel properties <sup>1</sup> | 39644144 |

---

***Rental revenue of in-service properties by unit type*** <sup>1, 3</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Office** | **Retail** | **Residential** | **Hotel** <sup>6</sup> | **Total** |
| Consolidated | $785702 | $59041 | $4330 | $8998 | $858071 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' share from consolidated joint ventures <sup>7</sup> | 80926 | 9324 |  |  | 90250 |
| Add: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share from unconsolidated joint ventures <sup>8</sup> | 37130 | 2521 | 3714 |  | 43365 |
| BXP's Share of Rental revenue <sup>1</sup> | $741906 | $52238 | $8044 | $8998 | $811186 |
| &nbsp;&nbsp;&nbsp;&nbsp;% of Total | 91.46% | 6.44% | 0.99% | 1.11% | 100.00% |

---

***Percentage of BXP's Share of net operating income (NOI) (excluding termination income) by location*** <sup>1,</sup> <sup>9</sup>

---

| | | | |
|:---|:---|:---|:---|
| | **CBD** | **Suburban** | **Total** |
| Boston | 32.80% | 4.26% | 37.06% |
| Los Angeles | 3.65% | —% | 3.65% |
| New York | 23.20% | 1.61% | 24.81% |
| San Francisco | 16.40% | 0.68% | 17.08% |
| Seattle | 2.05% | —% | 2.05% |
| Washington, DC | 15.18% | 0.17% | 15.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 93.28% | 6.72% | 100.00% |

---

_____________

<sup>1</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>2</sup>Includes 100% of the rentable square footage of the Company's In-Service Properties.

<sup>3</sup>For additional detail relating to the Company's In-Service Properties, see pages 21-24.

<sup>4</sup>Represents the partners' share of the rentable square feet from unconsolidated joint venture properties (calculated based upon the partners' percentage ownership interest).

<sup>5</sup>Represents the partners' share of the rentable square feet from consolidated joint venture properties (calculated based upon the partners' percentage ownership interests).

<sup>6</sup>Excludes approximately $103 of revenue from retail clients that is included in Retail.

<sup>7</sup>See page 63 for additional information.

<sup>8</sup>See page 65 for additional information.

<sup>9</sup>BXP's Share of NOI (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income attributable to BXP, Inc. to BXP's Share of NOI (excluding termination income), see page [9](#i0dcc74fbf2e544d08d4719902c4758e6_40).

------

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| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Residential and hotel performance** |

---

(dollars in thousands, except rental rates)

***RESULTS OF OPERATIONS***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Residential** <sup>1</sup> | **Residential** <sup>1</sup> | **Hotel** | **Hotel** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** | **31-Mar-26** | **31-Dec-25** |
| Rental Revenue <sup>2</sup> | $4452 | $12818 | $9101 | $12464 |
| Less: Operating expenses and real estate taxes | 2210 | 7618 | 7982 | 9041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income (NOI) <sup>2</sup> | 2242 | 5200 | 1119 | 3423 |
| Add: BXP's share of NOI from unconsolidated joint ventures | 2238 | 2337 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of NOI <sup>2</sup> | $4480 | $7537 | $1119 | $3423 |
| Rental Revenue <sup>2</sup> | $4452 | $12818 | $9101 | $12464 |
| Less: Straight line rent and fair value lease revenue | 16 | 40 | (2) | (2) |
| Add: Lease transaction costs that qualify as rent inducements |  | 50 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 4436 | 12828 | 9103 | 12466 |
| Less: Operating expenses and real estate taxes | 2210 | 7618 | 7982 | 9041 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI - cash basis <sup>2</sup> | 2226 | 5210 | 1121 | 3425 |
| Add: BXP's share of NOI-cash from unconsolidated joint ventures | 2238 | 2337 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of NOI - cash basis <sup>2</sup> | $4464 | $7547 | $1121 | $3425 |

---

***RESIDENTIAL RENTAL RATES AND OCCUPANCY*** <sup>2, 3</sup> ***- Year-over-Year***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Residential Units** | **Three Months Ended** | **Three Months Ended** | **Percent Change** |
| | **Residential Units** | **31-Mar-26** | **31-Mar-25** | **Percent Change** |
| Boston | 440 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Monthly Rental Rate |  | $4468 | $4390 | 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Rental Rate Per Occupied Square Foot |  | $6.15 | $6.00 | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Physical Occupancy |  | 93.64% | 93.86% | (0.23)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Economic Occupancy |  | 93.14% | 94.30% | (1.23)% |
| San Francisco | 402 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Monthly Rental Rate |  | $3086 | $3115 | (0.93)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Rental Rate Per Occupied Square Foot |  | $3.92 | $3.93 | (0.25)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Physical Occupancy |  | 91.71% | 90.63% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Economic Occupancy |  | 90.09% | 89.24% | 0.95% |
| Washington, DC | 508 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Monthly Rental Rate |  | $2824 | $2317 | 21.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Rental Rate Per Occupied Square Foot |  | $3.47 | $2.96 | 17.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Physical Occupancy |  | 92.98% | 53.22% | 74.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Economic Occupancy |  | 90.91% | 44.61% | 103.79% |
| Total residential units | 1350 |  |  |  |

---

***HOTEL RENTAL RATES AND OCCUPANCY*** <sup>3</sup> ***- Year-over-Year***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Hotel Rooms** | **Three Months Ended** | **Three Months Ended** | **Percent Change** |
| | **Hotel Rooms** | **31-Mar-26** | **31-Mar-25** | **Percent Change** |
| Boston Marriott Cambridge | 437 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Occupancy |  | 73.70% | 74.90% | (1.60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Daily Rate |  | $259.22 | $258.17 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue Per Available Room |  | $191.02 | $193.36 | (1.21)% |

---

_____________

<sup>1</sup>Includes retail space.

<sup>2</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>3</sup>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 March 31, 2026. For additional detail related to The Lofts at Atlantic Wharf sale, see page [14](#i0dcc74fbf2e544d08d4719902c4758e6_55).

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **In-service property listing** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| as of March 31, 2026 | | | | | | |
| | **Sub Market** | **Number of Buildings** | **Square Feet** | **Occupied %** <sup>1</sup> | **Leased %** <sup>2</sup> | **Annualized Rental Obligations Per Occupied SF** <sup>3</sup> |
| ***CBD*** |  |  |  |  |  |  |
| ***BOSTON*** |  |  |  |  |  |  |
| Office |  |  |  |  |  |  |
| 200 Clarendon Street | CBD Boston MA | 1 | 1700914 | 99.7% | 100.0% | $91.28 |
| 800 Boylston Street - The Prudential Center | CBD Boston MA | 1 | 1270070 | 93.3% | 96.8% | 76.42 |
| 100 Federal Street (55% ownership) | CBD Boston MA | 1 | 1233943 | 92.2% | 98.9% | 78.34 |
| 111 Huntington Avenue - The Prudential Center | CBD Boston MA | 1 | 860446 | 100.0% | 100.0% | 82.81 |
| Atlantic Wharf Office (55% ownership) | CBD Boston MA | 1 | 793024 | 100.0% | 100.0% | 95.63 |
| 100 Causeway Street (50% ownership) <sup>4</sup> | CBD Boston MA | 1 | 633818 | 100.0% | 100.0% | 76.40 |
| Prudential Center (retail shops) <sup>5</sup> | CBD Boston MA | 1 | 589906 | 94.9% | 97.2% | 96.48 |
| 101 Huntington Avenue - The Prudential Center | CBD Boston MA | 1 | 506476 | 100.0% | 100.0% | 63.77 |
| The Hub on Causeway - Podium (50% ownership) <sup>4</sup> | CBD Boston MA | 1 | 382988 | 96.1% | 96.1% | 65.43 |
| 888 Boylston Street - The Prudential Center | CBD Boston MA | 1 | 377574 | 96.2% | 96.2% | 84.26 |
| Star Market at the Prudential Center <sup>5</sup> | CBD Boston MA | 1 | 60015 | 100.0% | 100.0% | 64.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 11 | 8409174 | 97.1% | 98.8% | $82.75 |
| 145 Broadway | East Cambridge MA | 1 | 490086 | 99.6% | 99.6% | $94.49 |
| 325 Main Street | East Cambridge MA | 1 | 406824 | 96.5% | 100.0% | 116.31 |
| 125 Broadway <sup>6</sup> | East Cambridge MA | 1 | 271000 | 100.0% | 100.0% | 152.84 |
| 355 Main Street | East Cambridge MA | 1 | 256966 | 100.0% | 100.0% | 105.06 |
| 300 Binney Street (55% ownership) <sup>6</sup> | East Cambridge MA | 1 | 239908 | 100.0% | 100.0% | 167.90 |
| 90 Broadway | East Cambridge MA | 1 | 223771 | 100.0% | 100.0% | 94.97 |
| 255 Main Street | East Cambridge MA | 1 | 215394 | 82.5% | 82.5% | 93.42 |
| 150 Broadway | East Cambridge MA | 1 | 177226 | 100.0% | 100.0% | 104.05 |
| 105 Broadway | East Cambridge MA | 1 | 152664 | 100.0% | 100.0% | 78.57 |
| 250 Binney Street <sup>6</sup> | East Cambridge MA | 1 | 67362 | 100.0% | 100.0% | 94.96 |
| University Place | Mid-Cambridge MA | 1 | 195282 | 100.0% | 100.0% | 62.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 11 | 2696483 | 98.0% | 98.5% | $108.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal Boston CBD |  | 22 | 11105657 | 97.3% | 98.7% | $89.18 |
| Residential |  |  |  |  |  |  |
| Hub50House (440 units) (50% ownership) <sup>4</sup> | CBD Boston MA | 1 | 320444 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 1 | 320444 |  |  |  |
| Hotel |  |  |  |  |  |  |
| Boston Marriott Cambridge (437 rooms) | East Cambridge MA | 1 | 334260 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 1 | 334260 |  |  |  |
| ***LOS ANGELES*** |  |  |  |  |  |  |
| Office |  |  |  |  |  |  |
| Colorado Center (50% ownership) <sup>4</sup> | West Los Angeles CA | 6 | 1130066 | 89.6% | 90.3% | $83.50 |
| Santa Monica Business Park | West Los Angeles CA | 12 | 843692 | 84.1% | 86.2% | 75.49 |
| Santa Monica Business Park Retail <sup>5</sup> | West Los Angeles CA | 7 | 73006 | 86.8% | 86.8% | 80.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 25 | 2046764 | 87.2% | 88.5% | $80.21 |
| ***NEW YORK*** |  |  |  |  |  |  |
| Office |  |  |  |  |  |  |
| 767 Fifth Avenue (The GM Building) (60% ownership) | Plaza District NY | 1 | 1970335 | 98.4% | 99.5% | $167.40 |
| 601 Lexington Avenue (55% ownership) | Park Avenue NY | 1 | 1671682 | 99.9% | 99.9% | 103.05 |
| 399 Park Avenue | Park Avenue NY | 1 | 1567470 | 100.0% | 100.0% | 111.17 |
| 599 Lexington Avenue | Park Avenue NY | 1 | 1105002 | 88.2% | 97.3% | 86.17 |
| 7 Times Square (55% ownership) | Times Square NY | 1 | 1238722 | 81.7% | 92.8% | 77.65 |

---

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **In-service property listing (continued)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| as of March 31, 2026 |  |  |  |  |  |  |
|  | **Sub Market** | **Number of Buildings** | **Square Feet** | **Occupied %** <sup>1</sup> | **Leased %** <sup>2</sup> | **Annualized Rental Obligations Per Occupied SF** <sup>3</sup> |
| 250 West 55th Street | Times Square / West Side NY | 1 | 966976 | 98.7% | 98.7% | 104.61 |
| 200 Fifth Avenue (26.69% ownership) <sup>4</sup> | Midtown South NY | 1 | 845367 | 59.8% | 95.7% | 93.83 |
| 360 Park Avenue South (71.11% ownership) <sup>4, 7</sup> | Midtown South NY | 1 | 448112 | 43.4% | 89.7% | 99.88 |
| Dock 72 (50% ownership) <sup>4</sup> | Brooklyn NY | 1 | 668521 | 42.1% | 42.1% | 33.56 |
| 510 Madison Avenue | Fifth/Madison Avenue NY | 1 | 352589 | 86.9% | 96.6% | 126.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 10 | 10834776 | 86.8% | 94.2% | $111.57 |
| ***SAN FRANCISCO*** |  |  |  |  |  |  |
| Office |  |  |  |  |  |  |
| Salesforce Tower | CBD San Francisco CA | 1 | 1420682 | 98.0% | 98.0% | $115.83 |
| Embarcadero Center Four | CBD San Francisco CA | 1 | 945594 | 93.6% | 95.3% | 106.48 |
| Embarcadero Center One | CBD San Francisco CA | 1 | 838051 | 68.4% | 70.8% | 94.92 |
| Embarcadero Center Two | CBD San Francisco CA | 1 | 802003 | 71.8% | 71.8% | 84.33 |
| Embarcadero Center Three | CBD San Francisco CA | 1 | 787505 | 71.4% | 78.8% | 95.80 |
| 680 Folsom Street | CBD San Francisco CA | 2 | 522394 | 72.4% | 92.3% | 81.67 |
| 535 Mission Street | CBD San Francisco CA | 1 | 303322 | 90.6% | 90.6% | 76.75 |
| 690 Folsom Street | CBD San Francisco CA | 1 | 26080 | 100.0% | 100.0% | 76.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 9 | 5645631 | 82.7% | 86.3% | $100.00 |
| Residential |  |  |  |  |  |  |
| The Skylyne (402 units) | CBD Oakland CA | 1 | 330996 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 1 | 330996 |  |  |  |
| ***SEATTLE*** |  |  |  |  |  |  |
| Office |  |  |  |  |  |  |
| Safeco Plaza (33.67% ownership) <sup>4</sup> | CBD Seattle WA | 1 | 762541 | 79.4% | 80.3% | $49.87 |
| Madison Centre | CBD Seattle WA | 1 | 754011 | 82.1% | 84.3% | 61.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 2 | 1516552 | 80.7% | 82.3% | $55.73 |
| ***WASHINGTON, DC*** |  |  |  |  |  |  |
| Office |  |  |  |  |  |  |
| 901 New York Avenue | East End Washington DC | 1 | 526383 | 82.1% | 84.4% | $71.70 |
| 2100 Pennsylvania Avenue | CBD Washington DC | 1 | 475849 | 95.0% | 97.1% | 87.11 |
| 2200 Pennsylvania Avenue | CBD Washington DC | 1 | 460039 | 89.3% | 94.5% | 71.24 |
| 1330 Connecticut Avenue | CBD Washington DC | 1 | 253375 | 95.9% | 95.9% | 69.57 |
| Sumner Square | CBD Washington DC | 1 | 210542 | 93.0% | 93.0% | 51.05 |
| 500 North Capitol Street, N.W. (30% ownership) <sup>4</sup> | Capitol Hill Washington DC | 1 | 230900 | 95.1% | 95.1% | 84.96 |
| Capital Gallery | Southwest Washington DC | 1 | 176909 | 43.6% | 55.5% | 64.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 7 | 2333997 | 87.0% | 89.8% | $74.00 |
| Reston Next | Reston VA | 2 | 1063299 | 97.9% | 99.6% | $63.75 |
| South of Market | Reston VA | 3 | 624386 | 100.0% | 100.0% | 57.07 |
| Fountain Square | Reston VA | 2 | 524326 | 94.3% | 97.8% | 54.08 |
| One Freedom Square | Reston VA | 1 | 427612 | 87.9% | 91.0% | 55.86 |
| Two Freedom Square | Reston VA | 1 | 423222 | 100.0% | 100.0% | 55.53 |
| One and Two Discovery Square | Reston VA | 2 | 366989 | 89.7% | 89.7% | 53.54 |
| One Reston Overlook | Reston VA | 1 | 319519 | 100.0% | 100.0% | 50.33 |
| 17Fifty Presidents Street | Reston VA | 1 | 275809 | 100.0% | 100.0% | 74.08 |
| Democracy Tower | Reston VA | 1 | 259441 | 99.3% | 99.3% | 70.63 |
| Fountain Square Retail <sup>5</sup> | Reston VA | 1 | 196662 | 89.9% | 90.2% | 52.76 |
| Two Reston Overlook | Reston VA | 1 | 134615 | 100.0% | 100.0% | 57.50 |
| Reston Next Office Phase II <sup>7</sup> | Reston VA | 1 | 86629 | 92.2% | 92.2% | 59.42 |
| Reston Next Retail <sup>5, 7</sup> | Reston VA | 1 | 30284 | —% | 69.1% |  |

---

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| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **In-service property listing (continued)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| as of March 31, 2026 | | | | | | | | | |
| | **Sub Market** | **Number of Buildings** | **Square Feet** | **Occupied %** <sup>1</sup> | | **Leased %** <sup>2</sup> | | **Annualized Rental Obligations Per Occupied SF** <sup>3</sup> | |
| Avant Retail <sup>5</sup> | Reston VA | 1 | 26179 | 100.0% | | 100.0% | | 67.97 | |
| Subtotal | | 19 | 4758972 | 95.8% | | 97.3% | | $59.06 | |
| Wisconsin Place Office | Montgomery County MD | 1 | 295845 | 52.6% | | 52.6% | | 53.65 | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | | 1 | 295845 | 52.6% | | 52.6% | | $53.65 | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal Washington, DC CBD | | 27 | 7388814 | 91.3% | | 93.1% | | $63.37 | |
| Residential | | | | | | | | | |
| Skymark (508 units) (20% ownership) <sup>4</sup> | Reston VA | 1 | 417036 | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | | 1 | 417036 | | | | | | |
|  | ***CBD Total*** | 99 | 39940930 | 89.9% | 8 | 93.4% | 8 | $90.06 | 8 |
|  | ***BXP's Share of CBD*** |  |  | 90.6% | 8 | 93.6% | 8 |  |  |
| ***SUBURBAN*** |  |  |  |  |  |  |  |  |  |
| ***BOSTON*** |  |  |  |  |  |  |  |  |  |
| Office |  |  |  |  |  |  |  |  |  |
| Bay Colony Corporate Center <sup>9</sup> | Route 128 Mass Turnpike MA | 2 | 435917 | 79.7% |  | 79.7% |  | $41.66 |  |
| Weston Corporate Center | Route 128 Mass Turnpike MA | 1 | 356995 | 41.1% |  | 41.1% |  | 36.37 |  |
| 180 CityPoint <sup>6</sup> | Route 128 Mass Turnpike MA | 1 | 329195 | 55.2% |  | 91.5% |  | 93.54 |  |
| Waltham Weston Corporate Center | Route 128 Mass Turnpike MA | 1 | 301611 | 73.0% |  | 73.0% |  | 46.80 |  |
| 230 CityPoint | Route 128 Mass Turnpike MA | 1 | 299304 | 97.0% |  | 98.3% |  | 50.18 |  |
| 200 West Street <sup>6</sup> | Route 128 Mass Turnpike MA | 1 | 273361 | 86.1% |  | 86.1% |  | 95.37 |  |
| 880 Winter Street <sup>6</sup> | Route 128 Mass Turnpike MA | 1 | 243614 | 92.3% |  | 92.3% |  | 104.68 |  |
| 10 CityPoint | Route 128 Mass Turnpike MA | 1 | 236570 | 98.6% |  | 98.6% |  | 61.23 |  |
| 20 CityPoint | Route 128 Mass Turnpike MA | 1 | 211476 | 98.1% |  | 98.1% |  | 62.73 |  |
| 77 CityPoint | Route 128 Mass Turnpike MA | 1 | 209382 | 84.0% |  | 84.0% |  | 61.17 |  |
| 890 Winter Street | Route 128 Mass Turnpike MA | 1 | 180155 | 88.6% |  | 88.6% |  | 47.49 |  |
| Reservoir Place | Route 128 Mass Turnpike MA | 1 | 164993 | 66.5% |  | 68.4% |  | 38.85 |  |
| 153 & 211 Second Avenue <sup>10</sup> | Route 128 Mass Turnpike MA | 2 | 154093 | 84.0% |  | 84.0% |  | 53.43 |  |
| 1265 Main Street (50% ownership) <sup>4</sup> | Route 128 Mass Turnpike MA | 1 | 120681 | 100.0% |  | 100.0% |  | 59.36 |  |
| 103 CityPoint <sup>6</sup> | Route 128 Mass Turnpike MA | 1 | 112842 | —% |  | —% |  |  |  |
| Reservoir Place North | Route 128 Mass Turnpike MA | 1 | 73258 | 100.0% |  | 100.0% |  | 53.85 |  |
| The Point <sup>5</sup> | Route 128 Mass Turnpike MA | 1 | 16300 | 100.0% |  | 100.0% |  | 66.97 |  |
| 33 Hayden Avenue <sup>6</sup> | Route 128 Northwest MA | 1 | 80872 | 100.0% |  | 100.0% |  | 82.65 |  |
| 32 Hartwell Avenue | Route 128 Northwest MA | 1 | 69154 | 100.0% |  | 100.0% |  | 28.63 |  |
| 100 Hayden Avenue <sup>6</sup> | Route 128 Northwest MA | 1 | 55924 | 100.0% |  | 100.0% |  | 68.25 |  |
| 92 Hayden Avenue | Route 128 Northwest MA | 1 | 31100 | 100.0% |  | 100.0% |  | 48.58 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 23 | 3956797 | 78.6% |  | 81.8% |  | $61.36 |  |
| ***NEW YORK*** |  |  |  |  |  |  |  |  |  |
| Office |  |  |  |  |  |  |  |  |  |
| 510 Carnegie Center | Princeton NJ | 1 | 234160 | 72.4% |  | 78.4% |  | $40.62 |  |
| 206 Carnegie Center | Princeton NJ | 1 | 161763 | —% |  | —% |  |  |  |
| 210 Carnegie Center | Princeton NJ | 1 | 159468 | 33.2% |  | 66.2% |  | 41.69 |  |
| 212 Carnegie Center | Princeton NJ | 1 | 148942 | 72.5% |  | 74.9% |  | 36.30 |  |
| 214 Carnegie Center | Princeton NJ | 1 | 146799 | 62.8% |  | 62.8% |  | 38.82 |  |
| 506 Carnegie Center | Princeton NJ | 1 | 139050 | 95.1% |  | 95.1% |  | 41.84 |  |
| 508 Carnegie Center | Princeton NJ | 1 | 134433 | 100.0% |  | 100.0% |  | 44.87 |  |
| 202 Carnegie Center | Princeton NJ | 1 | 134067 | 73.7% |  | 73.7% |  | 37.38 |  |
| 804 Carnegie Center | Princeton NJ | 1 | 130000 | 100.0% |  | 100.0% |  | 42.31 |  |
| 101 Carnegie Center | Princeton NJ | 1 | 122791 | 82.3% |  | 82.3% |  | 36.44 |  |
| 504 Carnegie Center | Princeton NJ | 1 | 121990 | 100.0% |  | 100.0% |  | 35.68 |  |

---

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| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **In-service property listing (continued)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| as of March 31, 2026 |  |  |  |  |  |  |  |  |  |
|  | **Sub Market** | **Number of Buildings** | **Square Feet** | **Occupied %** <sup>1</sup> |  | **Leased %** <sup>2</sup> |  | **Annualized Rental Obligations Per Occupied SF** <sup>3</sup> |  |
| 502 Carnegie Center | Princeton NJ | 1 | 121460 | 94.8% |  | 94.8% |  | 49.34 |  |
| 701 Carnegie Center | Princeton NJ | 1 | 120000 | 100.0% |  | 100.0% |  | 35.32 |  |
| 104 Carnegie Center | Princeton NJ | 1 | 101969 | 73.4% |  | 73.4% |  | 38.71 |  |
| 103 Carnegie Center | Princeton NJ | 1 | 96322 | 67.6% |  | 68.2% |  | 38.13 |  |
| 302 Carnegie Center | Princeton NJ | 1 | 64926 | 100.0% |  | 100.0% |  | 37.24 |  |
| 211 Carnegie Center | Princeton NJ | 1 | 47025 | —% |  | —% |  |  |  |
| 201 Carnegie Center | Princeton NJ |  | 6500 | 100.0% |  | 100.0% |  | 35.76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 17 | 2191665 | 72.4% |  | 75.7% |  | $39.92 |  |
| ***SAN FRANCISCO*** |  |  |  |  |  |  |  |  |  |
| Office |  |  |  |  |  |  |  |  |  |
| Mountain View Research Park <sup>11</sup> | Mountain View CA | 16 | 571884 | 57.6% |  | 57.6% |  | 59.87 |  |
| 2440 West El Camino Real | Mountain View CA | 1 | 142711 | 51.6% |  | 51.6% |  | 61.86 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 17 | 714595 | 56.4% |  | 56.4% |  | $60.24 |  |
| ***WASHINGTON, DC*** |  |  |  |  |  |  |  |  |  |
| Office |  |  |  |  |  |  |  |  |  |
| Kingstowne Two | Springfield VA | 1 | 157174 | 52.3% |  | 69.3% |  | $38.47 |  |
| Kingstowne Retail <sup>5, 12</sup> | Springfield VA | 1 | 88288 | 100.0% |  | 100.0% |  | 31.51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 2 | 245462 | 69.4% |  | 80.3% |  | $34.87 |  |
|  | ***Suburban Total*** | 59 | 7108519 | 74.1% |  | 77.3% |  | $53.97 |  |
|  | ***BXP's Share of Suburban*** |  |  | 73.9% |  | 77.1% |  |  |  |
| Total In-Service Properties: |  | 158 | 47049449 | 87.4% | 8 | 90.9% | 8 | $85.28 | 8 |
| BXP's Share of Total In-Service Properties: <sup>3</sup> |  |  |  | 87.7% | 8 | 90.6% | 8 |  |  |

---

_____________

<sup>1</sup>Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

<sup>2</sup>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](#i0dcc74fbf2e544d08d4719902c4758e6_127)-54.

<sup>3</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>4</sup>This is an unconsolidated joint venture property.

<sup>5</sup>This is a retail property.

<sup>6</sup>Classified as a laboratory/life sciences property.

<sup>7</sup>Not included in the Same Property analysis.

<sup>8</sup>Excludes hotel and residential properties. For additional detail, see page 20.

<sup>9</sup>Bay Colony Corporate Center includes 1050 Winter Street, an approximately 162,274 net rentable square feet redevelopment that was fully placed in-service during the third quarter of 2025. 1050 Winter Street is not included in the Same Property analysis. 1000 Winter Street was removed from the in-service property listing during the fourth quarter of 2025.

<sup>10</sup>211 Second Avenue is classified as a laboratory/life sciences property.

<sup>11</sup>Includes 453 Ravendale Drive.

<sup>12</sup>The property was sold on April 17, 2026.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Top 20 clients listing and portfolio client diversification** |

---

as of March 31, 2026

***TOP 20 CLIENTS***

---

| | | | |
|:---|:---|:---|:---|
| **No.** | **Client** | **BXP's Share of Annualized Rental Obligations** <sup>1</sup> | **Weighted Average Remaining Lease Term (years)** <sup>2</sup> |
| 1 | Salesforce | 3.44% | 6.0 |
| 2 | Google | 3.22% | 11.1 |
| 3 | Akamai Technologies | 2.22% | 8.6 |
| 4 | Kirkland & Ellis | 1.97% | 12.0 |
| 5 | Biogen | 1.85% | 2.1 |
| 6 | Fannie Mae | 1.55% | 11.4 |
| 7 | Millennium Management | 1.47% | 10.0 |
| 8 | Snap | 1.30% | 10.0 |
| 9 | Weil Gotshal & Manges | 1.27% | 8.2 |
| 10 | Ropes & Gray | 1.27% | 12.5 |
| 11 | Microsoft | 1.15% | 7.4 |
| 12 | Wellington Management | 1.06% | 9.7 |
| 13 | Arnold & Porter Kaye Scholer | 1.03% | 8.7 |
| 14 | Allen Overy Shearman Sterling | 0.98% | 16.1 |
| 15 | Bain Capital | 0.96% | 5.8 |
| 16 | Morrison & Foerster | 0.93% | 4.4 |
| 17 | Starr (formerly C.V. Starr & Co) | 0.88% | 3.4 |
| 18 | Leidos | 0.85% | 7.1 |
| 19 | Wilmer Cutler Pickering Hale | 0.85% | 12.7 |
| 20 | Mass Financial Services | 0.84% | 11.9 |
|  | &nbsp;&nbsp;&nbsp;BXP's Share of Annualized Rental Obligations | 29.09% |  |
|  | &nbsp;&nbsp;&nbsp;BXP's Share of Square Feet <sup>1</sup> | 22.67% |  |
|  | &nbsp;&nbsp;&nbsp;Weighted Average Remaining Lease Term (years) |  | 8.9 |

---

***NOTABLE SIGNED DEALS*** <sup>3</sup>

---

| | | |
|:---|:---|:---|
| **Client** | **Property** | **Square Feet** |
| AstraZeneca | 290 Binney Street | 573000 |
| Goodwin Procter | 200 Fifth Avenue | 304000 |
| Starr | 343 Madison Avenue | 274000 |
| Sidley Austin <sup>4</sup> | 2100 M Street | 234000 |
| McDermott Will & Schulte | 725 12th Street | 152000 |
| Cooley | 725 12th Street | 126000 |

---

***CLIENT DIVERSIFICATION*** <sup>2</sup>

![chart-688929edcd924ad092fa.jpg](chart-688929edcd924ad092fa.jpg)

_____________

<sup>1</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>2</sup>Based on BXP's Share of Annualized Rental Obligations.

<sup>3</sup>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.

<sup>4</sup>The lease and the commencement of the development are subject to various conditions.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Occupancy by location** |

---

as of March 31, 2026

***TOTAL IN-SERVICE OFFICE PROPERTIES*** <sup>1</sup> ***- Quarter-over-Quarter***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CBD** | **CBD** | **Suburban** | **Suburban** | **Total** | **Total** |
|<br>**Location** | **31-Mar-26** | **31-Dec-25** | **31-Mar-26** | **31-Dec-25** | **31-Mar-26** | **31-Dec-25** |
| Boston | 97.3% | 97.6% | 78.6% | 75.9% | 92.4% | 91.9% |
| Los Angeles | 87.2% | 86.5% | —% | —% | 87.2% | 86.5% |
| New York | 86.8% | 86.2% | 72.4% | 71.8% | 84.4% | 83.8% |
| San Francisco | 82.7% | 81.9% | 56.4% | 60.8% | 79.7% | 77.0% |
| Seattle | 80.7% | 79.8% | —% | —% | 80.7% | 79.8% |
| Washington, DC | 91.3% | 92.4% | 69.4% | 70.2% | 90.6% | 91.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Portfolio | 89.9% | 89.8% | 74.1% | 71.4% | 87.4% | 86.7% |

---

![chart-5c813bccdc6444d0af5a.jpg](chart-5c813bccdc6444d0af5a.jpg)

***SAME PROPERTY OFFICE PROPERTIES*** <sup>1, 2</sup> ***- Year-over-Year***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CBD** | **CBD** | **Suburban** | **Suburban** | **Total** | **Total** |
|<br>**Location** | **31-Mar-26** | **31-Mar-25** | **31-Mar-26** | **31-Mar-25** | **31-Mar-26** | **31-Mar-25** |
| Boston | 97.3% | 96.3% | 77.7% | 76.9% | 92.3% | 91.4% |
| Los Angeles | 87.2% | 85.6% | —% | —% | 87.2% | 85.6% |
| New York | 88.7% | 88.1% | 72.4% | 70.0% | 85.8% | 84.9% |
| San Francisco | 82.7% | 81.7% | 56.4% | 61.7% | 79.7% | 79.5% |
| Seattle | 80.7% | 81.9% | —% | —% | 80.7% | 81.9% |
| Washington, DC | 91.6% | 92.0% | 69.4% | 68.5% | 90.9% | 91.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Portfolio | 90.5% | 89.9% | 73.5% | 72.8% | 87.9% | 87.3% |

---

![chart-50973d9df53e4183827a.jpg](chart-50973d9df53e4183827a.jpg)

_____________

<sup>1</sup>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.

<sup>2</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Capital structure** |

---

(in thousands, except percentages)

***CONSOLIDATED DEBT***

---

| | |
|:---|:---|
| | **Aggregate Principal** |
| Mortgage Notes Payable | $4296994 |
| Unsecured Line of Credit |  |
| Unsecured Term Loans | 800000 |
| Unsecured Commercial Paper | 750000 |
| Unsecured Senior Notes, at face value | 8850000 |
| Unsecured Exchangeable Senior Notes, at face value | 1000000 |
| &nbsp;&nbsp;&nbsp;Outstanding Principal | 15696994 |
| &nbsp;&nbsp;&nbsp;Discount on Unsecured Senior Notes | (7786) |
| &nbsp;&nbsp;&nbsp;Deferred Financing Costs, Net | (75199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Debt | $15614009 |

---

***MORTGAGE NOTES PAYABLE***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Interest Rate** | **Interest Rate** | |
|<br>**Property** |<br>**Maturity Date** | **GAAP** <sup>1</sup> | **Stated** <sup>2</sup> |<br>**Outstanding Principal** |
| 767 Fifth Avenue (The GM Building) (60% ownership) | June 9, 2027 | 3.64% | 3.43% | $2300000 |
| Santa Monica Business Park | October 8, 2028 | 5.40% | 5.28% | 200000 |
| 90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green Garage | October 26, 2028 | 6.27% | 6.04% | 600000 |
| 901 New York Avenue | January 5, 2029 | 5.06% | 5.00% | 196994 |
| 601 Lexington Avenue (55% ownership) | January 9, 2032 | 2.93% | 2.79% | 1000000 |
| &nbsp;&nbsp;&nbsp;Total |  |  |  | $4296994 |

---

***BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES*** <sup>3</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Interest Rate** | **Interest Rate** | |
| |<br>**Maturity Date** | **GAAP** <sup>1</sup> | **Stated** |<br>**Outstanding Principal** |
| Unsecured Senior Notes | October 1, 2026 | 3.50% | 2.75% | $1000000 |
| Unsecured Senior Notes ("green bonds") | December 1, 2027 | 6.92% | 6.75% | 750000 |
| Unsecured Senior Notes ("green bonds") | December 1, 2028 | 4.63% | 4.50% | 1000000 |
| Unsecured Senior Notes ("green bonds") | June 21, 2029 | 3.51% | 3.40% | 850000 |
| Unsecured Senior Notes | March 15, 2030 | 2.98% | 2.90% | 700000 |
| Unsecured Senior Notes | January 30, 2031 | 3.34% | 3.25% | 1250000 |
| Unsecured Senior Notes ("green bonds") | April 1, 2032 | 2.67% | 2.55% | 850000 |
| Unsecured Senior Notes ("green bonds") | October 1, 2033 | 2.52% | 2.45% | 850000 |
| Unsecured Senior Notes ("green bonds") | January 15, 2034 | 6.62% | 6.50% | 750000 |
| Unsecured Senior Notes | January 15, 2035 | 5.84% | 5.75% | 850000 |
|  |  |  |  | $8850000 |

---

***BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED EXCHANGEABLE SENIOR NOTES*** <sup>3, 4</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Interest Rate** | **Interest Rate** | |
| |<br>**Maturity Date** | **GAAP** <sup>1</sup> | **Stated** |<br>**Outstanding Principal** |
| Unsecured Exchangeable Senior Notes | October 1, 2030 | 2.50% | 2.00% | $1000000 |
|  |  |  |  | $1000000 |

---

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Capital structure (continued)** |

---

***CAPITALIZATION***

---

| | | | |
|:---|:---|:---|:---|
| | **Shares/Units**<br>**Outstanding** | **Common Stock**<br>**Equivalents** |<br>**Equivalent Value** <sup>5</sup> |
| Common Stock | 158676 | 158676 | $8235284 |
| Common Operating Partnership Units | 18787 | 18787 | 975045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Equity |  | 177463 | $9210329 |
| Consolidated Debt **(A)** |  |  | $15614009 |
| &nbsp;&nbsp;&nbsp;Add: BXP's share of unconsolidated joint venture debt <sup>6</sup> |  |  | 1098382 |
| &nbsp;&nbsp;&nbsp;Less: Partners' share of consolidated debt <sup>7</sup> |  |  | 1364858 |
| BXP's Share of Debt <sup>8</sup> **(B)**  |  |  | $15347533 |
| Consolidated Market Capitalization **(C)** |  |  | $24824338 |
| BXP's Share of Market Capitalization <sup>8</sup> **(D)**  |  |  | $24557862 |
| Consolidated Debt/Consolidated Market Capitalization **(A÷C)** |  |  | 62.90% |
| BXP's Share of Debt/BXP's Share of Market Capitalization <sup>8</sup> **(B÷D)**  |  |  | 62.50% |

---

_____________

<sup>1</sup>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.

<sup>2</sup>The stated interest rate includes the effects of hedging transactions.

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

<sup>4</sup>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.

<sup>5</sup>Values are based on the March 31, 2026 closing price of $51.90 per share of BXP common stock.

<sup>6</sup>Amount is calculated based on the Company's percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page [35](#i0dcc74fbf2e544d08d4719902c4758e6_118).

<sup>7</sup>Amount is calculated based on the outside partners' percentage ownership interest in the consolidated joint venture entities. For additional detail, see page [33](#i0dcc74fbf2e544d08d4719902c4758e6_109).

<sup>8</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Debt analysis** <sup>1</sup> |

---

as of March 31, 2026

(dollars in thousands)

![chart-f6f6447eecf2435caf2a.jpg](chart-f6f6447eecf2435caf2a.jpg)

***UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030***

---

| | | | |
|:---|:---|:---|:---|
| | **Facility** | **Outstanding at March 31, 2026** | **Remaining Capacity at March 31, 2026** |
| Unsecured Line of Credit | $2250000 | $— | $2250000 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured Commercial Paper <sup>2</sup> |  |  | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Letters of Credit |  |  | 5253 |
| Total Remaining Capacity |  |  | $1494747 |

---

***UNSECURED TERM LOANS***

---

| | | | |
|:---|:---|:---|:---|
| | **Maturity Date** | **Facility** | **Outstanding Principal** |
| 2024 Unsecured Term Loan <sup>3</sup> | September 26, 2026 | $100000 | $100000 |
| Unsecured Term Loan Facility <sup>4</sup> | March 30, 2029 | $700000 | 700000 |
|  |  |  | $800000 |

---

***UNSECURED AND SECURED DEBT ANALYSIS***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Weighted Average** | **Weighted Average** | **Weighted Average** |
| |<br> **% of Total Debt** | **Stated Rates** | **GAAP Rates** <sup>5</sup> | **Maturity (years)** |
| Unsecured Debt | 72.58% | 3.94% | 4.06% | 4.2 |
| Secured Debt | 27.42% | 3.80% | 3.99% | 2.6 |
| Consolidated Debt | 100.00% | 3.90% | 4.04% | 3.7 |

---

***FLOATING AND FIXED RATE DEBT ANALYSIS***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Weighted Average** | **Weighted Average** | **Weighted Average** |
| |<br> **% of Total Debt** | **Stated Rates** | **GAAP Rates** <sup>5</sup> | **Maturity (years)** |
| Floating Rate Debt <sup>2</sup> | 9.27% | 4.30% | 4.37% | 1.5 |
| Fixed Rate Debt <sup>3, 6</sup> | 90.73% | 3.86% | 4.00% | 4.0 |
| Consolidated Debt | 100.00% | 3.90% | 4.04% | 3.7 |

---

_____________

<sup>1</sup>Excludes unconsolidated joint ventures. For information on BXP's share of unconsolidated joint venture debt, see page [35](#i0dcc74fbf2e544d08d4719902c4758e6_118).

<sup>2</sup>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 March 31, 2026, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.10% per annum and had a weighted-average maturity of 40 days from the date of issuance and therefore, the balance is reflected in the period 2026 within the Principal due at Maturity chart.

<sup>3</sup>The $100.0 million 2024 Unsecured Term Loan is subject to an interest rate swap contract that effectively fixes Daily Simple SOFR, the reference rate for the 2024 Unsecured Term Loan, at a fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026. The term loan has two one-year extension options (subject to customary conditions).

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

<sup>5</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **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 March 31, 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 Issued Prior to December 4, 2017** | **Senior Notes Issued On or After December 4, 2017** |
| | **Test** | **Actual** | **Actual** |
| Total Outstanding Debt/Total Assets <sup>1</sup> | Less than 60% | 48.0% | 45.1% |
| Secured Debt/Total Assets | Less than 50% | 15.7% | 14.8% |
| Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense) | Greater than 1.50x | 3.00 | 3.00 |
| Unencumbered Assets/ Unsecured Debt | Greater than 150% | 229.2% | 246.1% |

---

_____________

<sup>1</sup>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.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Net Debt to EBITDA*re*** |

---

(dollars in thousands)

***Reconciliation of BXP's Share of EBITDAre and BXP's Share of EBITDAre* – *cash*** <sup>1</sup>

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** |
| Net income attributable to BXP, Inc. | $101576 | $248486 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership | 11561 | 27824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in property partnerships | 19869 | 18479 |
| Net income | 133006 | 294789 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 152093 | 162612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 227967 | 232015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment losses |  | 16902 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of real estate | 13402 | 156410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from unconsolidated joint ventures <sup>2</sup> | 35413 | 50232 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of EBITDA*re* from unconsolidated joint ventures <sup>3</sup> | 24218 | 29496 |
| EBITDA*re* <sup>1</sup> | 488469 | 529172 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' share of EBITDA*re* from consolidated joint ventures <sup>4</sup> | 52519 | 52588 |
| BXP's Share of EBITDA*re* <sup>1</sup> **(A)** | 435950 | 476584 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 26043 | 4497 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of straight-line ground rent expense adjustment <sup>1</sup> | (4849) | (3118) |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of lease transaction costs that qualify as rent inducements <sup>1</sup> | 3739 | 4488 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of non-cash termination income adjustment <sup>1</sup> | (1744) | (4121) |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of straight-line rent <sup>1</sup> | 20444 | 21586 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of fair value lease revenue <sup>1</sup> | 2715 | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of amortization and accretion related to sales type lease <sup>1</sup> | 274 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of non-cash loss from early extinguishments of debt <sup>1</sup> |  | 54 |
| BXP's Share of EBITDA*re* – cash <sup>1</sup> | $439194 | $461634 |
| BXP's Share of EBITDA*re* (Annualized) <sup>5</sup> **(A x 4)** | $1743800 | $1906336 |

---

***Reconciliation of BXP's Share of Net Debt*** <sup>1</sup>

---

| | | |
|:---|:---|:---|
| | **31-Mar-26** | **31-Dec-25** |
| Consolidated debt | $15614009 | $16609483 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 512783 | 1478206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash held in escrow for 1031 exchange |  |  |
| Net debt <sup>1</sup> | 15101226 | 15131277 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of unconsolidated joint venture debt <sup>3</sup> | 1098382 | 1221666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' share of cash and cash equivalents from consolidated joint ventures | 89147 | 115917 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of cash and cash equivalents from unconsolidated joint ventures | 92554 | 108177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' share of consolidated joint venture debt <sup>4</sup> | 1364858 | 1364360 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of related party note receivables | 15873 | 15000 |
| BXP's Share of Net Debt <sup>1</sup> **(B)** | $14815470 | $14981323 |
| BXP's Share of Net Debt to BXP's Share of EBITDA*re* (Annualized) **[B ÷ (A x 4)]** | 8.50 | 7.86 |

---

_____________

<sup>1</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>2</sup>For the three months ended March 31, 2026 and December 31, 2025, includes gains on sales of approximately $41.2 million and $51.4 million, respectively.

<sup>3</sup>For disclosures related to the calculation of BXP's share from unconsolidated joint ventures for the three months ended March 31, 2026, see pages [35](#i0dcc74fbf2e544d08d4719902c4758e6_118) and 64.

<sup>4</sup>For disclosures related to the calculation of Partners' share from consolidated joint ventures for the three months ended March 31, 2026, see pages [33](#i0dcc74fbf2e544d08d4719902c4758e6_109) and 62.

<sup>5</sup>BXP's Share of EBITDA*re* (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4).

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Debt ratios** |

---

(in thousands, except for ratio amounts)

***INTEREST COVERAGE RATIO*** <sup>1</sup>

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** |
| BXP's Share of interest expense <sup>1</sup> | $156846 | $167074 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of hedge amortization, net of costs <sup>1</sup> | 1706 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of fair value interest adjustment <sup>1</sup> | 216 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of amortization of financing costs <sup>1</sup> | 5846 | 5995 |
| Adjusted interest expense excluding capitalized interest **(A)**  | 149078 | 158858 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of capitalized interest <sup>1</sup> | 16477 | 14657 |
| Adjusted interest expense including capitalized interest **(B)**  | $165555 | $173515 |
| BXP's Share of EBITDA*re* – cash <sup>1, 2</sup> **(C)** | $439194 | $461634 |
| Interest Coverage Ratio (excluding capitalized interest) **(C÷A)** | 2.95 | 2.91 |
| Interest Coverage Ratio (including capitalized interest) **(C÷B)** | 2.65 | 2.66 |

---

***FIXED CHARGE COVERAGE RATIO*** <sup>1</sup>

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** |
| BXP's Share of interest expense <sup>1</sup> | $156846 | $167074 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of hedge amortization, net of costs <sup>1</sup> | 1706 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of fair value interest adjustment <sup>1</sup> | 216 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of amortization of financing costs <sup>1</sup> | 5846 | 5995 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of capitalized interest <sup>1</sup> | 16477 | 14657 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of maintenance capital expenditures <sup>1</sup> | 16647 | 17171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel improvements, equipment upgrades and replacements | 1066 | 591 |
| Total Fixed Charges **(A)**  | $183268 | $191277 |
| BXP's Share of EBITDA*re* – cash <sup>1, 2</sup> **(B)**  | $439194 | $461634 |
| Fixed Charge Coverage Ratio **(B÷A)** | 2.40 | 2.41 |

---

_____________

<sup>1</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>2</sup>For a quantitative reconciliation of BXP's Share of EBITDA*re* – cash, see page [31](#i0dcc74fbf2e544d08d4719902c4758e6_97).

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Consolidated joint ventures** |

---

d

as of March 31, 2026

(unaudited and in thousands)

***BALANCE SHEET INFORMATION***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**ASSETS** | **767 Fifth Avenue**<br>**(The GM Building)** <sup>1</sup> | |<br>**Norges Joint Ventures** <sup>1, 2</sup> | **Total Consolidated**<br>**Joint Ventures** | |
| Real estate, net | $3158630 |  | $3193432 | $6352062 |  |
| Cash and cash equivalents | 54674 |  | 149504 | 204178 |  |
| Other assets | 342440 |  | 502398 | 844838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $3555744 |  | $3845334 | $7401078 |  |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, net | $2295859 |  | $992215 | $3288074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities  | 64850 |  | 132988 | 197838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2360709 |  | 1125203 | 3485912 |  |
| Equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP, Inc. | 718462 |  | 1214527 | 1932989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 476573 |  | 1505604 | 1982177 | <sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1195035 |  | 2720131 | 3915166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $3555744 |  | $3845334 | $7401078 |  |
| BXP's nominal ownership percentage | 60% |  | 55% |  |  |
| Partners' share of cash and cash equivalents <sup>4</sup> | $21870 |  | $67277 | $89147 |  |
| Partners' share of consolidated debt <sup>4</sup> | $918361 | <sup>5</sup> | $446497 | $1364858 |  |

---

_____________

<sup>1</sup>Certain balances contain amounts that eliminate in consolidation.

<sup>2</sup>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.

<sup>3</sup>Amount excludes certain preferred shareholders' capital.

<sup>4</sup>Amounts represent the partners' share based on their respective ownership percentages.

<sup>5</sup>Amount adjusted for basis differentials.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Consolidated joint ventures (continued)** |

---

for the three months ended March 31, 2026

(unaudited and in thousands)

***RESULTS OF OPERATIONS***

---

| | | | |
|:---|:---|:---|:---|
| | **767 Fifth Avenue**<br>**(The GM Building)** |<br>**Norges Joint Ventures** <sup>1</sup> | **Total Consolidated**<br>**Joint Ventures** |
| Revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease <sup>2</sup> | $81832 | $118236 | $200068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | 3531 | 4849 | 8380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value lease revenue | (27) |  | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Termination income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease revenue | 85336 | 123085 | 208421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking and other |  | 1617 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total rental revenue <sup>3</sup> | 85336 | 124702 | 210038 |
| Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating | 35672 | 49928 | 85600 |
| Net Operating Income (NOI) | 49664 | 74774 | 124438 |
| Other income (expense) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development and management services revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses from investments in securities  |  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | 496 | 1605 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (20956) | (7556) | (28512) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | (18653) | (28077) | (46730) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | (16) | (152) | (168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (39129) | (34184) | (73313) |
| Net income | $10535 | $40590 | $51125 |

---

***FUNDS FROM OPERATIONS (FFO)***

---

| | | | |
|:---|:---|:---|:---|
| BXP's nominal ownership percentage | 60% | 55% |  |
|  | **767 Fifth Avenue** |  | **Total Consolidated** |
| **Reconciliation of Partners' share of FFO** | **(The GM Building)** | **Norges Joint Ventures** <sup>1</sup> | **Joint Ventures** |
| Net income | $10535 | $40590 | $51125 |
| Add: Depreciation and amortization expense | 18653 | 28077 | 46730 |
| Entity FFO | $29188 | $68667 | $97855 |
| Noncontrolling interest in property partnerships (Partners' NCI) <sup>4</sup> | $3108 | $16761 | $19869 |
| Partners' share of depreciation and amortization expense after BXP's basis differential <sup>4</sup> | 7852 | 13019 | 20871 |
| Partners' share FFO <sup>4</sup> | $10960 | $29780 | $40740 |
| **Reconciliation of BXP's share of FFO** |  |  |  |
| BXP's share of net income adjusted for partners' NCI | $7427 | $23829 | $31256 |
| Depreciation and amortization expense - BXP's basis difference | 61 | 411 | 472 |
| BXP's share of depreciation and amortization expense | 10740 | 14647 | 25387 |
| BXP's share of FFO | $18228 | $38887 | $57115 |

---

_____________

<sup>1</sup> 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.

<sup>2</sup> Lease revenue includes recoveries and service income from clients.

<sup>3</sup> See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>4</sup> 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. 

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | &nbsp;&nbsp;&nbsp;**Unconsolidated joint ventures** <sup>1</sup> |

---

as of March 31, 2026

(unaudited and dollars in thousands)

***BALANCE SHEET INFORMATION***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **BXP's Nominal Ownership** | | **Mortgage/Mezzanine/Construction Loans Payable, Net** | | **Interest Rate** | **Interest Rate** |
|<br>**Property** | **BXP's Nominal Ownership** |<br> **Net Equity** | **Mortgage/Mezzanine/Construction Loans Payable, Net** |<br>**Maturity Date** | **Stated** | **GAAP** <sup>2</sup> |
| ***Boston*** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;The Hub on Causeway - Podium | 50.00% | $52922 | $61858 | April 9, 2031 | 5.73% | 5.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;100 Causeway Street  | 50.00% | 49104 | 168255 | April 9, 2031 | 5.73% | 5.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hub50House | 50.00% | 33355 | 92076 | June 17, 2032 | 4.43% | 4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Air Rights | 50.00% | 12188 |  |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;1265 Main Street | 50.00% | 2977 | 16144 | January 1, 2032 | 3.77% | 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;17 Hartwell Avenue <sup>3</sup> | 20.00% | 13022 |  | July 10, 2030 | N/A | N/A |
| ***Los Angeles*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Colorado Center | 50.00% | 68220 | 274880 | August 9, 2027 | 3.56% | 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Beach Cities Media Campus <sup>4</sup> | 50.00% | 84 |  |  | —% | —% |
| ***New York*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;360 Park Avenue South | 71.11% | 100534 | 155693 | December 13, 2027 | 6.17% | 6.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dock 72 <sup>5</sup> | 50.00% | 82392 |  |  | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;200 Fifth Avenue | 26.69% | 80016 | 154296 | November 24, 2028 | 4.34% | 5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;3 Hudson Boulevard <sup>6</sup> | 25.00% | 108394 | 31591 | November 9, 2027 | 9.25% | 10.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;290 Coles Street - Common Equity <sup>7</sup> | 19.46% | 19943 |  | March 5, 2029 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;290 Coles Street - Preferred Equity <sup>8</sup> | —% | 61460 |  |  | —% | —% |
| ***San Francisco*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Platform 16 | 55.00% | 58613 |  |  | —% | —% |
| ***Seattle*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Safeco Plaza | 33.67% | (2772) | 84127 | September 1, 2026 | 4.82% | 6.21% |
| ***Washington, DC*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1001 6th Street | 50.00% | 45826 |  |  | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;13100 & 13150 Worldgate Drive | 50.00% | 22215 |  |  | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Place Parking Facility | 33.33% | 28768 |  |  | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;500 North Capitol Street, N.W. <sup>9</sup> | 30.00% | (12894) | 31473 | June 5, 2026 | 6.83% | 7.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Skymark - Reston Next Residential | 20.00% | 14273 | 27989 | May 13, 2026 | 5.67% | 5.99% |
|  |  | 838640 |  |  |  |  |
| Investments with deficit balances reflected within Other Liabilities |  | 16082 |  |  |  |  |
| Investments in Unconsolidated Joint Ventures |  | $854722 |  |  |  |  |
| Mortgage/Mezzanine/Construction Loans Payable, Net |  |  | $1098382 |  |  |  |

---

![chart-14e6d695c76e4491a60a.jpg](chart-14e6d695c76e4491a60a.jpg)

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | &nbsp;&nbsp;&nbsp;**Unconsolidated joint ventures (continued)** <sup>1</sup> |

---

***FLOATING AND FIXED RATE DEBT ANALYSIS***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Weighted Average** | **Weighted Average** | **Weighted Average** |
| |<br> **% of Total Debt** | **Stated Rates** | **GAAP Rates** <sup>2</sup> | **Maturity (years)** |
| Floating Rate Debt | 27.26% | 6.07% | 6.82% | 1.2 |
| Fixed Rate Debt | 72.74% | 4.57% | 4.90% | 4.7 |
| Total Debt | 100.00% | 4.98% | 5.43% | 3.7 |

---

_____________

<sup>1</sup>Amounts represent BXP's share based on its ownership percentage.

<sup>2</sup>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).

<sup>3</sup>No amounts have been drawn under the $98.7 million construction facility.

<sup>4</sup>The Company completed the sale of the property on September 17, 2025 and is currently in the process of dissolving the joint venture.

<sup>5</sup>This investment includes a net deficit balance from the amenity joint venture.

<sup>6</sup>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 March 31, 2026, the Company has funded approximately $21.5 million of the mezzanine loan. The loan is reflected as Related Party Note Receivables, Net on the Company's Consolidated Balance Sheets.

<sup>7</sup>No amounts have been drawn under the $225.0 million construction facility. 

<sup>8</sup>The Company will fund the first $65.0 million of required capital through its preferred equity investment. The Company's preferred equity investment will earn and accrue a 13% internal rate of return and is to be redeemed, in full, upon the earlier of two years after stabilization or March 5, 2030.

<sup>9</sup> The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A), which bears interest at a fixed rate of 6.23% per annum, and (y) a $35.0 million mortgage loan payable (Note B), which bears interest at a fixed rate of 8.03% per annum. The Company provided $10.5 million (or 30%) of the Note B mortgage financing to the joint venture. The loan is reflected as Related Party Note Receivables, Net on the Company's Consolidated Balance Sheets.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Unconsolidated joint ventures (continued)** |

---

for the three months ended March 31, 2026

(unaudited and in thousands)

***RESULTS OF OPERATIONS*** <sup>1</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Boston | Los Angeles | | New York | | San Francisco | | Seattle | Washington, DC | Total Unconsolidated Joint Ventures |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease <sup>2</sup> | $28307 | $20627 |  | $19201 |  | $141 |  | $7331 | $17294 | $92901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | 275 | (1710) |  | 1598 |  | 13 |  | (5) | 295 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value lease revenue |  |  |  | 1221 |  |  |  | 998 |  | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Termination income |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization and accretion related to sales-type lease | 57 |  |  |  |  |  |  |  |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease revenue | 28639 | 18917 |  | 22020 |  | 154 |  | 8324 | 17589 | 95643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking and other | 1 | 2116 |  | 123 |  |  |  | 583 | 909 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total rental revenue <sup>3</sup> | 28640 | 21033 |  | 22143 |  | 154 |  | 8907 | 18498 | 99375 |
| **Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating | 11118 | 7702 |  | 17940 |  | 1116 |  | 3464 | 6392 | 47732 |
| **Net operating income** | 17522 | 13331 |  | 4203 |  | (962) |  | 5443 | 12106 | 51643 |
| **Other income (expense)** |  |  |  |  |  |  |  |  |  |  |
| Development and management services revenue |  |  |  | 413 |  |  |  |  |  | 413 |
| Interest and other income (loss) | 310 | 1008 |  | 890 |  | (3) |  | 64 | 135 | 2404 |
| Interest expense | (9301) | (4943) |  | (14647) |  |  |  | (3869) | (6920) | (39680) |
| Transaction costs |  |  |  | (8) |  |  |  |  |  | (8) |
| Depreciation and amortization expense | (8483) | (5566) |  | (12001) |  |  |  | (1434) | (4388) | (31872) |
| General and administrative expense |  | (33) |  | (150) |  |  |  | (16) |  | (199) |
| Loss on sale of real estate |  | (2) |  |  |  |  |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (17474) | (9536) |  | (25503) |  | (3) |  | (5255) | (11173) | (68944) |
| **Net income (loss)** | $48 | $3795 |  | $(21300) |  | $(965) |  | $188 | $933 | $(17301) |
| **Reconciliation of BXP's share of Funds from Operations (FFO)** |  |  |  |  |  |  |  |  |  |  |
| BXP's share of net income (loss) | $23 | $1896 |  | $(9146) |  | $(530) |  | $65 | $826 | $(6866) |
| Basis differential |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | $— | $92 | <sup>4</sup> | $104 | <sup>4</sup> | $— |  | $— | $— | $196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value lease revenue |  | 44 | <sup>4</sup> | 36 | <sup>4</sup> |  |  |  |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  |  |  | (67) |  |  |  |  |  | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value interest adjustment |  |  |  | (260) |  |  |  |  |  | (260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of financing costs |  |  |  | 111 |  |  |  |  |  | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | (5) | 571 | <sup>4</sup> | 856 | <sup>4</sup> | 28 | <sup>4</sup> | (391) | (74) | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of investments |  |  |  |  |  | 6394 |  |  | 34840 | 41234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total basis differential | (5) | 707 | <sup>4</sup> | 780 | <sup>4</sup> | 6422 | <sup>4</sup> | (391) | 34766 | 42279 |
| Income (loss) from unconsolidated joint ventures | 18 | 2603 |  | (8366) |  | 5892 |  | (326) | 35592 | 35413 |
| Add: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of depreciation and amortization expense | 4244 | 2213 | <sup>4</sup> | 4665 | <sup>4</sup> | (28) | <sup>4</sup> | 874 | 1538 | 13506 |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of gains (loss) on sales <sup>5</sup> |  | (1) |  |  |  | 6394 |  |  | 34840 | 41233 |
| BXP's share of FFO | $4262 | $4817 |  | $(3701) |  | $(530) |  | $548 | $2290 | $7686 |

---

_____________

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

<sup>2</sup> Lease revenue includes recoveries and service income from clients.

<sup>3</sup> See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>4</sup> The Company's purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.

<sup>5</sup> For additional information, see page 14.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Lease expirations** **- All in-service properties**<sup>1, 2, 3</sup> |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Percentage of Total Square Feet** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** | **Percentage of Total Square Feet** |
| 2026 | 702405 | 655564 | 48723504 | 74.32 | 49333749 | 75.25 | 1.75% |
| 2027 | 1855394 | 1714794 | 128115565 | 74.71 | 130578268 | 76.15 | 4.58% |
| 2028 | 2831669 | 2220236 | 200256018 | 90.20 | 208617903 | 93.96 | 5.93% |
| 2029 | 3668064 | 3210149 | 253363566 | 78.93 | 266035207 | 82.87 | 8.57% |
| 2030 | 2389962 | 2291823 | 179243750 | 78.21 | 188803149 | 82.38 | 6.12% |
| 2031 | 2615154 | 2446601 | 213119655 | 87.11 | 227849645 | 93.13 | 6.53% |
| 2032 | 2762393 | 2527603 | 195955569 | 77.53 | 228529511 | 90.41 | 6.75% |
| 2033 | 2641810 | 2467111 | 212606804 | 86.18 | 241053412 | 97.71 | 6.59% |
| 2034 | 2956870 | 2527127 | 230687860 | 91.28 | 256355293 | 101.44 | 6.75% |
| 2035 | 2347889 | 1930814 | 155596753 | 80.59 | 185011270 | 95.82 | 5.16% |
| Thereafter | 12313569 | 10248722 | 867870424 | 84.68 | 1041745400 | 101.65 | 27.37% |

---

***RETAIL***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Percentage of Total Square Feet** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** | **Percentage of Total Square Feet** |
| 2026 | 64489 | 54895 | 4715816 | 85.91 | 4722690 | 86.03 | 2.39% |
| 2027 | 87470 | 77168 | 9918498 | 128.53 | 9980139 | 129.33 | 3.37% |
| 2028 | 88600 | 86823 | 8797790 | 101.33 | 8922161 | 102.76 | 3.79% |
| 2029 | 167525 | 162200 | 17909255 | 110.41 | 18583764 | 114.57 | 7.08% |
| 2030 | 167019 | 130611 | 12386044 | 94.83 | 13166676 | 100.81 | 5.70% |
| 2031 | 97293 | 88532 | 10990946 | 124.15 | 11930921 | 134.76 | 3.86% |
| 2032 | 127511 | 125802 | 10085486 | 80.17 | 11065960 | 87.96 | 5.49% |
| 2033 | 340990 | 307587 | 28512135 | 92.70 | 32018170 | 104.09 | 13.42% |
| 2034 | 362774 | 266302 | 35200820 | 132.18 | 40574656 | 152.36 | 11.62% |
| 2035 | 334520 | 291425 | 16635881 | 57.08 | 19847320 | 68.10 | 12.71% |
| Thereafter | 265747 | 218749 | 38878580 | 177.73 | 33476563 | 153.04 | 9.54% |

---

***IN-SERVICE PROPERTIES***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Percentage of Total Square Feet** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** | **Percentage of Total Square Feet** |
| 2026 | 766894 | 710459 | 53439320 | 75.22 | 54056439 | 76.09 | 1.79% |
| 2027 | 1942864 | 1791962 | 138034063 | 77.03 | 140558407 | 78.44 | 4.51% |
| 2028 | 2920269 | 2307059 | 209053808 | 90.61 | 217540064 | 94.29 | 5.81% |
| 2029 | 3835589 | 3372349 | 271272821 | 80.44 | 284618971 | 84.40 | 8.49% |
| 2030 | 2556981 | 2422434 | 191629794 | 79.11 | 201969825 | 83.37 | 6.10% |
| 2031 | 2712447 | 2535133 | 224110601 | 88.40 | 239780566 | 94.58 | 6.38% |
| 2032 | 2889904 | 2653405 | 206041055 | 77.65 | 239595471 | 90.30 | 6.68% |
| 2033 | 2982800 | 2774698 | 241118939 | 86.90 | 273071582 | 98.41 | 6.98% |
| 2034 | 3319644 | 2793429 | 265888680 | 95.18 | 296929949 | 106.30 | 7.03% |
| 2035 | 2682409 | 2222239 | 172232634 | 77.50 | 204858590 | 92.19 | 5.59% |
| Thereafter | 12579316 | 10467471 | 906749004 | 86.63 | 1075221963 | 102.72 | 26.34% |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space. Does not include residential units and hotel. Excludes Kingstowne Retail which was sold on April 17, 2026.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Lease expirations - Boston region in-service properties** <sup>1, 2, 3</sup> |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 328137 | 290336 | 23067361 | 79.45 | 23067362 | 79.45 |
| 2027 | 424256 | 414675 | 31209337 | 75.26 | 31389061 | 75.70 |
| 2028 | 894620 | 866627 | 85377676 | 98.52 | 88742250 | 102.40 |
| 2029 | 1195676 | 1062190 | 74072488 | 69.74 | 78123359 | 73.55 |
| 2030 | 1132055 | 1116176 | 78562584 | 70.39 | 82305369 | 73.74 |
| 2031 | 679278 | 610315 | 42623746 | 69.84 | 45547871 | 74.63 |
| 2032 | 1057861 | 1057861 | 82610329 | 78.09 | 100826062 | 95.31 |
| 2033 | 420704 | 391981 | 37264189 | 95.07 | 42628283 | 108.75 |
| 2034 | 1444356 | 1287759 | 113465771 | 88.11 | 126194538 | 98.00 |
| 2035 | 717734 | 647451 | 56099858 | 86.65 | 73271809 | 113.17 |
| Thereafter | 4403463 | 3542204 | 306845890 | 86.63 | 365905263 | 103.30 |

---

***RETAIL***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 19863 | 19863 | 2484631 | 125.09 | 2484631 | 125.09 |
| 2027 | 41061 | 34432 | 5320512 | 154.52 | 5331595 | 154.85 |
| 2028 | 35491 | 35491 | 4971704 | 140.08 | 5057826 | 142.51 |
| 2029 | 61901 | 61226 | 8708529 | 142.24 | 8829754 | 144.22 |
| 2030 | 93409 | 57434 | 6164136 | 107.33 | 6291013 | 109.54 |
| 2031 | 10565 | 10565 | 1038297 | 98.28 | 1112795 | 105.33 |
| 2032 | 67548 | 66957 | 5273772 | 78.76 | 5755586 | 85.96 |
| 2033 | 287788 | 254385 | 21346553 | 83.91 | 23997326 | 94.33 |
| 2034 | 164155 | 131856 | 11054888 | 83.84 | 12100393 | 91.77 |
| 2035 | 119685 | 119685 | 8550706 | 71.44 | 8945595 | 74.74 |
| Thereafter | 108212 | 97701 | 10739180 | 109.92 | 13002951 | 133.09 |

---

***TOTAL PROPERTY TYPES***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 348000 | 310199 | 25551992 | 82.37 | 25551993 | 82.37 |
| 2027 | 465317 | 449107 | 36529849 | 81.34 | 36720656 | 81.76 |
| 2028 | 930111 | 902118 | 90349380 | 100.15 | 93800076 | 103.98 |
| 2029 | 1257577 | 1123416 | 82781017 | 73.69 | 86953113 | 77.40 |
| 2030 | 1225464 | 1173610 | 84726720 | 72.19 | 88596382 | 75.49 |
| 2031 | 689843 | 620880 | 43662043 | 70.32 | 46660666 | 75.15 |
| 2032 | 1125409 | 1124818 | 87884101 | 78.13 | 106581648 | 94.75 |
| 2033 | 708492 | 646366 | 58610742 | 90.68 | 66625609 | 103.08 |
| 2034 | 1608511 | 1419615 | 124520659 | 87.71 | 138294931 | 97.42 |
| 2035 | 837419 | 767136 | 64650564 | 84.28 | 82217404 | 107.17 |
| Thereafter | 4511675 | 3639905 | 317585070 | 87.25 | 378908214 | 104.10 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Quarterly lease expirations - Boston region in-service properties** <sup>1, 2, 3</sup> |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |  |
| Q2 2026 | 109479 | 90840 | 8942753 | 98.45 | 8942753 | 98.45 |
| Q3 2026 | 91379 | 78713 | 5390319 | 68.48 | 5390320 | 68.48 |
| Q4 2026 | 127279 | 120783 | 8734289 | 72.31 | 8734289 | 72.31 |
| Total 2026 | 328137 | 290336 | 23067361 | 79.45 | 23067362 | 79.45 |
| Q1 2027 | 100327 | 99232 | 9183941 | 92.55 | 9183941 | 92.55 |
| Q2 2027 | 51799 | 47006 | 2386494 | 50.77 | 2358213 | 50.17 |
| Q3 2027 | 81937 | 78244 | 6276251 | 80.21 | 6268801 | 80.12 |
| Q4 2027 | 190193 | 190193 | 13362652 | 70.26 | 13578106 | 71.39 |
| Total 2027 | 424256 | 414675 | 31209337 | 75.26 | 31389061 | 75.70 |

---

***RETAIL***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |  |
| Q2 2026 | 6064 | 6064 | 484928 | 79.97 | 484928 | 79.97 |
| Q3 2026 | 4293 | 4293 | 850124 | 198.03 | 850124 | 198.03 |
| Q4 2026 | 9506 | 9506 | 1149579 | 120.93 | 1149579 | 120.93 |
| Total 2026 | 19863 | 19863 | 2484631 | 125.09 | 2484631 | 125.09 |
| Q1 2027 | 10830 | 10830 | 2559833 | 236.37 | 2562390 | 236.60 |
| Q2 2027 | 3575 | 3260 | 760057 | 233.15 | 760057 | 233.15 |
| Q3 2027 | 10503 | 10503 | 963165 | 91.70 | 963165 | 91.70 |
| Q4 2027 | 16153 | 9839 | 1037458 | 105.44 | 1045984 | 106.31 |
| Total 2027 | 41061 | 34432 | 5320512 | 154.52 | 5331595 | 154.85 |

---

***TOTAL PROPERTY TYPES***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |  |
| Q2 2026 | 115543 | 96904 | 9427681 | 97.29 | 9427681 | 97.29 |
| Q3 2026 | 95672 | 83006 | 6240443 | 75.18 | 6240444 | 75.18 |
| Q4 2026 | 136785 | 130289 | 9883868 | 75.86 | 9883868 | 75.86 |
| Total 2026 | 348000 | 310199 | 25551992 | 82.37 | 25551993 | 82.37 |
| Q1 2027 | 111157 | 110062 | 11743774 | 106.70 | 11746331 | 106.72 |
| Q2 2027 | 55374 | 50266 | 3146551 | 62.60 | 3118270 | 62.04 |
| Q3 2027 | 92440 | 88747 | 7239416 | 81.57 | 7231966 | 81.49 |
| Q4 2027 | 206346 | 200032 | 14400110 | 71.99 | 14624090 | 73.11 |
| Total 2027 | 465317 | 449107 | 36529849 | 81.34 | 36720656 | 81.76 |

---

`

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Lease expirations - Los Angeles region in-service properties** <sup>1, 2, 3</sup>  |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 |  |  |  |  |  |  |
| 2027 | 187615 | 94310 | 7164869 | 75.97 | 7368372 | 78.13 |
| 2028 | 270593 | 172796 | 14693981 | 85.04 | 15618894 | 90.39 |
| 2029 | 229160 | 147509 | 10537866 | 71.44 | 10547636 | 71.51 |
| 2030 | 52026 | 52026 | 3250417 | 62.48 | 3731364 | 71.72 |
| 2031 | 7752 | 7752 | 534074 | 68.89 | 632555 | 81.60 |
| 2032 | 246667 | 127701 | 11104239 | 86.96 | 13365607 | 104.66 |
| 2033 | 186894 | 93447 | 8185957 | 87.60 | 10414824 | 111.45 |
| 2034 | 3739 | 3739 | 235557 | 63.00 | 298397 | 79.81 |
| 2035 |  |  |  |  |  |  |
| Thereafter | 494641 | 494641 | 38974950 | 78.79 | 46203493 | 93.41 |

---

***RETAIL***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 19188 | 9594 | 135600 | 14.13 | 135600 | 14.13 |
| 2027 |  |  |  |  |  |  |
| 2028 |  |  |  |  |  |  |
| 2029 | 38118 | 38118 | 2342148 | 61.44 | 2487300 | 65.25 |
| 2030 | 11364 | 11364 | 1312220 | 115.47 | 1440674 | 126.78 |
| 2031 |  |  |  |  |  |  |
| 2032 |  |  |  |  |  |  |
| 2033 |  |  |  |  |  |  |
| 2034 | 19993 | 9997 | 248508 | 24.86 | 248508 | 24.86 |
| 2035 | 8043 | 8043 | 649611 | 80.77 | 803577 | 99.91 |
| Thereafter | 5827 | 5827 | 693057 | 118.94 | 642811 | 110.32 |

---

***TOTAL PROPERTY TYPES***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 19188 | 9594 | 135600 | 14.13 | 135600 | 14.13 |
| 2027 | 187615 | 94310 | 7164869 | 75.97 | 7368372 | 78.13 |
| 2028 | 270593 | 172796 | 14693981 | 85.04 | 15618894 | 90.39 |
| 2029 | 267278 | 185627 | 12880014 | 69.39 | 13034936 | 70.22 |
| 2030 | 63390 | 63390 | 4562637 | 71.98 | 5172038 | 81.59 |
| 2031 | 7752 | 7752 | 534074 | 68.89 | 632555 | 81.60 |
| 2032 | 246667 | 127701 | 11104239 | 86.95 | 13365607 | 104.66 |
| 2033 | 186894 | 93447 | 8185957 | 87.60 | 10414824 | 111.45 |
| 2034 | 23732 | 13736 | 484065 | 35.24 | 546905 | 39.82 |
| 2035 | 8043 | 8043 | 649611 | 80.77 | 803577 | 99.91 |
| Thereafter | 500468 | 500468 | 39668007 | 79.26 | 46846304 | 93.60 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Quarterly lease expirations - Los Angeles region in-service properties** <sup>1, 2, 3</sup>  |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |  |
| Q2 2026 |  |  |  |  |  |  |
| Q3 2026 |  |  |  |  |  |  |
| Q4 2026 |  |  |  |  |  |  |
| Total 2026 |  |  |  |  |  |  |
| Q1 2027 | 174115 | 87058 | 6953516 | 79.87 | 7153052 | 82.16 |
| Q2 2027 | 12496 | 6248 | 146203 | 23.40 | 146203 | 23.40 |
| Q3 2027 | 1004 | 1004 | 65150 | 64.89 | 69117 | 68.84 |
| Q4 2027 |  |  |  |  |  |  |
| Total 2027 | 187615 | 94310 | 7164869 | 75.97 | 7368372 | 78.13 |

---

***RETAIL***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |  |
| Q2 2026 |  |  |  |  |  |  |
| Q3 2026 | 19188 | 9594 | 135600 | 14.13 | 135600 | 14.13 |
| Q4 2026 |  |  |  |  |  |  |
| Total 2026 | 19188 | 9594 | 135600 | 14.13 | 135600 | 14.13 |
| Q1 2027 |  |  |  |  |  |  |
| Q2 2027 |  |  |  |  |  |  |
| Q3 2027 |  |  |  |  |  |  |
| Q4 2027 |  |  |  |  |  |  |
| Total 2027 |  |  |  |  |  |  |

---

***TOTAL PROPERTY TYPES***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |  |
| Q2 2026 |  |  |  |  |  |  |
| Q3 2026 | 19188 | 9594 | 135600 | 14.13 | 135600 | 14.13 |
| Q4 2026 |  |  |  |  |  |  |
| Total 2026 | 19188 | 9594 | 135600 | 14.13 | 135600 | 14.13 |
| Q1 2027 | 174115 | 87058 | 6953516 | 79.87 | 7153052 | 82.16 |
| Q2 2027 | 12496 | 6248 | 146203 | 23.40 | 146203 | 23.40 |
| Q3 2027 | 1004 | 1004 | 65150 | 64.89 | 69117 | 68.84 |
| Q4 2027 |  |  |  |  |  |  |
| Total 2027 | 187615 | 94310 | 7164869 | 75.97 | 7368372 | 78.13 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Lease expirations - New York region in-service properties** <sup>1, 2, 3</sup> |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 50705 | 46866 | 2786885 | 59.46 | 3342722 | 71.33 |
| 2027 | 391813 | 354741 | 20885377 | 58.88 | 21370404 | 60.24 |
| 2028 | 332832 | 278162 | 24387886 | 87.67 | 24327867 | 87.46 |
| 2029 | 1211562 | 997669 | 90334326 | 90.55 | 94427935 | 94.65 |
| 2030 | 598182 | 525155 | 50497524 | 96.16 | 50884366 | 96.89 |
| 2031 | 625625 | 543476 | 47543953 | 87.48 | 48471873 | 89.19 |
| 2032 | 402947 | 300472 | 22369218 | 74.45 | 23209298 | 77.24 |
| 2033 | 439095 | 389138 | 41063898 | 105.53 | 44294776 | 113.83 |
| 2034 | 1070005 | 796859 | 87795312 | 110.18 | 94362132 | 118.42 |
| 2035 | 978075 | 671594 | 66144377 | 98.49 | 72271279 | 107.61 |
| Thereafter | 4259234 | 3055646 | 288652959 | 94.47 | 333634562 | 109.19 |

---

***RETAIL***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 5248 | 5248 | 1056263 | 201.27 | 1056263 | 201.27 |
| 2027 | 11406 | 7733 | 2746347 | 355.14 | 2746347 | 355.14 |
| 2028 | 2424 | 647 | 211454 | 326.84 | 211454 | 326.84 |
| 2029 | 9577 | 5671 | 1805619 | 318.39 | 1956781 | 345.05 |
| 2030 | 3439 | 3439 | 519818 | 151.15 | 620962 | 180.56 |
| 2031 | 20784 | 14468 | 5374693 | 371.50 | 5907844 | 408.35 |
| 2032 | 16361 | 15243 | 1668373 | 109.45 | 1872444 | 122.84 |
| 2033 | 20928 | 20928 | 4546906 | 217.26 | 5136236 | 245.42 |
| 2034 | 139214 | 85037 | 21406248 | 251.73 | 25501425 | 299.89 |
| 2035 | 114671 | 74697 | 4841818 | 64.82 | 6304531 | 84.40 |
| Thereafter | 105007 | 68520 | 23825727 | 347.72 | 15371505 | 224.34 |

---

***TOTAL PROPERTY TYPES***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 55953 | 52114 | 3843148 | 73.75 | 4398985 | 84.41 |
| 2027 | 403219 | 362474 | 23631724 | 65.20 | 24116751 | 66.53 |
| 2028 | 335256 | 278809 | 24599340 | 88.23 | 24539321 | 88.01 |
| 2029 | 1221139 | 1003340 | 92139945 | 91.83 | 96384716 | 96.06 |
| 2030 | 601621 | 528594 | 51017342 | 96.52 | 51505328 | 97.44 |
| 2031 | 646409 | 557944 | 52918646 | 94.85 | 54379717 | 97.46 |
| 2032 | 419308 | 315715 | 24037591 | 76.14 | 25081742 | 79.44 |
| 2033 | 460023 | 410066 | 45610804 | 111.23 | 49431012 | 120.54 |
| 2034 | 1209219 | 881896 | 109201560 | 123.83 | 119863557 | 135.92 |
| 2035 | 1092746 | 746291 | 70986195 | 95.12 | 78575810 | 105.29 |
| Thereafter | 4364241 | 3124166 | 312478686 | 100.02 | 349006067 | 111.71 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Quarterly lease expirations - New York region in-service properties** <sup>1, 2, 3</sup> |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |  |
| Q2 2026 | 22887 | 22040 | 1488293 | 67.53 | 2042593 | 92.68 |
| Q3 2026 | 20194 | 17202 | 950388 | 55.25 | 951925 | 55.34 |
| Q4 2026 | 7624 | 7624 | 348204 | 45.67 | 348204 | 45.67 |
| Total 2026 | 50705 | 46866 | 2786885 | 59.46 | 3342722 | 71.33 |
| Q1 2027 | 27345 | 20176 | 2029680 | 100.60 | 2557889 | 126.78 |
| Q2 2027 | 207842 | 207842 | 9144667 | 44.00 | 9152499 | 44.04 |
| Q3 2027 | 66455 | 64828 | 2903737 | 44.79 | 2954177 | 45.57 |
| Q4 2027 | 90171 | 61895 | 6807293 | 109.98 | 6705839 | 108.34 |
| Total 2027 | 391813 | 354741 | 20885377 | 58.88 | 21370404 | 60.24 |

---

***RETAIL***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |  |
| Q2 2026 | 715 | 715 | 30000 | 41.96 | 30000 | 41.96 |
| Q3 2026 |  |  |  |  |  |  |
| Q4 2026 | 4533 | 4533 | 1026263 | 226.40 | 1026263 | 226.40 |
| Total 2026 | 5248 | 5248 | 1056263 | 201.27 | 1056263 | 201.27 |
| Q1 2027 | 11406 | 7733 | 2746347 | 355.14 | 2746347 | 355.14 |
| Q2 2027 |  |  |  |  |  |  |
| Q3 2027 |  |  |  |  |  |  |
| Q4 2027 |  |  |  |  |  |  |
| Total 2027 | 11406 | 7733 | 2746347 | 355.14 | 2746347 | 355.14 |

---

***TOTAL PROPERTY TYPES***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |  |
| Q2 2026 | 23602 | 22755 | 1518293 | 66.72 | 2072593 | 91.08 |
| Q3 2026 | 20194 | 17202 | 950388 | 55.25 | 951925 | 55.34 |
| Q4 2026 | 12157 | 12157 | 1374467 | 113.06 | 1374467 | 113.06 |
| Total 2026 | 55953 | 52114 | 3843148 | 73.75 | 4398985 | 84.41 |
| Q1 2027 | 38751 | 27909 | 4776027 | 171.13 | 5304236 | 190.05 |
| Q2 2027 | 207842 | 207842 | 9144667 | 44.00 | 9152499 | 44.04 |
| Q3 2027 | 66455 | 64828 | 2903737 | 44.79 | 2954177 | 45.57 |
| Q4 2027 | 90171 | 61895 | 6807293 | 109.98 | 6705839 | 108.34 |
| Total 2027 | 403219 | 362474 | 23631724 | 65.20 | 24116751 | 66.53 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Lease expirations - San Francisco region in-service properties** <sup>1, 2, 3</sup>  |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 190870 | 15359616 | 80.47 | 15377774 | 80.57 |
| 2027 | 478518 | 46850009 | 97.91 | 47854954 | 100.01 |
| 2028 | 393369 | 43750187 | 111.22 | 45587978 | 115.89 |
| 2029 | 592578 | 55521305 | 93.69 | 58864584 | 99.34 |
| 2030 | 374718 | 33374299 | 89.07 | 37094392 | 98.99 |
| 2031 | 987505 | 105904528 | 107.24 | 114595544 | 116.05 |
| 2032 | 367140 | 32562407 | 88.69 | 38369560 | 104.51 |
| 2033 | 630683 | 69702757 | 110.52 | 76793792 | 121.76 |
| 2034 | 132269 | 11424607 | 86.37 | 14250737 | 107.74 |
| 2035 | 21961 | 2479472 | 112.90 | 3396692 | 154.67 |
| Thereafter | 628345 | 62922812 | 100.14 | 82622243 | 131.49 |

---

***RETAIL***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 14633 | 697227 | 47.65 | 704101 | 48.12 |
| 2027 | 14805 | 762563 | 51.51 | 807474 | 54.54 |
| 2028 | 17049 | 1310651 | 76.88 | 1328037 | 77.90 |
| 2029 | 4967 | 330867 | 66.61 | 423127 | 85.19 |
| 2030 | 19864 | 1546520 | 77.86 | 1853174 | 93.29 |
| 2031 | 21244 | 1689431 | 79.53 | 1777920 | 83.69 |
| 2032 | 6357 | 446489 | 70.24 | 492688 | 77.50 |
| 2033 | 9383 | 1062136 | 113.20 | 1122794 | 119.66 |
| 2034 |  |  |  |  |  |
| 2035 |  |  |  |  |  |
| Thereafter | 7996 | 486672 | 60.86 | 552671 | 69.12 |

---

***TOTAL PROPERTY TYPES***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 205503 | 16056843 | $78.13 | 16081875 | 78.26 |
| 2027 | 493323 | 47612572 | 96.51 | 48662428 | 98.64 |
| 2028 | 410418 | 45060838 | 109.79 | 46916015 | 114.31 |
| 2029 | 597545 | 55852172 | 93.47 | 59287711 | 99.22 |
| 2030 | 394582 | 34920819 | 88.50 | 38947566 | 98.71 |
| 2031 | 1008749 | 107593959 | 106.66 | 116373464 | 115.36 |
| 2032 | 373497 | 33008896 | 88.38 | 38862248 | 104.05 |
| 2033 | 640066 | 70764893 | 110.56 | 77916586 | 121.73 |
| 2034 | 132269 | 11424607 | 86.37 | 14250737 | 107.74 |
| 2035 | 21961 | 2479472 | 112.90 | 3396692 | 154.67 |
| Thereafter | 636341 | 63409484 | 99.65 | 83174914 | 130.71 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Quarterly lease expirations - San Francisco region in-service properties** <sup>1, 2, 3</sup>  |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |
| Q2 2026 | 160867 | 12961485 | 80.57 | 12961485 | 80.57 |
| Q3 2026 | 8238 | 837710 | 101.69 | 837710 | 101.69 |
| Q4 2026 | 21765 | 1560421 | 71.69 | 1578579 | 72.53 |
| Total 2026 | 190870 | 15359616 | 80.47 | 15377774 | 80.57 |
| Q1 2027 | 151808 | 12598944 | 82.99 | 12817319 | 84.43 |
| Q2 2027 | 26245 | 2919352 | 111.23 | 2999365 | 114.28 |
| Q3 2027 | 55320 | 4854489 | 87.75 | 5000998 | 90.40 |
| Q4 2027 | 245145 | 26477225 | 108.01 | 27037273 | 110.29 |
| Total 2027 | 478518 | 46850009 | 97.91 | 47854954 | 100.01 |

---

***RETAIL***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |
| Q2 2026 | 1821 | 37260 | 20.46 | 37260 | 20.46 |
| Q3 2026 | 60 | 21818 | 363.63 | 21818 | 363.63 |
| Q4 2026 | 12752 | 638148 | 50.04 | 645023 | 50.58 |
| Total 2026 | 14633 | 697227 | 47.65 | 704101 | 48.12 |
| Q1 2027 |  |  |  |  |  |
| Q2 2027 | 7246 | 161925 | 22.35 | 195434 | 26.97 |
| Q3 2027 | 5733 | 453709 | 79.14 | 462482 | 80.67 |
| Q4 2027 | 1826 | 146929 | 80.47 | 149558 | 81.90 |
| Total 2027 | 14805 | 762563 | 51.51 | 807474 | 54.54 |

---

***TOTAL PROPERTY TYPES***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |
| Q2 2026 | 162688 | 12998745 | 79.90 | 12998745 | 79.90 |
| Q3 2026 | 8298 | 859528 | 103.58 | 859528 | 103.58 |
| Q4 2026 | 34517 | 2198569 | 63.70 | 2223602 | 64.42 |
| Total 2026 | 205503 | 16056843 | 78.13 | 16081875 | 78.26 |
| Q1 2027 | 151808 | 12598944 | 82.99 | 12817319 | 84.43 |
| Q2 2027 | 33491 | 3081277 | 92.00 | 3194799 | 95.39 |
| Q3 2027 | 61053 | 5308198 | 86.94 | 5463480 | 89.49 |
| Q4 2027 | 246971 | 26624154 | 107.80 | 27186831 | 110.08 |
| Total 2027 | 493323 | 47612572 | 96.51 | 48662428 | 98.64 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Lease expirations - Seattle region in-service properties** <sup>1, 2, 3</sup>  |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 50053 | 44852 | 2633564 | 58.72 | 2654782 | 59.19 |
| 2027 | 79314 | 78672 | 4829422 | 61.39 | 4930430 | 62.67 |
| 2028 | 601382 | 302445 | 17263165 | 57.08 | 17889679 | 59.15 |
| 2029 | 268777 | 239892 | 13325467 | 55.55 | 13765885 | 57.38 |
| 2030 | 34778 | 34778 | 2028097 | 58.32 | 2194108 | 63.09 |
| 2031 | 29298 | 18603 | 1009617 | 54.27 | 1118239 | 60.11 |
| 2032 | 81126 | 67777 | 4856451 | 71.65 | 5491196 | 81.02 |
| 2033 |  |  |  |  |  |  |
| 2034 |  |  |  |  |  |  |
| 2035 | 60774 | 20463 | 1471890 | 71.93 | 1809319 | 88.42 |
| Thereafter | 3151 | 3151 | 165413 | 52.50 | 196302 | 62.30 |

---

***RETAIL***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 |  |  |  |  |  |  |
| 2027 |  |  |  |  |  |  |
| 2028 | 945 | 945 | 56413 | 59.70 | 56413 | 59.70 |
| 2029 | 1121 | 377 | 7306 | 19.36 | 7306 | 19.36 |
| 2030 | 653 | 220 | 5302 | 24.11 | 5578 | 25.37 |
| 2031 | 6734 | 4289 | 289828 | 67.57 | 323476 | 75.42 |
| 2032 |  |  |  |  |  |  |
| 2033 |  |  |  |  |  |  |
| 2034 | 3718 | 3718 | 123288 | 33.16 | 145154 | 39.04 |
| 2035 |  |  |  |  |  |  |
| Thereafter |  |  |  |  |  |  |

---

***TOTAL PROPERTY TYPES***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 50053 | 44852 | 2633564 | 58.72 | 2654782 | 59.19 |
| 2027 | 79314 | 78672 | 4829422 | 61.39 | 4930430 | 62.67 |
| 2028 | 602327 | 303390 | 17319578 | 57.09 | 17946092 | 59.15 |
| 2029 | 269898 | 240269 | 13332773 | 55.49 | 13773191 | 57.32 |
| 2030 | 35431 | 34998 | 2033399 | 58.10 | 2199686 | 62.85 |
| 2031 | 36032 | 22892 | 1299445 | 56.76 | 1441715 | 62.98 |
| 2032 | 81126 | 67777 | 4856451 | 71.65 | 5491196 | 81.02 |
| 2033 |  |  |  |  |  |  |
| 2034 | 3718 | 3718 | 123288 | 33.16 | 145154 | 39.04 |
| 2035 | 60774 | 20463 | 1471890 | 71.93 | 1809319 | 88.42 |
| Thereafter | 3151 | 3151 | 165413 | 52.50 | 196302 | 62.30 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space. Does not include residential units.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Quarterly lease expirations - Seattle region in-service properties** <sup>1, 2, 3</sup> |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |  |
| Q2 2026 | 39138 | 39138 | 2330168 | 59.54 | 2346596 | 59.96 |
| Q3 2026 | 3448 | 1161 | 17102 | 14.73 | 17619 | 15.18 |
| Q4 2026 | 7467 | 4553 | 286294 | 62.88 | 290567 | 63.82 |
| Total 2026 | 50053 | 44852 | 2633564 | 58.72 | 2654782 | 59.19 |
| Q1 2027 | 5929 | 5929 | 451258 | 76.11 | 451258 | 76.11 |
| Q2 2027 | 12713 | 12713 | 768485 | 60.45 | 784884 | 61.74 |
| Q3 2027 | 12172 | 12172 | 713664 | 58.63 | 744093 | 61.13 |
| Q4 2027 | 48500 | 47858 | 2896016 | 60.51 | 2950194 | 61.64 |
| Total 2027 | 79314 | 78672 | 4829422 | 61.39 | 4930430 | 62.67 |

---

***RETAIL***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/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** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |  |
| Q2 2026 | 39138 | 39138 | 2330168 | 59.54 | 2346596 | 59.96 |
| Q3 2026 | 3448 | 1161 | 17102 | 14.73 | 17619 | 15.18 |
| Q4 2026 | 7467 | 4553 | 286294 | 62.88 | 290567 | 63.82 |
| Total 2026 | 50053 | 44852 | 2633564 | 58.72 | 2654782 | 59.19 |
| Q1 2027 | 5929 | 5929 | 451258 | 76.11 | 451258 | 76.11 |
| Q2 2027 | 12713 | 12713 | 768485 | 60.45 | 784884 | 61.74 |
| Q3 2027 | 12172 | 12172 | 713664 | 58.63 | 744093 | 61.13 |
| Q4 2027 | 48500 | 47858 | 2896016 | 60.51 | 2950194 | 61.64 |
| Total 2027 | 79314 | 78672 | 4829422 | 61.39 | 4930430 | 62.67 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space. Does not include residential units.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Lease expirations - Washington, DC region in-service properties** <sup>1, 2, 3</sup>  |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 82640 | 82640 | 4876078 | 59.00 | 4891109 | 59.19 |
| 2027 | 293878 | 293878 | 17176551 | 58.45 | 17665047 | 60.11 |
| 2028 | 338873 | 206837 | 14783123 | 71.47 | 16451235 | 79.54 |
| 2029 | 170311 | 170311 | 9572114 | 56.20 | 10305808 | 60.51 |
| 2030 | 198203 | 188970 | 11530829 | 61.02 | 12593550 | 66.64 |
| 2031 | 285696 | 278950 | 15503737 | 55.58 | 17483563 | 62.68 |
| 2032 | 606652 | 606652 | 42452925 | 69.98 | 47267788 | 77.92 |
| 2033 | 964434 | 961862 | 56390003 | 58.63 | 66921737 | 69.58 |
| 2034 | 306501 | 306501 | 17766613 | 57.97 | 21249489 | 69.33 |
| 2035 | 569345 | 569345 | 29401156 | 51.64 | 34262171 | 60.18 |
| Thereafter | 2524735 | 2524735 | 170308400 | 67.46 | 213183537 | 84.44 |

---

***RETAIL***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 5557 | 5557 | 342095 | 61.56 | 342095 | 61.56 |
| 2027 | 20198 | 20198 | 1089076 | 53.92 | 1094723 | 54.20 |
| 2028 | 32691 | 32691 | 2247568 | 68.75 | 2268431 | 69.39 |
| 2029 | 51841 | 51841 | 4714786 | 90.95 | 4879496 | 94.12 |
| 2030 | 38290 | 38290 | 2838048 | 74.12 | 2955275 | 77.18 |
| 2031 | 37966 | 37966 | 2598697 | 68.45 | 2808886 | 73.98 |
| 2032 | 37245 | 37245 | 2696852 | 72.41 | 2945242 | 79.08 |
| 2033 | 22891 | 22891 | 1556540 | 68.00 | 1761814 | 76.97 |
| 2034 | 35694 | 35694 | 2367888 | 66.34 | 2579176 | 72.26 |
| 2035 | 92121 | 89000 | 2593746 | 29.14 | 3793617 | 42.63 |
| Thereafter | 38705 | 38705 | 3133944 | 80.97 | 3906625 | 100.93 |

---

***TOTAL PROPERTY TYPES***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 88197 | 88197 | 5218173 | 59.16 | 5233204 | 59.34 |
| 2027 | 314076 | 314076 | 18265627 | 58.16 | 18759770 | 59.73 |
| 2028 | 371564 | 239528 | 17030691 | 71.10 | 18719666 | 78.15 |
| 2029 | 222152 | 222152 | 14286900 | 64.31 | 15185304 | 68.36 |
| 2030 | 236493 | 227260 | 14368877 | 63.23 | 15548825 | 68.42 |
| 2031 | 323662 | 316916 | 18102434 | 57.12 | 20292449 | 64.03 |
| 2032 | 643897 | 643897 | 45149777 | 70.12 | 50213030 | 77.98 |
| 2033 | 987325 | 984753 | 57946543 | 58.84 | 68683551 | 69.75 |
| 2034 | 342195 | 342195 | 20134501 | 58.84 | 23828665 | 69.63 |
| 2035 | 661466 | 658345 | 31994902 | 48.60 | 38055788 | 57.81 |
| Thereafter | 2563440 | 2563440 | 173442344 | 67.66 | 217090162 | 84.69 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space. Does not include residential units. Excludes Kingstowne Retail which was sold on April 17, 2026.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Quarterly lease expirations - Washington, DC region in-service properties** <sup>1, 2, 3</sup> |

---

as of March 31, 2026

***OFFICE***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |
| Q2 2026 | 53747 | 3188175 | 59.32 | 3188175 | 59.32 |
| Q3 2026 | 2991 | 178738 | 59.76 | 182986 | 61.18 |
| Q4 2026 | 25902 | 1509165 | 58.26 | 1519948 | 58.68 |
| Total 2026 | 82640 | 4876078 | 59.00 | 4891109 | 59.19 |
| Q1 2027 | 39346 | 2178972 | 55.38 | 2194272 | 55.77 |
| Q2 2027 | 66952 | 3447742 | 51.50 | 3514096 | 52.49 |
| Q3 2027 | 146370 | 9088388 | 62.09 | 9386570 | 64.13 |
| Q4 2027 | 41210 | 2461449 | 59.73 | 2570109 | 62.37 |
| Total 2027 | 293878 | 17176551 | 58.45 | 17665047 | 60.11 |

---

***RETAIL***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |
| Q2 2026 |  |  |  |  |  |
| Q3 2026 | 3074 | 181347 | 58.99 | 181347 | 58.99 |
| Q4 2026 | 2483 | 160748 | 64.74 | 160748 | 64.74 |
| Total 2026 | 5557 | 342095 | 61.56 | 342095 | 61.56 |
| Q1 2027 | 9122 | 475897 | 52.17 | 475897 | 52.17 |
| Q2 2027 | 3498 | 275172 | 78.67 | 277490 | 79.33 |
| Q3 2027 | 7578 | 338007 | 44.60 | 341336 | 45.04 |
| Q4 2027 |  |  |  |  |  |
| Total 2027 | 20198 | 1089076 | 53.92 | 1094723 | 54.20 |

---

***TOTAL PROPERTY TYPES***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Quarter** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| Q1 2026 |  |  |  |  |  |
| Q2 2026 | 53747 | 3188175 | 59.32 | 3188175 | 59.32 |
| Q3 2026 | 6065 | 360085 | 59.37 | 364333 | 60.07 |
| Q4 2026 | 28385 | 1669913 | 58.83 | 1680696 | 59.21 |
| Total 2026 | 88197 | 5218173 | 59.16 | 5233204 | 59.34 |
| Q1 2027 | 48468 | 2654869 | 54.78 | 2670169 | 55.09 |
| Q2 2027 | 70450 | 3722914 | 52.84 | 3791586 | 53.82 |
| Q3 2027 | 153948 | 9426395 | 61.23 | 9727906 | 63.19 |
| Q4 2027 | 41210 | 2461449 | 59.73 | 2570109 | 62.37 |
| Total 2027 | 314076 | 18265627 | 58.16 | 18759770 | 59.73 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space. Does not include residential units. Excludes Kingstowne Retail which was sold on April 17, 2026.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | &nbsp;&nbsp;**Lease expirations - CBD properties** <sup>1, 2, 3</sup> |

---

as of March 31, 2026

***Boston***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 213807 | 176006 | 14536633 | 82.59 | 14536634 | 82.59 |
| 2027 | 221348 | 205138 | 18999003 | 92.62 | 19086244 | 93.04 |
| 2028 | 652713 | 624720 | 74179473 | 118.74 | 77054307 | 123.34 |
| 2029 | 764054 | 629893 | 57883443 | 91.89 | 59877210 | 95.06 |
| 2030 | 1109388 | 1057534 | 77651331 | 73.43 | 80995897 | 76.59 |
| 2031 | 55737 | 47114 | 4235248 | 89.89 | 4616662 | 97.99 |
| 2032 | 898312 | 897721 | 76076719 | 84.74 | 93609869 | 104.28 |
| 2033 | 595005 | 532879 | 46421396 | 87.11 | 52823943 | 99.13 |
| 2034 | 1282127 | 1093230 | 100044289 | 91.51 | 109997110 | 100.62 |
| 2035 | 774303 | 704020 | 59839506 | 85.00 | 76632966 | 108.85 |
| Thereafter | 4041508 | 3169738 | 300140953 | 94.69 | 355439689 | 112.14 |

---

***Los Angeles***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 19188 | 9594 | 135600 | 14.13 | 135600 | 14.13 |
| 2027 | 187615 | 94310 | 7164869 | 75.97 | 7368372 | 78.13 |
| 2028 | 270593 | 172796 | 14693981 | 85.04 | 15618894 | 90.39 |
| 2029 | 267278 | 185627 | 12880014 | 69.39 | 13034936 | 70.22 |
| 2030 | 63390 | 63390 | 4562637 | 71.98 | 5172038 | 81.59 |
| 2031 | 7752 | 7752 | 534074 | 68.89 | 632555 | 81.60 |
| 2032 | 246667 | 127701 | 11104239 | 86.96 | 13365607 | 104.66 |
| 2033 | 186894 | 93447 | 8185957 | 87.6 | 10414824 | 111.45 |
| 2034 | 23732 | 13736 | 484065 | 35.24 | 546905 | 39.82 |
| 2035 | 8043 | 8043 | 649611 | 80.77 | 803577 | 99.91 |
| Thereafter | 500468 | 500468 | 39668007 | 79.26 | 46846304 | 93.60 |

---

***New York***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 13779 | 9940 | 1517276 | 152.64 | 1517276 | 152.64 |
| 2027 | 148339 | 107594 | 14028937 | 130.39 | 14454743 | 134.35 |
| 2028 | 224415 | 167968 | 20120927 | 119.79 | 20155218 | 119.99 |
| 2029 | 1034334 | 816535 | 85281274 | 104.44 | 89301858 | 109.37 |
| 2030 | 476478 | 403451 | 45859220 | 113.67 | 46143472 | 114.37 |
| 2031 | 458788 | 370322 | 45229701 | 122.14 | 46341208 | 125.14 |
| 2032 | 306182 | 202589 | 19264367 | 95.09 | 20546090 | 101.42 |
| 2033 | 410076 | 360119 | 43722672 | 121.41 | 47383323 | 131.58 |
| 2034 | 1209219 | 881896 | 109201561 | 123.83 | 119863557 | 135.92 |
| 2035 | 933761 | 587306 | 64572203 | 109.95 | 71410121 | 121.59 |
| Thereafter | 4017115 | 2777040 | 298734181 | 107.57 | 333856205 | 120.22 |

---

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | &nbsp;&nbsp;**Lease expirations - CBD properties (continued)** <sup>1, 2, 3</sup> |

---

as of March 31, 2026

***San Francisco***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 157472 | 14869256 | 94.42 | 14876131 | 94.47 |
| 2027 | 353401 | 37815305 | 107.00 | 38688125 | 109.47 |
| 2028 | 360329 | 42003496 | 116.57 | 43682291 | 121.23 |
| 2029 | 581450 | 54921573 | 94.46 | 58292637 | 100.25 |
| 2030 | 302764 | 28789585 | 95.09 | 32182122 | 106.29 |
| 2031 | 955328 | 104640035 | 109.53 | 112811255 | 118.09 |
| 2032 | 373497 | 33008896 | 88.38 | 38862248 | 104.05 |
| 2033 | 640066 | 70764893 | 110.56 | 77916586 | 121.73 |
| 2034 | 132269 | 11424607 | 86.37 | 14250737 | 107.74 |
| 2035 | 21961 | 2479472 | 112.90 | 3396692 | 154.67 |
| Thereafter | 636341 | 63409484 | 99.65 | 83174914 | 130.71 |

---

***Seattle***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 50053 | 44852 | 2633564 | 58.72 | 2654782 | 59.19 |
| 2027 | 79314 | 78672 | 4829422 | 61.39 | 4930430 | 62.67 |
| 2028 | 602327 | 303390 | 17319578 | 57.09 | 17946092 | 59.15 |
| 2029 | 269898 | 240270 | 13332774 | 55.49 | 13773191 | 57.32 |
| 2030 | 35431 | 34998 | 2033399 | 58.10 | 2199685 | 62.85 |
| 2031 | 36032 | 22892 | 1299445 | 56.76 | 1441715 | 62.98 |
| 2032 | 81126 | 67777 | 4856451 | 71.65 | 5491196 | 81.02 |
| 2033 |  |  |  |  |  |  |
| 2034 | 3718 | 3718 | 123288 | 33.16 | 145154 | 39.04 |
| 2035 | 60774 | 20463 | 1471890 | 71.93 | 1809319 | 88.42 |
| Thereafter | 3151 | 3151 | 165413 | 52.50 | 196302 | 62.30 |

---

***Washington, DC***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 70232 | 70232 | 4468750 | 63.63 | 4479744 | 63.78 |
| 2027 | 310199 | 310199 | 18104027 | 58.36 | 18593341 | 59.94 |
| 2028 | 371564 | 239528 | 17030691 | 71.10 | 18719666 | 78.15 |
| 2029 | 211142 | 211142 | 13897209 | 65.82 | 14762849 | 69.92 |
| 2030 | 212441 | 203208 | 13440548 | 66.14 | 14538733 | 71.55 |
| 2031 | 306862 | 300116 | 17502341 | 58.32 | 19611236 | 65.35 |
| 2032 | 643897 | 643897 | 45149777 | 70.12 | 50213031 | 77.98 |
| 2033 | 987325 | 984753 | 57946542 | 58.84 | 68683550 | 69.75 |
| 2034 | 333733 | 333733 | 19803120 | 59.34 | 23425442 | 70.19 |
| 2035 | 661466 | 658345 | 31994903 | 48.60 | 38055787 | 57.81 |
| Thereafter | 2563440 | 2563440 | 173442344 | 67.66 | 217090161 | 84.69 |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Lease expirations - Suburban properties** <sup>1, 2, 3</sup>  |

---

 as of March 31, 2026

***Boston***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup> | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 134193 | 134193 | 11015359 | 82.09 | 11015359 | 82.09 |
| 2027 | 243969 | 243969 | 17530846 | 71.86 | 17634412 | 72.28 |
| 2028 | 277398 | 277398 | 16169907 | 58.29 | 16745769 | 60.37 |
| 2029 | 493523 | 493523 | 24897574 | 50.45 | 27075903 | 54.86 |
| 2030 | 116076 | 116076 | 7075389 | 60.95 | 7600485 | 65.48 |
| 2031 | 634106 | 573766 | 39426795 | 68.72 | 42044004 | 73.28 |
| 2032 | 227097 | 227097 | 11807382 | 51.99 | 12971779 | 57.12 |
| 2033 | 113487 | 113487 | 12189345 | 107.41 | 13801666 | 121.61 |
| 2034 | 326384 | 326384 | 24476370 | 74.99 | 28297821 | 86.70 |
| 2035 | 63116 | 63116 | 4811059 | 76.23 | 5584439 | 88.48 |
| Thereafter | 470167 | 470167 | 17444116 | 37.10 | 23468525 | 49.92 |

---

***New York***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 42174 | 2325871 | 55.15 | 2881709 | 68.33 |
| 2027 | 254880 | 9602787 | 37.68 | 9662008 | 37.91 |
| 2028 | 110841 | 4478412 | 40.40 | 4384103 | 39.55 |
| 2029 | 186805 | 6858671 | 36.72 | 7082857 | 37.92 |
| 2030 | 125143 | 5158122 | 41.22 | 5361857 | 42.85 |
| 2031 | 187621 | 7688945 | 40.98 | 8038509 | 42.84 |
| 2032 | 113126 | 4773223 | 42.19 | 4535652 | 40.09 |
| 2033 | 49947 | 1888132 | 37.80 | 2047688 | 41.00 |
| 2034 |  |  |  |  |  |
| 2035 | 158985 | 6413992 | 40.34 | 7165689 | 45.07 |
| Thereafter | 347126 | 13744505 | 39.60 | 15149862 | 43.64 |

---

***San Francisco***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 48031 | 1187587 | 24.73 | 1205744 | 25.10 |
| 2027 | 139922 | 9797268 | 70.02 | 9974304 | 71.28 |
| 2028 | 50089 | 3057341 | 61.04 | 3233723 | 64.56 |
| 2029 | 16095 | 930600 | 57.82 | 995073 | 61.83 |
| 2030 | 91818 | 6131234 | 66.78 | 6765444 | 73.68 |
| 2031 | 53421 | 2953924 | 55.30 | 3562209 | 66.68 |
| 2032 |  |  |  |  |  |
| 2033 |  |  |  |  |  |
| 2034 |  |  |  |  |  |
| 2035 |  |  |  |  |  |
| Thereafter |  |  |  |  |  |

---

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Lease expirations - Suburban properties (continued)** <sup>1, 2, 3</sup>  |

---

as of March 31, 2026

***Washington, DC***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** | **BXP's Share** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **Current Annualized Rental Obligations Under Expiring Leases** | **Current Annualized Rental Obligations Under Expiring Leases** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** | **Annualized Rental Obligations Under Expiring Leases with future step-ups** |
| **Year** | **Rentable Square Footage**<sup>4</sup>  | **$** | **$/PSF** | **$** | **$/PSF** |
| 2026 | 17965 | 749423 | 41.72 | 753459 | 41.94 |
| 2027 | 3877 | 161599 | 41.68 | 166429 | 42.93 |
| 2028 |  |  |  |  |  |
| 2029 | 11010 | 389692 | 35.39 | 422454 | 38.37 |
| 2030 | 24052 | 928328 | 38.60 | 1010092 | 42.00 |
| 2031 | 16800 | 600093 | 35.72 | 681213 | 40.55 |
| 2032 |  |  |  |  |  |
| 2033 |  |  |  |  |  |
| 2034 | 8462 | 331380 | 39.16 | 403223 | 47.65 |
| 2035 |  |  |  |  |  |
| Thereafter |  |  |  |  |  |

---

_____________

<sup>1</sup>For the Company's definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

<sup>2</sup>Includes partially placed in-service leased space. Does not include residential units and hotel. Excludes Kingstowne Retail which was sold on April 17, 2026.

<sup>3</sup>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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **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 | Christian Azzi | 212.553.7718 |
| Standard & Poor's | Michael Souers | 212.438.2508 |

---

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Definitions** |

---

This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company's financial condition and results of operations and the other purposes for which management uses the measures. Additional detail can be found in the Company's most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents the Company files or furnishes to the SEC from time to time.

The Company also presents "**BXP's Share**" of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company's share of the amount from the Company's unconsolidated joint ventures (calculated based upon the Company's percentage ownership interest and, in some cases, after priority allocations), minus the Company's partners' share of the amount from the Company's consolidated joint ventures (calculated based upon the partners' percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company). Management believes that presenting "BXP's Share" of these measures provides useful information to investors regarding the Company's financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company's partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP's Share of various financial measures in this manner can help investors better understand the Company's financial condition and/or results of operations after taking into account its true economic interest in these joint ventures. The Company cautions investors that the ownership percentages used in calculating "BXP's Share" of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners' interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of "BXP's Share" of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company's financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of "BXP's Share" of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page [60](#i0dcc74fbf2e544d08d4719902c4758e6_181).

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.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Definitions (continued)** |

---

**Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDA*re*)** 

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 EBITDA*re* 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 EBITDA*re* from unconsolidated joint ventures less gains (losses) on sales of real estate and sales-type leases. EBITDA*re* is a non-GAAP financial measure. The Company uses EBITDA*re* internally as a performance measure and believes EBITDA*re* provides useful information to investors regarding its financial condition and results of operations at the corporate level because, when compared across periods, EBITDA*re* 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.

The Company's computation of EBITDA*re* may not be comparable to EBITDA*re* 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, EBITDA*re* should be examined in conjunction with net income (loss) attributable to BXP, Inc. as presented in the Company's consolidated financial statements. EBITDA*re* 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 EBITDA*re* – cash** divided by **Total Fixed Charges**. BXP's Share of EBITDA*re* – cash is a non-GAAP financial measure equal to BXP's Share of EBITDA*re* 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.

------

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| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **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 EBITDA*re* – cash** divided by Adjusted interest expense. BXP's Share of EBITDA*re* – cash is a non-GAAP financial measure equal to BXP's Share of EBITDA*re* 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 EBITDA*re*.** 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 EBITDA*re* 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.

------

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| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Definitions (continued)** |

---

**Net Operating Income (NOI)**

Net operating income (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc., the most directly comparable GAAP financial measure, plus (1) net income (loss) attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, impairment losses, loss from early extinguishment of debt, and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate or sales type leases, gains (losses) from investments in securities, unrealized gain (loss) on non-real estate investments, and interest and other income (loss). In some cases, the Company also presents (1) **NOI – cash**, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) **NOI and NOI – cash, in each case excluding termination income**.

**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."

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| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Reconciliations** |

---

(unaudited and in thousands)

---

| | | |
|:---|:---|:---|
| ***BXP's Share of select items*** | | |
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-26** | **31-Dec-25** |
| Revenue | $872148 | $877097 |
| Partners' share of revenue from consolidated joint ventures (JVs) | (90250) | (87619) |
| BXP's share of revenue from unconsolidated JVs | 43572 | 54258 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of revenue | $825470 | $843736 |
| Straight-line rent | $23588 | $25710 |
| Partners' share of straight-line rent from consolidated JVs | (3594) | (4401) |
| BXP's share of straight-line rent from unconsolidated JVs | 450 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of straight-line rent | $20444 | $21586 |
| Fair value lease revenue <sup>1</sup> | $1961 | $1983 |
| Partners' share of fair value lease revenue from consolidated JVs <sup>1</sup> | 11 | 11 |
| BXP's share of fair value lease revenue from unconsolidated JVs <sup>1</sup> | 743 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of fair value lease revenue <sup>1</sup> | $2715 | $3030 |
| Lease termination income | $12828 | $8947 |
| Partners' share of termination income from consolidated JVs |  | (287) |
| BXP's share of termination income from unconsolidated JVs |  | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of termination income | $12828 | $8732 |
| Non-cash termination income adjustment | $(1744) | $(4121) |
| Partners' share of non-cash termination income adjustment from consolidated JVs |  |  |
| BXP's share of non-cash termination income adjustment from unconsolidated JVs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of non-cash termination income adjustment | $(1744) | $(4121) |
| Hedge amortization, net of costs | $1590 | $1590 |
| 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 | 260 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of hedge amortization, net of costs | $1706 | $1712 |
| Straight-line ground rent expense adjustment | $(4970) | $(3239) |
| 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 | 121 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of straight-line ground rent expense adjustment | $(4849) | $(3118) |
| Depreciation and amortization | $227967 | $232015 |
| Noncontrolling interests in property partnerships' share of depreciation and amortization | (20871) | (22085) |
| BXP's share of depreciation and amortization from unconsolidated JVs | 13506 | 14173 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of depreciation and amortization | $220602 | $224103 |
| Lease transaction costs that qualify as rent inducements <sup>2</sup> | $3746 | $4615 |
| Partners' share of lease transaction costs that qualify as rent inducements from consolidated JVs <sup>2</sup> | (32) | (127) |
| BXP's share of lease transaction costs that qualify as rent inducements from unconsolidated JVs <sup>2</sup> | 25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of lease transaction costs that qualify as rent inducements <sup>2</sup> | $3739 | $4488 |
| 2nd generation tenant improvements and leasing commissions | $191046 | $156837 |
| Partners' share of 2nd generation tenant improvements and leasing commissions from consolidated JVs | (22735) | (11526) |
| BXP's share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs | 10060 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of 2nd generation tenant improvements and leasing commissions | $178371 | $145389 |

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| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Reconciliations (continued)** |

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---

| | | |
|:---|:---|:---|
| Maintenance capital expenditures <sup>3</sup> | $18984 | $18157 |
| Partners' share of maintenance capital expenditures from consolidated JVs <sup>3</sup> | (2792) | (1615) |
| BXP's share of maintenance capital expenditures from unconsolidated JVs <sup>3</sup> | 455 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of maintenance capital expenditures <sup>3</sup> | $16647 | $17171 |
| Interest expense | $152093 | $162612 |
| Partners' share of interest expense from consolidated JVs | (11779) | (12024) |
| BXP's share of interest expense from unconsolidated JVs | 16532 | 16486 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of interest expense | $156846 | $167074 |
| Capitalized interest | $16490 | $14670 |
| Partners' share of capitalized interest from consolidated JVs | (13) | (13) |
| BXP's share of capitalized interest from unconsolidated JVs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of capitalized interest | $16477 | $14657 |
| Amortization of financing costs | $5848 | $5972 |
| Partners' share of amortization of financing costs from consolidated JVs | (498) | (498) |
| BXP's share of amortization of financing costs from unconsolidated JVs | 496 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of amortization of financing costs | $5846 | $5995 |
| 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 | 216 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of fair value interest adjustment | $216 | $509 |
| Amortization and accretion related to sales type lease | $245 | $240 |
| 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 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of amortization and accretion related to sales type lease | $274 | $268 |
| 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 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's Share of non-cash loss from early extinguishment of debt | $— | $54 |

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_____________

<sup>1</sup>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.

<sup>2</sup>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.

<sup>3</sup>Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures.

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| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Reconciliations (continued)** |

---

for the three months ended March 31, 2026

(unaudited and in thousands)

---

| | | | |
|:---|:---|:---|:---|
| ***CONSOLIDATED JOINT VENTURES*** | | | |
| | **767 Fifth Avenue**<br>**(The GM Building)** |<br>**Norges Joint Ventures** <sup>1</sup> | **Total Consolidated**<br>**Joint Ventures** |
| Revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease <sup>2</sup> | $81832 | $118236 | $200068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | 3531 | 4849 | 8380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value lease revenue | (27) |  | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Termination income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease revenue | 85336 | 123085 | 208421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking and other |  | 1617 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total rental revenue <sup>3</sup> | 85336 | 124702 | 210038 |
| Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating | 35672 | 49928 | 85600 |
| Net Operating Income (NOI) | 49664 | 74774 | 124438 |
| Other income (expense) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development and management services revenue |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses from investments in securities  |  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | 496 | 1605 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (20956) | (7556) | (28512) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | (18653) | (28077) | (46730) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | (16) | (152) | (168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (39129) | (34184) | (73313) |
| Net income | $10535 | $40590 | $51125 |
| BXP's nominal ownership percentage | 60% | 55% |  |
| Partners' share of NOI (after income allocation to private REIT shareholders) <sup>4</sup> | $19146 | $32564 | $51710 |
| BXP's share of NOI (after income allocation to private REIT shareholders) | $30518 | $42210 | $72728 |
| Unearned portion of capitalized fees <sup>5</sup> | $138 | $531 | $669 |
| **Partners' share of select items** <sup>4</sup> |  |  |  |
| Partners' share of hedge amortization | $144 | $— | $144 |
| Partners' share of amortization of financing costs | $346 | $152 | $498 |
| Partners' share of depreciation and amortization related to capitalized fees | $415 | $569 | $984 |
| Partners' share of capitalized interest | $— | $13 | $13 |
| Partners' share of lease transactions costs which will qualify as rent inducements | $— | $(32) | $(32) |
| Partners' share of management and other fees | $719 | $1084 | $1803 |
| Partners' share of basis differential depreciation and amortization expense | $(24) | $(185) | $(209) |
| Partners' share of basis differential interest and other adjustments | $(4) | $37 | $33 |
| **Reconciliation of Partners' share of EBITDA*re*** <sup>6</sup> |  |  |  |
| Partners' NCI | $3108 | $16761 | $19869 |
| Add: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' share of interest expense after BXP's basis differential | 8379 | 3400 | 11779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' share of depreciation and amortization expense after BXP's basis differential | 7852 | 13019 | 20871 |
| Partners' share of EBITDA*re* | $19339 | $33180 | $52519 |

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| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Reconciliations (continued)** |

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for the three months ended March 31, 2026

(unaudited and in thousands)

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| | | | |
|:---|:---|:---|:---|
| ***CONSOLIDATED JOINT VENTURES*** | | | |
|<br>**Reconciliation of Partners' share of Net Operating Income (Loss) (NOI)** <sup>6</sup> | **767 Fifth Avenue**<br>**(The GM Building)** |<br>**Norges Joint Ventures** <sup>1</sup> | **Total Consolidated**<br>**Joint Ventures** |
| Rental revenue <sup>3</sup> | $34134 | $56116 | $90250 |
| Less: Termination income |  |  |  |
| Rental revenue (excluding termination income) <sup>3</sup> | 34134 | 56116 | 90250 |
| Less: Operating expenses (including partners' share of management and other fees) | 14988 | 23552 | 38540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income allocation to private REIT shareholders |  |  |  |
| NOI (excluding termination income and after income allocation to private REIT shareholders) | $19146 | $32564 | $51710 |
| Rental revenue (excluding termination income) <sup>3</sup> | $34134 | $56116 | $90250 |
| Less: Straight-line rent | 1412 | 2182 | 3594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value lease revenue | (11) |  | (11) |
| Add: Lease transaction costs that qualify as rent inducements |  | 32 | 32 |
| Subtotal | 32733 | 53966 | 86699 |
| Less: Operating expenses (including partners' share of management and other fees) | 14988 | 23552 | 38540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income allocation to private REIT shareholders |  |  |  |
| NOI - cash (excluding termination income and after income allocation to private REIT shareholders) | $17745 | $30414 | $48159 |
| **Reconciliation of Partners' share of Revenue** <sup>4</sup> |  |  |  |
| Rental revenue <sup>3</sup> | $34134 | $56116 | $90250 |
| Add: Development and management services revenue |  |  |  |
| Revenue | $34134 | $56116 | $90250 |

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_________

<sup>1</sup>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.

<sup>2</sup>Lease revenue includes recoveries and service income from clients.

<sup>3</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>4</sup>Amounts represent the partners' share based on their respective ownership percentage.

<sup>5</sup>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.

<sup>6</sup>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. 

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| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Reconciliations (continued)** |

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for the three months ended March 31, 2026

(unaudited and in thousands)

***UNCONSOLIDATED JOINT VENTURES*** <sup>1</sup>

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Boston | Los Angeles | | New York | | San Francisco | | Seattle | Washington, DC | Total Unconsolidated Joint Ventures |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease <sup>2</sup> | $28307 | $20627 |  | $19201 |  | $141 |  | $7331 | $17294 | $92901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | 275 | (1710) |  | 1598 |  | 13 |  | (5) | 295 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value lease revenue |  |  |  | 1221 |  |  |  | 998 |  | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Termination income |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and accretion related to sales-type lease | 57 |  |  |  |  |  |  |  |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total lease revenue | 28639 | 18917 |  | 22020 |  | 154 |  | 8324 | 17589 | 95643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking and other | 1 | 2116 |  | 123 |  |  |  | 583 | 909 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total rental revenue <sup>3</sup> | 28640 | 21033 |  | 22143 |  | 154 |  | 8907 | 18498 | 99375 |
| **Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating | 11118 | 7702 |  | 17940 | <sup>4</sup> | 1116 |  | 3464 | 6392 | 47732 |
| **Net operating income** | 17522 | 13331 |  | 4203 |  | (962) |  | 5443 | 12106 | 51643 |
| **Other income (expense)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development and management services revenue |  |  |  | 413 |  |  |  |  |  | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income (loss) | 310 | 1008 |  | 890 |  | (3) |  | 64 | 135 | 2404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (9301) | (4943) |  | (14647) |  |  |  | (3869) | (6920) | (39680) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs |  |  |  | (8) |  |  |  |  |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | (8483) | (5566) |  | (12001) |  |  |  | (1434) | (4388) | (31872) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense |  | (33) |  | (150) |  |  |  | (16) |  | (199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of real estate |  | (2) |  |  |  |  |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (17474) | (9536) |  | (25503) |  | (3) |  | (5255) | (11173) | (68944) |
| **Net income (loss)** | $48 | $3795 |  | $(21300) |  | $(965) |  | $188 | $933 | $(17301) |
| **BXP's share of select items:** |  |  |  |  |  |  |  |  |  |  |
| BXP's share of amortization of financing costs | $139 | $23 |  | $242 |  | $— |  | $29 | $63 | $496 |
| BXP's share of hedge amortization, net of costs | $— | $— |  | $— |  | $— |  | $260 | $— | $260 |
| BXP's share of fair value interest adjustment | $— | $— |  | $216 |  | $— |  |  | $— | $216 |
| BXP's share of amortization and accretion related to sales-type lease | $29 | $— |  | $— |  | $— |  | $— | $— | $29 |
| **Reconciliation of BXP's share of EBITDA*re*** | **Reconciliation of BXP's share of EBITDA*re*** |  |  |  |  |  |  |  |  |  |
| Income (loss) from unconsolidated joint ventures | $18 | $2603 |  | $(8366) |  | $5892 |  | $(326) | $35592 | $35413 |
| Add: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of interest expense | 4651 | 2472 |  | 5649 |  |  |  | 1303 | 2457 | 16532 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of depreciation and amortization expense | 4244 | 2213 | <sup>5</sup> | 4665 | <sup>5</sup> | (28) | <sup>5</sup> | 874 | 1538 | 13506 |
| Less: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of gains (loss) on sales <sup>6</sup> |  | (1) |  |  |  | 6394 |  |  | 34840 | 41233 |
| BXP's share of EBITDA*re* | $8913 | $7289 | <sup>5</sup> | $1948 | <sup>5</sup> | $(530) | <sup>5</sup> | $1851 | $4747 | $24218 |

---

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Reconciliations (continued)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***UNCONSOLIDATED JOINT VENTURES*** <sup>1</sup> | | | | | | | | | |
| **Reconciliation of BXP's share of Net Operating Income (Loss)** | Boston | Los Angeles |  | New York |  | San Francisco | Seattle | Washington, DC | Total Unconsolidated Joint Ventures |
| BXP's share of rental revenue <sup>3</sup> | $14321 | $10654 | <sup>5</sup> | $8571 | <sup>5</sup> | $77 | $2999 | $6743 | $43365 |
| BXP's share of operating expenses | 5559 | 3851 |  | 7783 |  | 606 | 1165 | 2031 | 20995 |
| BXP's share of net operating income (loss) | 8762 | 6803 | <sup>5</sup> | 788 | <sup>5</sup> | (529) | 1834 | 4712 | 22370 |
| Less: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of termination income |  |  |  |  |  |  |  |  |  |
| BXP's share of net operating income (loss) (excluding termination income) | 8762 | 6803 |  | 788 |  | (529) | 1834 | 4712 | 22370 |
| Less: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of straight-line rent | 137 | (763) | <sup>5</sup> | 897 | <sup>5</sup> | 7 | (2) | 174 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of fair value lease revenue |  | 45 | <sup>5</sup> | 362 | <sup>5</sup> |  | 336 |  | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of amortization and accretion related to sales type lease | 29 |  |  |  |  |  |  |  | 29 |
| Add: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP's share of straight-line ground rent expense adjustment |  |  |  | 121 |  |  |  |  | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of lease transaction costs that qualify as rent inducements |  | 17 |  |  |  |  |  | 8 | 25 |
| BXP's share of net operating income (loss) - cash (excluding termination income) | $8596 | $7538 | <sup>5</sup> | $(350) | <sup>5</sup> | $(536) | $1500 | $4546 | $21294 |
| **Reconciliation of BXP's share of Revenue** |  |  |  |  |  |  |  |  |  |
| BXP's share of rental revenue <sup>3</sup> | $14321 | $10654 | <sup>5</sup> | $8571 | <sup>5</sup> | $77 | $2999 | $6743 | $43365 |
| Add: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP's share of development and management services revenue |  |  |  | 207 |  |  |  |  | 207 |
| BXP's share of revenue | $14321 | $10654 | <sup>5</sup> | $8778 | <sup>5</sup> | $77 | $2999 | $6743 | $43572 |

---

_____________

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

<sup>2</sup>Lease revenue includes recoveries and service income from clients. 

<sup>3</sup>See the Definitions and Reconciliations sections of this Supplemental package starting on page [56](#i0dcc74fbf2e544d08d4719902c4758e6_178).

<sup>4</sup>Includes approximately $242 of straight-line ground rent expense.

<sup>5</sup>The Company's purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.

<sup>6</sup> For additional information, see page 14.

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Reconciliations (continued)** |

---

**Reconciliation of Net income (loss) attributable to BXP, Inc. to** 

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

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Dec-25** | **31-Dec-24** |
| Net income (loss) attributable to BXP, Inc. | $248486 | $(230019) |
| Net (income) loss attributable to noncontrolling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership | 27824 | (25031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in property partnerships | 18479 | 17233 |
| Net income (loss) | 294789 | (237817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 162612 | 170390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses | 16902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on non-real estate investments | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 232015 | 226043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 122 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related costs from management services contracts | 3959 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 37801 | 32504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income (loss) | 12351 | 20452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) from investments in securities | 846 | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate | 156410 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated joint ventures | 50232 | (349553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct reimbursements of payroll and related costs from management services contracts | 3959 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development and management services revenue | 8641 | 8784 |
| Net Operating Income (NOI) | 515763 | 512430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of NOI from unconsolidated joint ventures | 28183 | 30782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) | 51665 | 48259 |
| BXP's Share of NOI | 492281 | 494953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination income | 8947 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of termination income from unconsolidated joint ventures | 72 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of termination income from consolidated joint ventures | 287 | 11 |
| BXP's Share of NOI (excluding termination income) | $483549 | $493529 |
| Net Operating Income (NOI) | $515763 | $512430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination income | 8947 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOI from non Same Properties (excluding termination income) | 13872 | 17950 |
| Same Property NOI (excluding termination income) | 492944 | 493566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) | 51378 | 48248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) | 4460 | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of NOI from unconsolidated joint ventures (excluding termination income) | 28111 | 30261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) | 2959 | 3983 |
| BXP's Share of Same Property NOI (excluding termination income) | $471178 | $474461 |
| Change in BXP's Share of Same Property NOI (excluding termination income) | $(3283) |  |
| Change in BXP's Share of Same Property NOI (excluding termination income) | (0.7)% |  |

---

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Reconciliations (continued)** |

---

**Reconciliation of Net income (loss) attributable to BXP, Inc. to** 

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

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Dec-25** | **31-Dec-24** |
| Net income (loss) attributable to BXP, Inc. | $248486 | $(230019) |
| Net (income) loss attributable to noncontrolling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership | 27824 | (25031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in property partnerships | 18479 | 17233 |
| Net income (loss) | 294789 | (237817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 162612 | 170390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses | 16902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on non-real estate investments | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 232015 | 226043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 122 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related costs from management services contracts | 3959 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | 37801 | 32504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income (loss) | 12351 | 20452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) from investments in securities | 846 | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate | 156410 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated joint ventures | 50232 | (349553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct reimbursements of payroll and related costs from management services contracts | 3959 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development and management services revenue | 8641 | 8784 |
| Net Operating Income (NOI) | 515763 | 512430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | 25710 | 19732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value lease revenue | 1983 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization and accretion related to sales type lease | 240 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination income | 8947 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line ground rent expense adjustment <sup>1</sup> | 531 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease transaction costs that qualify as rent inducements <sup>2</sup> | 4615 | 3512 |
| NOI - cash (excluding termination income) | 484029 | 494351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOI - cash from non Same Properties (excluding termination income) | 10672 | 32432 |
| Same Property NOI - cash (excluding termination income) | 473357 | 461919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) | 47115 | 49077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners' share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) | 3382 | 9121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of NOI - cash from unconsolidated joint ventures (excluding termination income) | 26891 | 29808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP's share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) | 2308 | 3285 |
| BXP's Share of Same Property NOI - cash (excluding termination income) | $454207 | $448486 |
| Change in BXP's Share of Same Property NOI - cash (excluding termination income) | $5721 |  |
| Change in BXP's Share of Same Property NOI - cash (excluding termination income) | 1.3% |  |

---

_____________

<sup>1</sup>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 $(3,770) and $146 for the three months ended December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company has remaining lease payments aggregating approximately $25.3 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.

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

------

---

| | |
|:---|:---|
| ![bxp-color.gif](bxp-color.gif) | Q1 2026 |
| ![bxp-color.gif](bxp-color.gif) | **Consolidated Income Statement - prior year** |

---

(unaudited and in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **31-Mar-25** | **31-Dec-24** |
| Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease | $811102 | $798189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parking and other | 30146 | 33135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds | 96 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel revenue | 9597 | 13144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development and management services | 9775 | 8784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct reimbursements of payroll and related costs from management services contracts | 4499 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 865215 | 858571 |
| Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating | 183076 | 174030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 148429 | 148901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restoration expenses related to insurance claims | 73 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel operating | 7565 | 9601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 52284 | 32504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related costs from management services contracts | 4499 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 768 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 220107 | 226043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 616801 | 596611 |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from unconsolidated joint ventures | (2139) | (349553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate |  | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sales-type lease | (2490) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses from investments in securities | (365) | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on non-real estate investments | (483) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income (loss) | 7750 | 20452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from early extinguishment of debt | (338) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (163444) | (170390) |
| Net income (loss) | 86905 | (237817) |
| Net (income) loss attributable to noncontrolling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest in property partnerships | (18749) | (17233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership | (6979) | 25031 |
| Net income (loss) attributable to BXP, Inc. | $61177 | $(230019) |
| **INCOME PER SHARE OF COMMON STOCK (EPS)** |  |  |
| Net income (loss) attributable to BXP, Inc. per share - basic | $0.39 | $(1.45) |
| Net income (loss) attributable to BXP, Inc. per share - diluted | $0.39 | $(1.45) |

---

## Exhibit 99.2

**Exhibit 99.2**

![bxp-colora.gif](bxp-colora.gif)

**BXP ANNOUNCES FIRST QUARTER 2026 RESULTS**

**Exceeded the Midpoint of Guidance for Q1; Executed More Than 1.1 Million SF of Leases in Q1; Increased Total Portfolio Occupancy by 70 Basis Points; More Than 1.4 Million Square Feet of Leasing Scheduled to Commence Through the End of 2026**

**&nbsp;&nbsp;&nbsp;&nbsp;**

**BOSTON, MA, April 28, 2026 - <u>BXP, Inc.</u> (NYSE: BXP)**, the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the first quarter ended March 31, 2026.

**First Quarter 2026 Financial Highlights**

• Revenue increased 0.8% to $872.1 million for the quarter ended March 31, 2026, compared to $865.2 million for the quarter ended March 31, 2025.

• Net income attributable to BXP, Inc. of $101.6 million, or $0.64 per diluted share (EPS), for the quarter ended March 31, 2026, compared to $61.2 million, or $0.39 per diluted share, for the quarter ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ EPS exceeded the midpoint of BXP's guidance by $0.31 per diluted share primarily due to gains on sales recognized in connection with the disposition activity completed in the first quarter.

• Funds from Operations (FFO) of $252.2 million, or $1.59 per diluted share, for the quarter ended March 31, 2026, compared to FFO of $260.6 million, or $1.64 per diluted share, for the quarter ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ FFO for the first quarter exceeded the midpoint of BXP's guidance by $0.02 primarily due to portfolio outperformance.

**Guidance**

BXP provided guidance for second quarter 2026 EPS of $0.44 - $0.46 and FFO of $1.69 - $1.71 per diluted share, and updated guidance for full year 2026 EPS of $2.15 - $2.29 and FFO of $6.90 - $7.04 per diluted share.

The midpoint of full year 2026 guidance for EPS increased by $0.04 per diluted share primarily due to gains on sales recognized in connection with the disposition activity and better-than-projected portfolio performance.

The midpoint of full year 2026 guidance for FFO increased by $0.01 per diluted share primarily due to better-than-projected portfolio performance.

See "EPS and FFO per Share Guidance" below.

**Leasing & Occupancy**

• Executed 68 leases in the first quarter totaling more than 1.1 million square feet with a weighted-average lease term of 8.7 years. Notable leasing includes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ approximately 140,000 square feet of leases at 360 Park Avenue South in New York City, NY, bringing the leased percentage of the building to 90%, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ approximately 104,000 square feet of leases at 680 Folsom Street in San Francisco, CA, bringing the leased percentage of the building to 92%.

• For the first quarter, BXP's CBD portfolio of premier workplaces was 89.9% occupied and 93.4% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP). Approximately 90.0% of BXP's Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP's strategy to invest in the highest quality buildings in dynamic urban gateway markets.

• BXP's total portfolio occupancy for the first quarter was 87.4%, an increase of 70 basis points from Q4 2025. Total portfolio leased percentage was 90.9% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 150 basis points from Q4 2025. The spread between leased and occupied square footage has grown to 350 basis points, representing approximately 1.6 million square feet of leases yet to commence, of which approximately 90% is expected to commence throughout 2026, consistent with the trajectory outlined at our Investor Day in September 2025.

**Transactions**

• Consistent with the strategic asset sales plan outlined at our Investor Day, BXP has generated approximately $1.2 billion of aggregate net proceeds from completed asset sales to date, including approximately $180.0 million since our last earnings call on January 28, 2026, further enhancing balance sheet flexibility and supporting our capital needs and strategic priorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ During the first quarter, we completed the sales of North First Business Park in San Jose, CA, a land parcel in Rockville, MD, The Lofts at Atlantic Wharf in Boston, MA, and BXP's ownership interest in each of Gateway Commons in South San Francisco, CA and 7750 Wisconsin Avenue in Bethesda, MD. The aggregate gross proceeds of these residential, land and non-strategic office sales totaled approximately $495.7 million, resulting in net proceeds of approximately $339.0 million and gains on sales of real estate and our investment in joint ventures of $54.7 million, in each case based on BXP's share.

**EPS and FFO per Share Guidance:**

BXP's guidance for the second quarter and full year 2026 for EPS (diluted) and FFO per share (diluted) 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 this release 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

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potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP's actual results will not differ materially from the estimates set forth below.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Second Quarter 2026** | **Second Quarter 2026** | **Full Year 2026** | **Full Year 2026** |
| | Low | High | Low | High |
| Projected EPS (diluted) | $0.44 | $0.46 | $2.15 | $2.29 |
| Add: |  |  |  |  |
| Projected Company share of real estate depreciation and amortization | 1.29 | 1.29 | 5.10 | 5.10 |
| Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments | (0.04) | (0.04) | (0.35) | (0.35) |
| Projected FFO per share (diluted) | $1.69 | $1.71 | $6.90 | $7.04 |

---

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended March 31, 2026. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

BXP will host a conference call on Wednesday, April 29, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the first quarter results and earnings guidance, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register-conf.media-server.com/register/BI2c9150dbdfd1462e81d510e93738b5eb to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP's website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP's website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP's first quarter 2026 "Supplemental Operating and Financial Data" and this press release are available in the Investors section of BXP's website at <u>investors.bxp.com</u>.

BXP, Inc. (NYSE: BXP) 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 March 31, 2026, including properties owned by unconsolidated joint ventures, BXP's portfolio totals 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. For more information about BXP, please visit our <u>website</u> or follow us on <u>LinkedIn</u> or <u>Instagram</u>.

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

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*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 U.S. Government, 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 BXP'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 BXP'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.*

Financial tables follow.

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| | | |
|:---|:---|:---|
| **BXP, INC.**<br>**CONSOLIDATED BALANCE SHEETS**<br>**(Unaudited)** | **BXP, INC.**<br>**CONSOLIDATED BALANCE SHEETS**<br>**(Unaudited)** | **BXP, INC.**<br>**CONSOLIDATED BALANCE SHEETS**<br>**(Unaudited)** |
| | **March 31, 2026** | **December 31, 2025** |
| | **(in thousands, except for share and par value amounts)** | **(in thousands, except for share and par value amounts)** |
| **ASSETS** | | |
| Real estate, at cost | $26256207 | $26248130 |
| Construction in progress | 1626073 | 1475257 |
| Land held for future development | 493212 | 518492 |
| Right of use assets - finance leases | 372476 | 372470 |
| Right of use assets - operating leases | 321030 | 325841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: accumulated depreciation | (8170334) | (8040311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate | 20898664 | 20899879 |
| Cash and cash equivalents | 512783 | 1478206 |
| Cash held in escrows | 68471 | 79060 |
| Investments in securities | 42072 | 44614 |
| Tenant and other receivables, net | 90137 | 92625 |
| Note receivable, net | 10071 | 9373 |
| Related party note receivables, net | 31447 | 28346 |
| Sales-type lease receivable, net | 15921 | 15672 |
| Accrued rental income, net | 1558226 | 1538515 |
| Deferred charges, net | 830917 | 847690 |
| Prepaid expenses and other assets | 188819 | 108105 |
| Investments in unconsolidated joint ventures | 854722 | 999309 |
| Assets held for sale |  | 24770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $25102250 | $26166164 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, net | $4280639 | $4280067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured senior notes, net | 8808674 | 9806100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured exchangeable senior notes, net | 977387 | 976263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured line of credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured term loans, net | 797309 | 797053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured commercial paper | 750000 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities - finance leases | 357039 | 360039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities - operating leases | 387481 | 389213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 418443 | 480017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions payable | 124018 | 123753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | 124068 | 125345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 352813 | 386074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 17377871 | 18473924 |
| Commitments and contingencies |  |  |
| Redeemable deferred stock units | 6058 | 7538 |
| Equity: |  |  |
| Stockholders' equity attributable to BXP, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 250,000,000 shares authorized, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively | 1587 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 6843822 | 6836243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends in excess of earnings | (1684492) | (1674995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025 | (2722) | (2722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (6082) | (12921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity attributable to BXP, Inc. | 5152113 | 5147190 |
| Noncontrolling interests: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common units of the Operating Partnership | 583922 | 566563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property partnerships | 1982286 | 1970949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 7718321 | 7684702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $25102250 | $26166164 |

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**BXP, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(in thousands, except for per share amounts)** | **(in thousands, except for per share amounts)** |
| Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease | $818156 | $811102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parking and other | 30814 | 30242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel | 9101 | 9597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development and management services | 9207 | 9775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct reimbursements of payroll and related costs from management services contracts | 4870 | 4499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 872148 | 865215 |
| Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental | 344082 | 331578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotel | 7982 | 7565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 59341 | 52284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related costs from management services contracts | 4870 | 4499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | 129 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 227967 | 220107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 644371 | 616801 |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from unconsolidated joint ventures | 35413 | (2139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of real estate | 13402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sales-type lease |  | (2490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income (loss) | 8885 | 7750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses from investments in securities | (566) | (365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on non-real estate investments | 188 | (483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from early extinguishment of debt |  | (338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (152093) | (163444) |
| Net income | 133006 | 86905 |
| Net income attributable to noncontrolling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in property partnerships | (19869) | (18749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest—common units of the Operating Partnership | (11561) | (6979) |
| Net income attributable to BXP, Inc. | $101576 | $61177 |
| Basic earnings per common share attributable to BXP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $0.64 | $0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of common shares outstanding | 158555 | 158202 |
| Diluted earnings per common share attributable to BXP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $0.64 | $0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of common and common equivalent shares outstanding | 159056 | 158632 |

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**BXP, INC.**

**FUNDS FROM OPERATIONS** <sup>(1)</sup>

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(in thousands, except for per share amounts)** | **(in thousands, except for per share amounts)** |
| Net income attributable to BXP, Inc. | $101576 | $61177 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership | 11561 | 6979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in property partnerships | 19869 | 18749 |
| Net income | 133006 | 86905 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 227967 | 220107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in property partnerships' share of depreciation and amortization  | (20871) | (20464) |
| &nbsp;&nbsp;&nbsp;&nbsp;Company's share of depreciation and amortization from unconsolidated joint ventures | 13506 | 17327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate-related depreciation and amortization | (567) | (716) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-real estate related amortization | 2131 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sales-type lease |  | 2490 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of real estate | 13402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on sales included within income (loss) from unconsolidated joint ventures | 41233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on non-real estate investments | 188 | (483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests in property partnerships | 19869 | 18749 |
| Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) | 280480 | 289513 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest - common units of the Operating Partnership's share of funds from operations | 28244 | 28922 |
| Funds from operations attributable to BXP, Inc. | $252236 | $260591 |
| BXP, Inc.'s percentage share of funds from operations - basic | 89.93% | 90.01% |
| Weighted average shares outstanding - basic | 158555 | 158202 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO per share basic | $1.59 | $1.65 |
| Weighted average shares outstanding - diluted | 159056 | 158632 |
| &nbsp;&nbsp;&nbsp;&nbsp;FFO per share diluted | $1.59 | $1.64 |

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(1)Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("Nareit"), we calculate Funds from Operations, or "FFO," by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our 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 we believe 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 our 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.

Our calculation 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.

------

**BXP, INC.**

**PORTFOLIO LEASING PERCENTAGES**

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| | | | | |
|:---|:---|:---|:---|:---|
| **CBD Portfolio** | **% Occupied by Location** <sup>(1)</sup> | **% Occupied by Location** <sup>(1)</sup> | **% Leased by Location** <sup>(2)</sup> | **% Leased by Location** <sup>(2)</sup> |
| | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| Boston | 97.3% | 97.6% | 98.7% | 98.6% |
| Los Angeles | 87.2% | 86.5% | 88.5% | 87.0% |
| New York | 86.8% | 86.2% | 94.2% | 92.1% |
| San Francisco | 82.7% | 81.9% | 86.3% | 84.4% |
| Seattle | 80.7% | 79.8% | 82.3% | 81.3% |
| Washington, DC | 91.3% | 92.4% | 93.1% | 94.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBD Portfolio | 89.9% | 89.8% | 93.4% | 92.5% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Total Portfolio** | **% Occupied by Location** <sup>(1)</sup> | **% Occupied by Location** <sup>(1)</sup> | **% Leased by Location** <sup>(2)</sup> | **% Leased by Location** <sup>(2)</sup> |
| | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| Boston | 92.4% | 91.9% | 94.3% | 93.1% |
| Los Angeles | 87.2% | 86.5% | 88.5% | 87.0% |
| New York | 84.4% | 83.8% | 91.1% | 89.4% |
| San Francisco | 79.7% | 77.0% | 82.9% | 79.2% |
| Seattle | 80.7% | 79.8% | 82.3% | 81.3% |
| Washington, DC | 90.6% | 91.7% | 92.7% | 93.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Portfolio | 87.4% | 86.7% | 90.9% | 89.4% |

---

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

(2)Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates.

**<u>AT BXP</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Michael LaBelle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Executive Vice President,

Chief Financial Officer and Treasurer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

mlabelle@bxp.com

Helen Han

Vice President, Investor Relations

hhan@bxp.com

# # #