Exhibit 99.1

                                                    

Supplemental Operating and Financial Data

for the Quarter Ended June 30, 2025

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THE COMPANY

BXP, Inc. (NYSE: BXP) (formerly known as Boston Properties, Inc.) (“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 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2025, including properties owned by joint ventures, BXP’s portfolio totals 53.7 million square feet and 186 properties, including 10 properties under construction/redevelopment. BXP’s properties include 162 office properties, 14 retail properties (including one retail property under construction), nine residential properties (including three residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients’ needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner.  BXP has earned a thirteenth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating and was named one of the world’s most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

FORWARD-LOOKING STATEMENTS

This Supplemental package contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the presidential administration, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance or achievements. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

NON-GAAP FINANCIAL MEASURES

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

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

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GENERAL INFORMATION

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

(Cover photo: Rendering of 200 Club at 200 Clarendon Street, Boston, MA)

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			Q2 2025
			Table of contents

			Page
OVERVIEW
Company Profile			1
Guidance and assumptions			2
FINANCIAL INFORMATION
Financial Highlights			3
Consolidated Balance Sheets			5
Consolidated Income Statements			6
Funds From Operations (FFO)			7
Funds Available for Distribution (FAD)			8
Net Operating Income (NOI)			9
Same Property Net Operating Income (NOI) by Reportable Segment			11
Capital Expenditures, Tenant Improvement Costs and Leasing Commissions			13
Acquisitions and Dispositions			14
DEVELOPMENT ACTIVITY
Construction in Progress			15
Land Parcels and Purchase Options			17
LEASING ACTIVITY
Leasing Activity			18
PROPERTY STATISTICS
Portfolio Overview			19
Residential and Hotel Performance			20
In-Service Property Listing			21
Top 20 Clients Listing and Portfolio Client Diversification			25
Occupancy by Location			26
DEBT AND CAPITALIZATION
Capital Structure			27
Debt Analysis			29
Senior Unsecured Debt Covenant Compliance Ratios			30
Net Debt to EBITDAre			31
Debt Ratios			32
JOINT VENTURES
Consolidated Joint Ventures			33
Unconsolidated Joint Ventures			35
LEASE EXPIRATION ROLL-OUT
Total In-Service Properties			38
Boston			39
Los Angeles			41
New York			43
San Francisco			45
Seattle			47
Washington, DC			49
CBD			51
Suburban			53
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage			55
Definitions			56
Reconciliations			60
Consolidated Income Statement - Prior Year			68

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			Q2 2025
			Company profile

SNAPSHOT

(as of June 30, 2025)

Fiscal Year-End			December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)			186
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)			53.7 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2			176.8 million
Closing Price, at the end of the quarter			$67.47 per share
Dividend - Quarter/Annualized			$0.98/$3.92 per share
Dividend Yield			5.8%
Consolidated Market Capitalization 2			$27.7 billion
BXP’s Share of Market Capitalization 2, 3			$27.8 billion
Unsecured Senior Debt Ratings			BBB (S&P); Baa2 (Moody’s)

STRATEGY

BXP’s primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the key tenets of our business strategy are to:

•continue to embrace our leadership position in the premier workplace segment and leverage our strength in portfolio quality, client relationships, development skills, market penetration, and sustainability to profitably build market share;

•maintain a keen focus on select dynamic gateway markets that exhibit the strongest economic growth and investment characteristics over time - currently Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC;

•invest in the highest quality buildings (primarily premier workplaces) with unique amenities and desirable locations that are able to maintain high occupancy rates and achieve premium rental rates through economic cycles;

•maintain scale and a full-service real estate capability (leasing, development, construction, marketing, legal, and property management) in our markets to ensure we (1) see all relevant investment deal flow, (2) maintain an ability to execute on all types of real estate opportunities, such as acquisitions, dispositions, repositioning and development, throughout the real estate investment cycle, (3) provide superior service to our clients and (4) develop and manage our assets in the most sustainable manner possible;

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

•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;

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

•foster a culture and reputation of integrity, excellence and purposefulness, making us the employer of choice for talented real estate professionals, the landlord and developer of choice for our clients, as well as the counterparty of choice for real estate industry participants.

MANAGEMENT

Board of Directors

Owen D. Thomas

Chairman of the Board

Owen D. Thomas

Chief Executive Officer

Douglas T. Linde

Douglas T. Linde

President

Joel I. Klein

Lead Independent Director

Raymond A. Ritchey

Senior Executive Vice President

Bruce W. Duncan

Chair of Audit Committee

Michael E. LaBelle

Executive Vice President, Chief Financial Officer and Treasurer

Diane J. Hoskins

Chair of Sustainability Committee

Rodney C. Diehl

Executive Vice President, West Coast Regions

Mary E. Kipp

Donna D. Garesche

Executive Vice President, Chief Human Resources Officer

Matthew J. Lustig

Chair of Nominating & Corporate

Bryan J. Koop

Executive Vice President, Boston Region

Governance Committee

Peter V. Otteni

Executive Vice President, Co-Head of the Washington, DC

Timothy J. Naughton

Chair of Compensation Committee

Region

Julie G. Richardson

Hilary J. Spann

Executive Vice President, New York Region

William H. Walton, III

John J. Stroman

Executive Vice President, Co-Head of the Washington, DC

Derek A. (Tony) West

Region

Colin D. Joynt

Senior Vice President, Chief Information Officer

Eric G. Kevorkian

Senior Vice President, Chief Legal Officer and Secretary

Michael R. Walsh

Senior Vice President, Chief Accounting Officer

James J. Whalen

Senior Vice President, Chief Technology Officer

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1Common units and LTIP units are units of limited partnership interest in Boston Properties Limited Partnership, the entity through which the Company conducts substantially all of its business.

2For additional detail, see page 27.

3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

1

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			Q2 2025
			Guidance and assumptions

GUIDANCE

BXP’s guidance for the third quarter and full year 2025 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to BXP, Inc. is set forth and reconciled below.  Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company’s earnings release issued on July 29, 2025 and those referenced during the related conference call.  The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (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.

												Third Quarter 2025												Full Year 2025
												Low						High						Low						High
Projected EPS (diluted)												$	0.41					$	0.43					$	1.74					$	1.82
			Add:
						Projected Company share of real estate depreciation and amortization						1.28						1.28						5.20						5.20
						Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments						—						—						(0.10)						(0.10)
Projected FFO per share (diluted)												$	1.69					$	1.71					$	6.84					$	6.92

ASSUMPTIONS

(dollars in thousands)

															Full Year 2025
																					Low						High
Operating property activity:
			Average In-service portfolio occupancy 1																		86.50		%				88.00		%
			Change in BXP’s Share of Same Property net operating income (excluding termination income)																		—		%				0.50		%
			Change in BXP’s Share of Same Property net operating income - cash (excluding termination income)																		1.00		%				1.50		%
			BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)																		$	22,000					$	24,000
			Taking Buildings Out-of-Service																		$	(17,000)					$	(16,000)
			BXP’s Share of incremental net operating income related to asset sales over prior year																		$	—					$	—
			BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)																		$	100,000					$	115,000
			Termination income																		$	4,000					$	8,000
Other revenue (expense):
			Development, management services and other revenue																		$	33,000					$	37,000
			General and administrative expense 2																		$	(161,000)					$	(158,000)
			Consolidated net interest expense																		$	(625,000)					$	(620,000)
			Unconsolidated joint venture interest expense																		$	(78,000)					$	(75,000)
Noncontrolling interest:
			Noncontrolling interest in property partnerships’ share of FFO																		$	(168,000)					$	(160,000)

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1 Excludes development properties expected to be placed into service in 2025.

2 Excludes estimated changes in the market value of the Company’s deferred compensation plan and gains (losses) from investments in securities.

2

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			Q2 2025
			Financial highlights

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

						Three Months Ended
						30-Jun-25						31-Mar-25
Net income attributable to BXP, Inc.						$	88,977					$	61,177
Net income attributable to BXP, Inc. per share - diluted						$	0.56					$	0.39
FFO attributable to BXP, Inc. 1						$	271,652					$	260,591
Diluted FFO per share 1						$	1.71					$	1.64
Dividends per common share						$	0.98					$	0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2						$	203,592					$	213,885
Selected items:
Revenue						$	868,457					$	865,215
Recoveries from clients						$	141,725					$	143,778
Service income from clients						$	2,848					$	2,195
BXP’s Share of revenue 3						$	835,667					$	836,192
BXP’s Share of straight-line rent 3						$	20,535					$	26,687
BXP’s Share of fair value lease revenue 3, 4						$	3,029					$	2,876
BXP’s Share of termination income 3						$	763					$	446
Ground rent expense						$	3,612					$	3,653
Capitalized interest						$	12,148					$	10,317
Capitalized wages						$	4,733					$	4,443
Loss from unconsolidated joint ventures						$	(3,324)					$	(2,139)
BXP’s share of FFO from unconsolidated joint ventures 5						$	13,350					$	15,188
Net income attributable to noncontrolling interests in property partnerships						$	20,100					$	18,749
FFO attributable to noncontrolling interests in property partnerships 6						$	41,045					$	39,213
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)						$	6,214					$	6,801
Below-market rents (included within Other Liabilities)						$	23,792					$	26,294
Accrued rental income liability (included within Other Liabilities)						$	108,834					$	113,053
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7						2.85						2.83
Interest Coverage Ratio (including capitalized interest) 7						2.62						2.63
Fixed Charge Coverage Ratio 7						2.23						2.38
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8						8.18						8.33
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 9						(0.2)		%				(0.6)		%
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 9						1.7		%				1.8		%
FAD Payout Ratio 2						85.15		%				81.03		%
Operating Margins [(rental revenue - rental expense)/rental revenue]						60.5		%				60.6		%
Occupancy % of In-Service Properties 10						86.4		%				86.9		%
Leased % of In-Service Properties 11						89.1		%				89.4		%
Capitalization:
Consolidated Debt						$	15,811,005					$	15,671,692
BXP’s Share of Debt 12						$	15,833,687					$	15,694,371
Consolidated Market Capitalization						$	27,739,296					$	27,546,987
Consolidated Debt/Consolidated Market Capitalization						57.00		%				56.89		%
BXP’s Share of Market Capitalization 12						$	27,761,978					$	27,569,666
BXP’s Share of Debt/BXP’s Share of Market Capitalization 12						57.03		%				56.93		%

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1For a quantitative reconciliation of FFO attributable to BXP, Inc. and Diluted FFO per share, see page 7.

2For a quantitative reconciliation of FAD, see page 8. FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

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

4Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.

5For a quantitative reconciliation for the three months ended June 30, 2025, see page 37.

6For a quantitative reconciliation for the three months ended June 30, 2025, see page 34.

7For a quantitative reconciliation for the three months ended June 30, 2025 and March 31, 2025, see page 32.

8For a quantitative reconciliation for the three months ended June 30, 2025 and March 31, 2025, see page 31.

9For a quantitative reconciliation for the three months ended June 30, 2025 and March 31, 2025, see pages 11, 66 and 67.

10Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Excludes hotel and residential properties.

3

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			Q2 2025
			Financial highlights (continued)

11Represents 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.

12For a quantitative reconciliation for June 30, 2025, see page 27.

4

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			Q2 2025
			Consolidated Balance Sheets

(unaudited and in thousands)

						30-Jun-25						31-Mar-25
ASSETS
Real estate						$	26,632,189					$	26,476,490
Construction in progress						1,047,687						907,989
Land held for future development						748,198						730,944
Right of use assets - finance leases						372,839						372,845
Right of use assets - operating leases						325,670						330,129
Less accumulated depreciation						(7,863,743)						(7,699,234)
Total real estate						21,262,840						21,119,163
Cash and cash equivalents						446,953						398,126
Cash held in escrows						80,888						81,081
Investments in securities						41,062						38,310
Tenant and other receivables, net						109,683						117,353
Note receivable, net						6,711						5,535
Related party note receivables, net						88,825						88,816
Sales-type lease receivable, net						15,188						14,958
Accrued rental income, net						1,509,347						1,490,522
Deferred charges, net						809,033						806,057
Prepaid expenses and other assets						89,624						138,868
Investments in unconsolidated joint ventures						1,161,036						1,137,732
Total assets						$	25,621,190					$	25,436,521
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net						$	4,278,788					$	4,277,710
Unsecured senior notes, net						9,800,577						9,797,824
Unsecured line of credit						185,000						300,000
Unsecured term loans, net						796,640						796,158
Unsecured commercial paper						750,000						500,000
Lease liabilities - finance leases						365,897						368,379
Lease liabilities - operating leases						399,174						395,638
Accounts payable and accrued expenses						480,158						398,760
Dividends and distributions payable						172,732						172,674
Accrued interest payable						120,975						120,432
Other liabilities						416,838						450,165
Total liabilities						17,766,779						17,577,740
Commitments and contingencies						—						—
Redeemable deferred stock units						6,981						8,940
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding						—						—
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,445,177 and 158,402,227 issued and 158,366,277 and 158,323,327 outstanding at June 30, 2025 and March 31, 2025, respectively						1,584						1,583
Additional paid-in capital						6,854,753						6,846,015
Dividends in excess of earnings						(1,579,770)						(1,513,555)
Treasury common stock at cost, 78,900 shares at June 30, 2025 and March 31, 2025						(2,722)						(2,722)
Accumulated other comprehensive loss						(15,059)						(11,379)
Total stockholders’ equity attributable to BXP, Inc.						5,258,786						5,319,942
Noncontrolling interests:
Common units of the Operating Partnership						584,651						591,555
Property partnerships						2,003,993						1,938,344
Total equity						7,847,430						7,849,841
Total liabilities and equity						$	25,621,190					$	25,436,521

5

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			Q2 2025
			Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

						Three Months Ended
						30-Jun-25						31-Mar-25
Revenue
Lease						$	805,935					$	811,102
Parking and other						34,709						30,146
Insurance proceeds						90						96
Hotel revenue						14,773						9,597
Development and management services						8,846						9,775
Direct reimbursements of payroll and related costs from management services contracts						4,104						4,499
Total revenue						868,457						865,215
Expenses
Operating						184,942						183,076
Real estate taxes						146,272						148,429
Restoration expenses related to insurance claims						848						73
Hotel operating						9,365						7,565
General and administrative 1						42,516						52,284
Payroll and related costs from management services contracts						4,104						4,499
Transaction costs						357						768
Depreciation and amortization						223,819						220,107
Total expenses						612,223						616,801
Other income (expense)
Loss from unconsolidated joint ventures						(3,324)						(2,139)
Gain on sale of real estate						18,390						—
Loss on sales-type lease 2						—						(2,490)
Gains (losses) from investments in securities 1						2,600						(365)
Unrealized loss on non-real estate investment						(39)						(483)
Interest and other income (loss)						8,063						7,750
Loss from early extinguishment of debt						—						(338)
Interest expense						(162,783)						(163,444)
Net income						119,141						86,905
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships						(20,100)						(18,749)
Noncontrolling interest - common units of the Operating Partnership 3						(10,064)						(6,979)
Net income attributable to BXP, Inc.						$	88,977					$	61,177
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to BXP, Inc. per share - basic						$	0.56					$	0.39
Net income attributable to BXP, Inc. per share - diluted						$	0.56					$	0.39

_____________

1Includes $2.6 million and $(0.4) million for the three months ended June 30, 2025 and March 31, 2025, respectively, related to the Company’s deferred compensation plan.

2During the three months ended March 31, 2025, the Company recognized approximately $2.5 million in additional costs, which had previously been contingent, related to a ground lease at its Reston Next properties located in Reston, Virginia. The ground lease was entered into in 2020 with a third party hotel developer and amended in 2022. The amendment resulted in the derecognition of the assets related to the ground lease and the classification of the ground lease as a sales-type lease resulting in the recognition of a gain on sales-type lease of approximately $10.1 million.

3For additional detail, see page 7.

6

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			Q2 2025
			Funds from operations (FFO) 1

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

						Three Months Ended
						30-Jun-25						31-Mar-25
Net income attributable to BXP, Inc.						$	88,977					$	61,177
Add:
Noncontrolling interest - common units of the Operating Partnership						10,064						6,979
Noncontrolling interests in property partnerships						20,100						18,749
Net income						119,141						86,905
Add:
Depreciation and amortization expense						223,819						220,107
Noncontrolling interests in property partnerships' share of depreciation and amortization 2						(20,945)						(20,464)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3						16,674						17,327
Corporate-related depreciation and amortization						(600)						(716)
Non-real estate related amortization						2,131						2,130
Loss on sales-type lease						—						2,490
Less:
Gain on sales of real estate						18,390						—
Unrealized loss on non-real estate investment						(39)						(483)
Noncontrolling interests in property partnerships						20,100						18,749
FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO)						301,769						289,513
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO						30,117						28,922
FFO attributable to BXP, Inc.						$	271,652					$	260,591
BXP, Inc.’s percentage share of Basic FFO						90.02		%				90.01		%
Noncontrolling interest’s - common unitholders percentage share of Basic FFO						9.98		%				9.99		%
Basic FFO per share						$	1.72					$	1.65
Weighted average shares outstanding - basic						158,312						158,202
Diluted FFO per share						$	1.71					$	1.64
Weighted average shares outstanding - diluted						158,795						158,632

RECONCILIATION TO DILUTED FFO

						Three Months Ended
						30-Jun-25						31-Mar-25
Basic FFO						$	301,769					$	289,513
Add:
Effect of dilutive securities - stock-based compensation						—						—
Diluted FFO						301,769						289,513
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO						30,056						28,835
BXP, Inc.’s share of Diluted FFO						$	271,713					$	260,678

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

						Three Months Ended
						30-Jun-25						31-Mar-25
Shares/units for Basic FFO						175,871						175,752
Add:
Effect of dilutive securities - stock-based compensation (shares/units)						483						430
Shares/units for Diluted FFO						176,354						176,182
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)						17,559						17,550
BXP, Inc.’s share of shares/units for Diluted FFO						158,795						158,632
BXP, Inc.’s percentage share of Diluted FFO						90.04		%				90.04		%

_____________

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

2For a quantitative reconciliation for the three months ended June 30, 2025, see page 34.

3For a quantitative reconciliation for the three months ended June 30, 2025, see page 37.

7

---

			Q2 2025
			Funds available for distributions (FAD) 1

(dollars in thousands)

						Three Months Ended
						30-Jun-25						31-Mar-25
Net income attributable to BXP, Inc.						$	88,977					$	61,177
Add:
Noncontrolling interest - common units of the Operating Partnership						10,064						6,979
Noncontrolling interests in property partnerships						20,100						18,749
Net income						119,141						86,905
Add:
Depreciation and amortization expense						223,819						220,107
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2						(20,945)						(20,464)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3						16,674						17,327
Corporate-related depreciation and amortization						(600)						(716)
Non-real estate related amortization						2,131						2,130
Loss on sales-type lease						—						2,490
Less:
Gain on sales of real estate						18,390						—
Unrealized loss on non-real estate investment						(39)						(483)
Noncontrolling interests in property partnerships						20,100						18,749
Basic FFO						301,769						289,513
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4						3,482						4,301
BXP’s Share of hedge amortization, net of costs 1						1,808						1,804
BXP’s Share of fair value interest adjustment 1						1,217						2,608
BXP’s Share of straight-line ground rent expense adjustment 1, 5						584						177
Stock-based compensation						11,612						23,018
Non-real estate depreciation and amortization						(1,531)						(1,414)
Unearned portion of capitalized fees from consolidated joint ventures 6						969						825
Non-cash loss from early extinguishments of debt						—						338
Less:
BXP’s Share of straight-line rent 1						20,535						26,687
BXP’s Share of fair value lease revenue 1, 7						3,029						2,876
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1						61,423						58,947
BXP’s Share of maintenance capital expenditures 1, 8						30,211						18,307
BXP’s Share of amortization and accretion related to sales type lease 1						261						309
Hotel improvements, equipment upgrades and replacements						859						159
Funds available for distribution to common shareholders and common unitholders (FAD) (A)						$	203,592					$	213,885
Distributions to common shareholders and unitholders (excluding any special distributions) (B)						173,357						173,306
FAD Payout Ratio1 (B÷A)						85.15		%				81.03		%

_____________

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

2For a quantitative reconciliation for the three months ended June 30, 2025, see page 34.

3For additional information for the three months ended June 30, 2025, see page 37.

4Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.

5Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $39.0 million, which it expects to incur by the end of 2027 with no payments thereafter. The Company is recognizing this expense on a straight-line basis over the 99-year term of the ground and air rights lease, see page 3.

6See page 62 for additional information.

7Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.

8Maintenance capital expenditures do not include capital expenditures that are planned at the time of acquisition or capital expenditures incurred in connection with repositioning activities.

8

---

			Q2 2025
			Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)

						Three Months Ended
						30-Jun-25						30-Jun-24
Net income attributable to BXP, Inc.						$	88,977					$	79,615
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership						10,064						9,509
Noncontrolling interest in property partnerships						20,100						17,825
Net income						119,141						106,949
Add:
Interest expense						162,783						149,642
Loss from unconsolidated joint ventures						3,324						5,799
Depreciation and amortization expense						223,819						219,542
Transaction costs						357						189
Payroll and related costs from management services contracts						4,104						4,148
General and administrative expense						42,516						44,109
Less:
Interest and other income (loss)						8,063						10,788
Unrealized gain (loss) on non-real estate investment						(39)						58
Gains from investments in securities						2,600						315
Gain on sale of real estate						18,390						—
Direct reimbursements of payroll and related costs from management services contracts						4,104						4,148
Development and management services revenue						8,846						6,352
Net Operating Income (NOI)						514,080						508,717
Add:
BXP’s share of NOI from unconsolidated joint ventures 1						31,029						31,587
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2						51,562						47,391
BXP’s Share of NOI						493,547						492,913
Less:
Termination income						909						841
BXP’s share of termination income from unconsolidated joint ventures 1						(146)						—
Add:
Partners’ share of termination income from consolidated joint ventures 2						—						40
BXP’s Share of NOI (excluding termination income)						$	492,784					$	492,112
Net Operating Income (NOI)						$	514,080					$	508,717
Less:
Termination income						909						841
NOI from non Same Properties (excluding termination income) 3						13,196						7,201
Same Property NOI (excluding termination income)						499,975						500,675
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2						51,562						47,351
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3						4,469						—
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1						31,175						31,587
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3						(132)						(212)
BXP’s Share of Same Property NOI (excluding termination income)						$	484,189					$	485,123

_____________

1For a quantitative reconciliation for the three months ended June 30, 2025, see page 65.

2For a quantitative reconciliation for the three months ended June 30, 2025, see pages 62-63.

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to June 30, 2025 and therefore are no longer a part of the Company’s property portfolio.

9

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			Q2 2025
			Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)

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

_____________

1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(83) and $4 for the three months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, the Company has remaining lease payments aggregating approximately $30.6 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 8.

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to June 30, 2025 and therefore are no longer a part of the Company’s property portfolio.

4For a quantitative reconciliation for the three months ended June 30, 2025, see page 63.

5For a quantitative reconciliation for the three months ended June 30, 2025, see page 65.

10

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			Q2 2025
			Same property net operating income (NOI) by reportable segment

(dollars in thousands)

			Office 1																								Hotel & Residential
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Jun-25						30-Jun-24						Change						Change						30-Jun-25						30-Jun-24						Change						Change
Rental Revenue 2			$	807,601					$	799,437																	$	27,305					$	27,038
Less: Termination income			909						736																		—						—
Rental revenue (excluding termination income) 2			806,692						798,701						$	7,991					1.0		%				27,305						27,038						$	267					1.0		%
Less: Operating expenses and real estate taxes			318,079						309,486						8,593						2.8		%				15,943						15,578						365						2.3		%
NOI (excluding termination income) 2, 3			$	488,613					$	489,215					$	(602)					(0.1)		%				$	11,362					$	11,460					$	(98)					(0.9)		%
Rental revenue (excluding termination income) 2			$	806,692					$	798,701					$	7,991					1.0		%				$	27,305					$	27,038					$	267					1.0		%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease			23,619						27,359						(3,740)						(13.7)		%				140						150						(10)						(6.7)		%
Add: Lease transaction costs that qualify as rent inducements 4			4,277						3,432						845						24.6		%				149						40						109						272.5		%
Subtotal			787,350						774,774						12,576						1.6		%				27,314						26,928						386						1.4		%
Less: Operating expenses and real estate taxes			318,079						309,486						8,593						2.8		%				15,943						15,578						365						2.3		%
Add: Straight-line ground rent expense 5			531						585						(54)						(9.2)		%				—						—						—						—		%
NOI - cash (excluding termination income) 2, 3			$	469,802					$	465,873					$	3,929					0.8		%				$	11,371					$	11,350					$	21					0.2		%
			Consolidated Total 1 (A)																								BXP’s share of Unconsolidated Joint Ventures (B)
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Jun-25						30-Jun-24						Change						Change						30-Jun-25						30-Jun-24						Change						Change
Rental Revenue 2			$	834,906					$	826,475																	$	51,685					$	50,638
Less: Termination income			909						736																		(146)						—
Rental revenue (excluding termination income) 2			833,997						825,739						$	8,258					1.0		%				51,831						50,638						$	1,193					2.4		%
Less: Operating expenses and real estate taxes			334,022						325,064						8,958						2.8		%				20,524						18,839						1,685						8.9		%
NOI (excluding termination income) 2, 3			$	499,975					$	500,675					$	(700)					(0.1)		%				$	31,307					$	31,799					$	(492)					(1.5)		%
Rental revenue (excluding termination income) 2			$	833,997					$	825,739					$	8,258					1.0		%				$	51,831					$	50,638					$	1,193					2.4		%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease			23,759						27,509						(3,750)						(13.6)		%				1,739						4,165						(2,426)						(58.2)		%
Add: Lease transaction costs that qualify as rent inducements 4			4,426						3,472						954						27.5		%				(21)						—						(21)						(100.0)		%
Subtotal			814,664						801,702						12,962						1.6		%				50,071						46,473						3,598						7.7		%
Less: Operating expenses and real estate taxes			334,022						325,064						8,958						2.8		%				20,524						18,839						1,685						8.9		%
Add: Straight-line ground rent expense 5			531						585						(54)						(9.2)		%				136						139						(3)						(2.2)		%
NOI - cash (excluding termination income) 2, 3			$	481,173					$	477,223					$	3,950					0.8		%				$	29,683					$	27,773					$	1,910					6.9		%
			Partners’ share of Consolidated Joint Ventures (C)																								BXP’s Share 2, 6
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Jun-25						30-Jun-24						Change						Change						30-Jun-25						30-Jun-24						Change						Change
Rental Revenue 2			$	83,126					$	81,125																	$	803,465					$	795,988
Less: Termination income			—						40																		763						696
Rental revenue (excluding termination income) 2			83,126						81,085						$	2,041					2.5		%				802,702						795,292						$	7,410					0.9		%
Less: Operating expenses and real estate taxes			36,033						33,734						2,299						6.8		%				318,513						310,169						8,344						2.7		%
NOI (excluding termination income) 2, 3			$	47,093					$	47,351					$	(258)					(0.5)		%				$	484,189					$	485,123					$	(934)					(0.2)		%
Rental revenue (excluding termination income) 2			$	83,126					$	81,085					$	2,041					2.5		%				$	802,702					$	795,292					$	7,410					0.9		%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease			5,088						2,538						2,550						100.5		%				20,410						29,136						(8,726)						(29.9)		%
Add: Lease transaction costs that qualify as rent inducements 4			924						255						669						262.4		%				3,481						3,217						264						8.2		%
Subtotal			78,962						78,802						160						0.2		%				785,773						769,373						16,400						2.1		%
Less: Operating expenses and real estate taxes			36,033						33,734						2,299						6.8		%				318,513						310,169						8,344						2.7		%
Add: Straight-line ground rent expense 5			—						—						—						—		%				667						724						(57)						(7.9)		%
NOI - cash (excluding termination income) 2, 3			$	42,929					$	45,068					$	(2,139)					(4.7)		%				$	467,927					$	459,928					$	7,999					1.7		%

___________________

1Includes 100% share of consolidated joint ventures that are a Same Property.

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

3For a quantitative reconciliation of net income attributable to BXP, Inc. to net operating income (NOI) (excluding termination income) and NOI - cash (excluding termination income), see pages 9-10.

11

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			Q2 2025
			Same property net operating income (NOI) by reportable segment (continued)

4Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 8.

5Excludes the straight-line impact of approximately $(83) and $4 for the three months ended June 30, 2025 and 2024, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

6BXP’s Share equals (A) + (B) - (C).

12

---

			Q2 2025
			Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

						Three Months Ended
						30-Jun-25						31-Mar-25
Maintenance capital expenditures						$	32,934					$	20,186
Planned capital expenditures associated with acquisition properties						5,977						1,349
Repositioning capital expenditures						13,150						19,495
Hotel improvements, equipment upgrades and replacements						859						159
Subtotal						52,920						41,189
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)						703						95
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs						(85)						146
BXP’s share of repositioning capital expenditures from unconsolidated JVs						—						—
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs						3,426						1,974
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs						—						—
Partners’ share of repositioning capital expenditures from consolidated JVs						23						(38)
BXP’s Share of Capital Expenditures 1						$	50,089					$	39,494

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

						Three Months Ended
						30-Jun-25						31-Mar-25
Square feet						852,284						916,029
Tenant improvements and lease commissions PSF						$	85.84					$	74.01

___________________

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

2Includes 100% of unconsolidated joint ventures.

13

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			Q2 2025
			Acquisitions and dispositions

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

(dollars in thousands)

ACQUISITIONS

																								Investment
Property						Location						Date Acquired						Square Feet						Initial						Anticipated Future						Total						In-service Leased (%)
290 Coles Street (670 Units) (19.46% ownership) 1						Jersey City, NJ						March 5, 2025						560,000						$	20,000					$	68,700					$	88,700					N/A
Total Acquisitions																		560,000						$	20,000					$	68,700					$	88,700					—		%

DISPOSITIONS

Property						Location						Date Disposed						Square Feet						Gross Sales Price						Net Cash Proceeds						Book Gain (Loss)
17 Hartwell Avenue 2						Lexington, MA						June 27, 2025						30,000						$	21,840					$	21,840					$	18,390
Total Dispositions																		30,000						$	21,840					$	21,840					$	18,390

___________________

1 The Company has agreed to fund up to $65.0 million in preferred equity. The joint venture has also entered into a $225.0 million construction loan, of which the Company’s share is approximately $43.8 million. As of June 30, 2025, $1.6 million of preferred equity has been contributed and no amounts have been drawn under the construction loan.

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

14

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			Q2 2025
			Construction in progress

(dollars in thousands)

CONSTRUCTION IN PROGRESS AT JUNE 30, 2025 1

						Actual/Estimated																														BXP’s share
						Initial Occupancy						Stabilization Date																		Square Feet						Investment to Date 2						Estimated Total Investment 2						Total Financing						Amount Drawn						Estimated Future Equity Requirement 2						Percentage						Percentage placed in-service 4						Net Operating Income (Loss) 5 (BXP’s share)
																		Location																																																Leased 3
Office
			360 Park Avenue South (71% ownership)			Q4 2024						Q4 2026						New York, NY												450,000						$	377,847					$	418,300					$	156,470					$	156,470					$	40,453					28		%				30		%				$	353
			Reston Next Office Phase II			Q1 2025						Q1 2027						Reston, VA												87,000						50,626						61,000						—						—						10,374						95		%				6		%				6
			1050 Winter Street			Q2 2025						Q3 2025						Waltham, MA												162,000						7,355						38,700						—						—						31,345						100		%				34		%				43
			725 12th Street			Q1 2029						Q4 2030						Washington, DC												320,000						71,335						349,600						—						—						278,265						87		%				—		%				N/A
			Total Office Properties under Construction																											1,019,000						507,163						867,600						156,470						156,470						360,437						64		%				19		%				402
Lab/Life Sciences
			290 Binney Street (55% ownership) 6			Q2 2026						Q2 2026						Cambridge, MA												573,000						306,743						508,000						—						—						201,257						100		%				—		%				N/A
			651 Gateway (50% ownership) 7			Q1 2024						Q3 2027						South San Francisco, CA												327,000						134,490						167,100						—						—						32,610						21		%				27		%				81
			Total Lab/Life Sciences Properties under Construction																											900,000						441,233						675,100						—						—						233,867						71		%				10		%				81
Residential
			17 Hartwell Avenue (312 units) (20% ownership)			Q2 2027						Q2 2028						Lexington, MA												288,000						6,095						35,900						19,747						—						10,058						—		%				—		%				N/A
			17 Hartwell Avenue - Retail																											2,100						—						—						—						—						—						—		%				—		%				N/A
			121 Broadway Street (439 units)			Q3 2027						Q2 2029						Cambridge, MA												492,000						173,279						597,800						—						—						424,521						—		%				—		%				N/A
			290 Coles Street (670 units) (19.46% ownership) 8			Q2 2028						Q3 2029						Jersey City, NJ												547,000						20,294						88,700						56,400						—						12,006						—		%				—		%				N/A
			290 Coles Street - Retail																											13,000						—						—						—						—						—						—		%				—		%				N/A
			Total Residential Properties under Construction																											1,342,100						199,668						722,400						76,147						—						446,585						—		%				—		%				N/A
Retail
			Reston Next Retail			Q4 2025						Q4 2025						Reston, VA												30,000						25,863						26,600						—						—						737						45		%				—		%				(16)
			Total Retail Property under Construction																											30,000						25,863						26,600						—						—						737						45		%				—		%				(16)
Total Properties Under Construction at June 30, 2025 (A)																														3,291,100						$	1,173,927					$	2,291,700					$	232,617					$	156,470					$	1,041,626					67		%	9			14		%				$	467
CONSTRUCTION COMMENCED AFTER JUNE 30, 2025 1
Office
			343 Madison Avenue 10			Q3 2029						Q2 2031						New York, NY												930,000						$	67,618					$	1,971,000					$	—					$	—					$	1,903,382					—		%				—		%				N/A
Total Properties Commenced Construction after June 30, 2025 (B)																														930,000						$	67,618					$	1,971,000					$	—					$	—					$	1,903,382					—		%				—		%				N/A
Total Properties Under Construction (A) + (B)																														4,221,100						$	1,241,545					$	4,262,700					$	232,617					$	156,470					$	2,945,008					45		%	9			10		%				$	467

________________

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

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

3Represents percentage leased as of July 25, 2025, including leases with future commencement dates.

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

5Amounts represent Net Operating Income (Loss) for the three months ended June 30, 2025. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 56.

15

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			Q2 2025
			Construction in progress (continued)

6The project budget reflects the Company’s 55% share of joint venture costs related to 290 Binney Street. The Company has the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. Upon completion, the Company has entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million. The net investment of $99.8 million will be included in the Company’s outside basis in 290 Binney Street. The Company has invested $101.6 million for the vault as of June 30, 2025.

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

8On March 5, 2025 we acquired a 19.46% interest in 290 Coles Street. The budget represents the Company’s 19.46% ownership of the project budget and financings which includes the Company’s share of preferred equity. The Company has contributed $20.0 million of common equity at closing. In addition, the Company has committed to provide up to $65.0 million in preferred equity accruing at a 13% internal rate of return. As of June 30, 2025, $1.6 million of preferred equity has been contributed.

9 Total percentage leased excludes Residential.

10The Company will be proceeding with full vertical construction of 343 Madison Avenue in New York City, New York. The investment to date represents the Company’s 55% investment as of June 30, 2025, however, the Company is electing to acquire its partner’s 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025. The Estimated Total Investment and Estimated Future Equity requirements are reflected at 100% of the project cost and includes capitalized interest of approximately $390 million.

16

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			Q2 2025
			Land parcels and purchase options

as of June 30, 2025

OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT 1

Location			Approximate Developable Square Feet 2
San Jose, CA 3						2,830,000
Reston, VA						2,490,000
New York, NY (25% ownership)						2,000,000
Princeton, NJ						1,723,000
San Jose, CA (55% ownership)						1,088,000
Waltham, MA						899,000
New York, NY (55% ownership) 4						895,000
San Francisco, CA						850,000
Santa Clara, CA						632,000
Springfield, VA						576,000
Washington, DC (50% ownership)						520,000
South San Francisco, CA (50% ownership)						451,000
Rockville, MD						435,000
Lexington, MA						420,000
Herndon, VA (50% ownership)						350,000
El Segundo, CA (50% ownership)						275,000
Dulles, VA						150,000
Total						16,584,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location			Approximate Developable Square Feet 2
Boston, MA						1,300,000
Waltham, MA 5						1,200,000
Cambridge, MA						573,000
Total						3,073,000

__________________

1Includes properties that are no longer considered “in-service” because the occupancy percentage is below 50% and the Company anticipates a future development / redevelopment of the property. During the six months ended June 30, 2025, approximately 622,000 net rentable square feet were removed from the Company’s in-service properties portfolio in anticipation of future redevelopment.

2Represents 100% of consolidated and unconsolidated projects.

3Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on pages 21-24.

4The Company will be proceeding with full vertical construction of 343 Madison Avenue in New York City, New York. The Company is electing to acquire its partner’s 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025. See page 15 for additional information.

5The Company expects to be a 50% partner in the future development of these sites.

17

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			Q2 2025
			Leasing activity

for the three months ended June 30, 2025

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF)			Total
Vacant space available at the beginning of the period			6,348,177
Add:
Properties placed (and partially placed) in-service 1			55,604
Leases expiring or terminated during the period			1,079,592
Total space available for lease			7,483,373
1st generation leases			71,334
2nd generation leases with new clients			648,974
2nd generation lease renewals			203,310
Total leases commenced during the period			923,618
Vacant space available for lease at the end of the period			6,559,755
Net (increase)/decrease in available space			(211,578)
Second generation leasing information: 2
Leases commencing during the period (SF)			852,284
Weighted average lease term (months)			80
Weighted average free rent period (days)			160
Total transaction costs per square foot 3			$85.84
Increase (decrease) in gross rents 4			(9.67)		%
Increase (decrease) in net rents 5			(14.27)		%

			All leases commencing occupancy (SF)																		Incr (decr) in 2nd generation cash rents												Total square feet of leases executed in the quarter 7
			1st generation						2nd generation						total 6						gross 4,6						net 5,6
Boston			71,334						318,409						389,743						(0.01)		%				(0.13)		%				235,824
Los Angeles			—						59,736						59,736						(33.56)		%				(48.64)		%				7,322
New York			—						182,473						182,473						(9.45)		%				(15.18)		%				344,170
San Francisco			—						157,520						157,520						(13.54)		%				(18.71)		%				159,599
Seattle			—						60,884						60,884						—		%				—		%				18,556
Washington, DC			—						73,262						73,262						(10.63)		%				(14.51)		%				356,350
Total / Weighted Average			71,334						852,284						923,618						(9.67)		%				(14.27)		%				1,121,821

_____________

1 Total square feet of properties placed in service in Q2 2025 consists of 55,604 at 1050 Winter Street.

2Second generation leases are defined as leases for space that has previously been leased. Of the 852,284 square feet of second generation leases that commenced in Q2 2025, leases for 703,677 square feet were signed in prior periods.

3Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.

4Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 405,494 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

5Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 405,494 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

6Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.

7Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 155,936.

18

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			Q2 2025
			Portfolio overview

for the three months ended June 30, 2025

(dollars in thousands)

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

						Office						Retail						Residential						Hotel						Total
Boston						14,481,370						1,145,814						550,114						330,000						16,507,298
Los Angeles						2,183,588						123,534						—						—						2,307,122
New York						12,111,055						477,517						—						—						12,588,572
San Francisco						7,239,924						349,525						318,171						—						7,907,620
Seattle						1,503,925						13,171						—						—						1,517,096
Washington, DC						8,047,670						623,475						910,277						—						9,581,422
Total						45,567,532						2,733,036						1,778,562						330,000						50,409,130
% of Total						90.40		%				5.42		%				3.53		%				0.65		%				100.00		%

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

			Total
Rentable square feet of in-service properties 2			50,409,130
Less:
Rentable square feet from residential and hotel properties 2			2,174,332
Partners’ share of rentable square feet from unconsolidated joint venture properties, excluding residential properties 4			3,851,491
Partners’ share of rentable square feet from consolidated joint venture properties 5			3,117,732
BXP’s Share of rentable square feet, excluding residential and hotel properties 1			41,265,575

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

						Office						Retail						Residential						Hotel 6						Total
Consolidated						$	764,989					$	64,015					$	11,832					$	14,671					$	855,507
Less:
Partners’ share from consolidated joint ventures 7						78,233						10,038						—						—						88,271
Add:
BXP’s share from unconsolidated joint ventures 8						48,918						2,792						3,506						—						55,216
BXP’s Share of Rental revenue 1						$	735,674					$	56,769					$	15,338					$	14,671					$	822,452
% of Total						89.46		%				6.90		%				1.86		%				1.78		%				100.00		%

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

			CBD						Suburban						Total
Boston			33.27		%				6.11		%				39.38		%
Los Angeles			3.60		%				—		%				3.60		%
New York			21.86		%				1.57		%				23.43		%
San Francisco			14.57		%				1.65		%				16.22		%
Seattle			2.31		%				—		%				2.31		%
Washington, DC			14.93		%				0.13		%				15.06		%
Total			90.54		%				9.46		%				100.00		%

_____________

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

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

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

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

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

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

7See page 63 for additional information.

8See page 65 for additional information.

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

19

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			Q2 2025
			Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

			Residential 1												Hotel
			Three Months Ended												Three Months Ended
			30-Jun-25						31-Mar-25						30-Jun-25						31-Mar-25
Rental Revenue 2			$	12,532					$	12,348					$	14,773					$	9,597
Less: Operating expenses and real estate taxes			6,578						5,897						9,365						7,565
Net Operating Income (NOI) 2			5,954						6,451						5,408						2,032
Add: BXP’s share of NOI from unconsolidated joint ventures			2,148						1,986						N/A						N/A
BXP’s Share of NOI 2			$	8,102					$	8,437					$	5,408					$	2,032
Rental Revenue 2			$	12,532					$	12,348					$	14,773					$	9,597
Less: Straight line rent and fair value lease revenue			142						143						(2)						(2)
Add: Lease transaction costs that qualify as rent inducements			149						149						—						—
Subtotal			12,539						12,354						14,775						9,599
Less: Operating expenses and real estate taxes			6,578						5,897						9,365						7,565
NOI - cash basis 2			5,961						6,457						5,410						2,034
Add: BXP’s share of NOI-cash from unconsolidated joint ventures			2,148						1,986						N/A						N/A
BXP’s Share of NOI - cash basis 2			$	8,109					$	8,443					$	5,410					$	2,034

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

			Residential Units						Three Months Ended												Percent Change
									30-Jun-25						30-Jun-24
Boston			806
Average Monthly Rental Rate									$	4,066					$	3,939					3.22		%
Average Rental Rate Per Occupied Square Foot									$	5.93					$	5.78					2.60		%
Average Physical Occupancy									96.15		%				95.04		%				1.17		%
Average Economic Occupancy									96.23		%				94.72		%				1.59		%
San Francisco			402
Average Monthly Rental Rate									$	2,996					$	3,061					(2.12)		%
Average Rental Rate Per Occupied Square Foot									$	3.76					$	3.86					(2.59)		%
Average Physical Occupancy									89.64		%				87.06		%				2.96		%
Average Economic Occupancy									87.86		%				85.28		%				3.03		%
Washington, DC 4			1,016
Average Monthly Rental Rate									$	2,875					$	2,822					1.88		%
Average Rental Rate Per Occupied Square Foot									$	3.23					$	2.90					11.38		%
Average Physical Occupancy									83.01		%				96.00		%				(13.53)		%
Average Economic Occupancy									80.19		%				96.06		%				(16.52)		%
Total residential units			2,224

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

			Hotel Rooms						Three Months Ended												Percent Change
									30-Jun-25						30-Jun-24
Boston Marriott Cambridge			437
Average Occupancy									82.80		%				80.60		%				2.73		%
Average Daily Rate									$	373.26					$	372.29					0.26		%
Revenue Per Available Room									$	308.90					$	299.94					2.99		%

_____________

1Includes retail space.

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

3Excludes retail space.

4For the three months ended June 30, 2025, rental rates and occupancy information includes Skymark, which was completed and fully placed in-service on December 13, 2024 and is in its initial lease-up period with expected stabilization in the second quarter of 2026. As of July 25, 2025, the physical occupancy of Skymark was approximately 83.66%.

20

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			Q2 2025
			In-service property listing

			as of June 30, 2025
												Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
CBD
			BOSTON
			Office
						200 Clarendon Street						CBD Boston MA						1						1,725,721						99.9		%				99.9		%				$	87.14
						800 Boylston Street - The Prudential Center						CBD Boston MA						1						1,274,927						97.4		%				97.7		%				73.36
						100 Federal Street (55% ownership)						CBD Boston MA						1						1,233,546						91.4		%				97.1		%				77.78
						111 Huntington Avenue - The Prudential Center						CBD Boston MA						1						860,446						99.5		%				100.0		%				81.35
						Atlantic Wharf Office (55% ownership)						CBD Boston MA						1						793,024						96.8		%				100.0		%				88.56
						100 Causeway Street (50% ownership) 4						CBD Boston MA						1						633,818						98.9		%				100.0		%				75.71
						Prudential Center (retail shops) 5, 6						CBD Boston MA						1						601,552						89.8		%				95.0		%				96.95
						101 Huntington Avenue - The Prudential Center						CBD Boston MA						1						506,476						100.0		%				100.0		%				62.95
						The Hub on Causeway - Podium (50% ownership) 4						CBD Boston MA						1						382,988						94.8		%				94.8		%				65.79
						888 Boylston Street - The Prudential Center						CBD Boston MA						1						363,320						100.0		%				100.0		%				84.24
						Star Market at the Prudential Center 5						CBD Boston MA						1						60,015						100.0		%				100.0		%				64.51
						Subtotal												11						8,435,833						96.9		%				98.6		%				$	80.42
						145 Broadway						East Cambridge MA						1						490,086						99.6		%				99.6		%				$	93.42
						325 Main Street						East Cambridge MA						1						415,512						91.2		%				97.2		%				119.26
						125 Broadway 7						East Cambridge MA						1						271,000						100.0		%				100.0		%				148.82
						355 Main Street						East Cambridge MA						1						256,966						100.0		%				100.0		%				86.33
						300 Binney Street (55% ownership) 7, 8						East Cambridge MA						1						239,908						100.0		%				100.0		%				159.03
						90 Broadway						East Cambridge MA						1						223,771						100.0		%				100.0		%				80.99
						255 Main Street						East Cambridge MA						1						215,394						82.5		%				82.5		%				91.34
						150 Broadway						East Cambridge MA						1						177,226						100.0		%				100.0		%				101.94
						105 Broadway						East Cambridge MA						1						152,664						100.0		%				100.0		%				77.35
						250 Binney Street 7						East Cambridge MA						1						67,362						100.0		%				100.0		%				82.23
						University Place						Mid-Cambridge MA						1						195,282						100.0		%				100.0		%				61.08
						Subtotal												11						2,705,171						97.2		%				98.1		%				$	103.95
						Subtotal Boston CBD												22						11,141,004						97.0		%				98.5		%				$	86.20
			Residential
						Hub50House (440 units) (50% ownership) 4						CBD Boston MA						1						320,444
						The Lofts at Atlantic Wharf (86 units)						CBD Boston MA						1						87,096
						Proto Kendall Square (280 units)						East Cambridge MA						1						166,717
						Subtotal												3						574,257
			Hotel
						Boston Marriott Cambridge (437 rooms)						East Cambridge MA						1						334,260
						Subtotal												1						334,260
			LOS ANGELES
			Office
						Colorado Center (50% ownership) 4						West Los Angeles CA						6						1,130,066						89.6		%				90.3		%				$	77.68
						Santa Monica Business Park						West Los Angeles CA						14						1,104,050						83.4		%				83.4		%				72.77
						Santa Monica Business Park Retail 5						West Los Angeles CA						7						73,006						79.4		%				86.8		%				79.05
						Subtotal												27						2,307,122						86.3		%				86.9		%				$	75.46
			NEW YORK
			Office
						767 Fifth Avenue (The GM Building) (60% ownership)						Plaza District NY						1						1,970,335						92.3		%				98.5		%				$	169.42
						601 Lexington Avenue (55% ownership)						Park Avenue NY						1						1,671,682						99.4		%				99.4		%				99.93
						399 Park Avenue						Park Avenue NY						1						1,567,470						100.0		%				100.0		%				104.78

21

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			Q2 2025
			In-service property listing (continued)

			as of June 30, 2025
												Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
						599 Lexington Avenue						Park Avenue NY						1						1,106,336						87.8		%				96.9		%				87.96
						7 Times Square (formerly Times Square Tower) (55% ownership)						Times Square NY						1						1,238,724						82.0		%				86.5		%				76.61
						250 West 55th Street						Times Square / West Side NY						1						966,976						99.8		%				99.8		%				99.82
						200 Fifth Avenue (26.69% ownership) 4						Flatiron District NY						1						853,312						58.5		%				91.0		%				98.54
						Dock 72 (50% ownership) 4						Brooklyn NY						1						668,521						42.7		%				42.7		%				37.34
						510 Madison Avenue						Fifth/Madison Avenue NY						1						352,589						80.6		%				93.4		%				122.63
						Subtotal												9						10,395,945						87.2		%				93.0		%				$	109.51
			SAN FRANCISCO
			Office
						Salesforce Tower						CBD San Francisco CA						1						1,420,682						98.0		%				98.0		%				$	114.38
						Embarcadero Center Four						CBD San Francisco CA						1						945,405						88.5		%				93.5		%				105.53
						Embarcadero Center One						CBD San Francisco CA						1						837,810						71.6		%				72.2		%				96.39
						Embarcadero Center Two						CBD San Francisco CA						1						801,668						81.6		%				82.7		%				83.66
						Embarcadero Center Three						CBD San Francisco CA						1						786,411						74.7		%				78.0		%				93.29
						680 Folsom Street						CBD San Francisco CA						2						522,406						59.2		%				59.2		%				84.38
						535 Mission Street						CBD San Francisco CA						1						307,205						69.9		%				78.5		%				82.31
						690 Folsom Street						CBD San Francisco CA						1						26,080						100.0		%				100.0		%				74.77
						Subtotal												9						5,647,667						81.8		%				83.8		%				$	99.79
			Residential
						The Skylyne (402 units)						CBD Oakland CA						1						330,996
						Subtotal												1						330,996
			SEATTLE
			Office
						Safeco Plaza (33.67% ownership) 4						CBD Seattle WA						1						762,634						83.8		%				83.9		%				$	49.31
						Madison Centre						CBD Seattle WA						1						754,462						85.4		%				87.9		%				59.17
						Subtotal												2						1,517,096						84.6		%				85.9		%				$	54.25
			WASHINGTON, DC
			Office
						901 New York Avenue						East End Washington DC						1						508,130						80.5		%				80.5		%				$	68.79
						Market Square North (50% ownership) 4						East End Washington DC						1						417,298						76.2		%				76.2		%				75.54
						2100 Pennsylvania Avenue						CBD Washington DC						1						475,849						95.0		%				95.0		%				81.16
						2200 Pennsylvania Avenue						CBD Washington DC						1						459,811						94.9		%				97.5		%				94.70
						1330 Connecticut Avenue						CBD Washington DC						1						252,413						92.7		%				95.5		%				71.54
						Sumner Square						CBD Washington DC						1						208,797						94.0		%				94.0		%				50.26
						500 North Capitol Street, N.W. (30% ownership) 4						Capitol Hill Washington DC						1						230,900						96.8		%				96.8		%				86.27
						Capital Gallery						Southwest Washington DC						1						176,824						80.8		%				92.7		%				57.74
						Subtotal												8						2,730,022						88.3		%				89.8		%				$	76.23
						Reston Next						Reston VA						2						1,063,284						92.1		%				99.6		%				$	61.95
						South of Market						Reston VA						3						624,387						91.8		%				91.8		%				57.28
						Fountain Square						Reston VA						2						524,307						94.2		%				96.3		%				53.45
						One Freedom Square						Reston VA						1						427,646						87.8		%				87.8		%				54.70
						Two Freedom Square						Reston VA						1						423,222						100.0		%				100.0		%				55.65
						One and Two Discovery Square						Reston VA						2						366,989						89.7		%				89.7		%				53.65
						One Reston Overlook						Reston VA						1						319,519						100.0		%				100.0		%				49.82
						17Fifty Presidents Street						Reston VA						1						275,809						100.0		%				100.0		%				74.81
						Democracy Tower						Reston VA						1						259,441						99.3		%				99.3		%				69.25
						Fountain Square Retail 5						Reston VA						1						196,421						90.4		%				90.8		%				56.09
						Two Reston Overlook						Reston VA						1						134,615						100.0		%				100.0		%				56.54

22

---

			Q2 2025
			In-service property listing (continued)

			as of June 30, 2025
												Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
						Avant Retail 5						Reston VA						1						26,179						100.0		%				100.0		%				66.39
						Subtotal												17						4,641,819						94.0		%				96.0		%				$	58.50
						7750 Wisconsin Avenue (50% ownership) 4						Bethesda/Chevy Chase MD						1						735,573						100.0		%				100.0		%				$	38.99
						Wisconsin Place Office						Montgomery County MD						1						294,665						48.9		%				49.7		%				54.03
						Subtotal												2						1,030,238						85.4		%				85.6		%				$	41.88
						Subtotal Washington, DC CBD												27						8,402,079						91.1		%				92.7		%				$	62.14
			Residential
						Signature at Reston (508 units)						Reston VA						1						517,783
						Skymark (508 units) (20% ownership) 4, 8						Reston VA						1						417,036
						Subtotal												2						934,819
												CBD Total						103						41,585,245						89.9		%	9			92.5		%	9			$	86.98		9
												BXP’s Share of CBD																		90.6		%	9			92.8		%	9
SUBURBAN
			BOSTON
			Office
						Bay Colony Corporate Center						Route 128 Mass Turnpike MA						2						546,248						73.0		%				73.0		%				$	52.66
						140 Kendrick Street						Route 128 Mass Turnpike MA						3						409,197						76.3		%				78.0		%				60.27
						Weston Corporate Center						Route 128 Mass Turnpike MA						1						357,579						12.5		%				12.5		%				47.00
						180 CityPoint 7, 8						Route 128 Mass Turnpike MA						1						329,195						43.2		%				55.2		%				101.02
						Waltham Weston Corporate Center						Route 128 Mass Turnpike MA						1						301,611						69.8		%				71.4		%				45.83
						230 CityPoint						Route 128 Mass Turnpike MA						1						296,720						97.7		%				97.7		%				48.97
						200 West Street 7						Route 128 Mass Turnpike MA						1						273,361						86.1		%				86.1		%				91.37
						880 Winter Street 7						Route 128 Mass Turnpike MA						1						243,614						100.0		%				100.0		%				103.67
						10 CityPoint						Route 128 Mass Turnpike MA						1						236,570						97.1		%				98.6		%				60.11
						20 CityPoint						Route 128 Mass Turnpike MA						1						211,476						98.1		%				98.1		%				60.83
						77 CityPoint						Route 128 Mass Turnpike MA						1						209,382						86.3		%				86.3		%				57.46
						890 Winter Street						Route 128 Mass Turnpike MA						1						180,155						93.1		%				93.1		%				44.61
						Reservoir Place 10						Route 128 Mass Turnpike MA						1						164,994						35.0		%				35.0		%				44.00
						153 & 211 Second Avenue 11						Route 128 Mass Turnpike MA						2						137,545						18.5		%				18.5		%				115.26
						1265 Main Street (50% ownership) 4						Route 128 Mass Turnpike MA						1						120,681						100.0		%				100.0		%				57.36
						103 CityPoint 8						Route 128 Mass Turnpike MA						1						112,841						—		%				—		%				—
						Reservoir Place North						Route 128 Mass Turnpike MA						1						73,258						100.0		%				100.0		%				52.12
						The Point 5						Route 128 Mass Turnpike MA						1						16,300						100.0		%				100.0		%				62.85
						33 Hayden Avenue 7						Route 128 Northwest MA						1						80,872						100.0		%				100.0		%				79.72
						32 Hartwell Avenue						Route 128 Northwest MA						1						69,154						100.0		%				100.0		%				27.49
						100 Hayden Avenue 7						Route 128 Northwest MA						1						55,924						100.0		%				100.0		%				64.60
						92 Hayden Avenue						Route 128 Northwest MA						1						31,100						100.0		%				100.0		%				46.70
						Subtotal												26						4,457,777						71.6		%				72.9		%				$	63.25
			NEW YORK
			Office
						510 Carnegie Center						Princeton NJ						1						234,160						72.4		%				72.4		%				$	40.13
						206 Carnegie Center						Princeton NJ						1						161,763						—		%				—		%				—
						210 Carnegie Center						Princeton NJ						1						159,468						33.2		%				66.3		%				39.82
						212 Carnegie Center						Princeton NJ						1						148,942						82.4		%				82.4		%				37.44
						214 Carnegie Center						Princeton NJ						1						146,799						62.8		%				62.8		%				38.25
						506 Carnegie Center						Princeton NJ						1						139,050						77.2		%				95.1		%				41.68
						508 Carnegie Center						Princeton NJ						1						134,433						100.0		%				100.0		%				43.84
						202 Carnegie Center						Princeton NJ						1						134,068						71.9		%				80.0		%				39.27

23

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			Q2 2025
			In-service property listing (continued)

			as of June 30, 2025
												Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
						804 Carnegie Center						Princeton NJ						1						130,000						100.0		%				100.0		%				42.13
						101 Carnegie Center						Princeton NJ						1						122,791						99.5		%				100.0		%				40.25
						504 Carnegie Center						Princeton NJ						1						121,990						100.0		%				100.0		%				36.83
						502 Carnegie Center						Princeton NJ						1						121,460						92.7		%				92.7		%				39.72
						701 Carnegie Center						Princeton NJ						1						120,000						100.0		%				100.0		%				34.28
						104 Carnegie Center						Princeton NJ						1						102,930						35.6		%				69.9		%				40.64
						103 Carnegie Center						Princeton NJ						1						96,322						69.1		%				69.1		%				37.46
						302 Carnegie Center						Princeton NJ						1						64,926						100.0		%				100.0		%				36.50
						211 Carnegie Center						Princeton NJ						1						47,025						—		%				—		%				—
						201 Carnegie Center						Princeton NJ						—						6,500						100.0		%				100.0		%				34.09
						Subtotal												17						2,192,627						71.0		%				76.7		%				$	39.33
			SAN FRANCISCO
			Office
						Gateway Commons (50% ownership) 4, 12						South San Francisco CA						5						792,737						73.3		%				75.3		%				$	73.03
						751 Gateway (49% ownership) 4, 7						South San Francisco CA						1						230,592						100.0		%				100.0		%				116.11
						Mountain View Research Park 13						Mountain View CA						16						571,884						59.0		%				62.7		%				67.62
						2440 West El Camino Real						Mountain View CA						1						142,711						57.8		%				57.8		%				89.01
						North First Business Park 14						San Jose CA						5						191,033						58.4		%				58.4		%				24.42
						Subtotal												28						1,928,957						69.6		%				71.6		%				$	76.03
			WASHINGTON, DC
			Office
						Kingstowne Two						Springfield VA						1						156,236						50.6		%				67.7		%				$	39.93
						Kingstowne Retail 5						Springfield VA						1						88,288						100.0		%				100.0		%				31.36
						Subtotal												2						244,524						68.4		%				79.4		%				$	35.41
												Suburban Total						73						8,823,885						70.9		%				73.7		%				$	59.32
												BXP’s Share of Suburban																		70.2		%				73.1		%
						Total In-Service Properties:												176						50,409,130						86.4		%	9			89.1		%	9			$	82.81		9
						BXP’s Share of Total In-Service Properties: 3																								86.5		%	9			88.8		%	9

_____________

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

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

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

4This is an unconsolidated joint venture property.

5This is a retail property.

6Prudential Center (retail shops) includes 760 Boylston Street, an approximately 118,000 net rentable square feet redevelopment that was completed and fully placed in-service during the second quarter of 2024. 760 Boylston Street is not included in the Same Property analysis.

7Classified as a laboratory/life sciences property.

8Not included in the Same Property analysis.

9Excludes hotel and residential properties. For additional detail, see page 19.

10During the first quarter of 2025, approximately 361,000 net rentable square feet was taken out of service to be held for future redevelopment.

11211 Second Avenue is classified as a laboratory/life sciences property.

12Includes 681 Gateway, which is a laboratory/life sciences property.

13Includes 453 Ravendale Drive.

14Property held for redevelopment.

24

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			Q2 2025
			Top 20 clients listing and portfolio client diversification

as of June 30, 2025

TOP 20 CLIENTS

No.						Client						BXP’s Share of Annualized Rental Obligations 1									Weighted Average Remaining Lease Term (years) 2
1						Salesforce									3.36		%				6.7
2						Google									2.90		%				11.8
3						Akamai Technologies									2.16		%				9.3
4						Kirkland & Ellis									1.81		%				12.1
5						Biogen									1.79		%				2.9
6						Snap									1.61		%				8.4
7						Fannie Mae									1.50		%				12.2
8						Ropes & Gray									1.40		%				12.5
9						Millennium Management									1.35		%				6.0
10						Wellington Management									1.19		%				10.7
11						Weil Gotshal & Manges									1.17		%				8.9
12						Microsoft									1.14		%				8.2
13						Arnold & Porter Kaye Scholer									1.06		%				7.4
14						Allen Overy Shearman Sterling									1.04		%				16.1
15						Bain Capital									0.94		%				6.6
16						Morrison & Foerster									0.87		%				5.2
17						Bank of America									0.85		%				10.9
18						Wilmer Cutler Pickering Hale									0.85		%				13.4
19						Leidos									0.85		%				7.8
20						Mass Financial Services									0.83		%				12.7
						BXP’s Share of Annualized Rental Obligations									28.68		%
						BXP’s Share of Square Feet 1									22.28		%
						Weighted Average Remaining Lease Term (years)															9.3

NOTABLE SIGNED DEALS 3

Client

Property

Square Feet

AstraZeneca

290 Binney Street

573,000

Defense Technology Company

1050 Winter Street

162,000

McDermott Will & Emery LLP

725 12th Street, NW

152,000

Cooley

725 12th Street, NW

126,000

CLIENT DIVERSIFICATION 2

_____________

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

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

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

25

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			Q2 2025
			Occupancy by location

as of June 30, 2025

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

						CBD												Suburban												Total
Location						30-Jun-25						31-Mar-25						30-Jun-25						31-Mar-25						30-Jun-25						31-Mar-25
Boston						97.0		%				96.3		%				71.6		%				77.0		%				89.7		%				90.8		%
Los Angeles						86.3		%				83.9		%				—		%				—		%				86.3		%				83.9		%
New York						87.2		%				88.1		%				71.0		%				70.0		%				84.4		%				84.9		%
San Francisco						81.8		%				81.7		%				69.6		%				70.5		%				78.7		%				78.9		%
Seattle						84.6		%				81.9		%				—		%				—		%				84.6		%				81.9		%
Washington, DC						91.1		%				91.9		%				68.4		%				68.5		%				90.5		%				91.3		%
Total Portfolio						89.9		%				89.8		%				70.9		%				73.6		%				86.4		%				86.9		%

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

						CBD												Suburban												Total
Location						30-Jun-25						30-Jun-24						30-Jun-25						30-Jun-24						30-Jun-25						30-Jun-24
Boston						96.9		%				95.3		%				76.0		%				81.6		%				91.2		%				91.6		%
Los Angeles						86.3		%				85.0		%				—		%				—		%				86.3		%				85.0		%
New York						87.2		%				90.8		%				71.0		%				69.5		%				84.4		%				87.0		%
San Francisco						81.8		%				84.0		%				69.6		%				70.0		%				78.7		%				80.5		%
Seattle						84.6		%				80.2		%				—		%				—		%				84.6		%				80.2		%
Washington, DC						91.1		%				90.7		%				68.4		%				84.5		%				90.5		%				90.5		%
Total Portfolio						89.8		%				90.3		%				73.0		%				75.8		%				86.8		%				87.7		%

_____________

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

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

26

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			Q2 2025
			Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

			Aggregate Principal
Mortgage Notes Payable			$	4,300,161
Unsecured Line of Credit			185,000
Unsecured Term Loans			800,000
Unsecured Commercial Paper			750,000
Unsecured Senior Notes, at face value			9,850,000
Outstanding Principal			15,885,161
Discount on Unsecured Senior Notes			(9,639)
Deferred Financing Costs, Net			(64,378)
Fair Value Debt Adjustment			(139)
Consolidated Debt			$	15,811,005

MORTGAGE NOTES PAYABLE

												Interest Rate
Property						Maturity Date						GAAP 1						Stated 2						Outstanding Principal
767 Fifth Avenue (The GM Building) (60% ownership)						June 9, 2027						3.64%						3.43%						$	2,300,000
Santa Monica Business Park						October 8, 2028						7.70%						5.10%						200,000
90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green Garage						October 26, 2028						6.27%						6.04%						600,000
901 New York Avenue						January 5, 2029						5.06%						5.00%						200,161
601 Lexington Avenue (55% ownership)						January 9, 2032						2.93%						2.79%						1,000,000
Total																								$	4,300,161

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 3

						Maturity Date						Effective Yield (on issue date)						Coupon						Outstanding Principal
Unsecured Senior Notes						February 1, 2026						3.77%						3.65%						$	1,000,000
Unsecured Senior Notes						October 1, 2026						3.50%						2.75%						1,000,000
Unsecured Senior Notes (“green bonds”)						December 1, 2027						6.92%						6.75%						750,000
Unsecured Senior Notes (“green bonds”)						December 1, 2028						4.63%						4.50%						1,000,000
Unsecured Senior Notes (“green bonds”)						June 21, 2029						3.51%						3.40%						850,000
Unsecured Senior Notes						March 15, 2030						2.98%						2.90%						700,000
Unsecured Senior Notes						January 30, 2031						3.34%						3.25%						1,250,000
Unsecured Senior Notes (“green bonds”)						April 1, 2032						2.67%						2.55%						850,000
Unsecured Senior Notes (“green bonds”)						October 1, 2033						2.52%						2.45%						850,000
Unsecured Senior Notes (“green bonds”)						January 15, 2034						6.62%						6.50%						750,000
Unsecured Senior Notes						January 15, 2035						5.84%						5.75%						850,000
																								$	9,850,000

CAPITALIZATION

						Shares/Units						Common Stock
						Outstanding						Equivalents						Equivalent Value 4
Common Stock						158,366						158,366						$	10,684,954
Common Operating Partnership Units						18,428						18,428						1,243,337
Total Equity												176,794						$	11,928,291
Consolidated Debt (A)																		$	15,811,005
Add: BXP’s share of unconsolidated joint venture debt 5																		1,386,046
Less: Partners’ share of consolidated debt 6																		1,363,364
BXP’s Share of Debt 7 (B)																		$	15,833,687
Consolidated Market Capitalization (C)																		$	27,739,296
BXP’s Share of Market Capitalization 7 (D)																		$	27,761,978
Consolidated Debt/Consolidated Market Capitalization (A÷C)																		57.00		%
BXP’s Share of Debt/BXP’s Share of Market Capitalization 7 (B÷D)																		57.03		%

_____________

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

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

27

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			Q2 2025
			Capital structure (continued)

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

4Values are based on the June 30, 2025 closing price of $67.47 per share of BXP common stock.

5Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 35.

6Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 33.

7See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

28

---

			Q2 2025
			Debt analysis 1

as of June 30, 2025

(dollars in thousands)

UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030

						Facility						Outstanding at June 30, 2025						Remaining Capacity at June 30, 2025
Unsecured Line of Credit						$	2,250,000					$	185,000					$	2,065,000
Less:
Unsecured Commercial Paper 2																		750,000
Letters of Credit																		5,393
Total Remaining Capacity																		$	1,309,607

UNSECURED TERM LOANS

						Maturity Date						Facility						Outstanding Principal
2024 Unsecured Term Loan 3						September 26, 2025						$	100,000					$	100,000
Unsecured Term Loan Facility 4						March 30, 2029						$	700,000					700,000
																		$	800,000

UNSECURED AND SECURED DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 5						Maturity (years)
Unsecured Debt						72.94		%				4.19		%				4.29		%				4.4
Secured Debt						27.06		%				3.80		%				4.10		%				3.3
Consolidated Debt						100.00		%				4.08		%				4.24		%				4.1

FLOATING AND FIXED RATE DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 5						Maturity (years)
Floating Rate Debt 2						10.32		%				5.02		%				5.09		%				2.2
Fixed Rate Debt 3, 6						89.68		%				3.97		%				4.14		%				4.4
Consolidated Debt						100.00		%				4.08		%				4.24		%				4.1

_____________

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

2The unsecured commercial paper program is backstopped by available capacity under the unsecured line of credit. As such, the Company intends to maintain, at a minimum, availability under its unsecured line of credit in an amount equal to the amount of commercial paper notes outstanding. The term of the notes issued under the unsecured commercial paper program vary but may not exceed one year from the date of issuance. The commercial paper notes are included in the Company’s floating rate debt statistics. At June 30, 2025, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.73% per annum and had a weighted-average maturity of 49 days from the date of issuance.

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

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

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

6The Fixed Rate Debt includes the effects of hedging transactions.

29

---

			Q2 2025
			Senior unsecured debt covenant compliance ratios

In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the Indenture.

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

COVENANT RATIOS AND RELATED DATA

									Senior Notes Issued Prior to December 4, 2017						Senior Notes Issued On or After December 4, 2017
			Test						Actual
Total Outstanding Debt/Total Assets 1			Less than 60%						47.8		%				44.8		%
Secured Debt/Total Assets			Less than 50%						16.0		%				15.0		%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)			Greater than 1.50x						2.94						2.94
Unencumbered Assets/ Unsecured Debt			Greater than 150%						233.2		%				251.2		%

_____________

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

30

---

			Q2 2025
			Net Debt to EBITDAre

(dollars in thousands)

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

						Three Months Ended
						30-Jun-25						31-Mar-25
Net income attributable to BXP, Inc.						$	88,977					$	61,177
Add:
Noncontrolling interest - common units of the Operating Partnership						10,064						6,979
Noncontrolling interest in property partnerships						20,100						18,749
Net income						119,141						86,905
Add:
Interest expense						162,783						163,444
Loss from early extinguishments of debt						—						338
Loss on sales-type lease						—						2,490
Depreciation and amortization expense						223,819						220,107
Less:
Gain on sales of real estate						18,390						—
Loss from unconsolidated joint ventures						(3,324)						(2,139)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2						32,222						33,834
EBITDAre 1						522,899						509,257
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3						52,937						50,978
BXP’s Share of EBITDAre 1 (A)						469,962						458,279
Add:
Stock-based compensation expense						11,612						23,018
BXP’s Share of straight-line ground rent expense adjustment 1						584						177
BXP’s Share of lease transaction costs that qualify as rent inducements 1						3,482						4,301
Less:
BXP’s Share of straight-line rent 1						20,535						26,687
BXP’s Share of fair value lease revenue 1						3,029						2,876
BXP’s Share of amortization and accretion related to sales type lease 1						261						309
Non-cash loss from early extinguishments of debt						—						338
BXP’s Share of EBITDAre – cash 1						$	461,815					$	455,565
BXP’s Share of EBITDAre (Annualized) 4 (A x 4)						$	1,879,848					$	1,833,116

Reconciliation of BXP’s Share of Net Debt 1

						30-Jun-25						31-Mar-25
Consolidated debt						$	15,811,005					$	15,671,692
Less:
Cash and cash equivalents						446,953						398,126
Cash held in escrow for 1031 exchange						—						—
Net debt 1						15,364,052						15,273,566
Add:
BXP’s share of unconsolidated joint venture debt 2						1,386,046						1,385,545
Partners’ share of cash and cash equivalents from consolidated joint ventures						143,319						107,015
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures						115,199						102,497
Partners’ share of consolidated joint venture debt 3						1,363,364						1,362,866
BXP’s share of related party note receivables						30,500						30,500
BXP’s Share of Net Debt 1 (B)						$	15,384,354					$	15,270,263
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]						8.18						8.33

_____________

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

2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended June 30, 2025, see pages 35 and 64.

3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended June 30, 2025, see pages 33 and 62.

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

31

---

			Q2 2025
			Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

						Three Months Ended
						30-Jun-25						31-Mar-25
BXP’s Share of interest expense 1						$	169,763					$	170,294
Less:
BXP’s Share of hedge amortization, net of costs 1						1,808						1,804
BXP’s share of fair value interest adjustment 1						1,217						2,608
BXP’s Share of amortization of financing costs 1						4,665						4,771
Adjusted interest expense excluding capitalized interest (A)						162,073						161,111
Add:
BXP’s Share of capitalized interest 1						14,016						12,152
Adjusted interest expense including capitalized interest (B)						$	176,089					$	173,263
BXP’s Share of EBITDAre – cash 1, 2 (C)						$	461,815					$	455,565
Interest Coverage Ratio (excluding capitalized interest) (C÷A)						2.85						2.83
Interest Coverage Ratio (including capitalized interest) (C÷B)						2.62						2.63

FIXED CHARGE COVERAGE RATIO 1

						Three Months Ended
						30-Jun-25						31-Mar-25
BXP’s Share of interest expense 1						$	169,763					$	170,294
Less:
BXP’s Share of hedge amortization, net of costs 1						1,808						1,804
BXP’s Share of fair value interest adjustment 1						1,217						2,608
BXP’s Share of amortization of financing costs 1						4,665						4,771
Add:
BXP’s Share of capitalized interest 1						14,016						12,152
BXP’s Share of maintenance capital expenditures 1						30,211						18,307
Hotel improvements, equipment upgrades and replacements						859						159
Total Fixed Charges (A)						$	207,159					$	191,729
BXP’s Share of EBITDAre – cash 1, 2 (B)						$	461,815					$	455,565
Fixed Charge Coverage Ratio (B÷A)						2.23						2.38

_____________

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

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

32

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			Q2 2025
			Consolidated joint ventures

d

as of June 30, 2025

(unaudited and in thousands)

BALANCE SHEET INFORMATION

						767 Fifth Avenue												Total Consolidated
ASSETS						(The GM Building) 1						Norges Joint Ventures 1, 2						Joint Ventures
Real estate, net						$	3,168,923					$	3,389,223					$	6,558,146
Cash and cash equivalents						107,860						222,612						330,472
Other assets						317,841						471,801						789,642
Total assets						$	3,594,624					$	4,083,636					$	7,678,260
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net						$	2,293,234					$	991,204					$	3,284,438
Other liabilities						88,570						347,120						435,690
Total liabilities						2,381,804						1,338,324						3,720,128
Equity:
BXP, Inc.						729,206						1,224,813						1,954,019
Noncontrolling interests						483,614						1,520,499						2,004,113			3
Total equity						1,212,820						2,745,312						3,958,132
Total liabilities and equity						$	3,594,624					$	4,083,636					$	7,678,260
BXP’s nominal ownership percentage						60%						55%
Partners’ share of cash and cash equivalents 4						$	43,144					$	100,175					$	143,319
Partners’ share of consolidated debt 4						$	917,322		5			$	446,042					$	1,363,364

_____________

1Certain balances contain amounts that eliminate in consolidation.

2Norges Joint Ventures include 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street. The Company will be proceeding with full vertical construction of 343 Madison Avenue in New York City, New York. The Company is electing to acquire its partner’s 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025. See page 15 for additional information.

3Amount excludes preferred shareholders’ capital.

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

5Amount adjusted for basis differentials.

33

---

			Q2 2025
			Consolidated joint ventures (continued)

for the three months ended June 30, 2025

(unaudited and in thousands)

RESULTS OF OPERATIONS

						767 Fifth Avenue												Total Consolidated
						(The GM Building)						Norges Joint Ventures 1						Joint Ventures
Revenue
Lease 2						$	84,205					$	105,742					$	189,947
Straight-line rent						2,603						11,569						14,172
Fair value lease revenue						(27)						—						(27)
Termination income						—						—						—
Total lease revenue						86,781						117,311						204,092
Parking and other						—						1,708						1,708
Total rental revenue 3						86,781						119,019						205,800
Expenses
Operating						39,702						42,513						82,215
Net Operating Income (NOI)						47,079						76,506						123,585
Other income (expense)
Development and management services revenue						—						—						—
Losses from investments in securities						—						(3)						(3)
Interest and other income						1,215						2,172						3,387
Interest expense						(21,176)						(7,612)						(28,788)
Depreciation and amortization expense						(18,792)						(28,217)						(47,009)
General and administrative expense						(59)						(55)						(114)
Total other income (expense)						(38,812)						(33,715)						(72,527)
Net income						$	8,267					$	42,791					$	51,058

FUNDS FROM OPERATIONS (FFO)

BXP’s nominal ownership percentage						60%						55%
						767 Fifth Avenue												Total Consolidated
Reconciliation of Partners’ share of FFO						(The GM Building)						Norges Joint Ventures 1						Joint Ventures
Net income						$	8,267					$	42,791					$	51,058
Add: Depreciation and amortization expense						18,792						28,217						47,009
Entity FFO						$	27,059					$	71,008					$	98,067
Noncontrolling interest in property partnerships (Partners’ NCI) 4						$	2,217					$	17,883					$	20,100
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4						7,908						13,037						20,945
Partners’ share FFO 4						$	10,125					$	30,920					$	41,045
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI						$	6,050					$	24,908					$	30,958
Depreciation and amortization expense - BXP’s basis difference						62						416						478
BXP’s share of depreciation and amortization expense						10,822						14,764						25,586
BXP’s share of FFO						$	16,934					$	40,088					$	57,022

_____________

1 Norges Joint Ventures include 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street.

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

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

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

34

---

			Q2 2025
			Unconsolidated joint ventures 1

as of June 30, 2025

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

						BXP’s Nominal Ownership												Mortgage/Construction Loans Payable, Net												Interest Rate
Property												Net Equity												Maturity Date						Stated						GAAP 2
Boston
100 Causeway Street						50.00		%				$	55,852					$	166,737					September 5, 2025						5.80		%				5.90		%
The Hub on Causeway - Podium						50.00		%				40,492						77,081						September 8, 2025						7.35		%				7.75		%
Hub50House						50.00		%				39,498						92,025						June 17, 2032						4.43		%				4.51		%
Hotel Air Rights						50.00		%				14,662						—						—						—						—		%
1265 Main Street						50.00		%				3,340						16,513						January 1, 2032						3.77		%				3.84		%
17 Hartwell Avenue 3						20.00		%				6,065						—						July 10, 2030						N/A						N/A
Los Angeles
Colorado Center						50.00		%				70,222						274,812						August 9, 2027						3.56		%				3.59		%
Beach Cities Media Center						50.00		%				27,068						—						—						—		%				—		%
New York
360 Park Avenue South						71.11		%				89,769						155,370						December 13, 2027						6.81		%				7.12		%
Dock 72						50.00		%				(11,961)						99,069						December 18, 2025						6.83		%				7.10		%
200 Fifth Avenue						26.69		%				74,446						153,684						November 24, 2028						4.34		%				5.60		%
3 Hudson Boulevard 4						25.00		%				111,471						20,000						August 7, 2024						11.93		%				11.93		%
290 Coles Street - Common Equity 5						19.46		%				19,625						—						March 5, 2029						N/A						N/A
290 Coles Street - Preferred Equity 6						—		%				1,615						—						—						—		%				—		%
San Francisco
Platform 16						55.00		%				57,805						—						—						—		%				—		%
Gateway Commons						50.00		%				271,454						—						—						—		%				—		%
751 Gateway						49.00		%				119,634						—						—						—		%				—		%
Seattle
Safeco Plaza						33.67		%				43						84,041						September 1, 2026						4.82		%				6.68		%
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters)						50.00		%				48,072						124,971						February 27, 2035						5.49		%				5.54		%
1001 6th Street						50.00		%				45,837						—						—						—		%				—		%
13100 & 13150 Worldgate Drive						50.00		%				19,632						—						—						—		%				—		%
Market Square North						50.00		%				(23,685)						62,459						November 10, 2025						6.73		%				6.90		%
Wisconsin Place Parking Facility						33.33		%				29,534						—						—						—		%				—		%
500 North Capitol Street, N.W. 7						30.00		%				(12,486)						31,362						June 5, 2026						6.83		%				7.16		%
Skymark - Reston Next Residential						20.00		%				14,900						27,922						May 13, 2026						6.32		%				6.64		%
												1,112,904
Investments with deficit balances reflected within Other Liabilities												48,132
Investments in Unconsolidated Joint Ventures												$	1,161,036
Mortgage/Construction Loans Payable, Net																		$	1,386,046

			2025 4			2026			2027			2028			2029			2030			Thereafter

35

---

			Q2 2025
			Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 2						Maturity (years)
Floating Rate Debt						44.41		%				6.41		%				6.83		%				1.0
Fixed Rate Debt						55.59		%				4.65		%				4.98		%				5.9
Total Debt						100.00		%				5.43		%				5.80		%				3.7

_____________

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

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

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

4The Company has provided $80.0 million of mortgage financing to the joint venture. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets. As of June 30, 2025, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest, and default interest, of approximately $126.8 million. Although the loan matured on August 7, 2024, the joint venture is negotiating a new third-party loan, however, there can be no assurance that the joint venture will enter into a new third-party loan on the terms and schedule currently contemplated or at all. The outstanding balance is included within the 2025 principal due at maturity.

5No amounts have been drawn under the $225.0 million construction facility.

6The Company will fund the first $65.0 million of required capital through its preferred equity investment. The Company’s preferred equity investment will earn 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.

7The 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.

36

---

			Q2 2025
			Unconsolidated joint ventures (continued)

for the three months ended June 30, 2025

(unaudited and in thousands)

RESULTS OF OPERATIONS 1

						Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC																																										Total Unconsolidated Joint Ventures
Revenue
Lease 2						$	27,501					$	19,993					$	14,658					$	18,361					$	7,576					$	23,627																																									$	111,716
Straight-line rent						546						(1,332)						4,750						46						630						(185)																																										4,455
Fair value lease revenue						—						—						1,300						1						1,291						—																																										2,592
Termination income						—						—						(1,402)						456						—						—																																										(946)
Amortization and accretion related to sales-type lease						57						—						—						—						—						—																																										57
Total lease revenue						28,104						18,661						19,306						18,864						9,497						23,442																																										117,874
Parking and other						455						2,057						60						322						660						923																																										4,477
Total rental revenue 3						28,559						20,718						19,366						19,186						10,157						24,365																																										122,351
Expenses
Operating						10,419						7,403						14,748						10,542						3,407						8,340																																										54,859
Net operating income						18,140						13,315						4,618						8,644						6,750						16,025																																										67,492
Other income (expense)
Development and management services revenue						—						—						530						—						—						—																																										530
Interest and other income (loss)						426						1,091						683						(1)						144						208																																										2,551
Interest expense						(10,514)						(4,998)						(15,444)						—						(4,206)						(9,942)																																										(45,104)
Unrealized gain/loss on derivative instruments						—						—						(4,904)			4			—						—						—																																										(4,904)
Transaction costs						3						—						—						—						—						(4)																																										(1)
Depreciation and amortization expense						(8,474)						(5,334)						(9,415)						(9,783)						(5,299)						(5,847)																																										(44,152)
General and administrative expense						(2)						(20)						(232)						(29)						(48)						—																																										(331)
Loss from early extinguishment of debt						—						—						—						—						—						—																																										—
Total other income (expense)						(18,561)						(9,261)						(28,782)						(9,813)						(9,409)						(15,585)																																										(91,411)
Net income (loss)						$	(421)					$	4,054					$	(24,164)					$	(1,169)					$	(2,659)					$	440																																									$	(23,919)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income (loss)						$	(211)					$	2,023					$	(8,865)					$	(691)					$	(895)					$	949																																									$	(7,690)
Basis differential
Straight-line rent						$	—					$	91		5			$	72		5			$	—					$	—					$	—																																									$	163
Fair value lease revenue						—						305			5			15			5			—						—						—																																										320
Fair value interest adjustment						—						—						(499)						—						—						—																																										(499)
Amortization of financing costs						—						—						110						—						—						—																																										110
Unrealized gain/loss on derivative instruments						—						—						1,308			4			—						—						—																																										1,308
Depreciation and amortization expense						(7)						566			5			438			5			1,299			5			781						(113)																																										2,964
Total basis differential 6						(7)						962			5			1,444			5			1,299			5			781						(113)																																										4,366
Income (loss) from unconsolidated joint ventures						(218)						2,985						(7,421)						608						(114)						836																																										(3,324)
Add:
BXP’s share of depreciation and amortization expense						4,244						2,102			5			3,486			5			3,569			5			1,003						2,270																																										16,674
BXP’s share of FFO						$	4,026					$	5,087					$	(3,935)					$	4,177					$	889					$	3,106																																									$	13,350

_____________

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

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

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

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

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

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

37

---

			Q2 2025
			Lease expirations - All in-service properties1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																																										Percentage of Total Square Feet
																		$						$/PSF						$						$/PSF
2025						816,130						724,662						48,299,503						66.65						48,453,893						66.86						1.82		%
2026						1,794,408						1,542,812						121,901,523						79.01						124,491,526						80.69						3.87		%
2027						2,080,635						2,010,389						145,436,142						72.34						148,785,404						74.01						5.04		%
2028						2,987,289						2,359,254						209,519,628						88.81						221,849,842						94.03						5.91		%
2029						3,648,074						3,020,129						226,163,419						74.89						240,815,377						79.74						7.57		%
2030						2,646,012						2,515,068						195,888,667						77.89						211,010,189						83.90						6.31		%
2031						2,846,133						2,662,746						234,974,010						88.24						254,620,271						95.62						6.68		%
2032						2,690,819						2,414,400						184,397,487						76.37						217,981,717						90.28						6.05		%
2033						2,849,584						2,691,691						219,409,662						81.51						253,350,049						94.12						6.75		%
2034						3,359,132						2,823,725						255,734,250						90.57						291,671,188						103.29						7.08		%
Thereafter						13,477,352						10,680,344						869,767,640						81.44						1,062,144,913						99.45						26.78		%

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																																										Percentage of Total Square Feet
																		$						$/PSF						$						$/PSF
2025						34,353						34,353						3,162,966						92.07						3,162,966						92.07						1.41		%
2026						119,446						105,099						16,384,931						155.90						16,464,843						156.66						4.31		%
2027						120,433						110,017						12,023,829						109.29						12,205,112						110.94						4.51		%
2028						93,498						91,721						9,610,225						104.78						9,873,899						107.65						3.76		%
2029						171,501						166,176						17,781,670						107.01						18,635,706						112.14						6.81		%
2030						171,333						135,358						12,374,388						91.42						13,293,107						98.21						5.55		%
2031						107,790						93,613						10,581,770						113.04						11,643,471						124.38						3.84		%
2032						99,134						97,425						7,275,217						74.68						8,360,064						85.81						3.99		%
2033						462,596						429,193						30,682,704						71.49						34,720,153						80.90						17.59		%
2034						361,438						264,966						34,798,320						131.33						40,449,189						152.66						10.86		%
Thereafter						506,366						416,273						46,629,839						112.02						44,457,020						106.80						17.06		%

IN-SERVICE PROPERTIES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																																										Percentage of Total Square Feet
																		$						$/PSF						$						$/PSF
2025						850,483						759,015						51,462,469						67.80						51,616,859						68.01						1.79		%
2026						1,913,854						1,647,911						138,286,454						83.92						140,956,369						85.54						3.89		%
2027						2,201,068						2,120,406						157,459,971						74.26						160,990,516						75.92						5.01		%
2028						3,080,787						2,450,975						219,129,853						89.41						231,723,741						94.54						5.79		%
2029						3,819,575						3,186,305						243,945,089						76.56						259,451,083						81.43						7.53		%
2030						2,817,345						2,650,426						208,263,055						78.58						224,303,296						84.63						6.26		%
2031						2,953,923						2,756,359						245,555,780						89.09						266,263,742						96.60						6.51		%
2032						2,789,953						2,511,825						191,672,704						76.31						226,341,781						90.11						5.93		%
2033						3,312,180						3,120,884						250,092,366						80.14						288,070,202						92.30						7.37		%
2034						3,720,570						3,088,691						290,532,570						94.06						332,120,377						107.53						7.30		%
Thereafter						13,983,718						11,096,617						916,397,479						82.58						1,106,601,933						99.72						26.22		%

_____________

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

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

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

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

38

---

			Q2 2025
			Lease expirations - Boston region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						213,340						209,970						12,080,043						57.53						12,080,043						57.53
2026						390,591						341,694						24,381,231						71.35						24,684,456						72.24
2027						498,595						489,735						35,724,045						72.95						36,531,496						74.59
2028						963,293						941,691						91,596,338						97.27						96,859,406						102.86
2029						1,201,099						1,067,613						73,425,234						68.78						78,622,587						73.64
2030						1,277,729						1,261,850						90,939,706						72.07						97,383,741						77.18
2031						666,229						599,888						40,415,844						67.37						43,765,254						72.96
2032						982,449						982,449						78,210,178						79.61						96,253,483						97.97
2033						518,536						504,405						38,949,935						77.22						44,705,466						88.63
2034						1,427,022						1,278,225						110,521,272						86.46						124,352,488						97.29
Thereafter						4,678,397						3,750,066						319,910,549						85.31						401,471,664						107.06

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						30,174						30,174						2,682,966						88.92						2,682,966						88.92
2026						37,509						37,194						4,359,435						117.21						4,388,107						117.98
2027						55,031						48,717						8,242,183						169.19						8,318,823						170.76
2028						38,825						38,825						5,801,781						149.43						5,933,160						152.82
2029						76,098						75,423						10,027,843						132.95						10,299,798						136.56
2030						98,916						62,941						6,258,617						99.44						6,496,512						103.22
2031						8,368						8,368						815,243						97.42						894,348						106.88
2032						57,916						57,325						4,311,321						75.21						4,933,509						86.06
2033						287,788						254,385						21,086,974						82.89						24,092,302						94.71
2034						164,155						131,856						10,936,323						82.94						12,038,889						91.30
Thereafter						184,089						173,578						13,736,448						79.14						15,255,874						87.89

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						243,514						240,144						14,763,009						61.48						14,763,009						61.48
2026						428,100						378,888						28,740,666						75.86						29,072,563						76.73
2027						553,626						538,452						43,966,228						81.65						44,850,319						83.29
2028						1,002,118						980,516						97,398,119						99.33						102,792,566						104.84
2029						1,277,197						1,143,036						83,453,077						73.01						88,922,385						77.79
2030						1,376,645						1,324,791						97,198,323						73.37						103,880,253						78.41
2031						674,597						608,256						41,231,087						67.79						44,659,602						73.42
2032						1,040,365						1,039,774						82,521,499						79.36						101,186,992						97.32
2033						806,324						758,790						60,036,909						79.12						68,797,768						90.67
2034						1,591,177						1,410,081						121,457,595						86.14						136,391,377						96.73
Thereafter						4,862,486						3,923,644						333,646,997						85.03						416,727,538						106.21

_____________

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

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

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

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

39

---

			Q2 2025
			Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						181,840						178,470						10,093,645						56.56						10,093,645						56.56
Q4 2025						31,500						31,500						1,986,398						63.06						1,986,398						63.06
Total 2025						213,340						209,970						12,080,043						57.53						12,080,043						57.53
Q1 2026						96,140						90,864						6,155,259						67.74						6,181,271						68.03
Q2 2026						67,424						42,965						2,867,393						66.74						2,931,807						68.24
Q3 2026						86,965						74,299						5,156,151						69.40						5,182,928						69.76
Q4 2026						140,062						133,566						10,202,427						76.38						10,388,450						77.78
Total 2026						390,591						341,694						24,381,231						71.35						24,684,456						72.24

RETAIL

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						26,400						26,400						2,062,547						78.13						2,062,547						78.13
Q4 2025						3,774						3,774						620,419						164.39						620,419						164.39
Total 2025						30,174						30,174						2,682,966						88.92						2,682,966						88.92
Q1 2026						6,438						6,438						472,214						73.35						472,214						73.35
Q2 2026						18,831						18,516						1,798,841						97.15						1,798,841						97.15
Q3 2026						4,369						4,369						950,421						217.54						962,407						220.28
Q4 2026						7,871						7,871						1,137,960						144.58						1,154,646						146.70
Total 2026						37,509						37,194						4,359,435						117.21						4,388,107						117.98

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						208,240						204,870						12,156,192						59.34						12,156,192						59.34
Q4 2025						35,274						35,274						2,606,817						73.90						2,606,817						73.90
Total 2025						243,514						240,144						14,763,009						61.48						14,763,009						61.48
Q1 2026						102,578						97,302						6,627,473						68.11						6,653,485						68.38
Q2 2026						86,255						61,481						4,666,234						75.90						4,730,648						76.94
Q3 2026						91,334						78,668						6,106,572						77.62						6,145,335						78.12
Q4 2026						147,933						141,437						11,340,387						80.18						11,543,096						81.61
Total 2026						428,100						378,888						28,740,666						75.86						29,072,563						76.73

`

_____________

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

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

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

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

40

---

			Q2 2025
			Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						766						766						51,290						66.96						51,290						66.96
2026						167,263						167,263						12,372,311						73.97						12,723,933						76.07
2027						7,367						7,367						303,918						41.25						316,294						42.93
2028						299,852						202,055						15,691,082						77.66						17,135,800						84.81
2029						415,771						240,815						17,279,142						71.75						19,266,781						80.01
2030						52,026						52,026						3,185,235						61.22						3,712,932						71.37
2031						7,752						7,752						540,350						69.70						638,831						82.41
2032						246,667						127,701						10,682,958						83.66						13,253,593						103.79
2033						186,894						93,447						6,578,697						70.40						11,108,262						118.87
2034						3,739						3,739						236,697						63.30						299,537						80.11
Thereafter						494,641						494,641						37,519,827						75.85						45,954,721						92.91

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						—						—						—						—						—						—
2026						19,188						9,594						135,600						14.13						135,600						14.13
2027						—						—						—						—						—						—
2028						—						—						—						—						—						—
2029						38,118						38,118						2,313,480						60.69						2,504,232						65.70
2030						11,364						11,364						1,333,803						117.37						1,445,678						127.22
2031						—						—						—						—						—						—
2032						—						—						—						—						—						—
2033						—						—						—						—						—						—
2034						19,993						9,997						248,448						24.85						248,448						24.85
Thereafter						8,462						8,462						815,246						96.34						834,278						98.59

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						766						766						51,290						66.96						51,290						66.96
2026						186,451						176,857						12,507,911						70.72						12,859,533						72.71
2027						7,367						7,367						303,918						41.25						316,294						42.93
2028						299,852						202,055						15,691,082						77.66						17,135,800						84.81
2029						453,889						278,933						19,592,622						70.24						21,771,013						78.05
2030						63,390						63,390						4,519,038						71.29						5,158,610						81.38
2031						7,752						7,752						540,350						69.70						638,831						82.41
2032						246,667						127,701						10,682,958						83.66						13,253,593						103.79
2033						186,894						93,447						6,578,697						70.40						11,108,262						118.87
2034						23,732						13,736						485,145						35.32						547,985						39.89
Thereafter						503,103						503,103						38,335,073						76.20						46,788,999						93.00

_____________

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

2Includes partially placed in-service leased space.

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

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

41

---

			Q2 2025
			Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						766						766						51,290						66.96						51,290						66.96
Q4 2025						—						—						—						—						—						—
Total 2025						766						766						51,290						66.96						51,290						66.96
Q1 2026						160,397						160,397						12,007,812						74.86						12,345,046						76.97
Q2 2026						4,993						4,993						238,148						47.70						245,135						49.10
Q3 2026						—						—						—						—						—						—
Q4 2026						1,873						1,873						126,351						67.46						133,753						71.41
Total 2026						167,263						167,263						12,372,311						73.97						12,723,933						76.07

RETAIL

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						—						—						—						—						—						—
Total 2025						—						—						—						—						—						—
Q1 2026						—						—						—						—						—						—
Q2 2026						—						—						—						—						—						—
Q3 2026						19,188						9,594						135,600						14.13						135,600						14.13
Q4 2026						—						—						—						—						—						—
Total 2026						19,188						9,594						135,600						14.13						135,600						14.13

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						766						766						51,290						66.96						51,290						66.96
Q4 2025						—						—						—						—						—						—
Total 2025						766						766						51,290						66.96						51,290						66.96
Q1 2026						160,397						160,397						12,007,812						74.86						12,345,046						76.97
Q2 2026						4,993						4,993						238,148						47.70						245,135						49.10
Q3 2026						19,188						9,594						135,600						14.13						135,600						14.13
Q4 2026						1,873						1,873						126,351						67.46						133,753						71.41
Total 2026						186,451						176,857						12,507,911						70.72						12,859,533						72.71

_____________

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

2Includes partially placed in-service leased space.

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

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

42

---

			Q2 2025
			Lease expirations - New York region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						109,256						96,869						6,199,333						64.00						6,199,333						64.00
2026						284,034						245,458						16,781,506						68.37						16,883,260						68.78
2027						533,428						495,137						28,653,701						57.87						28,837,721						58.24
2028						322,563						265,006						25,931,224						97.85						26,067,888						98.37
2029						935,444						724,762						60,349,275						83.27						61,951,552						85.48
2030						589,632						516,605						48,856,881						94.57						50,459,034						97.67
2031						965,787						900,791						78,828,618						87.51						83,996,851						93.25
2032						337,930						247,655						16,639,026						67.19						17,242,038						69.62
2033						397,524						352,933						39,587,443						112.17						42,457,696						120.30
2034						1,300,124						1,031,116						106,744,139						103.52						120,131,703						116.51
Thereafter						4,406,531						2,960,019						282,447,443						95.42						325,632,592						110.01

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						4,179						4,179						480,000						114.86						480,000						114.86
2026						15,044						12,423						9,433,467						759.34						9,466,634						762.01
2027						—						—						—						—						—						—
2028						2,424						647						211,373						326.71						211,373						326.71
2029						9,577						5,671						1,764,406						311.13						1,956,590						345.01
2030						1,512						1,512						390,270						258.12						476,962						315.45
2031						20,784						14,468						5,069,445						350.40						5,659,918						391.21
2032						12,182						11,064						1,061,221						95.91						1,240,514						112.12
2033						19,279						19,279						4,274,930						221.74						4,806,982						249.34
2034						139,214						85,037						21,144,948						248.66						25,455,598						299.35
Thereafter						219,678						143,217						26,475,934						184.87						21,643,408						151.12

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						113,435						101,048						6,679,333						66.10						6,679,333						66.10
2026						299,078						257,881						26,214,973						101.66						26,349,894						102.18
2027						533,428						495,137						28,653,701						57.87						28,837,721						58.24
2028						324,987						265,653						26,142,597						98.41						26,279,261						98.92
2029						945,021						730,433						62,113,681						85.04						63,908,142						87.49
2030						591,144						518,117						49,247,151						95.05						50,935,996						98.31
2031						986,571						915,259						83,898,063						91.67						89,656,769						97.96
2032						350,112						258,719						17,700,247						68.41						18,482,552						71.44
2033						416,803						372,212						43,862,373						117.84						47,264,678						126.98
2034						1,439,338						1,116,153						127,889,087						114.58						145,587,301						130.44
Thereafter						4,626,209						3,103,236						308,923,377						99.55						347,276,000						111.91

_____________

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

2Includes partially placed in-service leased space.

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

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

43

---

			Q2 2025
			Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						68,152						55,765						2,903,563						52.07						2,903,563						52.07
Q4 2025						41,104						41,104						3,295,771						80.18						3,295,771						80.18
Total 2025						109,256						96,869						6,199,333						64.00						6,199,333						64.00
Q1 2026						111,659						103,694						7,753,439						74.77						7,807,709						75.30
Q2 2026						14,335						11,827						907,927						76.77						908,947						76.85
Q3 2026						75,394						51,103						4,384,928						85.81						4,397,172						86.05
Q4 2026						82,646						78,835						3,735,213						47.38						3,769,433						47.81
Total 2026						284,034						245,458						16,781,506						68.37						16,883,260						68.78

RETAIL

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						4,179						4,179						480,000						114.86						480,000						114.86
Total 2025						4,179						4,179						480,000						114.86						480,000						114.86
Q1 2026						6,552						3,931						5,700,000						1,449.94						5,700,000						1,449.94
Q2 2026						715						715						30,000						41.96						30,000						41.96
Q3 2026						3,244						3,244						2,710,371						835.50						2,710,371						835.50
Q4 2026						4,533						4,533						993,096						219.08						1,026,263						226.40
Total 2026						15,044						12,423						9,433,467						759.34						9,466,634						762.01

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						68,152						55,765						2,903,563						52.07						2,903,563						52.07
Q4 2025						45,283						45,283						3,775,771						83.38						3,775,771						83.38
Total 2025						113,435						101,048						6,679,333						66.10						6,679,333						66.10
Q1 2026						118,211						107,625						13,453,439						125.00						13,507,709						125.51
Q2 2026						15,050						12,542						937,927						74.78						938,947						74.86
Q3 2026						78,638						54,347						7,095,299						130.56						7,107,543						130.78
Q4 2026						87,179						83,368						4,728,309						56.72						4,795,696						57.52
Total 2026						299,078						257,881						26,214,973						101.66						26,349,894						102.18

_____________

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

2Includes partially placed in-service leased space.

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

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

44

---

			Q2 2025
			Lease expirations - San Francisco region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						288,156						254,737						20,439,323						80.24						20,514,267						80.53
2026						639,395						546,831						52,408,633						95.84						53,951,693						98.66
2027						572,812						553,278						54,395,181						98.31						55,641,329						100.57
2028						447,336						429,605						43,322,120						100.84						46,117,887						107.35
2029						661,895						600,083						53,171,387						88.61						57,675,608						96.11
2030						471,642						441,413						38,315,953						86.80						43,247,012						97.97
2031						957,738						931,032						101,997,950						109.55						111,379,757						119.63
2032						398,702						365,684						31,446,150						85.99						37,315,256						102.04
2033						578,058						578,058						63,568,065						109.97						70,443,990						121.86
2034						331,223						213,621						21,329,587						99.85						26,577,563						124.41
Thereafter						403,137						401,096						38,992,009						97.21						51,273,876						127.83

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						—						—						—						—						—						—
2026						16,601						16,601						935,613						56.36						949,653						57.20
2027						14,262						14,262						743,651						52.14						797,991						55.95
2028						18,613						18,613						1,305,884						70.16						1,402,967						75.38
2029						4,246						4,246						372,882						87.82						415,007						97.74
2030						19,021						19,021						1,553,465						81.67						1,807,635						95.03
2031						36,168						30,752						1,843,529						59.95						1,984,157						64.52
2032						6,357						6,357						445,253						70.04						491,452						77.31
2033						9,383						9,383						1,052,424						112.16						1,117,442						119.09
2034						—						—						—						—						—						—
Thereafter						—						—						—						—						—						—

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						288,156						254,737						20,439,323						$	80.24					20,514,267						80.53
2026						655,996						563,432						53,344,246						94.68						54,901,346						97.44
2027						587,074						567,540						55,138,832						97.15						56,439,320						99.45
2028						465,949						448,218						44,628,004						99.57						47,520,854						106.02
2029						666,141						604,329						53,544,269						88.60						58,090,615						96.12
2030						490,663						460,434						39,869,418						86.59						45,054,647						97.85
2031						993,906						961,784						103,841,479						107.97						113,363,914						117.87
2032						405,059						372,041						31,891,403						85.72						37,806,708						101.62
2033						587,441						587,441						64,620,489						110.00						71,561,432						121.82
2034						331,223						213,621						21,329,587						99.85						26,577,563						124.41
Thereafter						403,137						401,096						38,992,009						97.21						51,273,876						127.83

_____________

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

2Includes partially placed in-service leased space.

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

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

45

---

			Q2 2025
			Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						150,356						137,983						11,614,097						84.17						11,614,097						84.17
Q4 2025						137,800						116,754						8,825,226						75.59						8,900,170						76.23
Total 2025						288,156						254,737						20,439,323						80.24						20,514,267						80.53
Q1 2026						168,907						165,317						15,426,361						93.31						16,568,079						100.22
Q2 2026						159,713						142,417						14,367,331						100.88						14,367,331						100.88
Q3 2026						279,040						210,742						20,531,018						97.42						20,867,820						99.02
Q4 2026						31,735						28,356						2,083,923						73.49						2,148,463						75.77
Total 2026						639,395						546,831						52,408,633						95.84						53,951,693						98.66

RETAIL

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						—						—						—						—						—						—
Total 2025						—						—						—						—						—						—
Q1 2026						—						—						—						—						—						—
Q2 2026						5,276						5,276						447,632						84.84						447,632						84.84
Q3 2026						5,714						5,714						247,440						43.30						247,440						43.30
Q4 2026						5,611						5,611						240,540						42.87						254,580						45.37
Total 2026						16,601						16,601						935,613						56.36						949,653						57.20

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						150,356						137,983						11,614,097						84.17						11,614,097						84.17
Q4 2025						137,800						116,754						8,825,226						75.59						8,900,170						76.23
Total 2025						288,156						254,737						20,439,323						80.24						20,514,267						80.53
Q1 2026						168,907						165,317						15,426,361						93.31						16,568,079						100.22
Q2 2026						164,989						147,693						14,814,963						100.31						14,814,963						100.31
Q3 2026						284,754						216,456						20,778,458						95.99						21,115,260						97.55
Q4 2026						37,346						33,967						2,324,463						68.43						2,403,043						70.75
Total 2026						655,996						563,432						53,344,246						94.68						54,901,346						97.44

_____________

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

2Includes partially placed in-service leased space.

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

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

46

---

			Q2 2025
			Lease expirations - Seattle region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						127,919						87,411						4,094,541						46.84						4,094,541						46.84
2026						66,610						65,742						3,918,588						59.61						4,028,145						61.27
2027						77,785						74,224						4,314,913						58.13						4,471,476						60.24
2028						601,382						302,445						17,002,949						56.22						17,863,556						59.06
2029						209,607						189,549						10,282,070						54.24						10,605,071						55.95
2030						40,707						40,707						2,413,273						59.28						2,655,900						65.24
2031						9,930						6,785						384,345						56.65						429,121						63.25
2032						70,933						57,584						4,211,558						73.14						4,866,692						84.51
2033						—						—						—						—						—						—
2034						—						—						—						—						—						—
Thereafter						63,925						23,614						1,638,595						69.39						2,006,913						84.99

RETAIL

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

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						127,919						87,411						4,094,541						46.84						4,094,541						46.84
2026						66,610						65,742						3,918,588						59.61						4,028,145						61.27
2027						77,785						74,224						4,314,913						58.13						4,471,476						60.24
2028						602,327						303,390						17,054,380						56.21						17,919,429						59.06
2029						210,728						189,926						10,289,376						54.18						10,612,377						55.88
2030						40,707						40,707						2,413,273						59.28						2,655,900						65.24
2031						16,664						11,074						672,820						60.76						751,244						67.84
2032						70,933						57,584						4,211,558						73.14						4,866,692						84.51
2033						—						—						—						—						—						—
2034						—						—						—						—						—						—
Thereafter						63,925						23,614						1,638,595						69.39						2,006,913						84.99

_____________

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

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

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

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

47

---

			Q2 2025
			Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						22,341						22,341						135,972						6.09						135,972						6.09
Q4 2025						105,578						65,070						3,958,569						60.84						3,958,569						60.84
Total 2025						127,919						87,411						4,094,541						46.84						4,094,541						46.84
Q1 2026						1,309						441						29,363						66.58						30,009						68.05
Q2 2026						39,138						39,138						2,291,477						58.55						2,330,096						59.54
Q3 2026						—						—						—						—						—						—
Q4 2026						26,163						26,163						1,597,748						61.07						1,668,040						63.76
Total 2026						66,610						65,742						3,918,588						59.61						4,028,145						61.27

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases

Annualized Rental Obligations Under Expiring Leases with future step-ups

$

$/PSF

$

$/PSF

Q1 2025

—

—

—

—

—

—

Q2 2025

—

—

—

—

—

—

Q3 2025

—

—

—

—

—

—

Q4 2025

—

—

—

—

—

—

Total 2025

—

—

—

—

—

—

Q1 2026

—

—

—

—

—

—

Q2 2026

—

—

—

—

—

—

Q3 2026

—

—

—

—

—

—

Q4 2026

—

—

—

—

—

—

Total 2026

—

—

—

—

—

—

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						22,341						22,341						135,972						6.09						135,972						6.09
Q4 2025						105,578						65,070						3,958,569						60.84						3,958,569						60.84
Total 2025						127,919						87,411						4,094,541						46.84						4,094,541						46.84
Q1 2026						1,309						441						29,363						66.58						30,009						68.05
Q2 2026						39,138						39,138						2,291,477						58.55						2,330,096						59.54
Q3 2026						—						—						—						—						—						—
Q4 2026						26,163						26,163						1,597,748						61.07						1,668,040						63.76
Total 2026						66,610						65,742						3,918,588						59.61						4,028,145						61.27

_____________

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

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

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

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

48

---

			Q2 2025
			Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						76,693						74,909						5,434,973						72.55						5,514,419						73.61
2026						246,515						175,824						12,039,254						68.47						12,220,039						69.50
2027						390,648						390,648						22,044,384						56.43						22,987,088						58.84
2028						352,863						218,452						15,975,915						73.13						17,805,305						81.51
2029						224,258						197,307						11,656,311						59.08						12,693,778						64.34
2030						214,276						202,467						12,177,619						60.15						13,551,570						66.93
2031						238,697						216,498						12,806,903						59.15						14,410,457						66.56
2032						654,138						633,327						43,207,617						68.22						49,050,655						77.45
2033						1,168,572						1,162,848						70,725,522						60.82						84,634,635						72.78
2034						297,024						297,024						16,902,555						56.91						20,309,897						68.38
Thereafter						3,430,721						3,050,908						189,259,217						62.03						235,805,147						77.29

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						—						—						—						—						—						—
2026						31,104						29,287						1,520,816						51.93						1,524,849						52.07
2027						51,140						47,038						3,037,995						64.59						3,088,298						65.66
2028						32,691						32,691						2,239,756						68.51						2,270,526						69.45
2029						42,341						42,341						3,295,753						77.84						3,452,773						81.55
2030						40,520						40,520						2,838,233						70.05						3,066,320						75.67
2031						35,736						35,736						2,565,078						71.78						2,782,925						77.87
2032						22,679						22,679						1,457,422						64.26						1,694,589						74.72
2033						146,146						146,146						4,268,376						29.21						4,703,427						32.18
2034						38,076						38,076						2,468,601						64.83						2,706,254						71.08
Thereafter						94,137						91,016						5,602,211						61.55						6,723,460						73.87

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						76,693						74,909						5,434,973						72.55						5,514,419						73.61
2026						277,619						205,111						13,560,070						66.11						13,744,888						67.01
2027						441,788						437,686						25,082,379						57.31						26,075,386						59.58
2028						385,554						251,143						18,215,671						72.53						20,075,831						79.94
2029						266,599						239,648						14,952,064						62.39						16,146,551						67.38
2030						254,796						242,987						15,015,852						61.80						16,617,890						68.39
2031						274,433						252,234						15,371,981						60.94						17,193,382						68.16
2032						676,817						656,006						44,665,039						68.09						50,745,244						77.35
2033						1,314,718						1,308,994						74,993,898						57.29						89,338,062						68.25
2034						335,100						335,100						19,371,156						57.81						23,016,151						68.68
Thereafter						3,524,858						3,141,924						194,861,428						62.02						242,528,607						77.19

_____________

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

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

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

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

49

---

			Q2 2025
			Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of June 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						15,186						13,402						685,675						51.16						685,675						51.16
Q4 2025						61,507						61,507						4,749,298						77.22						4,828,743						78.51
Total 2025						76,693						74,909						5,434,973						72.55						5,514,419						73.61
Q1 2026						28,882						24,412						1,004,483						41.15						1,016,234						41.63
Q2 2026						40,827						40,827						1,946,512						47.68						1,985,989						48.64
Q3 2026						36,017						30,807						2,597,757						84.32						2,601,405						84.44
Q4 2026						140,789						79,779						6,490,501						81.36						6,616,411						82.93
Total 2026						246,515						175,824						12,039,254						68.47						12,220,039						69.50

RETAIL

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						—						—						—						—						—						—
Total 2025						—						—						—						—						—						—
Q1 2026						14,373						12,556						718,606						57.23						718,606						57.23
Q2 2026						—						—						—						—						—						—
Q3 2026						6,247						6,247						378,629						60.61						379,381						60.73
Q4 2026						10,484						10,484						423,581						40.40						426,863						40.72
Total 2026						31,104						29,287						1,520,816						51.93						1,524,849						52.07

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						15,186						13,402						685,675						51.16						685,675						51.16
Q4 2025						61,507						61,507						4,749,298						77.22						4,828,743						78.51
Total 2025						76,693						74,909						5,434,973						72.55						5,514,419						73.61
Q1 2026						43,255						36,968						1,723,089						46.61						1,734,840						46.93
Q2 2026						40,827						40,827						1,946,512						47.68						1,985,989						48.64
Q3 2026						42,264						37,054						2,976,386						80.33						2,980,786						80.44
Q4 2026						151,273						90,263						6,914,082						76.60						7,043,274						78.03
Total 2026						277,619						205,111						13,560,070						66.11						13,744,888						67.01

_____________

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

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

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

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

50

---

			Q2 2025
			Lease expirations - CBD properties 1, 2, 3

as of June 30, 2025

Boston

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						55,793						52,423						4,389,811						83.74						4,389,811						83.74
2026						286,766						237,554						19,164,723						80.68						19,338,733						81.41
2027						356,979						341,804						31,734,032						92.84						32,279,804						94.44
2028						727,304						705,702						81,955,486						116.13						86,509,007						122.59
2029						783,511						649,350						57,855,922						89.10						60,778,642						93.60
2030						1,211,970						1,160,116						86,470,785						74.54						91,790,140						79.12
2031						46,791						40,790						3,445,168						84.46						3,822,899						93.72
2032						863,930						863,339						71,707,705						83.06						88,890,027						102.96
2033						455,958						408,424						33,072,604						80.98						37,889,391						92.77
2034						1,264,793						1,083,697						97,623,120						90.08						108,625,452						100.24
Thereafter						4,570,649						3,631,807						317,658,392						87.47						397,133,090						109.35

Los Angeles

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						766						766						51,290						66.96						51,290						66.96
2026						186,451						176,857						12,507,911						70.72						12,859,533						72.71
2027						7,367						7,367						303,918						41.25						316,294						42.93
2028						299,852						202,055						15,691,082						77.66						17,135,800						84.81
2029						453,889						278,933						19,592,622						70.24						21,771,013						78.05
2030						63,390						63,390						4,519,038						71.29						5,158,610						81.38
2031						7,752						7,752						540,350						69.7						638,831						82.41
2032						246,667						127,701						10,682,958						83.66						13,253,593						103.79
2033						186,894						93,447						6,578,697						70.4						11,108,262						118.87
2034						23,732						13,736						485,145						35.32						547,985						39.90
Thereafter						503,103						503,103						38,335,073						76.2						46,788,999						93.00

New York

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						70,091						57,704						5,231,383						90.66						5,231,383						90.66
2026						150,432						109,236						20,151,969						184.48						20,239,407						185.28
2027						169,893						131,602						13,970,316						106.16						13,924,089						105.80
2028						256,705						197,371						23,545,770						119.30						23,594,412						119.54
2029						786,272						571,684						56,528,399						98.88						58,010,878						101.47
2030						470,522						397,495						44,393,050						111.68						45,831,394						115.30
2031						801,930						730,618						76,183,942						104.27						81,678,197						111.79
2032						236,986						145,593						13,213,995						90.76						13,836,134						95.03
2033						397,372						352,781						43,098,945						122.17						46,423,526						131.59
2034						1,439,338						1,116,153						127,889,087						114.58						145,587,301						130.44
Thereafter						4,307,225						2,784,252						296,312,309						106.42						333,144,764						119.65

51

---

			Q2 2025
			Lease expirations - CBD properties (continued) 1, 2, 3

as of June 30, 2025

San Francisco

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						145,797						145,797						13,228,646						90.73						13,228,646						90.73
2026						350,881						350,881						35,100,466						100.04						36,467,263						103.93
2027						428,428						428,428						45,187,421						105.47						46,785,755						109.20
2028						349,001						349,001						40,179,075						115.13						42,613,407						122.10
2029						502,652						502,652						47,395,949						94.29						51,378,644						102.22
2030						338,386						338,386						32,721,948						96.70						37,026,513						109.42
2031						929,661						929,661						102,113,731						109.84						111,340,951						119.77
2032						339,022						339,022						29,670,038						87.52						35,347,630						104.26
2033						587,441						587,441						64,620,489						110.00						71,561,432						121.82
2034						100,631						100,631						8,210,504						81.59						10,342,472						102.78
Thereafter						399,054						399,054						38,890,342						97.46						51,141,224						128.16

Seattle, WA

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						127,919						87,411						4,094,541						46.84						4,094,541						46.84
2026						66,610						65,742						3,918,588						59.61						4,028,145						61.27
2027						77,785						74,224						4,314,913						58.13						4,471,476						60.24
2028						602,327						303,390						17,054,380						56.21						17,919,429						59.06
2029						210,728						189,926						10,289,377						54.18						10,612,378						55.88
2030						40,707						40,707						2,413,273						59.28						2,655,900						65.24
2031						16,664						11,074						672,820						60.76						751,244						67.84
2032						70,933						57,584						4,211,558						73.14						4,866,692						84.51
2033						—						—						—						—						—						—
2034						—						—						—						—						—						—
Thereafter						63,925						23,614						1,638,595						69.39						2,006,913						84.99

Washington, DC

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						68,640						66,856						5,094,784						76.21						5,174,229						77.39
2026						257,692						185,184						12,742,454						68.81						12,905,152						69.69
2027						426,212						422,110						24,267,210						57.49						25,255,387						59.83
2028						385,554						251,143						18,215,671						72.53						20,075,830						79.94
2029						261,371						234,420						14,639,560						62.45						15,809,570						67.44
2030						230,811						219,002						14,111,181						64.43						15,611,301						71.28
2031						260,070						237,871						14,753,781						62.02						16,561,773						69.62
2032						676,817						656,006						44,665,040						68.09						50,745,244						77.35
2033						1,242,974						1,237,250						73,210,468						59.17						87,536,192						70.75
2034						326,638						326,638						19,037,591						58.28						22,610,744						69.22
Thereafter						3,524,858						3,141,924						194,861,428						62.02						242,528,607						77.19

_____________

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

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

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

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

52

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			Q2 2025
			Lease expirations - Suburban properties 1, 2, 3

as of June 30, 2025

Boston

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						187,721						187,721						10,373,198						55.26						10,373,198						55.26
2026						141,334						141,334						9,575,942						67.75						9,733,830						68.87
2027						196,647						196,647						12,232,196						62.20						12,570,514						63.92
2028						274,814						274,814						15,442,634						56.19						16,283,559						59.25
2029						493,686						493,686						25,597,155						51.85						28,143,743						57.01
2030						164,675						164,675						10,727,539						65.14						12,090,113						73.42
2031						627,806						567,466						37,785,919						66.59						40,836,704						71.96
2032						176,435						176,435						10,813,794						61.29						12,296,965						69.70
2033						350,366						350,366						26,964,305						76.96						30,908,377						88.22
2034						326,384						326,384						23,834,474						73.03						27,765,925						85.07
Thereafter						291,837						291,837						15,988,605						54.79						19,594,449						67.14

New York

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						43,344						43,344						1,447,950						33.41						1,447,950						33.41
2026						148,646						148,646						6,063,004						40.79						6,110,488						41.11
2027						363,535						363,535						14,683,386						40.39						14,913,632						41.02
2028						68,282						68,282						2,596,827						38.03						2,684,849						39.32
2029						158,749						158,749						5,585,283						35.18						5,897,263						37.15
2030						120,622						120,622						4,854,101						40.24						5,104,603						42.32
2031						184,641						184,641						7,714,121						41.78						7,978,572						43.21
2032						113,126						113,126						4,486,251						39.66						4,646,418						41.07
2033						19,431						19,431						763,429						39.29						841,153						43.29
2034						—						—						—						—						—						—
Thereafter						318,984						318,984						12,611,068						39.54						14,131,236						44.30

San Francisco

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						142,359						108,940						7,210,677						66.19						7,285,621						66.88
2026						305,115						212,551						18,243,779						85.83						18,434,084						86.73
2027						158,646						139,112						9,951,411						71.54						9,653,566						69.39
2028						116,948						99,217						4,448,929						44.84						4,907,447						49.46
2029						163,489						101,677						6,148,319						60.47						6,711,971						66.01
2030						152,277						122,048						7,147,469						58.56						8,028,134						65.78
2031						64,245						32,123						1,727,749						53.79						2,022,963						62.98
2032						66,037						33,019						2,221,365						67.28						2,459,078						74.48
2033						—						—						—						—						—						—
2034						230,592						112,990						13,119,082						116.11						16,235,091						143.69
Thereafter						4,083						2,042						101,667						49.80						132,652						64.98

53

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			Q2 2025
			Lease expirations - Suburban properties (continued) 1, 2, 3

as of June 30, 2025

Washington, DC

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						8,053						8,053						340,190						42.24						340,190						42.24
2026						19,927						19,927						817,616						41.03						839,736						42.14
2027						15,576						15,576						815,169						52.33						819,999						52.65
2028						—						—						—						—						—						—
2029						5,228						5,228						312,505						59.78						336,981						64.46
2030						23,985						23,985						904,671						37.72						1,006,588						41.97
2031						14,363						14,363						618,200						43.04						631,608						43.97
2032						—						—						—						—						—						—
2033						71,744						71,744						1,783,430						24.86						1,801,870						25.12
2034						8,462						8,462						333,564						39.42						405,407						47.91
Thereafter						—						—						—						—						—						—

_____________

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

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

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

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

54

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			Q2 2025
			Research coverage

With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by the analysts listed below do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference below imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.

Equity Research Coverage
Bank of America Merrill Lynch			Jeffrey Spector / Jana Galan						646.855.1363 / 646.855.5042
Barclays			Brendan Lynch						212.526.9428
BMO Capital			John Kim						212.885.4115
BTIG			Tom Catherwood						212.738.6140
Citi			Nicholas Joseph						212.816.1909
Compass Point Research & Trading, LLC			Ken Billingsley						202.534.1393
Deutsche Bank			Omotayo Okusanya						212.250.9284
Evercore ISI			Steve Sakwa						212.446.9462
Goldman Sachs			Caitlin Burrows						212.902.4736
Green Street Advisors			Dylan Burzinski						949.640.8780
Jefferies			Peter Abramowitz						212.336.7241
J.P. Morgan Securities			Anthony Paolone						212.622.6682
Keybanc Capital Market			Todd Thomas / Upal Rana						917.368.2286 / 917.368.2316
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			Andrew Rosivach						646.582.9250

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

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

55

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			Q2 2025
			Definitions

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

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

The Company may also present "BXP's Share" of certain operating metrics, such as occupancy and leased percentages based upon square footage. Amounts are calculated based on our consolidated portfolio square feet, plus our share of the square feet from the unconsolidated joint venture properties (calculated based on our ownership percentage), minus our partners’ share of square feet from our consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests).

Annualized Rental Obligations

Annualized Rental Obligations is defined as monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12).

Average Economic Occupancy

Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.

Average Monthly Rental Rates

Average Monthly Rental Rates are calculated by the Company as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP by (B) the number of occupied units for each month within the applicable fiscal period.

Average Physical Occupancy

Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.

Debt to Market Capitalization Ratio

Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, and (5) common units issuable upon conversion of 2013-2022 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2023, 2024 and 2025 MYLTIP Units are not included.

The Company also presents BXP’s Share of Market Capitalization, which is calculated in a similar manner, except that BXP’s Share of Debt is utilized instead of the Company’s Consolidated Debt in both the numerator and the denominator. The Company presents these ratios because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and do not necessarily reflect the Company’s capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like BXP, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness.

56

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			Q2 2025
			Definitions (continued)

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), the Company calculates EBITDAre as net income attributable to BXP, Inc, the most directly comparable GAAP financial measure, plus net income attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment loss and adjustments to reflect the Company’s share of EBITDAre from unconsolidated joint ventures less gains (losses) on sales of real estate and sales-type leases. EBITDAre is a non-GAAP financial measure. The Company uses EBITDAre internally as a performance measure and believes EBITDAre provides useful information to investors regarding its financial condition and results of operations at the corporate level because, when compared across periods, EBITDAre reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and acquisition and development activities on an unleveraged basis, providing perspective not immediately apparent from net income attributable to BXP, Inc.

In some cases the Company also presents (A) BXP’s Share of EBITDAre – cash, which is BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion of sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements, and (B) Annualized EBITDAre, which is EBITDAre for the applicable fiscal quarter ended multiplied by four (4). Presenting BXP’s Share of EBITDAre – cash allows investors to compare EBITDAre across periods without taking into account the effect of certain non-cash rental revenues, ground rent expense and stock based compensation expense. Similar to depreciation and amortization, because of historical cost accounting, fair value lease revenue may distort operating performance measures at the property level. Additionally, presenting EBITDAre excluding the impact of straight-line rent provides investors with an alternative view of operating performance at the property level that more closely reflects rental revenue generated at the property level without regard to future contractual increases in rental rates. In addition, the Company’s management believes that the presentation of Annualized EBITDAre provides useful information to investors regarding the Company’s results of operations because it enables investors to more easily compare quarterly EBITDAre to EBITDAre from full fiscal years.

The Company’s computation of EBITDAre may not be comparable to EBITDAre reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  The Company believes that in order to facilitate a clear understanding of its operating results, EBITDAre should be examined in conjunction with net income (loss) attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. EBITDAre should not be considered a substitute to net income (loss) attributable to BXP, Inc. in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

Fixed Charge Coverage Ratio

Fixed Charge Coverage Ratio equals BXP’s Share of EBITDAre – cash divided by Total Fixed Charges. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense, stock-based compensation expense and lease transaction costs that qualify as rent inducements. Total Fixed Charges is also a non-GAAP financial measure equal to the sum of BXP’s Share of interest expense, capitalized interest, maintenance capital expenditures, hotel improvements, equipment upgrades and replacements and preferred dividends/distributions less hedge amortization and amortization of financing costs. The Company believes that the presentation of its Fixed Charge Coverage Ratio provides investors with useful information about the Company’s financial performance as it relates to overall financial flexibility and balance sheet management. Furthermore, the Company believes that the Fixed Charge Coverage Ratio is frequently used by analysts, rating agencies and other interested parties in the evaluation of the Company’s performance as a REIT and, as a result, by presenting the Fixed Charge Coverage Ratio the Company assists these parties in their evaluations.  The Company’s calculation of its Fixed Charge Coverage Ratio may not be comparable to the ratios reported by other REITs or real estate companies that define the term differently and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

Funds Available for Distribution (FAD) and FAD Payout Ratio

In addition to FFO, which is defined on the following page, the Company presents Funds Available for Distribution to common shareholders and common unitholders (FAD), which is a non-GAAP financial measure that is calculated by (1) adding to FFO lease transaction costs that qualify as rent inducements, non-real estate depreciation and amortization, non-cash losses (gains) from early extinguishments of debt, stock-based compensation expense, partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences) and unearned portion of capitalized fees, (2) eliminating the effects of straight-line rent, straight-line ground rent expense adjustment (excluding prepaid ground rent expense), hedge amortization, fair value interest adjustment, fair value lease revenue and amortization and accretion related to sales type lease receivable, and (3) subtracting maintenance capital expenditures, hotel improvements, equipment upgrades and replacements, 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences), non-cash termination income adjustment (fair value lease amounts) and impairments of non-depreciable real estate. The Company believes that the presentation of FAD provides useful information to investors regarding the Company’s results of operations because FAD provides supplemental information regarding the Company’s operating performance that would not otherwise be available and may be useful to investors in assessing the Company’s operating performance. Additionally, although the Company does not consider FAD to be a liquidity measure, as it does not make adjustments to reflect changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, the Company believes that FAD may provide investors with useful supplemental information regarding the Company’s ability to generate cash from its operating performance and the impact of the Company’s operating performance on its ability to make distributions to its shareholders. Furthermore, the Company believes that FAD is frequently used by analysts, investors and other interested parties in the evaluation of its performance as a REIT and, as a result, by presenting FAD the Company is assisting these parties in their evaluation. FAD should not be considered as a substitute for net income (loss) attributable to BXP, Inc.’s co determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

57

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			Q2 2025
			Definitions (continued)

Funds from Operations (FFO)

Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties or a change in control, impairment losses on depreciable real estate consolidated on the Company’s balance sheet, impairment losses on its investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but the Company believes the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing the Company’s operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

In-Service Properties

The Company treats a property as being “in-service” upon the earlier of (1) lease-up and completion of tenant improvements or (2) one year after cessation of major construction activity as determined under GAAP. The determination as to when an entire property should be treated as “in-service” involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics, the Company specifies a single date for treating a property as “in-service,” which is generally later than the date the property is partially placed in-service under GAAP. Under GAAP, a property may be placed in-service in stages as construction is completed and the property is held available for occupancy. In addition, under GAAP, when a portion of a property has been substantially completed and either occupied or held available for occupancy, the Company ceases capitalizing costs on that portion, even though it may not treat the property as being “in-service,” and continues to capitalize only those costs associated with the portion still under construction. In-service properties include properties held by the Company’s unconsolidated joint ventures. A property will no longer be considered “in-service” when the occupied percentage is below 50% and the Company anticipates a future development/redevelopment of the property.

Interest Coverage Ratio

Interest Coverage Ratio, calculated including and excluding capitalized interest, is a non-GAAP financial measure equal to BXP’s Share of EBITDAre – cash divided by Adjusted interest expense. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements. Adjusted interest expense excluding capitalized interest is equal to BXP’s Share of interest expense less (1) BXP’s Share of hedge amortization, (2) BXP’s Share of fair value interest adjustment and (3) BXP’s Share of amortization of financing costs. Adjusted interest expense including capitalized interest is calculated in the same manner but adds back BXP’s Share of capitalized interest. The Company believes that the presentation of its Interest Coverage Ratio provides useful information about the Company’s financial condition because it provides investors additional information on the Company’s ability to meet its debt obligations and incur additional indebtedness. In addition, by analyzing interest coverage ratios over a period of time, trends may emerge that provide investors a better sense of whether a company’s financial condition is improving or declining. The ratios may also be used to compare the financial condition of different companies, which can help when making an investment decision. The Company presents its Interest Coverage Ratio in two ways - including capitalized interest and excluding capitalized interest. GAAP requires the capitalization of interest expense during development. Therefore, for a company like BXP, Inc. that is an active developer of real estate, presenting the Interest Coverage Ratio (excluding capitalized interest) provides an alternative measure of financial condition that may be more indicative of the Company’s ability to meet its interest expense obligations and therefore its overall financial condition. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

Market Rents

Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could therefore vary materially. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Net Debt

Net Debt is equal to (A) the Company’s consolidated debt plus special dividends payable (if any) less (B) cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) (if any). The Company believes that the presentation of Net Debt provides useful information to investors because the Company reviews Net Debt as part of the management of its overall financial flexibility, capital structure and leverage. In particular, Net Debt is an important component of the Company’s ratio of BXP’s Share of Net Debt to BXP’s Share of EBITDAre.  BXP’s Share of Net Debt is calculated in a similar manner to Net Debt, except that (1) BXP’s Share of Debt is utilized instead of the Company’s consolidated debt after eliminating BXP’s Share of the related party note receivable and (2) BXP’s Share of cash is utilized instead of consolidated cash. The Company believes BXP’s Share of Net Debt to BXP’s Share of EBITDAre is useful to investors because it provides an alternative measure of the Company’s financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company’s Net Debt as part of their assessments of its business. The Company may utilize a considerable portion of its cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) may not be solely controlled by the Company. The deduction of these items from consolidated debt in the calculation of Net Debt therefore should not be understood to mean that these items are available exclusively for debt reduction at any given time.

58

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			Q2 2025
			Definitions (continued)

Net Operating Income (NOI)

Net operating income (NOI) is a non-GAAP financial measure equal to net income attributable to BXP, Inc., the most directly comparable GAAP financial measure, plus (1) net income attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, 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 investment, and interest and other income (loss). In some cases, the Company also presents (1) NOI – cash, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) NOI and NOI – cash, in each case excluding termination income.

The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company’s results of operations and financial condition because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues, amortization and accretion related to sales type lease receivable and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent and amortization and accretion related to sale type lease receivable provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and are not reflective of the core ongoing operating performance of the Company’s properties.

Rental Obligations

Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements.

Rental Revenue

Rental Revenue is equal to Total revenue, the most directly comparable GAAP financial measure, less development and management services revenue and direct reimbursements of payroll and related costs from management services contracts. The Company uses Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods. The Company also presents Rental Revenue (excluding termination income) because termination income can distort the results for any given period because it generally represents multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and does not reflect the core ongoing operating performance of the Company’s properties.

Same Properties

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired, repositioned or in or held for development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” Pages 21 - 24 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

59

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			Q2 2025
			Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
			Three Months Ended
			30-Jun-25						31-Mar-25
Revenue			$	868,457					$	865,215
Partners’ share of revenue from consolidated joint ventures (JVs)			(88,271)						(85,401)
BXP’s share of revenue from unconsolidated JVs			55,481						56,378
BXP’s Share of revenue			$	835,667					$	836,192
Straight-line rent			$	24,533					$	30,968
Partners’ share of straight-line rent from consolidated JVs			(6,247)						(6,432)
BXP’s share of straight-line rent from unconsolidated JVs			2,249						2,151
BXP’s Share of straight-line rent			$	20,535					$	26,687
Fair value lease revenue 1			$	1,915					$	1,864
Partners’ share of fair value lease revenue from consolidated JVs 1			11						11
BXP’s share of fair value lease revenue from unconsolidated JVs 1			1,103						1,001
BXP’s Share of fair value lease revenue 1			$	3,029					$	2,876
Lease termination income			$	909					$	246
Partners’ share of termination income from consolidated JVs			—						—
BXP’s share of termination income from unconsolidated JVs			(146)						200
BXP’s Share of termination income			$	763					$	446
Non-cash termination income adjustment (fair value lease amounts)			$	—					$	—
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs			—						—
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs			—						—
BXP’s Share of non-cash termination income adjustment (fair value lease amounts)			$	—					$	—
Parking and other revenue			$	34,799					$	30,242
Partners’ share of parking and other revenue from consolidated JVs			(769)						(653)
BXP’s share of parking and other revenue from unconsolidated JVs			2,022						1,841
BXP’s Share of parking and other revenue			$	36,052					$	31,430
Hedge amortization, net of costs			$	1,590					$	1,590
Partners’ share of hedge amortization, net of costs from consolidated JVs			(144)						(144)
BXP’s share of hedge amortization, net of costs from unconsolidated JVs			362						358
BXP’s Share of hedge amortization, net of costs			$	1,808					$	1,804
Straight-line ground rent expense adjustment			$	448					$	41
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			136						136
BXP’s Share of straight-line ground rent expense adjustment			$	584					$	177
Depreciation and amortization			$	223,819					$	220,107
Noncontrolling interests in property partnerships’ share of depreciation and amortization			(20,945)						(20,464)
BXP’s share of depreciation and amortization from unconsolidated JVs			16,674						17,327
BXP’s Share of depreciation and amortization			$	219,548					$	216,970
Lease transaction costs that qualify as rent inducements 2			$	4,427					$	5,638
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2			(924)						(1,149)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2			(21)						(188)
BXP’s Share of lease transaction costs that qualify as rent inducements 2			$	3,482					$	4,301
2nd generation tenant improvements and leasing commissions			$	69,064					$	65,709
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs			(9,137)						(7,731)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs			1,496						969
BXP’s Share of 2nd generation tenant improvements and leasing commissions			$	61,423					$	58,947

60

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			Q2 2025
			Reconciliations (continued)

Maintenance capital expenditures 3			$	32,934					$	20,186
Partners’ share of maintenance capital expenditures from consolidated JVs 3			(3,426)						(1,974)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 3			703						95
BXP’s Share of maintenance capital expenditures 3			$	30,211					$	18,307
Interest expense			$	162,783					$	163,444
Partners’ share of interest expense from consolidated JVs			(11,892)						(11,765)
BXP’s share of interest expense from unconsolidated JVs			18,872						18,615
BXP’s Share of interest expense			$	169,763					$	170,294
Capitalized interest			$	12,148					$	10,317
Partners’ share of capitalized interest from consolidated JVs			(23)						(27)
BXP’s share of capitalized interest from unconsolidated JVs			1,891						1,862
BXP’s Share of capitalized interest			$	14,016					$	12,152
Amortization of financing costs			$	4,737					$	4,825
Partners’ share of amortization of financing costs from consolidated JVs			(498)						(498)
BXP’s share of amortization of financing costs from unconsolidated JVs			426						444
BXP’s Share of amortization of financing costs			$	4,665					$	4,771
Fair value interest adjustment			$	718					$	2,221
Partners’ share of fair value of interest adjustment from consolidated JVs			—						—
BXP’s share off fair value interest adjustment from unconsolidated JVs			499						387
BXP’s Share of fair value interest adjustment			$	1,217					$	2,608
Amortization and accretion related to sales type lease			$	232					$	281
Partners’ share of amortization and accretion related to sales type lease from consolidated JVs			—						—
BXP’s share off amortization and accretion related to sales type lease from unconsolidated JVs			29						28
BXP’s Share of amortization and accretion related to sales type lease			$	261					$	309

_____________

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

2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.

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

61

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			Q2 2025
			Reconciliations (continued)

for the three months ended June 30, 2025

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES
						767 Fifth Avenue												Total Consolidated
						(The GM Building)						Norges Joint Ventures 1						Joint Ventures
Revenue
Lease 2						$	84,205					$	105,742					$	189,947
Straight-line rent						2,603						11,569						14,172
Fair value lease revenue						(27)						—						(27)
Termination income						—						—						—
Total lease revenue						86,781						117,311						204,092
Parking and other						—						1,708						1,708
Total rental revenue 3						86,781						119,019						205,800
Expenses
Operating						39,702						42,513						82,215
Net Operating Income (NOI)						47,079						76,506						123,585
Other income (expense)
Development and management services revenue						—						—						—
Losses from investments in securities						—						(3)						(3)
Interest and other income						1,215						2,172						3,387
Interest expense						(21,176)						(7,612)						(28,788)
Depreciation and amortization expense						(18,792)						(28,217)						(47,009)
General and administrative expense						(59)						(55)						(114)
Total other income (expense)						(38,812)						(33,715)						(72,527)
Net income						$	8,267					$	42,791					$	51,058
BXP’s nominal ownership percentage						60%						55%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4						$	18,129					$	33,433					$	51,562
BXP’s share of NOI (after income allocation to private REIT shareholders)						$	28,950					$	43,073					$	72,023
Unearned portion of capitalized fees 5						$	342					$	627					$	969
Partners’ share of select items 4
Partners’ share of parking and other revenue						$	—					$	769					$	769
Partners’ share of hedge amortization						$	144					$	—					$	144
Partners’ share of amortization of financing costs						$	346					$	152					$	498
Partners’ share of depreciation and amortization related to capitalized fees						$	416					$	527					$	943
Partners’ share of capitalized interest						$	—					$	23					$	23
Partners’ share of lease transactions costs which will qualify as rent inducements						$	(55)					$	(869)					$	(924)
Partners’ share of management and other fees						$	702					$	1,029					$	1,731
Partners’ share of basis differential depreciation and amortization expense						$	(25)					$	(187)					$	(212)
Partners’ share of basis differential interest and other adjustments						$	(4)					$	4					$	—
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI						$	2,217					$	17,883					$	20,100
Add:
Partners’ share of interest expense after BXP’s basis differential						8,467						3,425						11,892
Partners’ share of depreciation and amortization expense after BXP’s basis differential						7,908						13,037						20,945
Partners’ share of EBITDAre						$	18,592					$	34,345					$	52,937

62

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			Q2 2025
			Reconciliations (continued)

for the three months ended June 30, 2025

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES
						767 Fifth Avenue												Total Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 6						(The GM Building)						Norges Joint Ventures 1						Joint Ventures
Rental revenue 3						$	34,712					$	53,559					$	88,271
Less: Termination income						—						—						—
Rental revenue (excluding termination income) 3						34,712						53,559						88,271
Less: Operating expenses (including partners’ share of management and other fees)						16,583						20,160						36,743
Income allocation to private REIT shareholders						—						(34)						(34)
NOI (excluding termination income and after income allocation to private REIT shareholders)						$	18,129					$	33,433					$	51,562
Rental revenue (excluding termination income) 3						$	34,712					$	53,559					$	88,271
Less: Straight-line rent						1,041						5,206						6,247
Fair value lease revenue						(11)						—						(11)
Add: Lease transaction costs that qualify as rent inducements						55						869						924
Subtotal						33,737						49,222						82,959
Less: Operating expenses (including partners’ share of management and other fees)						16,583						20,160						36,743
Income allocation to private REIT shareholders						—						(34)						(34)
NOI - cash (excluding termination income and after income allocation to private REIT shareholders)						$	17,154					$	29,096					$	46,250
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3						$	34,712					$	53,559					$	88,271
Add: Development and management services revenue						—						—						—
Revenue						$	34,712					$	53,559					$	88,271

_________

1Norges Joint Ventures include 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street.

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

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

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

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

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

63

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			Q2 2025
			Reconciliations (continued)

for the three months ended June 30, 2025

(unaudited and in thousands)

UNCONSOLIDATED JOINT VENTURES 1

						Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC																																										Total Unconsolidated Joint Ventures
Revenue
Lease 2						$	27,501					$	19,993					$	14,658					$	18,361					$	7,576					$	23,627																																									$	111,716
Straight-line rent						546						(1,332)						4,750						46						630						(185)																																										4,455
Fair value lease revenue						—						—						1,300						1						1,291						—																																										2,592
Termination income						—						—						(1,402)						456						—						—																																										(946)
Amortization and accretion related to sales-type lease						57						—						—						—						—						—																																										57
Total lease revenue						28,104						18,661						19,306						18,864						9,497						23,442																																										117,874
Parking and other						455						2,057						60						322						660						923																																										4,477
Total rental revenue 3						28,559						20,718						19,366						19,186						10,157						24,365																																										122,351
Expenses
Operating						10,419						7,403						14,748			4			10,542						3,407						8,340																																										54,859
Net operating income						18,140						13,315						4,618						8,644						6,750						16,025																																										67,492
Other income (expense)
Development and management services revenue						—						—						530						—						—						—																																										530
Interest and other income (loss)						426						1,091						683						(1)						144						208																																										2,551
Interest expense						(10,514)						(4,998)						(15,444)						—						(4,206)						(9,942)																																										(45,104)
Unrealized gain/loss on derivative instruments						—						—						(4,904)						—						—						—																																										(4,904)
Transaction costs						3						—						—						—						—						(4)																																										(1)
Depreciation and amortization expense						(8,474)						(5,334)						(9,415)						(9,783)						(5,299)						(5,847)																																										(44,152)
General and administrative expense						(2)						(20)						(232)						(29)						(48)						—																																										(331)
Loss from early extinguishment of debt						—						—						—						—						—						—																																										—
Total other income (expense)						(18,561)						(9,261)						(28,782)						(9,813)						(9,409)						(15,585)																																										(91,411)
Net income (loss)						$	(421)					$	4,054					$	(24,164)					$	(1,169)					$	(2,659)					$	440																																									$	(23,919)
BXP’s share of select items:
BXP’s share of parking and other revenue						$	228					$	1,029					$	27					$	161					$	222					$	355																																									$	2,022
BXP’s share of amortization of financing costs						$	170					$	23					$	111					$	—					$	28					$	94																																									$	426
BXP’s share of hedge amortization, net of costs						$	—					$	—					$	—					$	—					$	362					$	—																																									$	362
BXP’s share of fair value interest adjustment						$	—					$	—					$	499					$	—					$	—					$	—																																									$	499
BXP’s share of capitalized interest						$	—					$	—					$	1,891					$	—					$	—					$	—																																									$	1,891
Reconciliation of BXP’s share of EBITDAre
Income (loss) from unconsolidated joint ventures						$	(218)					$	2,985					$	(7,421)					$	608					$	(114)					$	836																																									$	(3,324)
Add:
BXP’s share of interest expense						5,258						2,499						5,809						—						1,416						3,890																																										18,872
BXP’s share of depreciation and amortization expense						4,244						2,102			5			3,486			5			3,569			5			1,003						2,270																																										16,674
BXP’s share of loss from early extinguishment of debt						—						—						—						—						—						—																																										—
BXP’s share of EBITDAre						$	9,284					$	7,586		5			$	1,874		5			$	4,177		5			$	2,305					$	6,996																																									$	32,222

64

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			Q2 2025
			Reconciliations (continued)

UNCONSOLIDATED JOINT VENTURES 1
Reconciliation of BXP’s share of Net Operating Income (Loss)						Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC																																										Total Unconsolidated Joint Ventures
BXP’s share of rental revenue 3						$	14,280					$	10,755		5			$	7,258		5			$	9,530					$	3,420					$	9,973																																									$	55,216
BXP’s share of operating expenses						5,210						3,702						5,747						5,332						1,143						3,053																																										24,187
BXP’s share of net operating income (loss)						9,070						7,053			5			1,511			5			4,198						2,277						6,920																																										31,029
Less:
BXP’s share of termination income						—						—						(374)						228						—						—																																										(146)
BXP’s share of net operating income (loss) (excluding termination income)						9,070						7,053						1,885						3,970						2,277						6,920																																										31,175
Less:
BXP’s share of straight-line rent						274						(575)			5			2,383			5			23						212						(68)																																										2,249
BXP’s share of fair value lease revenue						—						305			5			362			5			1						435						—																																										1,103
BXP’s share of amortization and accretion related to sales type lease						29						—						—						—						—						—																																										29
Add:
BXP’s share of straight-line ground rent expense adjustment						—						—						136						—						—						—																																										136
BXP’s share of lease transaction costs that qualify as rent inducements						—						—						—						—						—						(21)																																										(21)
BXP’s share of net operating income (loss) - cash (excluding termination income)						$	8,767					$	7,323		5			$	(724)		5			$	3,946					$	1,630					$	6,967																																									$	27,909
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3						$	14,280					$	10,755		5			$	7,258		5			$	9,530					$	3,420					$	9,973																																									$	55,216
Add:
BXP’s share of development and management services revenue						—						—						265						—						—						—																																										265
BXP’s share of revenue						$	14,280					$	10,755		5			$	7,523		5			$	9,530					$	3,420					$	9,973																																									$	55,481

_____________

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

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

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

4 Includes approximately $272 of straight-line ground rent expense.

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

65

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			Q2 2025
			Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

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

(dollars in thousands)

						Three Months Ended
						31-Mar-25						31-Mar-24
Net income attributable to BXP, Inc.						$	61,177					$	79,883
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership						6,979						9,500
Noncontrolling interest in property partnerships						18,749						17,221
Net income						86,905						106,604
Add:
Interest expense						163,444						161,891
Loss from early extinguishment of debt						338						—
Impairment loss						—						13,615
Loss on sales-type lease						2,490						—
Depreciation and amortization expense						220,107						218,716
Transaction costs						768						513
Payroll and related costs from management services contracts						4,499						4,293
General and administrative expense						52,284						50,018
Less:
Interest and other income (loss)						7,750						14,529
Unrealized gain (loss) on non-real estate investment						(483)						396
Gains (losses) from investments in securities						(365)						2,272
Income (loss) from unconsolidated joint ventures						(2,139)						19,186
Direct reimbursements of payroll and related costs from management services contracts						4,499						4,293
Development and management services revenue						9,775						6,154
Net Operating Income (NOI)						511,798						508,820
Add:
BXP’s share of NOI from unconsolidated joint ventures						32,682						35,430
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)						49,702						46,570
BXP’s Share of NOI						494,778						497,680
Less:
Termination income						246						1,999
BXP’s share of termination income from unconsolidated joint ventures						200						2,659
Add:
Partners’ share of termination income from consolidated joint ventures						—						(34)
BXP’s Share of NOI (excluding termination income)						$	494,332					$	492,988
Net Operating Income (NOI)						$	511,798					$	508,820
Less:
Termination income						246						1,999
NOI from non Same Properties (excluding termination income)						17,605						8,697
Same Property NOI (excluding termination income)						493,947						498,124
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						49,702						46,604
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						4,353						—
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)						32,482						32,771
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)						—						201
BXP’s Share of Same Property NOI (excluding termination income)						$	481,080					$	484,090
Change in BXP’s Share of Same Property NOI (excluding termination income)						$	(3,010)
Change in BXP’s Share of Same Property NOI (excluding termination income)						(0.6)		%

66

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			Q2 2025
			Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

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

(dollars in thousands)

						Three Months Ended
						31-Mar-25						31-Mar-24
Net income attributable to BXP, Inc.						$	61,177					$	79,883
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership						6,979						9,500
Noncontrolling interest in property partnerships						18,749						17,221
Net income						86,905						106,604
Add:
Interest expense						163,444						161,891
Loss from early extinguishment of debt						338						—
Impairment loss						—						13,615
Loss on sales-type lease						2,490						—
Depreciation and amortization expense						220,107						218,716
Transaction costs						768						513
Payroll and related costs from management services contracts						4,499						4,293
General and administrative expense						52,284						50,018
Less:
Interest and other income (loss)						7,750						14,529
Unrealized gain (loss) on non-real estate investment						(483)						396
Gains (losses) from investments in securities						(365)						2,272
Income (loss) from unconsolidated joint ventures						(2,139)						19,186
Direct reimbursements of payroll and related costs from management services contracts						4,499						4,293
Development and management services revenue						9,775						6,154
Net Operating Income (NOI)						511,798						508,820
Less:
Straight-line rent						30,968						40,520
Fair value lease revenue						1,864						1,394
Amortization and accretion related to sales type lease						281						242
Termination income						246						1,999
Add:
Straight-line ground rent expense adjustment 1						(206)						537
Lease transaction costs that qualify as rent inducements 2						5,638						5,312
NOI - cash (excluding termination income)						483,871						470,514
Less:
NOI - cash from non Same Properties (excluding termination income)						12,545						4,418
Same Property NOI - cash (excluding termination income)						471,326						466,096
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						44,430						41,690
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						3,070						—
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)						29,250						28,020
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)						(1,680)						(147)
BXP’s Share of Same Property NOI - cash (excluding termination income)						$	460,896					$	452,573
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)						$	8,323
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)						1.8		%

_____________

1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $247 and $(17) for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company has remaining lease payments aggregating approximately $30.9 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

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

67

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			Q2 2025
			Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

						Three Months Ended
						30-Jun-24						31-Mar-24
Revenue
Lease						$	790,555					$	788,590
Parking and other						33,890						29,693
Insurance proceeds						725						2,523
Hotel revenue						14,812						8,186
Development and management services						6,352						6,154
Direct reimbursements of payroll and related costs from management services contracts						4,148						4,293
Total revenue						850,482						839,439
Expenses
Operating						175,545						169,043
Real estate taxes						144,994						145,027
Restoration expenses related to insurance claim						887						87
Hotel operating						9,839						6,015
General and administrative						44,109						50,018
Payroll and related costs from management services contracts						4,148						4,293
Transaction costs						189						513
Depreciation and amortization						219,542						218,716
Total expenses						599,253						593,712
Other income (expense)
Income (loss) from unconsolidated joint ventures						(5,799)						19,186
Gains from investments in securities						315						2,272
Unrealized gain on non-real estate investment						58						396
Interest and other income (loss)						10,788						14,529
Impairment loss						—						(13,615)
Interest expense						(149,642)						(161,891)
Net income						106,949						106,604
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships						(17,825)						(17,221)
Noncontrolling interest - common units of the Operating Partnership						(9,509)						(9,500)
Net income attributable to BXP, Inc.						$	79,615					$	79,883
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to BXP, Inc. per share - basic						$	0.51					$	0.51
Net income attributable to BXP, Inc. per share - diluted						$	0.51					$	0.51

68