BXPBXP, Inc.

2 paragraphs in Risk Factors of the 10-K filed Feb 27, 2026 with nothing like them in the 10-K filed Feb 27, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 29 Real estate companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

•one or more counterparties to our derivative financial instruments could default on their obligations to us, or could fail, increasing the risk that we may not realize the benefits of these instruments. For example, in connection with our offering of 2.00% Exchangeable Senior Notes due 2030 in September 2025, we entered into capped call transactions with certain option counterparties. The option counterparties are financial institutions, and we are subject to the risk that any or all of them might default under the capped call transactions. Our exposure to the credit risk of the option counterparties is not secured by any collateral. Further, global economic conditions have resulted in the actual or perceived failure or financial difficulties of certain financial institutions and could adversely impact the option counterparties’ performance under the capped call transactions. We can provide no assurances as to the financial stability or viability of the option counterparties.

Similar paragraph at 1 of 29 other Real estate companies: FRT

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•the production of incomplete, inaccurate or otherwise flawed outputs, some of which may be difficult to detect, and the reliance on such outputs which could result in adverse consequences to us, including exposure to reputational and competitive harm, customer loss, legal liability, errors in our decision-making, process development or other business activities or otherwise have a negative impact on us; and

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New in the latest 10-Q

37 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

On August 20, 2026, the Company completed the acquisition of 860 and 870 Winter Street located in Waltham, Massachusetts for a total purchase price, including transaction costs, of approximately $ 30.3 million. The acquisition was completed with available cash.

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The following table summarizes the allocation of the purchase price, including transaction costs, of 860 and 870 Winter Street at the date of acquisition (in thousands):

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Land $28,161 Building and improvements 798 In-place lease intangibles 1,328 Net assets acquired $30,287

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As of the acquisition date, the acquired in-place lease intangibles are related to one lease at 870 Winter Street which will expire on December 31, 2053. The following table summarizes the estimated annual amortization of the acquired in-place lease intangibles from the acquisition date through the remainder of 2026 and each of the next five succeeding fiscal years (in thousands):

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(4)During the nine months ended September 30, 2026, the Company recognized an impairment loss for this property (see Note 2).

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(2)On June 4, 2026, the joint venture that owned 13150 Worldgate Drive sold the property. As a result of the historical basis difference for this asset, the Company recognized a gain on sale of real estate of approximately $0.8 million for the nine months ended September 30, 2026, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for the basis differential (See “Dispositions” below in this Note 5). On September 17, 2025, the joint venture that owned Beach Cities Media Campus sold the property. As a result of the historical basis difference for this asset, the Company recognized an aggregate gain on sale of real estate of approximately $2.2 million for the three and nine months ended September 30, 2025, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for the basis differential.

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(4)During the three and nine months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $145.1 million.

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On August 31, 2026, BPLP completed a public offering of $ 700.0 million in aggregate principal amount of its 6.050 % unsecured senior notes due 2036. The notes were priced at 99.837 % of the principal amount to yield an effective rate (including financing fees) of approximately 6.162 % per annum to maturity. The notes will mature on October 15, 2036, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $ 692.4 million after deducting underwriting discounts and transaction expenses.

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On September 25, 2026, BPLP exercised its option to extend the maturity date of its $ 100.0 million unsecured term loan facility (the “2024 Unsecured Term Loan”) that was scheduled to mature on September 25, 2026 to September 24, 2027. The 2024 Unsecured Term Loan has a one -year extension option remaining, subject to certain conditions. All other terms of the 2024 Unsecured Term Loan remain unchanged. Based on BPLP’s credit

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On September 8, 2026, the Special Referee issued an Interim Decision and Order (“IDO”) resolving certain assumptions used to calculate the Additional and Final Fees and directing the seller to revise their damages model using those assumptions.

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The Company disputes the seller’s calculations and certain assumptions adopted in the Special Referee’s IDO and intends to continue defending the matter vigorously. However, there can be no assurance that the Company will prevail. The Company believes that a loss is reasonably possible but not probable. The reasonably possible loss in

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excess of amounts previously paid could be up to approximately $ 24.0 million, including statutory interest through September 30, 2026, and may increase as interest continues to accrue.

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On September 23, 2026, the Company completed the sale of a 10.55% direct and indirect interest in 343 Madison Avenue, a development project located in New York City, New York, to an investor. The Company retains an approximately 89.45% ownership interest in the joint venture. The investor funded approximately $50.7 million in cash at closing for its investment, which was distributed to the Company to represent the investor’s interest in the joint venture. The Company has accounted for the transaction as an equity transaction and has recognized noncontrolling interest in its Consolidated Balance Sheets totaling approximately $45.2 million, which is equal to approximately 10.55% of the aggregate carrying value of the total equity of the project immediately prior to the transaction. The difference between the cash proceeds received and the noncontrolling interest recognized, which was approximately $5.5 million, has been reflected as an increase in additional paid-in capital in the Company’s Consolidated Balance Sheets. The transaction did not qualify as a sale of real estate for financial reporting purposes as the Company continues to effectively control the property and thus will continue to account for the property on a consolidated basis in its financial statements and no gain was recognized in the Consolidated Statements of Operations. The Company will provide customary development, property management and leasing services to the joint venture.

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As of September 30, 2026, BXP had 159,672,317 shares of Common Stock outstanding.

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• risks related to the bankruptcy, insolvency, restructuring, workouts or other financial distress of a major client, or a major client’s dissolution, liquidation winding down or cessation of business operations, any of which could adversely affect the income produced by our properties, our cash flow and results of operations, and, as applicable, availability of financing;

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anticipated vacancy in our properties and the market overall (including sublease space), current and expected future demand for the space, the impact of other clients’ expansion rights and general economic factors.

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As interest rates remain volatile, we continue to actively monitor our financing needs with a focus on mitigating the impact of elevated rates. Although higher interest rates have increased our financing costs and may temper the pace of our earnings growth, we expect the benefits of the strategic action plan initiatives to contribute to earnings growth over time.

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financial services, and professional services, with expansion requirements contributing to activity across the portfolio. Collectively, these trends continue to support BXP's view that premier workplaces in gateway markets remain well-positioned to capture evolving tenant demand.

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Our occupancy has improved more quickly than anticipated, driven primarily by the leasing of vacant in-service space. Since December 31, 2025, we have executed approximately 1.5 million square feet of leases on vacant in-service space which partially contributed to approximately 240 basis points of occupancy improvement, in addition to approximately 30 basis points attributable to changes in the portfolio. Based on current leasing activity and scheduled lease commencements, we expect total portfolio occupancy to reach approximately 90% by year-end 2026, positioning us ahead of the occupancy growth trajectory outlined at our September 2025 Investor Conference.

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In addition to occupancy growth, improving rental economics are beginning to emerge as an incremental opportunity for growth. Market conditions in Midtown Manhattan, Boston's Back Bay, Reston and, more recently, San Francisco have enabled us to increase rents and, in certain instances, reduce concessions. During the third quarter of 2026, second-generation leasing spreads, for leases executed, increased by approximately 6.5% on a gross basis and approximately 9.3% on a net basis, with particularly strong performance in Midtown Manhattan. We expect that occupancy gains will be supplemented increasingly by the benefit of improving rental economics as leases expire and are renewed or replaced over the coming years.

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On the supply side, new office construction remains limited across most of our markets, which we expect will continue to improve long-term supply-demand fundamentals and reinforce the relative competitiveness of institutional, well-amenitized assets. Against this backdrop of increasing demand, limited new supply and improving pricing power across several of our markets, we are increasingly confident in our ability to improve occupancy and the earnings growth potential of our portfolio.

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On October 28, 2026, the management committee of Weil, Gotshal & Manges LLP, a global law firm (“Weil”), publicly recommended an orderly wind‑down of the firm, and a partnership vote is pending. A consolidated joint venture, in which we own a 60% ownership interest, leases approximately 447,000 square feet of office space to Weil at 767 Fifth Avenue (the General Motors Building) in New York City, New York (the “767 Lease”), and the lease expires on August 31, 2034.

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As of September 30, 2026, our share of the annualized rental obligations under the 767 Lease was approximately $35.8 million, representing approximately 1.2% of our share of total annualized rental obligations. Weil paid rent in full for November 2026.

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Under U.S. GAAP, rental revenue is reported on a straight-line basis over the term of the lease. As of September 30, 2026, our share of the accrued straight-line rent balance associated with the 767 Lease was approximately $19.1 million. If Weil elects to dissolve the partnership, we expect we would establish a reserve for the entire straight-line rent balance at that time. There can be no assurance that a dissolution of Weil will not have a material adverse effect on us.

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We also completed the sale of an approximately 10.55% direct and indirect equity interest in the 343 Madison Avenue development project to an investor, generating additional capital, reducing our required equity commitment, and preserving our full control of the project, including all development, leasing and property management responsibilities.

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During the third quarter of 2026, we completed the sales of Sumner Square and 1330 Connecticut Avenue in Washington, DC. The aggregate gross sales price for these two office properties totaled approximately $155.4 million, resulting in aggregate net proceeds of approximately $150.3 million and gains on sales of real estate of approximately $10.5 million.

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(2) BPLP had entered into interest rate swap contracts in advance of a financing with a target commencement date in September 2016 and maturity in September 2026. On August 17, 2016, in conjunction with BPLP’s offering of its 2.750% senior unsecured notes due 2026, BPLP terminated the forward-starting interest rate swap contracts and cash-settled the contracts by making cash payments to the counterparties aggregating approximately $49.3 million. We reclassified into earnings, as an increase to interest expense, approximately $49.2 million (or approximately $4.9 million per year over the past 10 years) (See Note 14 to the Consolidated Financial Statements).

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(4) On September 23, 2026, we completed the sale of a 10.55% direct and indirect ownership interest in the property. The property is currently in development (See Note 9 to the Consolidated Financial Statements).

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Gain on Sale (1) Property Location Date Disposed Square Feet BXP BPLP (dollars in thousands) 2026 Office: Sumner Square (2) Washington, DC August 5, 2026 210,500 $ 1,932 $1,932 1330 Connecticut Avenue (2) Washington, DC September 23, 2026 253,400 8,528 8,528 Total 463,900 $ 10,460 $10,460

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During the three months ended September 30, 2025, in conjunction with our strategy to sell non-core assets, we evaluated our properties that were under negotiation for sale with third-parties and recorded the following impairments. There were no impairment losses during the three months ended September 30, 2026.

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Component Change in interest expense for the three months ended September 30, 2026 compared to September 30, 2025 (in thousands) Increases to interest expense due to: ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Issuance of $1.0 billion in aggregate principal of 2.000% exchangeable senior notes due 2030 on September 29, 2025 $ 4,889 Issuance of $700.0 million in aggregate principal of 6.050% unsecured senior notes due 2036 on August 31, 2026 3,654 Decrease in capitalized interest related to development projects 2,125 Amortization expense of financing fees 1,071 Mortgage loan financings (1) 132 Other interest expense (excluding senior notes) 36 Total increases to interest expense 11,907 Decreases to interest expense due to: Repayment of $1.0 billion in aggregate principal of 3.650% senior notes due 2026 on February 2, 2026 (9,211) Decrease in interest associated with unsecured term loans and the unsecured credit facility, net (1) (5,755) Unsecured commercial paper (1,327) Hedge settlement (2) (587) Decrease in interest due to finance leases (199) Total decreases to interest expense (17,079) Total change in interest expense $ (5,172)

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(2) BPLP had entered into interest rate swap contracts in advance of a financing with a target commencement date in September 2016 and maturity in September 2026. On August 17, 2016, in conjunction with BPLP’s offering of its 2.750% senior unsecured notes due 2026, BPLP terminated the forward-starting interest rate swap contracts and cash-settled the contracts by making cash payments to the counterparties aggregating approximately $49.3 million. We reclassified into earnings, as an increase to interest expense, approximately $49.2 million (or approximately $4.9 million per year over the past 10 years) (See Note 14 to the Consolidated Financial Statements).

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(3) On September 23, 2026, we completed the sale of a 10.55% direct and indirect ownership interest in the property. The property is currently in development (See Note 9 to the Consolidated Financial Statements).

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As of October 30, 2026, we had available cash of approximately $347.0 million (of which approximately $108.7 million was attributable to our consolidated joint venture partners). Our liquidity and capital resources depend on a wide range of factors. We believe that our access to capital and our strong liquidity, including the

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On August 31, 2026, BPLP completed a public offering of $700.0 million in aggregate principal amount of its 6.050% unsecured senior notes due 2036. The notes were priced at 99.837% of the principal amount to yield an effective rate (including financing fees) of approximately 6.162% per annum to maturity. The notes will mature on October 15, 2036, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $692.4 million after deducting underwriting discounts and transaction expenses. Subsequently, on October 1, 2026, BPLP repaid at maturity $1.0 billion in aggregate principal amount of its 2.750% unsecured senior notes due October 1, 2026, at par with available cash and the proceeds from BPLP’s August 2026 offering.

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Interest Rate Amount Stated GAAP (1) Maturity Date 9/30/2026 9/30/2025 Less: Deferred financing costs and fair value adjustments, net 65,088 19,637 Carrying Amount 4,309,813 4,279,482 Total Consolidated Debt $ 16,590,522 $ 16,604,696

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Item 6

4.1 Supplemental Indenture No. 27, dated as of August 31, 2026, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee; including a form of the 6.050% Senior Note due 2036. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of BXP, Inc. and Boston Properties Limited Partnership filed on August 31, 2026.)

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 27, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

What the 10-Q itself says about its risk factors:
Except to the extent updated below or to the extent factual information disclosed elsewhere in this Quarterly Report on Form 10-Q relates to such risk factors (including, without limitation, the matters discussed in Part I, “Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations”), there were no material changes to the risk factors disclosed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.

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1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.