BXP, Inc. (BXP) earnings releases

Press release Oct 27, 2026 · EX-99.1

Supplemental Operating and Financial Data

BXP, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of September 30, 2026, including properties owned by joint ventures, BXP’s portfolio totals 50.6 million square feet and 162 properties, including six properties under construction/redevelopment. BXP’s portfolio consists of 141 office properties, 13 retail properties, seven residential properties (including four residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients’ needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP has earned a fourteenth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating and was named one of the world’s most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

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

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.

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

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

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) 11 by Reportable Segment Capital Expenditures 13 Acquisitions and Dispositions 14 DEVELOPMENT ACTIVITY Construction in Progress 15 Land Parcels and Purchase Options 17 LEASING ACTIVITY Leasing Activity 18 PROPERTY STATISTICS Portfolio Overview 19 Residential and Hotel Performance 20 In-Service Property Listing 21 Top 20 Clients Listing and Portfolio 25 Client Diversification Occupancy by Location 26 DEBT AND CAPITALIZATION Capital Structure 27 Debt Analysis 29 Senior Unsecured Debt Covenant 30 Compliance Ratios 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 68 Year

Fiscal Year-End December 31 Total Properties (includes unconsolidated joint ventures and properties under 162 development/redevelopment) Total Square Feet (includes unconsolidated joint 50.6 million ventures and properties under development/redevelopment) Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year 177.5 million Long-Term Incentive Program (MYLTIP) Units and Outperformance Plan (OPP) Units) on an as-converted basis1, 2 Closing Price, at the end of the quarter $61.11 per share Dividend - Quarter/Annualized $0.70/$2.80 per share Dividend Yield 4.6% Consolidated Market Capitalization2 $27.4 billion BXP’s Share of Market Capitalization2, 3 $27.2 billion Unsecured Senior Debt Ratings BBB (S&P); Baa2 (Moody’s)

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

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

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

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

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

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

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

• recycle capital for future investment through disposing of assets that no longer meet our investment profile or provide an opportunity for an attractive sale price relative to reinvestment;

• maintain a leadership position in sustainability innovation to minimize emissions from BXP’s development and in-service portfolio, as well as to provide clients sustainable solutions for their space use needs; and

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

Board of Executive Directors Officers Owen D. Thomas Chairman of the Owen D. Thomas Chief Executive Board Officer Douglas T. Douglas T. Linde President Linde Executive Vice Joel I. Klein Lead Independent Michael E. President, Chief Director LaBelle Financial Officer and Treasurer Chair of Audit Executive Vice Bruce W. Duncan Committee Rodney C. Diehl President, West Coast Regions Chair of Executive Vice Diane J. Sustainability Donna D. President, Chief Hoskins Committee Garesché Human Resources Officer Executive Vice Mary E. Kipp Bryan J. Koop President, Boston Region Chair of Executive Vice Matthew J. Nominating & Peter V. Otteni President, Lustig Corporate Co-Head of the Washington, DC Governance Region Committee Timothy J. Chair of Executive Vice Naughton Compensation Hilary J. Spann President, New Committee York Region Executive Vice Julie G. John J. Stroman President, Richardson Co-Head of the Washington, DC William H. Region Walton, III Senior Vice Derek A. (Tony) Colin D. Joynt President, Chief West Information Officer Senior Vice Eric G. President, Chief Kevorkian Legal Officer and Secretary Senior Vice Michael R. Walsh President, Chief Accounting Officer

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

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

BXP’s guidance for full year 2026 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to BXP, Inc. is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company’s earnings release issued on October 27, 2026 and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions not under contract as of the date hereof, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate- related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 58. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Full Year 2026 Low High ────────────────────────────────────────────────────────────────────────────── Projected EPS $ 2.35 $ 2.37 (diluted) Add: Projected Company share of real 5.02 5.02 estate depreciat… and amortizat… Projected Company share of (gains)/l… on sales of real estate, gain on -0.31 -0.31 investment from unconsoli… joint venture and impairmen… Projected FFO per $ 7.06 $ 7.08 share (diluted)

Average In-service portfolio occupancy1 Change in BXP’s Share of Same Property net operating income (excluding terminati… income) Change in BXP’s Share of Same Property net operating income - cash (excluding terminati… income) BXP’s Share of Non Same Propertie… increment… contribut… to net operating income over prior year (excluding asset sales) Taking Buildings Out-of-Se… BXP’s Share of increment… net operating income related to assets sold over prior year BXP’s Share of straight-… rent and fair value lease 88.75 89.25 revenue 2.35 2.75 Operati… (non-cash (0.25) 0.25 property revenue) 52,000 56,000 activit… BXP’s (11,000) (11,000) Other Share of (79,000) % (78,000) % revenue Terminati… Full Year 150,000 % 162,000 % (expens… income 2026 Low 23,000 % High 25,000 % ────────────────────────────────────────────────────────────────────────────── Developme… management services $ 34,000 $ 36,000 and other revenue General and $ -183,000 $ -176,000 administr… expense2 Consolida… net $ -598,000 $ -593,000 interest expense Unconsoli… joint venture $ -62,000 $ -60,000 interest expense Noncont… interes… Noncontro… interest in property $ -197,000 $ -194,000 partnersh… share of FFO

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

Three Months Ended 30-Sep-26 30-Jun-26 ────────────────────────────────────────────────────────────────────────────── Net income attributable to $ 114,482 $ 68,564 BXP, Inc. Net income attributable to $ 0.71 $ 0.43 BXP, Inc. per share - diluted FFO attributable to $ 302,240 $ 283,412 BXP, Inc.1 Diluted FFO per $ 1.89 $ 1.78 share1 Dividends per $ 0.70 $ 0.70 common share Funds available for distribution to common shareholders $ 163,414 $ 142,069 and common unitholders (FAD)2 Selected items: Revenue $ 911,431 $ 895,699 Recoveries from $ 153,825 $ 152,352 clients Service income from $ 4,472 $ 4,840 clients BXP’s Share of $ 854,287 $ 838,636 revenue3 BXP’s Share of $ 46,541 $ 19,396 straight-line rent3 BXP’s Share of fair value lease $ 2,863 $ 2,864 revenue3, 4 BXP’s Share of $ 7,000 $ 2,805 termination income3 Ground rent expense $ 3,313 $ 3,876 Capitalized $ 14,398 $ 12,868 interest5 Capitalized wages $ 4,087 $ 4,585 Income (loss) from unconsolidated $ 1,145 $ -2,448 joint ventures6 BXP’s share of FFO from unconsolidated $ 13,192 $ 9,111 joint ventures7 Net income attributable to noncontrolling $ 28,692 $ 26,121 interests in property partnerships FFO attributable to noncontrolling interests in $ 52,593 $ 49,457 property partnerships8 Balance Sheet items: Above-market rents (included within $ 4,111 $ 4,351 Prepaid Expenses and Other Assets) Below-market rents (included within $ 10,609 $ 13,000 Other Liabilities) Accrued rental income liability $ 112,668 $ 125,794 (included within Other Liabilities) Ratios: Interest Coverage Ratio (excluding 2.98 3.12 capitalized interest)9 Interest Coverage Ratio (including 2.73 2.87 capitalized interest)9 Fixed Charge 2.50 2.62 Coverage Ratio9 BXP’s Share of Net Debt to BXP’s Share 7.52 7.94 of EBITDAre(Annualize… Change in BXP’s Share of Same Property Net Operating 3.4 % 3.5 % Income (NOI) (excluding termination income)11 Change in BXP’s Share of Same Property NOI (excluding -0.3 % 0.8 % termination income) - cash11 FAD Payout Ratio2 76.11 % 87.54 % Operating Margins [(rental revenue - rental 62.1 % 61.3 % expense)/rental revenue] Occupancy % of In-Service 89.4 % 88.4 % Properties12 Leased % of In-Service 91.9 % 91.3 % Properties13 Capitalization: Consolidated Debt $ 16,590,522 $ 15,618,563 BXP’s Share of $ 16,325,843 $ 15,355,350 Debt14 Consolidated Market $ 27,437,364 $ 27,388,124 Capitalization Consolidated Debt/Consolidated 60.47 % 57.03 % Market Capitalization BXP’s Share of Market $ 27,172,685 $ 27,124,911 Capitalization14 BXP’s Share of Debt/BXP’s Share of 60.08 % 56.61 % Market Capitalization14

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

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

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

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

5 For the three months ended September 30, 2026, includes approximately $2.4 million of amortization of deferred financing costs.

6 For the three months ended June 30, 2026, amount includes gains on sales of approximately $1.2 million.

7 For a quantitative reconciliation for the three months ended September 30, 2026, see page 37.

8 For a quantitative reconciliation for the three months ended September 30, 2026, see page 34.

9 For a quantitative reconciliation for the three months ended September 30, 2026 and June 30, 2026, see page 32.

10 For a quantitative reconciliation for the three months ended September 30, 2026 and June 30, 2026, see page 31.

11 For a quantitative reconciliation for the three months ended September 30, 2026 and June 30, 2026, see pages 11, 66and 67. 3

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

13 Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Excludes hotel and residential properties.

ASSETS 30-Sep-26 30-Jun-26 ────────────────────────────────────────────────────────────────────────────── Real estate $ 27,106,552 $ 27,132,125 Construction in progress 1,128,313 975,361 Land held for future 503,648 499,424 development Right of use assets - 372,619 371,889 finance leases Right of use assets - 285,912 290,726 operating leases Less accumulated -8,319,577 -8,277,690 depreciation Total real estate 21,077,467 20,991,835 Cash and cash equivalents 1,471,631 493,949 Cash held in escrows 50,029 59,514 Investments in securities 45,932 46,526 Tenant and other 92,300 90,679 receivables, net Note receivable, net 12,495 12,185 Related party notes 28,166 35,337 receivable, net Sales-type lease 16,332 16,170 receivable, net Accrued rental income, net 1,599,110 1,573,959 Deferred charges, net 843,151 848,273 Prepaid expenses and other 193,572 122,830 assets Investments in unconsolidated joint 831,228 820,068 ventures Assets held for sale 10,425 62,544 Total assets $ 26,271,838 $ 25,173,869 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, $ 4,309,813 $ 4,281,198 net Unsecured senior notes, 9,506,144 8,811,158 net Unsecured exchangeable 979,894 978,642 senior notes, net Unsecured line of credit 247,000 — Unsecured term loans, net 797,671 797,565 Unsecured commercial paper 750,000 750,000 Lease liabilities - 350,953 353,436 finance leases Lease liabilities - 384,213 386,487 operating leases Accounts payable and 536,428 474,141 accrued expenses Dividends and 123,849 123,857 distributions payable Accrued interest payable 127,383 109,523 Other liabilities 346,911 364,082 Liabilities held for sale 111 6,130 Total liabilities 18,460,370 17,436,219 Commitments and — — contingencies Redeemable deferred stock 7,577 7,927 units Equity: Stockholders’ equity attributable to BXP, Inc.:

Excess stock, $0.01 par value, 150,000,000 shares — — authorized, none issued or outstanding Common stock, $0.01 par value, 250,000,000 shares authorized, 159,751,217 and 159,600,410 issued and 1,597 1,595 159,672,317 and 159,521,510 outstanding at September 30, 2026 and June 30, 2026, respectively Additional paid-in capital 6,902,261 6,881,671 Dividends in excess of -1,724,898 -1,727,547 earnings Treasury common stock at cost, 78,900 shares at September 30, -2,722 -2,722 2026 and June 30, 2026 Accumulated other comprehensive income 15,265 2,148 (loss) Total stockholders’ equity attributable 5,191,503 5,155,145 to BXP, Inc. Noncontrolling interests: Common units of the Operating 555,123 555,763 Partnership Property partnerships 2,057,265 2,018,815 Total equity 7,803,891 7,729,723 Total liabilities and $ 26,271,838 $ 25,173,869 equity

Three Months Ended Revenue 30-Sep-26 30-Jun-26 ────────────────────────────────────────────────────────────────────────────── Lease $ 846,159 $ 831,678 Parking and other 36,887 36,485 Insurance proceeds 1,382 1,101 Hotel revenue 13,219 14,901 Development and 9,792 7,633 management services Direct reimbursements of payroll and related costs from 3,992 3,901 management services contracts Total revenue 911,431 895,699 Expenses Operating 192,257 192,421 Real estate taxes 141,967 142,194 Restoration expenses related to 1,121 1,526 insurance claims Hotel operating 9,925 9,369 General and 37,604 50,444 administrative1, 2 Payroll and related costs from 3,992 3,901 management services contracts Transaction costs 101 -62 Depreciation and 228,679 236,977 amortization Total expenses 615,646 636,770 Other income (expense) Income (loss) from unconsolidated joint 1,145 -2,448 ventures3 Gains on sales of 10,441 6,997 real estate4 Gains (losses) from investments in -744 4,385 securities2 Unrealized gain (loss) on non-real 386 -75 estate investments Interest and other 7,608 6,137 income Impairment loss5 — -18,036 Interest expense -159,127 -153,425 Net income 155,494 102,464 Net income attributable to noncontrolling interests Noncontrolling interest in property -28,692 -26,121 partnerships Noncontrolling interest - common units -12,320 -7,779 of the Operating Partnership6 Net income attributable to BXP, $ 114,482 $ 68,564 Inc. INCOME PER SHARE OF COMMON STOCK (EPS) Net income attributable to BXP, $ 0.72 $ 0.43 Inc. per share - basic Net income attributable to BXP, $ 0.71 $ 0.43 Inc. per share - diluted

1 For the three months ended June 30, 2026, includes approximately $6.0 million related to the accelerated vesting of non-stock compensation expense for employees who satisfied the conditions for a qualified retirement and, for each three months ended period, approximately $2.9 million related to the 2025 OPP Awards.

2 Includes $(0.7) million and $4.4 million for the three months ended September 30, 2026 and June 30, 2026, respectively, related to the Company’s deferred compensation plan.

3 For the three months ended June 30, 2026, amount includes gains on sales of approximately $1.2 million.

5 On May 29, 2026, the anticipated sale of the Company’s leasehold interest in the Sumner Square property located in Washington, DC met the Company’s “held for sale” criteria. Following the classification of a property as “held for sale”, the assets are written down to the lower of carrying value or fair market value, less cost to sell. This write down resulted in an impairment. The sale occurred on August 5, 2026. For additional detail, see page 14.

Three Months Ended 30-Sep-26 30-Jun-26 ────────────────────────────────────────────────────────────────────────────── Net income attributable to BXP, $ 114,482 $ 68,564 Inc. Add: Noncontrolling interest - common units 12,320 7,779 of the Operating Partnership Noncontrolling interests in property 28,692 26,121 partnerships Net income 155,494 102,464 Add: Depreciation and 228,679 236,977 amortization expense Noncontrolling interests in property partnerships' share -23,901 -23,336 of depreciation and amortization2 BXP's share of depreciation and amortization from 12,047 12,716 unconsolidated joint ventures3 Corporate-related depreciation and -632 -549 amortization Non-real estate 2,131 2,131 related amortization Impairment loss — 18,036 Less: Gains on sales of 10,441 6,997 real estate Gains on sales included within income — 1,157 (loss) from unconsolidated joint ventures3 Unrealized gain (loss) on non-real 386 -75 estate investments Noncontrolling interests in property 28,692 26,121 partnerships FFO attributable to the Operating Partnership 334,299 314,239 (including BXP, Inc.) (Basic FFO) Less: Noncontrolling interest - common units of the Operating 32,059 30,827 Partnership’s share of FFO FFO attributable to $ 302,240 $ 283,412 BXP, Inc. BXP, Inc.’s percentage share of 90.41 % 90.19 % Basic FFO Noncontrolling interest’s - common unitholders 9.59 % 9.81 % percentage share of Basic FFO Basic FFO per share $ 1.89 $ 1.78 Weighted average shares outstanding - 159,585 159,167 basic Diluted FFO per share $ 1.89 $ 1.78 Weighted average shares outstanding - 160,109 159,629 diluted

Three Months Ended 30-Sep-26 30-Jun-26 Shares/units for 176,512 176,474 Basic FFO Add: Effect of dilutive securities - 524 462 stock-based compensation (shares/units) Shares/units for 177,036 176,936 Diluted FFO Less: Noncontrolling interest - common units of the Operating 16,927 17,307 Partnership’s share of Diluted FFO (shares/units) BXP, Inc.’s share of shares/units 160,109 159,629 for Diluted FFO BXP, Inc.’s percentage share 90.44 % 90.22 % of Diluted FFO

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

2 For a quantitative reconciliation for the three months ended September 30, 2026, see page 34.

3 For a quantitative reconciliation for the three months ended September 30, 2026, see page 37. 7

Three Months Ended 30-Sep-26 30-Jun-26 ────────────────────────────────────────────────────────────────────────────── Net income attributable to BXP, $ 114,482 $ 68,564 Inc. Add: Noncontrolling interest - common units 12,320 7,779 of the Operating Partnership Noncontrolling interests in property 28,692 26,121 partnerships Net income 155,494 102,464 Add: Depreciation and 228,679 236,977 amortization expense Noncontrolling interests in property partnerships’ share -23,901 -23,336 of depreciation and amortization2 BXP’s share of depreciation and amortization from 12,047 12,716 unconsolidated joint ventures3 Corporate-related depreciation and -632 -549 amortization Non-real estate 2,131 2,131 related amortization Impairment loss — 18,036 Less: Gains on sales of 10,441 6,997 real estate Gains on sales included within income — 1,157 (loss) from unconsolidated joint ventures Unrealized gain (loss) on non-real 386 -75 estate investments Noncontrolling interests in property 28,692 26,121 partnerships Basic FFO 334,299 314,239 Add: BXP’s Share of lease transaction costs 3,993 4,071 that qualify as rent inducements1, 4 BXP’s Share of hedge amortization, net 877 1,714 of costs1 BXP’s Share of fair value interest 260 260 adjustment1 BXP’s Share of straight-line ground rent -5,391 -3,895 expense adjustment1, 5 Stock-based 7,398 15,463 compensation Non-real estate depreciation and -1,499 -1,582 amortization Unearned portion of capitalized fees 2,119 915 from consolidated joint ventures6 Less: BXP’s Share of 46,541 19,396 straight-line rent1 BXP’s Share of fair value lease 2,863 2,864 revenue1, 7 BXP’s Share of non-cash termination -4,376 -2,306 income adjustment1 BXP’s Share of 2nd generation tenant 117,990 153,008 improvements and leasing commissions1 BXP’s Share of maintenance capital 14,153 14,617 expenditures1, 8 BXP’s Share of amortization and 186 278 accretion related to sales type lease1 Hotel improvements, equipment upgrades 1,285 1,259 and replacements Funds available for distribution to common shareholders $ 163,414 $ 142,069 and common unitholders (FAD)(A) Distributions to common shareholders and unitholders 124,379 124,374 (excluding any special distributions)(B) FAD Payout 76.11 % 87.54 % Ratio1(B÷A)

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

2 For a quantitative reconciliation for the three months ended September 30, 2026, see page 34.

3 For additional information for the three months ended September 30, 2026, see page 37.

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

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

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

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

Q3 2026 Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI)

Three Months Ended 30-Sep-26 30-Sep-25 ────────────────────────────────────────────────────────────────────────────── Net income (loss) attributable to BXP, $ 114,482 $ -121,712 Inc. Net (income) loss attributable to noncontrolling interests Noncontrolling interest - common units 12,320 -12,981 of the Operating Partnership Noncontrolling interest in property 28,692 17,853 partnerships Net income (loss) 155,494 -116,840 Add: Interest expense 159,127 164,299 Impairment loss — 68,901 Depreciation and 228,679 236,147 amortization expense Transaction costs 101 1,431 Payroll and related costs from 3,992 3,821 management services contracts General and administrative 37,604 36,188 expense Less: Interest and other income 7,608 7,620 Unrealized gain on non-real estate 386 178 investment Gains (losses) from investments in -744 2,400 securities Gains on sales of real 10,441 1,932 estate Income (loss) from unconsolidated joint 1,145 -148,329 ventures Direct reimbursements of payroll and related costs from 3,992 3,821 management services contracts Development and management services 9,792 9,317 revenue Net Operating Income (NOI) 552,377 517,008 Add: BXP’s share of NOI from unconsolidated 25,592 30,675 joint ventures1 Less: Partners’ share of NOI from consolidated joint ventures (after 63,665 51,504 income allocation to private REIT shareholders)2 BXP’s Share of NOI 514,304 496,179 Less: Termination income 3,333 1,241 BXP’s share of termination income from 3,667 141 unconsolidated joint ventures1 Add: Partners’ share of termination income — — from consolidated joint ventures2 BXP’s Share of NOI (excluding $ 507,304 $ 494,797 termination income) Net Operating Income (NOI) $ 552,377 $ 517,008 Less: Termination income 3,333 1,241 NOI from non Same Properties (excluding 28,514 13,038 termination income)3 Same Property NOI (excluding termination 520,530 502,729 income) Less: Partners’ share of NOI from consolidated joint ventures (excluding termination 63,665 51,504 income and after income allocation to private REIT shareholders)2 Add: Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding 10,991 — termination income and after income allocation to private REIT shareholders)3 BXP’s share of NOI from unconsolidated joint ventures (excluding 21,925 30,534 termination income)1 Less: BXP’s share of NOI from non Same Properties from 1,881 9,961 unconsolidated joint ventures (excluding termination income)3 BXP’s Share of Same Property NOI $ 487,900 $ 471,798 (excluding termination income)

1 For a quantitative reconciliation for the three months ended September 30, 2026, see page 65.

2 For a quantitative reconciliation for the three months ended September 30, 2026, see pages 62-63.

3 Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2026 and therefore are no longer a part of the Company’s property portfolio. 9

Q3 2026 Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash

Three Months Ended 30-Sep-26 30-Sep-25 ────────────────────────────────────────────────────────────────────────────── Net income (loss) attributable to BXP, $ 114,482 $ -121,712 Inc. Net (income) loss attributable to noncontrolling interests Noncontrolling interest - common units 12,320 -12,981 of the Operating Partnership Noncontrolling interest in property 28,692 17,853 partnerships Net income (loss) 155,494 -116,840 Add: Interest expense 159,127 164,299 Impairment loss — 68,901 Depreciation and 228,679 236,147 amortization expense Transaction costs 101 1,431 Payroll and related costs from 3,992 3,821 management services contracts General and administrative 37,604 36,188 expense Less: Interest and other income 7,608 7,620 Unrealized gain on non-real estate 386 178 investment Gains (losses) from investments in -744 2,400 securities Gains on sales of real 10,441 1,932 estate Income (loss) from unconsolidated joint 1,145 -148,329 ventures Direct reimbursements of payroll and related costs from 3,992 3,821 management services contracts Development and management services 9,792 9,317 revenue Net Operating Income (NOI) 552,377 517,008 Less: Straight-line rent 46,907 30,105 Fair value lease revenue 2,151 1,906 Amortization and accretion related to 157 236 sales type lease Termination income 3,333 1,241 Add: Straight-line ground rent expense 573 531 adjustment1 Lease transaction costs that qualify as 3,838 5,894 rent inducements2 NOI - cash (excluding termination 504,240 489,945 income) Less: NOI - cash from non Same Properties 22,509 13,124 (excluding termination income)3 Same Property NOI - cash (excluding 481,731 476,821 termination income) Less: Partners’ share of NOI - cash from consolidated joint ventures (excluding 58,801 44,504 termination income and after income allocation to private REIT shareholders)4 Add: Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding 8,734 — termination income and after income allocation to private REIT shareholders)3 BXP’s share of NOI - cash from unconsolidated joint 16,961 27,866 ventures (excluding termination income)5 Less: BXP’s share of NOI - cash from non Same Properties from -1,108 8,917 unconsolidated joint ventures (excluding termination income)3 BXP’s Share of Same Property NOI - cash $ 449,733 $ 451,266 (excluding termination income)

1 In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(6,084) and $(1,061) for the three months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, the Company has remaining lease payments aggregating approximately $9.3 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

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

4 For a quantitative reconciliation for the three months ended September 30, 2026, see page 63.

5 For a quantitative reconciliation for the three months ended September 30, 2026, see page 65. 10

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

3 For a quantitative reconciliation of net income attributable to BXP, Inc. to net operating income (NOI) (excluding termination income) and NOI - cash (excluding termination income), see pages 9- 10. 11

Q3 2026 Same property net operating income (NOI) by reportable segment (continued)

5 Excludes the straight-line impact of approximately $(6,084) and $(1,061) for the three months ended September 30, 2026 and 2025, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

Three Months Ended 30-Sep-26 30-Jun-26 ────────────────────────────────────────────────────────────────────────────── Maintenance capital $ 14,752 $ 15,936 expenditures Planned capital expenditures associated 135 719 with acquisition properties Repositioning capital 1,579 634 expenditures Hotel improvements, equipment upgrades 1,285 1,259 and replacements Subtotal 17,751 18,548 Add: BXP’s share of maintenance capital expenditures from 453 572 unconsolidated joint ventures (JVs) BXP’s share of planned capital expenditures associated 1 17 with acquisition properties from unconsolidated JVs BXP’s share of repositioning capital — — expenditures from unconsolidated JVs Less: Partners’ share of maintenance capital 1,052 1,891 expenditures from consolidated JVs Partners’ share of planned capital expenditures associated — — with acquisition properties from consolidated JVs Partners’ share of repositioning capital — — expenditures from consolidated JVs BXP’s Share of Capital $ 17,153 $ 17,246 Expenditures1

1 See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. 13

2 Including approximately $9.0 million of tenant improvement obligations assumed by the buyer, the total consideration is approximately $101.4 million.

3 The Company completed a partial equity interest sale to AVRS Partners of 10.55%. The partner agreed to invest an aggregate of $81.5 million, of which $50.7 million was invested at closing. The partner’s investment excludes its share of equity carry. The Company retains an 89.45% ownership interest and will provide development, property management, and leasing services for the venture. This transaction did not qualify as a sale of real estate for financial reporting purposes as the Company continues to effectively control the property and thus will continue to account for the property on a consolidated basis in its financial statements. 14

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

3 Represents percentage leased as of October 23, 2026, including leases with future commencement dates.

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

5 Amounts represent Net Operating Income (Loss) for the three months ended September 30, 2026. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 56.

6 Reservoir Place consists of approximately 528,000 rentable square feet of which approximately 165,000 square feet is in-service. For additional detail, see page 23.

8 Total Financing and Amount Drawn includes the Company’s share of the $225 million construction loan and $65 million of preferred equity. The Company provided the preferred equity, which accrues at a 13% internal rate of return and has been fully funded. 15

10 The project budget reflects the Company’s 55% share of joint venture costs related to 290 Binney Street. The Company has the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. Upon completion, the Company has entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million. The net investment of $99.8 million will be included in the Company’s outside basis in 290 Binney Street. The Company has invested $159.1 million for the vault as of September 30, 2026. 16

Approximate Office Developable Square Feet2 Location New York, NY 2,000,000 (25% ownership) Princeton, NJ 1,723,000 Reston, VA 1,278,000 San Jose, CA 1,088,000 (55% ownership) San Francisco, 850,000 CA Waltham, MA3 698,000 Springfield, VA 576,000 Lexington, MA 420,000 Washington, DC 320,000 Rockville, MD 150,000 Boston, MA 25,000 Total Office 9,128,000 Approximate Residential Residential Developable Units Square Feet2 (Estimated) Location Reston, VA 1,193,000 1,052 Rockville, MD 622,000 490 Weston, MA 600,000 380 West Los 545,000 790 Angeles, CA Washington, DC 520,000 539 (50% ownership) Waltham, MA 444,000 633 Herndon, VA (50% 236,000 458 ownership) Total 4,160,000 4,342 Residential Total Owned Land 13,288,000 Parcels

Office Approximate Developable Square Feet2 Location Waltham, MA3 1,200,000 Boston, MA 668,000 Cambridge, MA 573,000 Total Office 2,441,000 Residential Approximate Developable Square Feet2 Location Boston, MA 632,000 Total Residential 632,000 Total Land Purchase Options 3,073,000

1 Includes properties that are no longer considered “in-service” because the occupancy percentage is below 50% and the Company anticipates a future development / redevelopment of the property. During the nine months ended September 30, 2026, approximately 260,000 net rentable square feet were removed from the Company’s in-service properties portfolio in anticipation of future redevelopment. There can be no assurance that the Company will develop or redevelop these land parcels and properties for office, residential or other uses, if at all. Actual uses may differ from those shown depending on, among other things, the outcome of the permitting and/or entitlement processes for each land parcel/property. 2 Represents 100% of consolidated and unconsolidated projects.

3 The Company expects to be a 50% partner in the future development of these sites. 17

OCCUPANCY ACTIVITY - NET (INCREASE)/DECREASE IN AVAILABLE SPACE (SF) Total Vacant space available at the beginning 5,387,452 of the period Less: Property dispositions/properties taken 56,961 out of service1 Add: Leases expiring or terminated during the 1,020,446 period Total space available for lease 6,350,937 1st generation leases2 117,079 2nd generation leases with new clients3 735,236 2nd generation lease renewals 662,086 Total leases commenced during the period 1,514,401 Vacant space available for lease at the 4,836,536 end of the period Net (increase)/decrease in available 550,916 space LEASING ACTIVITY - EXECUTED LEASES 1st generation leases2 93,065 2nd generation leases with new clients3 717,517 2nd generation leases renewals 397,761 Total Leases executed during the period 1,208,343 2nd generation leasing information: Weighted average lease term (months) 114 Weighted average free rent period (days) 356 Total transaction costs per square foot4 $154.60 Lease Costs per year of term $16.27 Starting weighted average gross rent $84.29 Increase (decrease) in gross rents5 6.55 % Increase (decrease) in net rents6 9.33 %

1 Total square feet of properties taken out of service vacant space in Q3 2026 consists of 14,764 at Sumner Square and 42,197 at 1330 Connecticut Avenue.

2 1st generation leases are defined as leases for development and redevelopment space that has not previously been leased.

3 2nd generation leases are defined as leases for in-service space that has previously been leased.

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

5 Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 923,369 square feet of 2nd generation leases that had been occupied within the prior 24 months from the execution of the new lease; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

6 Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 923,369 square feet of 2nd generation leases that had been occupied within the prior 24 months from the execution of the new lease; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

7 The calculation for the increase/(decrease) of gross rent and net rent are based on current quarter expenses. 18

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

Total Rentable square feet of in-service properties2 47,073,222 Less: Rentable square feet from residential and hotel 1,402,736 properties2 Partners’ share of rentable square feet from unconsolidated joint venture properties, excluding 2,885,328 residential properties4 Partners’ share of rentable square feet from 3,376,105 consolidated joint venture properties5 BXP’s Share of rentable square feet, excluding 39,409,053 residential and hotel properties1

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

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

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

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

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

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

6 Excludes approximately $89 of revenue from retail clients that is included in Retail.

9 BXP’s Share of NOI (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of NOI (excluding termination income), see page 9. 19

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

3 Excludes retail space. For comparative purposes, rental rates and occupancy information does not include The Lofts at Atlantic Wharf, Proto Kendall Square, and Signature at Reston, which were sold prior to September 30, 2026. For additional detail related to The Lofts at Atlantic Wharf sale, see page 14. 20

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

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

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

8 Excludes hotel and residential properties. For additional detail, see page 20.

9 Reservoir Place consists of approximately 528,000 rentable square feet of which approximately 363,000 square feet is in redevelopment. For additional detail, see page 15. 24

BXP’s Share Weighted of Annualized Average No. Client Rental Remaining Obligations1 Lease Term (years)2 1 Salesforce 3.34 % 5.5 2 Google 3.17 % 10.6 3 Akamai 2.17 % 8.1 Technologies 4 Kirkland & 2.08 % 11.4 Ellis 5 Biogen 1.81 % 1.6 6 Millennium 1.81 % 9.5 Management 7 AstraZeneca 1.67 % 14.5 Pharmaceuti… 8 Fannie Mae 1.53 % 10.9 9 Weil Gotshal 1.21 % 7.9 & Manges 10 Microsoft 1.11 % 7.1 11 Snap 1.04 % 9.5 12 Ropes & Gray 1.02 % 14.6 13 Wellington 1.02 % 9.2 Management Arnold & 14 Porter Kaye 1.01 % 8.2 Scholer Allen Overy 15 Shearman 0.96 % 15.6 Sterling 16 Bain Capital 0.93 % 5.3 17 Morrison & 0.92 % 15.5 Foerster 18 Starr 0.85 % 2.9 19 Leidos 0.84 % 6.6 Aramis 20 (Estee 0.82 % 13.5 Lauder) BXP’s Share of Annualized 29.31 % Rental Obligations BXP’s Share of Square 22.74 % Feet1 Weighted Average Remaining 9.1 Lease Term (years)

Client Property Square Feet Boston Dynamics Reservoir Place4 322,000 Starr 343 Madison Avenue 321,000 Goodwin Procter 200 Fifth Avenue 310,000 Sidley Austin5 2100 M Street 234,000 Google 500 North Capitol 206,000 Street, N.W. McDermott Will & Schulte 725 12th Street 152,000 McDermott Will & Schulte 343 Madison Avenue 148,000 Cooley 725 12th Street 141,000

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

3 Represents leases signed with occupancy commencing in the future on vacant in- service space or properties under development or redevelopment. The number of square feet is an estimate.

4 Lease executed is for the portion of Reservoir Place under redevelopment. For additional detail, see page 15.

5 The lease and the commencement of the development are subject to various conditions. 25

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

2 See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. 26

Aggregate Principal ────────────────────────────────────────────────────────────────────────────── Mortgage Notes Payable $ 4,374,901 Unsecured Line of Credit 247,000 Unsecured Term Loans 800,000 Unsecured Commercial Paper 750,000 Unsecured Senior Notes, at face value 9,550,000 Unsecured Exchangeable Senior Notes, at 1,000,000 face value Outstanding Principal 16,721,901 Discount on Unsecured Senior Notes -7,794 Deferred Financing Costs, Net -123,585 Consolidated Debt $ 16,590,522

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

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

4 The GAAP interest rate excludes capped call transactions that are classified as equity. The initial exchange rate of the unsecured exchangeable senior notes is 10.8180 shares of BXP’s common stock per $1,000 principal amount of notes, which represents an initial exchange price of approximately $92.44 per share of BXP’s common stock. In conjunction with the issuance of the unsecured exchangeable senior notes, the Company entered into capped call transactions to cover, subject to customary adjustments, the number of shares of BXP’s common stock initially underlying the unsecured exchangeable senior notes. The capped call transactions are expected generally to reduce the potential dilution to BXP’s common stock upon any exchange of notes and/or offset any cash payments BPLP is required to make in excess of the principal amount of exchanged notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions is initially $105.64 per share, which represents a premium of 40% over the last reported sale price of $75.46 per share of BXP’s common stock on September 24, 2025, and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions will expire upon the maturity of the unsecured exchangeable senior notes, if not earlier exercised or terminated, and the premiums associated with the purchase were classified as equity.

5 Values are based on the September 30, 2026 closing price of $61.11 per share of BXP common stock.

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

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

8 See the Definitions and Reconciliations sections of this Supplemental package starting on page 56. 28

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

2 Includes $1.0 billion in aggregate principal amount of BPLP’s 2.750% senior unsecured notes which was repaid at par on October 1, 2026.

3 The unsecured commercial paper program is backstopped by available capacity under the unsecured line of credit. As such, the Company intends to maintain, at a minimum, availability under its unsecured line of credit in an amount equal to the amount of commercial paper notes outstanding. The term of the notes issued under the unsecured commercial paper program vary but may not exceed one year from the date of issuance. The commercial paper notes are included in the Company’s floating rate debt statistics. At September 30, 2026, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.18% per annum and had a weighted-average maturity of 29 days from the date of issuance and therefore, the balance is reflected in the period 2026 within the Principal due at Maturity chart.

4 The 2024 Unsecured Term Loan has a one-year extension option remaining, subject to certain conditions.

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

6 The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions (excluding capped calls classified as equity) and adjustments required to reflect loans and swaps at their fair values upon consolidation.

7 The Fixed Rate Debt includes the effects of hedging transactions, excluding capped calls treated as equity. 29

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

This section presents such ratios as of September 30, 2026 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.

Senior Senior Notes Notes Issued Issued On Prior to or After December December 4, 4, 2017 2017 ────────────────────────────────────────────────────────────────────────────── Test Actual Total Outstand… Less than 47.8 % 44.8 % Debt/Tot… 60% Assets1 Secured Less than Debt/Tot… 50% 15.0 % 14.0 % Assets Interest Coverage (Annuali… Consolid… Greater 3.37 3.37 EBITDA to than 1.50x Annualiz… Interest Expense) Unencumb… Assets/ Greater 225.1 % 243.0 % Unsecured than 150% Debt

1 Capitalized Property Value for senior notes issued prior to December 4, 2017 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized property value for senior notes issued on or after December 4, 2017 is determined for each property and is the greater of (x) annualized EBITDA capitalized at 7.0% and (y) the undepreciated book value as determined under GAAP. 30

Three Months Ended 30-Sep-26 30-Jun-26 ────────────────────────────────────────────────────────────────────────────── Net income attributable to $ 114,482 $ 68,564 BXP, Inc. Add: Noncontrolling interest - common units 12,320 7,779 of the Operating Partnership Noncontrolling interest in property 28,692 26,121 partnerships Net income 155,494 102,464 Add: Interest expense 159,127 153,425 Depreciation and 228,679 236,977 amortization expense Impairment loss — 18,036 Less: Gains on sales of real 10,441 6,997 estate Income (loss) from unconsolidated joint 1,145 -2,448 ventures2 Add: BXP’s share of EBITDArefrom unconsolidated joint 27,996 24,115 ventures3 EBITDAre1 559,710 530,468 Less: Partners’ share of EBITDArefrom 64,620 61,359 consolidated joint ventures4 BXP’s Share of EBITDAre1(A) 495,090 469,109 Add: Stock-based compensation 7,398 15,463 expense BXP’s Share of straight-line ground rent -5,391 -3,895 expense adjustment1 BXP’s Share of lease transaction costs 3,993 4,071 that qualify as rent inducements1 Less: BXP’s Share of non-cash termination -4,376 -2,306 income adjustment1 BXP’s Share of 46,541 19,396 straight-line rent1 BXP’s Share of fair value 2,863 2,864 lease revenue1 BXP’s Share of amortization and 186 278 accretion related to sales type lease1 BXP’s Share of $ 455,876 $ 464,516 EBITDAre–cash1 BXP’s Share of EBITDAre(Annualized)5(A x $ 1,980,360 $ 1,876,436 4)

30-Sep-26 30-Jun-26 ──────────────────────────────────────────────────────────────────────────── Consolidated debt $ 16,590,522 $ 15,618,563 Less: Cash and cash equivalents 1,471,631 493,949 Cash held in escrow for 1031 exchange — — Net debt1 15,118,891 15,124,614 Add: BXP’s share of unconsolidated joint 1,102,877 1,102,142 venture debt3 Partners’ share of cash and cash equivalents from consolidated joint 120,168 130,563 ventures Less: BXP’s share of cash and cash equivalents 77,956 70,338 from unconsolidated joint ventures Partners’ share of consolidated joint 1,367,556 1,365,355 venture debt4 BXP’s share of related party note 7,158 16,860 receivables BXP’s Share of Net Debt1(B) $ 14,889,266 $ 14,904,766 BXP’s Share of Net Debt to BXP’s Share 7.52 7.94 of EBITDAre(Annualized)[B ÷ (A x 4)]

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

2 For the three months ended June 30, 2026, amount includes gains on sales of approximately $1.2 million.

3 For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended September 30, 2026, see pages 35and 64.

4 For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended September 30, 2026, see pages 33and 62.

5 BXP’s Share of EBITDA re (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4). 31

Three Months Ended 30-Sep-26 30-Jun-26 ────────────────────────────────────────────────────────────────────────────── BXP’s Share of interest $ 161,904 $ 156,527 expense1 Less: BXP’s Share of hedge amortization, net 877 1,714 of costs1 BXP’s Share of fair value interest 260 260 adjustment1 BXP’s Share of amortization of financing 7,937 5,724 costs1 Adjusted interest expense excluding 152,830 148,829 capitalized interest(A) Add: BXP’s Share of capitalized 14,169 12,860 interest1 Adjusted interest expense including $ 166,999 $ 161,689 capitalized interest(B) BXP’s Share of $ 455,876 $ 464,516 EBITDAre–cash1, 2(C) Interest Coverage Ratio (excluding 2.98 3.12 capitalized interest)(C÷A) Interest Coverage Ratio (including 2.73 2.87 capitalized interest)(C÷B)

Three Months Ended 30-Sep-26 30-Jun-26 ────────────────────────────────────────────────────────────────────────────── BXP’s Share of interest $ 161,904 $ 156,527 expense1 Less: BXP’s Share of hedge amortization, net 877 1,714 of costs1 BXP’s Share of fair value interest 260 260 adjustment1 BXP’s Share of amortization of financing 7,937 5,724 costs1 Add: BXP’s Share of capitalized 14,169 12,860 interest1 BXP’s Share of maintenance capital 14,153 14,617 expenditures1 Hotel improvements, equipment upgrades 1,285 1,259 and replacements Total Fixed Charges(A) $ 182,437 $ 177,565 BXP’s Share of $ 455,876 $ 464,516 EBITDAre–cash1, 2(B) Fixed Charge Coverage 2.50 2.62 Ratio(B÷A)

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

2 For a quantitative reconciliation of BXP’s Share of EBITDA re – cash, see page 31. 32

2 See the Acquisitions and Dispositions section of this Supplemental package on page 14.

3 Norges Joint Ventures include 7 Times Square, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 300 Binney Street and 290 Binney Street.

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

1 See the Acquisitions and Dispositions section of this Supplemental package on page 14.

2 Norges Joint Ventures include 7 Times Square, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 300 Binney Street, and 290 Binney Street.

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

5 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

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

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

5 This investment includes a net deficit balance from the amenity joint venture.

6 The indebtedness consists of (x) a senior loan with a third-party lender with a principal amount of $108.0 million that bears interest at a variable rate equal to Term SOFR plus 5.25% per annum and (y) a mezzanine loan provided by the Company with a maximum commitment of $50.0 million that bears interest at a variable rate equal to Term SOFR plus 7.25% per annum. As of September 30, 2026, the Company has funded approximately $28.6 million of the mezzanine loan. The loan is reflected as related party notes receivable, net on the Company’s Consolidated Balance Sheets.

8 The Company has fully funded the first $65.0 million of required capital through its preferred equity investment accruing at a 13% internal rate of return and is to be redeemed, in full, upon the earlier of two years after stabilization or March 5, 2030.

9 The indebtedness consists of (x) a $70.0 million component that bears interest at a fixed rate of 6.78% per annum and (y) a $35.0 million component that bears interest at a variable rate equal to Term SOFR plus 2.00% per annum and as of September 30, 2026, is available to be advanced to the joint venture.

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

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

4 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture. 37