Financial Analysis

9. Commitments and Contingencies General In the normal course of business, the Company guarantees its performance of services or indemnifies third parties against its negligence. In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of the Companys subsidiaries to complete construction of the building, to pay tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises. The Company had letter of credit and performance obligations related to lender and development requirements that totaled approximately $23.2 million at December 31, 2025. Certain of the Companys joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint venture. From time to time, under certain of the Companys joint venture agreements, if certain return thresholds are achieved, one or more partners could be entitled to an additional promoted interest or payments. From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts in connection with their borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection wi …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

14. Employee Benefit Plans Effective January 1, 1985, the predecessor of the Company adopted a 401(k) Savings Plan (the Plan) for its employees. Upon formation, the Company adopted the Plan and the terms of the Plan. Under the Plan, as amended, the Companys matching contribution equals 200% of the first 3% of participants eligible earnings contributed (utilizing earnings that are not in excess of an amount established by the IRS ($350,000, $345,000 and $330,000 in 2025, 2024 and 2023, respectively), indexed for inflation) with no vesting requirement. The Companys aggregate matching contribution for the years ended December 31, 2025, 2024 and 2023 was approximately $5.9 million, $5.9 million and $5.4 million, respectively. The Company also maintains a deferred compensation plan that is designed to allow officers of BXP to defer a portion of the officers current income on a pre-tax basis and receive a tax-deferred return on these amounts deferred based on the performance of specific investments selected by the officer. The Companys obligation under the plan is that of an unsecured promise to pay the deferred compensation to the plan participants in the future. At December 31, 2025 and 2024, the Company had maintained approximately $43.6 million and $38.7 million, respectively, in a separate account, which is not restricted as to its use. The Companys liability under the plan is equal to the total amount of compensation deferred by the plan participants and earnings on the defer …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

7. Debt Mortgage Notes Payable The Company had outstanding mortgage notes payable totaling approximately $4.3 billion and $4.3 billion as of December 31, 2025 and 2024, respectively, each collateralized by one or more buildings and related land included in real estate assets. The mortgage notes payable are generally due in monthly installments and mature at various dates through January 9, 2032. Including the effects of interest rate swaps, there were no variable rate mortgage loans at December 31, 2025 and 2024 (See Note 8). Therefore, fixed rate mortgage notes payable totaled approximately $4.3 billion and $4.3 billion at December 31, 2025 and 2024, respectively, with contractual interest rates ranging from 2.79% to 6.04% per annum at December 31, 2025 and December 31, 2024 (with a weighted-average interest rate of 3.80% and 3.68% at December 31, 2025 and 2024, respectively). Contractual aggregate principal payments of mortgage notes payable at December 31, 2025 are as follows (in thousands): Principal Payments 2026 $ 4,357 2027 2,304,580 2028 804,815 2029 184,311 2030 Thereafter 1,000,000 Total aggregate principal payments 4,298,063 Less: Deferred financing costs, net 17,996 Total carrying value of mortgage notes payable, net $ 4,280,067 Unsecured Senior Notes The following summarizes the unsecured senior notes outstanding as of December 31, 2025 (dollars in thousands): Coupon/Stated Rate Effective Rate(1) Principal Amount Maturity Date(2) 10 Year Unsecured Senior Notes (3 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

15. Stock Option and Incentive Plan Boston Properties, Inc. 2021 Stock Incentive Plan At the Companys 2021 annual meeting of stockholders held on May 20, 2021, its stockholders approved the Boston Properties, Inc. 2021 Stock Incentive Plan (the 2021 Plan). The 2021 Plan replaced the Boston Properties, Inc. 2012 Stock Option and Incentive Plan (the 2012 Plan) and no further awards will be issued under the 2012 Plan. The material features of the 2021 Plan include, among other things: (i) the maximum number of shares of common stock reserved and available for issuance under the 2021 Plan is 5,400,000 shares less one share for every one share that was granted between March 4, 2021 and May 19, 2021 under the 2012 Plan, (ii) shares of common stock underlying awards granted under the 2021 Plan or the 2012 Plan that are forfeited, canceled or otherwise terminated (other than by exercise) will be added back to the shares of common stock available for issuance under the 2021 Plan and, with respect to full-value awards under the 2021 Plan or the 2012 Plan, shares tendered or held back for taxes and shares previously reserved for issuance pursuant to such an award to the extent that such shares are not issued and are no longer issuable pursuant to such an award (e.g., in the event that a full-value award that may be settled in cash or by issuance of shares of common stock is settled in cash) will be added back to the shares available for issuance under the 2021 Plan, (iii) the award of s …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Lessee The following table provides lease cost information for the Companys operating and finance leases for the years ended December 31, 2025, 2024 and 2023 (in thousands): Year ended December 31, Lease costs 2025 2024 2023 Operating lease costs (1) $ 14,620 $ 14,583 $ 14,451 Finance lease costs Amortization of right of use asset (2) $ 2,937 $ 3,093 $ 2,821 Interest on lease liabilities (3) $ 21,849 $ 13,374 $ 13,747 _______________ (1) One of the operating leases relates to an asset that was in development for the year ended December 31, 2025, and predevelopment for the year ended December 31, 2024 and a portion of the year ended December 31, 2023. As such, the operating lease costs were capitalized. (2) The finance leases relate to either land, buildings or assets that are/were in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Companys …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Newly Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40) (ASU 2024-03): ASU 2024-03 will require entities to provide enhanced disclosures related to certain expense categories included in income statement captions. The ASU aims to increase transparency and provide investors with more detailed information about the nature of expenses reported on the face of the income statement. The new standard does not change the requirements for the presentation of expenses on the face of the income statement. Under this ASU, entities are required to disaggregate, in a tabular format, expense captions presented on the face of the income statement excluding earnings or losses from equity method investments if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The new ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact that ASU 2024-03 may have on the Companys Consolidated Financial Statements and footnotes. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

16. Related Party Transactions Raymond A. Ritcheys brother was employed by a real estate brokerage firm and participated in brokerage activities for which the Company paid the firm approximately $0.5 million for the year ended December 31, 2023. The Companys contract with this real estate brokerage firm ended on February 1, 2023. Mr. Ritchey is a Senior Executive Vice President of BXP. On June 5, 2023, a joint venture in which the Company owns a 30% interest repaid the construction loan collateralized by its 500 North Capitol Street, NW property and obtained new mortgage loans with related parties. The new mortgage loans have an aggregate principal balance of $105.0 million, bear interest at a weighted average fixed rate of 6.83% per annum and mature on June 5, 2026. The Company funded $10.5 million of the refinancing at a fixed rate equal to 8.03% per annum. The loan has been reflected as a Related Party Note Receivable, Net on the Companys Consolidated Balance Sheets. The Company has recognized interest income of approximately $0.9 million, $0.8 million and $0.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. 500 North Capitol Street, NW is an approximately 231,000 net rentable square foot office property in Washington, DC. On July 13, 2018, the Company entered into a joint venture with a third party to acquire a development site at 3 Hudson Boulevard that, upon the future acquisition of additional available development rights, can accommodate an …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

12. Segment Information Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Makers (CODMs). The CODMs decide how resources should be allocated and assesses performance on a recurring basis, at least quarterly. The Companys CODMs are its Chief Executive Officer and President. The CODMs review operating performance and financial reports by geographic area and property type. In addition, given the size of the Companys joint venture portfolio, the CODMs utilize the Companys share of net operating income (NOI), which includes the Companys share of NOI from consolidated and unconsolidated joint ventures, as its profit or loss measure in assessing each segments performance and deciding how to allocate resources. The Companys share of NOI is used by the CODMs to evaluate the profitability and performance of each geographic area on a consistent and comparable basis, supporting decisions on capital resource allocation, including in connection with development, redevelopment, acquisition and disposition activities in each segment. Additionally, the Company believes its share of NOI is useful as a profit or loss measure and believes it provides useful information regarding its results of operations and financial condition because, when compared across periods, it reflects t …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

11. Stockholders Equity / Partners Capital As of December 31, 2025, BXP had 158,548,298 shares of Common Stock outstanding. As of December 31, 2025, BXP owned 1,768,004 general partnership units and 156,780,294 limited partnership units in BPLP. On May 17, 2023, BXP renewed its at the market (ATM) stock offering program through which it may sell from time to time up to an aggregate of $600.0 million of its Common Stock through sales agents over a three-year period. Under the ATM stock offering program, BXP may also engage in forward sale transactions with affiliates of certain sales agents for the sale of its Common Stock on a forward basis. This program replaced BXPs prior $600.0 million ATM stock offering program that was scheduled to expire on May 22, 2023. BXP intends to use the net proceeds from any offering for general business purposes, which may include investment opportunities and debt reduction. No shares of Common Stock have been issued under this ATM stock offering program. During the years ended December 31, 2025 and December 31, 2024, BXP issued 291,040 and 1,147,013 shares of Common Stock, respectively, in connection with the redemption of an equal number of redeemable OP Units from limited partners. The following table presents BXPs dividends per share and BPLPs distributions per OP Unit and LTIP Unit paid or declared during the years ended December 31, 2025, 2024 and 2023: Record Date Payment Date Dividend (Per Share) Distribution (Per Unit) December 31, 2025 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

17. Subsequent Events On January 2, 2026, the Company completed the sale of its 50% ownership interest in the joint venture that owns Gateway Commons for a gross sales price of approximately $150.0 million. Gateway Commons is an office park that consists of five buildings aggregating approximately 792,700 net rentable square feet located in South San Francisco, California. On January 14, 2026, the Company completed the sale of North First Business Park located in San Jose, California for a gross sale price of approximately $50.5 million. North First Business Park is an office park that consist of five office buildings aggregating approximately 191,000 net rentable square feet. On January 16, 2026, the Company fully placed in-service Reston Next Retail, located in Reston, Virginia. Reston Next Retail is a retail development with approximately 30,000 net rentable square feet. On January 30, 2026, BXP granted an aggregate of 89,114 shares of restricted common stock and BPLP issued an aggregate of 429,396 LTIP Units under the 2021 Plan to certain employees of BXP On February 2, 2026, BPLP repaid $1.0 billion in aggregate principal amount of its 3.650% senior notes due February 1, 2026. The repayment was completed with available cash. The repayment price was approximately $1.0 billion, which was equal to the stated principal plus approximately $18.3 million of accrued and unpaid interest to, but not including, the repayment date. Excluding the accrued and unpaid interest, the repa …

SubsequentEventsTextBlock · excerpt; the full note is in the filing