AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 05/11/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Controlled locations and sites, substantial executed leasing and improving occupancy support differentiation. Similar local alternatives and an issuer-defined quality classification limit evidence of structural scarcity; a cost advantage or network effect is not established.
durability · 2/4 · Property control and long in-place and newly executed lease terms support multiyear persistence. Premiums after lease expiration remain unproven. Management's expectation that slower construction will improve fundamentals is potential support rather than a demonstrated durable barrier.
customer dependency · 2/4 · Approximately 1.5 million square feet of commenced renewals demonstrate repeat demand, and long leases demonstrate contractual commitment. Operational dependence, measured relocation costs and a lack of alternatives are not established.
erosion resilience · 2/4 · First-half 2026 same-property occupancy and revenue per square foot improved after 2025 occupancy weakened. Regional variation, weak life-science leasing, repeated impairments and substantial tenant and building investment temper resilience. Hybrid-work risk is prospective, not proof of realized portfolio-wide deterioration.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Average same-property revenue per square foot increased approximately $1.70 in 2025 and $1.08 in first-half 2026. These are positive observed outcomes, but do not isolate renewal pricing, concessions or mix. Claimed market outperformance is not independently quantified.
retention · 2/4 · Commenced second-generation renewals provide direct repeat-demand evidence; long executed leases and improving occupancy add support. No renewal rate is supplied, and increased termination activity offsets the positive evidence without establishing portfolio-wide retention failure.
margin resilience · 2/4 · First-half same-property lease revenue excluding terminations increased $36.8 million against $28.8 million of additional operating expenses. First-quarter expenses rose $18.8 million against only $12.4 million of additional lease revenue. This supports mixed property-level operating resilience; it does not establish expanding margins or a moat by itself.
contractual freedom · 2/4 · BXP negotiates inception and subsequent rents, duration, allowances and concessions. Long agreed terms constrain immediate repricing, while similar properties and subleases limit bargaining power. The warning about less favorable renewals describes a possibility rather than a proven portfolio-wide outcome.
Predictability90
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 1.97
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 9.52
- observedAnnualPeriods
- 5.00
Financial strength50
Qualitative real_estate assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy real-estate-1; not an industrial ratio score or credit rating.
capital adequacy · 2/4 · Mixed demonstrated capital capacity. June 2026 consolidated borrowings include $4.28 billion of mortgage notes and substantial unsecured financing; unsecured senior notes declined from $9.81 billion to $8.81 billion since year-end. BXP repaid the $1 billion February maturity, retained approximately $1.50 billion of revolver capacity after commercial-paper backing and letters of credit, and subsequently secured a $1.2 billion construction loan. These achievements support financing access, but sizable development requirements remain. Supplied passages do not establish covenant headroom or the unencumbered asset pool.
liquidity funding · 2/4 · Available funding and commitments present a mixed picture. June revolver capacity was approximately $1.50 billion after commercial-paper backing and letters of credit. Consolidated cash was $493.9 million, with $59.5 million of escrow cash separately reported; the unrestricted parent share of June cash is not established. February cash explicitly included $93.0 million attributable to consolidated joint-venture partners. June estimated future construction equity requirements were $2.10 billion over multiple years. The July $1.2 billion project loan improves funding but is project financing, not freely available corporate cash. The incomplete maturity and distribution schedules prevent a stronger conclusion.
asset liability risk · 2/4 · The operating scope includes office leasing and development, laboratory space and residential projects. June total-portfolio occupancy improved to 88.4%, but San Francisco remained 79.7% occupied and Washington occupancy declined. The $1.971 billion estimated 343 Madison investment was 50% leased, with stabilization expected in Q2 2031. Its July construction loan carries SOFR-based interest and a four-year initial term, creating rate exposure and a refinancing or conditional-extension decision before stabilization. Executed financing and improved occupancy mitigate these exposures; portfolio-wide hedging and lease/debt maturity concentrations are not supplied.
earnings resilience · 2/4 · Actual results show recovery with uneven earnings. Total-portfolio occupancy rose from 86.7% to 88.4% and leasing from 89.4% to 91.3% between year-end and June. BXP's diluted FFO per share rose to $1.78 from $1.71 in Q2, but first-half FFO per share was nearly flat at $3.36 versus $3.35. BXP-attributable GAAP net income fell in Q2 to $68.6 million from $89.0 million while increasing over the first half to $170.2 million from $150.2 million. Company-share first-half NOI declined to $977.0 million from $988.3 million. FFO is the issuer's reconciled Nareit-based supplemental measure, not GAAP operating cash flow.
Capital allocation50
Qualitative real_estate assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy real-estate-1; not an industrial ratio score or credit rating.
capital efficiency · 2/4 · Per-share operating outcomes are mixed: diluted FFO per share improved in Q2 but was almost unchanged over the first half. The GAAP reconciliation also records an $18.0 million impairment, limiting the interpretation of FFO growth. Delivery of the fully leased 290 Binney project and positive reported project NOI demonstrate productive reinvestment, but recently delivered retail still reported a loss. These are bounded operating outcomes; the passages do not establish durable investment yields or justify manufacturing ROIC.
distributions and buffers · 2/4 · BXP’s consolidated H1 2026 operating cash of $602.5m covered $248.6m distributions, leaving $121.6m after building and tenant improvements; leasing costs were already deducted. However, $404.7m construction spending and $1bn note redemption strained buffers. Distributions declined versus H1 2025; $1.499bn remaining revolver capacity provides flexibility, but continuing development funding requirements keep the assessment mixed.
dilution and cost · 2/4 · Actual dilution is modest but present: common shares outstanding increased from 158.55 million at year-end to 159.52 million in June, and Q2 diluted FFO includes 462,000 incremental stock-compensation shares/units. First-half diluted FFO per share barely increased despite higher aggregate BXP FFO. Reconciled consolidated interest expense declined to $305.5 million from $326.2 million in the first half, while the new construction facility bears SOFR plus 2.50%, with a conditional reduction to 2.25%. The evidence supports mixed cost and dilution outcomes; it does not identify all issuance sources or establish that contingent awards vested.
investment discipline · 2/4 · Realized capital recycling and project delivery support discipline, balanced by substantial remaining execution risk. Reported asset-sale net proceeds exceeded $1.1 billion through March 2026. By June, 290 Binney was fully placed in service, 100% leased and generating positive reported NOI. However, Reston Next Retail remained 69% leased with negative reported NOI, and construction projects carried $2.10 billion of estimated future equity requirements before the subsequently executed Madison loan. The GAAP reconciliation includes an $18.0 million impairment. Delivery and leasing are indirect execution evidence, not proof of realized investment yields or exceptional returns.
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Completed asset sales, July construction financing and no ATM issuance support capital recycling and funding execution. Actual OP Unit redemptions issued shares, but are not equivalent to an ATM capital raise. Large development commitments, substantial reinvestment and repeated impairments constrain the assessment; realized development returns remain unavailable.
incentive alignment · 2/4 · Actual MYLTIP awards link compensation to multiyear TSR, FFO growth and leverage; the completed 2023 award period paid 95% of target and forfeited 168,717 units. Approved OPP grants have stock-price hurdles but are not assumed earned. Immediate vesting of the CEO's disclosed time-based award and substantial compensation-vote opposition temper alignment. Ownership compliance remains unestablished.
execution · 2/4 · Executed leases, commenced renewals, improved occupancy, completed sales, financing and properties placed in service demonstrate delivery. These are operating indicators rather than customer-satisfaction measurements. Recurring impairments and uneven regional performance offset achievements; budget adherence and realized project returns are not established.
governance · 3/4 · Entirely independent Audit, Compensation and NCG committees, annual director terms and annual independent review requirements for ongoing related-person transactions support strong formal oversight. No tenure limits apply. The compensation vote passed with material opposition, which limits confidence in shareholder endorsement; exceptional oversight effectiveness is not demonstrated.
Evidence
At December 31, 2025, the weighted-average lease term of our in-place leases based on square feet, including leases signed by our unconsolidated joint ventures, was approximately 7.9 years and we continue to cultivate long-term leasing relationships with a diverse base of high-quality, financially stable clients.
2025 Form 10-K / Business / in-place lease terms · Filed 27/02/2026
We face significant competition from developers, owners and managers of office, life sciences and residential properties and other commercial real estate, including sublease space available from our clients.
2025 Form 10-K / competition / competing landlords and subleases · Filed 27/02/2026
Substantially all of our properties face competition from similar properties in the same market.
2025 Form 10-K / competition / similar local properties · Filed 27/02/2026
•sustained changes in client preferences and space utilization from full-time, collective in-person work environments to hybrid or remote work models and/or changes from workforce reduction due to artificial intelligence, which could decrease overall demand for workplaces and negatively impact market rental rates and property values;
2025 Form 10-K / risk factors / workplace demand · Filed 27/02/2026
The increase was a result of our average revenue per square foot increasing by approximately $1.70, contributing approximately $57.3 million, partially offset by approximately $13.8 million due to our average occupancy decreasing from 89.1% to 88.7%.
2025 Form 10-K / same-property revenue and occupancy · Filed 27/02/2026
During the years ended December 31, 2025, 2024 and 2023, the Company recognized an other-than-temporary impairment loss on its investments in one, three and four joint ventures, respectively, totaling approximately $145.1 million, $341.3 million and $272.6 million, respectively.
2025 Form 10-K / joint-venture investment impairments · Filed 27/02/2026
Cash used in investing activities for the year ended December 31, 2025 and December 31, 2024 is detailed below:
Year ended December 31,
2025
2024
(in thousands)
Acquisitions of real estate (1)
$
(55,864)
$
(35,366)
Construction in progress (2)
(683,750)
(651,346)
Building, pre-development and other capital improvements (3)
(216,687)
(189,667)
Tenant improvements
(338,808)
(258,312)
Proceeds from sales of real estate (4)
682,514
602
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) (5)
—
6,086
Capital contributions to unconsolidated joint ventures (6)
(258,752)
(132,096)
Capital distributions from unconsolidated joint ventures (7)
172,662
28,325
Investment in non-real estate investments
(3,538)
(2,500)
Issuance of note receivables (including related party) (8)
(22,861)
(3,258)
Proceeds from note receivables (including related party) (8)
80,000
—
Investments in securities, net
558
136
Net cash used in investing activities
2025 Form 10-K / investing cash flows · Filed 27/02/2026
Even if clients decide to renew or lease new
21
Table of Contents
space, the terms of renewals or new leases, including the cost of required renovations or concessions to clients, may be less favorable to us than current lease terms.
2025 Form 10-K / risk factors / renewal concessions · Filed 27/02/2026
Dispositions and Impairments
During the year ended December 31, 2025, excluding our unconsolidated joint ventures, we completed eight sales transactions for an aggregate gross sales price of approximately $702.6 million, resulting in net proceeds of approximately $682.5 million and gains on sales of real estate of $175.0 million and $177.6 million for BXP and BPLP, respectively (See Note 3 to the Consolidated Financial Statements).
2025 Form 10-K / dispositions and impairments · Filed 27/02/2026
We estimate our share of the aggregate estimated total investment to complete these projects is approximately $3.9 billion, of which approximately $2.5 billion remained to be invested as of December 31, 2025.
2025 Form 10-K / development investment commitments · Filed 27/02/2026
We also partially or fully placed in-service four properties that totaled approximately 727,000 net rentable square feet (See Notes 3 and 6 to the Consolidated Financial Statements).
2025 Form 10-K / properties placed in service · Filed 27/02/2026
We do not consider the expression “premier workplaces” a classification of our properties in accordance with any standard listing criteria in the real estate industry.
2025 Form 10-K / definition of premier workplaces · Filed 27/02/2026
No shares of Common Stock have been issued under this ATM stock offering program.
Second-quarter 2026 Form 10-Q / ATM issuance status · Filed 06/08/2026
During the six months ended June 30, 2026, BXP issued 885,882 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.
Second-quarter 2026 Form 10-Q / shares issued for OP Unit redemptions · Filed 06/08/2026
In the second quarter of 2026, we executed 106 leases totaling approximately 1.8 million square feet with a weighted-average lease term of approximately 9.9 years.
Second-quarter 2026 Form 10-Q / leasing activity · Filed 06/08/2026
Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $36.8 million for the six months ended June 30, 2026 compared to 2025.
Second-quarter 2026 Form 10-Q / first-half same-property lease revenue · Filed 06/08/2026
The increase was a result of our average revenue per square foot increasing by approximately $1.08, contributing approximately $19.5 million, and our average occupancy increasing from 88.1% to 89.1%, contributing approximately $17.3 million.
Second-quarter 2026 Form 10-Q / first-half revenue per square foot and occupancy · Filed 06/08/2026
Termination income for the six months ended June 30, 2026 and 2025 related to 18 and three clients, respectively, across the Same Property Portfolio and totaled approximately $15.7 million and $0.8 million, respectively.
Second-quarter 2026 Form 10-Q / first-half termination income · Filed 06/08/2026
Real Estate Operating Expenses
Real estate operating expenses from the Same Property Portfolio increased by approximately $28.8 million, or 4.6%, for the six months ended June 30, 2026 compared to 2025.
Second-quarter 2026 Form 10-Q / first-half same-property operating expenses · Filed 06/08/2026
Over the past several years, BXP’s experience and performance has diverged from the larger market sentiment, as premier workplaces have outperformed the broader office market consistently and substantially in both rental rates achieved and occupancy.
Second-quarter 2026 Form 10-Q / issuer assertion of market outperformance · Filed 06/08/2026
Life science leasing demand remains below historical levels, particularly among earlier-stage
44
Table of Contents
companies, and certain markets continue to experience a more measured pace of leasing activity.
Second-quarter 2026 Form 10-Q / life-science leasing demand · Filed 06/08/2026
When making leasing decisions, we consider, among other things, the creditworthiness of the client and the industry in which it conducts business, the length of the lease, the rental rate to be paid at inception and throughout the lease term, the amount of any security deposit or letter of credit posted by the client, the costs of tenant improvement allowances, free rent periods and other landlord concessions, anticipated operating expenses and real estate taxes, the date by which we expect to begin revenue recognition for the lease under GAAP, current and 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.
Second-quarter 2026 Form 10-Q / negotiated leasing terms · Filed 06/08/2026
Dispositions
The following table represents the Company’s share of the sales that occurred during the six months ended June 30, 2026 (dollars in thousands):
Company’s share
Property
Ownership Sold
Location
Date Disposed
Square Feet
Gross Sale Price
Net Cash Proceeds
Gain on Sale
Gateway Commons (1)(2)
50.00%
South San Francisco, CA
January 2, 2026
792,700
$
150,000
$
131,765
$
6,719
7750 Wisconsin Avenue (3)
50.00%
Bethesda/Chevy Chase, MD
March 19, 2026
735,600
215,000
83,293
34,840
13150 Worldgate Drive (4)
50.00%
Herndon, VA
June 4, 2026
N/A
10,275
10,248
832
1,528,300
$
375,275
$
225,306
$
42,391
_______________
(1)The Company had previously recognized an other-than-temporary impairment loss on its investment.
Second-quarter 2026 Form 10-Q / completed first-half dispositions · Filed 06/08/2026
On the supply side, new office construction has effectively slowed to a halt across most of our markets, which we expect will improve long‑term supply‑demand fundamentals and reinforce the relative competitiveness of institutional, well‑amenitized assets.
Second-quarter 2026 Form 10-Q / construction supply outlook · Filed 06/08/2026
Vacant space available at the beginning of the period
6,342,127
Vacant space from property dispositions/properties taken out of service (1)
(389,363)
Vacant space from properties placed (and partially placed) in-service (2)
30,284
Leases expiring or terminated during the period
2,190,499
Total space available for lease
8,173,547
1st generation leases (3)
120,757
2nd generation leases with new clients (4)
794,173
2nd generation lease renewals (4)
1,501,848
Total leases commenced during the period (5)
2,416,778
Vacant space available for lease at the end of the period
5,756,769
__________________
(1)Total square feet from property dispositions during the three months ended March 31, 2026 consists of 260,762 square feet at Gateway Commons and 79,382 square feet at North First Business Park.
First-quarter 2026 Form 10-Q / commenced leases and renewals · Filed 07/05/2026
Real Estate Operating Expenses
Real estate operating expenses from the Same Property Portfolio increased by approximately $18.8 million, or 6.0%, for the three months ended March 31, 2026 compared to 2025, primarily due to increases in (1) utilities and roads/grounds/security expenses of approximately $9.7 million, or 14.7%, and (2) real estate operating expenses of approximately $9.1 million, or 3.7%.
First-quarter 2026 Form 10-Q / same-property operating expenses · Filed 07/05/2026
Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $12.4 million for the three months ended March 31, 2026 compared to 2025.
First-quarter 2026 Form 10-Q / same-property lease revenue · Filed 07/05/2026
The following table shows the results for the 2023 MYLTIP awards (after giving effect to employee separations) at the end of its respective three-year measurement period (Aggregate value is shown in millions):
Measurement Date
Final Payout as a % of Target
Aggregate Value
Forfeited Units
2023 MYLTIP Awards
February 6, 2026
95
%
$
9.9
168,717
34
Table of Contents
Issuances (Restricted Stock, LTIP Units and MYLTIP Units)
First-quarter 2026 Form 10-Q / completed 2023 MYLTIP performance results · Filed 07/05/2026
On December 22, 2025, in connection with the multi-year, strategic action plan, to incentivize and retain the NEOs and other key members of senior management and to maximize their alignment with the interests of the Company’s stockholders for the duration of the plan, the independent members of BXP’s Board and the Committee approved the 2025 OPP awards.
2026 proxy / approval of December 2025 OPP grants · Filed 10/04/2026
Performance-based vesting of 2025 MYLTIP awards will be measured on the basis of BXP’s performance over a three-year performance period ending February 3, 2028 under three (3) separate components — relative TSR with an aTSR modifier (40%), relative FFO per share growth (40%) and Average Leverage Ratio (20%).
2026 proxy / MYLTIP performance components · Filed 10/04/2026
Mr. Thomas was fully vested on the grant date pursuant to his employment agreement.
2026 proxy / CEO time-based award vesting · Filed 10/04/2026
The OPP awards are 100% tied to rigorous dividend-adjusted stock price hurdles, with no units vesting unless our dividend-adjusted stock price reaches at least $90 per share for 20 consecutive trading days during the four-year performance period, while a +70% increase (as of the grant date) was required to earn the maximum number of units based on the $69.45 per share closing stock price on the grant date (see “—2025 Outperformance Awards” within this CD&A for more details of the award design).
2026 proxy / OPP performance hurdles · Filed 10/04/2026
In addition, any related person transaction previously approved by a majority of the independent directors of our Board or otherwise already existing that is ongoing in nature shall be reviewed by a majority of the independent directors of our Board annually to ensure that such related person transaction has been conducted in accordance with the previous approval granted by such independent directors, if any, and remains appropriate.
2026 proxy / annual independent review of related-person transactions · Filed 10/04/2026
•the independent committees of our Board of Directors: each of the Audit Committee, Compensation Committee and NCG Committee is led by independent committee chairs and is comprised solely of independent directors; and
2026 proxy / independent committee composition · Filed 10/04/2026
Because each director is elected to hold office for a one-year term expiring at the next annual meeting of stockholders, and in light of the benefits resulting from continuity on the Board, the Board does not believe it is in the best of interests of the Company or its stockholders to establish arbitrary term limits or limits on the overall tenure of a director.
2026 proxy / annual director terms and absence of tenure limits · Filed 10/04/2026
16
Q2 2026
Land parcels and purchase options
as of June 30, 2026
OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT 1
Location
Approximate Developable Square Feet 2
Office
New York, NY (25% ownership)
2,000,000
Princeton, NJ
1,723,000
Reston, VA
1,278,000
San Jose, CA (55% ownership)
1,088,000
San Francisco, CA
850,000
Springfield, VA
576,000
Waltham, MA
538,000
Lexington, MA
420,000
Washington, DC
320,000
Rockville, MD
150,000
Boston, MA
25,000
Total Office
8,968,000
Residential
Reston, VA
1,193,000
Rockville, MD
622,000
Weston, MA
600,000
West Los Angeles, CA
545,000
Washington, DC (50% ownership)
520,000
Waltham, MA
274,000
Herndon, VA (50% ownership)
236,000
Total Residential
3,990,000
Total Owned Land Parcels
12,958,000
VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS
Location
Approximate Developable Square Feet 2
Office
Waltham, MA 3
1,200,000
Boston, MA
668,000
Cambridge, MA
573,000
Total Office
2,441,000
Residential
Boston, MA
632,000
Total Residential
Second-quarter 2026 supplemental / owned land and purchase options · Filed 28/07/2026
–more–
Balance Sheet & Liquidity
•On July 28, 2026, BXP entered into a $1.2 billion construction loan for the development of 343 Madison Avenue in New York City, New York.
Second-quarter 2026 earnings release / July 28 construction financing · Filed 28/07/2026
BXP, INC.
PORTFOLIO LEASING PERCENTAGES
CBD Portfolio
% Occupied by Location (1)
% Leased by Location (2)
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
Boston
97.6
%
97.6
%
98.4
%
98.6
%
Los Angeles
88.2
%
86.5
%
90.9
%
87.0
%
New York
88.9
%
86.2
%
94.7
%
92.1
%
San Francisco
82.5
%
81.9
%
85.1
%
84.4
%
Seattle
81.9
%
79.8
%
85.9
%
81.3
%
Washington, DC
91.5
%
92.4
%
93.3
%
94.2
%
CBD Portfolio
90.7
%
89.8
%
93.6
%
92.5
%
Total Portfolio
% Occupied by Location (1)
% Leased by Location (2)
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
Boston
92.9
%
91.9
%
94.2
%
93.1
%
Los Angeles
88.2
%
86.5
%
90.9
%
87.0
%
New York
86.7
%
83.8
%
92.0
%
89.4
%
San Francisco
79.7
%
77.0
%
82.8
%
79.2
%
Seattle
81.9
%
79.8
%
85.9
%
81.3
%
Washington, DC
90.5
%
91.7
%
92.7
%
93.8
%
Total Portfolio
88.4
%
86.7
%
91.3
%
89.4
%
(1)Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
Second-quarter 2026 earnings release / regional portfolio occupancy · Filed 28/07/2026
◦EPS for the second quarter 2026 was less than the midpoint of BXP’s guidance by $0.02 per diluted share primarily due to a $0.10 per diluted share non-cash impairment charge recognized in connection with the anticipated disposition of Sumner Square in Washington, DC., partially offset by $0.08 per diluted share of higher revenues from increased occupancy and lower-than-projected net operating expenses.
Second-quarter 2026 earnings release / impairment and operating performance · Filed 28/07/2026
Walton, III
139,986,354
1,333,937
1,380,789
5,285,538
Derek Anthony (Tony) West
140,282,857
1,038,615
1,379,608
5,285,538
Proposal 2 - Non-binding, Advisory Vote on Named Executive Officer Compensation
For
Against
Abstain
Broker Non-Votes
98,180,094
43,066,965
1,454,021
5,285,538
Proposal 3 - Ratification of Appointment of PwC
For
Against
Abstain
Broker Non-Votes
141,184,878
6,753,339
48,401
0
Item 9.01.
May 2026 annual-meeting results / compensation advisory vote · Filed 22/05/2026
After the repayment at maturity of BPLP’s $1.0 billion unsecured senior notes due on February 1, 2026, as of February 20, 2026, we had available cash of approximately $363.4 million (of which approximately $93.0 million was attributable to our consolidated joint venture partners).
filing-1, liquidity discussion, February 20, 2026 cash after note repayment · Filed 27/02/2026
Through March 31, 2026, we have generated a total of more than $1.1 billion in net proceeds further advancing BXP’s progress toward the multi-year $1.9 billion goal.
filing-6, asset-sale net proceeds through March 31, 2026 · Filed 10/04/2026
Net Operating Income (Loss) 5 (BXP’s share)
Initial Occupancy
Stabilization Date
Investment to Date 2
Total Financing
Percentage
Location
Square Feet
Leased 3
Reston Next Retail
Q2 2026
Q4 2026
Reston, VA
30,284
$
30,080
$
31,600
$
—
$
—
$
1,520
69
%
$
(90)
290 Binney Street (55% ownership) 11
Q2 2026
Q2 2026
Cambridge, MA
572,578
435,734
488,000
—
—
52,266
100
%
8,914
Total Projects Fully Placed In-Service
602,862
$
465,814
$
519,600
$
—
$
—
$
53,786
98
%
$
8,824
filing-7, Q2 2026 projects fully placed in service, BXP's share · Filed 28/07/2026
Actual/Estimated
BXP’s share
Initial Occupancy
Stabilization Date
Square Feet
Investment to Date 2
Estimated Total Investment 2
Total Financing
Amount Drawn
Estimated Future Equity Requirement 2
Percentage Leased 3
Percentage placed in-service 4
Net Operating Income (Loss) 5 (BXP’s share)
Location
Office
Reservoir Place 6
Q2 2027
Q2 2027
Waltham, MA
363,000
$
11,954
$
87,000
$
—
$
—
$
75,046
89
%
—
%
N/A
725 12th Street
Q1 2029
Q4 2030
Washington, DC
320,000
109,553
349,600
—
—
240,047
87
%
—
%
N/A
343 Madison Avenue 7
Q3 2029
Q2 2031
New York, NY
930,000
429,623
1,971,000
—
—
1,541,377
50
%
—
%
N/A
Total Office Properties under Construction
1,613,000
551,130
2,407,600
—
—
1,856,470
66
%
—
%
N/A
Residential 8
17 Hartwell Avenue (312 units) (20% ownership)
Q2 2027
Q2 2028
Lexington, MA
347,000
18,773
35,900
19,747
512
—
—
%
—
%
N/A
17 Hartwell Avenue - Retail
2,100
—
—
—
—
—
—
%
—
%
N/A
121 Broadway Street (439 units)
Q3 2027
Q2 2029
Cambridge, MA
490,000
371,098
597,800
—
—
226,702
—
%
—
%
N/A
121 Broadway Street - Retail
1,550
—
—
—
—
—
—
%
—
%
N/A
290 Coles Street (670 units) (19.46% ownership) 9
Q2 2028
Q3 2029
Jersey City, NJ
693,000
39,873
88,700
56,422
15,515
7,920
—
%
—
%
N/A
290 Coles Street - Retail
13,000
—
—
—
—
—
—
%
—
%
N/A
Worldgate Drive (359 units) (20% ownership)
Q3 2028
Q2 2030
Herndon, VA
347,000
4,435
26,400
13,639
—
8,326
—
%
—
%
N/A
Total Residential Properties under Construction
1,893,650
434,179
748,800
89,808
16,027
242,948
—
%
—
%
N/A
Total Properties Under Construction
3,506,650
$
985,309
$
3,156,400
$
89,808
$
16,027
$
2,099,418
65
%
10
—
%
N/A
filing-7, June 30, 2026 construction pipeline and estimated future equity requirements, BXP's share · Filed 28/07/2026
Three Months Ended
30-Jun-26
31-Mar-26
Shares/units for Basic FFO
176,474
176,318
Add:
Effect of dilutive securities - stock-based compensation (shares/units)
462
501
Shares/units for Diluted FFO
176,936
176,819
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)
17,307
17,763
BXP, Inc.’s share of shares/units for Diluted FFO
159,629
159,056
BXP, Inc.’s percentage share of Diluted FFO
90.22
%
89.95
%
filing-7, Q2 and Q1 2026 diluted FFO share/unit reconciliation · Filed 28/07/2026
28
Q2 2026
Debt analysis 1
as of June 30, 2026
(dollars in thousands)
UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030
Facility
Outstanding at June 30, 2026
Remaining Capacity at June 30, 2026
Unsecured Line of Credit
$
2,250,000
$
—
$
2,250,000
Less:
Unsecured Commercial Paper 2
750,000
Letters of Credit
1,253
Total Remaining Capacity
$
1,498,747
UNSECURED TERM LOANS
Maturity Date
Facility
Outstanding Principal
2024 Unsecured Term Loan 3
September 26, 2026
filing-7, June 30, 2026 debt analysis and revolving-facility remaining capacity · Filed 28/07/2026
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
(in thousands, except for per share amounts)
filing-8, actual FFO reconciliation table period and unit headers · Filed 28/07/2026
Net income attributable to BXP, Inc.
filing-8, actual FFO reconciliation starting GAAP income row label · Filed 28/07/2026
$
68,564
$
88,977
$
170,186
$
150,161
Add:
Noncontrolling interest - common units of the Operating Partnership
7,779
10,064
19,294
17,036
Noncontrolling interests in property partnerships
26,121
20,100
45,990
38,849
Net income
102,464
119,141
235,470
206,046
Add:
Depreciation and amortization expense
236,977
223,819
464,944
443,926
Noncontrolling interests in property partnerships’ share of depreciation and amortization
(23,336)
(20,945)
(44,207)
(41,409)
Company’s share of depreciation and amortization from unconsolidated joint ventures
12,716
16,674
26,222
34,001
Corporate-related depreciation and amortization
(549)
(600)
(1,116)
(1,316)
Non-real estate related amortization
2,131
2,131
4,262
4,261
Loss on sales-type lease
—
—
—
2,490
Impairment loss
18,036
—
18,036
—
Less:
Gains on sales of real estate
6,997
18,390
20,399
18,390
Gains on sales included within income (loss) from unconsolidated joint ventures
1,157
—
42,390
—
Unrealized gain (loss) on non-real estate investments
(75)
(39)
113
(522)
Noncontrolling interests in property partnerships
26,121
20,100
45,990
38,849
Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.)
314,239
301,769
594,719
591,282
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations
30,827
30,117
59,115
59,010
Funds from operations attributable to BXP, Inc.
filing-8, Q2 and first-half 2026 versus 2025 GAAP net income-to-FFO reconciliation · Filed 28/07/2026
$
283,412
$
271,652
$
535,604
$
532,272
BXP, Inc.’s percentage share of funds from operations - basic
90.19
%
90.02
%
90.06
%
90.02
%
Weighted average shares outstanding - basic
159,167
158,312
158,863
158,257
FFO per share basic
$
1.78
$
1.72
$
3.37
$
3.36
Weighted average shares outstanding - diluted
159,629
158,795
159,344
158,713
FFO per share diluted
$
1.78
$
1.71
$
3.36
$
3.35
filing-8, Q2 and first-half 2026 versus 2025 BXP FFO, weighted shares and FFO per share · Filed 28/07/2026
BXP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2026
December 31, 2025
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost
$
27,132,125
$
26,248,130
Construction in progress
975,361
1,475,257
Land held for future development
499,424
518,492
Right of use assets - finance leases
371,889
372,470
Right of use assets - operating leases
290,726
325,841
Less: accumulated depreciation
(8,277,690)
(8,040,311)
Total real estate
20,991,835
20,899,879
Cash and cash equivalents
493,949
1,478,206
Cash held in escrows
59,514
79,060
Investments in securities
46,526
44,614
Tenant and other receivables, net
90,679
92,625
Note receivable, net
12,185
9,373
Related party notes receivable, net
35,337
28,346
Sales-type lease receivable, net
16,170
15,672
Accrued rental income, net
1,573,959
1,538,515
Deferred charges, net
848,273
847,690
Prepaid expenses and other assets
122,830
108,105
Investments in unconsolidated joint ventures
820,068
999,309
Assets held for sale
62,544
24,770
Total assets
$
25,173,869
$
26,166,164
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net
$
4,281,198
$
4,280,067
Unsecured senior notes, net
8,811,158
9,806,100
Unsecured exchangeable senior notes, net
978,642
976,263
Unsecured line of credit
—
—
Unsecured term loans, net
797,565
797,053
Unsecured commercial paper
750,000
750,000
Lease liabilities - finance leases
353,436
360,039
Lease liabilities - operating leases
386,487
389,213
Accounts payable and accrued expenses
474,141
480,017
Dividends and distributions payable
123,857
123,753
Accrued interest payable
109,523
125,345
Other liabilities
364,082
386,074
Liabilities held for sale
6,130
—
Total liabilities
17,436,219
18,473,924
Commitments and contingencies
—
—
Redeemable deferred stock units
7,927
7,538
Equity:
Stockholders’ equity attributable to BXP, Inc.:
filing-8, BXP consolidated balance sheets, June 30, 2026 and December 31, 2025 · Filed 28/07/2026
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding
—
—
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding
—
—
Common stock, $0.01 par value, 250,000,000 shares authorized, 159,600,410 and 158,627,198 issued and 159,521,510 and 158,548,298 outstanding at June 30, 2026 and December 31, 2025, respectively
1,595
1,585
Additional paid-in capital
6,881,671
6,836,243
Dividends in excess of earnings
(1,727,547)
(1,674,995)
Treasury common stock at cost, 78,900 shares at June 30, 2026 and December 31, 2025
(2,722)
(2,722)
Accumulated other comprehensive income (loss)
2,148
(12,921)
Total stockholders’ equity attributable to BXP, Inc.
filing-8, common shares outstanding and treasury stock at June 30, 2026 and December 31, 2025 · Filed 28/07/2026
(1)Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to BXP, Inc.
filing-8, FFO definition footnote, Nareit basis · Filed 28/07/2026
(computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization.
filing-8, FFO definition footnote, adjustments to GAAP net income · Filed 28/07/2026
–more–
Balance Sheet & Liquidity
•On July 28, 2026, BXP entered into a $1.2 billion construction loan for the development of 343 Madison Avenue in New York City, New York.
filing-8, July 28, 2026 executed construction loan for 343 Madison Avenue · Filed 28/07/2026
The loan has a four-year initial term, plus a one-year extension option subject to customary conditions, and was executed on competitive terms, including an initial interest rate of Term SOFR plus 2.50%, which will be reduced to Term SOFR plus 2.25% upon the achievement of certain leasing and construction milestones.
filing-8, construction-loan term, extension conditions and floating-rate spread · Filed 28/07/2026
BXP, INC.
PORTFOLIO LEASING PERCENTAGES
CBD Portfolio
% Occupied by Location (1)
% Leased by Location (2)
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
Boston
97.6
%
97.6
%
98.4
%
98.6
%
Los Angeles
88.2
%
86.5
%
90.9
%
87.0
%
New York
88.9
%
86.2
%
94.7
%
92.1
%
San Francisco
82.5
%
81.9
%
85.1
%
84.4
%
Seattle
81.9
%
79.8
%
85.9
%
81.3
%
Washington, DC
91.5
%
92.4
%
93.3
%
94.2
%
CBD Portfolio
90.7
%
89.8
%
93.6
%
92.5
%
Total Portfolio
% Occupied by Location (1)
% Leased by Location (2)
June 30, 2026
December 31, 2025
June 30, 2026
December 31, 2025
Boston
92.9
%
91.9
%
94.2
%
93.1
%
Los Angeles
88.2
%
86.5
%
90.9
%
87.0
%
New York
86.7
%
83.8
%
92.0
%
89.4
%
San Francisco
79.7
%
77.0
%
82.8
%
79.2
%
Seattle
81.9
%
79.8
%
85.9
%
81.3
%
Washington, DC
90.5
%
91.7
%
92.7
%
93.8
%
Total Portfolio
88.4
%
86.7
%
91.3
%
89.4
%
(1)Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
filing-8, portfolio occupancy and leasing percentages, June 30, 2026 versus December 31, 2025 · Filed 28/07/2026
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
(in thousands)
Company’s share of NOI
$
500,348
$
493,547
$
977,015
$
988,325
Add:
Development and management services revenue
7,633
8,846
16,840
18,621
Direct reimbursements of payroll and related costs from management services contracts
3,901
4,104
8,771
8,603
Income (loss) from unconsolidated joint ventures
(2,448)
(3,324)
32,965
(5,463)
Gains on sales of real estate
7,016
18,489
20,418
18,489
Interest and other income (loss)
6,137
8,063
15,022
15,813
Gains from investments in securities
4,385
2,600
3,819
2,235
Unrealized gain (loss) on non-real estate investments
(75)
(39)
113
(522)
Net operating income attributable to noncontrolling interests in property partnerships
60,335
51,562
112,045
101,264
Less:
General and administrative expense
50,444
42,516
109,785
94,800
Payroll and related costs from management services contracts
3,901
4,104
8,771
8,603
Transaction costs
(62)
357
67
1,125
Depreciation and amortization expense
235,321
222,116
461,626
440,520
Loss on sales-type lease
—
—
—
2,490
Net operating income from unconsolidated joint ventures
22,028
31,029
44,398
63,711
Impairment loss
16,752
—
16,752
—
Loss from early extinguishment of debt
—
—
—
338
Interest expense
153,425
162,783
305,518
326,227
Net income
105,423
120,943
240,091
209,551
Less:
Noncontrolling interests in property partnerships
26,121
20,100
45,990
38,849
Net income attributable to Boston Properties Limited Partnership
$
79,302
$
100,843
$
194,101
$
170,702
filing-4, quarterly and first-half company-share NOI reconciliation to BPLP net income · Filed 06/08/2026
BXP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
Six months ended June 30,
2026
2025
Cash flows from operating activities:
Net income
$
235,470
$
206,046
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
464,944
443,926
Impairment loss
18,036
—
Amortization of right of use assets - operating leases
(43)
289
Amortization of sales type lease
(494)
(513)
Non-cash compensation expense
41,057
34,860
(Income) loss from unconsolidated joint ventures
(32,965)
5,463
Distributions of net cash flow from operations of unconsolidated joint ventures
61,010
25,857
Gains from investments in securities
(3,819)
(2,235)
Allowance for current expected credit losses
134
(6)
Non-cash portion of interest expense
15,947
16,926
Loss from early extinguishments of debt
—
338
Gains on sales of real estate
(20,399)
(18,390)
Loss on sales-type lease
—
2,490
Unrealized (gain) loss on non-real estate investments
(113)
522
Change in assets and liabilities:
Tenant and other receivables, net
(6,097)
4,336
Accrued rental income, net
(23,209)
(51,222)
Prepaid expenses and other assets
(15,399)
(22,275)
Lease liabilities - operating leases
(8,944)
199
Accounts payable and accrued expenses
(9,192)
12,133
Accrued interest payable
(15,821)
(7,116)
Other liabilities
(29,243)
(41,586)
Tenant leasing costs
(68,336)
(46,861)
Total adjustments
367,054
357,135
Net cash provided by operating activities
602,524
563,181
Cash flows from investing activities:
Construction in progress
(404,691)
(278,667)
Building, pre-development and other capital improvements
(55,819)
(129,031)
Tenant improvements
(176,520)
(139,748)
Proceeds from sales of real estate
143,936
21,840
Capital contributions to unconsolidated joint ventures
(69,117)
(84,432)
Capital distributions from unconsolidated joint ventures
7,431
—
Proceeds from sales of investments in unconsolidated joint ventures
215,058
—
Investment in non-real estate investments
(1,103)
(1,430)
Issuance of notes receivable (including related party)
(9,946)
(1,800)
Investments in securities, net
1,890
864
Net cash used in investing activities
(348,881)
(612,404)
Cash flows from financing activities:
filing-4: BXP, Inc. consolidated cash flows, six months ended June 30, 2026 and 2025; unaudited, in thousands · Filed 06/08/2026
BXP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
Six months ended June 30,
2026
2025
Repayments of unsecured line of credit
—
(335,000)
Borrowings on unsecured term loans
—
700,000
Repayment of unsecured term loans
—
(700,000)
Payments on finance lease obligations
(7,124)
(6,735)
Borrowings on commercial paper program
5,520,910
3,997,365
Repayments on commercial paper program
(5,520,910)
(3,747,365)
Deferred financing costs
(139)
(14,478)
Net activity from equity transactions
(925)
(938)
Dividends and distributions
(248,624)
(346,418)
Contributions from noncontrolling interests in property partnerships
42,092
65,591
Distributions to noncontrolling interests in property partnerships
(40,575)
(38,002)
Net cash used in financing activities
(1,257,446)
(758,132)
Net decrease in cash and cash equivalents and cash held in escrows
(1,003,803)
(807,355)
Cash and cash equivalents and cash held in escrows, beginning of period
1,557,266
1,335,196
Cash and cash equivalents and cash held in escrows, end of period
$
553,463
$
527,841
Reconciliation of cash and cash equivalents and cash held in escrows:
filing-4: BXP, Inc. consolidated cash flows, financing activities; six months ended June 30, 2026 and 2025, in thousands · Filed 06/08/2026
Repayments of mortgage notes payable
(2,151)
(2,152)
Repayment / redemption of unsecured senior notes
(1,000,000)
(850,000)
Borrowings on unsecured line of credit
—
520,000
filing-4: BXP, Inc. consolidated cash flows, debt repayments and borrowings; continuation of q82 · Filed 06/08/2026
