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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025
or

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission File Number: 1-13087 (BXP, Inc.)
Commission File Number: 0-50209 (Boston Properties Limited Partnership)

BXP, INC.
BOSTON PROPERTIES LIMITED PARTNERSHIP
(Exact name of Registrant as specified in its charter)

BXP, Inc. | Delaware | 04-2473675
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number)
Boston Properties Limited Partnership | Delaware | 04-3372948
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number)

Prudential Center, 800 Boylston Street, Suite 1900, Boston, Massachusetts 02199-8103
(Address of principal executive offices) (Zip Code)
(617) 236-3300
(Registrants’ telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Registrant |  | Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered
BXP, Inc. |  | Common Stock, par value $0.01 per share |  | BXP |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
BXP, Inc.: Yes x No ☐ Boston Properties Limited Partnership: Yes x No ☐

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
BXP, Inc.: Yes x No ☐ Boston Properties Limited Partnership: Yes x No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
BXP, Inc.:
Large accelerated filer x Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
Boston Properties Limited Partnership:
Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer x Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
BXP, Inc. ☐ Boston Properties Limited Partnership ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
BXP, Inc.: Yes ☐ No x Boston Properties Limited Partnership: Yes ☐ No x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

BXP, Inc. | Common Stock, par value $0.01 per share | 158,324,596
(Registrant) | (Class) | (Outstanding on April 28, 2025)

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EXPLANATORY NOTE
This report combines the Quarterly Reports on Form 10-Q for the period ended March 31, 2025 of BXP, Inc. and Boston Properties Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “BXP” mean BXP, Inc. (formerly known as Boston Properties, Inc.), a Delaware corporation that has elected to be taxed as a real estate investment trust (“REIT”), and references to “BPLP” and the “Operating Partnership” mean Boston Properties Limited Partnership, a Delaware limited partnership. BPLP is the entity through which BXP conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets. BXP is the sole general partner and also a limited partner of BPLP. As the sole general partner of BPLP, BXP has exclusive control of BPLP’s day-to-day management. Therefore, unless stated otherwise or the context requires, references to the “Company,” “we,” “us” and “our” refer collectively to BXP, BPLP and those subsidiaries consolidated by BXP.
As of March 31, 2025, BXP owned an approximate 89.6% ownership interest in BPLP. The remaining approximate 10.4% interest was owned by limited partners. The other limited partners of BPLP (1) contributed their direct or indirect interests in properties to BPLP in exchange for common units of limited partnership interest in BPLP or (2) received long-term incentive plan units of BPLP pursuant to BXP’s Stock Option and Incentive Plans, or both. Under the limited partnership agreement of BPLP, unitholders may present their common units of BPLP for redemption at any time (subject to covenants agreed upon at the time of issuance of the units that may restrict such right for a period of time, generally one year from issuance). Upon presentation of a common unit for redemption, BPLP must redeem the unit for cash equal to the then value of a share of BXP’s common stock. In lieu of a cash redemption by BPLP, however, BXP may elect to acquire any common units so tendered by issuing shares of BXP common stock in exchange for the common units. If BXP so elects, its common stock will be exchanged for common units on a one-for-one basis. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. BXP generally expects that it will elect to issue its common stock in connection with each such presentation for redemption rather than having BPLP pay cash. With each such exchange or redemption, BXP’s percentage ownership in BPLP will increase. In addition, whenever BXP issues shares of its common stock other than to acquire common units of BPLP, BXP must contribute any net proceeds it receives to BPLP and BPLP must issue to BXP a number of common units of BPLP that equals the number of shares of BXP common stock so issued. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the Quarterly Reports on Form 10-Q of BXP and BPLP into this single report:
•enhances investors’ understanding of BXP and BPLP by enabling them to view the business as a whole in the same manner as management views and operates the business;
•eliminates duplicative disclosure and provides a more concise and readable presentation because a substantial portion of the disclosure applies to both BXP and BPLP; and
•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between BXP and BPLP in the context of how BXP and BPLP operate as a consolidated company. The financial results of BPLP are consolidated into the financial statements of BXP. BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving the securities of BXP. BPLP holds substantially all of the assets of BXP, including ownership interests in subsidiaries and joint ventures. BPLP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by BXP, which are contributed to the capital of BPLP in exchange for common or preferred units of partnership in BPLP, as applicable, BPLP generates all remaining capital required by the Company’s business. These sources include working capital, net cash provided by operating activities, borrowings under its credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties and interests in joint ventures.
Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of BXP and BPLP. The limited partners of BPLP are accounted for as partners’ capital in BPLP’s financial statements and as noncontrolling interests in BXP’s financial statements. The noncontrolling interests in BPLP’s financial statements include the interests of unaffiliated partners in various

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consolidated partnerships. The noncontrolling interests in BXP’s financial statements include the same noncontrolling interests in BPLP and limited partners of BPLP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued by each of BXP and BPLP.
In addition, the consolidated financial statements of BXP and BPLP differ in total real estate assets resulting from previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of BPLP. This accounting resulted in a step-up of the real estate assets of BXP at the time of such redemptions, resulting in a difference between the net real estate of BXP as compared to BPLP of approximately $234.4 million, or 1.1% at March 31, 2025, and a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of these properties having an allocation of the real estate step-up. The acquisition accounting was nullified on a prospective basis beginning in 2009 as a result of the Company’s adoption of a new accounting standard requiring any subsequent redemptions to be accounted for solely as an equity transaction.
To help investors better understand the key differences between BXP and BPLP, the following items in this report present information separately for BXP and BPLP:
• Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP:
•Note 3. Real Estate;
•Note 10. Stockholders’ Equity / Partners’ Capital;
•Note 11. Segment Information; and
•Note 12. Earnings Per Share / Common Unit; and
• Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Liquidity and Capital Resources, includes information specific to each entity, where applicable.
This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections for each of BXP and BPLP, as well as separate Exhibits 31 and 32 certifications for each of BXP and BPLP.

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BXP, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP
FORM 10-Q
for the quarter ended March 31, 2025
TABLE OF CONTENTS

|  | Page
PART I. FINANCIAL INFORMATION |
ITEM 1. | Financial Statements (unaudited) | 1
BXP, Inc. |
| a) Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 | 1
| b) Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 | 3
| c) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024 | 4
| d) Consolidated Statements of Equity for the three months ended March 31, 2025 and 2024 | 5
| e) Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 | 6
Boston Properties Limited Partnership |
| a) Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 | 8
| b) Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 | 10
| c) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024 | 11
| d) Consolidated Statements of Capital and Noncontrolling Interests for the three months ended March 31, 2025 and 2024 | 12
| e) Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 | 13
BXP, Inc. and Boston Properties Limited Partnership |
| Notes to the Consolidated Financial Statements | 15
ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 37
ITEM 3. | Quantitative and Qualitative Disclosures about Market Risk | 76
ITEM 4. | Controls and Procedures | 77
PART II. OTHER INFORMATION |
ITEM 1. | Legal Proceedings | 78
ITEM 1A. | Risk Factors | 78
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 78
ITEM 3. | Defaults Upon Senior Securities | 79
ITEM 4. | Mine Safety Disclosures | 79
ITEM 5. | Other Information | 79
ITEM 6. | Exhibits | 80
SIGNATURES | 81

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PART I. FINANCIAL INFORMATION
ITEM 1—Financial Statements.

BXP, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts)
|  | March 31, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,920,052 and $7,797,430 at March 31, 2025 and December 31, 2024, respectively) |  | $ | 28,115,423 |  |  | $ | 27,870,623 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2025 and December 31, 2024, respectively) |  | 372,845 |  |  | 372,922 |
Right of use assets - operating leases (amounts related to VIEs of $136,123 and $140,558 at March 31, 2025 and December 31, 2024, respectively) |  | 330,129 |  |  | 334,767 |
Less: accumulated depreciation (amounts related to VIEs of $(1,660,324) and $(1,628,274) at March 31, 2025 and December 31, 2024, respectively) |  | (7,699,234) |  |  | (7,528,057) |
Total real estate |  | 21,119,163 |  |  | 21,050,255 |
Cash and cash equivalents (amounts related to VIEs of $238,137 and $373,737 at March 31, 2025 and December 31, 2024, respectively) |  | 398,126 |  |  | 1,254,882 |
Cash held in escrows (amounts related to VIEs of $5,305 and $4,979 at March 31, 2025 and December 31, 2024, respectively) |  | 81,081 |  |  | 80,314 |
Investments in securities |  | 38,310 |  |  | 39,706 |
Tenant and other receivables, net (amounts related to VIEs of $29,067 and $20,435 at March 31, 2025 and December 31, 2024, respectively) |  | 117,353 |  |  | 107,453 |
Note receivable, net |  | 5,535 |  |  | 4,947 |
Related party notes receivable, net |  | 88,816 |  |  | 88,779 |
Sales-type lease receivable, net |  | 14,958 |  |  | 14,657 |
Accrued rental income, net (amounts related to VIEs of $443,953 and $435,110 at March 31, 2025 and December 31, 2024, respectively) |  | 1,490,522 |  |  | 1,466,220 |
Deferred charges, net (amounts related to VIEs of $209,654 and $211,726 at March 31, 2025 and December 31, 2024, respectively) |  | 806,057 |  |  | 813,345 |
Prepaid expenses and other assets (amounts related to VIEs of $46,605 and $15,036 at March 31, 2025 and December 31, 2024, respectively) |  | 138,868 |  |  | 70,839 |
Investments in unconsolidated joint ventures |  | 1,137,732 |  |  | 1,093,583 |
Total assets |  | $ | 25,436,521 |  |  | $ | 26,084,980 |
LIABILITIES AND EQUITY |  |  |  |
Liabilities: |  |  |  |
Mortgage notes payable, net (amounts related to VIEs of $3,283,239 and $3,282,027 at March 31, 2025 and December 31, 2024, respectively) |  | $ | 4,277,710 |  |  | $ | 4,276,609 |
Unsecured senior notes, net |  | 9,797,824 |  |  | 10,645,077 |
Unsecured line of credit |  | 300,000 |  |  | — |
Unsecured term loans, net |  | 796,158 |  |  | 798,813 |
Unsecured commercial paper |  | 500,000 |  |  | 500,000 |
Lease liabilities - finance leases (amounts related to VIEs of $20,965 and $20,931 at March 31, 2025 and December 31, 2024, respectively) |  | 368,379 |  |  | 370,885 |
Lease liabilities - operating leases (amounts related to VIEs of $160,805 and $157,691 at March 31, 2025 and December 31, 2024, respectively) |  | 395,638 |  |  | 392,686 |
Accounts payable and accrued expenses (amounts related to VIEs of $123,169 and $115,808 at March 31, 2025 and December 31, 2024, respectively) |  | 398,760 |  |  | 401,874 |
Dividends and distributions payable |  | 172,674 |  |  | 172,486 |
Accrued interest payable |  | 120,432 |  |  | 128,098 |
Other liabilities (amounts related to VIEs of $108,335 and $126,202 at March 31, 2025 and December 31, 2024, respectively) |  | 450,165 |  |  | 450,796 |
Total liabilities |  | 17,577,740 |  |  | 18,137,324 |

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BXP, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts)
|  | March 31, 2025 |  | December 31, 2024
Commitments and contingencies (See Note 8) |  |  |  |
Redeemable deferred stock units— 133,051 and 128,227 units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively |  | 8,940 |  |  | 9,535 |
Equity: |  |  |  |
Stockholders’ equity attributable to BXP, Inc.: |  |  |  |
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, 158,402,227 and 158,253,895 issued and 158,323,327 and 158,174,995 outstanding at March 31, 2025 and December 31, 2024, respectively |  | 1,583 |  |  | 1,582 |
Additional paid-in capital |  | 6,846,015 |  |  | 6,836,093 |
Dividends in excess of earnings |  | (1,513,555) |  |  | (1,419,575) |
Treasury common stock at cost, 78,900 shares at March 31, 2025 and December 31, 2024 |  | (2,722) |  |  | (2,722) |
Accumulated other comprehensive loss |  | (11,379) |  |  | (2,072) |
Total stockholders’ equity attributable to BXP, Inc. |  | 5,319,942 |  |  | 5,413,306 |
Noncontrolling interests: |  |  |  |
Common units of Boston Properties Limited Partnership |  | 591,555 |  |  | 591,270 |
Property partnerships |  | 1,938,344 |  |  | 1,933,545 |
Total equity |  | 7,849,841 |  |  | 7,938,121 |
Total liabilities and equity |  | $ | 25,436,521 |  |  | $ | 26,084,980 |

The accompanying notes are an integral part of these consolidated financial statements.
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BXP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except for per share amounts)

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Revenue |  |  |  |  |  |  |  |  |
Lease | $ | 811,102 |  |  | $ | 788,590 |  |  |  |  |  |  |
Parking and other | 30,242 |  |  | 32,216 |  |  |  |  |  |  |
Hotel | 9,597 |  |  | 8,186 |  |  |  |  |  |  |
Development and management services | 9,775 |  |  | 6,154 |  |  |  |  |  |  |
Direct reimbursements of payroll and related costs from management services contracts | 4,499 |  |  | 4,293 |  |  |  |  |  |  |
Total revenue | 865,215 |  |  | 839,439 |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |
Operating |  |  |  |  |  |  |  |  |
Rental | 331,578 |  |  | 314,157 |  |  |  |  |  |  |
Hotel | 7,565 |  |  | 6,015 |  |  |  |  |  |  |
General and administrative | 52,284 |  |  | 50,018 |  |  |  |  |  |  |
Payroll and related costs from management services contracts | 4,499 |  |  | 4,293 |  |  |  |  |  |  |
Transaction costs | 768 |  |  | 513 |  |  |  |  |  |  |
Depreciation and amortization | 220,107 |  |  | 218,716 |  |  |  |  |  |  |
Total expenses | 616,801 |  |  | 593,712 |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |
Income (loss) from unconsolidated joint ventures | (2,139) |  |  | 19,186 |  |  |  |  |  |  |
Loss on sales-type lease | (2,490) |  |  | — |  |  |  |  |  |  |
Interest and other income (loss) | 7,750 |  |  | 14,529 |  |  |  |  |  |  |
Gains (losses) from investments in securities | (365) |  |  | 2,272 |  |  |  |  |  |  |
Unrealized gain (loss) on non-real estate investments | (483) |  |  | 396 |  |  |  |  |  |  |
Impairment loss | — |  |  | (13,615) |  |  |  |  |  |  |
Loss from early extinguishment of debt | (338) |  |  | — |  |  |  |  |  |  |
Interest expense | (163,444) |  |  | (161,891) |  |  |  |  |  |  |
Net income | 86,905 |  |  | 106,604 |  |  |  |  |  |  |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  |
Noncontrolling interests in property partnerships | (18,749) |  |  | (17,221) |  |  |  |  |  |  |
Noncontrolling interest—common units of the Operating Partnership | (6,979) |  |  | (9,500) |  |  |  |  |  |  |
Net income attributable to BXP, Inc. | $ | 61,177 |  |  | $ | 79,883 |  |  |  |  |  |  |
Basic earnings per common share attributable to BXP, Inc. |  |  |  |  |  |  |  |  |
Net income | $ | 0.39 |  |  | $ | 0.51 |  |  |  |  |  |  |
Weighted average number of common shares outstanding | 158,202 |  |  | 156,983 |  |  |  |  |  |  |
Diluted earnings per common share attributable to BXP, Inc. |  |  |  |  |  |  |  |  |
Net income | $ | 0.39 |  |  | $ | 0.51 |  |  |  |  |  |  |
Weighted average number of common and common equivalent shares outstanding | 158,632 |  |  | 157,132 |  |  |  |  |  |  |

The accompanying notes are an integral part of these consolidated financial statements.
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BXP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
Net income |  | $ | 86,905 |  |  | $ | 106,604 |  |  |  |  |  |  |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Effective portion of interest rate contracts |  | (13,276) |  |  | 16,351 |  |  |  |  |  |  |
Amortization of interest rate contracts (1) |  | 3,081 |  |  | 3,360 |  |  |  |  |  |  |
Other comprehensive income (loss) |  | (10,195) |  |  | 19,711 |  |  |  |  |  |  |
Comprehensive income |  | 76,710 |  |  | 126,315 |  |  |  |  |  |  |
Net income attributable to noncontrolling interests |  | (25,728) |  |  | (26,721) |  |  |  |  |  |  |
Other comprehensive (income) loss attributable to noncontrolling interests |  | 888 |  |  | (2,184) |  |  |  |  |  |  |
Comprehensive income attributable to BXP, Inc. |  | $ | 51,870 |  |  | $ | 97,410 |  |  |  |  |  |  |

_______________
(1)Amounts reclassified from comprehensive income primarily to interest expense within BXP, Inc.’s Consolidated Statements of Operations.
The accompanying notes are an integral part of these consolidated financial statements.
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BXP, INC. CONSOLIDATED STATEMENTS OF EQUITY (unaudited and in thousands)
| Common Stock |  | Additional Paid-in Capital |  | Dividends in Excess of Earnings |  | Treasury Stock, at cost |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests - Common Units |  | Noncontrolling Interests - Property Partnerships |  | Total
| Shares |  | Amount |
Equity, December 31, 2024 | 158,175 |  |  | $ | 1,582 |  |  | $ | 6,836,093 |  |  | $ | (1,419,575) |  |  | $ | (2,722) |  |  | $ | (2,072) |  |  | $ | 591,270 |  |  | $ | 1,933,545 |  |  | $ | 7,938,121 |
Redemption of operating partnership units to common stock | 112 |  |  | 1 |  |  | 3,675 |  |  | — |  |  | — |  |  | — |  |  | (3,676) |  |  | — |  |  | — |
Allocated net income for the period | — |  |  | — |  |  | — |  |  | 61,177 |  |  | — |  |  | — |  |  | 6,979 |  |  | 18,749 |  |  | 86,905 |
Dividends/distributions declared | — |  |  | — |  |  | — |  |  | (155,157) |  |  | — |  |  | — |  |  | (18,149) |  |  | — |  |  | (173,306) |
Shares issued pursuant to stock purchase plan | 6 |  |  | — |  |  | 470 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 470 |
Net activity from stock option and incentive plan | 30 |  |  | — |  |  | 1,232 |  |  | — |  |  | — |  |  | — |  |  | 20,989 |  |  | — |  |  | 22,221 |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — |  |  | — |  |  | (281) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,431 |  |  | 5,150 |
Distributions to noncontrolling interests in property partnerships | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19,525) |  |  | (19,525) |
Effective portion of interest rate contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11,950) |  |  | (1,326) |  |  | — |  |  | (13,276) |
Amortization of interest rate contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,643 |  |  | 294 |  |  | 144 |  |  | 3,081 |
Reallocation of noncontrolling interest | — |  |  | — |  |  | 4,826 |  |  | — |  |  | — |  |  | — |  |  | (4,826) |  |  | — |  |  | — |
Equity, March 31, 2025 | 158,323 |  |  | $ | 1,583 |  |  | $ | 6,846,015 |  |  | $ | (1,513,555) |  |  | $ | (2,722) |  |  | $ | (11,379) |  |  | $ | 591,555 |  |  | $ | 1,938,344 |  |  | $ | 7,849,841 |
Equity, December 31, 2023 | 156,941 |  |  | $ | 1,569 |  |  | $ | 6,715,149 |  |  | $ | (816,152) |  |  | $ | (2,722) |  |  | $ | (21,147) |  |  | $ | 666,580 |  |  | $ | 1,640,704 |  |  | $ | 8,183,981 |
Redemption of operating partnership units to common stock | 36 |  |  | 1 |  |  | 1,302 |  |  | — |  |  | — |  |  | — |  |  | (1,303) |  |  | — |  |  | — |
Allocated net income for the period | — |  |  | — |  |  | — |  |  | 79,883 |  |  | — |  |  | — |  |  | 9,500 |  |  | 17,221 |  |  | 106,604 |
Dividends/distributions declared | — |  |  | — |  |  | — |  |  | (153,908) |  |  | — |  |  | — |  |  | (18,864) |  |  | — |  |  | (172,772) |
Shares issued pursuant to stock purchase plan | 8 |  |  | — |  |  | 600 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 600 |
Net activity from stock option and incentive plan | 64 |  |  | — |  |  | 2,262 |  |  | — |  |  | — |  |  | — |  |  | 14,269 |  |  | — |  |  | 16,531 |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — |  |  | — |  |  | 46,082 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 96,860 |  |  | 142,942 |
Distributions to noncontrolling interests in property partnerships | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20,025) |  |  | (20,025) |
Effective portion of interest rate contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,646 |  |  | 1,705 |  |  | — |  |  | 16,351 |
Amortization of interest rate contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,881 |  |  | 335 |  |  | 144 |  |  | 3,360 |
Reallocation of noncontrolling interest | — |  |  | — |  |  | (12,747) |  |  | — |  |  | — |  |  | — |  |  | 12,747 |  |  | — |  |  | — |
Equity, March 31, 2024 | 157,049 |  |  | $ | 1,570 |  |  | $ | 6,752,648 |  |  | $ | (890,177) |  |  | $ | (2,722) |  |  | $ | (3,620) |  |  | $ | 684,969 |  |  | $ | 1,734,904 |  |  | $ | 8,277,572 |

The accompanying notes are an integral part of these consolidated financial statements.
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BXP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands)
| Three months ended March 31,
| 2025 |  | 2024 |  |
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 86,905 |  |  | $ | 106,604 |  |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 220,107 |  |  | 218,716 |  |  |
Impairment loss | — |  |  | 13,615 |  |  |
Amortization of right of use assets - operating leases | 203 |  |  | 1,441 |  |  |
Amortization of sales type lease | (281) |  |  | — |  |  |
Non-cash compensation expense | 22,917 |  |  | 18,873 |  |  |
Loss (Income) from unconsolidated joint ventures | 2,139 |  |  | (19,186) |  |  |
Distributions of net cash flow from operations of unconsolidated joint ventures | 17,053 |  |  | 8,643 |  |  |
(Gains) losses from investments in securities | 365 |  |  | (2,272) |  |  |
Allowance for current expected credit losses | (23) |  |  | 4 |  |  |
Non-cash portion of interest expense | 9,257 |  |  | 12,109 |  |  |
Loss from early extinguishments of debt | 338 |  |  | — |  |  |
Loss on sales-type lease | 2,490 |  |  | — |  |  |
Unrealized (gain) loss on non-real estate investments | 483 |  |  | (396) |  |  |
Change in assets and liabilities: |  |  |  |  |
Tenant and other receivables, net | 1,903 |  |  | 29,454 |  |  |
Accrued rental income, net | (28,178) |  |  | (35,945) |  |  |
Prepaid expenses and other assets | (73,910) |  |  | (74,705) |  |  |
Right of use assets - operating lease | — |  |  | (750) |  |  |
Lease liabilities - operating leases | (162) |  |  | (1,241) |  |  |
Accounts payable and accrued expenses | (14,664) |  |  | (20,725) |  |  |
Accrued interest payable | (7,660) |  |  | (14,171) |  |  |
Other liabilities | (11,862) |  |  | (12,846) |  |  |
Tenant leasing costs | (17,384) |  |  | (29,627) |  |  |
Total adjustments | 123,131 |  |  | 90,991 |  |  |
Net cash provided by operating activities | 210,036 |  |  | 197,595 |  |  |
Cash flows from investing activities: |  |  |  |  |
Construction in progress | (138,796) |  |  | (181,636) |  |  |
Building and other capital improvements | (57,395) |  |  | (32,087) |  |  |
Tenant improvements | (60,338) |  |  | (53,377) |  |  |
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) | — |  |  | 6,086 |  |  |
Capital contributions to unconsolidated joint ventures | (52,611) |  |  | (26,457) |  |  |
Investment in non-real estate investments | (434) |  |  | — |  |  |
Issuance of note receivables (including related party) | (600) |  |  | (573) |  |  |
Investments in securities, net | 1,031 |  |  | 1,425 |  |  |
Net cash used in investing activities | (309,143) |  |  | (286,619) |  |  |
Cash flows from financing activities: |  |  |  |  |
Repayments of mortgage notes payable | (1,122) |  |  | (804) |  |  |
Repayment / redemption of unsecured senior notes | (850,000) |  |  | (700,000) |  |  |
Borrowings on unsecured line of credit | 360,000 |  |  | — |  |  |
Repayments of unsecured line of credit | (60,000) |  |  | — |  |  |

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BXP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands)
| Three months ended March 31,
| 2025 |  | 2024 |  |
Borrowings on unsecured term loans | 700,000 |  |  | — |  |  |
Repayment of unsecured term loans | (700,000) |  |  | — |  |  |
Payments on finance lease obligations | (3,344) |  |  | (3,160) |  |  |
Borrowings on commercial paper program | 1,287,523 |  |  | — |  |  |
Repayments on commercial paper program | (1,287,523) |  |  | — |  |  |
Deferred financing costs | (14,102) |  |  | (108) |  |  |
Net activity from equity transactions | (821) |  |  | (2,136) |  |  |
Dividends and distributions | (173,118) |  |  | (171,794) |  |  |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 5,150 |  |  | 141,118 |  |  |
Distributions to noncontrolling interests in property partnerships | (19,525) |  |  | (20,025) |  |  |
Net cash used in financing activities | (756,882) |  |  | (756,909) |  |  |
Net decrease in cash and cash equivalents and cash held in escrows | (855,989) |  |  | (845,933) |  |  |
Cash and cash equivalents and cash held in escrows, beginning of period | 1,335,196 |  |  | 1,612,567 |  |  |
Cash and cash equivalents and cash held in escrows, end of period | $ | 479,207 |  |  | $ | 766,634 |  |  |
Reconciliation of cash and cash equivalents and cash held in escrows: |  |  |  |  |
Cash and cash equivalents, beginning of period | $ | 1,254,882 |  |  | $ | 1,531,477 |  |  |
Cash held in escrows, beginning of period | 80,314 |  |  | 81,090 |  |  |
Cash and cash equivalents and cash held in escrows, beginning of period | $ | 1,335,196 |  |  | $ | 1,612,567 |  |  |
Cash and cash equivalents, end of period | $ | 398,126 |  |  | $ | 701,695 |  |  |
Cash held in escrows, end of period | 81,081 |  |  | 64,939 |  |  |
Cash and cash equivalents and cash held in escrows, end of period | $ | 479,207 |  |  | $ | 766,634 |  |  |
Supplemental disclosures: |  |  |  |  |
Cash paid for interest (net of amounts capitalized) | $ | 175,700 |  |  | $ | 180,717 |  |  |
Interest capitalized | $ | 10,317 |  |  | $ | 9,381 |  |  |
Non-cash investing and financing activities: |  |  |  |  |
Write-off of fully depreciated real estate | $ | (20,549) |  |  | $ | (27,993) |  |  |
Change in real estate included in accounts payable and accrued expenses | $ | 15,198 |  |  | $ | (48,518) |  |  |
Right of use assets obtained in exchange for lease liabilities - operating lease | $ | — |  |  | $ | 25,637 |  |  |
Non-cash contributions from noncontrolling interests in property partnerships, net | $ | 281 |  |  | $ | 52,786 |  |  |
Capitalized operating lease costs | $ | 7,548 |  |  | $ | 7,548 |  |  |
Investment in unconsolidated joint ventures eliminated upon consolidation | $ | — |  |  | $ | (11,834) |  |  |
Mortgage note payable recorded upon consolidation | $ | — |  |  | $ | 207,093 |  |  |
Real estate and intangibles recorded upon consolidation | $ | — |  |  | $ | (220,015) |  |  |
Dividends and distributions declared but not paid | $ | 172,674 |  |  | $ | 172,154 |  |  |
Conversions of noncontrolling interests to stockholders’ equity | $ | 3,676 |  |  | $ | 1,303 |  |  |
Issuance of restricted securities to employees and non-employee directors | $ | 42,281 |  |  | $ | 41,989 |  |  |

The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts)
|  | March 31, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,920,052 and $7,797,430 at March 31, 2025 and December 31, 2024, respectively) |  | $ | 27,749,158 |  |  | $ | 27,504,358 |
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2025 and December 31, 2024, respectively) |  | 372,845 |  |  | 372,922 |
Right of use assets - operating leases (amounts related to VIEs of $136,123 and $140,558 at March 31, 2025 and December 31, 2024, respectively) |  | 330,129 |  |  | 334,767 |
Less: accumulated depreciation (amounts related to VIEs of $(1,660,324) and $(1,628,274) at March 31, 2025 and December 31, 2024, respectively) |  | (7,567,356) |  |  | (7,397,882) |
Total real estate |  | 20,884,776 |  |  | 20,814,165 |
Cash and cash equivalents (amounts related to VIEs of $238,137 and $373,737 at March 31, 2025 and December 31, 2024, respectively) |  | 398,126 |  |  | 1,254,882 |
Cash held in escrows (amounts related to VIEs of $5,305 and $4,979 at March 31, 2025 and December 31, 2024, respectively) |  | 81,081 |  |  | 80,314 |
Investments in securities |  | 38,310 |  |  | 39,706 |
Tenant and other receivables, net (amounts related to VIEs of $29,067 and $20,435 at March 31, 2025 and December 31, 2024, respectively) |  | 117,353 |  |  | 107,453 |
Note receivable, net |  | 5,535 |  |  | 4,947 |
Related party notes receivables, net |  | 88,816 |  |  | 88,779 |
Sales-type lease receivable, net |  | 14,958 |  |  | 14,657 |
Accrued rental income, net (amounts related to VIEs of $443,953 and $435,110 at March 31, 2025 and December 31, 2024, respectively) |  | 1,490,522 |  |  | 1,466,220 |
Deferred charges, net (amounts related to VIEs of $209,654 and $211,726 at March 31, 2025 and December 31, 2024, respectively) |  | 806,057 |  |  | 813,345 |
Prepaid expenses and other assets (amounts related to VIEs of $46,605 and $15,036 at March 31, 2025 and December 31, 2024, respectively) |  | 138,868 |  |  | 70,839 |
Investments in unconsolidated joint ventures |  | 1,137,732 |  |  | 1,093,583 |
Total assets |  | $ | 25,202,134 |  |  | $ | 25,848,890 |
LIABILITIES AND CAPITAL |  |  |  |
Liabilities: |  |  |  |
Mortgage notes payable, net (amounts related to VIEs of $3,283,239 and $3,282,027 at March 31, 2025 and December 31, 2024, respectively) |  | $ | 4,277,710 |  |  | $ | 4,276,609 |
Unsecured senior notes, net |  | 9,797,824 |  |  | 10,645,077 |
Unsecured line of credit |  | 300,000 |  |  | — |
Unsecured term loans, net |  | 796,158 |  |  | 798,813 |
Unsecured commercial paper |  | 500,000 |  |  | 500,000 |
Lease liabilities - finance leases (amounts related to VIEs of $20,965 and $20,931 at March 31, 2025 and December 31, 2024, respectively) |  | 368,379 |  |  | 370,885 |
Lease liabilities - operating leases (amounts related to VIEs of $160,805 and $157,691 at March 31, 2025 and December 31, 2024, respectively) |  | 395,638 |  |  | 392,686 |
Accounts payable and accrued expenses (amounts related to VIEs of $123,169 and $115,808 at March 31, 2025 and December 31, 2024, respectively) |  | 398,760 |  |  | 401,874 |
Dividends and distributions payable |  | 172,674 |  |  | 172,486 |
Accrued interest payable |  | 120,432 |  |  | 128,098 |
Other liabilities (amounts related to VIEs of $108,335 and $126,202 at March 31, 2025 and December 31, 2024, respectively) |  | 450,165 |  |  | 450,796 |
Total liabilities |  | 17,577,740 |  |  | 18,137,324 |

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BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for unit amounts)
|  | March 31, 2025 |  | December 31, 2024
Commitments and contingencies (See Note 8) |  |  |  |
Redeemable deferred stock units— 133,051 and 128,227 units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively |  | 8,940 |  |  | 9,535 |
Noncontrolling interests: |  |  |  |
Redeemable partnership units— 15,624,856 and 15,730,882 common units and 2,794,004 and 2,335,229 long term incentive units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively |  | 1,280,106 |  |  | 1,378,573 |
Capital: |  |  |  |
Boston Properties Limited Partnership partners’ capital— 1,767,422 and 1,762,411 general partner units and 156,555,905 and 156,412,584 limited partner units outstanding at March 31, 2025 and December 31, 2024, respectively |  | 4,408,383 |  |  | 4,391,985 |
Accumulated other comprehensive loss |  | (11,379) |  |  | (2,072) |
Total partners’ capital |  | 4,397,004 |  |  | 4,389,913 |
Noncontrolling interests in property partnerships |  | 1,938,344 |  |  | 1,933,545 |
Total capital |  | 6,335,348 |  |  | 6,323,458 |
Total liabilities and capital |  | $ | 25,202,134 |  |  | $ | 25,848,890 |

The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except for per unit amounts)

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Revenue |  |  |  |  |  |  |  |  |
Lease | $ | 811,102 |  |  | $ | 788,590 |  |  |  |  |  |  |
Parking and other | 30,242 |  |  | 32,216 |  |  |  |  |  |  |
Hotel | 9,597 |  |  | 8,186 |  |  |  |  |  |  |
Development and management services | 9,775 |  |  | 6,154 |  |  |  |  |  |  |
Direct reimbursements of payroll and related costs from management services contracts | 4,499 |  |  | 4,293 |  |  |  |  |  |  |
Total revenue | 865,215 |  |  | 839,439 |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |
Operating |  |  |  |  |  |  |  |  |
Rental | 331,578 |  |  | 314,157 |  |  |  |  |  |  |
Hotel | 7,565 |  |  | 6,015 |  |  |  |  |  |  |
General and administrative | 52,284 |  |  | 50,018 |  |  |  |  |  |  |
Payroll and related costs from management services contracts | 4,499 |  |  | 4,293 |  |  |  |  |  |  |
Transaction costs | 768 |  |  | 513 |  |  |  |  |  |  |
Depreciation and amortization | 218,404 |  |  | 217,019 |  |  |  |  |  |  |
Total expenses | 615,098 |  |  | 592,015 |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |
Income (loss) from unconsolidated joint ventures | (2,139) |  |  | 19,186 |  |  |  |  |  |  |
Loss on sales-type lease | (2,490) |  |  | — |  |  |  |  |  |  |
Interest and other income (loss) | 7,750 |  |  | 14,529 |  |  |  |  |  |  |
Gains (losses) from investments in securities | (365) |  |  | 2,272 |  |  |  |  |  |  |
Unrealized gain (loss) on non-real estate investments | (483) |  |  | 396 |  |  |  |  |  |  |
Impairment loss | — |  |  | (13,615) |  |  |  |  |  |  |
Loss from early extinguishment of debt | (338) |  |  | — |  |  |  |  |  |  |
Interest expense | (163,444) |  |  | (161,891) |  |  |  |  |  |  |
Net income | 88,608 |  |  | 108,301 |  |  |  |  |  |  |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  |
Noncontrolling interests in property partnerships | (18,749) |  |  | (17,221) |  |  |  |  |  |  |
Net income attributable to Boston Properties Limited Partnership | $ | 69,859 |  |  | $ | 91,080 |  |  |  |  |  |  |
Basic earnings per common unit attributable to Boston Properties Limited Partnership |  |  |  |  |  |  |  |  |
Net income | $ | 0.40 |  |  | $ | 0.52 |  |  |  |  |  |  |
Weighted average number of common units outstanding | 175,752 |  |  | 175,255 |  |  |  |  |  |  |
Diluted earnings per common unit attributable to Boston Properties Limited Partnership |  |  |  |  |  |  |  |  |
Net income | $ | 0.40 |  |  | $ | 0.52 |  |  |  |  |  |  |
Weighted average number of common and common equivalent units outstanding | 176,182 |  |  | 175,404 |  |  |  |  |  |  |

The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
Net income |  | $ | 88,608 |  |  | $ | 108,301 |  |  |  |  |  |  |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Effective portion of interest rate contracts |  | (13,276) |  |  | 16,351 |  |  |  |  |  |  |
Amortization of interest rate contracts (1) |  | 3,081 |  |  | 3,360 |  |  |  |  |  |  |
Other comprehensive income (loss) |  | (10,195) |  |  | 19,711 |  |  |  |  |  |  |
Comprehensive income |  | 78,413 |  |  | 128,012 |  |  |  |  |  |  |
Comprehensive income attributable to noncontrolling interests |  | (18,893) |  |  | (17,365) |  |  |  |  |  |  |
Comprehensive income attributable to Boston Properties Limited Partnership |  | $ | 59,520 |  |  | $ | 110,647 |  |  |  |  |  |  |

_______________
(1)Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties Limited Partnership’s Consolidated Statements of Operations.
The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS (unaudited and in thousands)
| Units |  | Capital |  |
| General Partner |  | Limited Partner |  | Partners’ Capital (General and Limited Partners) |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests - Property Partnerships |  | Total Capital |  | Noncontrolling Interests - Redeemable Partnership Units
Equity, December 31, 2024 | 1,762 |  |  | 156,413 |  |  | $ | 4,391,985 |  |  | $ | (2,072) |  |  | $ | 1,933,545 |  |  | $ | 6,323,458 |  |  | $ | 1,378,573 |
Net activity from contributions and unearned compensation | 1 |  |  | 35 |  |  | 1,702 |  |  | — |  |  | — |  |  | 1,702 |  |  | 20,989 |
Allocated net income for the period | — |  |  | — |  |  | 62,880 |  |  | — |  |  | 18,749 |  |  | 81,629 |  |  | 6,979 |
Distributions | — |  |  | — |  |  | (155,157) |  |  | — |  |  | — |  |  | (155,157) |  |  | (18,149) |
Conversion of redeemable partnership units | 4 |  |  | 108 |  |  | 3,676 |  |  | — |  |  | — |  |  | 3,676 |  |  | (3,676) |
Adjustment to reflect redeemable partnership units at redemption value | — |  |  | — |  |  | 103,578 |  |  | — |  |  | — |  |  | 103,578 |  |  | (103,578) |
Effective portion of interest rate contracts | — |  |  | — |  |  | — |  |  | (11,950) |  |  | — |  |  | (11,950) |  |  | (1,326) |
Amortization of interest rate contracts | — |  |  | — |  |  | — |  |  | 2,643 |  |  | 144 |  |  | 2,787 |  |  | 294 |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — |  |  | — |  |  | (281) |  |  | — |  |  | 5,431 |  |  | 5,150 |  |  | — |
Distributions to noncontrolling interests in property partnerships | — |  |  | — |  |  | — |  |  | — |  |  | (19,525) |  |  | (19,525) |  |  | — |
Equity, March 31, 2025 | 1,767 |  |  | 156,556 |  |  | $ | 4,408,383 |  |  | $ | (11,379) |  |  | $ | 1,938,344 |  |  | $ | 6,335,348 |  |  | $ | 1,280,106 |
Equity, December 31, 2023 | 1,755 |  |  | 155,185 |  |  | $ | 4,973,951 |  |  | $ | (21,147) |  |  | $ | 1,640,704 |  |  | $ | 6,593,508 |  |  | $ | 1,347,575 |
Net activity from contributions and unearned compensation | 5 |  |  | 68 |  |  | 2,862 |  |  | — |  |  | — |  |  | 2,862 |  |  | 14,269 |
Allocated net income for the period | — |  |  | — |  |  | 81,580 |  |  | — |  |  | 17,221 |  |  | 98,801 |  |  | 9,500 |
Distributions | — |  |  | — |  |  | (153,908) |  |  | — |  |  | — |  |  | (153,908) |  |  | (18,864) |
Conversion of redeemable partnership units | 2 |  |  | 34 |  |  | 1,303 |  |  | — |  |  | — |  |  | 1,303 |  |  | (1,303) |
Adjustment to reflect redeemable partnership units at redemption value | — |  |  | — |  |  | 52,808 |  |  | — |  |  | — |  |  | 52,808 |  |  | (52,808) |
Effective portion of interest rate contracts | — |  |  | — |  |  | — |  |  | 14,646 |  |  | — |  |  | 14,646 |  |  | 1,705 |
Amortization of interest rate contracts | — |  |  | — |  |  | — |  |  | 2,881 |  |  | 144 |  |  | 3,025 |  |  | 335 |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — |  |  | — |  |  | 46,082 |  |  | — |  |  | 96,860 |  |  | 142,942 |  |  | — |
Distributions to noncontrolling interests in property partnerships | — |  |  | — |  |  | — |  |  | — |  |  | (20,025) |  |  | (20,025) |  |  | — |
Equity, March 31, 2024 | 1,762 |  |  | 155,287 |  |  | $ | 5,004,678 |  |  | $ | (3,620) |  |  | $ | 1,734,904 |  |  | $ | 6,735,962 |  |  | $ | 1,300,409 |

The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands)
| Three months ended March 31,
| 2025 |  | 2024 |  |
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 88,608 |  |  | $ | 108,301 |  |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 218,404 |  |  | 217,019 |  |  |
Impairment loss | — |  |  | 13,615 |  |  |
Amortization of right of use assets - operating leases | 203 |  |  | 1,441 |  |  |
Amortization of sales type lease | (281) |  |  | — |  |  |
Non-cash compensation expense | 22,917 |  |  | 18,873 |  |  |
Loss (Income) from unconsolidated joint ventures | 2,139 |  |  | (19,186) |  |  |
Distributions of net cash flow from operations of unconsolidated joint ventures | 17,053 |  |  | 8,643 |  |  |
(Gains) losses from investments in securities | 365 |  |  | (2,272) |  |  |
Allowance for current expected credit losses | (23) |  |  | 4 |  |  |
Non-cash portion of interest expense | 9,257 |  |  | 12,109 |  |  |
Loss from early extinguishments of debt | 338 |  |  | — |  |  |
Loss on sales-type lease | 2,490 |  |  | — |  |  |
Unrealized (gain) loss on non-real estate investments | 483 |  |  | (396) |  |  |
Change in assets and liabilities: |  |  |  |  |
Tenant and other receivables, net | 1,903 |  |  | 29,454 |  |  |
Accrued rental income, net | (28,178) |  |  | (35,945) |  |  |
Prepaid expenses and other assets | (73,910) |  |  | (74,705) |  |  |
Right of use assets - operating lease | — |  |  | (750) |  |  |
Lease liabilities - operating leases | (162) |  |  | (1,241) |  |  |
Accounts payable and accrued expenses | (14,664) |  |  | (20,725) |  |  |
Accrued interest payable | (7,660) |  |  | (14,171) |  |  |
Other liabilities | (11,862) |  |  | (12,846) |  |  |
Tenant leasing costs | (17,384) |  |  | (29,627) |  |  |
Total adjustments | 121,428 |  |  | 89,294 |  |  |
Net cash provided by operating activities | 210,036 |  |  | 197,595 |  |  |
Cash flows from investing activities: |  |  |  |  |
Construction in progress | (138,796) |  |  | (181,636) |  |  |
Building and other capital improvements | (57,395) |  |  | (32,087) |  |  |
Tenant improvements | (60,338) |  |  | (53,377) |  |  |
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) | — |  |  | 6,086 |  |  |
Capital contributions to unconsolidated joint ventures | (52,611) |  |  | (26,457) |  |  |
Investment in non-real estate investments | (434) |  |  | — |  |  |
Issuance of note receivables (including related party) | (600) |  |  | (573) |  |  |
Investments in securities, net | 1,031 |  |  | 1,425 |  |  |
Net cash used in investing activities | (309,143) |  |  | (286,619) |  |  |
Cash flows from financing activities: |  |  |  |  |
Repayments of mortgage notes payable | (1,122) |  |  | (804) |  |  |
Repayment / redemption of unsecured senior notes | (850,000) |  |  | (700,000) |  |  |
Borrowings on unsecured line of credit | 360,000 |  |  | — |  |  |
Repayments of unsecured line of credit | (60,000) |  |  | — |  |  |

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BOSTON PROPERTIES LIMITED PARTNERSHIP CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands)
| Three months ended March 31,
| 2025 |  | 2024 |  |
Borrowings on unsecured term loan | 700,000 |  |  | — |  |  |
Repayment of unsecured term loan | (700,000) |  |  | — |  |  |
Payments on finance lease obligations | (3,344) |  |  | (3,160) |  |  |
Borrowings on commercial paper program | 1,287,523 |  |  | — |  |  |
Repayments on commercial paper program | (1,287,523) |  |  | — |  |  |
Deferred financing costs | (14,102) |  |  | (108) |  |  |
Net activity from equity transactions | (821) |  |  | (2,136) |  |  |
Distributions | (173,118) |  |  | (171,794) |  |  |
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | 5,150 |  |  | 141,118 |  |  |
Distributions to noncontrolling interests in property partnerships | (19,525) |  |  | (20,025) |  |  |
Net cash used in financing activities | (756,882) |  |  | (756,909) |  |  |
Net decrease in cash and cash equivalents and cash held in escrows | (855,989) |  |  | (845,933) |  |  |
Cash and cash equivalents and cash held in escrows, beginning of period | 1,335,196 |  |  | 1,612,567 |  |  |
Cash and cash equivalents and cash held in escrows, end of period | $ | 479,207 |  |  | $ | 766,634 |  |  |
Reconciliation of cash and cash equivalents and cash held in escrows: |  |  |  |  |
Cash and cash equivalents, beginning of period | $ | 1,254,882 |  |  | $ | 1,531,477 |  |  |
Cash held in escrows, beginning of period | 80,314 |  |  | 81,090 |  |  |
Cash and cash equivalents and cash held in escrows, beginning of period | $ | 1,335,196 |  |  | $ | 1,612,567 |  |  |
Cash and cash equivalents, end of period | $ | 398,126 |  |  | $ | 701,695 |  |  |
Cash held in escrows, end of period | 81,081 |  |  | 64,939 |  |  |
Cash and cash equivalents and cash held in escrows, end of period | $ | 479,207 |  |  | $ | 766,634 |  |  |
Supplemental disclosures: |  |  |  |  |
Cash paid for interest (net of amounts capitalized) | $ | 175,700 |  |  | $ | 180,717 |  |  |
Interest capitalized | $ | 10,317 |  |  | $ | 9,381 |  |  |
Non-cash investing and financing activities: |  |  |  |  |
Write-off of fully depreciated real estate | $ | (20,549) |  |  | $ | (27,993) |  |  |
Change in real estate included in accounts payable and accrued expenses | $ | 15,198 |  |  | $ | (48,518) |  |  |
Right of use assets obtained in exchange for lease liabilities - operating lease | $ | — |  |  | $ | 25,637 |  |  |
Non-cash contributions from noncontrolling interests in property partnerships, net | $ | 281 |  |  | $ | 52,786 |  |  |
Capitalized operating lease costs | $ | 7,548 |  |  | $ | 7,548 |  |  |
Investment in unconsolidated joint ventures eliminated upon consolidation | $ | — |  |  | $ | (11,834) |  |  |
Mortgage notes payable recorded upon consolidation | $ | — |  |  | $ | 207,093 |  |  |
Real estate and intangibles recorded upon consolidation | $ | — |  |  | $ | (220,015) |  |  |
Distributions declared but not paid | $ | 172,674 |  |  | $ | 172,154 |  |  |
Conversions of redeemable partnership units to partners’ capital | $ | 3,676 |  |  | $ | 1,303 |  |  |
Issuance of restricted securities to employees and non-employee directors | $ | 42,281 |  |  | $ | 41,989 |  |  |

The accompanying notes are an integral part of these consolidated financial statements.
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BXP, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Organization
BXP is a fully integrated, self-administered and self-managed REIT. BXP is the sole general partner of BPLP, its operating partnership, and at March 31, 2025, owned an approximate 89.6% (89.7% at December 31, 2024) general and limited partnership interest in BPLP. Unless stated otherwise or the context requires, the “Company” refers to BXP and its subsidiaries, including BPLP and its consolidated subsidiaries. Partnership interests in BPLP include:
•common units of partnership interest (also referred to as “OP Units”) and
•long term incentive units of partnership interest (also referred to as “LTIP Units”)
Unless specifically noted otherwise, all references to OP Units exclude units held by BXP. A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to covenants agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP is obligated to redeem the OP Unit for cash equal to the value of a share of common stock of BXP (“Common Stock”). In lieu of such cash redemption, BXP may elect to acquire the OP Unit for one share of Common Stock. Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that BXP owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock.
The Company uses LTIP Units as a form of time-based, restricted equity compensation and as a form of performance-based equity compensation for employees, and it has previously granted LTIP Units in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”) and (2) 2013 - 2025 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance-based and time-based vesting conditions, is convertible into one OP Unit. The three-year measurement periods for the 2012 OPP Units and the 2013 - 2022 MYLTIP Units have ended and BXP’s total stockholder return (“TSR”) was sufficient for employees to earn and therefore become eligible to vest in a portion of the awards. Unless and until they are earned, the rights, preferences and privileges of the 2023 - 2025 MYLTIP Units differ from other LTIP Units granted to employees (including the 2012 OPP Units and the 2013 - 2022 MYLTIP Units, which have been earned). Therefore, unless specifically noted otherwise, all references to LTIP Units exclude the 2023 - 2025 MYLTIP Units. LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2022 MYLTIP Units), whether vested or not, receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 9 and 13).
Properties
At March 31, 2025, the Company owned or had joint venture interests in a portfolio of 185 commercial real estate properties (the “Properties”) aggregating approximately 53.4 million net rentable square feet of primarily office properties, including nine properties under construction/redevelopment totaling approximately 3.0 million net rentable square feet. At March 31, 2025, the Properties consisted of:
•162 office properties (including six properties under construction/redevelopment);
•14 retail properties (including one property under construction);
•eight residential properties (including two properties under construction); and
•one hotel.
2. Summary of Significant Accounting Policies
BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving securities of BXP. All majority-owned subsidiaries and joint ventures over which the Company has financial and operating control and variable interest entities (“VIEs”) in which the Company has determined it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for all other unconsolidated joint ventures using the equity method of accounting. Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income.
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The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of the financial statements for these interim periods have been included. The results of operations for the interim periods are not necessarily indicative of the results to be obtained for other interim periods or for the full fiscal year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosure required by GAAP. These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report in the Company’s Form 10-K for its fiscal year ended December 31, 2024.
The Company bases its estimates on historical experience and on various other assumptions that it considers to be reasonable under the circumstances, including the impact of extraordinary events, the results of which form the basis for making significant judgments about the carrying values of assets and liabilities, assessments of future collectability, and other areas of the financial statements that are impacted by the use of estimates. Actual results may differ from these estimates under different assumptions or conditions.
Variable Interest Entities (VIEs)
Consolidated VIEs are those for which the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The assets of each VIE are only available to satisfy such VIE's respective liabilities. The Company has identified 11 entities that are VIEs as of March 31, 2025 and has determined that it is the primary beneficiary for nine of these entities as of March 31, 2025.
Consolidated Variable Interest Entities
As of March 31, 2025, BXP has identified nine consolidated VIEs, including BPLP. Excluding BPLP, the consolidated VIEs consisted of (i) the following six in-service properties: 767 Fifth Avenue (the General Motors Building), 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue, 300 Binney Street, Atlantic Wharf Office Building and 100 Federal Street, (ii) 343 Madison Avenue, which is categorized as land held for future development and (iii) 290 Binney Street, which is currently under development.
The Company consolidates these VIEs because it is the primary beneficiary. The third parties’ interests in these consolidated entities (excluding BPLP’s interest) are reflected as noncontrolling interests in property partnerships in the accompanying consolidated financial statements (See Note 9).
In addition, BXP’s only significant asset is its investment in BPLP and, consequently, substantially all of BXP’s assets and liabilities are the assets and liabilities of BPLP.
Variable Interest Entities Not Consolidated
As of March 31, 2025, BXP has identified two unconsolidated joint venture entities that are classified as VIEs. The CAB 290 Coles Venture LLC and CAB 290 Coles Holdco LLC joint ventures are VIEs because the Company does not consolidate the entities as it does not have the power to direct the activities that, when taken together, most significantly impact the VIEs’ performance and, therefore, the Company is not considered to be the primary beneficiary.
Fair Value Measurements
The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes. The table below presents for March 31, 2025 and December 31, 2024, the financial instruments that are being valued for disclosure purposes, as well as the Level at which they are categorized as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”).
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Financial Instrument | Level
Unsecured commercial paper | Level 1
Investment in securities | Level 1
Unsecured senior notes (1) | Level 1
Related party note receivable | Level 3
Notes receivable | Level 3
Sales-type lease receivable | Level 3
Mortgage notes payable | Level 3
Unsecured line of credit | Level 3
Unsecured term loans | Level 3

_______________
(1)If trading volume for the period is low, the valuation could be categorized as Level 2.
Because the Company’s valuations of its financial instruments are based on the above Levels and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates. In addition, the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods.
At March 31, 2025 and December 31, 2024, the Company had $500.0 million outstanding under its unsecured commercial paper program (See Note 6). Due to their short-term maturity and stated interest rates at approximate current market rates, the fair value of outstanding commercial paper borrowings approximates the Company's carrying amount at March 31, 2025 and December 31, 2024.
The Company’s non-real estate investments are shown within Prepaid and Other Assets on the Consolidated Balance Sheets and were approximately $7.7 million and $7.1 million at March 31, 2025 and December 31, 2024, respectively. The non-real estate investments utilize net asset value as the practical expedient.
Non-Recurring Fair Value
The following table presents the aggregate carrying value of the Company’s non-recurring fair value financial instruments and the Company’s corresponding estimate of fair value as of March 31, 2025 and December 31, 2024 (in thousands):

| March 31, 2025 |  | December 31, 2024
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Related party notes receivable, net | $ | 88,816 |  |  | $ | 87,815 |  |  | $ | 88,779 |  |  | $ | 89,213 |
Note receivable, net | 5,535 |  |  | 5,249 |  |  | 4,947 |  |  | 6,187 |
Sales-type lease receivable, net | 14,958 |  |  | 13,757 |  |  | 14,657 |  |  | 13,632 |
Total | $ | 109,309 |  |  | $ | 106,821 |  |  | $ | 108,383 |  |  | $ | 109,032 |
Mortgage notes payable, net | $ | 4,277,710 |  |  | $ | 3,868,743 |  |  | $ | 4,276,609 |  |  | $ | 3,808,095 |
Unsecured senior notes, net | 9,797,824 |  |  | 9,265,592 |  |  | 10,645,077 |  |  | 10,005,606 |
Unsecured line of credit | 300,000 |  |  | 298,007 |  |  | — |  |  | — |
Unsecured term loans, net | 796,158 |  |  | 801,420 |  |  | 798,813 |  |  | 799,580 |
Unsecured commercial paper | 500,000 |  |  | 500,000 |  |  | 500,000 |  |  | 500,000 |
Total | $ | 15,671,692 |  |  | $ | 14,733,762 |  |  | $ | 16,220,499 |  |  | $ | 15,113,281 |

Recurring Fair Value
Derivatives
In addition to the financial instruments noted above, the Company uses interest rate swap agreements to manage its interest rate risk (See Notes 7 and 14). The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses
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observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
The following table presents the aggregate fair value of the Company’s interest rate swaps as of March 31, 2025 and December 31, 2024 (in thousands):

Fair value |  | March 31, 2025 |  | December 31, 2024
Interest rate swaps |  | $ | (4,079) |  |  | $ | 5,252 |

Investments
The Company accounts for investments in equity securities at fair value, with gains or losses resulting from changes in fair value recognized currently in earnings. The Company maintains deferred compensation plans that are designed to allow officers and non-employee directors of BXP to defer a portion of the officer’s current income or the non-employee director’s current compensation 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 or non-employee director. The Company’s obligation under the plans is that of an unsecured promise to pay the deferred compensation to the plan participants in the future. At March 31, 2025 and December 31, 2024, the Company had maintained approximately $38.1 million and $39.4 million, respectively, in separate accounts, which are not restricted as to their use. The Company recognized gains (losses) of approximately $(0.4) million and $2.3 million on its investments in the accounts associated with the Company’s deferred compensation plans during the three months ended March 31, 2025 and March 31, 2024, respectively, primarily due to the observable change in fair value.
3. Real Estate
BXP
Real estate consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):

|  | March 31, 2025 |  | December 31, 2024
Land |  | $ | 5,319,140 |  |  | $ | 5,318,724 |
Right of use assets - finance leases |  | 372,845 |  |  | 372,922 |
Right of use assets - operating leases |  | 330,129 |  |  | 334,767 |
Land held for future development (1) |  | 730,944 |  |  | 714,050 |
Buildings and improvements |  | 17,198,604 |  |  | 17,149,702 |
Tenant improvements |  | 3,902,214 |  |  | 3,866,371 |
Furniture, fixtures and equipment |  | 56,532 |  |  | 57,136 |
Construction in progress |  | 907,989 |  |  | 764,640 |
Total |  | 28,818,397 |  |  | 28,578,312 |
Less: Accumulated depreciation |  | (7,699,234) |  |  | (7,528,057) |
|  | $ | 21,119,163 |  |  | $ | 21,050,255 |

_______________
(1)Includes pre-development costs.
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BPLP
Real estate consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):

|  | March 31, 2025 |  | December 31, 2024
Land |  | $ | 5,224,431 |  |  | $ | 5,224,015 |
Right of use assets - finance leases |  | 372,845 |  |  | 372,922 |
Right of use assets - operating leases |  | 330,129 |  |  | 334,767 |
Land held for future development (1) |  | 730,944 |  |  | 714,050 |
Buildings and improvements |  | 16,927,048 |  |  | 16,878,146 |
Tenant improvements |  | 3,902,214 |  |  | 3,866,371 |
Furniture, fixtures and equipment |  | 56,532 |  |  | 57,136 |
Construction in progress |  | 907,989 |  |  | 764,640 |
Total |  | 28,452,132 |  |  | 28,212,047 |
Less: Accumulated depreciation |  | (7,567,356) |  |  | (7,397,882) |
|  | $ | 20,884,776 |  |  | $ | 20,814,165 |

_______________
(1)Includes pre-development costs.
Development
On January 16, 2025, the Company partially placed in-service Reston Next Retail, a retail project with approximately 33,000 net rentable square feet located in Reston, Virginia.
On March 31, 2025, the Company commenced the redevelopment of 1050 Winter Street in Waltham, Massachusetts. 1050 Winter Street is a redevelopment of an approximately 162,000 net rentable square foot office property. The project is fully pre-leased (See Note 14).
4. Leases
Lessor
The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three months ended March 31, 2025 and 2024 and included within the Company's Consolidated Statements of Operations (in thousands):

|  | Three months ended March 31, |  |
Lease Revenue |  | 2025 |  | 2024 |  |  |  |
Fixed contractual payments |  | $ | 666,235 |  |  | $ | 648,890 |  |  |  |  |
Variable lease payments |  | 144,560 |  |  | 139,458 |  |  |  |  |
Sales-type lease revenue |  | 307 |  |  | 242 |  |  |  |  |
|  | $ | 811,102 |  |  | $ | 788,590 |  |  |  |  |

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5. Investments in Unconsolidated Joint Ventures
The investments in unconsolidated joint ventures consist of the following at March 31, 2025 and December 31, 2024:

|  |  |  |  |  | Carrying Value of Investment (1)
Entity |  | Properties |  | Nominal % Ownership |  | March 31, 2025 |  | December 31, 2024
|  |  |  |  |  | (in thousands)
Square 407 Limited Partnership |  | Market Square North |  | 50.00 | % |  | $ | (23,756) |  |  | $ | (11,924) |
WP Project Developer LLC |  | Wisconsin Place Land and Infrastructure |  | 33.33 | % | (2) | 29,668 |  |  | 29,775 |
500 North Capitol Venture LLC |  | 500 North Capitol Street, NW |  | 30.00 | % |  | (11,952) |  |  | (11,696) |
501 K Street LLC |  | 1001 6th Street |  | 50.00 | % |  | 45,903 |  |  | 45,903 |
Podium Developer LLC |  | The Hub on Causeway - Podium |  | 50.00 | % |  | 41,153 |  |  | 42,310 |
Residential Tower Developer LLC |  | Hub50House |  | 50.00 | % |  | 40,492 |  |  | 42,493 |
Hotel Tower Developer LLC |  | The Hub on Causeway - Hotel Air Rights |  | 50.00 | % |  | 14,464 |  |  | 14,271 |
Office Tower Developer LLC |  | 100 Causeway Street |  | 50.00 | % |  | 55,821 |  |  | 55,810 |
1265 Main Office JV LLC |  | 1265 Main Street |  | 50.00 | % |  | 3,461 |  |  | 3,476 |
BNY Tower Holdings LLC |  | Dock 72 |  | 50.00 | % | (3) | (12,477) |  |  | (9,889) |
CA-Colorado Center, LLC |  | Colorado Center |  | 50.00 | % |  | 68,235 |  |  | 65,000 |
7750 Wisconsin Avenue LLC |  | 7750 Wisconsin Avenue |  | 50.00 | % |  | 48,183 |  |  | 48,423 |
BP-M 3HB Venture LLC |  | 3 Hudson Boulevard |  | 25.00 | % |  | 111,865 |  |  | 112,771 |
Platform 16 Holdings LP |  | Platform 16 |  | 55.00 | % |  | 57,775 |  |  | 56,265 |
Gateway Portfolio Holdings LLC |  | Gateway Commons |  | 50.00 | % |  | 272,872 |  |  | 272,000 |
Rosecrans-Sepulveda Partners 4, LLC |  | Beach Cities Media Campus |  | 50.00 | % |  | 27,060 |  |  | 27,051 |
Safeco Plaza REIT LLC |  | Safeco Plaza |  | 33.67 | % | (4) | 132 |  |  | — |
360 PAS Holdco LLC |  | 360 Park Avenue South |  | 71.11 | % | (5) | 79,883 |  |  | 74,592 |
PR II/BXP Reston Gateway LLC |  | Skymark - Reston Next Residential |  | 20.00 | % |  | 14,691 |  |  | 14,844 |
751 Gateway Holdings LLC |  | 751 Gateway |  | 49.00 | % |  | 121,058 |  |  | 99,701 |
200 Fifth Avenue JV LLC |  | 200 Fifth Avenue |  | 26.69 | % |  | 67,165 |  |  | 70,673 |
ABXP Worldgate Investments LLC |  | 13100 and 13150 Worldgate Drive |  | 50.00 | % |  | 18,487 |  |  | 18,225 |
CAB 290 Coles Venture LLC |  | 290 Coles Street - Common Equity |  | 19.46 | % | (6) | 19,364 |  |  | N/A
CAB 290 Coles Holdco LLC |  | 290 Coles Street - Preferred Equity |  | — | % | (6)(7) | — |  |  | N/A
|  |  |  |  |  | $ | 1,089,547 |  |  | $ | 1,060,074 |

_______________
(1)Investments with deficit balances aggregating approximately $48.2 million and $33.5 million at March 31, 2025 and December 31, 2024, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
(2)The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33% interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.
(3)This property includes net equity balances from the amenity joint venture.
(4)The Company’s ownership includes (1) a 33.0% direct interest in the joint venture, and (2) an additional 1.0% interest in each of the two entities through which each partner owns its interest in the joint venture.
(5)The Company’s ownership includes (1) a 35.79% direct interest in the joint venture, (2) an additional 35.02% indirect ownership in the joint venture, and (3) an additional 1.0% interest in the entity through which the partner owns its interest in the joint venture.
(6)This entity is a VIE (See Note 2).
(7)T he Company agreed to fund up to $65.0 million of the required capital through its preferred equity investment. The Company’s preferred equity investment is expected to earn a 13.0% internal rate of return (“IRR”) and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.
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Certain of the Company’s unconsolidated 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. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, one or more partners could be entitled to an additional promoted interest or payments.
The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:

| March 31, 2025 |  | December 31, 2024
| (in thousands)
ASSETS |  |  |
Real estate and development in process, net (1) | $ | 5,820,435 |  |  | $ | 5,748,198 |
Other assets (2) | 700,641 |  |  | 703,096 |
Total assets | $ | 6,521,076 |  |  | $ | 6,451,294 |
LIABILITIES AND MEMBERS’/PARTNERS’ EQUITY |  |  |
Mortgage and notes payable, net | $ | 3,213,566 |  |  | $ | 3,206,723 |
Other liabilities (3) | 251,826 |  |  | 292,125 |
Members’/Partners’ equity | 3,055,684 |  |  | 2,952,446 |
Total liabilities and members’/partners’ equity | $ | 6,521,076 |  |  | $ | 6,451,294 |
Company’s share of equity | $ | 1,371,939 |  |  | $ | 1,344,543 |
Basis differentials (4) | (282,392) |  |  | (284,469) |
Carrying value of the Company’s investments in unconsolidated joint ventures (5) | $ | 1,089,547 |  |  | $ | 1,060,074 |

_______________
(1)At March 31, 2025 and December 31, 2024, this amount included right of use assets - operating leases totaling approximately $18.7 million and $19.0 million, respectively.
(2)At March 31, 2025 and December 31, 2024, this amount included sales-type lease receivable, net totaling approximately $14.2 million and $14.1 million, respectively.
(3)At March 31, 2025 and December 31, 2024, this amount included lease liabilities - operating leases totaling approximately $30.5 million.
(4)This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture. During the year ended December 31, 2024, the Company recognized an other-than-temporary impairment loss on its investments in Colorado Center, Gateway Commons and Safeco Plaza of approximately $168.4 million, $126.1 million, and $46.8 million, respectively. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level. The Company’s basis differences include:

| March 31, 2025 |  | December 31, 2024
Property | (in thousands)
Colorado Center | $ | 128,562 |  |  | $ | 127,632 |
200 Fifth Avenue | 48,017 |  |  | 49,656 |
Gateway Commons | (73,693) |  |  | (74,500) |
Safeco Plaza | (74,822) |  |  | (75,576) |
Dock 72 | (91,159) |  |  | (92,054) |
360 Park Avenue South | (112,372) |  |  | (113,265) |
Platform 16 | (142,683) |  |  | (142,698) |

These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities. An additional $35.8 million and $36.3 million of other basis differentials are not included above at March 31, 2025 and December 31, 2024, respectively.
(5)Investments with deficit balances aggregating approximately $48.2 million and $33.5 million at March 31, 2025 and December 31, 2024, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
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The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
| (in thousands)
Total revenue (1) | $ | 130,687 |  |  | $ | 130,392 |  |  |  |  |  |  |
Expenses |  |  |  |  |  |  |  |  |
Operating | 53,729 |  |  | 49,194 |  |  |  |  |  |  |
Transaction costs | 170 |  |  | 2 |  |  |  |  |  |  |
Depreciation and amortization | 42,379 |  |  | 39,424 |  |  |  |  |  |  |
Total expenses | 96,278 |  |  | 88,620 |  |  |  |  |  |  |
Other income (expense) |  |  |  |  |  |  |  |  |
Loss from early extinguishment of debt | (62) |  |  | — |  |  |  |  |  |  |
Interest expense | (44,432) |  |  | (43,563) |  |  |  |  |  |  |
Unrealized gain (loss) on derivative instruments | (8,325) |  |  | 10,112 |  |  |  |  |  |  |
Net income (loss) | $ | (18,410) |  |  | $ | 8,321 |  |  |  |  |  |  |
Company’s share of net income (loss) | $ | (5,796) |  |  | $ | 2,960 |  |  |  |  |  |  |
Gain on sale / consolidation | — |  |  | 21,696 |  |  |  |  |  |  |
Basis differential (2) | 3,657 |  |  | (5,470) |  |  |  |  |  |  |
Income (loss) from unconsolidated joint ventures | $ | (2,139) |  |  | $ | 19,186 |  |  |  |  |  |  |

_______________
(1)Includes straight-line rent adjustments of approximately $3.4 million and $7.7 million for the three months ended March 31, 2025 and 2024, respectively.
(2)Includes depreciation and amortization of approximately $(1.4) million and $2.9 million for the three months ended March 31, 2025 and 2024, respectively. Includes unrealized gain (loss) on derivative instruments of approximately $(2.2) million and $2.7 million for the three months ended March 31, 2025 and 2024, respectively.
On February 27, 2025, a joint venture in which the Company has a 50% ownership interest, entered into a $252.0 million mortgage loan secured by 7750 Wisconsin Avenue in Bethesda, Maryland. The loan is scheduled to mature on March 1, 2035, bears interest at a fixed rate of 5.49% per annum, and requires monthly principal and interest payments. The proceeds from the loan were used to repay the existing $252.0 million construction loan collateralized by the property. The repayment resulted in the joint venture recognizing a loss from early extinguishment of debt of approximately $0.1 million related to unamortized finance costs during the three months ended March 31, 2025. 7750 Wisconsin Avenue is an office property with approximately 736,000 net rentable square feet.
On March 5, 2025, the Company acquired a 19.46% interest in a joint venture that is developing 290 Coles Street located in Jersey City, New Jersey for a gross purchase price of approximately $20.0 million. Additionally, the Company agreed to fund up to $65.0 million of the required capital through a preferred equity investment. The Company’s preferred equity investment is expected to earn a 13.0% IRR and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030. On March 5, 2025, the joint venture entered into a $225.0 million construction loan, which will fund construction costs after the funding of all common and preferred equity investments required by the construction loan agreement. The loan bears interest at a variable rate equal to Term SOFR plus 2.50% per annum and is scheduled to mature on March 5, 2029 with an additional one-year extension option, subject to certain conditions. When completed, 290 Coles Street is expected to be a 670-unit residential property with retail space aggregating approximately 560,000 net rentable square feet.
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6. Debt
Unsecured Senior Notes
The following summarizes the unsecured senior notes outstanding as of March 31, 2025 (dollars in thousands):

| Coupon/Stated Rate |  | Effective Rate(1) |  | Principal Amount |  | Maturity Date(2)
10 Year Unsecured Senior Notes | 3.650 | % |  | 3.766 | % |  | $ | 1,000,000 |  |  | February 1, 2026
10 Year Unsecured Senior Notes | 2.750 | % |  | 3.495 | % |  | 1,000,000 |  |  | October 1, 2026
5 Year Unsecured Senior Notes | 6.750 | % |  | 6.924 | % |  | 750,000 |  |  | December 1, 2027
10 Year Unsecured Senior Notes | 4.500 | % |  | 4.628 | % |  | 1,000,000 |  |  | December 1, 2028
10 Year Unsecured Senior Notes | 3.400 | % |  | 3.505 | % |  | 850,000 |  |  | June 21, 2029
10.5 Year Unsecured Senior Notes | 2.900 | % |  | 2.984 | % |  | 700,000 |  |  | March 15, 2030
10.75 Year Unsecured Senior Notes | 3.250 | % |  | 3.343 | % |  | 1,250,000 |  |  | January 30, 2031
11 Year Unsecured Senior Notes | 2.550 | % |  | 2.671 | % |  | 850,000 |  |  | April 1, 2032
12 Year Unsecured Senior Notes | 2.450 | % |  | 2.524 | % |  | 850,000 |  |  | October 1, 2033
10.7 Year Unsecured Senior Notes | 6.500 | % |  | 6.619 | % |  | 750,000 |  |  | January 15, 2034
10 Year Unsecured Senior Notes | 5.750 | % |  | 5.842 | % |  | 850,000 |  |  | January 15, 2035
Total principal |  |  |  |  | 9,850,000 |  |  |
Less: |  |  |  |  |  |  |
Net unamortized discount |  |  |  |  | 10,265 |  |  |
Deferred financing costs, net |  |  |  |  | 41,911 |  |  |
Total |  |  |  |  | $ | 9,797,824 |  |  |

_______________
(1)Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs.
(2)No principal amounts are due prior to maturity.
On January 15, 2025, BPLP repaid $850.0 million in aggregate principal amount of its 3.200% senior notes due January 15, 2025. The repayment was completed with available cash and the proceeds from BPLP’s August 2024 offering of 5.750% unsecured senior notes due 2035. The repayment price was approximately $863.6 million, which was equal to the stated principal plus approximately $13.6 million of accrued and unpaid interest to, but not including, the repayment date.
Unsecured Credit Facility and Unsecured Term Loans
On March 28, 2025, BPLP amended and restated its revolving credit agreement (as amended and restated, the “2025 Credit Facility”). The 2025 Credit Facility provides for aggregate borrowings of up to $2.950 billion through an unsecured revolving credit facility and an unsecured term loan facility, subject to customary conditions. Among other things, the amendment and restatement (1) increased the total commitment of the revolving line of credit (the “Revolving Facility”) from $2.0 billion to $2.250 billion, (2) extended the maturity date of the Revolving Facility from June 15, 2026 to March 29, 2030, and (3) added a $700.0 million unsecured term loan facility (the “Term Loan Facility”) with an initial maturity date of March 30, 2029, with two, six-month extension options, each subject to customary conditions. In addition, BPLP may increase the total commitment under the 2025 Credit Facility to a maximum commitment amount of up to $3.5 billion through increase(s) in the Revolving Facility and/or by incurring one or more term loans, in each case, subject to syndication of the increase(s) and other customary conditions. In connection with the amendment and restatement, the Company recognized a loss from early extinguishment of debt of approximately $0.3 million related to unamortized origination costs during the three months ended March 31, 2025.
At BPLP’s option, loans under the 2025 Credit Facility that are advanced in U.S. dollars will bear interest at a rate per annum equal to Term SOFR, Daily Simple SOFR or a Base Rate (each as defined in the Tenth Amended and Restated Credit Agreement, which governs the 2025 Credit Facility (the “Credit Agreement”)), in each case, plus a margin based on BPLP’s credit rating ranging from (i) for Term SOFR and Daily Simple SOFR loans, (a) under the Revolving Facility, 70.0 to 140.0 basis points, or (b) under the Term Loan Facility, 75.0 to 160.0 basis
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points (plus a SOFR conversion adjustment of 10 basis points) (See Note 14), and (ii) for Base Rate loans, (a) under the Revolving Facility, 0 to 40.0 basis points, or (b) under the Term Loan Facility, 0 to 60.0 basis points. At BPLP’s option, loans under the Revolving Facility can also be denominated in Euros, Sterling or Canadian Dollars and such loans will bear interest at a rate per annum equal to (1) in the case of loans denominated in Euro, EURIBOR, (2) in the case of loans denominated in Canadian Dollars, Term CORRA (as adjusted), and (3) in the case of loans denominated in Sterling, SONIA (as adjusted), plus, in each case, a margin based on BPLP’s credit rating as described above for loans under the Revolving Facility.
Pursuant to the 2025 Credit Facility, BPLP is obligated to pay (1) in quarterly installments a facility fee on the total commitment under the Revolving Facility at a rate per annum ranging from 0.10% to 0.30% based on BPLP’s credit rating and (2) an annual fee on the undrawn amount of each letter of credit ranging from 0.70% to 1.40% based on BPLP’s credit rating.
Based on BPLP’s March 31, 2025 credit rating, (1) for SOFR-based loans under the Revolving Facility, the per annum interest rate margin is 0.850%, (2) for SOFR-based loans under the Term Loan Facility, the per annum interest rate margin is 1.05% (as adjusted) (See Note 14), (3) for Base Rate-based loans under both the Revolving Facility and Term Loan Facility, the margin is zero basis points and (4) the facility fee for commitments under the Revolving Facility is 0.20% per annum.
The 2025 Credit Facility contains customary representations and warranties, affirmative and negative covenants, and events of default provisions, including the failure to pay indebtedness, breaches of covenants and bankruptcy and other insolvency events, which could result in the acceleration of the obligation to repay all outstanding amounts and the cancellation of all commitments outstanding under the Credit Agreement. Among other covenants, the 2025 Credit Facility requires that BPLP maintain: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. At March 31, 2025, BPLP was in compliance with each of these financial restrictions and requirements.
At closing on March 28, 2025, BPLP drew the full $700.0 million of the Term Loan Facility under the 2025 Credit Facility, the proceeds of which were used to fully repay the remaining $700.0 million of borrowings outstanding under it’s $1.2 billion unsecured term loan facility (the “2023 Unsecured Term Loan”). The 2023 Unsecured Term Loan was scheduled to mature on May 16, 2025. There was no prepayment penalty associated with the repayment of the 2023 Unsecured Term Loan.
At March 31, 2025, BPLP had $300.0 million and $700.0 million outstanding under the Revolving Facility and Term Loan Facility, respectively. The 2025 Credit Facility is used as a backstop for BPLP’s $750.0 million unsecured commercial paper program (the “Commercial Paper Program”) (See “Unsecured Commercial Paper” below). As such, BPLP intends to maintain, at a minimum, availability under the 2025 Credit Facility in an amount equal to the amount of unsecured commercial paper notes outstanding.
Unsecured Commercial Paper
On March 28, 2025, BPLP increased the amount by which it may issue unsecured commercial paper notes under the Commercial Paper Program from $500.0 million to $750.0 million. Other than the increase in the program’s maximum capacity, all other terms of the Commercial Paper Program remain unchanged. Under the terms of the program, BPLP may issue, from time to time, unsecured commercial paper notes up to a maximum aggregate amount outstanding at any one time of $750.0 million with varying maturities of up to one year. Amounts available under the Commercial Paper Program may be borrowed, repaid, and re-borrowed from time to time. The notes are sold in private placements and rank pari passu with all of BPLP’s other unsecured senior indebtedness, including its outstanding senior notes. The Commercial Paper Program is backstopped by available capacity under the 2025 Credit Facility. At March 31, 2025, BPLP had an aggregate of $500.0 million of unsecured commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.66% per annum and had a weighted-average maturity of 48 days from the issuance date.
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7. Derivative Instruments and Hedging Activities
BPLP’s agreements with derivative counterparties contain provisions whereby if BPLP defaults on the underlying indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then BPLP could also be declared in default of the swap derivative obligation. As of March 31, 2025, the Company had not posted any collateral related to the agreements.
Effective Hedge Instruments
BPLP assesses the effectiveness of its derivatives both at inception and on an ongoing basis. If the hedges are deemed to be effective, the fair value is recorded in “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets and is subsequently reclassified into “Interest expense” in the Company’s Consolidated Statements of Operations in the period that the hedged forecasted transactions affect earnings. BPLP’s derivative financial instruments are cash flow hedges that are designated as effective hedges, and they are carried at their estimated fair value on a recurring basis (See Note 2). The Company did not incur any ineffectiveness during the three months ended March 31, 2025.
BPLP’s and SMBP LLC’s derivative contracts consisted of the following at March 31, 2025 (dollars in thousands) (See Note 14):

Derivative Instrument |  | Aggregate Notional Amount |  |  |  |  |  | Strike Rate Range |  | Balance Sheet Location |  |
|  | Effective Date |  | Maturity Date |  | Low |  | High |  |  | Fair Value
BPLP: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | $ | 600,000 |  |  | December 15, 2023 |  | October 26, 2028 |  | 3.790 | % | — | 3.798 | % |  | Other liabilities |  | $ | (4,079) |
Interest Rate Swaps |  | 100,000 |  |  | September 27, 2024 |  | April 1, 2025 |  | 2.688 | % | — | 2.688 | % |  | N/A |  | — |
|  | 700,000 |  |  |  |  |  |  |  |  |  |  |  |  | (4,079) |
SMBP LLC (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | 200,000 |  |  | December 14, 2023 |  | April 1, 2025 |  | 2.661 | % | — | 2.688 | % |  | N/A |  | — |
|  | $ | 900,000 |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,079) |

_______________
(1)A consolidated subsidiary of the Company that is the borrower under the mortgage loan collateralized by its Santa Monica Business Park property.
The following table presents the location in the financial statements of the gains or (losses) recognized as a result of the Company’s cash flow hedges for the three months ended March 31, 2025 and 2024 (in thousands):

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (loss) (1) |  | $ | (13,276) |  |  | $ | 16,351 |  |  |  |  |  |  |
Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2) |  | $ | 3,081 |  |  | $ | 3,360 |  |  |  |  |  |  |
Amount of gain (loss) related to the ineffective portion and amount excluded from effectiveness testing |  | $ | — |  |  | $ | — |  |  |  |  |  |  |

_______________
(1)Includes the Company’s share of gain (loss) related to the effective portion of derivatives outstanding at its unconsolidated joint venture properties.
(2)Includes amounts from previous interest rate programs.
BPLP has formally documented all of its relationships between hedge instruments and hedging items, as well as its risk-management objectives and strategy for undertaking various hedge transactions. While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income (loss) and equity.
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8. 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 Company’s 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 total approximately $20.3 million at March 31, 2025.
Certain of the Company’s 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 Company’s joint venture agreements, if certain return thresholds are achieved, either the Company or its partners may be entitled to receive 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 with their borrowings and (3) provide guarantees to lenders, tenants and other third parties for the completion of development projects. The Company has agreements with its third-party joint venture partners whereby the partners agree to reimburse the joint venture for their share of any payments made under the guarantee. In some cases, the Company earns a fee from the applicable joint venture for providing the guarantee.
In connection with the sale of Metropolitan Square, an approximately 657,000 square foot office building in Washington, DC in which the Company had a 20% equity interest, the Company agreed to become a co-lender of up to $20.0 million under a mezzanine loan. The mezzanine loan has a maximum principal amount of $100.0 million, and it is subordinate only to an existing senior loan. The mezzanine loan may be drawn upon for future lease-up, operating and other costs on an as-needed basis, and amounts borrowed will bear interest at a per annum rate of 12%, compounded monthly. As of March 31, 2025, the Company has funded approximately $5.5 million under the mezzanine loan.
Legal Matters
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company.
In connection with the acquisition of an office property in New York City in 2010, the Company entered into an agreement with the seller pursuant to which the seller could earn various fees (i.e., Fixed, Additional and Final Fees) based on the future leasing performance of the property. The Company initially accrued approximately $1.5 million as an estimate of the fees it would owe the seller. In 2020, the seller filed suit against the Company in the Supreme Court of the State of New York, County of New York, claiming that consideration significantly in excess of the initial reserve amount is owed under the agreement. The disagreement between the Company and the seller involves material issues of contract interpretation and, more importantly, the method of calculating fees, including various inputs (both facts and assumptions) that drive the calculations.
On January 25, 2024, the New York Supreme Court granted in part the seller’s motion for summary judgment finding that the Company owes the seller an “Additional Fee” and a “Final Fee” under the terms of the parties’ purchase agreement. The court issued a follow-on order on February 8, 2024, confirming its earlier order that the seller is entitled to the fees described in the parties’ agreement. Other than the “Fixed Fee,” which the Company agreed to pay and for which it had established a reserve of approximately $2.2 million (including interest), the amount of the fees (if any) that are due to the seller has not been determined. On December 9, 2024, the court issued a judgment awarding the seller the Fixed Fee (including interest) of approximately $2.7 million and the Company paid this fee following the judgment. For the Additional Fee and Final Fee, the seller submitted a request for the appointment of a Special Referee on January 7, 2025. Separately, the Company filed a notice of appeal on January 15, 2025 to preserve the Company’s ability to appeal the grant of summary judgment on the question of whether the Company is liable for payment of the Additional Fee and Final Fee. The Company has until July 15, 2025 (six months from the notice of appeal) to perfect the appeal.
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The issue of an award of damages for the Additional Fee and the Final Fee remains outstanding with the court pending a determination by the Special Referee, which the court appointed on February 18, 2025. The Company disputes the seller’s calculations and intends to continue defending itself vigorously. However, there can be no assurance that the Company will prevail in the lawsuit. If the court ultimately agrees with the seller’s calculations, then amounts due to the seller could theoretically be as high as the additional $31 million claimed in the seller’s complaint, plus interest. Although the Company disputes those calculations, there can be no assurance that the Company’s ultimate liability will not be material.
On April 26, 2024, Brammer Bio MA, LLC (“Brammer”), a subsidiary of Thermo Fisher Scientific Inc. and an abutter to the Company’s 290 Binney Street development project located in Cambridge, Massachusetts, filed a complaint in Superior Court in Suffolk County, Massachusetts against the Company relating to certain ongoing construction activities.
In the first quarter of 2023, the Company commenced development of 290 Binney Street, an approximately 573,000 net rentable square foot laboratory/life sciences property that is 100% pre-leased to AstraZeneca Pharmaceuticals (“AstraZeneca”). The Company has a 55% interest in the joint venture that owns 290 Binney Street. Brammer subleases the premises at 250 Binney Street, the Company’s approximately 67,000 net rentable square foot life sciences property that is adjacent to 290 Binney Street.
Brammer alleged that, as a result of the Company’s construction of 290 Binney Street, it is threatened with irreparable harm due to intrusion onto the 250 Binney Street premises and the loss of its property rights. Brammer also alleged that the 290 Binney Street development project has caused and is causing major disruption to its manufacturing operations, and that it has suffered and will continue to suffer damages in the form of losses to its clients and customers. Brammer brought the action for quiet title, breach of contract, trespass and nuisance, and it is seeking declaratory and injunctive relief and specific performance purportedly to protect its property interests in the premises located at 250 Binney Street.
On May 16, 2024, Brammer’s motion for a preliminary injunction was denied by the trial court. Brammer subsequently appealed that decision, electing pursuant to Massachusetts civil procedure rules to petition for appeals to both a single justice of the Massachusetts Appeals Court and to a full appellate panel. On July 16, 2024, the single justice assigned to the appeal issued an order declining to rule on the substance of the appeal petition. Brammer still has the right to pursue the full panel hearing, although no date has been set for any such hearing. In the meantime, the remainder of the case is proceeding on the standard litigation timeline.
The Company believes it has meritorious defenses against Brammer’s claims and intends to defend against them vigorously. However, there can be no assurance the Company will prevail in the litigation. If the Company is enjoined from further construction activities, it could suffer delays in construction that could result in its failure to deliver a completed building on the schedule contemplated by the Company’s lease with AstraZeneca or at all, and this could result in owing financial penalties to AstraZeneca and other third parties. Although the Company is unable to estimate a range of loss for all related matters for which losses are reasonably possible, if the court grants injunctive relief or awards monetary damages to Brammer, it could have a material adverse effect on the Company’s results of operations and financial condition.
The Company is a named defendant in an alleged collective and class action wage and hour lawsuit filed on behalf of certain individuals who provided off-duty, uniformed security services at the Company’s buildings in New York City pursuant to the New York Police Department’s Paid Detail Program. In addition to the Company, the plaintiffs also named as defendants more than ninety (90) other entities and institutions in the city. The plaintiffs filed the lawsuit in the United States District Court for the Southern District of New York on January 24, 2025, and brought the claims under the Fair Labor Standards Act, the New York Labor Law and the Freelance Isn’t Free Act. The plaintiffs subsequently amended the complaint on February 7, 2025 and on February 24, 2025. Each of the complaints alleges that the plaintiffs were not paid certain wages owed to them or were not paid in a timely manner and that the plaintiffs did not receive certain wage payment notices required by law. The Company has not yet filed a responsive pleading and discovery has not yet commenced. As a result, the Company is unable to estimate a range of loss for which losses are reasonably possible. Although the Company believes it has meritorious defenses to the claims and intends to defend against them vigorously, there can be no assurance that the Company will prevail in the lawsuit.
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9. Noncontrolling Interests
Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company. As of March 31, 2025, the noncontrolling interests in BPLP consisted of the following:

OP Units |  | LTIP Units (1) |  | 2023 MYLTIP Units |  | 2024 MYLTIP Units |  | 2025 MYLTIP Units
15,624,856 |  | 2,794,004 |  | 322,053 |  | 330,479 |  | 354,940

__________
(1)Includes 688,027 LTIP Units earned by employees under the Company’s multi-year long-term incentive awards granted between 2012 and 2022 (i.e., 2012 OPP and 2013 - 2022 MYLTIP awards).
Noncontrolling Interest—Common Units
During the three months ended March 31, 2025, 112,308 OP Units were presented by the holders for redemption (including an aggregate of 9,425 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock.
At March 31, 2025, BPLP had outstanding the 2023 - 2025 MYLTIP Units. Prior to the end of the respective three-year performance period for each plan, holders of MYLTIP Units are entitled to receive per unit distributions equal to one-tenth (10%) of the regular quarterly distributions payable on an OP Unit, but will not be entitled to receive any special distributions. After the three-year performance period for each plan has ended, (1) the number of MYLTIP Units, both vested and unvested, that MYLTIP award recipients have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an OP Unit and (2) with respect to the 2023 - 2025 MYLTIP Units, the Company will make a “catch-up” cash payment on the MYLTIP Units that are ultimately earned in an amount equal to the regular and special dividends, if any, declared during the performance period on a number of shares of Common Stock equal to the number of 2023 - 2025 MYLTIP Units that are earned, less the distributions actually paid during the performance period on all of the awarded 2023 - 2025 MYLTIP Units.
On January 31, 2025, the three-year measurement period for the Company’s 2022 MYLTIP awards ended and, based on BXP’s absolute and relative TSR performance, the final payout was determined to be 59% of target, or an aggregate of approximately $5.4 million (after giving effect to employee separations). As a result, an aggregate of 177,919 2022 MYLTIP Units that had been previously granted were automatically forfeited.
The following table presents BPLP’s distributions on the OP Units and LTIP Units and MYLTIP Units paid or declared in 2025 and during the three months ended March 31, 2024:

Record Date |  | Payment Date |  | Distributions per OP Unit and LTIP Unit |  | Distributions per MYLTIP Unit
March 31, 2025 |  | April 30, 2025 |  | $0.98 |  |  | $0.098 |
December 31, 2024 |  | January 30, 2025 |  | $0.98 |  |  | $0.098 |
March 28, 2024 |  | April 30, 2024 |  | $0.98 |  |  | $0.098 |
December 29, 2023 |  | January 30, 2024 |  | $0.98 |  |  | $0.098 |

A holder of an OP Unit may present the OP Unit to BPLP for redemption at any time (subject to covenants agreed upon at the time of issuance of OP Units to particular holders that may restrict such redemption right for a period of time, generally one year from issuance). Upon presentation of an OP Unit for redemption, BPLP must redeem the OP Unit for cash equal to the then value of a share of Common Stock of BXP. BXP may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock. Based on the last reported price of a share of Common Stock on the New York Stock Exchange of $67.19 per share on March 31, 2025, the value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2022 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at March 31, 2025 was approximately $1.3 billion.
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Noncontrolling Interests—Property Partnerships
The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties. The equity interests in these ventures that are not owned by the Company, totaling approximately $1.9 billion at March 31, 2025 and December 31, 2024, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.
10. Stockholders’ Equity / Partners’ Capital
As of March 31, 2025, BXP had 158,323,327 shares of Common Stock outstanding.
As of March 31, 2025, BXP owned 1,767,422 general partnership units and 156,555,905 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 BXP’s 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 three months ended March 31, 2025, BXP issued 112,308 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.
The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2025 and during the three months ended March 31, 2024:

Record Date |  | Payment Date |  | Dividend (Per Share) |  | Distribution (Per Unit)
March 31, 2025 |  | April 30, 2025 |  | $0.98 |  |  | $0.98 |
December 31, 2024 |  | January 30, 2025 |  | $0.98 |  |  | $0.98 |
March 28, 2024 |  | April 30, 2024 |  | $0.98 |  |  | $0.98 |
December 29, 2023 |  | January 30, 2024 |  | $0.98 |  |  | $0.98 |

11. 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 (“CODM”). The CODM decides how resources should be allocated and assesses performance on a recurring basis, at least quarterly. The Company’s 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 Company’s joint venture portfolio, the CODMs utilize the Company’s share of net operating income (“NOI”), which includes the Company’s share of NOI from consolidated and unconsolidated joint ventures, as its profit or loss measure in assessing each segment’s performance and deciding how to allocate resources.
The Company’s 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 the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership.
Asset information by segment is not reported because the Company and the CODMs are not provided with the segment asset information and therefore do not use this measure to assess performance or allocate resources. Asset values for the Company’s properties are reported in the Consolidated Balance Sheets at historical cost, which may not reflect current market values. Therefore, depreciation and amortization expense is not allocated among
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segments. The following are not included in the Company’s share of NOI as they are not necessarily linked to the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level: development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, interest and other income (loss), gains (losses) from investments in securities, unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, impairment loss, loss from early extinguishment of debt, interest expense and net income attributable to noncontrolling interests. The Company’s share of NOI presented may not be comparable to what is reported by other REITs or real estate companies that define NOI differently.
The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. The Company also presents information for each segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel. The Company shows the different property types as the revenue from each type is derived from non-comparable lease structures.
The following tables present reconciliations of Company’s share of NOI to Net Income Attributable to BXP, Inc. and Net Income Attributable to Boston Properties Limited Partnership for the three months ended March 31, 2025 and 2024.
BXP

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
|  | (in thousands)
Company’s share of NOI |  | $ | 494,778 |  |  | $ | 497,680 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Development and management services revenue |  | 9,775 |  |  | 6,154 |  |  |  |  |  |  |
Direct reimbursements of payroll and related costs from management services contracts |  | 4,499 |  |  | 4,293 |  |  |  |  |  |  |
Income (loss) from unconsolidated joint ventures |  | (2,139) |  |  | 19,186 |  |  |  |  |  |  |
Interest and other income (loss) |  | 7,750 |  |  | 14,529 |  |  |  |  |  |  |
Gains (losses) from investments in securities |  | (365) |  |  | 2,272 |  |  |  |  |  |  |
Unrealized gain (loss) on non-real estate investments |  | (483) |  |  | 396 |  |  |  |  |  |  |
Net operating income attributable to noncontrolling interests in property partnerships |  | 49,702 |  |  | 46,570 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
General and administrative expense |  | 52,284 |  |  | 50,018 |  |  |  |  |  |  |
Payroll and related costs from management services contracts |  | 4,499 |  |  | 4,293 |  |  |  |  |  |  |
Transaction costs |  | 768 |  |  | 513 |  |  |  |  |  |  |
Depreciation and amortization expense |  | 220,107 |  |  | 218,716 |  |  |  |  |  |  |
Loss on sales-type lease |  | 2,490 |  |  | — |  |  |  |  |  |  |
Net operating income from unconsolidated joint ventures |  | 32,682 |  |  | 35,430 |  |  |  |  |  |  |
Impairment loss |  | — |  |  | 13,615 |  |  |  |  |  |  |
Loss from early extinguishment of debt |  | 338 |  |  | — |  |  |  |  |  |  |
Interest expense |  | 163,444 |  |  | 161,891 |  |  |  |  |  |  |
Net Income |  | 86,905 |  |  | 106,604 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  |  |  |  |  |
Noncontrolling interest—common units of the Operating Partnership |  | 6,979 |  |  | 9,500 |  |  |  |  |  |  |
Net income attributable to BXP, Inc. |  | $ | 61,177 |  |  | $ | 79,883 |  |  |  |  |  |  |

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BPLP

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
|  | (in thousands)
Company’s share of NOI |  | $ | 494,778 |  |  | $ | 497,680 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Development and management services revenue |  | 9,775 |  |  | 6,154 |  |  |  |  |  |  |
Direct reimbursements of payroll and related costs from management services contracts |  | 4,499 |  |  | 4,293 |  |  |  |  |  |  |
Income (loss) from unconsolidated joint ventures |  | (2,139) |  |  | 19,186 |  |  |  |  |  |  |
Interest and other income (loss) |  | 7,750 |  |  | 14,529 |  |  |  |  |  |  |
Gains (losses) from investments in securities |  | (365) |  |  | 2,272 |  |  |  |  |  |  |
Unrealized gain (loss) on non-real estate investments |  | (483) |  |  | 396 |  |  |  |  |  |  |
Net operating income attributable to noncontrolling interests in property partnerships |  | 49,702 |  |  | 46,570 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
General and administrative expense |  | 52,284 |  |  | 50,018 |  |  |  |  |  |  |
Payroll and related costs from management services contracts |  | 4,499 |  |  | 4,293 |  |  |  |  |  |  |
Transaction costs |  | 768 |  |  | 513 |  |  |  |  |  |  |
Depreciation and amortization expense |  | 218,404 |  |  | 217,019 |  |  |  |  |  |  |
Loss on sales-type lease |  | 2,490 |  |  | — |  |  |  |  |  |  |
Net operating income from unconsolidated joint ventures |  | 32,682 |  |  | 35,430 |  |  |  |  |  |  |
Impairment loss |  | — |  |  | 13,615 |  |  |  |  |  |  |
Loss from early extinguishment of debt |  | 338 |  |  | — |  |  |  |  |  |  |
Interest expense |  | 163,444 |  |  | 161,891 |  |  |  |  |  |  |
Net Income |  | 88,608 |  |  | 108,301 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  |  |  |  |  |
Net income attributable to Boston Properties Limited Partnership |  | $ | 69,859 |  |  | $ | 91,080 |  |  |  |  |  |  |

The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three months ended March 31, 2025 and 2024.

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
|  | (in thousands)
Revenue |  | $ | 865,215 |  |  | $ | 839,439 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Development and management services |  | 9,775 |  |  | 6,154 |  |  |  |  |  |  |
Direct reimbursements of payroll and related costs from management services contracts |  | 4,499 |  |  | 4,293 |  |  |  |  |  |  |
Total rental revenue |  | $ | 850,941 |  |  | $ | 828,992 |  |  |  |  |  |  |

The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three months ended March 31, 2025 and 2024 (dollars in thousands).
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For the three months ended March 31, 2025:

| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Seattle |  | Washington, DC |  | Total
Rental Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |
Office | $ | 305,289 |  |  | $ | 17,165 |  |  | $ | 263,425 |  |  | $ | 125,808 |  |  | $ | 11,991 |  |  | $ | 105,318 |  |  | $ | 828,996 |
Residential | 4,129 |  |  | — |  |  | — |  |  | 3,503 |  |  | — |  |  | 4,716 |  |  | 12,348 |
Hotel | 9,597 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,597 |
Total | 319,015 |  |  | 17,165 |  |  | 263,425 |  |  | 129,311 |  |  | 11,991 |  |  | 110,034 |  |  | 850,941 |
% of Grand Totals | 37.48 | % |  | 2.02 | % |  | 30.96 | % |  | 15.20 | % |  | 1.41 | % |  | 12.93 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Office | 116,885 |  |  | 6,496 |  |  | 109,961 |  |  | 48,552 |  |  | 2,996 |  |  | 40,791 |  |  | 325,681 |
Residential | 1,808 |  |  | — |  |  | — |  |  | 2,140 |  |  | — |  |  | 1,949 |  |  | 5,897 |
Hotel | 7,565 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,565 |
Total | 126,258 |  |  | 6,496 |  |  | 109,961 |  |  | 50,692 |  |  | 2,996 |  |  | 42,740 |  |  | 339,143 |
% of Grand Totals | 37.23 | % |  | 1.92 | % |  | 32.42 | % |  | 14.95 | % |  | 0.88 | % |  | 12.60 | % |  | 100.00 | %
Net operating income | $ | 192,757 |  |  | $ | 10,669 |  |  | $ | 153,464 |  |  | $ | 78,619 |  |  | $ | 8,995 |  |  | $ | 67,294 |  |  | $ | 511,798 |
% of Grand Totals | 37.66 | % |  | 2.08 | % |  | 29.99 | % |  | 15.36 | % |  | 1.76 | % |  | 13.15 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (15,301) |  |  | — |  |  | (34,401) |  |  | — |  |  | — |  |  | — |  |  | (49,702) |
Add: Company’s share of net operating income from unconsolidated joint ventures | 8,451 |  |  | 7,352 |  |  | 3,513 |  |  | 4,581 |  |  | 2,257 |  |  | 6,528 |  |  | 32,682 |
Company’s share of net operating income | $ | 185,907 |  |  | $ | 18,021 |  |  | $ | 122,576 |  |  | $ | 83,200 |  |  | $ | 11,252 |  |  | $ | 73,822 |  |  | $ | 494,778 |
% of Grand Totals | 37.58 | % |  | 3.64 | % |  | 24.77 | % |  | 16.82 | % |  | 2.27 | % |  | 14.92 | % |  | 100.00 | %

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For the three months ended March 31, 2024:

| Boston |  | Los Angeles |  | New York |  | San Francisco |  | Seattle |  | Washington, DC |  | Total
Rental Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |
Office | $ | 280,466 |  |  | $ | 20,401 |  |  | $ | 260,809 |  |  | $ | 132,614 |  |  | $ | 10,910 |  |  | $ | 102,922 |  |  | $ | 808,122 |
Residential | 4,196 |  |  | — |  |  | — |  |  | 3,958 |  |  | — |  |  | 4,530 |  |  | 12,684 |
Hotel | 8,186 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,186 |
Total | 292,848 |  |  | 20,401 |  |  | 260,809 |  |  | 136,572 |  |  | 10,910 |  |  | 107,452 |  |  | 828,992 |
% of Grand Totals | 35.33 | % |  | 2.46 | % |  | 31.46 | % |  | 16.47 | % |  | 1.32 | % |  | 12.96 | % |  | 100.00 | %
Rental Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Office | 105,171 |  |  | 6,567 |  |  | 107,481 |  |  | 46,942 |  |  | 3,081 |  |  | 39,229 |  |  | 308,471 |
Residential | 1,593 |  |  | — |  |  | — |  |  | 2,218 |  |  | — |  |  | 1,875 |  |  | 5,686 |
Hotel | 6,015 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,015 |
Total | 112,779 |  |  | 6,567 |  |  | 107,481 |  |  | 49,160 |  |  | 3,081 |  |  | 41,104 |  |  | 320,172 |
% of Grand Totals | 35.23 | % |  | 2.05 | % |  | 33.57 | % |  | 15.35 | % |  | 0.96 | % |  | 12.84 | % |  | 100.00 | %
Net operating income | $ | 180,069 |  |  | $ | 13,834 |  |  | $ | 153,328 |  |  | $ | 87,412 |  |  | $ | 7,829 |  |  | $ | 66,348 |  |  | $ | 508,820 |
% of Grand Totals | 35.39 | % |  | 2.72 | % |  | 30.13 | % |  | 17.18 | % |  | 1.54 | % |  | 13.04 | % |  | 100.00 | %
Less: Net operating income attributable to noncontrolling interests in property partnerships | (11,056) |  |  | — |  |  | (35,514) |  |  | — |  |  | — |  |  | — |  |  | (46,570) |
Add: Company’s share of net operating income from unconsolidated joint ventures | 8,757 |  |  | 7,248 |  |  | 5,984 |  |  | 5,154 |  |  | 1,876 |  |  | 6,411 |  |  | 35,430 |
Company’s share of net operating income | $ | 177,770 |  |  | $ | 21,082 |  |  | $ | 123,798 |  |  | $ | 92,566 |  |  | $ | 9,705 |  |  | $ | 72,759 |  |  | $ | 497,680 |
% of Grand Totals | 35.71 | % |  | 4.24 | % |  | 24.88 | % |  | 18.60 | % |  | 1.95 | % |  | 14.62 | % |  | 100.00 | %

12. Earnings Per Share / Common Unit
BXP
The following table provides a reconciliation of both the net income attributable to BXP, Inc. and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to BXP, Inc. by the weighted-average number of common shares outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic EPS of BXP using the two-class method. Participating securities are included in the computation of diluted EPS of BXP using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2022 MYLTIP Units required, and the 2023 - 2025 MYLTIP Units require, BXP to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, BXP excludes such units from the diluted EPS calculation. Other potentially dilutive common shares, including stock options, restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.
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| Three months ended March 31, 2025
| Income (Numerator) |  | Shares (Denominator) |  | Per Share Amount
| (in thousands, except for per share amounts)
Basic Earnings: |  |  |  |  |
Net income attributable to BXP, Inc. | $ | 61,177 |  |  | 158,202 |  |  | $ | 0.39 |
Effect of Dilutive Securities: |  |  |  |  |
Stock Based Compensation | — |  |  | 430 |  |  | — |
Diluted Earnings: |  |  |  |  |
Net income attributable to BXP, Inc. | $ | 61,177 |  |  | 158,632 |  |  | $ | 0.39 |
| Three months ended March 31, 2024
| Income (Numerator) |  | Shares (Denominator) |  | Per Share Amount
| (in thousands, except for per share amounts)
Basic Earnings: |  |  |  |  |
Net income attributable to BXP, Inc. | $ | 79,883 |  |  | 156,983 |  |  | $ | 0.51 |
Effect of Dilutive Securities: |  |  |  |  |
Stock Based Compensation | — |  |  | 149 |  |  | — |
Diluted Earnings: |  |  |  |  |
Net income attributable to BXP, Inc. | $ | 79,883 |  |  | 157,132 |  |  | $ | 0.51 |

BPLP
The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income attributable to Boston Properties Limited Partnership by the weighted-average number of common units outstanding during the period. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities. As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities. Participating securities are included in the computation of basic earnings per common unit using the two-class method. Participating securities are included in the computation of diluted earnings per common unit using the if-converted method if the impact is dilutive. Because the 2012 OPP Units and 2013 - 2022 MYLTIP Units required, and the 2023 - 2025 MYLTIP Units require, BXP to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, BPLP excludes such units from the diluted earnings per common unit calculation. Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit. Included in the number of units (the denominator) below are approximately 17,550,000 and 18,272,000 redeemable common units for the three months ended March 31, 2025 and 2024, respectively.
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| Three months ended March 31, 2025
| Income (Numerator) |  | Units (Denominator) |  | Per Unit Amount
| (in thousands, except for per unit amounts)
Basic Earnings: |  |  |  |  |
Net income attributable to Boston Properties Limited Partnership | $ | 69,859 |  |  | 175,752 |  |  | $ | 0.40 |
Effect of Dilutive Securities: |  |  |  |  |
Stock Based Compensation | — |  |  | 430 |  |  | — |
Diluted Earnings: |  |  |  |  |
Net income attributable to Boston Properties Limited Partnership | $ | 69,859 |  |  | 176,182 |  |  | $ | 0.40 |
| Three months ended March 31, 2024
| Income (Numerator) |  | Units (Denominator) |  | Per Unit Amount
| (in thousands, except for per unit amounts)
Basic Earnings: |  |  |  |  |
Net income attributable to Boston Properties Limited Partnership | $ | 91,080 |  |  | 175,255 |  |  | $ | 0.52 |
Effect of Dilutive Securities: |  |  |  |  |
Stock Based Compensation | — |  |  | 149 |  |  | — |
Diluted Earnings: |  |  |  |  |
Net income attributable to Boston Properties Limited Partnership | $ | 91,080 |  |  | 175,404 |  |  | $ | 0.52 |

13. Stock Option and Incentive Plan
On January 22, 2025, BXP’s Compensation Committee approved the 2025 Multi-Year Long-Term Incentive Program (the “2025 MYLTIP”) awards under the BXP, Inc. 2021 Stock Incentive Plan (the “2021 Plan”) to certain executive officers of BXP. The 2025 MYLTIP awards consist of three components. Two of the components are each weighted 40% and utilize BXP’s TSR and BXP’s diluted Funds from Operations (“FFO”) per share growth, respectively, over a three-year measurement period as the performance metrics and the third component, weighted 20%, utilizes an average leverage ratio as the performance metric. Earned awards will range from zero to a maximum of 354,940 LTIP Units depending on BXP’s performance under the three components, with a target of approximately 177,470 LTIP Units. Under ASC 718, the 2025 MYLTIP awards have an aggregate value of approximately $12.7 million.
On January 31, 2025, the three-year measurement period for the Company’s 2022 MYLTIP awards ended and, based on BXP’s absolute and relative TSR performance, the final payout was determined to be 59% of target, or an aggregate of approximately $5.4 million (after giving effect to employee separations). As a result, an aggregate of 177,919 2022 MYLTIP Units that had been previously granted were automatically forfeited.
During the three months ended March 31, 2025, BXP issued 49,486 shares of restricted common stock and BPLP issued 390,825 LTIP Units and 354,940 2025 MYLTIP Units to employees and the life sciences advisory board members under the 2021 Plan. Employees and life sciences advisory board members paid $0.25 per LTIP Unit and 2025 MYLTIP Unit. When issued, LTIP Units are not economically equivalent in value to a share of Common Stock, but over time can increase in value to one-for-one parity with Common Stock if there is sufficient appreciation in the value of the Company’s assets. The aggregate value of the LTIP Units is included in noncontrolling interests in the Consolidated Balance Sheets of BXP and BPLP. A substantial majority of the grants of restricted common stock and LTIP Units to employees vest in four equal annual installments. Restricted common stock is measured at fair value on the date of grant based on the number of shares granted and the closing price of BXP’s Common Stock on the date of grant as quoted on the New York Stock Exchange. Such value is recognized as an expense ratably over the corresponding employee service period. The shares of restricted common stock
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granted during the three months ended March 31, 2025 were valued at approximately $3.6 million. The LTIP Units granted were valued at approximately $26.0 million using a Monte Carlo simulation method model. Because the 2012 OPP Units and 2013 - 2025 MYLTIP Units are subject to both a service condition and a market condition, the Company recognizes the related compensation expense under the graded vesting attribution method. Under the graded vesting attribution method, each portion of the award that vests at a different date is accounted for as a separate award and recognized over the period appropriate to that portion so that the compensation cost for each portion should be recognized in full by the time that portion vests. The Company recognizes forfeitures as they occur on its awards of stock-based compensation. Dividends paid on both vested and unvested shares of restricted stock are charged directly to Dividends in Excess of Earnings in BXP, Inc.’s Consolidated Balance Sheets and Partners’ Capital in Boston Properties Limited Partnership’s Consolidated Balance Sheets. Aggregate stock-based compensation expense associated with restricted stock, LTIP Units and MYLTIP Units was approximately $23.0 million and $18.5 million for the three months ended March 31, 2025 and 2024, respectively. At March 31, 2025, there was (1) an aggregate of approximately $36.7 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and (2) an aggregate of approximately $3.8 million of unrecognized compensation expense related to unvested 2023 - 2025 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.8 years.
14. Subsequent Events
On April 5, 2025, the Company partially placed in-service 1050 Winter Street in Waltham, Massachusetts. 1050 Winter Street is a redevelopment of an approximately 162,000 net rentable square foot office property. The project is fully pre-leased.
On April 8, 2025, BPLP entered into an interest rate swap contract with a notional amount of $300.0 million to replace $300.0 million of interest rate swap contracts that expired on April 1, 2025. The interest rate swap was entered into to fix Daily Simple SOFR at a fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026.
On April 22, 2025, BPLP amended the Credit Agreement governing its 2025 Credit Facility to remove the SOFR conversion adjustment of 10 basis points previously applicable to the Term Loan Facility. Other than the foregoing, the material terms of the Credit Agreement remained unchanged (See Note 6).
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ITEM 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report.
This Quarterly Report on Form 10-Q, including the documents incorporated by reference herein, contain forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with those safe harbor provisions, in each case, to the extent applicable. The forward-looking statements are contained principally, but not only, under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We caution investors that forward-looking statements are based on current beliefs, expectations of future events and assumptions made by, and information currently available to, our management. When used, the words “anticipate,” “believe,” “budget,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “should,” “will,” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance or occurrences, which may be affected by known and unknown risks, trends, uncertainties and factors that are, in some cases, beyond our control. If one or more of these known or unknown risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution you that, while forward-looking statements reflect our good-faith beliefs when we make them, they are not guarantees of future performance or occurrences and are impacted by actual events when they occur after we make such statements. Accordingly, investors should use caution in relying on forward-looking statements, which are based on results, trends and assumptions at the time they are made, to anticipate future results or trends.
The most significant factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements include 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, and potential longer-term changes in consumer and client behavior, sustained changes in client preferences and space utilization, as well as the other important factors below and the risks described in (i) our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 including those described under the caption “Risk Factors,” (ii) our subsequent filings under the Exchange Act and (iii) the risk factors set forth in this Form 10-Q in Part II, Item 1A, if any.
Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:
•volatile or adverse global economic and political conditions, including policy changes by the presidential administration, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, the impact of geopolitical conflicts, health crises and dislocations in the credit markets could adversely affect economic conditions and/or restrict our access to cost-effective capital, which could have a material adverse effect on our business opportunities, results of operations and financial condition;
•general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on attractive 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);
•failure to manage effectively our growth and expansion into new markets and sub-markets or to integrate acquisitions and developments successfully;
•the ability of our joint venture partners to satisfy their obligations;
•risks and uncertainties affecting property development and construction (including, without limitation, supply chain disruptions, labor shortages, construction delays, increased construction costs, cost overruns, inability to obtain necessary permits, client accounting considerations that may result in negotiated lease provisions that limit a client’s liability during construction, and public opposition to such activities);
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•risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments or refinance existing indebtedness, including the impact of higher interest rates on the cost and/or availability of financing;
•risks associated with forward interest rate contracts and derivatives and the effectiveness of such arrangements;
•risks associated with actual or threatened terrorist attacks;
•costs of compliance with the Americans with Disabilities Act and other similar laws;
•potential liability for uninsured losses and environmental contamination;
•risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the effects of climate change;
•risks associated with security breaches, incidents, and compromises through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems, which support our operations and our buildings;
•risks associated with legal proceedings and other claims that could result in substantial monetary damages and other costs;
•risks associated with BXP’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”);
•possible adverse changes in tax and environmental laws;
•the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results;
•risks associated with possible state and local tax audits; and
•risks associated with our dependence on key personnel whose continued service is not guaranteed.
The risks set forth above are not exhaustive. Other sections of this report may include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all risk factors, nor can we assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not unduly rely on forward-looking statements as a prediction of actual results. Investors should also refer to our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the SEC, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this report.
Overview
BXP is one of the largest publicly traded office real estate investment trusts (REITs) (based on total market capitalization as of March 31, 2025) in the United States that develops, owns, and manages primarily premier workplaces. Our properties are concentrated in six dynamic gateway markets in the U.S. - Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. BPLP is the entity through which BXP conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. We generate revenue and cash primarily by leasing premier workplaces to our clients. 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 generally accepted accounting principles (“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.
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We believe our key competitive advantages are our commitment to the office asset class and to our clients as many competitors have divested in the sector, a strong balance sheet with access to capital in the secured and unsecured debt markets and the private and public equity markets, and one of the highest quality portfolios of premier workplaces in the U.S. assembled over several decades of intentional development, acquisitions and dispositions. Clients and their advisors are increasingly focused on these attributes for their building owners, which distinguishes BXP among its competitors.
We consider premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings, are professionally managed and maintained, and offer a number and type of amenities that are in high demand by clients that are focused on the importance of the physical work environment in recruiting and retaining the best and brightest employees. As such, these properties attract creditworthy clients and command upper-tier rental rates in their markets. 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. We therefore caution investors that our use and definition of “premier workplaces” may be different than the use and definition of similar expressions and traditional classifications that may be used by other companies.
Our core strategy has always been to develop, acquire and manage premier workplaces in gateway markets with high barriers-to-entry and attractive demand drivers and to focus on executing long-term leases with financially strong clients that are diverse across market sectors. We believe this strategy provides a competitive advantage that helps BXP distinguish itself from competitors as our clients are interested in leasing space in vibrant, amenitized and accessible premier workplaces to encourage more in-person work. This interest has accelerated the flight to quality in the office industry. Over the past several years, BXP’s experience and performance has diverged from the larger market and media sentiment, as premier workplaces have outperformed the broader office market consistently and substantially in both rental rates achieved and occupancy. We believe this divergence validates our strategy and differentiates BXP from other office companies.
Premier workplaces in our five traditional central business district (“CBD”) markets (Boston, New York, San Francisco, Seattle and Washington, DC) have consistently outperformed the broader office market in those CBDs on several key metrics, including occupancy, net absorption levels, rental rates and landlord concessions. This outperformance is evident in BXP’s portfolio where we derive approximately 88% of our share of annualized rental obligations from predominantly premier workplaces located in CBDs. We define annualized rental obligations as the monthly contractual base rent (excluding percentage rent and rent abatements) and budgeted reimbursements from clients under existing leases as of March 31, 2025, multiplied by twelve. Our share of annualized rental obligations is calculated as the consolidated amount, plus our share of the amount from our unconsolidated joint ventures (calculated based on our economic percentage ownership interest), less our partners’ share of the amount from our consolidated joint ventures (calculated based on the partners’ economic percentage ownership interest). As of March 31, 2025, our CBD assets are 89.8% occupied and 92.3% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).
As of March 31, 2025, the weighted-average remaining lease term for (1) our in-place leases, based on square feet, including those signed by our unconsolidated joint ventures but excluding residential units, was approximately 7.9 years, and (2) our 20 largest clients, based on square feet, was approximately 9.8 years.
Outlook
The market is experiencing increased volatility in the capital markets, heightened concerns over the potential for inflation and increased interest rates and a reduction in consumer confidence. These factors led many to forecast a potential recession or decline in U.S. Gross Domestic Product (“GDP”) growth in 2025, and the recent report that first quarter GDP declined by 0.3% did not contradict those forecasts.
For BXP, the primary drivers of leasing activity continue to be corporate confidence and in-person workplace behavior. Despite our initial concerns that clients might delay or cancel space requirements in response to a more uncertain operating environment, we have not observed this trend to date. Of the approximately one million square feet currently under negotiation, only one prospective user—accounting for approximately 8,000 square feet—has elected not to move forward, citing current market conditions. Our overall leasing pipeline remains active and robust.
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In the life sciences sector, proposed federal funding cuts to the National Institutes of Health and other research organizations, as well as uncertainties regarding U.S. Food and Drug Administration approvals, are creating additional headwinds. These challenges are leading some investors and operators within the life sciences community to reconsider new financial commitments, which may impact leasing velocity in this sector.
Should the U.S. economy enter a recession, we would expect overall leasing demand to soften; however, we also believe a recession could result in lower interest rates and a potential decline in remote work due to a weaker labor market. With respect to construction costs, while tariffs are expected to increase the prices of certain materials, we anticipate modest impact on our overall construction budgets, due to the limited proportion of non-U.S. sourced materials used in our projects and strong competition among contractors.
In light of the uncertain trajectory of the U.S. and global economies, we continue to position BXP for success by ensuring ample liquidity, managing our leverage, pursuing additional capital raising opportunities and maintaining discipline in discretionary capital expenditures, while continuing to selectively invest (including through both acquisitions and developments) in premier workplace opportunities. We remain focused on:
•continuing to embrace our leadership position in the premier workplace segment and leveraging our strength in portfolio quality, client relationships, development skills, market penetration and sustainability to profitably build market share;
•leasing available space in our in-service and development properties, as well as proactively focusing on future lease expirations;
•completing the construction and leasing of our development properties;
•pursuing attractive asset class adjacencies where we have a track record of success, such as residential development;
•continuing to enhance the overall quality of our portfolio and actively recycling capital by selling assets, subject to market conditions, that we believe no longer fit within our portfolio strategy or could attract premium pricing in the current market;
•actively managing our operations in a sustainable and responsible manner; and
•prioritizing risk management by actively managing liquidity, investing more extensively with joint venture partners to manage our debt levels, and being highly selective in new investment commitments.
The following is an overview of leasing and investment activity in the first quarter of 2025 and recent business highlights.
Leasing Activity and Occupancy
To be successful in any leasing environment, we believe we must consider all aspects of the client-landlord relationship. In this regard, we believe that our competitive leasing advantage is based on the following attributes:
•our understanding of our client’s short- and long-term space utilization and amenity needs in the local markets;
•our track record of developing and operating premier workplaces in a sustainable and responsible manner;
•our reputation as a high-quality developer, owner and manager of premier workplaces in our markets;
•our financial strength, including our ability to fund our share of lease obligations and maintain premier building standards; and
•our relationships with local brokers.
Although all the markets in which we operate still need consistent incremental absorption to constitute a macro recovery, we continue to see pockets of strength where low availability is driving constructive client behavior. This is particularly true in New York and Boston, which accounts for 62% of our share of annualized rental obligations. As clients choose premier workplaces in sound financial condition with building owners that are committed for the long
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term to their properties operated by the best property management teams, we expect to continue to be successful in gaining market share.
Based on the first quarter leasing results, our current pipeline of transactions under negotiation and possible additional activity, we have seen limited impact on our 2025 leasing plan of four million square feet, inclusive of approximately three million square feet of leasing on vacant space and known 2025 expirations.
In the first quarter of 2025, we executed 91 leases totaling more than 1.1 million square feet with a weighted-average lease term of approximately 10.9 years. This result represents a 25% increase in the number of square feet leased over the first quarter of 2024. Notable leases for the quarter included an approximately 244,000 square foot lease at 200 Fifth Avenue in New York, New York and an approximately 162,000 square foot lease in Waltham, Massachusetts, both of which were on vacant space.
At March 31, 2025, the overall occupancy of our in-service office and retail properties was 86.9%, a decline of 60 basis points from December 31, 2024, primarily due to the known expiration of an approximately 350,000 square foot lease at 200 Fifth Avenue in New York, New York, the majority of which space was re-leased in the first quarter. We define occupancy as space with signed leases for which revenue recognition has commenced in accordance with GAAP.
Including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP, our in-service office and retail properties were approximately 89.4% leased at March 31, 2025. The percentage leased remained stable quarter-over-quarter demonstrating the continued strength of BXP’s leasing activity and pipeline, as illustrated by the lease executed at 200 Fifth Avenue in the first quarter.
Investment Activity
We remain in active pursuit of opportunities in our core markets and asset types with primarily two types of counterparties: lenders to highly leveraged assets that require recapitalization and institutional owners seeking to divest from the office asset class. To date, there has been limited market transaction activity for higher-quality office assets, though owners are increasingly testing the market to understand pricing.
We continually evaluate current and prospective markets for possible acquisitions of “value-add” assets that require lease-up or repositioning, and acquisitions that are otherwise consistent with our long-term strategy of owning, managing, developing, and improving premier workplaces in each of our chosen markets. Additional new acquisition opportunities will likely increase in this environment, and we remain committed to developing and acquiring assets to enhance our long-term growth and to meet client demand by focusing on premier workplaces.
Consistent with this strategy, on March 5, 2025, we completed the formation of a joint venture with CrossHarbor Capital and Albanese Organization to develop 290 Coles Street, a fully entitled, 670-unit market-rate residential project offering panoramic views of the Hudson River and Manhattan skyline in Jersey City, New Jersey. The estimated total investment (inclusive of interest carry on the equity investments) is approximately $455.8 million. BXP owns 19.46% of the common equity interests in the venture and will also provide up to $65.0 million of the required capital as preferred equity. In addition, the joint venture entered into a $225.0 million construction loan that bears interest at a rate of Term SOFR plus 2.50% per annum, and matures on March 5, 2029 with an additional one-year extension option, subject to certain conditions.
As of March 31, 2025, our development/redevelopment pipeline consisted of nine properties that, when completed, we expect will total approximately 3.0 million net rentable square feet. Our share of the estimated total cost for these projects is approximately $2.4 billion, of which approximately $1.2 billion remains to be invested. The commercial space in the pipeline, which excludes the residential project, was 62% pre-leased as of April 28, 2025, an increase from 50% at February 21, 2025.
As we continue to focus on new investments to drive future growth, we regularly review our portfolio to identify properties as potential sales candidates that either no longer fit within our portfolio strategy or could attract premium pricing in the current market. In addition, the BXP regional teams are pursuing alternative uses for some of our suburban land holdings, which includes vacant office buildings for which the highest and best use may not be office.
We are currently in active negotiations for the disposition of eight land sites and, if successful, these dispositions could generate approximately $250.0 million of aggregate net proceeds over the next 24 months. Several of these sales require re-entitlement, which we anticipate will result in relatively longer closing periods than
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typical transactions. However, there can be no assurance that we will complete any of these transactions on the terms and schedules currently contemplated or at all.
A brief overview of each of our markets follows.
Boston
During the first quarter of 2025, we executed approximately 304,000 square feet of leases and approximately 153,000 square feet of leases commenced in the Boston region. Approximately 98,000 square feet of the leases that commenced had been vacant for less than one year and represent an increase in net rental obligations of approximately 15.7% over the prior leases.
As of March 31, 2025, our approximately 8.4 million square foot Boston CBD in-service portfolio was approximately 96.1% occupied and approximately 97.9% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).
Our approximately 2.7 million square foot in-service CBD portfolio in Cambridge was approximately 97.2% occupied and 98.1% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP) as of March 31, 2025.
As of March 31, 2025, our approximately 4.5 million square foot Route 128-Mass Turnpike in-service portfolio was approximately 77.0% occupied and approximately 80.0% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).
Los Angeles
Our Los Angeles (“LA”) in-service portfolio of approximately 2.3 million square feet is currently focused in West LA and includes Colorado Center, an approximately 1.1 million square foot property of which we own 50%, and Santa Monica Business Park, a 21-building, approximately 1.2 million square foot property. As of March 31, 2025, our LA in-service properties were approximately 83.9% occupied and 86.6% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).
New York
During the first quarter of 2025, we executed approximately 420,000 square feet of leases in the New York region and approximately 237,000 square feet of leases commenced. Approximately 91,000 square feet of the leases that commenced had been vacant for less than one year, and they represent an increase in net rental obligations of approximately 4.3% over the prior leases.
As of March 31, 2025, our New York CBD in-service portfolio was approximately 88.1% occupied and approximately 92.3% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).
San Francisco
During the first quarter of 2025, we executed leases for approximately 263,000 square feet and approximately 284,000 square feet commenced in the San Francisco region. Approximately 250,000 square feet of leases that commenced had been vacant for less than one year and represent an increase in net rental obligations of approximately 0.1% over the prior leases.
As of March 31, 2025, our San Francisco CBD in-service properties were approximately 81.7% occupied and approximately 83.7% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).
Seattle
Our Seattle in-service portfolio includes Safeco Plaza, an approximately 763,000 square foot property of which we own 33.67%, and Madison Centre, an approximately 755,000 square foot property. As of March 31, 2025, these in-service properties were approximately 81.9% occupied and approximately 84.4% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).
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Washington, DC
During the first quarter of 2025, we executed leases for approximately 80,000 square feet and leases for approximately 97,000 square feet commenced in the Washington, DC region. Leases for approximately 36,000 square feet that commenced had been vacant for less than one year and represent a decrease in net rental obligations of approximately 14.3% over the prior leases.
As of March 31, 2025, our Washington, DC CBD in-service properties were approximately 89.3% occupied and approximately 90.8% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).
A significant component of our Washington, DC regional portfolio is in Reston Town Center, an award-winning mixed-use development in Northern Virginia. Reston is a hub for technology, cloud services, cybersecurity and defense intelligence companies. As of March 31, 2025, our approximately 4.6 million square foot Reston CBD portfolio was approximately 94.9% occupied and approximately 97.2% leased (including vacant space for which have signed leases that have not yet commenced in accordance with GAAP).
Leasing Statistics
The table below details the vacancy and leasing activity in our portfolio, including 100% of the unconsolidated joint ventures, that commenced revenue recognition during the three months ended March 31, 2025:

|  | Three months ended March 31, 2025 |  |
|  | (Square Feet)
Vacant space available at the beginning of the period |  | 6,122,074 |  |  |
Vacant space from property dispositions/properties taken out of service (1) |  | (462,680) |  |  |
Leases expiring or terminated during the period |  | 1,623,731 |  |  |
Total space available for lease |  | 7,283,125 |  |  |
1 st generation leases |  | 18,919 |  |  |
2 nd generation leases with new clients |  | 388,069 |  |  |
2 nd generation lease renewals |  | 527,960 |  |  |
Total space leased (2) |  | 934,948 |  |  |
Vacant space available for lease at the end of the period |  | 6,348,177 |  |  |
Leases executed during the period (3) |  | 1,118,470 |  |  |
Second generation leasing information: (4) |  |  |  |
Leases commencing during the period, in square feet |  | 916,029 |  |  |
Weighted Average Lease Term |  | 64 Months |  |
Weighted Average Free Rent Period |  | 143 Days |  |
Total Transaction Costs Per Square Foot (5) |  | $74.01 |  |  |
Increase (Decrease) in Gross Rents (6) |  | 1.52 | % |  |
Increase (Decrease) in Net Rents (7) |  | 2.17 | % |  |

__________________
(1)Total square feet from properties taken out of service during the three months ended March 31, 2025 consists of 201,634 square feet at Reservoir Place and 261,046 square feet at Reston Corporate Center.
(2)Represents leases for which lease revenue recognition has commenced in accordance with GAAP during the three months ended March 31, 2025.
(3)Represents leases executed during the three months ended March 31, 2025 for which we either (1) commenced lease revenue recognition in such period or (2) will commence lease revenue recognition in subsequent periods, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases e xecuted for which revenue recognition commenced during the three months ended March 31, 2025 was 122,095 square feet.
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(4)Second generation leases are defined as leases for space that we have previously leased. Of the 916,029 square feet of second generation leases that commenced revenue recognition during the three months ended March 31, 2025, leases for 793,934 square feet were signed in prior periods.
(5)Total transaction costs include tenant improvements and leasing commissions but exclude free rent concessions and other inducements in accordance with GAAP.
(6)Represents the increase in gross rent (base rent plus expense reimbursements) on the new versus expired leases on the 620,626 square feet of second generation leases that had been occupied within the prior 12 months for the three months ended March 31, 2025; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.
(7)Represents the increase in net rent (gross rent less operating expenses) on the new versus expired leases on the 620,626 square feet of second generation leases that had been occupied within the prior 12 months for the three months ended March 31, 2025.
Transactions during the three months ended March 31, 2025 and recent business highlights included the following:
Development activities
•On January 16, 2025, we partially placed in-service Reston Next Retail, a retail project with approximately 33,000 net rentable square feet located in Reston, Virginia.
•On March 31, 2025, we commenced the redevelopment of 1050 Winter Street in Waltham, Massachusetts. 1050 Winter Street is a redevelopment of an approximately 162,000 net rentable square foot office property. On April 5, 2025, this property was partially placed in-service. The project is fully pre-leased.
Unconsolidated joint venture activities
•On February 27, 2025, a joint venture in which we have a 50% ownership interest, entered into a $252.0 million mortgage loan secured by 7750 Wisconsin Avenue in Bethesda, Maryland. The loan is scheduled to mature on March 1, 2035, bears interest at a fixed rate of 5.49% per annum, and requires monthly principal and interest payments. The proceeds from the loan were used to repay the existing $252.0 million construction loan collateralized by the property. The repayment resulted in the joint venture recognizing a loss from early extinguishment of debt of approximately $0.1 million related to unamortized finance costs during the three months ended March 31, 2025. 7750 Wisconsin Avenue is an office property with approximately 736,000 net rentable square feet.
•On March 5, 2025, we acquired a 19.46% interest in a joint venture that is developing 290 Coles Street located in Jersey City, New Jersey for a gross purchase price of approximately $20.0 million. Additionally, we agreed to fund up to $65.0 million of the required capital through a preferred equity investment. Our preferred equity investment is expected to earn a 13.0% internal rate of return (“IRR”) and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030. On March 5, 2025, the joint venture entered into a $225.0 million construction loan, which will fund construction costs after the funding of all common and preferred equity investments required by the construction loan agreement. The loan bears interest at a variable rate equal to Term SOFR plus 2.50% per annum and is scheduled to mature on March 5, 2029 with an additional one-year extension option, subject to certain conditions. When completed, 290 Coles Street is expected to be a 670-unit residential property with retail space aggregating approximately 560,000 net rentable square feet.
Debt activities
•On January 15, 2025, BPLP repaid $850.0 million in aggregate principal amount of its 3.200% senior notes due January 15, 2025. The repayment was completed with available cash and the proceeds from BPLP’s August 2024 offering of 5.750% unsecured senior notes due 2035. The repayment price was approximately $863.6 million, which was equal to the stated principal plus approximately $13.6 million of accrued and unpaid interest to, but not including, the repayment date.
•On March 28, 2025, BPLP amended and restated its revolving credit agreement (as amended and restated, the “2025 Credit Facility”). The 2025 Credit Facility provides for aggregate borrowings of up to $2.950 billion through an unsecured revolving credit facility and an unsecured term loan facility, subject to customary conditions. Among other things, the amendment and restatement (1) increased the total
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commitment of the revolving line of credit (the “Revolving Facility”) from $2.0 billion to $2.250 billion, (2) extended the maturity date of the Revolving Facility from June 15, 2026 to March 29, 2030, and (3) added a $700.0 million unsecured term loan facility (the “Term Loan Facility”) with an initial maturity date of March 30, 2029, with two, six-month extension options, each subject to customary conditions. In connection with the amendment and restatement, we recognized a loss from early extinguishment of debt of approximately $0.3 million related to unamortized origination costs during the three months ended March 31, 2025.
At closing on March 28, 2025, BPLP drew the full $700.0 million of the Term Loan Facility under the 2025 Credit Facility, the proceeds of which were used to fully repay the remaining $700.0 million of borrowings outstanding under it’s $1.2 billion unsecured term loan facility (the “2023 Unsecured Term Loan”). The 2023 Unsecured Term Loan was scheduled to mature on May 16, 2025. There was no prepayment penalty associated with the repayment of the 2023 Unsecured Term Loan.
On April 22, 2025, BPLP amended its 2025 Credit Facility to remove the SOFR conversion adjustment of 10 basis points previously applicable to the Term Loan Facility. Other than the foregoing, the material terms of the Tenth Amended and Restated Credit Agreement, which governs the 2025 Credit Facility, remained unchanged (See Note 6 to the Consolidated Financial Statements).
•On March 28, 2025, BPLP increased the amount by which it may issue unsecured commercial paper notes under its commercial paper program (the “Commercial Paper Program”) from $500.0 million to $750.0 million. Other than the increase in the program’s maximum capacity, all other terms of the Commercial Paper Program remained unchanged (See Note 6 to the Consolidated Financial Statements).
Derivative instrument and hedging activity
•On April 8, 2025, BPLP entered into an interest rate swap contract with a notional amount of $300.0 million to replace $300.0 million of interest rate swap contracts that expired on April 1, 2025. The interest rate swap was entered into to fix Daily Simple SOFR at a fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026.
Critical Accounting Estimates
Management’s Discussion and Analysis of Financial Condition and Results of Operations discuss our Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions.
Our Annual Report on Form 10-K for the year ended December 31, 2024 contains a discussion of our critical accounting estimates. There have been no significant changes in our critical accounting estimates since the year ended December 31, 2024.
Results of Operations for the Three Months Ended March 31, 2025 and 2024
Net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership decreased approximately $18.7 million and $21.2 million, respectively, for the three months ended March 31, 2025 compared to 2024, as detailed in the following tables and for the reasons discussed below under the heading “Comparison of the three months ended March 31, 2025 to the three months ended March 31, 2024” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
The following are reconciliations of Net Income Attributable to BXP, Inc. to Net Operating Income and Net Income Attributable to Boston Properties Limited Partnership to Net Operating Income for the three months ended March 31, 2025 and 2024. For a detailed discussion of Net Operating Income (“NOI”), including the reasons management believes NOI is useful to investors, see page 48.
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BXP

|  | Three months ended March 31,
|  | 2025 |  | 2024 |  | Increase/ (Decrease) |  | % Change
|  | (in thousands)
Net Income Attributable to BXP, Inc. |  | $ | 61,177 |  |  | $ | 79,883 |  |  | $ | (18,706) |  |  | (23.42) | %
Net Income Attributable to Noncontrolling Interests: |  |  |  |  |  |  |  |
Noncontrolling interest—common units of the Operating Partnership |  | 6,979 |  |  | 9,500 |  |  | (2,521) |  |  | (26.54) | %
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  | 1,528 |  |  | 8.87 | %
Net Income |  | 86,905 |  |  | 106,604 |  |  | (19,699) |  |  | (18.48) | %
Other Expenses: |  |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |
Interest expense |  | 163,444 |  |  | 161,891 |  |  | 1,553 |  |  | 0.96 | %
Loss from early extinguishment of debt |  | 338 |  |  | — |  |  | 338 |  |  | 100.00 | %
Impairment loss |  | — |  |  | 13,615 |  |  | (13,615) |  |  | (100.00) | %
Loss on sales-type lease |  | 2,490 |  |  | — |  |  | 2,490 |  |  | 100.00 | %
Other Income: |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |
Unrealized gain (loss) on non-real estate investments |  | (483) |  |  | 396 |  |  | (879) |  |  | (221.97) | %
Gains (losses) from investments in securities |  | (365) |  |  | 2,272 |  |  | (2,637) |  |  | (116.07) | %
Interest and other income (loss) |  | 7,750 |  |  | 14,529 |  |  | (6,779) |  |  | (46.66) | %
Income (loss) from unconsolidated joint ventures |  | (2,139) |  |  | 19,186 |  |  | (21,325) |  |  | (111.15) | %
Other Expenses: |  |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 220,107 |  |  | 218,716 |  |  | 1,391 |  |  | 0.64 | %
Transaction costs |  | 768 |  |  | 513 |  |  | 255 |  |  | 49.71 | %
Payroll and related costs from management services contracts |  | 4,499 |  |  | 4,293 |  |  | 206 |  |  | 4.80 | %
General and administrative expense |  | 52,284 |  |  | 50,018 |  |  | 2,266 |  |  | 4.53 | %
Other Revenue: |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |
Direct reimbursements of payroll and related costs from management services contracts |  | 4,499 |  |  | 4,293 |  |  | 206 |  |  | 4.80 | %
Development and management services revenue |  | 9,775 |  |  | 6,154 |  |  | 3,621 |  |  | 58.84 | %
Net Operating Income |  | $ | 511,798 |  |  | $ | 508,820 |  |  | $ | 2,978 |  |  | 0.59 | %

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BPLP

|  | Three months ended March 31,
|  | 2025 |  | 2024 |  | Increase/ (Decrease) |  | % Change
|  | (in thousands)
Net Income Attributable to Boston Properties Limited Partnership |  | $ | 69,859 |  |  | $ | 91,080 |  |  | $ | (21,221) |  |  | (23.30) | %
Net Income Attributable to Noncontrolling Interests: |  |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  | 1,528 |  |  | 8.87 | %
Net Income |  | 88,608 |  |  | 108,301 |  |  | (19,693) |  |  | (18.18) | %
Other Expenses: |  |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |
Interest expense |  | 163,444 |  |  | 161,891 |  |  | 1,553 |  |  | 0.96 | %
Loss from early extinguishment of debt |  | 338 |  |  | — |  |  | 338 |  |  | 100.00 | %
Impairment loss |  | — |  |  | 13,615 |  |  | (13,615) |  |  | (100.00) | %
Loss on sales-type lease |  | 2,490 |  |  | — |  |  | 2,490 |  |  | 100.00 | %
Other Income: |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |
Unrealized gain (loss) on non-real estate investments |  | (483) |  |  | 396 |  |  | (879) |  |  | (221.97) | %
Gains (losses) from investments in securities |  | (365) |  |  | 2,272 |  |  | (2,637) |  |  | (116.07) | %
Interest and other income (loss) |  | 7,750 |  |  | 14,529 |  |  | (6,779) |  |  | (46.66) | %
Income (loss) from unconsolidated joint ventures |  | (2,139) |  |  | 19,186 |  |  | (21,325) |  |  | (111.15) | %
Other Expenses: |  |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 218,404 |  |  | 217,019 |  |  | 1,385 |  |  | 0.64 | %
Transaction costs |  | 768 |  |  | 513 |  |  | 255 |  |  | 49.71 | %
Payroll and related costs from management services contracts |  | 4,499 |  |  | 4,293 |  |  | 206 |  |  | 4.80 | %
General and administrative expense |  | 52,284 |  |  | 50,018 |  |  | 2,266 |  |  | 4.53 | %
Other Revenue: |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |
Direct reimbursements of payroll and related costs from management services contracts |  | 4,499 |  |  | 4,293 |  |  | 206 |  |  | 4.80 | %
Development and management services revenue |  | 9,775 |  |  | 6,154 |  |  | 3,621 |  |  | 58.84 | %
Net Operating Income |  | $ | 511,798 |  |  | $ | 508,820 |  |  | $ | 2,978 |  |  | 0.59 | %

At March 31, 2025 and 2024, we owned or had joint venture interests in a portfolio of 185 and 187 commercial real estate properties, respectively (in each case, the “Total Property Portfolio”). As a result of changes within the Total Property Portfolio, the financial data presented below shows significant changes in revenue and expenses from period-to-period. Accordingly, we do not believe that our period-to-period financial data with respect to the Total Property Portfolio provides a complete understanding of our operating results. Therefore, the comparison of operating results for the three months ended March 31, 2025 and 2024 show separately the changes attributable to the properties that were owned by us and in-service throughout each period compared (the “Same Property Portfolio”) and the changes attributable to the properties included in the Acquired, Placed In-Service, In or Held for Development or Redevelopment or Sold Portfolios.
In our analysis of operating results, particularly to make comparisons of net operating income between periods more meaningful, it is important to provide information for properties that were in-service and owned by us throughout each period presented. We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us and in-service through the end of the latest period presented as our Same Property Portfolio. The Same Property Portfolio therefore excludes properties acquired, placed in-service or in or held for development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented.
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NOI is a non-GAAP financial measure equal to net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net income attributable to noncontrolling interests, interest expense, loss from early extinguishment of debt, impairment loss, loss on sales-type lease, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain (loss) on non-real estate investments, gains (losses) from investments in securities, interest and other income (loss), income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue. We use NOI internally as a performance measure and believe it provides useful information to investors regarding our results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense, because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. NOI presented by us may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently.
We believe that in order to understand our operating results, NOI should be examined in conjunction with net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership as presented in our Consolidated Financial Statements. NOI should not be considered as a substitute for net income attributable to BXP, Inc. or net income attributable to Boston Properties Limited Partnership (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.
Depreciation expense may differ between BXP and BPLP as a result of previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of limited partnership interest of BPLP (“OP Units”). This accounting resulted in a step-up of the real estate assets at BXP that was allocated to certain properties. The difference between the real estate assets of BXP as compared to BPLP for certain properties having an allocation of the real estate step-up will result in a corresponding difference in depreciation expense when those properties are sold. For additional information see the Explanatory Note that follows the cover page of this Quarterly Report on Form 10-Q.
Comparison of the three months ended March 31, 2025 to the three months ended March 31, 2024
The table below shows selected operating information for the Same Property Portfolio and the Total Property Portfolio. The Same Property Portfolio consists of 148 properties totaling approximately 41.4 million net rentable square feet, excluding unconsolidated joint ventures. The Same Property Portfolio includes properties acquired or placed in-service on or prior to January 1, 2024 and owned and in-service through March 31, 2025. The Total Property Portfolio includes the effects of the other properties either acquired, placed in-service, in or held for development or redevelopment after January 1, 2024 or disposed of on or prior to March 31, 2025. This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the three months ended March 31, 2025 and 2024 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment or sold. We did not sell any properties during the three months ended March 31, 2025 and 2024.
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| Same Property Portfolio |  | Properties Acquired Portfolio |  | Properties Placed In-Service Portfolio |  | Properties in or Held for Development or Redevelopment Portfolio |  |  |  | Total Property Portfolio
| 2025 |  | 2024 |  | Increase/ (Decrease) |  | % Change |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  | 2025 |  | 2024 |  | Increase/ (Decrease) |  | % Change
| (dollars in thousands)
Rental Revenue: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease Revenue (Excluding Termination Income) | $ | 769,554 |  |  | $ | 756,436 |  |  | $ | 13,118 |  |  | 1.73 | % |  | $ | 8,100 |  |  | $ | 7,483 |  |  | $ | 17,702 |  |  | $ | 3,074 |  |  | $ | 3,444 |  |  | $ | 7,697 |  |  |  |  |  |  | $ | 798,800 |  |  | $ | 774,690 |  |  | $ | 24,110 |  |  | 3.11 | %
Termination Income | 246 |  |  | 1,999 |  |  | (1,753) |  |  | (87.69) | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 246 |  |  | 1,999 |  |  | (1,753) |  |  | (87.69) | %
Lease Revenue | 769,800 |  |  | 758,435 |  |  | 11,365 |  |  | 1.50 | % |  | 8,100 |  |  | 7,483 |  |  | 17,702 |  |  | 3,074 |  |  | 3,444 |  |  | 7,697 |  |  |  |  |  |  | 799,046 |  |  | 776,689 |  |  | 22,357 |  |  | 2.88 | %
Parking and Other Revenue | 29,650 |  |  | 31,087 |  |  | (1,437) |  |  | (4.62) | % |  | 372 |  |  | 317 |  |  | 1 |  |  | — |  |  | (73) |  |  | 29 |  |  |  |  |  |  | 29,950 |  |  | 31,433 |  |  | (1,483) |  |  | (4.72) | %
Total Rental Revenue (1) | 799,450 |  |  | 789,522 |  |  | 9,928 |  |  | 1.26 | % |  | 8,472 |  |  | 7,800 |  |  | 17,703 |  |  | 3,074 |  |  | 3,371 |  |  | 7,726 |  |  |  |  |  |  | 828,996 |  |  | 808,122 |  |  | 20,874 |  |  | 2.58 | %
Real Estate Operating Expenses | 313,740 |  |  | 298,568 |  |  | 15,172 |  |  | 5.08 | % |  | 3,203 |  |  | 3,008 |  |  | 4,193 |  |  | 1,650 |  |  | 4,545 |  |  | 5,245 |  |  |  |  |  |  | 325,681 |  |  | 308,471 |  |  | 17,210 |  |  | 5.58 | %
Net Operating Income (Loss), Excluding Residential and Hotel | 485,710 |  |  | 490,954 |  |  | (5,244) |  |  | (1.07) | % |  | 5,269 |  |  | 4,792 |  |  | 13,510 |  |  | 1,424 |  |  | (1,174) |  |  | 2,481 |  |  |  |  |  |  | 503,315 |  |  | 499,651 |  |  | 3,664 |  |  | 0.73 | %
Residential Net Operating Income (2) | 6,451 |  |  | 6,998 |  |  | (547) |  |  | (7.82) | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 6,451 |  |  | 6,998 |  |  | (547) |  |  | (7.82) | %
Hotel Net Operating Income (2) | 2,032 |  |  | 2,171 |  |  | (139) |  |  | (6.40) | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 2,032 |  |  | 2,171 |  |  | (139) |  |  | (6.40) | %
Net Operating Income (Loss) | $ | 494,193 |  |  | $ | 500,123 |  |  | $ | (5,930) |  |  | (1.19) | % |  | $ | 5,269 |  |  | $ | 4,792 |  |  | $ | 13,510 |  |  | $ | 1,424 |  |  | $ | (1,174) |  |  | $ | 2,481 |  |  |  |  |  |  | $ | 511,798 |  |  | $ | 508,820 |  |  | $ | 2,978 |  |  | 0.59 | %

_______________
(1)Rental Revenue is equal to Revenue less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Revenue per the Consolidated Statements of Operations, excluding the residential and hotel revenue that is noted below. We use Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods.
(2)For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 48. Residential Net Operating Income for the three months ended March 31, 2025 and 2024 is comprised of Residential Revenue of $12,348 and $12,684 less Residential Expenses of $5,897 and $5,686, respectively. Hotel Net Operating Income for the three months ended March 31, 2025 and 2024 is comprised of Hotel Revenue of $9,597 and $8,186 less Hotel Expenses of $7,565 and $6,015, respectively, per the Consolidated Statements of Operations.
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Same Property Portfolio
Lease Revenue (Excluding Termination Income)
Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $13.1 million for the three months ended March 31, 2025 compared to 2024. The increase was a result of our average revenue per square foot increasing by approximately $2.74, contributing approximately $23.6 million, partially offset by approximately $10.5 million due to our average occupancy decreasing from 89.8% to 88.6%.
Termination Income
Termination income decreased by approximately $1.8 million for the three months ended March 31, 2025 compared to 2024.
Termination income for the three months ended March 31, 2025 related to two clients across the Same Property Portfolio and totaled approximately $0.2 million.
Termination income for the three months ended March 31, 2024 related to 11 clients across the Same Property Portfolio and totaled approximately $2.0 million, which was primarily related to clients that terminated leases early in San Francisco.
Parking and Other Revenue
Parking and other revenue decreased by approximately $1.4 million for the three months ended March 31, 2025 compared to 2024. Other revenue decreased by approximately $1.7 million partially offset by an increase in parking revenue of approximately $0.3 million. The decrease in other revenue was primarily associated with insurance proceeds received in 2024 related to water damage at one of our properties in the Boston region that did not recur in 2025.
Real Estate Operating Expenses
Real estate operating expenses from the Same Property Portfolio increased by approximately $15.2 million, or 5.1%, for the three months ended March 31, 2025 compared to 2024, due primarily to increases in (1) utilities of approximately $8.1 million, or 23.7%, (2) repairs and maintenance of approximately $4.8 million, or 10.3%, and (3) other real estate operating expenses of approximately $2.3 million, or 1.0%. The increase in utilities related primarily to properties in our Boston region, which experienced colder temperatures during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase in repairs and maintenance related primarily to properties in our New York region.
Properties Acquired Portfolio
The table below lists the property acquired between January 1, 2024 and March 31, 2025. Rental revenue and real estate operating expenses increased by approximately $0.7 million and $0.2 million, respectively, for the three months ended March 31, 2025 compared to 2024, as detailed below.

|  |  |  | Square Feet |  | Rental Revenue |  | Real Estate Operating Expenses
Name |  | Date acquired |  |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
|  |  |  |  |  | (dollars in thousands)
901 New York Avenue |  | January 8, 2024 |  | 508,130 |  |  | $ | 8,472 |  |  | $ | 7,800 |  |  | $ | 672 |  |  | $ | 3,203 |  |  | $ | 3,008 |  |  | $ | 195 |

Properties Placed In-Service Portfolio
The table below lists the properties that were placed in-service or partially placed in-service between January 1, 2024 and March 31, 2025. Rental revenue and real estate operating expenses from our Properties Placed In-Service Portfolio increased by approximately $14.6 million and $2.5 million, respectively, for the three months ended March 31, 2025 compared to 2024, as detailed below.
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|  | Quarter Initially Placed In-Service |  | Quarter Fully Placed In-Service |  |  |  | Rental Revenue |  | Real Estate Operating Expenses |
Name |  |  |  | Square Feet |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change |
|  |  |  |  |  |  |  | (dollars in thousands) |
180 CityPoint |  | Third Quarter, 2023 |  | Third Quarter, 2024 |  | 329,195 |  |  | $ | 3,929 |  |  | $ | 3,074 |  |  | $ | 855 |  |  | $ | 1,769 |  |  | $ | 1,389 |  |  | $ | 380 |  |
103 CityPoint |  | Fourth Quarter, 2023 |  | Fourth Quarter, 2024 |  | 112,841 |  |  | — |  |  | — |  |  | — |  |  | 431 |  |  | 261 |  |  | 170 |  |
760 Boylston Street |  | Second Quarter, 2024 |  | Second Quarter, 2024 |  | 118,000 |  |  | 2,412 |  |  | — |  |  | 2,412 |  |  | 295 |  |  | — |  |  | 295 |  |
Reston Next Office Phase II |  | Third Quarter, 2024 |  | N/A |  | 90,000 |  |  | 57 |  |  | — |  |  | 57 |  |  | 53 |  |  | — |  |  | 53 |  |
300 Binney Street |  | Fourth Quarter, 2024 |  | Fourth Quarter, 2024 |  | 239,908 |  |  | 11,305 |  |  | — |  |  | 11,305 |  |  | 1,632 |  |  | — |  |  | 1,632 |  |
Reston Next Retail |  | First Quarter, 2025 |  | N/A |  | 33,000 |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |  |
|  |  |  |  |  | 922,944 |  |  | $ | 17,703 |  |  | $ | 3,074 |  |  | $ | 14,629 |  |  | $ | 4,193 |  |  | $ | 1,650 |  |  | $ | 2,543 |  |

Properties in or Held for Development or Redevelopment Portfolio
The table below lists the properties that were in or held for development or redevelopment between January 1, 2024 and March 31, 2025. Rental revenue and real estate operating expenses from our Properties in or Held for Development or Redevelopment Portfolio decreased by approximately $4.4 million and $0.7 million, respectively, for the three months ended March 31, 2025 compared to 2024, as detailed below.

|  | Date Commenced Held for Development / Redevelopment |  |  |  | Rental Revenue |  | Real Estate Operating Expenses |  |
Name |  |  | Square Feet |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change |  |
|  |  |  |  |  | (dollars in thousands) |  |
Held for Development or Redevelopment (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lexington Office Park |  | March 31, 2023 |  | 167,000 |  |  | $ | 211 |  |  | $ | 257 |  |  | $ | (46) |  |  | $ | 569 |  |  | $ | 417 |  |  | $ | 152 |  |  |
Shady Grove Innovation District (2) |  | March 31, 2024 |  | 129,000 |  |  | 2 |  |  | (45) |  |  | 47 |  |  | 149 |  |  | 251 |  |  | (102) |  |  |
17 Hartwell Avenue |  | June 30, 2024 |  | 30,000 |  |  | (4) |  |  | 470 |  |  | (474) |  |  | 117 |  |  | 123 |  |  | (6) |  |  |
1100 Winter Street |  | September 30, 2024 |  | 293,000 |  |  | 831 |  |  | 1,063 |  |  | (232) |  |  | 917 |  |  | 1,187 |  |  | (270) |  |  |
Kingstowne One |  | September 30, 2024 |  | 154,000 |  |  | 412 |  |  | 591 |  |  | (179) |  |  | 391 |  |  | 368 |  |  | 23 |  |  |
Reston Corporate Center |  | January 1, 2025 |  | 261,000 |  |  | 13 |  |  | 3,275 |  |  | (3,262) |  |  | 680 |  |  | 1,056 |  |  | (376) |  |  |
Reservoir Place (3) |  | March 31, 2025 |  | 361,000 |  |  | 1,875 |  |  | 2,085 |  |  | (210) |  |  | 1,244 |  |  | 1,406 |  |  | (162) |  |  |
|  |  |  | 1,395,000 |  |  | 3,340 |  |  | 7,696 |  |  | (4,356) |  |  | 4,067 |  |  | 4,808 |  |  | (741) |  |  |
Redevelopment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
171 Dartmouth Street |  | March 28, 2024 |  | N/A |  | — |  |  | — |  |  | — |  |  | 87 |  |  | — |  |  | 87 |  |  |
1050 Winter Street (4) |  | March 31, 2025 |  | 162,000 |  |  | 31 |  |  | 30 |  |  | 1 |  |  | 391 |  |  | 437 |  |  | (46) |  |  |
|  |  |  | 162,000 |  |  | 31 |  |  | 30 |  |  | 1 |  |  | 478 |  |  | 437 |  |  | 41 |  |  |
|  |  |  | 1,557,000 |  |  | $ | 3,371 |  |  | $ | 7,726 |  |  | $ | (4,355) |  |  | $ | 4,545 |  |  | $ | 5,245 |  |  | $ | (700) |  |  |

______________
(1)These properties are no longer considered “in-service” because each property’s occupied percentage is less than 50% and we anticipate a future development/redevelopment of the property. The properties will be considered held for development or redevelopment until the last client has vacated the property and the property is no longer revenue producing.
(2)This portion of Shady Grove Innovation District is comprised of two buildings, 2098 Gaither Road and 15825 Shady Grove Road.
(3)Reservoir Place is an approximately 526,000 square foot office building, of which approximately 165,000 square feet remains in-service.
(4)1050 Winter Street was no longer considered “in-service” on March 31, 2024. 1050 Winter Street commenced redevelopment on March 31, 2025.
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Residential Net Operating Income
Net operating income for our residential same properties decreased by approximately $0.5 million for the three months ended March 31, 2025 compared to 2024.
The following reflects our occupancy and rate information for our residential same properties for the three months ended March 31, 2025 and 2024.

|  | Average Monthly Rental Rate (1) |  | Average Rental Rate Per Occupied Square Foot |  | Average Physical Occupancy (2) |  | Average Economic Occupancy (3)
Name |  | 2025 | 2024 | Change (%) |  | 2025 | 2024 | Change (%) |  | 2025 | 2024 | Change (%) |  | 2025 | 2024 | Change (%)
Proto Kendall Square |  | $ | 3,243 |  | $ | 3,154 |  | 2.8 | % |  | $ | 6.00 |  | $ | 5.79 |  | 3.6 | % |  | 94.5 | % | 94.9 | % | (0.4) | % |  | 93.5 | % | 94.4 | % | (1.0) | %
The Lofts at Atlantic Wharf |  | $ | 4,606 |  | $ | 4,257 |  | 8.2 | % |  | $ | 5.12 |  | $ | 4.70 |  | 8.9 | % |  | 98.8 | % | 95.0 | % | 4.0 | % |  | 98.5 | % | 94.5 | % | 4.2 | %
Signature at Reston |  | $ | 3,041 |  | $ | 2,774 |  | 9.6 | % |  | $ | 3.13 |  | $ | 2.85 |  | 9.8 | % |  | 94.1 | % | 95.5 | % | (1.5) | % |  | 93.9 | % | 95.5 | % | (1.7) | %
The Skylyne |  | $ | 3,282 |  | $ | 3,478 |  | (5.6) | % |  | $ | 4.14 |  | $ | 4.37 |  | (5.3) | % |  | 90.6 | % | 87.9 | % | 3.1 | % |  | 89.2 | % | 86.7 | % | 2.9 | %

_______________
(1)Average Monthly Rental Rate is calculated as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP, by (B) the number of occupied units for each month within the applicable fiscal period.
(2)Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.
(3)Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue. “Market Rents” used by us in calculating Average Economic Occupancy are based on the current market rates set by the managers of our residential properties based on their experience in renting their residential property’s units and publicly available market data. Actual market rents and trends in such rents for a region as reported by others may vary materially from Market Rents used by us. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.
Hotel Net Operating Income
The Boston Marriott Cambridge hotel had net operating income of approximately $2.0 million for the three months ended March 31, 2025, representing a decrease of approximately $0.1 million compared to the three months ended March 31, 2024.
The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the three months ended March 31, 2025 and 2024.

|  | 2025 |  | 2024 |  | Change (%)
Occupancy |  | 74.9 | % |  | 71.0 | % |  | 5.5 | %
Average daily rate |  | $ | 258.17 |  |  | $ | 254.86 |  |  | 1.3 | %
REVPAR |  | $ | 193.36 |  |  | $ | 181.05 |  |  | 6.8 | %

Other Operating Revenue and Expense Items
Development and Management Services Revenue
Development and management services revenue increased by approximately $3.6 million for the three months ended March 31, 2025 compared to 2024. Development services revenue and management services revenue increased by approximately $1.3 million and $2.3 million, respectively. The increase in development services revenue was primarily related to an increase in fees associated with a tenant improvement project in the Boston region. The increase in management services revenue was primarily related to a leasing commission earned from an unconsolidated joint venture in New York City.
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General and Administrative Expense
General and administrative expense increased by approximately $2.3 million for the three months ended March 31, 2025 compared to 2024 primarily due to an increase in compensation expense of approximately $2.8 million, partially offset by an approximately $0.5 million decrease in other general and administrative expenses. The increase in compensation expense related to an approximately $5.5 million increase in compensation expenses that was primarily related to age-based vesting and annual increases in employee compensation, partially offset by an approximately $2.7 million decrease in the value of our deferred compensation plan.
Wages directly related to the development of rental properties are capitalized and included in real estate assets on our Consolidated Balance Sheets and amortized over the useful lives of the applicable asset or lease term. Capitalized wages for the three months ended March 31, 2025 and 2024 were approximately $4.4 million and $4.1 million, respectively. These costs are not included in the general and administrative expenses discussed above.
Transaction Costs
Transaction costs increased by approximately $0.3 million for the three months ended March 31, 2025 compared to 2024. In general, transaction costs relating to the formation of new joint ventures and the pursuit of other transactions are expensed as incurred.
Depreciation and Amortization Expense
Depreciation expense may differ between BXP and BPLP as a result of previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor OP Unit redemptions by BPLP. This accounting resulted in a step-up of the real estate assets at BXP that was allocated to certain properties. The difference between the real estate assets of BXP as compared to BPLP for certain properties having an allocation of the real estate step-up will result in a corresponding difference in depreciation expense. For additional information see the Explanatory Note that immediately follows the cover page of this Quarterly Report on Form 10-Q.
BXP
Depreciation and amortization expense increased by approximately $1.4 million for the three months ended March 31, 2025 compared to 2024, as detailed below.

Portfolio |  | Depreciation and Amortization for the three months ended March 31,
2025 |  | 2024 |  | Change
|  | (in thousands)
Same Property Portfolio |  | $ | 209,995 |  |  | $ | 211,498 |  |  | $ | (1,503) |
Properties Acquired Portfolio |  | 3,829 |  |  | 3,434 |  |  | 395 |
Properties Placed In-Service Portfolio |  | 4,899 |  |  | 1,297 |  |  | 3,602 |
Properties in or Held for Development or Redevelopment Portfolio |  | 1,384 |  |  | 2,487 |  |  | (1,103) |
|  | $ | 220,107 |  |  | $ | 218,716 |  |  | $ | 1,391 |

BPLP
Depreciation and amortization expense increased by approximately $1.4 million for the three months ended March 31, 2025 compared to 2024, as detailed below.
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Portfolio |  | Depreciation and Amortization for the three months ended March 31,
2025 |  | 2024 |  | Change
|  | (in thousands)
Same Property Portfolio |  | $ | 208,292 |  |  | $ | 209,801 |  |  | $ | (1,509) |
Properties Acquired Portfolio |  | 3,829 |  |  | 3,434 |  |  | 395 |
Properties Placed In-Service Portfolio |  | 4,899 |  |  | 1,297 |  |  | 3,602 |
Properties in or Held for Development or Redevelopment Portfolio |  | 1,384 |  |  | 2,487 |  |  | (1,103) |
|  | $ | 218,404 |  |  | $ | 217,019 |  |  | $ | 1,385 |

Direct Reimbursements of Payroll and Related Costs From Management Services Contracts and Payroll and Related Costs From Management Service Contracts
We have determined that amounts reimbursed for payroll and related costs received from third parties in connection with management services contracts should be reflected on a gross basis instead of on a net basis as we have determined that we are the principal under these arrangements. We anticipate that these two financial statement line items will generally offset each other.
Other Income and Expense Items
Income (Loss) from Unconsolidated Joint Ventures
Income (loss) from unconsolidated joint ventures decreased by approximately $21.3 million for the three months ended March 31, 2025 compared to 2024, due primarily to an approximately $21.8 million gain recognized upon acquiring our joint venture partner’s economic ownership interest in 901 New York Avenue during the three months ended March 31, 2024 that did not recur during the three months ended March 31, 2025.
Interest and Other Income (Loss)
Interest and other income (loss) decreased by approximately $6.8 million for the three months ended March 31, 2025 compared to 2024, due primarily to a decrease in our outstanding cash balances and corresponding lower interest income.
Gains (Losses) from Investments in Securities
Gains (losses) from investments in securities for the three months ended March 31, 2025 and 2024 related to investments that we have made to reduce our market risk relating to deferred compensation plans that we maintain for BXP’s officers and former non-employee directors. Under the deferred compensation plans, each officer or non-employee director who is eligible to participate is permitted to defer a portion of the officer’s current income or the non-employee director’s compensation on a pre-tax basis and receive a tax-deferred return on these deferrals based on the performance of specific investments selected by the officer or non-employee director. In order to reduce our market risk relating to these plans, we typically acquire, in a separate account that is not restricted as to its use, similar or identical investments as those selected by each officer or non-employee director. This enables us to generally match our liabilities to BXP’s officers or former non-employee directors under our deferred compensation plans with equivalent assets and thereby limit our market risk. The performance of these investments is recorded as gains (losses) from investments in securities. During the three months ended March 31, 2025 and 2024, we recognized gains (losses) of approximately $(0.4) million and $2.3 million, respectively, on these investments. By comparison, our general and administrative expense increased (decreased) by approximately $(0.4) million and $2.3 million during the three months ended March 31, 2025 and 2024, respectively, as a result of increases (decreases) in our liability under our deferred compensation plans that was associated with the performance of the specific investments selected by officers and former non-employee directors of BXP participating in the plans.
Unrealized Gain (Loss) on Non-Real Estate Investments
We invest in non-real estate investments, which are primarily environmentally-focused investment funds. As a result, during the three months ended March 31, 2025 and 2024, we recognized an unrealized gain (loss) of approximately $(0.5) million and $0.4 million, respectively, due to the observable changes in the fair value of the investments.
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Loss on Sales-Type Lease
During the three months ended March 31, 2025, we recognized approximately $2.5 million in additional costs, which had previously been contingent, related to a ground lease for land at our Reston Next property located in Reston, Virginia. We entered into the ground lease in 2020 with a third-party hotel developer and amended it in 2022. The amendment resulted in the derecognition of the assets related to the ground lease and the classification of the ground lease as a sales-type lease resulting in the recognition of a gain on sales-type lease of approximately $10.1 million.
Impairment Loss
At March 31, 2024, we evaluated the expected hold period for a portion of our Shady Grove property located in Rockville, Maryland. Based on a shorter-than-expected hold period, we reduced the carrying value of a portion of the property that we anticipate selling to a third party developer to its estimated fair value at March 31, 2024. As a result, each of BXP and BPLP recognized an impairment loss of approximately $13.6 million. Our estimated fair value was based on Level 3 inputs as defined in Accounting Standards Codification 820 and on a pending offer from a third party.
Loss From Early Extinguishment of Debt
On March 28, 2025, BPLP amended and restated its revolving credit agreement (See Note 6 to the Consolidated Financial Statements). In connection with the amendment and restatement, we recognized a loss from early extinguishment of debt of approximately $0.3 million related to unamortized origination costs during the three months ended March 31, 2025.
Interest Expense
Interest expense increased by approximately $1.6 million for the three months ended March 31, 2025 compared to 2024, as detailed below.

Component |  | Change in interest expense for the three months ended March 31, 2025 compared to March 31, 2024
|  | (in thousands)
Increases to interest expense due to: |  |
Issuance of $850 million in aggregate principal of 5.750% senior notes due 2035 on August 26, 2024 |  | $ | 12,225 |
Unsecured commercial paper |  | 5,845 |
Total increases to interest expense |  | 18,070 |
Decreases to interest expense due to: |  |
Repayment of $850 million in aggregate principal of 3.200% senior notes due 2025 on January 15, 2025 |  | (5,821) |
Decrease in interest associated with unsecured term loans and the unsecured credit facility, net |  | (3,701) |
Mortgage loan financings (1) |  | (2,408) |
Repayment of $700 million in aggregate principal of 3.800% senior notes due 2024 on February 1, 2024 |  | (2,237) |
Increase in capitalized interest related to development projects |  | (936) |
Amortization expense of financing fees |  | (611) |
Decrease in interest due to finance leases |  | (587) |
Other interest expense (excluding senior notes) |  | (216) |
Total decreases to interest expense |  | (16,517) |
Total change in interest expense |  | $ | 1,553 |

______________
(1)Consists of the mortgage loan and, if applicable, fair value debt and swap adjustments collateralized by (1) 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage)
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located in Cambridge, Massachusetts, (2) Santa Monica Business Park located in Santa Monica, California and (3) 901 New York Avenue located in Washington, DC.
Interest expense directly related to the development of rental properties is capitalized and included in real estate assets on our Consolidated Balance Sheets and amortized over the useful lives of the real estate or lease term. As portions of properties are placed in-service, we cease capitalizing interest on that portion and interest is then expensed. Interest capitalized for the three months ended March 31, 2025 and 2024 was approximately $10.3 million and $9.4 million, respectively. These costs are not included in the interest expense referenced above.
At March 31, 2025, our variable rate debt consisted of (1) BPLP’s $2.25 billion Revolving Credit Facility, (2) BPLP’s $700.0 million Term Loan Facility and (3) BPLP’s $750.0 million Commercial Paper Program. As of March 31, 2025, there were $300.0 million, $700.0 million and $500.0 million outstanding under the Revolving Credit Facility, Term Loan Facility and Commercial Paper Program, respectively.
In addition, we have the $100.0 million unsecured term loan facility (“2024 Unsecured Term Loan”) and $800.0 million of mortgage notes collateralized by Santa Monica Business Park and our 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties that bore interest at variable rates, which have all been hedged with interest rates swaps to fix SOFR for all or a portion of the applicable debt term (See Note 14 to the Consolidated Financial Statements).
For a summary of our consolidated debt as of March 31, 2025 refer to the heading “Liquidity and Capital Resources—Debt Financing” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Noncontrolling Interests in Property Partnerships
Noncontrolling interests in property partnerships increased by approximately $1.5 million for the three months ended March 31, 2025 compared to 2024, as detailed below.

Property |  | Noncontrolling Interests in Property Partnerships for the three months ended March 31,
2025 |  | 2024 |  | Change
|  | (in thousands)
767 Fifth Avenue (the General Motors Building) |  | $ | 2,583 |  |  | $ | 2,849 |  |  | $ | (266) |
7 Times Square (formerly Times Square Tower) (1) |  | 3,102 |  |  | 5,282 |  |  | (2,180) |
601 Lexington Avenue |  | 2,582 |  |  | 2,103 |  |  | 479 |
100 Federal Street |  | 2,761 |  |  | 2,901 |  |  | (140) |
Atlantic Wharf Office Building |  | 3,840 |  |  | 4,071 |  |  | (231) |
343 Madison Avenue (2) |  | (4) |  |  | — |  |  | (4) |
300 Binney Street (3) |  | 3,522 |  |  | 5 |  |  | 3,517 |
290 Binney Street (4) |  | 363 |  |  | 10 |  |  | 353 |
|  | $ | 18,749 |  |  | $ | 17,221 |  |  | $ | 1,528 |

_______________
(1)The decrease was primarily attributable to a decrease in lease revenue from our clients.
(2)Property is held for future development.
(3)Property was fully placed in service on October 31, 2024.
(4)Property is currently in development.
Noncontrolling Interest—Common Units of the Operating Partnership
For BXP, noncontrolling interest—common units of the Operating Partnership decreased by approximately $2.5 million for the three months ended March 31, 2025 compared to 2024 due primarily to a decrease in allocable income. Due to our ownership structure, there is no corresponding line item on BPLP’s financial statements.
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Liquidity and Capital Resources
General
Our principal liquidity needs for the next twelve months and beyond are to:
•fund normal recurring expenses;
•meet debt service and principal repayment obligations on maturing debt, including:
•$100.0 million of principal outstanding on the 2024 Unsecured Term Loan due September 26, 2025, for which we have three, one-year extension options, subject to customary conditions,
•$1.0 billion of 3.650% unsecured senior notes due February 1, 2026, and
•amounts that become due under the Commercial Paper Program;
•fund capital calls from our unconsolidated joint venture investments to fund development costs, capital improvements, leasing costs and debt principal repayment;
•fund development and redevelopment costs;
•fund capital expenditures, including major renovations, tenant improvements and leasing costs;
•fund possible acquisitions of properties, either directly or indirectly through the acquisition of equity interests; and
•make the minimum distribution required to enable BXP to maintain its REIT qualification under the Code.
We expect to satisfy these needs using one or more of the following:
•cash flow from operations;
•distribution of cash flows from joint ventures;
•cash and cash equivalent balances;
•borrowings under BPLP’s 2025 Credit Facility, unsecured term loans, short-term bridge facilities and construction loans;
•long-term secured and unsecured indebtedness (including unsecured exchangeable indebtedness);
•sales of real estate and interests in joint ventures owning real estate;
•private equity sources, including institutional investors; and
•issuances of BXP equity securities and/or preferred or common units of partnership interests in BPLP.
We draw on multiple financing sources to fund our long-term capital needs. We use BPLP’s 2025 Credit Facility primarily as a bridge facility to fund acquisition opportunities, refinance outstanding indebtedness, fund short-term development costs and for working capital. We also use BPLP’s 2025 Credit Facility to backstop the Commercial Paper Program. Although we may seek to fund our development projects with construction loans, which may require guarantees by BPLP, the source of financing for each particular project ultimately depends on several factors, including, among others, the project’s size and duration, whether the project is owned by a joint venture, the extent of pre-leasing, our available cash and access to cost effective capital at the given time.
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The following table presents information on properties under construction/redevelopment as of March 31, 2025 (dollars in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |  | Financings |  |  |  |  |
Construction/Redevelopment Properties |  | Estimated Stabilization Date |  | Location |  | # of Buildings |  | Estimated Square Feet |  | Investment to Date (1)(2)(3) |  | Estimated Total Investment (1)(2) |  | Total Available (1) |  | Outstanding at March 31, 2025 (1) |  | Estimated Future Equity Requirement (1)(2)(4) |  | Percentage Leased (5) |
Office |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
360 Park Avenue South (71% ownership) (Redevelopment) |  | Q4 2026 |  | New York, NY |  | 1 |  | 450,000 |  |  | $ | 366,619 |  |  | $ | 418,300 |  |  | $ | 156,470 |  |  | $ | 156,470 |  |  | $ | 51,681 |  |  | 28 | % | (6)
Reston Next Office Phase II |  | Q2 2026 |  | Reston, VA |  | 1 |  | 90,000 |  |  | 47,117 |  |  | 61,000 |  |  | — |  |  | — |  |  | 13,883 |  |  | 9 | % | (7)
1050 Winter Street (Redevelopment) |  | Q3 2025 |  | Waltham, MA |  | 1 |  | 162,000 |  |  | 6,308 |  |  | 38,700 |  |  | — |  |  | — |  |  | 32,392 |  |  | 100 | % |
725 12th Street (Redevelopment) |  | Q4 2030 |  | Washington, DC |  | 1 |  | 320,000 |  |  | 54,445 |  |  | 349,600 |  |  | — |  |  | — |  |  | 295,155 |  |  | 87 | % |
Total Office Properties under Construction/Redevelopment |  | 4 |  | 1,022,000 |  |  | 474,489 |  |  | 867,600 |  |  | 156,470 |  |  | 156,470 |  |  | 393,111 |  |  | 56 | % |
Laboratory/Life Sciences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
290 Binney Street (55% ownership) |  | Q2 2026 |  | Cambridge, MA |  | 1 |  | 573,000 |  |  | 262,076 |  |  | 508,000 |  |  | — |  |  | — |  |  | 245,924 |  |  | 100 | % | (8)
651 Gateway (50% ownership) (Redevelopment) |  | Q3 2026 |  | South San Francisco, CA |  | 1 |  | 327,000 |  |  | 134,007 |  |  | 167,100 |  |  | — |  |  | — |  |  | 33,093 |  |  | 21 | % | (9)
Total Laboratory/Life Sciences Properties under Construction/Redevelopment | 2 |  | 900,000 |  |  | 396,083 |  |  | 675,100 |  |  | — |  |  | — |  |  | 279,017 |  |  | 71 | % |
Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
121 Broadway Street (439 units) |  | Q2 2029 |  | Cambridge, MA |  | 1 |  | 492,000 |  |  | 136,163 |  |  | 597,800 |  |  | — |  |  | — |  |  | 461,637 |  |  | — | % |
290 Coles Street (670 Units) (19.46% ownership) |  | Q3 2029 |  | Jersey City, NJ |  | 1 |  | 547,000 |  |  | 20,090 |  |  | 88,700 |  |  | 56,400 |  |  | — |  |  | 12,210 |  |  | — | % | (10)
290 Coles Street - Retail |  |  |  |  |  | — |  | 13,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |
Total Residential Properties under Construction |  |  |  | 2 |  | 1,052,000 |  | 156,253 |  |  | 686,500 |  |  | 56,400 |  |  | — |  |  | 473,847 |  |  | — | % |
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reston Next Retail |  | Q4 2025 |  | Reston, VA |  | 1 |  | 33,000 |  |  | 25,390 |  |  | 26,600 |  |  | — |  |  | — |  |  | 1,210 |  |  | 13 | % | (11)
Total Retail Properties under Construction |  | 1 |  | 33,000 |  |  | 25,390 |  |  | 26,600 |  |  | — |  |  | — |  |  | 1,210 |  |  | 13 | % |
Total Properties under Construction/Redevelopment |  | 9 |  | 3,007,000 |  |  | $ | 1,052,215 |  |  | $ | 2,255,800 |  |  | $ | 212,870 |  |  | $ | 156,470 |  |  | $ | 1,147,185 |  |  | 62 | % | (12)

___________
(1)Represents our share.
(2)Each of Investment to Date, Estimated Total Investment and Estimated Future Equity Requirement represent our share of acquisition expenses, as applicable, and reflect our share of the estimated net revenue/expenses that we expect to incur prior to stabilization of the project, including any amounts actually received or paid through March 31, 2025.
(3)Includes approximately $68.6 million of unpaid but accrued construction costs and leasing commissions.
(4)Excludes approximately $68.6 million of unpaid but accrued construction costs and leasing commissions.
(5)Represents percentage leased as of April 28, 2025, including leases with future commencement dates.
(6)As of March 31, 2025, this property was 30% placed in-service.
(7)As of March 31, 2025, this property was 6% placed in-service.
(8)The project budget reflects our 55% share of joint venture costs related to 290 Binney Street. We have the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. We have entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million upon completion. The net investment of $99.8 million will be included in our outside basis in 290 Binney Street. We have invested $84.4 million for the vault as of March 31, 2025.
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(9)On January 1, 2025, in accordance with our accounting policy, we ceased interest capitalization of our equity method investment. As of March 31, 2025, the joint venture partner, which is also the managing partner, classifies the project as under construction. As such, we continue to reflect the project as under construction. As of March 31, 2025, this property was 27% placed in-service.
(10)On March 5, 2025, we acquired a 19.46% interest in 290 Coles Street. The budget represents our 19.46% ownership of the project budget and financings which includes our share of preferred equity. We contributed $20.0 million of common equity at closing. In addition, we committed to provide up to $65.0 million in preferred equity accruing at a 13.0% IRR. As of March 31, 2025, no preferred equity has been contributed.
(11)On January 16, 2025, this project was partially placed in-service.
(12)Percentage leased excludes the residential units.
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We seek to maximize income from our existing properties by maintaining quality standards for our properties that promote high occupancy rates and permit increases in rental rates while reducing client turnover and controlling operating expenses. Our sources of revenue also include third-party fees generated by our property management, leasing, development and construction businesses, interest earned on cash deposits and, from time to time, the sale of assets. We believe these sources of capital will continue to provide the funds necessary for our short-term liquidity needs. Material adverse changes in one or more sources of capital may adversely affect our net cash flows and our ability to repay or refinance existing indebtedness as it matures.
As of March 31, 2025, we had nine properties under development or redevelopment. Our share of the estimated total investment for these projects is approximately $2.4 billion, of which approximately $1.2 billion remains to be funded through 2030.
During the first quarter of 2025, we further strengthened our balance sheet by repaying debt and extending maturities. Notable transactions include:
•On January 15, 2025, we repaid at maturity $850.0 million in aggregate principal amount of our 3.200% unsecured senior notes. The repayment was completed with available cash and proceeds from our August 2024 offering of $850.0 million in aggregate principal amount of 5.750% unsecured senior notes due 2035.
•On February 27, 2025, a joint venture in which we have a 50% ownership interest entered into a $252.0 million, 10-year, non-recourse CMBS loan secured by 7750 Wisconsin Avenue in Bethesda, Maryland. The loan bears interest at a fixed rate of 5.49% per annum and is scheduled to mature on March 1, 2035. 7750 Wisconsin Avenue is an approximately 736,000 square foot premier workplace that is 100% leased to an affiliate of Marriott International, Inc.
•On March 5, 2025, the joint venture that owns 290 Coles Street in Jersey City, New Jersey, entered into a $225.0 million construction loan that bears interest at a variable rate of Term SOFR plus 2.50% per annum and matures on March 5, 2029, with an additional one-year extension option, subject to certain conditions. We own a 19.46% ownership interest in the joint venture.
•On March 28, 2025, BPLP amended and restated its revolving credit agreement to provide for aggregate borrowings of up to $2.95 billion through its unsecured revolving credit facility and its unsecured term loan facility. The amendment increased the total commitment of the Revolving Facility from $2.0 billion to $2.25 billion, extended the maturity date to March 29, 2030, and extended the maturity date of the $700.0 million unsecured term loan facility to March 30, 2029, with two, six-month extension options, each subject to customary conditions. The $700.0 million unsecured term loan was scheduled to mature in May 2025.
•On March 28, 2025, we increased the amount of unsecured commercial paper notes that we may issue under the Commercial Paper Program from $500.0 million to $750.0 million. The Commercial Paper Program is backstopped by available capacity under our 2025 Credit Facility.
As of March 31, 2025, our share of unconsolidated joint venture debt maturing through May 2026 was approximately $453.6 million. This debt matures at different times through May 2026, and we expect to fund the repayment of this debt through a combination of refinancings, available cash balances, proceeds from asset sales, draws on BPLP’s 2025 Credit Facility, proceeds from the Commercial Paper Program, secured debt or unsecured debt.
We expect net interest expense will be greater in 2025 compared to 2024 as a result of lower projected interest income in 2025 due to (i) lower cash balances as a result of (1) ongoing development costs in 2025 and (2) the repayment of our $850.0 million unsecured senior notes at maturity on January 15, 2025 and (ii) higher interest rates on refinanced debt.
As of April 28, 2025, we had available cash of approximately $386.7 million (of which approximately $143.0 million was attributable to our consolidated joint venture partners). Our liquidity and capital resources depend on a wide range of factors, and we believe that our access to capital and our strong liquidity, including the approximately $1.4 billion available under BPLP’s 2025 Credit Facility and our available cash, as of April 28, 2025 are sufficient to fund our remaining capital needs on existing development and redevelopment projects, repay our maturing indebtedness when due (if not refinanced or extended), satisfy our REIT distribution requirements and still allow us
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to act opportunistically on attractive investment opportunities. We are currently in active negotiations for the disposition of eight land sites and, if successful, these dispositions could generate approximately $250.0 million of aggregate net proceeds over the next 24 months. Several of these sales require re-entitlement, which we anticipate will result in relatively longer closing periods than typical transactions. However, there can be no assurance that we will complete any of these transactions on the terms and schedules currently contemplated or at all.
We may seek to enhance our liquidity to fund our current and future development activity, pursue additional attractive investment opportunities and refinance or repay indebtedness. Depending on then-current interest rates, the overall conditions in the public and private debt and equity markets, and our existing and expected leverage at the time, we may decide to access one or more of these capital sources. Doing so may result in greater cash and cash equivalents pending our use of the proceeds, and depending on the sources of liquidity, higher interest expense or share count.
We have not sold any shares under BXP’s $600.0 million “at the market” equity offering program.
REIT Tax Distribution Considerations
Dividend
As a REIT, BXP is subject to a number of organizational and operational requirements, including a requirement that BXP currently distribute at least 90% of its annual taxable income (excluding capital gains and with certain other adjustments). Our policy is for BXP to distribute at least 100% of its taxable income, including capital gains, to avoid paying federal tax. Holders of common and LTIP units (other than unearned MYLTIP units) of limited partnership interest in BPLP receive the same distribution per unit that is paid per share of BXP common stock.
BXP’s Board of Directors will continue to evaluate BXP’s dividend rate in light of our actual and projected taxable income (including gains on sales), liquidity requirements and other circumstances, and there can be no assurance that the future dividends declared by BXP’s Board of Directors will not differ materially from the current quarterly dividend amount.
Sales
To the extent that we sell assets at a gain and cannot efficiently use the proceeds in a tax deferred manner for either our development activities or acquisitions, BXP would, at the appropriate time, decide whether it is better to declare a special dividend, adopt a stock repurchase program, reduce indebtedness or retain the cash for future investment opportunities. Such a decision will depend on many factors including, among others, the timing, availability and terms of development and acquisition opportunities, our then-current and anticipated leverage, the cost and availability of capital from other sources, the price of BXP’s common stock and REIT distribution requirements. At a minimum, we expect that BXP would distribute at least that amount of proceeds necessary for BXP to avoid paying corporate level tax on the applicable gains realized from any asset sales.
From time to time in select cases, whether due to a change in use, structuring issues to comply with applicable REIT regulations or other reasons, we may sell an asset that is held by a taxable REIT subsidiary (“TRS”). Such a sale by a TRS would be subject to federal and local taxes.
Cash Flow Summary
The following summary discussion of our cash flows is based on the Consolidated Statements of Cash Flows and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.
Cash and cash equivalents and cash held in escrows aggregated approximately $0.5 billion and $0.8 billion at March 31, 2025 and 2024, respectively, representing a decrease of approximately $0.3 billion. The following table sets forth changes in cash flows:

| Three months ended March 31,
2025 |  | 2024 |  | Change
(in thousands)
Net cash provided by operating activities | $ | 210,036 |  |  | $ | 197,595 |  |  | $ | 12,441 |
Net cash used in investing activities | (309,143) |  |  | (286,619) |  |  | (22,524) |
Net cash used in financing activities | (756,882) |  |  | (756,909) |  |  | 27 |

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Our principal source of cash flow is related to the operation of our properties. The weighted-average term of our in-place leases, including leases signed by our unconsolidated joint ventures, excluding residential units, was approximately 7.9 years as of March 31, 2025, with occupancy rates historically in the range of 86% to 92%. Generally, our properties generate a relatively consistent stream of cash flows that provides us with resources to pay operating expenses, debt service and fund regular quarterly dividend and distribution payment requirements. In addition, over the past several years, we have raised capital through the sale of some of our properties and through secured and unsecured borrowings.
Cash is used in investing activities to fund acquisitions, development, net investments in unconsolidated joint ventures and maintenance and repositioning capital expenditures. Cash used in investing activities for the three months ended March 31, 2025 and March 31, 2024 is detailed below:

| Three months ended March 31,
| 2025 |  | 2024
| (in thousands)
Construction in progress (1) | $ | (138,796) |  |  | $ | (181,636) |
Building and other capital improvements | (57,395) |  |  | (32,087) |
Tenant improvements | (60,338) |  |  | (53,377) |
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) (2) | — |  |  | 6,086 |
Capital contributions to unconsolidated joint ventures (3) | (52,611) |  |  | (26,457) |
Investment in non-real estate investments | (434) |  |  | — |
Issuance of note receivables (including related party) | (600) |  |  | (573) |
Investments in securities, net | 1,031 |  |  | 1,425 |
Net cash used in investing activities | $ | (309,143) |  |  | $ | (286,619) |

Cash used in investing activities changed primarily due to the following:
(1)Construction in progress for the three months ended March 31, 2025 included ongoing expenditures associated with Reston Next Office Phase II and Reston Next Retail, which were partially placed in-service during the three months ended March 31, 2025. In addition, we incurred costs associated with our continued development/redevelopment of 290 Binney Street, 121 Broadway, 725 12th Street and 1050 Winter Street.
Construction in progress for the three months ended March 31, 2024 included ongoing expenditures associated with 180 CityPoint and 103 CityPoint, which were partially placed in-service during 2023. In addition, we incurred costs associated with our continued development/redevelopment of Reston Next Office Phase II, 760 Boylston Street, 290 Binney Street, 300 Binney Street and 121 Broadway.
(2)On January 8, 2024, we completed the acquisition of our joint venture partner’s 50% economic ownership interest in the joint venture that owns 901 New York Avenue, located in Washington, DC, for a gross purchase price of $10.0 million and we acquired net working capital, including cash and cash equivalents of approximately $16.1 million.
(3)Capital contributions to unconsolidated joint ventures for the three months ended March 31, 2025 consisted primarily of cash contributions of approximately $21.2 million, $20.0 million and $6.2 million to our 751 Gateway, 290 Coles Street and 360 Park Avenue South joint ventures, respectively. On March 5, 2025, we entered into a new joint venture for the development of 290 Coles Street (See Note 5 to the Consolidated Financial Statements).
Capital contributions to unconsolidated joint ventures for the three months ended March 31, 2024 consisted primarily of cash contributions of approximately $9.9 million, $6.7 million and $5.7 million to our Gateway Commons, 360 Park Avenue South and Platform 16 joint ventures, respectively.
Cash used in financing activities for the three months ended March 31, 2025 totaled approximately $756.9 million. This amount consisted primarily of the repayment of BPLP’s $850.0 million in aggregate principal amount of its 3.200% unsecured senior notes due January 15, 2025 and the payment of our regular dividends and distributions to our shareholders and unitholders, partially offset by borrowings under BPLP’s Revolving Credit Facility. Future debt payments are discussed below under the heading “Debt Financing.”
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Capitalization
The following table presents Consolidated Market Capitalization and BXP’s Share of Market Capitalization, as well as the corresponding ratios of Consolidated Debt to Consolidated Market Capitalization and BXP’s Share of Debt to BXP’s Share of Market Capitalization (in thousands, except for percentages):

|  | March 31, 2025 |
|  | Shares / Units Outstanding |  | Common Stock Equivalent |  | Equivalent Value (1) |
Common Stock |  | 158,323 |  |  | 158,323 |  |  | $ | 10,637,722 |  |
Common Operating Partnership Units |  | 18,419 |  |  | 18,419 |  |  | 1,237,573 |  | (2)
Total Equity |  |  |  | 176,742 |  |  | $ | 11,875,295 |  |
Consolidated Debt |  |  |  |  |  | $ | 15,671,692 |  |
Add: |  |  |  |  |  |  |
BXP’s share of unconsolidated joint venture debt (3) |  |  |  |  |  | 1,385,545 |  |
Subtract: |  |  |  |  |  |  |
Partners’ share of Consolidated Debt (4) |  |  |  |  |  | 1,362,866 |  |
BXP’s Share of Debt |  |  |  |  |  | $ | 15,694,371 |  |
Consolidated Market Capitalization |  |  |  |  |  | $ | 27,546,987 |  |
BXP’s Share of Market Capitalization |  |  |  |  |  | $ | 27,569,666 |  |
Consolidated Debt/Consolidated Market Capitalization |  |  |  |  |  | 56.89 | % |
BXP’s Share of Debt/BXP’s Share of Market Capitalization |  |  |  |  |  | 56.93 | % |

_______________
(1)Values are based on the closing price per share of BXP’s common stock on the New York Stock Exchange on March 31, 2025 of $67.19.
(2)Includes long-term incentive plan units (including 2012 OPP Units and 2013 - 2022 MYLTIP Units but excluding the 2023 - 2025 MYLTIP Units because the three-year performance periods had not ended as of March 31, 2025).
(3)See page 68 for additional information.
(4)See page 67 for additional information.
Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector. We present this measure as a percentage and it is calculated by dividing (A) our consolidated debt by (B) our consolidated market capitalization, which is the market value of our outstanding equity securities plus our consolidated debt. Consolidated market capitalization is the sum of:
(1) our consolidated debt; plus
(2) the product of (x) the closing price per share of BXP common stock on March 31, 2025, as reported by the New York Stock Exchange, multiplied by (y) the sum of:
(i) the number of outstanding shares of common stock of BXP,
(ii) the number of outstanding OP Units in BPLP (excluding OP Units held by BXP),
(iii) the number of OP Units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, and
(iv) the number of OP Units issuable upon conversion of 2012 OPP Units, and 2013 - 2022 MYLTIP Units that were issued in the form of LTIP Units.
The calculation of consolidated market capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2023 - 2025 MYLTIP Units are not included in this calculation as of March 31, 2025.
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We also present BXP’s Share of Market Capitalization and BXP’s Share of Debt/BXP’s Share of Market Capitalization, which are calculated in the same manner, except that BXP’s Share of Debt is utilized instead of our consolidated debt in both the numerator and the denominator. BXP’s Share of Debt is defined as our consolidated debt plus our share of debt from our unconsolidated joint ventures (calculated based upon our ownership percentage), minus our partners’ share of debt from our consolidated joint ventures (calculated based upon the partners’ percentage ownership interests adjusted for basis differentials). Management believes that BXP’s Share of Debt provides useful information to investors regarding our financial condition because it includes our share of debt from unconsolidated joint ventures and excludes our partners’ share of debt from consolidated joint ventures, in each case presented on the same basis. We have several significant joint ventures and presenting various measures of financial condition in this manner can help investors better understand our financial condition and/or results of operations after taking into account our economic interest in these joint ventures. We caution investors that the ownership percentages used in calculating BXP’s Share of Debt 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 for routine and major decisions), distributions, transferability of interests, financing and guarantees, liquidations and other matters. Moreover, in some cases we exercise significant influence over, but do not control, the joint venture in which case GAAP requires that we account for the joint venture entity using the equity method of accounting and we do not consolidate it for financial reporting purposes. In other cases, GAAP requires that we consolidate the venture even though our partner(s) own(s) a significant percentage interest. As a result, management believes that the presentation of BXP’s Share of a financial measure should not be considered a substitute for, and should only be considered with and as a supplement to our financial information presented in accordance with GAAP.
We present these supplemental ratios because our degree of leverage could affect our ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of BXP and as such will fluctuate with changes in such price, and they do not necessarily reflect our capacity to incur additional debt to finance our activities or our ability to manage our existing debt obligations. However, for a company like BXP, whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of our outstanding indebtedness.
For a discussion of our unconsolidated joint venture indebtedness, see “Liquidity and Capital Resources—Investment in Unconsolidated Joint Ventures - Secured Debt” w ithin “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” and for a discussion of our consolidated joint venture indebtedness see “Liquidity and Capital Resources—Mortgage Notes Payable” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Debt Financing
As of March 31, 2025, we had approximately $15.7 billion of outstanding consolidated indebtedness, representing approximately 56.89% of our Consolidated Market Capitalization as calculated above consisting of approximately (1) $9.8 billion (net of discount and deferred financing fees) in publicly traded unsecured senior notes having a weighted-average GAAP interest rate of 4.13% per annum and maturities in 2026 through 2035, (2) $4.3 billion (net of deferred financing fees and fair value interest adjustments) of property-specific mortgage debt having a weighted-average GAAP interest rate of 4.05% per annum and a weighted-average remaining term of 3.6 years, (3) $0.8 billion (net of deferred financing fees and fair value interest adjustments) of unsecured term loans having a weighted-average GAAP interest rate of 5.59% per annum with maturities in 2025 and 2029, (4) $0.5 billion of unsecured commercial paper borrowings having a weighted-average interest rate of 4.66% per annum and a weighted-average maturity of 48 days, from the issuance date, and (5) $0.3 billion of borrowings under the Revolving Credit Facility.
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The table below summarizes the aggregate carrying value of our outstanding indebtedness, as well as Consolidated Debt Financing Statistics at March 31, 2025 and March 31, 2024.

| March 31,
| 2025 |  | 2024
| (dollars in thousands)
Debt Summary: |  |  |
Balance |  |  |
Mortgage notes payable, net | $ | 4,277,710 |  |  | $ | 4,368,367 |
Unsecured senior notes, net | 9,797,824 |  |  | 9,794,527 |
Unsecured line of credit | 300,000 |  |  | — |
Unsecured term loans, net | 796,158 |  |  | 1,199,430 |
Unsecured commercial paper | 500,000 |  |  | — |
Consolidated Debt | 15,671,692 |  |  | 15,362,324 |
Add: |  |  |
BXP’s share of unconsolidated joint venture debt, net (1) | 1,385,545 |  |  | 1,373,986 |
Subtract: |  |  |
Partners’ share of consolidated mortgage notes payable, net (2) | 1,362,866 |  |  | 1,360,873 |
BXP’s Share of Debt | $ | 15,694,371 |  |  | $ | 15,375,437 |
| March 31,
| 2025 |  | 2024
Consolidated Debt Financing Statistics: |  |  |
Percent of total debt: |  |  |
Fixed rate (3) | 90.45 | % |  | 100.00 | %
Variable rate | 9.55 | % |  | — | %
Total | 100.00 | % |  | 100.00 | %
GAAP Weighted-average interest rate at end of period: |  |  |
Fixed rate (3) | 4.12 | % |  | 4.17 | %
Variable rate | 5.19 | % |  | — | %
Total | 4.22 | % |  | 4.17 | %
Coupon/Stated Weighted-average interest rate at end of period: |  |  |
Fixed rate (3) | 3.95 | % |  | 3.93 | %
Variable rate | 5.12 | % |  | — | %
Total | 4.06 | % |  | 3.93 | %
Weighted-average maturity at end of period (in years): |  |  |
Fixed rate (3) | 4.6 |  |  | 4.6 |
Variable rate | 2.9 |  |  | — |
Total | 4.5 |  |  | 4.6 |

_______________
(1)See page 68 for additional information.
(2)See page 67 for additional information.
(3)At March 31, 2025, BPLP’s $100.0 million 2024 Unsecured Term Loan and two of our mortgage loans aggregating approximately $800.0 million bore interest at variable rates. At March 31, 2024, the 2023 Unsecured Term Loan and two of our mortgage loans aggregating approximately $900.0 million bore interest at variable rates. We entered into interest rate swap contracts that effectively fixed the variability of these loans for all or a portion of the applicable debt term and as such, they are reflected in our Fixed rate statistics.
Unsecured Senior Notes
For a description of BPLP’s outstanding unsecured senior notes as of March 31, 2025, See Note 6 to the Consolidated Financial Statements.
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On January 15, 2025, BPLP repaid $850.0 million in aggregate principal amount of its 3.200% senior notes due January 15, 2025. The repayment was completed with available cash and the proceeds from BPLP’s August 2024 offering of 5.750% unsecured senior notes due 2035. The repayment price was approximately $863.6 million, which was equal to the stated principal plus approximately $13.6 million of accrued and unpaid interest to, but not including, the repayment date.
Unsecured Credit Facility and Unsecured Term Loans
On September 27, 2024, BPLP entered into the $100.0 million 2024 Unsecured Term Loan. Upon entering into the 2024 Unsecured Term Loan, BPLP exercised its option to draw the full $100.0 million. The 2024 Unsecured Term Loan matures on September 26, 2025 with three, one-year extension options, subject to customary conditions.
On March 28, 2025, BPLP amended and restated its revolving credit agreement. The 2025 Credit Facility provides for aggregate borrowings of up to $2.950 billion through an unsecured revolving credit facility and an unsecured term loan facility, subject to customary conditions. Among other things, the amendment and restatement (1) increased the total commitment of the Revolving Facility from $2.0 billion to $2.250 billion, (2) extended the maturity date of the Revolving Facility from June 15, 2026 to March 29, 2030, and (3) added a $700.0 million Term Loan Facility with an initial maturity date of March 30, 2029, with two, six-month extension options, each subject to customary conditions (See Notes 6 and 14 to the Consolidated Financial Statements). In connection with the amendment and restatement, we recognized a loss from early extinguishment of debt of approximately $0.3 million related to unamortized origination costs during the three months ended March 31, 2025.
At closing on March 28, 2025, BPLP drew the full $700.0 million of the Term Loan Facility under the 2025 Credit Facility, the proceeds of which were used to fully repay the $700.0 million of borrowings outstanding under it’s 2023 Unsecured Term Loan. The 2023 Unsecured Term Loan was scheduled to mature on May 16, 2025. There was no prepayment penalty associated with the repayment of the 2023 Unsecured Term Loan. At March 31, 2025 and April 28, 2025, BPLP had $700.0 million of principal outstanding under its Term Loan Facility.
The 2025 Credit Facility is used as a backstop for the $750.0 million Commercial Paper Program (See “Unsecured Commercial Paper” below). As such, BPLP intends to maintain, at a minimum, availability under the 2025 Credit Facility in an amount equal to the amount of unsecured commercial paper notes outstanding.
At March 31, 2025, BPLP had $300.0 million of borrowings under its Revolving Credit Facility, outstanding letters of credit totaling approximately $5.4 million, and $500.0 million is being used as a backstop for the Commercial Paper Program. At April 28, 2025, BPLP had $85.0 million of borrowings under its Revolving Credit Facility, outstanding letters of credit totaling approximately $5.4 million, and $750.0 million is being used as a backstop for the Commercial Paper Program. Therefore, at March 31, 2025 and April 28, 2025, BPLP had the ability to borrow approximately $1.4 billion.
Unsecured Commercial Paper
On March 28, 2025, BPLP increased the amount by which it may issue unsecured commercial paper notes under the Commercial Paper Program from $500.0 million to $750.0 million. Other than the increase in the program’s maximum capacity, all other terms of the Commercial Paper Program remain unchanged. Under the terms of the program, BPLP may issue, from time to time, unsecured commercial paper notes up to a maximum aggregate amount outstanding at any one time of $750.0 million with varying maturities of up to one year. Amounts available under the Commercial Paper Program may be borrowed, repaid, and re-borrowed from time to time. The notes are sold in private placements and rank pari passu with all of BPLP’s other unsecured senior indebtedness, including its outstanding senior notes. The Commercial Paper Program is backstopped by available capacity under the 2025 Credit Facility.
At March 31, 2025, BPLP had an aggregate of $500.0 million of unsecured commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.66% per annum and had a weighted-average maturity of 48 days from the issuance date. At April 28, 2025, BPLP had an aggregate of $750.0 million of commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.72% per annum and had a weighted-average maturity of 46 days, from the issuance date.
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Mortgage Notes Payable
The following represents the outstanding mortgage notes payable, net at March 31, 2025:

Properties |  | Stated Interest Rate |  | GAAP Interest Rate (1) |  | Stated Principal Amount |  | Fair Value Adjustment and Deferred Financing Costs, Net |  | Carrying Amount |  | Carrying Amount (Partners’ Share) |  |  |  | Maturity Date
|  | (dollars in thousands)
Wholly-owned |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
901 New York Avenue |  | 5.00 | % |  | 5.06 | % |  | $ | 201,191 |  |  | $ | (476) |  |  | $ | 200,715 |  |  | N/A |  | (2) |  | January 5, 2029
Santa Monica Business Park |  | 4.05 | % |  | 6.65 | % |  | 200,000 |  |  | (1,449) |  |  | 198,551 |  |  | N/A |  | (3)(4) |  | October 8, 2028
90 Broadway, 325 Main Street, 355 Main Street, and Cambridge East Garage (also known as Kendall Center Green Garage) |  | 6.04 | % |  | 6.27 | % |  | 600,000 |  |  | (4,795) |  |  | 595,205 |  |  | N/A |  | (3)(5) |  | October 26, 2028
Subtotal |  |  |  |  |  | 1,001,191 |  |  | (6,720) |  |  | 994,471 |  |  | N/A |  |  |  |
Consolidated Joint Ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |
767 Fifth Avenue (the General Motors Building) |  | 3.43 | % |  | 3.64 | % |  | 2,300,000 |  |  | (7,628) |  |  | 2,292,372 |  |  | $ | 916,976 |  |  | (3)(6)(7) |  | June 9, 2027
601 Lexington Avenue |  | 2.79 | % |  | 2.93 | % |  | 1,000,000 |  |  | (9,133) |  |  | 990,867 |  |  | 445,890 |  |  | (3)(8) |  | January 9, 2032
Subtotal |  |  |  |  |  | 3,300,000 |  |  | (16,761) |  |  | 3,283,239 |  |  | 1,362,866 |  |  |  |  |
Total |  |  |  |  |  | $ | 4,301,191 |  |  | $ | (23,481) |  |  | $ | 4,277,710 |  |  | $ | 1,362,866 |  |  |  |  |

_______________
(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 (if any) and adjustments required under Accounting Standards Codification 805 “Business Combinations” to reflect loans and swaps at their fair values (if any).
(2)The loan has a one-year extension option remaining, subject to certain conditions.
(3)The mortgage loan requires interest only payments with a balloon payment due at maturity.
(4)The mortgage loan bears interest at a variable rate of Daily Simple SOFR plus 1.38% per annum. The borrower under the loan entered into interest rate swap contracts to fix Daily Simple SOFR at a weighted-average fixed interest rate of 2.675% for the period commencing on February 1, 2023 and ending on April 1, 2025. On April 8, 2025, we entered into an interest rate swap contract to fix Daily Simple SOFR at a weighted-average fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026. Stated interest rate reflects the weighted-average fixed interest rate based on the interest rate swap contracts plus 1.38% per annum. Carrying amount includes an approximately $0.6 million fair value interest adjustment. Beginning July 19, 2025, the mortgage loan will bear interest at Daily Simple SOFR plus 1.60% per annum through the maturity date.
(5)The mortgage loan bears interest at a variable rate of Daily Compounded SOFR plus 2.25% per annum. BPLP entered into three interest rate swap contracts with notional amounts aggregating $600.0 million to fix Daily Compounded SOFR at a weighted-average fixed interest rate of 3.7925% for the period commencing on December 15, 2023 and ending on October 26, 2028. The stated interest rate reflects the weighted average fixed interest rate based on the interest rate swap contracts plus 2.25% per annum.
(6)This property is owned by a consolidated entity in which we have a 60% interest. The partners’ share of the carrying amount has been adjusted for basis differentials.
(7)In connection with the refinancing of the loan, we guaranteed the consolidated entity’s obligation to fund various reserves for tenant improvement costs and allowances, leasing commissions and free rent obligations in lieu of cash deposits. As of March 31, 2025, the maximum funding obligation under the guarantee was approximately $6.4 million. We earn a fee from the joint venture for providing the guarantee and have an agreement with our partners to reimburse the joint venture for their share of any payments made under the guarantee.
(8)This property is owned by a consolidated entity in which we have a 55% interest.
Derivative Instruments and Hedging Activities
As of March 31, 2025, we had $900.0 million of interest rate swaps outstanding, where hedge accounting was elected, with a fair value of approximately $(4.1) million. For a description of these interest rate swaps, see Note 7 to the Consolidated Financial Statements. On April 8, 2025, we entered into an interest rate swap contract with a notional amount of $300.0 million to replace $300.0 million of interest rate swaps that expired on April 1, 2025 (see Note 14 to the Consolidated Financial Statements).
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Investment in Unconsolidated Joint Ventures - Secured Debt
We have investments in unconsolidated joint ventures with our effective ownership interests ranging from approximately 19% to approximately 71%. Fourteen of these ventures have mortgage indebtedness. We exercise significant influence over, but do not control, these entities. As a result, we account for them using the equity method of accounting. See also Note 5 to the Consolidated Financial Statements. At March 31, 2025, the aggregate carrying amount of debt, including both our and our partners’ share, incurred by these ventures was approximately $3.2 billion (of which our proportionate share is approximately $1.4 billion). The table below summarizes the outstanding debt of these joint venture properties at March 31, 2025. In addition to other guarantees specifically noted in the table, we have agreed to customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) as well as the completion of development projects on certain of the loans.

Properties |  | Nominal % Ownership |  | Stated Interest Rate |  | GAAP Interest Rate (1) |  | Term of Variable Rate + Spread |  | Stated Principal Amount |  |  | Deferred Financing Costs, Net |  | Carrying Amount |  | Carrying Amount (Our share) |  |  |  | Maturity Date
|  | (dollars in thousands)
360 Park Avenue South |  | 71.11 | % |  | 6.82 | % |  | 7.13 | % |  | Term SOFR + 2.50% |  | $ | 220,000 |  |  |  | $ | (1,662) |  |  | $ | 218,338 |  |  | $ | 155,260 |  |  | (2)(3)(4) |  | December 13, 2027
Market Square North |  | 50.00 | % |  | 6.74 | % |  | 6.91 | % |  | SOFR + 2.41% |  | 125,000 |  |  |  | (140) |  |  | 124,860 |  |  | 62,430 |  |  | (2)(3)(5) |  | November 10, 2025
1265 Main Street |  | 50.00 | % |  | 3.77 | % |  | 3.84 | % |  | N/A |  | 33,454 |  |  |  | (188) |  |  | 33,266 |  |  | 16,633 |  |  |  |  | January 1, 2032
Colorado Center |  | 50.00 | % |  | 3.56 | % |  | 3.59 | % |  | N/A |  | 550,000 |  |  |  | (420) |  |  | 549,580 |  |  | 274,790 |  |  | (2) |  | August 9, 2027
Dock 72 |  | 50.00 | % |  | 6.83 | % |  | 7.10 | % |  | SOFR +2.50% |  | 198,383 |  |  |  | (376) |  |  | 198,007 |  |  | 99,004 |  |  | (2)(6) |  | December 18, 2025
The Hub on Causeway - Podium |  | 50.00 | % |  | 7.35 | % |  | 7.75 | % |  | Daily Simple SOFR + 2.50% |  | 154,278 |  |  |  | (270) |  |  | 154,008 |  |  | 77,004 |  |  | (2)(3)(7) |  | September 8, 2025
Hub50House |  | 50.00 | % |  | 4.43 | % |  | 4.51 | % |  | SOFR + 1.35% |  | 185,000 |  |  |  | (984) |  |  | 184,016 |  |  | 92,008 |  |  | (2)(8) |  | June 17, 2032
100 Causeway Street |  | 50.00 | % |  | 5.80 | % |  | 5.89 | % |  | Term SOFR + 1.48% |  | 333,579 |  |  |  | (250) |  |  | 333,329 |  |  | 166,664 |  |  | (2) |  | September 5, 2025
7750 Wisconsin Avenue (Marriott International Headquarters) |  | 50.00 | % |  | 5.49 | % |  | 5.54 | % |  | N/A |  | 252,000 |  |  |  | (1,312) |  |  | 250,688 |  |  | 125,344 |  |  |  |  | February 27, 2035
Safeco Plaza |  | 33.67 | % |  | 4.82 | % |  | 6.68 | % |  | SOFR + 2.32% |  | 250,000 |  |  |  | (481) |  |  | 249,519 |  |  | 84,013 |  |  | (2)(9) |  | September 1, 2026
500 North Capitol Street, NW |  | 30.00 | % |  | 6.83 | % |  | 7.16 | % |  | N/A |  | 105,000 |  |  |  | (333) |  |  | 104,667 |  |  | 31,325 |  |  | (2)(10) |  | June 5, 2026
200 Fifth Avenue |  | 26.69 | % |  | 4.34 | % |  | 5.60 | % |  | Term SOFR + 1.41% |  | 600,000 |  |  |  | (6,136) |  |  | 593,864 |  |  | 153,185 |  |  | (2)(11) |  | November 24, 2028
3 Hudson Boulevard |  | 25.00 | % |  | 11.93 | % |  | 11.93 | % |  | Term SOFR + 7.61% |  | 80,000 |  |  |  | — |  |  | 80,000 |  |  | 20,000 |  |  | (2)(12) |  | August 7, 2024
Skymark - Reston Next Residential |  | 20.00 | % |  | 6.32 | % |  | 6.64 | % |  | SOFR + 2.00% |  | 139,925 |  |  |  | (501) |  |  | 139,424 |  |  | 27,885 |  |  | (2)(3)(13) |  | May 13, 2026
290 Coles Street |  | 19.46 | % |  | N/A |  | N/A |  | N/A |  | — |  |  |  | — |  |  | — |  |  | — |  |  | (2)(3)(14) |  | March 5, 2029
Total |  |  |  |  |  |  |  |  |  | $ | 3,226,619 |  |  |  | $ | (13,053) |  |  | $ | 3,213,566 |  |  | $ | 1,385,545 |  |  |  |  |

_______________
(1)The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing costs, 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).
(2)The loan requires interest only payments with a balloon payment due at maturity.
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(3)The loan includes certain extension options, subject to certain conditions.
(4)The loan bears interest at a variable rate equal to Term SOFR plus 2.50% per annum. The joint venture entered into an interest rate cap agreement with a financial institution to limit its exposure to increases in Term SOFR rate to a cap of 5.00% per annum on a notional amount of $220.0 million through January 15, 2026.
(5)The loan bears interest at a variable rate equal to the greater of (1) the sum of (x) SOFR and (y) 2.41% or (2) 2.80% per annum.
(6)The loan bears interest at a variable rate equal to (1) the greater of (x) SOFR or (y) 0.25%, plus (2) 2.50% per annum.
(7)The joint venture entered into interest rate swap contracts with notional amounts aggregating $154.3 million through September 2, 2025, resulting in a fixed rate of approximately 7.35% per annum through the expiration of the interest rate swap contracts.
(8)The joint venture entered into interest rate swap contracts with notional amounts aggregating $185.0 million through April 10, 2032, resulting in a fixed rate of approximately 4.432% per annum through the expiration of the interest rate swap contracts.
(9)The loan bears interest at a variable rate equal to the greater of (x) 2.35% or (y) SOFR plus 2.32% per annum. The joint venture entered into an interest rate cap agreement with a financial institution to limit its exposure to increases in the SOFR rate at a cap of 2.50% per annum on a notional amount of $250.0 million through September 1, 2025.
(10)The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) which bears interest at a fixed rate of 6.23% per annum, and (y) a $35.0 million mortgage loan payable (Note B) which bears interest at a fixed rate of 8.03% per annum. We provided $10.5 million of the Note B mortgage financing to the joint venture. Our portion of the loan is reflected as Related Party Note Receivables, Net on our Consolidated Balance Sheets.
(11)The joint venture entered into interest rate swap contracts with notional amounts aggregating $600.0 million through June 2028, resulting in a fixed rate of approximately 4.34% per annum through the expiration of the interest rate swap contracts. The deferred financing costs, net include the adjustment required to reflect the loan and interest rate swap at fair value upon acquisition.
(12)As of March 31, 2025, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest and default interest, of approximately $123.0 million. The joint venture is negotiating a new third-party loan, however, there can be no assurance that the joint venture will enter into a new third-party loan on the terms and schedule currently contemplated or at all. We are the lender of the loan, and the loan and accrued interest are reflected as Related Party Note Receivables, Net and Tenant and Other Receivables, Net, respectively, on our Consolidated Balance Sheets.
(13)The construction financing has a borrowing capacity of $140.0 million.
(14)No amounts have been drawn under the $225.0 million construction loan. The loan will bear interest at a variable rate equal to Term SOFR plus 2.50% per annum.
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State and Local Tax Matters
Because BXP is organized and qualifies as a REIT, it is generally not subject to federal income taxes, but is subject to certain state and local taxes. In the normal course of business, certain entities through which we own real estate either have undergone, or are currently undergoing, tax audits or other inquiries. Although we believe that we have substantial arguments in favor of our position in the ongoing audits, in some instances there is no controlling precedent or interpretive guidance on the specific point at issue. Collectively, tax deficiency notices received to date from the jurisdictions conducting the ongoing audits have not been material. However, there can be no assurance that future audits will not occur with increased frequency or that the ultimate result of such audits will not have a material adverse effect on our results of operations.
Funds from Operations
Pursuant to the revised definition of Funds from Operations (“FFO”) adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate FFO for each of BXP and BPLP by adjusting net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership (computed in accordance with GAAP), respectively, 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 our share of real estate-related depreciation and amortization. FFO is a non-GAAP financial measure. We believe the presentation of FFO, combined with the presentation of required GAAP financial measures, improves the understanding of operating results of REITs among the investing public and helps make comparisons of REIT operating results more meaningful. Management generally considers FFO to be a useful measure for understanding and comparing our operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.
Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. We believe that in order to facilitate a clear understanding of our operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership as presented in our Consolidated Financial Statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. or net income attributable to Boston Properties Limited Partnership (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.
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BXP
The following table presents a reconciliation of net income attributable to BXP, Inc. to FFO attributable to BXP, Inc. for the three months ended March 31, 2025 and 2024:

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
|  | (in thousands)
Net income attributable to BXP, Inc. |  | $ | 61,177 |  |  | $ | 79,883 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Noncontrolling interest—common units of the Operating Partnership |  | 6,979 |  |  | 9,500 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  |  |  |  |  |
Net income |  | 86,905 |  |  | 106,604 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 220,107 |  |  | 218,716 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships’ share of depreciation and amortization |  | (20,464) |  |  | (18,695) |  |  |  |  |  |  |
BXP’s share of depreciation and amortization from unconsolidated joint ventures |  | 17,327 |  |  | 20,223 |  |  |  |  |  |  |
Corporate-related depreciation and amortization |  | (716) |  |  | (419) |  |  |  |  |  |  |
Non-real estate depreciation and amortization |  | 2,130 |  |  | 2,130 |  |  |  |  |  |  |
Loss on sales-type lease |  | 2,490 |  |  | — |  |  |  |  |  |  |
Impairment loss |  | — |  |  | 13,615 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures |  | — |  |  | 21,696 |  |  |  |  |  |  |
Unrealized gain (loss) on non-real estate investment |  | (483) |  |  | 396 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  |  |  |  |  |
Funds from Operations (FFO) attributable to the Operating Partnership common unitholders (including BXP, Inc.) |  | 289,513 |  |  | 302,861 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Noncontrolling interest—common units of the Operating Partnership’s share of funds from operations |  | 28,922 |  |  | 31,588 |  |  |  |  |  |  |
Funds from Operations attributable to BXP, Inc. |  | $ | 260,591 |  |  | $ | 271,273 |  |  |  |  |  |  |
Our percentage share of Funds from Operations—basic |  | 90.01 | % |  | 89.57 | % |  |  |  |  |  |
Weighted average shares outstanding—basic |  | 158,202 |  |  | 156,983 |  |  |  |  |  |  |

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The following tables presents a reconciliation of net income attributable to BXP, Inc. to Diluted FFO attributable to BXP, Inc. for income (numerator) and shares/units (denominator) for the three months ended March 31, 2025 and 2024:

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
|  | (in thousands)
Net income attributable to BXP, Inc. |  | $ | 61,177 |  |  | $ | 79,883 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Noncontrolling interest—common units of the Operating Partnership |  | 6,979 |  |  | 9,500 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  |  |  |  |  |
Net income |  | 86,905 |  |  | 106,604 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 220,107 |  |  | 218,716 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships’ share of depreciation and amortization |  | (20,464) |  |  | (18,695) |  |  |  |  |  |  |
BXP’s share of depreciation and amortization from unconsolidated joint ventures |  | 17,327 |  |  | 20,223 |  |  |  |  |  |  |
Corporate-related depreciation and amortization |  | (716) |  |  | (419) |  |  |  |  |  |  |
Non-real estate depreciation and amortization |  | 2,130 |  |  | 2,130 |  |  |  |  |  |  |
Loss on sales-type lease |  | 2,490 |  |  | — |  |  |  |  |  |  |
Impairment loss |  | — |  |  | 13,615 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures |  | — |  |  | 21,696 |  |  |  |  |  |  |
Unrealized gain (loss) on non-real estate investment |  | (483) |  |  | 396 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  |  |  |  |  |
Funds from Operations (FFO) attributable to the Operating Partnership common unitholders (including BXP, Inc.) |  | 289,513 |  |  | 302,861 |  |  |  |  |  |  |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |
Stock based compensation |  | — |  |  | — |  |  |  |  |  |  |
Diluted FFO |  | 289,513 |  |  | 302,861 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Noncontrolling interest—common units of the Operating Partnership’s share of diluted FFO |  | 28,835 |  |  | 31,558 |  |  |  |  |  |  |
Diluted FFO attributable to BXP, Inc. (1) |  | $ | 260,678 |  |  | $ | 271,303 |  |  |  |  |  |  |

___________
(1)BXP’s share of diluted Funds from Operations was 90.04% and 89.58% for the three months ended March 31, 2025 and 2024, respectively.
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|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
|  | shares/units (in thousands) |  |
Basic Funds from Operations |  | 175,752 |  |  | 175,255 |  |  |  |  |  |  |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |
Stock based compensation |  | 430 |  |  | 149 |  |  |  |  |  |  |
Diluted Funds from Operations |  | 176,182 |  |  | 175,404 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Noncontrolling interest—common units of the Operating Partnership’s share of diluted Funds from Operations |  | 17,550 |  |  | 18,272 |  |  |  |  |  |  |
Diluted Funds from Operations attributable to BXP, Inc. (1) |  | 158,632 |  |  | 157,132 |  |  |  |  |  |  |

_______________
(1)BXP’s share of diluted Funds from Operations was 90.04% and 89.58% for the three months ended March 31, 2025 and 2024, respectively.
BPLP
The following table presents a reconciliation of net income attributable to Boston Properties Limited Partnership to FFO attributable to Boston Properties Limited Partnership for the three months ended March 31, 2025 and 2024:

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
|  | (in thousands)
Net income attributable to Boston Properties Limited Partnership |  | $ | 69,859 |  |  | $ | 91,080 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  |  |  |  |  |
Net income |  | 88,608 |  |  | 108,301 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 218,404 |  |  | 217,019 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships’ share of depreciation and amortization |  | (20,464) |  |  | (18,695) |  |  |  |  |  |  |
BXP’s share of depreciation and amortization from unconsolidated joint ventures |  | 17,327 |  |  | 20,223 |  |  |  |  |  |  |
Corporate-related depreciation and amortization |  | (716) |  |  | (419) |  |  |  |  |  |  |
Non-real estate depreciation and amortization |  | 2,130 |  |  | 2,130 |  |  |  |  |  |  |
Loss on sales-type lease |  | 2,490 |  |  | — |  |  |  |  |  |  |
Impairment loss |  | — |  |  | 13,615 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures |  | — |  |  | 21,696 |  |  |  |  |  |  |
Unrealized gain (loss) on non-real estate investment |  | (483) |  |  | 396 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  |  |  |  |  |
Funds from Operations attributable to Boston Properties Limited Partnership (1) |  | $ | 289,513 |  |  | $ | 302,861 |  |  |  |  |  |  |
Weighted average shares outstanding—basic |  | 175,752 |  |  | 175,255 |  |  |  |  |  |  |

_______________
(1)Our calculation includes OP Units and vested LTIP Units (including vested 2012 OPP Units and vested 2013 - 2022 MYLTIP Units).
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The following tables presents a reconciliation of net income attributable to Boston Properties Limited Partnership to Diluted FFO attributable to Boston Properties Limited Partnership for income (numerator) and shares/units (denominator) for the three months ended March 31, 2025 and 2024:

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
|  | (in thousands)
Net income attributable to Boston Properties Limited Partnership |  | $ | 69,859 |  |  | $ | 91,080 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  |  |  |  |  |
Net income |  | 88,608 |  |  | 108,301 |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 218,404 |  |  | 217,019 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships’ share of depreciation and amortization |  | (20,464) |  |  | (18,695) |  |  |  |  |  |  |
BXP’s share of depreciation and amortization from unconsolidated joint ventures |  | 17,327 |  |  | 20,223 |  |  |  |  |  |  |
Corporate-related depreciation and amortization |  | (716) |  |  | (419) |  |  |  |  |  |  |
Non-real estate depreciation and amortization |  | 2,130 |  |  | 2,130 |  |  |  |  |  |  |
Loss on sales-type lease |  | 2,490 |  |  | — |  |  |  |  |  |  |
Impairment loss |  | — |  |  | 13,615 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures |  | — |  |  | 21,696 |  |  |  |  |  |  |
Unrealized gain (loss) on non-real estate investment |  | (483) |  |  | 396 |  |  |  |  |  |  |
Noncontrolling interests in property partnerships |  | 18,749 |  |  | 17,221 |  |  |  |  |  |  |
Funds from Operations attributable to Boston Properties Limited Partnership (1) |  | 289,513 |  |  | 302,861 |  |  |  |  |  |  |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |
Stock based compensation |  | — |  |  | — |  |  |  |  |  |  |
Diluted Funds from Operations attributable to Boston Properties Limited Partnership |  | $ | 289,513 |  |  | $ | 302,861 |  |  |  |  |  |  |

_______________
(1)Our calculation includes OP Units and vested LTIP Units (including vested 2012 OPP Units and vested 2013 - 2022 MYLTIP Units).

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
|  | shares/units (in thousands) |  |
Basic Funds from Operations |  | 175,752 |  |  | 175,255 |  |  |  |  |  |  |
Effect of Dilutive Securities: |  |  |  |  |  |  |  |  |  |
Stock based compensation |  | 430 |  |  | 149 |  |  |  |  |  |  |
Diluted Funds from Operations |  | 176,182 |  |  | 175,404 |  |  |  |  |  |  |

Material Cash Commitments
We have various service contracts with vendors related to our property management. In addition, we have certain other contracts we enter into in the ordinary course of business that may extend beyond one year. These contracts include terms that provide for cancellation with insignificant or no cancellation penalties. Contract terms are generally between three and five years.
During the three months ended March 31, 2025, we paid approximately $77.7 million to fund tenant-related obligations, including tenant improvements and leasing commissions.
In addition, during the three months ended March 31, 2025, we and our unconsolidated joint venture partners incurred approximately $130.7 million of new tenant-related obligations associated with approximately 954,900
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square feet of second generation leases, or approximately $137 per square foot. During the three months ended March 31, 2025, we signed approximately 163,600 square feet of first generation leases. The tenant-related obligations for the development properties are included within the projects’ “Estimated Total Investment” referred to in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” In aggregate, during the three months ended March 31, 2025, we signed leases for approximately 1.1 million square feet of space and incurred aggregate tenant-related obligations of approximately $156.7 million, or approximately $140 per square foot.
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ITEM 3—Quantitative and Qualitative Disclosures about Market Risk.
We are exposed to certain market risks, one of the most predominant of which is a change in interest rates. Unless we have entered into interest rate swaps or other derivatives to fix the interest rate, increases in interest rates can result in increased interest expense under our 2025 Credit Facility, 2024 Unsecured Term Loan, Commercial Paper Program, certain mortgage loans and other debt that bears interest at variable rates. Increases in interest rates can also result in increased interest expense when our fixed rate debt matures and needs to be refinanced.
As of March 31, 2025, approximately $13.3 billion of our indebtedness bore interest at fixed rates and therefore the fair value of these instruments is not affected by changes in the market interest rates. The remaining approximately $2.4 billion of outstanding indebtedness bore interest at variable rates, including approximately $800.0 million of unsecured term loans, $500.0 million of unsecured commercial paper borrowings, $300.0 million under BPLP’s Revolving Credit Facility and approximately $800.0 million of secured debt. However, we have entered into interest rate swaps with notional amounts aggregating $800.0 million for our secured debt and $100.0 million for BPLP’s 2024 Unsecured Term Loan, thus fixing the interest rates for all or a portion of the applicable debt term (See Notes 7 and 14 to the Consolidated Financial Statements for information pertaining to interest rate swap contracts). Therefore, as of March 31, 2025, we had approximately $1.5 billion of variable rate debt outstanding.
The following table presents our aggregate debt obligations carrying value, estimated fair value and where applicable, the corresponding weighted-average GAAP interest rates sorted by maturity date as of March 31, 2025.
The table below does not include our unconsolidated joint venture debt. For a discussion concerning our unconsolidated joint venture debt, including interest rate swaps, see Note 5 to the Consolidated Financial Statements and “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Investment in Unconsolidated Joint Ventures - Secured Debt.”

| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030+ |  | Total |  | Estimated Fair Value
| (dollars in thousands) Mortgage debt, net
Fixed Rate | $ | (600) |  |  | $ | (611) |  |  | $ | 2,301,592 |  |  | $ | 3,341 |  |  | $ | 182,961 |  |  | $ | 997,271 |  |  | $ | 3,483,954 |  |  | $ | 3,073,726 |
GAAP Average Interest Rate | 5.06 | % |  | 5.06 | % |  | 3.64 | % |  | 5.06 | % |  | 5.06 | % |  | 2.93 | % |  | 3.52 | % |  |
Variable Rate | (1,759) |  |  | (1,596) |  |  | (1,596) |  |  | 798,707 |  |  | — |  |  | — |  |  | 793,756 |  |  | 795,017 |
Subtotal | $ | (2,359) |  |  | $ | (2,207) |  |  | $ | 2,299,996 |  |  | $ | 802,048 |  |  | $ | 182,961 |  |  | $ | 997,271 |  |  | $ | 4,277,710 |  |  | $ | 3,868,743 |
| Unsecured debt, net
Fixed Rate | $ | (8,277) |  |  | $ | 1,990,365 |  |  | $ | 741,736 |  |  | $ | 992,956 |  |  | $ | 844,563 |  |  | $ | 5,236,481 |  |  | $ | 9,797,824 |  |  | $ | 9,265,592 |
GAAP Average Interest Rate | — | % |  | 3.63 | % |  | 6.92 | % |  | 4.63 | % |  | 3.51 | % |  | 3.92 | % |  | 4.13 | % |  |
Variable Rate | 599,624 |  |  | — |  |  | — |  |  | — |  |  | 696,534 |  |  | 300,000 |  |  | 1,596,158 |  |  | 1,599,427 |
Subtotal | $ | 591,347 |  |  | $ | 1,990,365 |  |  | $ | 741,736 |  |  | $ | 992,956 |  |  | $ | 1,541,097 |  |  | $ | 5,536,481 |  |  | $ | 11,393,982 |  |  | $ | 10,865,019 |
Total Debt | $ | 588,988 |  |  | $ | 1,988,158 |  |  | $ | 3,041,732 |  |  | $ | 1,795,004 |  |  | $ | 1,724,058 |  |  | $ | 6,533,752 |  |  | $ | 15,671,692 |  |  | $ | 14,733,762 |

At March 31, 2025, the weighted-average stated interest rates on the fixed rate debt stated above was 3.86% per annum. At March 31, 2025, our outstanding variable rate debt totaled approximately $2.4 billion, of which $900.0 million was subject to interest rate swaps. At March 31, 2025, the weighted-average stated interest rate on our variable rate debt, including the effect of the interest rate swaps, was 5.21% per annum. If market interest rates on our variable rate debt had been 100 basis points greater, total interest expense would have increased approximately $6.0 million for the three months ended March 31, 2025.
Our use of derivative instruments also involves certain additional risks such as counterparty credit risk, the enforceability of hedging contracts and the risk that unanticipated and significant changes in interest rates will cause a significant loss of basis in the contract. We believe that there is a low likelihood that these counterparties will fail to meet their obligations and we minimize our exposure by limiting counterparties to major banks who meet established credit and capital guidelines. There can be no assurance that we will adequately protect against the foregoing risks.
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The fair value amounts were determined solely by considering the impact of hypothetical interest rates on our financial instruments. Due to the uncertainty of specific actions, we may undertake to minimize possible effects of market interest rate increases, this analysis assumes no changes in our financial structure.
ITEM 4—Controls and Procedures.
BXP, Inc.
(a) Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, our management, with the participation of BXP, Inc.’s Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended). Based upon that evaluation, BXP, Inc.’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report.
(b) Changes in Internal Control Over Financial Reporting. No change in BXP, Inc.’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended) occurred during the first quarter of our fiscal year ending December 31, 2025, that has materially affected, or is reasonably likely to materially affect, BXP, Inc.’s internal control over financial reporting.
Boston Properties Limited Partnership
(a) Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, the management of BXP, Inc., the sole general partner of Boston Properties Limited Partnership, with the participation of its Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of BXP, Inc. concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report.
(b) Changes in Internal Control Over Financial Reporting. No change in its internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended) occurred during the first quarter of our fiscal year ending December 31, 2025 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1—Legal Proceedings.
We are subject to legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. Management believes that the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or liquidity.
ITEM 1A—Risk Factors.
Except to the extent updated below or to the extent factual information disclosed elsewhere in this Quarterly Report on Form 10-Q relates to such risk factors (including, without limitation, the matters discussed in Part I, “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations”), there were no material changes to the risk factors disclosed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024.
ITEM 2—Unregistered Sales of Equity Securities and Use of Proceeds
BXP, Inc.
(a)None.
(b)Not Applicable.
(c)Issuer Purchases of Equity Securities.

Period | (a) Total Number of Shares of Common Stock Purchased |  | (b) Average Price Paid per Common Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased under the Plans or Programs
January 1, 2025 – January 31, 2025 | 17,512 |  | (1) | $ | 70.16 |  | N/A | N/A
February 1, 2025 – February 28, 2025 | 1,913 |  | (2) | $ | 0.01 |  | N/A | N/A
March 1, 2025 – March 31, 2025 | 420 |  | (1) | $ | 69.00 |  | N/A | N/A
Total | 19,845 |  |  | $ | 63.38 |  | N/A | N/A

___________
(1)Represents shares of common stock of BXP surrendered by employees to BXP to satisfy such employees’ tax withholding obligations in connection with the vesting of restricted common stock.
(2) Represents shares of restricted common stock of BXP repurchased in connection with the termination of a certain employee’s employment with BXP. Under the terms of the applicable restricted stock award agreements, the shares were repurchased by BXP at a price of $0.01 per share, which was the amount originally paid by such employee for such shares.
Boston Properties Limited Partnership
(a)Each time BXP issues shares of common stock (other than in exchange for common units when such common units are presented for redemption), it contributes the proceeds of such issuance to BPLP in return for an equivalent number of partnership units with rights and preferences analogous to the shares issued. During the three months ended March 31, 2025, in connection with issuances of common stock by BXP pursuant to issuances of restricted common stock to employees under the Boston Properties, Inc. 2021 Stock Incentive Plan and purchases of common stock under the Boston Properties, Inc. 1999 Employee Stock Purchase Plan, BPLP issued an aggregate of 55,869 common units to BXP in exchange for approximately $0.4 million, the aggregate proceeds of such common stock issuances to BXP. Such units were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.
(b)Not Applicable.
(c)Issuer Purchases of Equity Securities.
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Period | (a) Total Number of Units Purchased |  | (b) Average Price Paid per Unit | (c) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Units that May Yet be Purchased Under the Plans or Programs
January 1, 2025 – January 31, 2025 | 195,431 |  | (1) | $ | 6.69 |  | N/A | N/A
February 1, 2025 – February 28, 2025 | 1,913 |  | (2) | $ | 0.01 |  | N/A | N/A
March 1, 2025 – March 31, 2025 | 420 |  | (3) | $ | 69.00 |  | N/A | N/A
Total | 197,764 |  |  | $ | 6.75 |  | N/A | N/A

___________
(1)Includes 177,919 2022 MYLTIP units. The measurement period for such 2022 MYLTIP units ended on January 31, 2025 and BXP’s total return to stockholders was sufficient for employees to earn and therefore become eligible to vest in a portion of the 2022 MYLTIP units. Under the terms of the applicable 2022 MYLTIP award agreements, the 177,919 unearned 2022 MYLTIP units were repurchased at a price of $0.25 per unit, which was the amount originally paid by each employee for the units. Also includes 17,512 common units previously held by BXP that were redeemed in connection with the surrender of shares of restricted common stock of BXP by employees to BXP to satisfy such employees’ tax withholding obligations in connection with the vesting of restricted common stock.
(2)Represents common units previously held by BXP that were redeemed in connection with the repurchase of shares of restricted common stock of BXP in connection with the termination of an employee’s employment with BXP. Under the terms of the applicable restricted stock award agreements, such shares were repurchased at a price of $0.01 per share, which was the amount originally paid by such employee for such shares.
(3)Represents common units previously held by BXP that were redeemed in connection with the surrender of shares of restricted common stock of BXP by employees to BXP to satisfy such employees’ tax withholding obligations in connection with the vesting of restricted common stock.
ITEM 3—Defaults Upon Senior Securities.
None.
ITEM 4—Mine Safety Disclosures.
None.
ITEM 5—Other Information.
(a)None.
(b)None.
(c)During the three months ended March 31, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
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ITEM 6—Exhibits.
(a)Exhibits

10.1 | — | Tenth Amended and Restated Credit Agreement, dated as of March 28, 2025, among Boston Properties Limited Partnership and the lenders identified therein. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of BXP, Inc. and Boston Properties Limited Partnership filed on March 31, 2025.)
10.2 | — | First Amendment to Tenth Amended and Restated Credit Agreement, dated as of April 22, 2025, among Boston Properties Limited Partnership and the lenders identified therein. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of BXP, Inc. and Boston Properties Limited Partnership filed on April 23, 2025.)
31.1 |  | — | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for BXP, Inc. (Filed herewith.)
31.2 |  | — | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for BXP, Inc. (Filed herewith.)
31.3 |  | — | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Boston Properties Limited Partnership. (Filed herewith.)
31.4 |  | — | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Boston Properties Limited Partnership. (Filed herewith.)
32.1 |  | — | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes Oxley Act of 2002 for BXP, Inc. (Furnished herewith.)
32.2 |  | — | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes Oxley Act of 2002 for BXP, Inc. (Furnished herewith.)
32.3 |  | — | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes Oxley Act of 2002 for Boston Properties Limited Partnership. (Furnished herewith.)
32.4 |  | — | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes Oxley Act of 2002 for Boston Properties Limited Partnership. (Furnished herewith.)
101.SCH | — | Inline XBRL Taxonomy Extension Schema Document. (Filed herewith.)
101.CAL | — | Inline XBRL Taxonomy Extension Calculation Linkbase Document. (Filed herewith.)
101.LAB | — | Inline XBRL Taxonomy Extension Label Linkbase Document. (Filed herewith.)
101.PRE | — | Inline XBRL Taxonomy Extension Presentation Linkbase Document. (Filed herewith.)
101.DEF | — | Inline XBRL Taxonomy Extension Definition Linkbase Document. (Filed herewith.)
104 |  | — | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*). (Filed herewith.)

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| BXP, INC.
May 6, 2025 |  | /s/ M ICHAEL R. W ALSH
|  | Michael R. Walsh
|  | Chief Accounting Officer (duly authorized officer and principal accounting officer)

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| BOSTON PROPERTIES LIMITED PARTNERSHIP
| By: BXP, Inc., its General Partner
May 6, 2025 |  | /s/ M ICHAEL R. W ALSH
|  | Michael R. Walsh
|  | Chief Accounting Officer (duly authorized officer and principal accounting officer)

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