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Earnings Per Share / Common Unit

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share / Common Unit

12. Earnings Per Share / Common Unit

BXP

The following table provides a reconciliation of both the net income (loss) 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 (loss) 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 restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock (See Note 2), and the related impact on earnings, are considered when calculating diluted EPS.

			Three months ended September 30, 2025
			Income (Numerator)						Shares (Denominator)						Per Share Amount
			(in thousands, except for per share amounts)
Basic Earnings:
Net income (loss) attributable to BXP, Inc.			$	(121,712)					158,345						$	(0.77)
Effect of Dilutive Securities:
Stock Based Compensation			—						—						—
Diluted Earnings:
Net income (loss) attributable to BXP, Inc.			$	(121,712)					158,345						$	(0.77)
			Three months ended September 30, 2024
			Income (Numerator)						Shares (Denominator)						Per Share Amount
			(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to BXP, Inc.			$	83,628					157,725						$	0.53
Effect of Dilutive Securities:
Stock Based Compensation			—						488						—
Diluted Earnings:
Net income attributable to BXP, Inc.			$	83,628					158,213						$	0.53

			Nine months ended September 30, 2025
			Income (Numerator)						Shares (Denominator)						Per Share Amount
			(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to BXP, Inc.			$	28,450					158,287						$	0.18
Effect of Dilutive Securities:
Stock Based Compensation			—						500						—
Diluted Earnings:
Net income attributable to BXP, Inc.			$	28,450					158,787						$	0.18
			Nine months ended September 30, 2024
			Income (Numerator)						Shares (Denominator)						Per Share Amount
			(in thousands, except for per share amounts)
Basic Earnings:
Net income attributable to BXP, Inc.			$	243,126					157,250						$	1.55
Effect of Dilutive Securities:
Stock Based Compensation			—						297						(0.01)
Diluted Earnings:
Net income attributable to BXP, Inc.			$	243,126					157,547						$	1.54

BPLP

The following table provides a reconciliation of both the net income (loss) 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 (loss) 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 (See Note 2) 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 17,556,000 and 17,721,000 redeemable common units for the three months ended September 30, 2025 and 2024, respectively, and 17,555,000 and 18,119,000 redeemable common units for the nine months ended September 30, 2025 and 2024, respectively.

			Three months ended September 30, 2025
			Income (Numerator)						Units (Denominator)						Per Unit Amount
			(in thousands, except for per unit amounts)
Basic Earnings:
Net income (loss) attributable to Boston Properties Limited Partnership			$	(130,077)					175,901						$	(0.74)
Effect of Dilutive Securities:
Stock Based Compensation			—						—						—
Diluted Earnings:
Net income (loss) attributable to Boston Properties Limited Partnership			$	(130,077)					175,901						$	(0.74)
			Three months ended September 30, 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			$	94,919					175,446						$	0.54
Effect of Dilutive Securities:
Stock Based Compensation			—						488						—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership			$	94,919					175,934						$	0.54

			Nine months ended September 30, 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			$	40,625					175,842						$	0.23
Effect of Dilutive Securities:
Stock Based Compensation			—						500						—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership			$	40,625					176,342						$	0.23
			Nine months ended September 30, 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			$	276,826					175,369						$	1.58
Effect of Dilutive Securities:
Stock Based Compensation			—						297						—
Diluted Earnings:
Net income attributable to Boston Properties Limited Partnership			$	276,826					175,666						$	1.58

X

- References

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X

- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-3

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