Slide 1: BXP Quarterly Investor Overview Q3 2024
BXP Quarterly Investor Overview Q3 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Please refer to the Appendix for information on how to identify these statements, as well as risks and uncertainties that could cause BXP’s actual results to differ mat
Slide 3: Table of Contents
Table of Contents BXP Today Premier Workplace Development The Balance Sheet BXP Performance Sustainability and Impact Q3 2024 3
Slide 4: BXP Today
BXP Today
Slide 5: BXP Quick Facts
BXP Quick Facts The largest publicly traded developer, owner and manager of premier workplaces in the U.S. 184 89.1% 7.5 Years Leased (In-Service Weighted-Average Lease Properties1 Properties)1,2 Term1,3,4 53.0M 2.7M 4.9M Square Feet of Leases Square Feet of Square Feet Owned1 Executed5 for Trailing
Slide 6: Positioned for Growth
Positioned for Growth Leasing Momentum and Occupancy: Strong fundamentals: a portfolio of high-quality assets Signed 1.1M1 SF of leases in Q3 2024 FFO Growth – Weighted-average lease term of 7.2 years for leases signed in Q3 20241,2 – Projected 3.2% compounded average annual growth (CAGR) in diluted
Slide 7: 3.3M SF of Leasing Executed with an Increasing Pipeline
3.3M SF1 of Leasing Executed with an Increasing Pipeline Government / Public Other Administration 2% 1% 4,500 24% Increase Retail in the Pipeline from 7% Q23,4 Financial Services 4,000 36% Life Sciences 3,500 8% Square Feet in Thousands 3,000 3.3M SF 2,500 Executed1 2,000 Manufacturing 1,500 12% 1,0
Slide 8: Strong Leasing Momentum for Company Availability
Strong Leasing Momentum for Company Availability1 Total leasing pipeline of 3.0M SF is up 24% from Q2 2024 2024 Expirations Signed Leases, but Leases Under Region Total In-Service (SF) Vacancy (SF) (SF)2 Not Commenced (SF)3 Negotiation (SF)4 Boston 15,616,662 1,552,897 62,092 251,323 622,000 Los Ang
Slide 9: CBD Leasing Remains Strong
CBD Leasing Remains Strong BXP’s CBD Portfolio Represents ~88% of Annualized Rental Obligations1,2 Region Leased (%)3 Boston 97.1% Los Angeles 86.3% New York 92.6% San Francisco 84.5% Seattle 83.0% Washington, D.C. 93.5% CBD Total1,2 92.4% 1. Represents BXP’s Share. 2. Excludes hotel and residential
Slide 10: Tailwind: Corporate Earnings Growth Drives Leasing Activity
Tailwind: Corporate Earnings Growth Drives Leasing Activity S&P500 Earnings Growth is expected to be 10% in 2024 BXP Quarterly Leasing Activity 3,500 120% 3,000 100% 80% 2,500 60% Thousands Percentage 2,000 40% 1,500 20% 1,000 0% 500 -20% 0 -40% 2 1 Square Feet Executed Average Executed S&P 500 Earn
Slide 11: Tailwind: BXP Positioned to Benefit from Additional Fed Rate Cuts
Tailwind: BXP Positioned to Benefit from Additional Fed Rate Cuts1,2 Interest Rates Impact $150 6.0% $140 $130 5.0% $120 $110 4.0% $100 $90 3.0% $80 $70 2.0% $60 $50 1.0% $40 $30 0.0% 2018 2019 2020 2021 2022 2023 2024 10 yr UST Fed Funds Rate BXP Share Price 1. Source: FRED Economic Data (https://f
Slide 12: Tailwind: More Stringent In-Office Work Requirements Implemented
Tailwind: More Stringent In-Office Work Requirements Implemented Ripped from the Headlines Salesforce Will Require New York City’s Return-to- Landlords want to fill Starbucks Tells Workers to Employees in Office 5 Office Rate Nears 80%, offices, workers want Return to the Office or Risk Times Per We
Slide 13: BXP Is Diversified Across U.S. Markets
BXP Is Diversified Across U.S. Markets BXP’s Share of Net Operating Income (NOI)1 Washington, DC 15.2% 2 Central 128 6.8% Seattle Boston 1.9% 38.4% Carnegie Center3 1.5% Silicon Valley 0.9% San Francisco 16.8% Other Suburban 1.3% CBD4 89.5% Los Angeles New York 3.7% 24.0% 1. Excluding termination in
Slide 14: BXP Client Base
BXP Client Base Broad Portfolio Balanced Across Established and Growth Sectors % of BXP’s Share of Years of Remaining Lease Term By Top 20 Clients Annualized Rental Annualized Rental Obligations2 Obligations2 Industry Diversification1 Salesforce 3.35% 7.5 Commercial & Real Estate & Investment Bankin
Slide 15: Premier Workplace
Premier Workplace
Slide 16: The Largest Publicly Traded Developer, Owner and Manager of Premier Workplaces
The Largest Publicly Traded Developer, Owner and Manager of Premier Workplaces1 in the U.S. 13.0% 13.2% 18.7% 6.5 MSF (16.7) MSF % of Total Premier Space in Direct Vacancy in Premier Direct Vacancy in Non-Premier Net Absorption in Premier Net Absorption in Non- Total Market1 Buildings1 Buildings1 Bu
Slide 17: Premier Assets Outperform The Broader Market
Premier Assets Outperform The Broader Market Average Direct Vacancy Rate for Five Selected CBD Markets (%)1 Average Asking Rent for Five Selected CBD Markets1 Premier Direct Vacancy Rate (Excluding Sublease Availability) Asking Rent 110.00 Averages 20.00 50% Higher 18.7% 18.00 100.00 16.00 $93.76 14
Slide 18: Development
Development
Slide 19: Consistent Portfolio Refreshment
Consistent Portfolio Refreshment Strategically capitalizing on growth regions and sectors Acquisitions, Developments & Dispositions $5.0 Dispositions: 14.2M SF1, $8.2B2 (2010-Q3 2024) $4.0 $1.2 $2.4 $3.0 Development Deliveries: 17.1M SF1, $9.8B3 (2010-Q3 2024) $2.0 $2.3 $2.1 $2.0 $2.5 Acquisitions:
Slide 20: Preeminent Developer with Robust Pipeline
Preeminent Developer with Robust Pipeline $8.4B1 of Recent Deliveries Generating Accretive Returns $2.1B4,6 of Developments Driving Future Growth (2014-Q3 2024) – $1.0B4,6 remaining share to be funded – 13.6 million² square feet 2.7 Million2 Square Feet Under Development – 540,000 SF Premier Workpla
Slide 21: $2.1 Billion Active Development Pipeline
$2.1 Billion Active Development Pipeline1 Estimated Total Estimated Actual/Est. BXP’s Ownership Percent Project Name Location Square Feet Investment Investment Initial Percentage Leased2 (BXP’s Share)1 PSF1 Occupancy PREMIER WORKPLACE 360 Park Avenue South New York, NY 450,000 71% $418,300,000 $1,30
Slide 22: 1.2M SF Lab/Life Sciences Developments
1.2M1 SF Lab/Life Sciences Developments $903M3 Investment – 70% Pre-leased4 300 Binney Street 290 Binney Street 103 CityPoint 651 Gateway Cambridge, MA Cambridge, MA Waltham, MA South San Francisco, CA • 236,000 SF • 573,000 SF • 113,000 SF • 327,000 SF • Ownership 55% • Ownership 55% • Ownership 10
Slide 23: Residential
Residential Attractive and actionable adjacency with a track record of success Demonstrated track record Growing set of private equity Strong pipeline under control Exploring office conversion of success developing investors interested in of new development sites opportunities in core markets reside
Slide 24: 343 Madison Avenue
343 Madison Avenue Future Development Ideal Location: • Located in Core Midtown and is the only fully entitled, ready to commence workplace development • Situated atop Grand Central Terminal ▪ Convenient and direct access to transit • Designed to be 46 floors; ~965,000 Square Feet Premier Amenities:
Slide 25: ~18 Million Square Feet in Future Development Pipeline
~18 Million Square Feet in Future Development Pipeline Project Name Location Estimated Square Feet1 Reston Next (Phase II) Reston, VA 2,230,000 3 Hudson Boulevard (25% ownership) New York, NY 2,000,000 The Station on North First San Jose, CA 1,550,000 Carnegie Center Princeton, NJ 1,723,000 CityPoin
Slide 26: The Balance Sheet
The Balance Sheet
Slide 27: Conservative Leverage Provides Balance Sheet Capacity
Conservative Leverage Provides Balance Sheet Capacity BXP’s Share of Net Debt to BXP’s Share of EBITDAre1 BXP’s Share of Market Capitalization1 9.0 $35 $30 7.8x 7.8x 7.9x 8.0 7.7x 7.6x 7.5x $25 7.4x $16.2 BXP’s Share of Debt1 $ in Billions $20 6.8x 7.0 6.6x 6.5x $15 $10 6.0 $5 $14.2 Equity 5.0 $0 Q3
Slide 28: Strong Liquidity and Access to Capital
Strong Liquidity and Access to Capital Liquidity BXP’s Share of Debt2 $3.0 Billion $16.2 Billion Unsecured Debt 73.5% Cash1 $1.5B Revolving Credit Facility $1.5B3 Secured Debt 26.5% 1. Represents cash, cash equivalents and cash held in escrow, if any. 2. See Appendix. 3. Represents Line of Credit av
Slide 29: Consistent Access to Debt Capital
Consistent Access to Debt Capital ▪ Unsecured Debt Market • $750M Bond issuance in May 2023 • $500M Commercial Paper Program established in April 2024 • $850M Bond issuance in August 2024 ▪ Healthy Relationships with Banks • Repaid $500M outstanding on Term Loan in May 2024 and extended the remainin
Slide 30: BXP Performance
BXP Performance
Slide 31: Projected Growth in FFO Per Share and EBITDAre
Projected Growth in FFO Per Share and EBITDAre 3.2%1 4.3%2 2015-2024 FFO Per Share CAGR 2015-2024 EBITDAre CAGR $8.00 $2.5 1 $7.53 $7.00 $7.28 $7.10 1 $7.01 $6.56 $2.0 2 $6.00 $6.21 $6.30 $6.29 $2.0 $6.03 $1.9 Diluted FFO Per Share $1.8 $5.36 $1.7 $5.00 $1.6 $1.5 $1.5 EBITDAre (in Billions) $1.5 $1.
Slide 32: Depressed Multiple Despite Increased FFO
Depressed Multiple Despite Increased FFO $8.00 30.0 $7.00 25.0 $6.00 17.8 Avg. 20.0 $5.00 $4.00 15.0 $3.00 10.0 $2.00 5.0 $1.00 $- 0.0 2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1 FFO Per Share FFO Multiple Multiple Average 1. FFO Multiple is calculat
Slide 33: Returns from a Consistent Dividend Yield
Returns from a Consistent Dividend Yield Trailing Four Quarter FAD Ratio of 76%1 Provides Strong Support for the Dividend Regular Dividend $6.00 4.9% Current $5.00 Dividend Yield2 Dividends in Dollars per Share $4.00 $3.00 $2.00 $3.83 $3.92 $3.92 $3.92 $3.92 $3.92 $3.50 $1.00 $0.00 2018 2019 2020 20
Slide 34: BXP Summary
BXP Summary • Premier workplace portfolio across six markets with strong employment growth over time Quality • Proven, trusted corporate leadership team and regional management • Modern portfolio of new or recently refreshed assets; expanding life sciences and residential portfolios • Diverse client
Slide 35: Sustainability & Impact
Sustainability & Impact bxp
Slide 36: Ratings & Rankings
Ratings & Rankings1 2024 GRESB Results \ 1Data represents BXP’s full portfolio as of December 31, 2023. Q3 2024 36
Slide 37: BXP Sustainability Leadership
BXP Sustainability Leadership Committed to Achieving Carbon-Neutral Operations by 2025 Sustainability “From the Boardroom to Boiler Room” • Established an emissions reduction target ambition in line with a 1.5°C trajectory • Dedicated Board committee focused on sustainability – The most ambitious de
Slide 38: BXP Sustainability Framework
BXP Sustainability Framework Climate Action Climate Action Social Good Energy & Water Efficiency Climate Risk Awareness Healthy Buildings Green Building Asset-level Preparedness Community Involvement Renewable Energy Scenario Analysis Employee Programs Carbon-Neutrality Management & Planning Diversi
Slide 39: Sustainability Focus from the Boardroom to the Boiler Room
Sustainability Focus from the Boardroom to the Boiler Room Property Management Development & Construction Leasing & Marketing Corporate Functions & Engineering • Product vision and differentiation • Company-Wide Sustainable • Green leasing Board of Directors • Permitting and entitlement Operations C
Slide 40: Public Sustainability Goals
Public Sustainability Goals Data as of December 31, 2023. Target Achieved 41% energy use intensity reduction BXP intends to set a Net-Zero Science- based Target by committing to the Science- based Target initiative’s (SBTi) Net-Zero Standard Target Achieved 64% Scope 1, 2, & 3 (Category 13) carbon e
Slide 41: Public Sustainability Goals
Public Sustainability Goals Data as of December 31, 2023. 28% year-over-year reduction in Scope 1 & Scope 2 emissions from BXP operations Target Achieved 91% actively managed portfolio certified under ENERGY STAR, LEED, or Fitwel Target Achieved 48% water use intensity reduction 51% waste diversion
Slide 42: Energy Efficient Operations and Decarbonization
Energy Efficient Operations and Decarbonization1 Energy and Carbon Intensity Performance2 100 10 94.9 90 9 9.2 80 8 70 64.7 7 BXP has an approved science-based 60 55.7 6 target, confirming an emissions reduction rate equal to or greater than the rate of 50 5 reduction required to keep global tempera
Slide 43: Q3 2024 Appendix
Q3 2024 Appendix
Slide 44: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This Presentation contains 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. We intend these forward-looking statements to
Slide 45: Forward-Looking Statements (continued)
FORWARD-LOOKING STATEMENTS (continued) • 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 o
Slide 46: Definitions of Non-GAAP Financial Measures and Other Terms
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS This Appendix contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Presentation and, where applicable, quantitative reconciliations of the differences between the non-GAAP financial measur
Slide 47: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) Debt to Market Capitalization Ratio Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated De
Slide 48: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) Fixed Charge Coverage Ratio Fixed Charge Coverage Ratio equals BXP’s Share of EBITDAre – cash divided by Total Fixed Charges. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP's Share of EBITDAre after e
Slide 49: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) Funds from Operations (FFO) Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income (loss) attributa
Slide 50: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) Net Operating Income (NOI) Net operating income (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc. common shareholders, the most directly comparable GAAP financial measure, plus (1) preferr
Slide 51: Projected EPS and FFO
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Projected EPS and FFO BXP’s guidance for the full year 2024 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to BXP, I
Slide 52: Revenue and Rental Revenue
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Revenue and Rental Revenue (in thousands) Quarter ended Quarter ended September 30, 2024 September 30, 2024 Revenue $ 859,227 Revenue $ 859,227 Add: Less: BXP's share of revenue from unconsolidated Joint Ventu
Slide 53: Debt to Market Capitalization Ratios
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Debt to Market Capitalization Ratios (dollars in thousands, except per share amounts) December 31, September 30, June 30, March 31, 2024 2024 2024 2023 2022 2021 2020 2019 2018 2017 Common stock price at perio
Slide 54: EBITDAre
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (dollars in thousands) Quarter Ended September 30, 2024 June 30, 2024 March 31, 2024 Net income attributable to BXP, Inc. common shareholders $ 83,628 $ 79,803 $ 79,883 Add: Preferred stock redemption
Slide 55: EBITDAre (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (continued from previous page) (dollars in thousands) Year Ended December 31, 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Net income attributable to BXP, Inc. common shareholders $ 190,215 $ 848
Slide 56: EBITDAre (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (continued from previous page) (dollars in thousands) 1 See “Joint Ventures-Unconsolidated” in this Appendix. 2 See “Joint Ventures-Consolidated” in this Appendix. 3 Lease transaction costs are genera
Slide 57: Net Debt to EBITDAre Ratios
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Net Debt to EBITDAre Ratios (dollars in thousands) Year Ended December 31, September 30, June 30, March 31, 2024 2024 2024 2023 2022 2021 2020 2019 2018 2017 Consolidated debt $ 16,215,246 $ 15,367,474 $15,362
Slide 58: Fixed Charge Coverage Ratio
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Fixed Charge Coverage Ratio (dollars in thousands) Quarter Ended Year Ended December 31, September 30, June 30, March 31, 2024 2024 2024 2023 2022 2021 2020 2019 2018 2017 Fixed Charges Interest expense $ 163,
Slide 59: FFO, FAD (aka AFFO), and FAD Payout Ratios
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (dollars and shares in thousands) Quarter Ended Year Ended December 31, September 30, 2024 June 30, 2024 March 31, 2024 2023 2022 2021 2020 Net income attributable to
Slide 60: FFO, FAD, and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands) Year Ended December 31, 2019 2018 2017 2016 2015 2014 Net income attributable to BXP, Inc. common sha
Slide 61: FFO, FAD, and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands) Year Ended December 31, 2013 2012 2011 2010 2009 2008 2007 Net income attributable to BXP, Inc. commo
Slide 62: FFO, FAD, and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands) Quarter Ended Trailing 4 Quarters as of September 30, September 30, 2024 June 30, 2024 March 31, 2024
Slide 63: FFO, FAD, and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands) Year Ended December 31, 2023 2022 2021 2020 2019 2018 2017 FFO attributable to the Operating Partners
Slide 64: FFO, FAD, and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands) 1 See “Joint Ventures-Consolidated” in this Appendix. 2 See “Joint Ventures-Unconsolidated” in this A
Slide 65: Joint Ventures (JVs) - Consolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Consolidated Results of Operations for the three months ended September 30, 2024 (in thousands) 767 Fifth Avenue Total Consolidated (The GM Building) Norges Joint Ventures 1 Joint Vent
Slide 66: Joint Ventures (JVs) - Consolidated (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Consolidated (continued) Results of Operations for the three months ended September 30, 2024 (in thousands) 767 Fifth Avenue Total Consolidated Reconciliation of Partners' share of EBI
Slide 67: Joint Ventures (JVs) - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated As of September 30, 2024 Property BXP’s Nominal Ownership Boston 100 Causeway Street 50.00 % Hub50House 50.00 % The Hub on Causeway - Podium 50.00 % Hotel Air Rights 50.
Slide 68: Joint Ventures (JVs) - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated1 Results of Operations for the three months ended September 30, 2024 (in thousands) Total Unconsolidated Boston Los Angeles New York San Francisco Seattle Washington, DC
Slide 69: Joint Ventures (JVs) - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated1 Results of Operations for the three months ended September 30, 2024 (unaudited and in thousands) Total Unconsolidated Reconciliation of BXP's share of EBITDAre Boston L
Slide 70: Net Operating Income (NOI)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Net Operating Income (NOI) (in thousands) Quarter ended Quarter ended September 30, 2024 September 30, 2024 Net income attributable to BXP, Inc. $ 83,628 BXP's Share of Annualized NOI (excluding termination in