Slide 1: Supplemental Operating and Financial Data for the Quarter Ended December 31, 2025
Supplemental Operating and Financial Data for the Quarter Ended December 31, 2025
Slide 2: The Company
THE COMPANY BXP, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has deliver
Slide 3: General Information
GENERAL INFORMATION Corporate Headquarters Trading Symbol Investor Relations Inquiries 800 Boylston Street BXP BXP, Inc. Inquiries should be directed to Suite 1900 800 Boylston Street, Suite 1900 Helen Han Boston, MA 02199 Stock Exchange Listing Boston, MA 02199 Vice President, Investor Relations ww
Slide 4: Table of contents
Q4 2025 Table of contents Page OVERVIEW Company Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Guidance and
Slide 5: Company profile
Q4 2025 Company profile SNAPSHOT (as of December 31, 2025) Fiscal Year-End . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . December 31 Total Properties (includes unconsol
Slide 6: Guidance and assumptions
Q4 2025 Guidance and assumptions GUIDANCE BXP’s guidance for first quarter and full year 2026 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to BXP, Inc. is set forth and reconciled below. Except as describe
Slide 7: Financial highlights
Q4 2025 Financial highlights (unaudited and in thousands, except ratios and per share amounts) Three Months Ended 31-Dec-25 30-Sep-25 Net income (loss) attributable to BXP, Inc. $ 248,486 $ (121,712) Net income (loss) attributable to BXP, Inc. per share - diluted $ 1.56 $ (0.77) FFO attributable to
Slide 8: Financial highlights (continued)
Q4 2025 Financial highlights (continued) 11 Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Excludes hotel and residential properties. 12 Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for v
Slide 9: Consolidated Balance Sheets
Q4 2025 Consolidated Balance Sheets (unaudited and in thousands) 31-Dec-25 30-Sep-25 ASSETS Real estate $ 26,248,130 $ 26,724,267 Construction in progress 1,475,257 1,322,608 Land held for future development 518,492 562,909 Right of use assets - finance leases 372,470 372,747 Right of use assets - o
Slide 10: Consolidated Income Statements
Q4 2025 Consolidated Income Statements (unaudited and in thousands, except per share amounts) Three Months Ended 31-Dec-25 30-Sep-25 Revenue Lease $ 809,150 $ 809,820 Parking and other 35,393 34,404 Insurance proceeds 7,490 986 Hotel revenue 12,464 13,162 Development and management services 8,641 9,
Slide 11: Funds from operations (FFO)
Q4 2025 Funds from operations (FFO) 1 (unaudited and dollars in thousands, except per share amounts) Three Months Ended 31-Dec-25 30-Sep-25 Net income (loss) attributable to BXP, Inc. $ 248,486 $ (121,712) Add: Noncontrolling interest - common units of the Operating Partnership 27,824 (12,981) Nonco
Slide 12: Funds available for distributions (FAD)
Q4 2025 Funds available for distributions (FAD) 1 (dollars in thousands) Three Months Ended 31-Dec-25 30-Sep-25 Net income (loss) attributable to BXP, Inc. $ 248,486 $ (121,712) Add: Noncontrolling interest - common units of the Operating Partnership 27,824 (12,981) Noncontrolling interests in prope
Slide 13: Reconciliation of net income to same property NOI
Q4 2025 Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) (in thousands) Three Months Ended 31-Dec-25 31-Dec-24 Net income (loss) attributable to BXP, Inc. $ 248,486 $ (230,019) Net (income) loss attributable to noncontrolling in
Slide 14: Reconciliation of net income to same property NOI - cash
Q4 2025 Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash (in thousands) Three Months Ended 31-Dec-25 31-Dec-24 Net income (loss) attributable to BXP, Inc. $ 248,486 $ (230,019) Net (income) loss attributable to noncontrol
Slide 15: Same property NOI by reportable segment
Q4 2025 Same property net operating income (NOI) by reportable segment (dollars in thousands) Office 1 Hotel & Residential Three Months Ended $ % Three Months Ended $ % 31-Dec-25 31-Dec-24 Change Change 31-Dec-25 31-Dec-24 Change Change Rental Revenue 2 $ 819,205 $ 797,512 $ 17,615 $ 17,861 Less: Te
Slide 16: Same property NOI by reportable segment (continued)
Q4 2025 Same property net operating income (NOI) by reportable segment (continued) 4 Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Compa
Slide 17: Capital expenditures, tenant improvement costs and leasing commissions
Q4 2025 Capital expenditures, tenant improvement costs and leasing commissions (dollars in thousands, except PSF amounts) CAPITAL EXPENDITURES Three Months Ended 31-Dec-25 30-Sep-25 Maintenance capital expenditures $ 18,157 $ 25,996 Planned capital expenditures associated with acquisition properties
Slide 18: Acquisitions and dispositions
Q4 2025 Acquisitions and dispositions For the period from January 1, 2025 through December 31, 2025 (dollars in thousands) ACQUISITIONS BXP’s Share of Investment Anticipated In-service Property Location Date Acquired Square Feet Initial Future Total Leased (%) 290 Coles Street (670 Units) (19.46% ow
Slide 19: Construction in progress
Q4 2025 Construction in progress (dollars in thousands) CONSTRUCTION IN PROGRESS AT DECEMBER 31, 2025 1 Actual/Estimated BXP’s share Estimated Estimated Percentage Net Operating Initial Stabilization Square Investment Total Total Amount Future Equity Percentage placed in- Income (Loss) 5 Occupancy D
Slide 20: Construction in progress (continued)
Q4 2025 Construction in progress (continued) 5 Amounts represent Net Operating Income (Loss) for the three months ended December 31, 2025. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplem
Slide 21: Land parcels and purchase options
Q4 2025 Land parcels and purchase options as of December 31, 2025 OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT 1 Location Approximate Developable Square Feet 2 Office New York, NY (25% ownership) 2,000,000 Princeton, NJ 1,723,000 San Jose, CA 3 1,360,000 Reston, VA 1,278,000 San Jose, CA
Slide 22: Leasing activity
Q4 2025 Leasing activity for the three months ended December 31, 2025 ALL IN-SERVICE PROPERTIES Net (increase)/decrease in available space (SF) Total Vacant space available at the beginning of the period 6,891,687 Less: Property dispositions/properties taken out of service 1 404,671 Add: Leases expi
Slide 23: Portfolio overview
Q4 2025 Portfolio overview for the three months ended December 31, 2025 (dollars in thousands) Rentable square footage of in-service properties by location and unit type 1, 2, 3 Office Retail Residential Hotel Total Boston 13,994,327 1,086,320 397,924 330,000 15,808,571 Los Angeles 2,183,915 123,534
Slide 24: Residential and hotel performance
Q4 2025 Residential and hotel performance (dollars in thousands, except rental rates) RESULTS OF OPERATIONS Residential 1 Hotel Three Months Ended Three Months Ended 31-Dec-25 30-Sep-25 31-Dec-25 30-Sep-25 Rental Revenue 2 $ 12,818 $ 12,845 $ 12,464 $ 13,162 Less: Operating expenses and real estate
Slide 25: In-service property listing
Q4 2025 In-service property listing as of December 31, 2025 Annualized Number Rental of Square Obligations Per Sub Market Buildings Feet Occupied % 1 Leased % 2 Occupied SF 3 CBD BOSTON Office 200 Clarendon Street CBD Boston MA 1 1,700,914 99.9 % 100.0 % $ 89.66 800 Boylston Street - The Prudential
Slide 26: In-service property listing (continued)
Q4 2025 In-service property listing (continued) as of December 31, 2025 Annualized Number Rental of Square Obligations Per Sub Market Buildings Feet Occupied % 1 Leased % 2 Occupied SF 3 7 Times Square (formerly Times Square Tower) (55% ownership) Times Square NY 1 1,238,724 80.2 % 86.2 % 77.40 250
Slide 27: In-service property listing (continued)
Q4 2025 In-service property listing (continued) as of December 31, 2025 Annualized Number Rental of Square Obligations Per Sub Market Buildings Feet Occupied % 1 Leased % 2 Occupied SF 3 Avant Retail 5 Reston VA 1 26,179 100.0 % 100.0 % 67.23 Subtotal 18 4,728,269 94.9 % 97.3 % $ 58.97 7750 Wisconsi
Slide 28: In-service property listing (continued)
Q4 2025 In-service property listing (continued) as of December 31, 2025 Annualized Number Rental of Square Obligations Per Sub Market Buildings Feet Occupied % 1 Leased % 2 Occupied SF 3 504 Carnegie Center Princeton NJ 1 121,990 100.0 % 100.0 % 36.88 502 Carnegie Center Princeton NJ 1 121,460 94.8
Slide 29: Top clients listing and portfolio client diversification
Q4 2025 Top 20 clients listing and portfolio client diversification as of December 31, 2025 TOP 20 CLIENTS BXP’s Share of Annualized Weighted Average Remaining No. Client Rental Obligations 1 Lease Term (years) 2 1 Salesforce 3.42 % 6.2 2 Google 2.94 % 11.3 3 Akamai Technologies 2.22 % 8.8 4 Kirklan
Slide 30: Occupancy by location
Q4 2025 Occupancy by location as of December 31, 2025 TOTAL IN-SERVICE OFFICE PROPERTIES 1 - Quarter-over-Quarter CBD Suburban Total Location 31-Dec-25 30-Sep-25 31-Dec-25 30-Sep-25 31-Dec-25 30-Sep-25 Boston 97.6 % 97.3 % 75.9 % 71.6 % 91.9 % 89.7 % Los Angeles 86.5 % 86.7 % —% —% 86.5 % 86.7 % New
Slide 31: Capital structure
Q4 2025 Capital structure (in thousands, except percentages) CONSOLIDATED DEBT Aggregate Principal Mortgage Notes Payable $ 4,298,063 Unsecured Line of Credit — Unsecured Term Loans 800,000 Unsecured Commercial Paper 750,000 Unsecured Senior Notes, at face value 9,850,000 Unsecured Exchangeable Seni
Slide 32: Capital structure (continued)
Q4 2025 Capital structure (continued) CAPITALIZATION Shares/Units Common Stock Outstanding Equivalents Equivalent Value 5 Common Stock 158,548 158,548 $ 10,698,819 Common Operating Partnership Units 18,252 18,252 1,231,645 Total Equity 176,800 $ 11,930,464 Consolidated Debt (A) $ 16,609,483 Add: BXP
Slide 33: Debt analysis
Q4 2025 Debt analysis 1 as of December 31, 2025 (dollars in thousands) PRINCIPAL DUE AT MATURITY $3,500,000 3,050,000 $3,000,000 2,850,000 Principal ($ in thousands) $2,500,000 $2,000,000 1,800,000 1,734,311 1,850,000 1,700,000 $1,500,000 1,250,000 $1,000,000 850,000 750,000 850,000 $500,000 $0 2026
Slide 34: Senior unsecured debt covenant compliance ratios
Q4 2025 Senior unsecured debt covenant compliance ratios In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued u
Slide 35: Net Debt to EBITDAre
Q4 2025 Net Debt to EBITDAre (dollars in thousands) Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDAre – cash 1 Three Months Ended 31-Dec-25 30-Sep-25 Net income (loss) attributable to BXP, Inc. $ 248,486 $ (121,712) Add: Noncontrolling interest - common units of the Operating Par
Slide 36: Debt ratios
Q4 2025 Debt ratios (in thousands, except for ratio amounts) INTEREST COVERAGE RATIO 1 Three Months Ended 31-Dec-25 30-Sep-25 BXP’s Share of interest expense 1 $ 167,074 $ 172,497 Less: BXP’s Share of hedge amortization, net of costs 1 1,712 1,781 BXP’s share of fair value interest adjustment 1 509
Slide 37: Consolidated joint ventures
Q4 2025 Consolidated joint ventures as of December 31, 2025 d (unaudited and in thousands) BALANCE SHEET INFORMATION 767 Fifth Avenue Total Consolidated ASSETS (The GM Building) 1 Norges Joint Ventures 1, 2 Joint Ventures Real estate, net $ 3,153,156 $ 3,162,636 $ 6,315,792 Cash and cash equivalents
Slide 38: Consolidated joint ventures (continued)
Q4 2025 Consolidated joint ventures (continued) for the three months ended December 31, 2025 (unaudited and in thousands) RESULTS OF OPERATIONS 767 Fifth Avenue Total Consolidated (The GM Building) Norges Joint Ventures 1 Joint Ventures Revenue Lease 2 $ 76,677 $ 109,195 $ 185,872 Straight-line rent
Slide 39: Unconsolidated joint ventures
Q4 2025 Unconsolidated joint ventures 1 as of December 31, 2025 (unaudited and dollars in thousands) BALANCE SHEET INFORMATION Mortgage/ Mezzanine/ Interest Rate BXP’s Nominal Construction Property Ownership Net Equity Loans Payable, Net Maturity Date Stated GAAP 2 Boston The Hub on Causeway - Podiu
Slide 40: Unconsolidated joint ventures (continued)
Q4 2025 Unconsolidated joint ventures (continued) 1 FLOATING AND FIXED RATE DEBT ANALYSIS Weighted Average % of Total Debt Stated Rates GAAP Rates 2 Maturity (years) Floating Rate Debt 24.78 % 6.10 % 6.68 % 1.5 Fixed Rate Debt 75.22 % 4.69 % 4.99 % 5.6 Total Debt 100.00 % 5.04 % 5.41 % 4.6 _________
Slide 41: Unconsolidated joint ventures (continued)
Q4 2025 Unconsolidated joint ventures (continued) for the three months ended December 31, 2025 (unaudited and in thousands) RESULTS OF OPERATIONS 1 Total Los San Washington, Unconsolidated Boston Angeles New York Francisco Seattle DC Joint Ventures Revenue Lease 2 $ 27,722 $ 20,543 $ 17,094 $ 18,761
Slide 42: Unconsolidated joint ventures (continued)
Q4 2025 Unconsolidated joint ventures (continued) 7 Basis differential of current period impairment losses. In prior quarters, the Company impaired its equity method of investment to the estimated fair value. 8 Represents interest earned on the Company’s preferred equity investment in 290 Coles Stre
Slide 43: Lease expirations - All in-service properties
Q4 2025 Lease expirations - All in-service properties1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Annualized Rental Obligations Obligations Under Expiring Under Expiring Leases with Rentable Rentable Leases future step-ups Square Square Percentage of Year Footage4 Foo
Slide 44: Lease expirations - Boston region
Q4 2025 Lease expirations - Boston region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Year Footage4 Footag
Slide 45: Quarterly lease expirations - Boston region
Q4 2025 Quarterly lease expirations - Boston region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Quarter Fo
Slide 46: Lease expirations - Los Angeles region
Q4 2025 Lease expirations - Los Angeles region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Year Footage4 F
Slide 47: Quarterly lease expirations - Los Angeles region
Q4 2025 Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Quart
Slide 48: Lease expirations - New York region
Q4 2025 Lease expirations - New York region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Year Footage4 Foot
Slide 49: Quarterly lease expirations - New York region
Q4 2025 Quarterly lease expirations - New York region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Quarter
Slide 50: Lease expirations - San Francisco region
Q4 2025 Lease expirations - San Francisco region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Year Footage4
Slide 51: Quarterly lease expirations - San Francisco region
Q4 2025 Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Qua
Slide 52: Lease expirations - Seattle region
Q4 2025 Lease expirations - Seattle region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Year Footage4 Foota
Slide 53: Quarterly lease expirations - Seattle region
Q4 2025 Quarterly lease expirations - Seattle region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Quarter F
Slide 54: Lease expirations - Washington, DC region
Q4 2025 Lease expirations - Washington, DC region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Year Footage
Slide 55: Quarterly lease expirations - Washington, DC region
Q4 2025 Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3 as of December 31, 2025 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Qu
Slide 56: Lease expirations - CBD properties
Q4 2025 Lease expirations - CBD properties 1, 2, 3 as of December 31, 2025 Boston BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Rentable Square Rentable Square Under Expiring Leases Expiring Leases with future step-ups Year Footage4 Footage4 $ $/PSF $ $/PSF 20
Slide 57: Lease expirations - CBD properties (continued)
Q4 2025 Lease expirations - CBD properties (continued) 1, 2, 3 as of December 31, 2025 San Francisco BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Rentable Square Rentable Square Under Expiring Leases Expiring Leases with future step-ups Year Footage4 Footage4
Slide 58: Lease expirations - Suburban properties
Q4 2025 Lease expirations - Suburban properties 1, 2, 3 as of December 31, 2025 Boston BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Under Expiring Leases Expiring Leases with future step-ups Rentable Square Rentable Square Year Footage4 Footage4 $ $/PSF $ $/P
Slide 59: Lease expirations - Suburban properties (continued)
Q4 2025 Lease expirations - Suburban properties (continued) 1, 2, 3 as of December 31, 2025 Washington, DC BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Rentable Square Rentable Square Under Expiring Leases Expiring Leases with future step-ups Year Footage4 Fo
Slide 60: Research coverage
Q4 2025 Research coverage With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note
Slide 61: Definitions
Q4 2025 Definitions This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the C
Slide 62: Definitions (continued)
Q4 2025 Definitions (continued) Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real
Slide 63: Definitions (continued)
Q4 2025 Definitions (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) attributable to BXP, Inc. (computed in accordanc
Slide 64: Definitions (continued)
Q4 2025 Definitions (continued) Net Operating Income (NOI) Net operating income (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc., the most directly comparable GAAP financial measure, plus (1) net income (loss) attributable to noncontrolling interests, corpor
Slide 65: Reconciliations
Q4 2025 Reconciliations (unaudited and in thousands) BXP’s Share of select items Three Months Ended 31-Dec-25 30-Sep-25 Revenue $ 877,097 $ 871,510 Partners’ share of revenue from consolidated joint ventures (JVs) (87,619) (88,181) BXP’s share of revenue from unconsolidated JVs 54,258 56,016 BXP’s S
Slide 66: Reconciliations (continued)
Q4 2025 Reconciliations (continued) Maintenance capital expenditures 3 $ 18,157 $ 25,996 Partners’ share of maintenance capital expenditures from consolidated JVs 3 (1,615) (3,004) BXP’s share of maintenance capital expenditures from unconsolidated JVs 3 629 349 BXP’s Share of maintenance capital ex
Slide 67: Reconciliations (continued)
Q4 2025 Reconciliations (continued) for the three months ended December 31, 2025 (unaudited and in thousands) CONSOLIDATED JOINT VENTURES 767 Fifth Avenue Total Consolidated (The GM Building) Norges Joint Ventures 1 Joint Ventures Revenue Lease 2 $ 76,677 $ 109,195 $ 185,872 Straight-line rent 3,600
Slide 68: Reconciliations (continued)
Q4 2025 Reconciliations (continued) for the three months ended December 31, 2025 (unaudited and in thousands) CONSOLIDATED JOINT VENTURES 767 Fifth Avenue Total Consolidated Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 6 (The GM Building) Norges Joint Ventures 1 Joint Ventu
Slide 69: Reconciliations (continued)
Q4 2025 Reconciliations (continued) for the three months ended December 31, 2025 (unaudited and in thousands) UNCONSOLIDATED JOINT VENTURES 1 Total Los San Washington, Unconsolidated Boston Angeles New York Francisco Seattle DC Joint Ventures Revenue Lease 2 $ 27,722 $ 20,543 $ 17,094 $ 18,761 $ 8,0
Slide 70: Reconciliations (continued)
Q4 2025 Reconciliations (continued) UNCONSOLIDATED JOINT VENTURES 1 Total Reconciliation of BXP’s share of Net Los San Washington, Unconsolidated Operating Income (Loss) Boston Angeles New York Francisco Seattle DC Joint Ventures BXP’s share of rental revenue 3 $ 14,046 $ 10,933 6 $ 7,720 6 $ 9,279
Slide 71: Reconciliation of net income to same property NOI
Q4 2025 Reconciliations (continued) Reconciliation of Net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) (dollars in thousands) Three Months Ended 30-Sep-25 30-Sep-24 Net income (loss) attributable to BXP, Inc. $ (121,712) $ 83,628 Net income attri
Slide 72: Reconciliation of net income to same property NOI - cash
Q4 2025 Reconciliations (continued) Reconciliation of Net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash (dollars in thousands) Three Months Ended 30-Sep-25 30-Sep-24 Net income (loss) attributable to BXP, Inc. $ (121,712) $ 83,628 Net incom
Slide 73: Consolidated Income Statement - prior year
Q4 2025 Consolidated Income Statement - prior year (unaudited and in thousands, except per share amounts) Three Months Ended 31-Dec-24 30-Sep-24 Revenue Lease $ 798,189 $ 799,471 Parking and other 33,135 34,255 Insurance proceeds 921 — Hotel revenue 13,144 15,082 Development and management services