BXP, Inc. — Q3 2026 Earnings Summary

Financial Performance:

• Net income attributable to BXP, Inc. was $114.482 million for the three months ended September 30, 2026, compared to $68.564 million in the prior quarter.
• Diluted earnings per share (EPS) attributable to BXP, Inc. was $0.71 for the quarter ended September 30, 2026, compared to $0.43 in the prior quarter.
• Funds from operations (FFO) attributable to BXP, Inc. were $302.240 million for the quarter ended September 30, 2026, compared to $283.412 million in the prior quarter.
• Diluted FFO per share was $1.89 for the quarter ended September 30, 2026, compared to $1.78 in the prior quarter.
• Funds available for distribution (FAD) were $163.414 million for the quarter ended September 30, 2026, compared to $142.069 million in the prior quarter.
• Total revenue was $911.431 million for the quarter ended September 30, 2026, compared to $895.699 million in the prior quarter.
• BXP's Share of revenue was $854.287 million for the quarter ended September 30, 2026, compared to $838.636 million in the prior quarter.
• Net Operating Income (NOI) was $552.377 million for the quarter ended September 30, 2026, compared to $517.008 million in the prior year quarter.
• BXP's Share of NOI (excluding termination income) was $507.304 million for the quarter ended September 30, 2026, compared to $494.797 million in the prior year quarter.
• Same Property NOI (excluding termination income) increased 3.4% year-over-year to $520.530 million for the quarter ended September 30, 2026.
• Same Property NOI - cash (excluding termination income) increased 1.0% year-over-year to $481.731 million for the quarter ended September 30, 2026.
• Operating margins were 62.1% for the quarter ended September 30, 2026, compared to 61.3% in the prior quarter.
• Consolidated debt was $16.591 billion as of September 30, 2026, compared to $15.619 billion as of June 30, 2026.
• BXP's Share of debt was $16.326 billion as of September 30, 2026, compared to $15.355 billion as of June 30, 2026.
• BXP's Share of Net Debt to BXP's Share of EBITDAre (Annualized) was 7.52x as of September 30, 2026, compared to 7.94x as of June 30, 2026.
• Interest Coverage Ratio (excluding capitalized interest) was 2.98x for the quarter ended September 30, 2026, compared to 3.12x in the prior quarter.
• FAD Payout Ratio was 76.11% for the quarter ended September 30, 2026, compared to 87.54% in the prior quarter.

Guidance and Future Outlook:

• Full-year 2026 projected diluted EPS is between $2.35 and $2.37.
• Full-year 2026 projected diluted FFO per share is between $7.06 and $7.08.
• Guidance assumes average in-service portfolio occupancy between 88.75% and 89.25%.
• Guidance assumes a change in BXP's Share of Same Property net operating income (excluding termination income) between 2.35% and 2.75%.
• Guidance assumes a change in BXP's Share of Same Property net operating income - cash (excluding termination income) between (0.25)% and 0.25%.
• Guidance assumes BXP's Share of Non Same Properties' incremental contribution to net operating income over prior year between $52 million and $56 million.
• Guidance assumes BXP's Share of straight-line rent and fair value lease revenue (non-cash revenue) between $150 million and $162 million.
• Guidance assumes BXP's Share of Termination income between $23 million and $25 million.
• Guidance assumes Development, management services and other revenue between $34 million and $36 million.
• Guidance assumes General and administrative expense between $(183) million and $(176) million.
• Guidance assumes Consolidated net interest expense between $(598) million and $(593) million.
• Guidance assumes Unconsolidated joint venture interest expense between $(62) million and $(60) million.
• Guidance assumes Noncontrolling interest in property partnerships' share of FFO between $(197) million and $(194) million.

Business Segments and Product Lines:

• Office segment Same Property NOI (excluding termination income) increased 3.5% year-over-year to $515.396 million for the quarter ended September 30, 2026.
• Office segment Same Property NOI - cash (excluding termination income) increased 1.0% year-over-year to $476.590 million for the quarter ended September 30, 2026.
• Hotel & Residential segment Same Property NOI (excluding termination income) increased 5.5% year-over-year to $5.134 million for the quarter ended September 30, 2026.
• Hotel & Residential segment Same Property NOI - cash (excluding termination income) increased 5.6% year-over-year to $5.141 million for the quarter ended September 30, 2026.
• BXP's Share of Same Property NOI (excluding termination income) increased 3.4% year-over-year to $487.900 million for the quarter ended September 30, 2026.
• BXP's Share of Same Property NOI - cash (excluding termination income) decreased 0.3% year-over-year to $449.733 million for the quarter ended September 30, 2026.
• Maintenance capital expenditures were $14.752 million for the quarter ended September 30, 2026, compared to $15.936 million in the prior quarter.
• BXP's Share of Capital Expenditures was $17.153 million for the quarter ended September 30, 2026, compared to $17.246 million in the prior quarter.

Market and Competitive Landscape:

• As of September 30, 2026, the portfolio totals 50.6 million square feet and 162 properties, including six properties under construction/redevelopment.
• The portfolio consists of 141 office properties, 13 retail properties, seven residential properties (including four under construction), and one hotel.
• Occupancy of in-service properties was 89.4% as of September 30, 2026, compared to 88.4% as of June 30, 2026.
• Leased percentage of in-service properties was 91.9% as of September 30, 2026, compared to 91.3% as of June 30, 2026.
• BXP operates in six dynamic gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC.
• BXP holds a fourteenth consecutive GRESB "Green Star" recognition and the highest GRESB 5-star Rating.

Risks and Challenges:

• Risks include adverse changes in general economic and capital market conditions, including continued inflation and elevated interest rates.
• Risks include supply chain disruptions, dislocation and volatility in capital markets, and potential longer-term changes in consumer and client behavior.
• Risks include the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, and dependence on clients' financial condition.
• Risks include competition from other developers, owners, and operators of real estate, and the impact of adverse political conditions, including policy changes and tariffs.
• Risks include the impact of geopolitical conflicts, uncertainties of investing in new markets, and the costs and availability of financing.
• Risks include the effectiveness of hedging contracts, the ability of joint venture partners to satisfy obligations, and the effects of acquisitions, dispositions, and possible impairment charges.

Management Commentary and Tone:

• Management states that guidance estimates reflect their view of current and future market conditions, including assumptions regarding rental rates, occupancy levels, interest rates, and the timing of lease-up, development cost outlays, and deliveries.
• Management notes that EPS estimates may fluctuate due to changes in the recognition of depreciation and amortization expense, impairment losses, and gains or losses associated with disposition activity.
• Management cautions that actual results could differ materially from forward-looking statements due to known and unknown risks and uncertainties.

Other Key Points:

• Dividends per common share were $0.70 for the quarter ended September 30, 2026, with an annualized rate of $2.80 per share.
• The dividend yield was 4.6% based on a closing price of $61.11 per share at the end of the quarter.
• Consolidated market capitalization was $27.4 billion as of September 30, 2026.
• BXP's Share of Market Capitalization was $27.2 billion as of September 30, 2026.
• Unsecured Senior Debt Ratings are BBB (S&P) and Baa2 (Moody's).
• Acquisitions in 2026 included 13150 Worldgate Drive (20% ownership) in Herndon, VA, and 860 & 870 Winter Street in Waltham, MA.
• Dispositions in 2026 included North First Business Park (San Jose, CA), Shady Grove Parcel 1 (Rockville, MD), 13150 Worldgate Drive (50% ownership), The Lofts at Atlantic Wharf (Boston, MA), Gateway Commons (South San Francisco, CA), 7750 Wisconsin Avenue (Bethesda/Chevy Chase, MD), Kingstowne Retail (Alexandria, VA), Sumner Square (Washington, DC), 1330 Connecticut Avenue (Washington, DC), and a stake in 343 Madison Avenue (New York, NY).
• Net income attributable to noncontrolling interests in property partnerships was $28.692 million for the quarter ended September 30, 2026.
• FFO attributable to noncontrolling interests in property partnerships was $52.593 million for the quarter ended September 30, 2026.
• Income from unconsolidated joint ventures was $1.145 million for the quarter ended September 30, 2026, compared to a loss of $2.448 million in the prior quarter.
• BXP's share of FFO from unconsolidated joint ventures was $13.192 million for the quarter ended September 30, 2026, compared to $9.111 million in the prior quarter.
• Gains on sales of real estate were $10.441 million for the quarter ended September 30, 2026.
• Impairment loss was $0 for the quarter ended September 30, 2026, compared to $18.036 million in the prior quarter.
• Cash and cash equivalents were $1.472 billion as of September 30, 2026, compared to $493.949 million as of June 30, 2026.
• Common shares outstanding, plus common units and LTIP units on an as-converted basis, were 177.5 million as of September 30, 2026.