BOSTON PROPERTIES LTD PARTNERSHIP

For the period ended Sep 30, 2025. Filed Nov 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 7, 2025

BXP$63.54-4.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements (unaudited)

BXP, INC.CONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for share and par value amounts)
	September 30, 2025	December 31, 2024
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,958,987 and $7,797,430 at September 30, 2025 and December 31, 2024, respectively)	$28,609,784	$27,870,623
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2025 and December 31, 2024, respectively)	372,747	372,922
Right of use assets - operating leases (amounts related to VIEs of $0 and $140,558 at September 30, 2025 and December 31, 2024, respectively)	321,063	334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,721,829) and $(1,628,274) at September 30, 2025 and December 31, 2024, respectively)	(8,008,908)	(7,528,057)
Total real estate	21,294,686	21,050,255
Cash and cash equivalents (amounts related to VIEs of $191,606 and $373,737 at September 30, 2025 and December 31, 2024, respectively)	861,066	1,254,882
Cash held in escrows (amounts related to VIEs of $5,003 and $4,979 at September 30, 2025 and December 31, 2024, respectively)	77,663	80,314
Investments in securities	43,604	39,706
Tenant and other receivables, net (amounts related to VIEs of $42,233 and $20,435 at September 30, 2025 and December 31, 2024, respectively)	136,743	107,453
Note receivable, net	8,898	4,947
Related party notes receivable, net	88,879	88,779
Sales-type lease receivable, net	15,430	14,657
Accrued rental income, net (amounts related to VIEs of $465,408 and $435,110 at September 30, 2025 and December 31, 2024, respectively)	1,532,403	1,466,220
Deferred charges, net (amounts related to VIEs of $206,016 and $211,726 at September 30, 2025 and December 31, 2024, respectively)	802,785	813,345
Prepaid expenses and other assets (amounts related to VIEs of $51,682 and $15,036 at September 30, 2025 and December 31, 2024, respectively)	137,561	70,839
Investments in unconsolidated joint ventures	999,764	1,093,583
Total assets	$25,999,482	$26,084,980
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,285,659 and $3,282,027 at September 30, 2025 and December 31, 2024, respectively)	$4,279,482	$4,276,609
Unsecured senior notes, net	9,803,336	10,645,077
Unsecured exchangeable senior notes, net	975,080	—
Unsecured line of credit	—	—
Unsecured term loans, net	796,798	798,813
Unsecured commercial paper	750,000	500,000
Lease liabilities - finance leases (amounts related to VIEs of $21,042 and $20,931 at September 30, 2025 and December 31, 2024, respectively)	363,207	370,885
Lease liabilities - operating leases (amounts related to VIEs of $0 and $157,691 at September 30, 2025 and December 31, 2024, respectively)	379,792	392,686
Accounts payable and accrued expenses (amounts related to VIEs of $111,058 and $115,808 at September 30, 2025 and December 31, 2024, respectively)	484,798	401,874
Dividends and distributions payable	123,259	172,486
Accrued interest payable	120,128	128,098

BXP, INC.CONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for share and par value amounts)
	September 30, 2025	December 31, 2024
Other liabilities (amounts related to VIEs of $91,767 and $126,202 at September 30, 2025 and December 31, 2024, respectively)	406,820	450,796
Total liabilities	18,482,700	18,137,324
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 107,696 and 128,227 units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively	8,006	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, 158,479,314 and 158,253,895 issued and 158,400,414 and 158,174,995 outstanding at September 30, 2025 and December 31, 2024, respectively	1,584	1,582
Additional paid-in capital	6,827,889	6,836,093
Dividends in excess of earnings	(1,812,361)	(1,419,575)
Treasury common stock at cost, 78,900 shares at September 30, 2025 and December 31, 2024	(2,722)	(2,722)
Accumulated other comprehensive loss	(14,831)	(2,072)
Total stockholders’ equity attributable to BXP, Inc.	4,999,559	5,413,306
Noncontrolling interests:
Common units of Boston Properties Limited Partnership	554,440	591,270
Property partnerships	1,954,777	1,933,545
Total equity	7,508,776	7,938,121
Total liabilities and equity	$25,999,482	$26,084,980

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except for per share amounts)

	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Revenue
Lease	$809,820	$799,471	$2,426,857	$2,378,616
Parking and other	35,390	34,255	100,431	101,086
Hotel	13,162	15,082	37,532	38,080
Development and management services	9,317	6,770	27,938	19,276
Direct reimbursements of payroll and related costs from management services contracts	3,821	3,649	12,424	12,090
Total revenue	871,510	859,227	2,605,182	2,549,148
Expenses
Operating
Rental	331,736	327,897	995,376	963,480
Hotel	9,628	9,833	26,558	25,687
General and administrative	36,188	33,352	130,988	127,479
Payroll and related costs from management services contracts	3,821	3,649	12,424	12,090
Transaction costs	1,431	188	2,556	890
Depreciation and amortization	236,147	222,890	680,073	661,148
Total expenses	618,951	597,809	1,847,975	1,790,774
Other income (expense)
Income (loss) from unconsolidated joint ventures	(148,329)	(7,011)	(153,792)	6,376
Gains on sales of real estate	1,932	517	20,322	517
Loss on sales-type lease	—	—	(2,490)	—
Interest and other income (loss)	7,620	14,430	23,433	39,747
Gains from investments in securities	2,400	2,198	4,635	4,785
Unrealized gain (loss) on non-real estate investments	178	94	(344)	548
Impairment losses	(68,901)	—	(68,901)	(13,615)
Loss from early extinguishment of debt	—	—	(338)	—
Interest expense	(164,299)	(163,194)	(490,526)	(474,727)
Net income (loss)	(116,840)	108,452	89,206	322,005
Net (income) loss attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(17,853)	(15,237)	(56,702)	(50,283)
Noncontrolling interest—common units of the Operating Partnership	12,981	(9,587)	(4,054)	(28,596)
Net income (loss) attributable to BXP, Inc.	$(121,712)	$83,628	$28,450	$243,126
Basic earnings per common share attributable to BXP, Inc.
Net income (loss)	$(0.77)	$0.53	$0.18	$1.55
Weighted average number of common shares outstanding	158,345	157,725	158,287	157,250
Diluted earnings per common share attributable to BXP, Inc.
Net income (loss)	$(0.77)	$0.53	$0.18	$1.54
Weighted average number of common and common equivalent shares outstanding	158,345	158,213	158,787	157,547

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited and in thousands)

	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Net income (loss)	$(116,840)	$108,452	$89,206	$322,005
Other comprehensive income (loss):
Effective portion of interest rate contracts	(1,280)	(32,263)	(20,192)	(14,976)
Amortization of interest rate contracts (1)	1,677	3,077	6,450	9,518
Other comprehensive income (loss)	397	(29,186)	(13,742)	(5,458)
Comprehensive income (loss)	(116,443)	79,266	75,464	316,547
Net income attributable to noncontrolling interests	(4,872)	(24,824)	(60,756)	(78,879)
Other comprehensive (income) loss attributable to noncontrolling interests	(169)	2,913	983	177
Comprehensive income (loss) attributable to BXP, Inc.	$(121,484)	$57,355	$15,691	$237,845

(1)Amounts reclassified from comprehensive income (loss) primarily to interest expense within BXP, Inc.’s Consolidated Statements of Operations.

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, June 30, 2025	158,366	$1,584	$6,854,753	$(1,579,770)	$(2,722)	$(15,059)	$584,651	$2,003,993	$7,847,430
Redemption of operating partnership units to common stock	28	—	876	—	—	—	(876)	—	—
Allocated net income (loss) for the period	—	—	—	(121,711)	—	—	(12,982)	17,853	(116,840)
Dividends/distributions declared	—	—	—	(110,880)	—	—	(12,950)	—	(123,830)
Shares issued pursuant to stock purchase plan	7	—	533	—	—	—	—	—	533
Net activity from stock option and incentive plan	(1)	—	99	—	—	—	3,551	—	3,650
Capped call transactions premium	—	—	(35,000)	—	—	—	—	—	(35,000)
Acquisition of noncontrolling interest in property partnership	—	—	(139)	—	—	—	—	(43,465)	(43,604)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	(212)	—	—	—	—	1,802	1,590
Distributions to noncontrolling interests in property partnerships	—	—	—	—	—	—	—	(25,550)	(25,550)
Effective portion of interest rate contracts	—	—	—	—	—	(1,151)	(129)	—	(1,280)
Amortization of interest rate contracts	—	—	—	—	—	1,379	154	144	1,677
Reallocation of noncontrolling interest	—	—	6,979	—	—	—	(6,979)	—	—
Equity, September 30, 2025	158,400	$1,584	$6,827,889	$(1,812,361)	$(2,722)	$(14,831)	$554,440	$1,954,777	$7,508,776
Equity, June 30, 2024	157,098	$1,571	$6,768,686	$(964,518)	$(2,722)	$(155)	$677,789	$1,801,676	$8,282,327
Redemption of operating partnership units to common stock	875	9	30,983	—	—	—	(30,992)	—	—
Allocated net income for the period	—	—	—	83,628	—	—	9,587	15,237	108,452
Dividends/distributions declared	—	—	—	(154,820)	—	—	(17,986)	—	(172,806)
Shares issued pursuant to stock purchase plan	9	—	541	—	—	—	—	—	541
Net activity from stock option and incentive plan	(2)	—	(1,773)	—	—	—	3,225	—	1,452
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	23,615	—	—	—	—	72,109	95,724
Distributions to noncontrolling interests in property partnerships	—	—	—	—	—	—	—	(14,894)	(14,894)
Effective portion of interest rate contracts	—	—	—	—	—	(28,910)	(3,353)	—	(32,263)
Amortization of interest rate contracts	—	—	—	—	—	2,637	296	144	3,077
Reallocation of noncontrolling interest	—	—	437	—	—	—	(437)	—	—
Equity, September 30, 2024	157,980	$1,580	$6,822,489	$(1,035,710)	$(2,722)	$(26,428)	$638,129	$1,874,272	$8,271,610

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	144	2	4,675	—	—	—	(4,677)	—	—
Allocated net income for the period	—	—	—	28,450	—	—	4,054	56,702	89,206
Dividends/distributions declared	—	—	—	(421,236)	—	—	(49,257)	—	(470,493)
Shares issued pursuant to stock purchase plan	13	—	941	—	—	—	—	—	941
Net activity from stock option and incentive plan	68	—	4,442	—	—	—	35,276	—	39,718
Capped call transactions premium	—	—	(35,000)	—	—	—	—	—	(35,000)
Acquisition of noncontrolling interest in property partnership	—	—	(139)	—	—	—	—	(43,465)	(43,604)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	(3,934)	—	—	—	—	71,115	67,181
Distributions to noncontrolling interests in property partnerships	—	—	—	—	—	—	—	(63,552)	(63,552)
Effective portion of interest rate contracts	—	—	—	—	—	(18,176)	(2,016)	—	(20,192)
Amortization of interest rate contracts	—	—	—	—	—	5,417	601	432	6,450
Reallocation of noncontrolling interest	—	—	20,811	—	—	—	(20,811)	—	—
Equity, September 30, 2025	158,400	$1,584	$6,827,889	$(1,812,361)	$(2,722)	$(14,831)	$554,440	$1,954,777	$7,508,776
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	952	11	33,735	—	—	—	(33,746)	—	—
Allocated net income for the period	—	—	—	243,126	—	—	28,596	50,283	322,005
Dividends/distributions declared	—	—	—	(462,684)	—	—	(55,692)	—	(518,376)
Shares issued pursuant to stock purchase plan	17	—	1,141	—	—	—	—	—	1,141
Net activity from stock option and incentive plan	70	—	2,988	—	—	—	31,535	—	34,523
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	70,941	—	—	—	—	235,206	306,147
Distributions to noncontrolling interests in property partnerships	—	—	—	—	—	—	—	(52,353)	(52,353)
Effective portion of interest rate contracts	—	—	—	—	—	(13,429)	(1,547)	—	(14,976)
Amortization of interest rate contracts	—	—	—	—	—	8,148	938	432	9,518
Reallocation of noncontrolling interest	—	—	(1,465)	—	—	—	1,465	—	—
Equity, September 30, 2024	157,980	$1,580	$6,822,489	$(1,035,710)	$(2,722)	$(26,428)	$638,129	$1,874,272	$8,271,610

BXP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2025	2024
Cash flows from operating activities:
Net income	$89,206	$322,005
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	680,073	661,148
Impairment losses	68,901	13,615
Amortization of right of use assets - operating leases	299	1,719
Amortization of sales type lease	(749)	(738)
Non-cash compensation expense	39,563	39,552
Loss (Income) from unconsolidated joint ventures	153,792	(6,376)
Distributions of net cash flow from operations of unconsolidated joint ventures	45,450	27,332
Gains from investments in securities	(4,635)	(4,785)
Allowance for current expected credit losses	(23)	44
Non-cash portion of interest expense	24,049	25,575
Loss from early extinguishments of debt	338	—
Gains on sales of real estate	(20,322)	(517)
Loss on sales-type lease	2,490	—
Unrealized (gain) loss on non-real estate investments	344	(548)
Change in assets and liabilities:
Tenant and other receivables, net	(4,851)	23,932
Accrued rental income, net	(82,113)	(78,576)
Prepaid expenses and other assets	(71,234)	(69,706)
Right of use assets - operating lease	—	(750)
Lease liabilities - operating leases	(341)	(390)
Accounts payable and accrued expenses	42,806	7,596
Accrued interest payable	(7,962)	(12,383)
Other liabilities	(40,870)	(35,333)
Tenant leasing costs	(76,806)	(61,661)
Total adjustments	748,199	528,750
Net cash provided by operating activities	837,405	850,755
Cash flows from investing activities:
Construction in progress	(500,537)	(469,948)
Building, pre-development and other capital improvements	(171,660)	(118,411)
Tenant improvements	(243,194)	(178,835)
Proceeds from sale of real estate	21,840	517
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash)	—	6,086
Capital contributions to unconsolidated joint ventures	(118,524)	(87,498)
Capital distributions from unconsolidated joint ventures	29,211	—
Investment in non-real estate investments	(2,060)	(1,500)
Issuance of note receivables (including related party)	(4,026)	(2,223)
Investments in securities, net	722	1,025
Net cash used in investing activities	(988,228)	(850,787)

BXP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2025	2024
Cash flows from financing activities:
Repayments of mortgage notes payable	(3,195)	(3,461)
Proceeds from unsecured senior notes	—	849,671
Repayment / redemption of unsecured senior notes	(850,000)	(700,000)
Proceeds from unsecured exchangeable senior notes	1,000,000	—
Borrowings on unsecured line of credit	865,000	—
Repayments of unsecured line of credit	(865,000)	—
Borrowings on unsecured term loans	700,000	—
Repayment of unsecured term loans	(700,000)	(500,000)
Payments on finance lease obligations	(10,174)	(9,250)
Borrowings on commercial paper program	5,681,892	3,554,932
Repayments on commercial paper program	(5,431,892)	(3,054,932)
Deferred financing costs	(37,145)	(10,892)
Capped call transactions premium	(35,000)	—
Net activity from equity transactions	(433)	(1,728)
Dividends and distributions	(519,720)	(517,361)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	67,179	304,323
Distributions to noncontrolling interests in property partnerships	(63,552)	(52,353)
Acquisition of noncontrolling interests in property partnerships	(43,604)	—
Net cash used in financing activities	(245,644)	(141,051)
Net decrease in cash and cash equivalents and cash held in escrows	(396,467)	(141,083)
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	$938,729	$1,471,484
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	$861,066	$1,420,475
Cash held in escrows, end of period	77,663	51,009
Cash and cash equivalents and cash held in escrows, end of period	$938,729	$1,471,484
Supplemental disclosures:
Cash paid for interest (net of amounts capitalized)	$513,887	$505,746
Interest capitalized	$35,956	$31,342
Non-cash investing and financing activities:
Write-off of fully depreciated real estate	$(108,867)	$(76,653)
Change in real estate included in accounts payable and accrued expenses	$40,421	$(21,035)
Right of use assets obtained in exchange for lease liabilities - operating lease	$—	$30,631
Lease liability - finance lease reversal for re-assessment event	$—	$(38,491)
Right of use asset - finance lease reversal for re-assessment event	$—	$(28,962)

BXP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2025	2024
Non-cash contributions from noncontrolling interests in property partnerships, net	$(2,548)	$86,860
Capitalized operating lease costs	$850	$22,647
Investment in unconsolidated joint ventures eliminated upon consolidation	$—	$(11,834)
Mortgage note payable recorded upon consolidation	$—	$207,093
Mortgage note payable converted to unsecured term loan	$—	$100,000
Real estate and intangibles recorded upon consolidation	$—	$(220,015)
Real estate contributed in exchange for investment in unconsolidated joint venture	$(5,595)	$—
Investment in unconsolidated joint ventures funded by real estate contributed	$5,595	$—
Dividends and distributions declared but not paid	$123,259	$172,191
Conversions of noncontrolling interests to stockholders’ equity	$4,677	$33,746
Issuance of restricted securities to employees and non-employee directors	$43,658	$43,360

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for unit amounts)
	September 30, 2025	December 31, 2024
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,958,987 and $7,797,430 at September 30, 2025 and December 31, 2024, respectively)	$28,248,312	$27,504,358
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2025 and December 31, 2024, respectively)	372,747	372,922
Right of use assets - operating leases (amounts related to VIEs of $0 and $140,558 at September 30, 2025 and December 31, 2024, respectively)	321,063	334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,721,829) and $(1,628,274) at September 30, 2025 and December 31, 2024, respectively)	(7,875,405)	(7,397,882)
Total real estate	21,066,717	20,814,165
Cash and cash equivalents (amounts related to VIEs of $191,606 and $373,737 at September 30, 2025 and December 31, 2024, respectively)	861,066	1,254,882
Cash held in escrows (amounts related to VIEs of $5,003 and $4,979 at September 30, 2025 and December 31, 2024, respectively)	77,663	80,314
Investments in securities	43,604	39,706
Tenant and other receivables, net (amounts related to VIEs of $42,233 and $20,435 at September 30, 2025 and December 31, 2024, respectively)	136,743	107,453
Note receivable, net	8,898	4,947
Related party notes receivables, net	88,879	88,779
Sales-type lease receivable, net	15,430	14,657
Accrued rental income, net (amounts related to VIEs of $465,408 and $435,110 at September 30, 2025 and December 31, 2024, respectively)	1,532,403	1,466,220
Deferred charges, net (amounts related to VIEs of $206,016 and $211,726 at September 30, 2025 and December 31, 2024, respectively)	802,785	813,345
Prepaid expenses and other assets (amounts related to VIEs of $51,682 and $15,036 at September 30, 2025 and December 31, 2024, respectively)	137,561	70,839
Investments in unconsolidated joint ventures	999,764	1,093,583
Total assets	$25,771,513	$25,848,890
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,285,659 and $3,282,027 at September 30, 2025 and December 31, 2024, respectively)	$4,279,482	$4,276,609
Unsecured senior notes, net	9,803,336	10,645,077
Unsecured exchangeable senior notes, net	975,080	—
Unsecured line of credit	—	—
Unsecured term loans, net	796,798	798,813
Unsecured commercial paper	750,000	500,000
Lease liabilities - finance leases (amounts related to VIEs of $21,042 and $20,931 at September 30, 2025 and December 31, 2024, respectively)	363,207	370,885
Lease liabilities - operating leases (amounts related to VIEs of $0 and $157,691 at September 30, 2025 and December 31, 2024, respectively)	379,792	392,686
Accounts payable and accrued expenses (amounts related to VIEs of $111,058 and $115,808 at September 30, 2025 and December 31, 2024, respectively)	484,798	401,874
Dividends and distributions payable	123,259	172,486
Accrued interest payable	120,128	128,098
Other liabilities (amounts related to VIEs of $91,767 and $126,202 at September 30, 2025 and December 31, 2024, respectively)	406,820	450,796
Total liabilities	18,482,700	18,137,324

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for unit amounts)
	September 30, 2025	December 31, 2024
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 107,696 and 128,227 units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively	8,006	9,535
Noncontrolling interests:
Redeemable partnership units— 15,696,776 and 15,730,882 common units and 2,702,590 and 2,335,229 long term incentive units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively	1,400,260	1,378,573
Capital:
Boston Properties Limited Partnership partners’ capital— 1,767,998 and 1,762,411 general partner units and 156,632,416 and 156,412,584 limited partner units outstanding at September 30, 2025 and December 31, 2024, respectively	3,940,601	4,391,985
Accumulated other comprehensive loss	(14,831)	(2,072)
Total partners’ capital	3,925,770	4,389,913
Noncontrolling interests in property partnerships	1,954,777	1,933,545
Total capital	5,880,547	6,323,458
Total liabilities and capital	$25,771,513	$25,848,890

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except for per unit amounts)

	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Revenue
Lease	$809,820	$799,471	$2,426,857	$2,378,616
Parking and other	35,390	34,255	100,431	101,086
Hotel	13,162	15,082	37,532	38,080
Development and management services	9,317	6,770	27,938	19,276
Direct reimbursements of payroll and related costs from management services contracts	3,821	3,649	12,424	12,090
Total revenue	871,510	859,227	2,605,182	2,549,148
Expenses
Operating
Rental	331,736	327,897	995,376	963,480
Hotel	9,628	9,833	26,558	25,687
General and administrative	36,188	33,352	130,988	127,479
Payroll and related costs from management services contracts	3,821	3,649	12,424	12,090
Transaction costs	1,431	188	2,556	890
Depreciation and amortization	234,444	221,186	674,964	656,044
Total expenses	617,248	596,105	1,842,866	1,785,670
Other income (expense)
Income (loss) from unconsolidated joint ventures	(148,329)	(7,011)	(153,792)	6,376
Gains on sales of real estate	1,932	517	20,421	517
Loss on sales-type lease	—	—	(2,490)	—
Interest and other income (loss)	7,620	14,430	23,433	39,747
Gains from investments in securities	2,400	2,198	4,635	4,785
Unrealized gain (loss) on non-real estate investments	178	94	(344)	548
Impairment losses	(65,988)	—	(65,988)	(13,615)
Loss from early extinguishment of debt	—	—	(338)	—
Interest expense	(164,299)	(163,194)	(490,526)	(474,727)
Net income (loss)	(112,224)	110,156	97,327	327,109
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(17,853)	(15,237)	(56,702)	(50,283)
Net income (loss) attributable to Boston Properties Limited Partnership	$(130,077)	$94,919	$40,625	$276,826
Basic earnings per common unit attributable to Boston Properties Limited Partnership
Net income (loss)	$(0.74)	$0.54	$0.23	$1.58
Weighted average number of common units outstanding	175,901	175,446	175,842	175,369
Diluted earnings per common unit attributable to Boston Properties Limited Partnership
Net income (loss)	$(0.74)	$0.54	$0.23	$1.58
Weighted average number of common and common equivalent units outstanding	175,901	175,934	176,342	175,666

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited and in thousands)

	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Net income (loss)	$(112,224)	$110,156	$97,327	$327,109
Other comprehensive income (loss):
Effective portion of interest rate contracts	(1,280)	(32,263)	(20,192)	(14,976)
Amortization of interest rate contracts (1)	1,677	3,077	6,450	9,518
Other comprehensive income (loss)	397	(29,186)	(13,742)	(5,458)
Comprehensive income (loss)	(111,827)	80,970	83,585	321,651
Comprehensive income attributable to noncontrolling interests	(17,997)	(15,381)	(57,134)	(50,715)
Comprehensive income (loss) attributable to Boston Properties Limited Partnership	$(129,824)	$65,589	$26,451	$270,936

(1)Amounts reclassified from comprehensive income (loss) primarily to interest expense within Boston Properties Limited Partnership’s Consolidated Statements of Operations.

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS(unaudited and in thousands)
Units · Capital
	General Partner	Limited Partner	Partners’ Capital (General and Limited Partners)	AccumulatedOtherComprehensive Loss	NoncontrollingInterests - Property Partnerships	Total Capital	Noncontrolling Interests - Redeemable Partnership Units
Equity, June 30, 2025	1,768	156,598	$4,340,850	$(15,059)	$2,003,993	$6,329,784	$1,285,061
Net activity from contributions and unearned compensation	—	6	632	—	—	632	3,551
Allocated net income (loss) for the period	—	—	(117,095)	—	17,853	(99,242)	(12,982)
Distributions	—	—	(110,880)	—	—	(110,880)	(12,950)
Conversion of redeemable partnership units	—	28	876	—	—	876	(876)
Adjustment to reflect redeemable partnership units at redemption value	—	—	(138,431)	—	—	(138,431)	138,431
Effective portion of interest rate contracts	—	—	—	(1,151)	—	(1,151)	(129)
Amortization of interest rate contracts	—	—	—	1,379	144	1,523	154
Capped call transactions premium	—	—	(35,000)	—	—	(35,000)	—
Acquisition of noncontrolling interest in property partnership	—	—	(139)	—	(43,465)	(43,604)	—
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	(212)	—	1,802	1,590	—
Distributions to noncontrolling interests in property partnerships	—	—	—	—	(25,550)	(25,550)	—
Equity, September 30, 2025	1,768	156,632	$3,940,601	$(14,831)	$1,954,777	$5,880,547	$1,400,260
Equity, June 30, 2024	1,762	155,336	$5,010,460	$(155)	$1,801,676	$6,811,981	$1,230,848
Net activity from contributions and unearned compensation	—	6	(1,232)	—	—	(1,232)	3,225
Allocated net income for the period	—	—	85,332	—	15,237	100,569	9,587
Distributions	—	—	(154,820)	—	—	(154,820)	(17,986)
Conversion of redeemable partnership units	—	875	30,992	—	—	30,992	(30,992)
Adjustment to reflect redeemable partnership units at redemption value	—	—	(308,876)	—	—	(308,876)	308,876
Effective portion of interest rate contracts	—	—	—	(28,910)	—	(28,910)	(3,353)
Amortization of interest rate contracts	—	—	—	2,637	144	2,781	296
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	23,615	—	72,109	95,724	—
Distributions to noncontrolling interests in property partnerships	—	—	—	—	(14,894)	(14,894)	—
Equity, September 30, 2024	1,762	156,217	$4,685,471	$(26,428)	$1,874,272	$6,533,315	$1,500,501

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS(unaudited and in thousands)
Units · Capital
	General Partner	Limited Partner	Partners’ Capital (General and Limited Partners)	AccumulatedOtherComprehensive Loss	NoncontrollingInterests - 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	2	79	5,383	—	—	5,383	35,276
Allocated net income for the period	—	—	36,571	—	56,702	93,273	4,054
Distributions	—	—	(421,236)	—	—	(421,236)	(49,257)
Conversion of redeemable partnership units	4	140	4,677	—	—	4,677	(4,677)
Adjustment to reflect redeemable partnership units at redemption value	—	—	(37,706)	—	—	(37,706)	37,706
Effective portion of interest rate contracts	—	—	—	(18,176)	—	(18,176)	(2,016)
Amortization of interest rate contracts	—	—	—	5,417	432	5,849	601
Capped call transactions premium	—	—	(35,000)	—	—	(35,000)	—
Acquisition of noncontrolling interest in property partnership	—	—	(139)	—	(43,465)	(43,604)	—
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	(3,934)	—	71,115	67,181	—
Distributions to noncontrolling interests in property partnerships	—	—	—	—	(63,552)	(63,552)	—
Equity, September 30, 2025	1,768	156,632	$3,940,601	$(14,831)	$1,954,777	$5,880,547	$1,400,260
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	82	4,129	—	—	4,129	31,535
Allocated net income for the period	—	—	248,230	—	50,283	298,513	28,596
Distributions	—	—	(462,684)	—	—	(462,684)	(55,692)
Conversion of redeemable partnership units	2	950	33,746	—	—	33,746	(33,746)
Adjustment to reflect redeemable partnership units at redemption value	—	—	(182,842)	—	—	(182,842)	182,842
Effective portion of interest rate contracts	—	—	—	(13,429)	—	(13,429)	(1,547)
Amortization of interest rate contracts	—	—	—	8,148	432	8,580	938
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	70,941	—	235,206	306,147	—
Distributions to noncontrolling interests in property partnerships	—	—	—	—	(52,353)	(52,353)	—
Equity, September 30, 2024	1,762	156,217	$4,685,471	$(26,428)	$1,874,272	$6,533,315	$1,500,501

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2025	2024
Cash flows from operating activities:
Net income	$97,327	$327,109
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	674,964	656,044
Impairment losses	65,988	13,615
Amortization of right of use assets - operating leases	299	1,719
Amortization of sales type lease	(749)	(738)
Non-cash compensation expense	39,563	39,552
Loss (Income) from unconsolidated joint ventures	153,792	(6,376)
Distributions of net cash flow from operations of unconsolidated joint ventures	45,450	27,332
Gains from investments in securities	(4,635)	(4,785)
Allowance for current expected credit losses	(23)	44
Non-cash portion of interest expense	24,049	25,575
Loss from early extinguishments of debt	338	—
Gains on sales of real estate	(20,421)	(517)
Loss on sales-type lease	2,490	—
Unrealized (gain) loss on non-real estate investments	344	(548)
Change in assets and liabilities:
Tenant and other receivables, net	(4,851)	23,932
Accrued rental income, net	(82,113)	(78,576)
Prepaid expenses and other assets	(71,234)	(69,706)
Right of use assets - operating lease	—	(750)
Lease liabilities - operating leases	(341)	(390)
Accounts payable and accrued expenses	42,806	7,596
Accrued interest payable	(7,962)	(12,383)
Other liabilities	(40,870)	(35,333)
Tenant leasing costs	(76,806)	(61,661)
Total adjustments	740,078	523,646
Net cash provided by operating activities	837,405	850,755
Cash flows from investing activities:
Construction in progress	(500,537)	(469,948)
Building, pre-development and other capital improvements	(171,660)	(118,411)
Tenant improvements	(243,194)	(178,835)
Proceeds from sale of real estate	21,840	517
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash)	—	6,086
Capital contributions to unconsolidated joint ventures	(118,524)	(87,498)
Capital distributions from unconsolidated joint ventures	29,211	—
Investment in non-real estate investments	(2,060)	(1,500)
Issuance of note receivables (including related party)	(4,026)	(2,223)
Investments in securities, net	722	1,025
Net cash used in investing activities	(988,228)	(850,787)

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2025	2024
Cash flows from financing activities:
Repayments of mortgage notes payable	(3,195)	(3,461)
Proceeds from unsecured senior notes	—	849,671
Repayment / redemption of unsecured senior notes	(850,000)	(700,000)
Proceeds from unsecured exchangeable senior notes	1,000,000	—
Borrowings on unsecured line of credit	865,000	—
Repayments of unsecured line of credit	(865,000)	—
Borrowings on unsecured term loan	700,000	—
Repayment of unsecured term loan	(700,000)	(500,000)
Payments on finance lease obligations	(10,174)	(9,250)
Borrowings on commercial paper program	5,681,892	3,554,932
Repayments on commercial paper program	(5,431,892)	(3,054,932)
Deferred financing costs	(37,145)	(10,892)
Capped call transactions premium	(35,000)	—
Net activity from equity transactions	(433)	(1,728)
Distributions	(519,720)	(517,361)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	67,179	304,323
Distributions to noncontrolling interests in property partnerships	(63,552)	(52,353)
Acquisition of noncontrolling interests in property partnerships	(43,604)	—
Net cash used in financing activities	(245,644)	(141,051)
Net decrease in cash and cash equivalents and cash held in escrows	(396,467)	(141,083)
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	$938,729	$1,471,484
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	$861,066	$1,420,475
Cash held in escrows, end of period	77,663	51,009
Cash and cash equivalents and cash held in escrows, end of period	$938,729	$1,471,484
Supplemental disclosures:
Cash paid for interest (net of amounts capitalized)	$513,887	$505,746
Interest capitalized	$35,956	$31,342
Non-cash investing and financing activities:
Write-off of fully depreciated real estate	$(108,867)	$(76,653)
Change in real estate included in accounts payable and accrued expenses	$40,421	$(21,035)
Right of use assets obtained in exchange for lease liabilities - operating lease	$—	$30,631
Lease liability - finance lease reversal for re-assessment event	$—	$(38,491)
Right of use asset - finance lease reversal for re-assessment event	$—	$(28,962)

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2025	2024
Non-cash contributions from noncontrolling interests in property partnerships, net	$(2,548)	$86,860
Capitalized operating lease costs	$850	$22,647
Investment in unconsolidated joint ventures eliminated upon consolidation	$—	$(11,834)
Mortgage notes payable recorded upon consolidation	$—	$207,093
Mortgage note payable converted to unsecured term loan	$—	$100,000
Real estate and intangibles recorded upon consolidation	$—	$(220,015)
Real estate contributed in exchange for investment in unconsolidated joint venture	$(5,595)	$—
Investment in unconsolidated joint ventures funded by real estate contributed	$5,595	$—
Distributions declared but not paid	$123,259	$172,191
Conversions of redeemable partnership units to partners’ capital	$4,677	$33,746
Issuance of restricted securities to employees and non-employee directors	$43,658	$43,360

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