BOSTON PROPERTIES LTD PARTNERSHIP

For the period ended Sep 30, 2026. Filed Nov 6, 2026.

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, 2026 · Filed Nov 6, 2026

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, 2026	December 31, 2025
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,539,478 and $8,005,124 at September 30, 2026 and December 31, 2025, respectively)	$28,738,513	$28,241,879
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2026 and December 31, 2025, respectively)	372,619	372,470
Right of use assets - operating leases (amounts related to VIEs of $117,282 and $0 at September 30, 2026 and December 31, 2025, respectively)	285,912	325,841
Less: accumulated depreciation (amounts related to VIEs of $(1,877,361) and $(1,763,988) at September 30, 2026 and December 31, 2025, respectively)	(8,319,577)	(8,040,311)
Total real estate	21,077,467	20,899,879
Cash and cash equivalents (amounts related to VIEs of $280,171 and $255,631 at September 30, 2026 and December 31, 2025, respectively)	1,471,631	1,478,206
Cash held in escrows (amounts related to VIEs of $5,905 and $10,319 at September 30, 2026 and December 31, 2025, respectively)	50,029	79,060
Investments in securities	45,932	44,614
Tenant and other receivables, net (amounts related to VIEs of $31,528 and $30,989 at September 30, 2026 and December 31, 2025, respectively)	92,300	92,625
Note receivable, net	12,495	9,373
Related party notes receivable, net	28,166	28,346
Sales-type lease receivable, net	16,332	15,672
Accrued rental income, net (amounts related to VIEs of $484,313 and $470,734 at September 30, 2026 and December 31, 2025, respectively)	1,599,110	1,538,515
Deferred charges, net (amounts related to VIEs of $253,548 and $204,924 at September 30, 2026 and December 31, 2025, respectively)	843,151	847,690
Prepaid expenses and other assets (amounts related to VIEs of $97,856 and $14,509 at September 30, 2026 and December 31, 2025, respectively)	193,572	108,105
Investments in unconsolidated joint ventures	831,228	999,309
Assets held for sale	10,425	24,770
Total assets	$26,271,838	$26,166,164
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,318,571 and $3,286,870 at September 30, 2026 and December 31, 2025, respectively)	$4,309,813	$4,280,067
Unsecured senior notes, net	9,506,144	9,806,100
Unsecured exchangeable senior notes, net	979,894	976,263
Unsecured line of credit	247,000	—
Unsecured term loans, net	797,671	797,053
Unsecured commercial paper	750,000	750,000
Lease liabilities - finance leases (amounts related to VIEs of $21,193 and $21,074 at September 30, 2026 and December 31, 2025, respectively)	350,953	360,039
Lease liabilities - operating leases (amounts related to VIEs of $167,297 and $0 at September 30, 2026 and December 31, 2025, respectively)	384,213	389,213
Accounts payable and accrued expenses (amounts related to VIEs of $137,831 and $88,849 at September 30, 2026 and December 31, 2025, respectively)	536,428	480,017
Dividends and distributions payable	123,849	123,753
Accrued interest payable	127,383	125,345

BXP, INC.CONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for share and par value amounts)
	September 30, 2026	December 31, 2025
Other liabilities (amounts related to VIEs of $113,415 and $95,209 at September 30, 2026 and December 31, 2025, respectively)	346,911	386,074
Liabilities held for sale	111	—
Total liabilities	18,460,370	18,473,924
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 123,995 and 111,701 units outstanding at redemption value at September 30, 2026 and December 31, 2025, respectively	7,577	7,538
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, 159,751,217 and 158,627,198 issued and 159,672,317 and 158,548,298 outstanding at September 30, 2026 and December 31, 2025, respectively	1,597	1,585
Additional paid-in capital	6,902,261	6,836,243
Dividends in excess of earnings	(1,724,898)	(1,674,995)
Treasury common stock at cost, 78,900 shares at September 30, 2026 and December 31, 2025	(2,722)	(2,722)
Accumulated other comprehensive income (loss)	15,265	(12,921)
Total stockholders’ equity attributable to BXP, Inc.	5,191,503	5,147,190
Noncontrolling interests:
Common units of Boston Properties Limited Partnership	555,123	566,563
Property partnerships	2,057,265	1,970,949
Total equity	7,803,891	7,684,702
Total liabilities and equity	$26,271,838	$26,166,164

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Revenue
Lease	$846,159	$809,820	$2,495,993	$2,426,857
Parking and other	38,269	35,390	106,669	100,431
Hotel	13,219	13,162	37,221	37,532
Development and management services	9,792	9,317	26,632	27,938
Direct reimbursements of payroll and related costs from management services contracts	3,992	3,821	12,763	12,424
Total revenue	911,431	871,510	2,679,278	2,605,182
Expenses
Operating
Rental	335,345	331,736	1,015,568	995,376
Hotel	9,925	9,628	27,276	26,558
General and administrative	37,604	36,188	147,389	130,988
Payroll and related costs from management services contracts	3,992	3,821	12,763	12,424
Transaction costs	101	1,431	168	2,556
Depreciation and amortization	228,679	236,147	693,623	680,073
Total expenses	615,646	618,951	1,896,787	1,847,975
Other income (expense)
Income (loss) from unconsolidated joint ventures	1,145	(148,329)	34,110	(153,792)
Gains on sales of real estate	10,441	1,932	30,840	20,322
Loss on sales-type lease	—	—	—	(2,490)
Interest and other income	7,608	7,620	22,630	23,433
Gains (losses) from investments in securities	(744)	2,400	3,075	4,635
Unrealized gain (loss) on non-real estate investments	386	178	499	(344)
Impairment losses	—	(68,901)	(18,036)	(68,901)
Loss from early extinguishment of debt	—	—	—	(338)
Interest expense	(159,127)	(164,299)	(464,645)	(490,526)
Net income (loss)	155,494	(116,840)	390,964	89,206
Net (income) loss attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(28,692)	(17,853)	(74,682)	(56,702)
Noncontrolling interest—common units of the Operating Partnership	(12,320)	12,981	(31,676)	(4,054)
Net income (loss) attributable to BXP, Inc.	$114,482	$(121,712)	$284,606	$28,450
Basic earnings per common share attributable to BXP, Inc.
Net income (loss)	$0.72	$(0.77)	$1.79	$0.18
Weighted average number of common shares outstanding	159,585	158,345	159,106	158,287
Diluted earnings per common share attributable to BXP, Inc.
Net income (loss)	$0.71	$(0.77)	$1.78	$0.18
Weighted average number of common and common equivalent shares outstanding	160,109	158,345	159,601	158,787

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited and in thousands)

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Net income (loss)	$155,494	$(116,840)	$390,964	$89,206
Other comprehensive income (loss):
Effective portion of interest rate contracts	13,578	(1,280)	27,245	(20,192)
Amortization of interest rate contracts (1)	1,089	1,677	4,441	6,450
Other comprehensive income (loss)	14,667	397	31,686	(13,742)
Comprehensive income (loss)	170,161	(116,443)	422,650	75,464
Net income attributable to noncontrolling interests	(41,012)	(4,872)	(106,358)	(60,756)
Other comprehensive (income) loss attributable to noncontrolling interests	(1,550)	(169)	(3,500)	983
Comprehensive income (loss) attributable to BXP, Inc.	$127,599	$(121,484)	$312,792	$15,691

(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 Income (Loss) · Noncontrolling Interests - Common Units · Noncontrolling Interests - Property Partnerships · Total
Shares · Amount
Equity, June 30, 2026	159,522	$1,595	$6,881,671	$(1,727,547)	$(2,722)	$2,148	$555,763	$2,018,815	$7,729,723
Redemption of operating partnership units to common stock	145	2	4,499	—	—	—	(4,501)	—	—
Allocated net income (loss) for the period	—	—	—	114,420	—	—	12,382	28,692	155,494
Dividends/distributions declared	—	—	—	(111,771)	—	—	(12,608)	—	(124,379)
Shares issued pursuant to stock purchase plan	6	—	425	—	—	—	—	—	425
Net activity from stock option and incentive plan	(1)	—	1,493	—	—	—	6,470	—	7,963
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	10,384	—	—	—	—	42,764	53,148
Distributions to noncontrolling interests in property partnerships	—	—	—	—	—	—	—	(33,150)	(33,150)
Effective portion of interest rate contracts	—	—	—	—	—	12,261	1,317	—	13,578
Amortization of interest rate contracts	—	—	—	—	—	856	89	144	1,089
Reallocation of noncontrolling interest	—	—	3,789	—	—	—	(3,789)	—	—
Equity, September 30, 2026	159,672	$1,597	$6,902,261	$(1,724,898)	$(2,722)	$15,265	$555,123	$2,057,265	$7,803,891
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

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 Income (Loss) · Noncontrolling Interests - Common Units · Noncontrolling Interests - Property Partnerships · Total
Shares · Amount
Equity, December 31, 2025	158,548	$1,585	$6,836,243	$(1,674,995)	$(2,722)	$(12,921)	$566,563	$1,970,949	$7,684,702
Redemption of operating partnership units to common stock	1,031	12	32,020	—	—	—	(32,032)	—	—
Allocated net (loss) income for the period	—	—	—	284,606	—	—	31,676	74,682	390,964
Dividends/distributions declared	—	—	—	(334,509)	—	—	(38,598)	—	(373,107)
Shares issued pursuant to stock purchase plan	12	—	866	—	—	—	—	—	866
Net activity from stock option and incentive plan	81	—	3,736	—	—	—	43,529	—	47,265
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	10,313	—	—	—	—	84,927	95,240
Distributions to noncontrolling interests in property partnerships	—	—	—	—	—	—	—	(73,725)	(73,725)
Effective portion of interest rate contracts	—	—	—	—	—	24,571	2,674	—	27,245
Amortization of interest rate contracts	—	—	—	—	—	3,615	394	432	4,441
Reallocation of noncontrolling interest	—	—	19,083	—	—	—	(19,083)	—	—
Equity, September 30, 2026	159,672	$1,597	$6,902,261	$(1,724,898)	$(2,722)	$15,265	$555,123	$2,057,265	$7,803,891
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 (loss) 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

BXP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2026	2025
Cash flows from operating activities:
Net income	$390,964	$89,206
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	693,623	680,073
Impairment losses	18,036	68,901
Amortization of right of use assets - operating leases	(38)	299
Amortization of sales type lease	(650)	(749)
Non-cash compensation expense	48,738	39,563
(Income) loss from unconsolidated joint ventures	(34,110)	153,792
Distributions of net cash flow from operations of unconsolidated joint ventures	83,085	45,450
Gains from investments in securities	(3,075)	(4,635)
Allowance for current expected credit losses	(9)	(23)
Non-cash portion of interest expense	23,357	24,049
Loss from early extinguishments of debt	—	338
Gains on sales of real estate	(30,840)	(20,322)
Loss on sales-type lease	—	2,490
Unrealized (gain) loss on non-real estate investments	(499)	344
Change in assets and liabilities:
Tenant and other receivables, net	(9,468)	(4,851)
Accrued rental income, net	(74,279)	(82,113)
Prepaid expenses and other assets	(67,191)	(71,234)
Lease liabilities - operating leases	(14,459)	(341)
Accounts payable and accrued expenses	29,283	42,806
Accrued interest payable	1,704	(7,962)
Other liabilities	(21,613)	(40,870)
Tenant leasing costs	(95,167)	(76,806)
Total adjustments	546,428	748,199
Net cash provided by operating activities	937,392	837,405
Cash flows from investing activities:
Acquisitions of real estate	(30,287)	—
Construction in progress	(574,016)	(500,537)
Building, pre-development and other capital improvements	(84,691)	(171,660)
Tenant improvements	(289,908)	(243,194)
Proceeds from sales of real estate	294,234	21,840
Capital contributions to unconsolidated joint ventures	(95,883)	(118,524)
Capital distributions from unconsolidated joint ventures	7,431	29,211
Proceeds from sales of investments in unconsolidated joint ventures	215,058	—
Investment in non-real estate investments	(2,612)	(2,060)
Issuance of notes receivable (including related party)	(13,448)	(4,026)
Investments in securities, net	1,781	722
Net cash used in investing activities	(572,341)	(988,228)

BXP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2026	2025
Cash flows from financing activities:
Proceeds from mortgage notes payable	80,086	—
Repayments of mortgage notes payable	(3,247)	(3,195)
Proceeds from unsecured senior notes	698,859	—
Repayment / redemption of unsecured senior notes	(1,000,000)	(850,000)
Proceeds from unsecured exchangeable senior notes	—	1,000,000
Borrowings on unsecured line of credit	467,000	865,000
Repayments of unsecured line of credit	(220,000)	(865,000)
Borrowings on unsecured term loans	—	700,000
Repayment of unsecured term loans	—	(700,000)
Payments on finance lease obligations	(10,762)	(10,174)
Borrowings on commercial paper program	8,227,912	5,681,892
Repayments on commercial paper program	(8,227,912)	(5,431,892)
Deferred financing costs	(60,530)	(37,145)
Capped call transactions premium	—	(35,000)
Net activity from equity transactions	(566)	(433)
Dividends and distributions	(373,011)	(519,720)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	95,239	67,179
Distributions to noncontrolling interests in property partnerships	(73,725)	(63,552)
Acquisition of noncontrolling interests in property partnerships	—	(43,604)
Net cash used in financing activities	(400,657)	(245,644)
Net decrease in cash and cash equivalents and cash held in escrows	(35,606)	(396,467)
Cash and cash equivalents and cash held in escrows, beginning of period	1,557,266	1,335,196
Cash and cash equivalents and cash held in escrows, end of period	$1,521,660	$938,729
Reconciliation of cash and cash equivalents and cash held in escrows:
Cash and cash equivalents, beginning of period	$1,478,206	$1,254,882
Cash held in escrows, beginning of period	79,060	80,314
Cash and cash equivalents and cash held in escrows, beginning of period	$1,557,266	$1,335,196
Cash and cash equivalents, end of period	$1,471,631	$861,066
Cash held in escrows, end of period	50,029	77,663
Cash and cash equivalents and cash held in escrows, end of period	$1,521,660	$938,729
Supplemental disclosures:
Cash paid for interest (net of amounts capitalized)	$478,729	$513,887
Interest capitalized	$41,006	$35,956

BXP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2026	2025
Non-cash investing and financing activities:
Write-off of fully depreciated real estate	$(185,945)	$(108,867)
Change in real estate included in accounts payable and accrued expenses	$30,647	$40,421
Non-cash contributions from noncontrolling interests in property partnerships, net	$(5,272)	$(2,548)
Capitalized operating lease costs	$24,148	$850
Capitalized amortization of deferred financing costs	$2,414	$—
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
Related party note receivable contributed in exchange for investment in unconsolidated joint venture	$(10,500)	$—
Investment in unconsolidated joint ventures funded by related party note receivable contributed	$10,500	$—
Dividends and distributions declared but not paid	$123,849	$123,259
Conversions of noncontrolling interests to stockholders’ equity	$32,032	$4,677
Issuance of restricted securities to employees and non-employee directors	$47,151	$43,658

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for unit amounts)
	September 30, 2026	December 31, 2025
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,539,478 and $8,005,124 at September 30, 2026 and December 31, 2025, respectively)	$28,383,139	$27,884,397
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2026 and December 31, 2025, respectively)	372,619	372,470
Right of use assets - operating leases (amounts related to VIEs of $117,282 and $0 at September 30, 2026 and December 31, 2025, respectively)	285,912	325,841
Less: accumulated depreciation (amounts related to VIEs of $(1,877,361) and $(1,763,988) at September 30, 2026 and December 31, 2025, respectively)	(8,181,719)	(7,906,629)
Total real estate	20,859,951	20,676,079
Cash and cash equivalents (amounts related to VIEs of $280,171 and $255,631 at September 30, 2026 and December 31, 2025, respectively)	1,471,631	1,478,206
Cash held in escrows (amounts related to VIEs of $5,905 and $10,319 at September 30, 2026 and December 31, 2025, respectively)	50,029	79,060
Investments in securities	45,932	44,614
Tenant and other receivables, net (amounts related to VIEs of $31,528 and $30,989 at September 30, 2026 and December 31, 2025, respectively)	92,300	92,625
Note receivable, net	12,495	9,373
Related party notes receivable, net	28,166	28,346
Sales-type lease receivable, net	16,332	15,672
Accrued rental income, net (amounts related to VIEs of $484,313 and $470,734 at September 30, 2026 and December 31, 2025, respectively)	1,599,110	1,538,515
Deferred charges, net (amounts related to VIEs of $253,548 and $204,924 at September 30, 2026 and December 31, 2025, respectively)	843,151	847,690
Prepaid expenses and other assets (amounts related to VIEs of $97,856 and $14,509 at September 30, 2026 and December 31, 2025, respectively)	193,572	108,105
Investments in unconsolidated joint ventures	831,228	999,309
Assets held for sale	10,425	24,770
Total assets	$26,054,322	$25,942,364
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,318,571 and $3,286,870 at September 30, 2026 and December 31, 2025, respectively)	$4,309,813	$4,280,067
Unsecured senior notes, net	9,506,144	9,806,100
Unsecured exchangeable senior notes, net	979,894	976,263
Unsecured line of credit	247,000	—
Unsecured term loans, net	797,671	797,053
Unsecured commercial paper	750,000	750,000
Lease liabilities - finance leases (amounts related to VIEs of $21,193 and $21,074 at September 30, 2026 and December 31, 2025, respectively)	350,953	360,039
Lease liabilities - operating leases (amounts related to VIEs of $167,297 and $0 at September 30, 2026 and December 31, 2025, respectively)	384,213	389,213
Accounts payable and accrued expenses (amounts related to VIEs of $137,831 and $88,849 at September 30, 2026 and December 31, 2025, respectively)	536,428	480,017
Dividends and distributions payable	123,849	123,753
Accrued interest payable	127,383	125,345
Other liabilities (amounts related to VIEs of $113,415 and $95,209 at September 30, 2026 and December 31, 2025, respectively)	346,911	386,074
Liabilities held for sale	111	—
Total liabilities	18,460,370	18,473,924

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for unit amounts)
	September 30, 2026	December 31, 2025
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 123,995 and 111,701 units outstanding at redemption value at September 30, 2026 and December 31, 2025, respectively	7,577	7,538
Noncontrolling interests:
Redeemable partnership units— 14,722,303 and 15,590,009 common units and 3,102,888 and 2,662,140 long term incentive units outstanding at redemption value at September 30, 2026 and December 31, 2025, respectively	1,137,101	1,272,719
Capital:
Boston Properties Limited Partnership partners’ capital— 1,774,975 and 1,768,004 general partner units and 157,897,342 and 156,780,294 limited partner units outstanding at September 30, 2026 and December 31, 2025, respectively	4,376,744	4,230,155
Accumulated other comprehensive income (loss)	15,265	(12,921)
Total partners’ capital	4,392,009	4,217,234
Noncontrolling interests in property partnerships	2,057,265	1,970,949
Total capital	6,449,274	6,188,183
Total liabilities and capital	$26,054,322	$25,942,364

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Revenue
Lease	$846,159	$809,820	$2,495,993	$2,426,857
Parking and other	38,269	35,390	106,669	100,431
Hotel	13,219	13,162	37,221	37,532
Development and management services	9,792	9,317	26,632	27,938
Direct reimbursements of payroll and related costs from management services contracts	3,992	3,821	12,763	12,424
Total revenue	911,431	871,510	2,679,278	2,605,182
Expenses
Operating
Rental	335,345	331,736	1,015,568	995,376
Hotel	9,925	9,628	27,276	26,558
General and administrative	37,604	36,188	147,389	130,988
Payroll and related costs from management services contracts	3,992	3,821	12,763	12,424
Transaction costs	101	1,431	168	2,556
Depreciation and amortization	227,016	234,444	688,642	674,964
Total expenses	613,983	617,248	1,891,806	1,842,866
Other income (expense)
Income (loss) from unconsolidated joint ventures	1,145	(148,329)	34,110	(153,792)
Gains on sales of real estate	10,441	1,932	30,859	20,421
Loss on sales-type lease	—	—	—	(2,490)
Interest and other income	7,608	7,620	22,630	23,433
Gains (losses) from investments in securities	(744)	2,400	3,075	4,635
Unrealized gain (loss) on non-real estate investments	386	178	499	(344)
Impairment losses	—	(65,988)	(16,752)	(65,988)
Loss from early extinguishment of debt	—	—	—	(338)
Interest expense	(159,127)	(164,299)	(464,645)	(490,526)
Net income (loss)	157,157	(112,224)	397,248	97,327
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(28,692)	(17,853)	(74,682)	(56,702)
Net income (loss) attributable to Boston Properties Limited Partnership	$128,465	$(130,077)	$322,566	$40,625
Basic earnings per common unit attributable to Boston Properties Limited Partnership
Net income (loss)	$0.73	$(0.74)	$1.83	$0.23
Weighted average number of common units outstanding	176,512	175,901	176,435	175,842
Diluted earnings per common unit attributable to Boston Properties Limited Partnership
Net income (loss)	$0.73	$(0.74)	$1.82	$0.23
Weighted average number of common and common equivalent units outstanding	177,036	175,901	176,930	176,342

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited and in thousands)

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Net income (loss)	$157,157	$(112,224)	$397,248	$97,327
Other comprehensive income (loss):
Effective portion of interest rate contracts	13,578	(1,280)	27,245	(20,192)
Amortization of interest rate contracts (1)	1,089	1,677	4,441	6,450
Other comprehensive income (loss)	14,667	397	31,686	(13,742)
Comprehensive income (loss)	171,824	(111,827)	428,934	83,585
Comprehensive income attributable to noncontrolling interests	(28,836)	(17,997)	(75,114)	(57,134)
Comprehensive income (loss) attributable to Boston Properties Limited Partnership	$142,988	$(129,824)	$353,820	$26,451

(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 Income (Loss)	NoncontrollingInterests - Property Partnerships	Total Capital	Noncontrolling Interests - Redeemable Partnership Units
Equity, June 30, 2026	1,775	157,747	$4,255,976	$2,148	$2,018,815	$6,276,939	$1,233,605
Net activity from contributions and unearned compensation	—	5	1,918	—	—	1,918	6,470
Allocated net income (loss) for the period	—	—	116,083	—	28,692	144,775	12,382
Distributions	—	—	(111,771)	—	—	(111,771)	(12,608)
Conversion of redeemable partnership units	—	145	4,501	—	—	4,501	(4,501)
Adjustment to reflect redeemable partnership units at redemption value	—	—	99,653	—	—	99,653	(99,653)
Effective portion of interest rate contracts	—	—	—	12,261	—	12,261	1,317
Amortization of interest rate contracts	—	—	—	856	144	1,000	89
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	10,384	—	42,764	53,148	—
Distributions to noncontrolling interests in property partnerships	—	—	—	—	(33,150)	(33,150)	—
Equity, September 30, 2026	1,775	157,897	$4,376,744	$15,265	$2,057,265	$6,449,274	$1,137,101
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

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 Income (Loss)	NoncontrollingInterests - Property Partnerships	Total Capital	Noncontrolling Interests - Redeemable Partnership Units
Equity, December 31, 2025	1,768	156,780	$4,230,155	$(12,921)	$1,970,949	$6,188,183	$1,272,719
Net activity from contributions and unearned compensation	4	89	4,602	—	—	4,602	43,529
Allocated net income for the period	—	—	290,890	—	74,682	365,572	31,676
Distributions	—	—	(334,509)	—	—	(334,509)	(38,598)
Conversion of redeemable partnership units	3	1,028	32,032	—	—	32,032	(32,032)
Adjustment to reflect redeemable partnership units at redemption value	—	—	143,261	—	—	143,261	(143,261)
Effective portion of interest rate contracts	—	—	—	24,571	—	24,571	2,674
Amortization of interest rate contracts	—	—	—	3,615	432	4,047	394
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	10,313	—	84,927	95,240	—
Distributions to noncontrolling interests in property partnerships	—	—	—	—	(73,725)	(73,725)	—
Equity, September 30, 2026	1,775	157,897	$4,376,744	$15,265	$2,057,265	$6,449,274	$1,137,101
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

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2026	2025
Cash flows from operating activities:
Net income	$397,248	$97,327
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	688,642	674,964
Impairment losses	16,752	65,988
Amortization of right of use assets - operating leases	(38)	299
Amortization of sales type lease	(650)	(749)
Non-cash compensation expense	48,738	39,563
(Income) loss from unconsolidated joint ventures	(34,110)	153,792
Distributions of net cash flow from operations of unconsolidated joint ventures	83,085	45,450
Gains from investments in securities	(3,075)	(4,635)
Allowance for current expected credit losses	(9)	(23)
Non-cash portion of interest expense	23,357	24,049
Loss from early extinguishments of debt	—	338
Gains on sales of real estate	(30,859)	(20,421)
Loss on sales-type lease	—	2,490
Unrealized (gain) loss on non-real estate investments	(499)	344
Change in assets and liabilities:
Tenant and other receivables, net	(9,468)	(4,851)
Accrued rental income, net	(74,279)	(82,113)
Prepaid expenses and other assets	(67,191)	(71,234)
Lease liabilities - operating leases	(14,459)	(341)
Accounts payable and accrued expenses	29,283	42,806
Accrued interest payable	1,704	(7,962)
Other liabilities	(21,613)	(40,870)
Tenant leasing costs	(95,167)	(76,806)
Total adjustments	540,144	740,078
Net cash provided by operating activities	937,392	837,405
Cash flows from investing activities:
Acquisitions of real estate	(30,287)	—
Construction in progress	(574,016)	(500,537)
Building, pre-development and other capital improvements	(84,691)	(171,660)
Tenant improvements	(289,908)	(243,194)
Proceeds from sales of real estate	294,234	21,840
Capital contributions to unconsolidated joint ventures	(95,883)	(118,524)
Capital distributions from unconsolidated joint ventures	7,431	29,211
Proceeds from sales of investments in unconsolidated joint ventures	215,058	—
Investment in non-real estate investments	(2,612)	(2,060)
Issuance of notes receivable (including related party)	(13,448)	(4,026)
Investments in securities, net	1,781	722
Net cash used in investing activities	(572,341)	(988,228)

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2026	2025
Cash flows from financing activities:
Proceeds from mortgage notes payable	80,086	—
Repayments of mortgage notes payable	(3,247)	(3,195)
Proceeds from unsecured senior notes	698,859	—
Repayment / redemption of unsecured senior notes	(1,000,000)	(850,000)
Proceeds from unsecured exchangeable senior notes	—	1,000,000
Borrowings on unsecured line of credit	467,000	865,000
Repayments of unsecured line of credit	(220,000)	(865,000)
Borrowings on unsecured term loans	—	700,000
Repayment of unsecured term loans	—	(700,000)
Payments on finance lease obligations	(10,762)	(10,174)
Borrowings on commercial paper program	8,227,912	5,681,892
Repayments on commercial paper program	(8,227,912)	(5,431,892)
Deferred financing costs	(60,530)	(37,145)
Capped call transactions premium	—	(35,000)
Net activity from equity transactions	(566)	(433)
Distributions	(373,011)	(519,720)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	95,239	67,179
Distributions to noncontrolling interests in property partnerships	(73,725)	(63,552)
Acquisition of noncontrolling interests in property partnerships	—	(43,604)
Net cash used in financing activities	(400,657)	(245,644)
Net decrease in cash and cash equivalents and cash held in escrows	(35,606)	(396,467)
Cash and cash equivalents and cash held in escrows, beginning of period	1,557,266	1,335,196
Cash and cash equivalents and cash held in escrows, end of period	$1,521,660	$938,729
Reconciliation of cash and cash equivalents and cash held in escrows:
Cash and cash equivalents, beginning of period	$1,478,206	$1,254,882
Cash held in escrows, beginning of period	79,060	80,314
Cash and cash equivalents and cash held in escrows, beginning of period	$1,557,266	$1,335,196
Cash and cash equivalents, end of period	$1,471,631	$861,066
Cash held in escrows, end of period	50,029	77,663
Cash and cash equivalents and cash held in escrows, end of period	$1,521,660	$938,729
Supplemental disclosures:
Cash paid for interest (net of amounts capitalized)	$478,729	$513,887
Interest capitalized	$41,006	$35,956

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Nine months ended September 30,
	2026	2025
Non-cash investing and financing activities:
Write-off of fully depreciated real estate	$(185,945)	$(108,867)
Change in real estate included in accounts payable and accrued expenses	$30,647	$40,421
Non-cash contributions from noncontrolling interests in property partnerships, net	$(5,272)	$(2,548)
Capitalized operating lease costs	$24,148	$850
Capitalized amortization of deferred financing costs	$2,414	$—
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
Related party note receivable contributed in exchange for investment in unconsolidated joint venture	$(10,500)	$—
Investment in unconsolidated joint ventures funded by related party note receivable contributed	$10,500	$—
Distributions declared but not paid	$123,849	$123,259
Conversions of redeemable partnership units to partners’ capital	$32,032	$4,677
Issuance of restricted securities to employees and non-employee directors	$47,151	$43,658

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