BOSTON PROPERTIES LTD PARTNERSHIP

For the period ended Jun 30, 2025. Filed Aug 6, 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.

Jun 30, 2025 · Filed Aug 6, 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)
	June 30, 2025	December 31, 2024
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,917,248 and $7,797,430 at June 30, 2025 and December 31, 2024, respectively)	$28,428,074	$27,870,623
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2025 and December 31, 2024, respectively)	372,839	372,922
Right of use assets - operating leases (amounts related to VIEs of $131,751 and $140,558 at June 30, 2025 and December 31, 2024, respectively)	325,670	334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,698,752) and $(1,628,274) at June 30, 2025 and December 31, 2024, respectively)	(7,863,743)	(7,528,057)
Total real estate	21,262,840	21,050,255
Cash and cash equivalents (amounts related to VIEs of $319,475 and $373,737 at June 30, 2025 and December 31, 2024, respectively)	446,953	1,254,882
Cash held in escrows (amounts related to VIEs of $4,997 and $4,979 at June 30, 2025 and December 31, 2024, respectively)	80,888	80,314
Investments in securities	41,062	39,706
Tenant and other receivables, net (amounts related to VIEs of $31,572 and $20,435 at June 30, 2025 and December 31, 2024, respectively)	109,683	107,453
Note receivable, net	6,711	4,947
Related party notes receivable, net	88,825	88,779
Sales-type lease receivable, net	15,188	14,657
Accrued rental income, net (amounts related to VIEs of $452,950 and $435,110 at June 30, 2025 and December 31, 2024, respectively)	1,509,347	1,466,220
Deferred charges, net (amounts related to VIEs of $208,365 and $211,726 at June 30, 2025 and December 31, 2024, respectively)	809,033	813,345
Prepaid expenses and other assets (amounts related to VIEs of $18,569 and $15,036 at June 30, 2025 and December 31, 2024, respectively)	89,624	70,839
Investments in unconsolidated joint ventures	1,161,036	1,093,583
Total assets	$25,621,190	$26,084,980
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,284,449 and $3,282,027 at June 30, 2025 and December 31, 2024, respectively)	$4,278,788	$4,276,609
Unsecured senior notes, net	9,800,577	10,645,077
Unsecured line of credit	185,000	—
Unsecured term loans, net	796,640	798,813
Unsecured commercial paper	750,000	500,000
Lease liabilities - finance leases (amounts related to VIEs of $21,010 and $20,931 at June 30, 2025 and December 31, 2024, respectively)	365,897	370,885
Lease liabilities - operating leases (amounts related to VIEs of $163,981 and $157,691 at June 30, 2025 and December 31, 2024, respectively)	399,174	392,686
Accounts payable and accrued expenses (amounts related to VIEs of $144,822 and $115,808 at June 30, 2025 and December 31, 2024, respectively)	480,158	401,874
Dividends and distributions payable	172,732	172,486
Accrued interest payable	120,975	128,098
Other liabilities (amounts related to VIEs of $93,554 and $126,202 at June 30, 2025 and December 31, 2024, respectively)	416,838	450,796
Total liabilities	17,766,779	18,137,324

BXP, INC.CONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for share and par value amounts)
	June 30, 2025	December 31, 2024
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 103,473 and 128,227 units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively	6,981	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, 158,445,177 and 158,253,895 issued and 158,366,277 and 158,174,995 outstanding at June 30, 2025 and December 31, 2024, respectively	1,584	1,582
Additional paid-in capital	6,854,753	6,836,093
Dividends in excess of earnings	(1,579,770)	(1,419,575)
Treasury common stock at cost, 78,900 shares at June 30, 2025 and December 31, 2024	(2,722)	(2,722)
Accumulated other comprehensive loss	(15,059)	(2,072)
Total stockholders’ equity attributable to BXP, Inc.	5,258,786	5,413,306
Noncontrolling interests:
Common units of Boston Properties Limited Partnership	584,651	591,270
Property partnerships	2,003,993	1,933,545
Total equity	7,847,430	7,938,121
Total liabilities and equity	$25,621,190	$26,084,980

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Revenue
Lease	$805,935	$790,555	$1,617,037	$1,579,145
Parking and other	34,799	34,615	65,041	66,831
Hotel	14,773	14,812	24,370	22,998
Development and management services	8,846	6,352	18,621	12,506
Direct reimbursements of payroll and related costs from management services contracts	4,104	4,148	8,603	8,441
Total revenue	868,457	850,482	1,733,672	1,689,921
Expenses
Operating
Rental	332,062	321,426	663,640	635,583
Hotel	9,365	9,839	16,930	15,854
General and administrative	42,516	44,109	94,800	94,127
Payroll and related costs from management services contracts	4,104	4,148	8,603	8,441
Transaction costs	357	189	1,125	702
Depreciation and amortization	223,819	219,542	443,926	438,258
Total expenses	612,223	599,253	1,229,024	1,192,965
Other income (expense)
Income (loss) from unconsolidated joint ventures	(3,324)	(5,799)	(5,463)	13,387
Gain on sale of real estate	18,390	—	18,390	—
Loss on sales-type lease	—	—	(2,490)	—
Interest and other income (loss)	8,063	10,788	15,813	25,317
Gains from investments in securities	2,600	315	2,235	2,587
Unrealized gain (loss) on non-real estate investments	(39)	58	(522)	454
Impairment loss	—	—	—	(13,615)
Loss from early extinguishment of debt	—	—	(338)	—
Interest expense	(162,783)	(149,642)	(326,227)	(311,533)
Net income	119,141	106,949	206,046	213,553
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(20,100)	(17,825)	(38,849)	(35,046)
Noncontrolling interest—common units of the Operating Partnership	(10,064)	(9,509)	(17,036)	(19,009)
Net income attributable to BXP, Inc.	$88,977	$79,615	$150,161	$159,498
Basic earnings per common share attributable to BXP, Inc.
Net income	$0.56	$0.51	$0.95	$1.02
Weighted average number of common shares outstanding	158,312	157,039	158,257	157,011
Diluted earnings per common share attributable to BXP, Inc.
Net income	$0.56	$0.51	$0.95	$1.01
Weighted average number of common and common equivalent shares outstanding	158,795	157,291	158,713	157,210

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited and in thousands)

	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Net income	$119,141	$106,949	$206,046	$213,553
Other comprehensive income (loss):
Effective portion of interest rate contracts	(5,636)	936	(18,912)	17,287
Amortization of interest rate contracts (1)	1,692	3,081	4,773	6,441
Other comprehensive income (loss)	(3,944)	4,017	(14,139)	23,728
Comprehensive income	115,197	110,966	191,907	237,281
Net income attributable to noncontrolling interests	(30,164)	(27,334)	(55,885)	(54,055)
Other comprehensive (income) loss attributable to noncontrolling interests	264	(552)	1,152	(2,736)
Comprehensive income attributable to BXP, Inc.	$85,297	$83,080	$137,174	$180,490

(1)Amounts reclassified from comprehensive income 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, March 31, 2025	158,323	$1,583	$6,846,015	$(1,513,555)	$(2,722)	$(11,379)	$591,555	$1,938,344	$7,849,841
Redemption of operating partnership units to common stock	4	1	124	—	—	—	(125)	—	—
Allocated net income for the period	—	—	—	88,984	—	—	10,057	20,100	119,141
Dividends/distributions declared	—	—	—	(155,199)	—	—	(18,158)	—	(173,357)
Shares issued pursuant to stock purchase plan	—	—	(62)	—	—	—	—	—	(62)
Net activity from stock option and incentive plan	39	—	3,111	—	—	—	10,736	—	13,847
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	(3,441)	—	—	—	—	63,882	60,441
Distributions to noncontrolling interests in property partnerships	—	—	—	—	—	—	—	(18,477)	(18,477)
Effective portion of interest rate contracts	—	—	—	—	—	(5,075)	(561)	—	(5,636)
Amortization of interest rate contracts	—	—	—	—	—	1,395	153	144	1,692
Reallocation of noncontrolling interest	—	—	9,006	—	—	—	(9,006)	—	—
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
Equity, March 31, 2024	157,049	$1,570	$6,752,648	$(890,177)	$(2,722)	$(3,620)	$684,969	$1,734,904	$8,277,572
Redemption of operating partnership units to common stock	41	1	1,450	—	—	—	(1,451)	—	—
Allocated net income for the period	—	—	—	79,615	—	—	9,509	17,825	106,949
Dividends/distributions declared	—	—	—	(153,956)	—	—	(18,842)	—	(172,798)
Net activity from stock option and incentive plan	8	—	2,499	—	—	—	14,041	—	16,540
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	1,244	—	—	—	—	66,237	67,481
Distributions to noncontrolling interests in property partnerships	—	—	—	—	—	—	—	(17,434)	(17,434)
Effective portion of interest rate contracts	—	—	—	—	—	835	101	—	936
Amortization of interest rate contracts	—	—	—	—	—	2,630	307	144	3,081
Reallocation of noncontrolling interest	—	—	10,845	—	—	—	(10,845)	—	—
Equity, June 30, 2024	157,098	$1,571	$6,768,686	$(964,518)	$(2,722)	$(155)	$677,789	$1,801,676	$8,282,327

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	116	2	3,799	—	—	—	(3,801)	—	—
Allocated net income for the period	—	—	—	150,161	—	—	17,036	38,849	206,046
Dividends/distributions declared	—	—	—	(310,356)	—	—	(36,307)	—	(346,663)
Shares issued pursuant to stock purchase plan	6	—	408	—	—	—	—	—	408
Net activity from stock option and incentive plan	69	—	4,343	—	—	—	31,725	—	36,068
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	(3,722)	—	—	—	—	69,313	65,591
Distributions to noncontrolling interests in property partnerships	—	—	—	—	—	—	—	(38,002)	(38,002)
Effective portion of interest rate contracts	—	—	—	—	—	(17,025)	(1,887)	—	(18,912)
Amortization of interest rate contracts	—	—	—	—	—	4,038	447	288	4,773
Reallocation of noncontrolling interest	—	—	13,832	—	—	—	(13,832)	—	—
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
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	77	2	2,752	—	—	—	(2,754)	—	—
Allocated net income for the period	—	—	—	159,498	—	—	19,009	35,046	213,553
Dividends/distributions declared	—	—	—	(307,864)	—	—	(37,706)	—	(345,570)
Shares issued pursuant to stock purchase plan	8	—	600	—	—	—	—	—	600
Net activity from stock option and incentive plan	72	—	4,761	—	—	—	28,310	—	33,071
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	47,326	—	—	—	—	163,097	210,423
Distributions to noncontrolling interests in property partnerships	—	—	—	—	—	—	—	(37,459)	(37,459)
Effective portion of interest rate contracts	—	—	—	—	—	15,481	1,806	—	17,287
Amortization of interest rate contracts	—	—	—	—	—	5,511	642	288	6,441
Reallocation of noncontrolling interest	—	—	(1,902)	—	—	—	1,902	—	—
Equity, June 30, 2024	157,098	$1,571	$6,768,686	$(964,518)	$(2,722)	$(155)	$677,789	$1,801,676	$8,282,327

BXP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Six months ended June 30,
	2025	2024
Cash flows from operating activities:
Net income	$206,046	$213,553
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	443,926	438,258
Impairment loss	—	13,615
Amortization of right of use assets - operating leases	289	1,785
Amortization of sales type lease	(513)	(488)
Non-cash compensation expense	34,860	35,187
Loss (Income) from unconsolidated joint ventures	5,463	(13,387)
Distributions of net cash flow from operations of unconsolidated joint ventures	25,857	21,153
Gains from investments in securities	(2,235)	(2,587)
Allowance for current expected credit losses	(6)	36
Non-cash portion of interest expense	16,926	14,172
Loss from early extinguishments of debt	338	—
Gain on sale of real estate	(18,390)	—
Loss on sales-type lease	2,490	—
Unrealized (gain) loss on non-real estate investments	522	(454)
Change in assets and liabilities:
Tenant and other receivables, net	4,336	39,743
Accrued rental income, net	(51,222)	(52,590)
Prepaid expenses and other assets	(22,275)	(14,685)
Right of use assets - operating lease	—	(750)
Lease liabilities - operating leases	199	(997)
Accounts payable and accrued expenses	12,133	(24,650)
Accrued interest payable	(7,116)	(21,637)
Other liabilities	(41,586)	(38,169)
Tenant leasing costs	(46,861)	(42,449)
Total adjustments	357,135	351,106
Net cash provided by operating activities	563,181	564,659
Cash flows from investing activities:
Construction in progress	(278,667)	(313,602)
Building, pre-development and other capital improvements	(129,031)	(66,799)
Tenant improvements	(139,748)	(117,848)
Proceeds from sale of real estate	21,840	—
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash)	—	6,086
Capital contributions to unconsolidated joint ventures	(84,432)	(60,461)
Investment in non-real estate investments	(1,430)	(625)
Issuance of note receivables (including related party)	(1,800)	(1,423)
Investments in securities, net	864	1,168
Net cash used in investing activities	(612,404)	(553,504)

BXP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Six months ended June 30,
	2025	2024
Cash flows from financing activities:
Repayments of mortgage notes payable	(2,152)	(2,019)
Repayment / redemption of unsecured senior notes	(850,000)	(700,000)
Borrowings on unsecured line of credit	520,000	—
Repayments of unsecured line of credit	(335,000)	—
Borrowings on unsecured term loans	700,000	—
Repayment of unsecured term loans	(700,000)	(500,000)
Payments on finance lease obligations	(6,735)	(5,999)
Borrowings on commercial paper program	3,997,365	1,859,075
Repayments on commercial paper program	(3,747,365)	(1,359,075)
Deferred financing costs	(14,478)	(2,633)
Net activity from equity transactions	(938)	(2,136)
Dividends and distributions	(346,418)	(344,574)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	65,591	208,599
Distributions to noncontrolling interests in property partnerships	(38,002)	(37,459)
Net cash used in financing activities	(758,132)	(886,221)
Net decrease in cash and cash equivalents and cash held in escrows	(807,355)	(875,066)
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	$527,841	$737,501
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	$446,953	$685,376
Cash held in escrows, end of period	80,888	52,125
Cash and cash equivalents and cash held in escrows, end of period	$527,841	$737,501
Supplemental disclosures:
Cash paid for interest (net of amounts capitalized)	$342,936	$342,409
Interest capitalized	$22,465	$19,717
Non-cash investing and financing activities:
Write-off of fully depreciated real estate	$(48,037)	$(57,999)
Change in real estate included in accounts payable and accrued expenses	$64,135	$(48,896)
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)
Non-cash contributions from noncontrolling interests in property partnerships, net	$(2,393)	$60,410
Capitalized operating lease costs	$15,096	$15,098
Investment in unconsolidated joint ventures eliminated upon consolidation	$—	$(11,834)
Mortgage note payable recorded upon consolidation	$—	$207,093

BXP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Six months ended June 30,
	2025	2024
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	$172,732	$172,172
Conversions of noncontrolling interests to stockholders’ equity	$3,801	$2,754
Issuance of restricted securities to employees and non-employee directors	$43,658	$43,366

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for unit amounts)
	June 30, 2025	December 31, 2024
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,917,248 and $7,797,430 at June 30, 2025 and December 31, 2024, respectively)	$28,061,966	$27,504,358
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2025 and December 31, 2024, respectively)	372,839	372,922
Right of use assets - operating leases (amounts related to VIEs of $131,751 and $140,558 at June 30, 2025 and December 31, 2024, respectively)	325,670	334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,698,752) and $(1,628,274) at June 30, 2025 and December 31, 2024, respectively)	(7,730,220)	(7,397,882)
Total real estate	21,030,255	20,814,165
Cash and cash equivalents (amounts related to VIEs of $319,475 and $373,737 at June 30, 2025 and December 31, 2024, respectively)	446,953	1,254,882
Cash held in escrows (amounts related to VIEs of $4,997 and $4,979 at June 30, 2025 and December 31, 2024, respectively)	80,888	80,314
Investments in securities	41,062	39,706
Tenant and other receivables, net (amounts related to VIEs of $31,572 and $20,435 at June 30, 2025 and December 31, 2024, respectively)	109,683	107,453
Note receivable, net	6,711	4,947
Related party notes receivables, net	88,825	88,779
Sales-type lease receivable, net	15,188	14,657
Accrued rental income, net (amounts related to VIEs of $452,950 and $435,110 at June 30, 2025 and December 31, 2024, respectively)	1,509,347	1,466,220
Deferred charges, net (amounts related to VIEs of $208,365 and $211,726 at June 30, 2025 and December 31, 2024, respectively)	809,033	813,345
Prepaid expenses and other assets (amounts related to VIEs of $18,569 and $15,036 at June 30, 2025 and December 31, 2024, respectively)	89,624	70,839
Investments in unconsolidated joint ventures	1,161,036	1,093,583
Total assets	$25,388,605	$25,848,890
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,284,449 and $3,282,027 at June 30, 2025 and December 31, 2024, respectively)	$4,278,788	$4,276,609
Unsecured senior notes, net	9,800,577	10,645,077
Unsecured line of credit	185,000	—
Unsecured term loans, net	796,640	798,813
Unsecured commercial paper	750,000	500,000
Lease liabilities - finance leases (amounts related to VIEs of $21,010 and $20,931 at June 30, 2025 and December 31, 2024, respectively)	365,897	370,885
Lease liabilities - operating leases (amounts related to VIEs of $163,981 and $157,691 at June 30, 2025 and December 31, 2024, respectively)	399,174	392,686
Accounts payable and accrued expenses (amounts related to VIEs of $144,822 and $115,808 at June 30, 2025 and December 31, 2024, respectively)	480,158	401,874
Dividends and distributions payable	172,732	172,486
Accrued interest payable	120,975	128,098
Other liabilities (amounts related to VIEs of $93,554 and $126,202 at June 30, 2025 and December 31, 2024, respectively)	416,838	450,796
Total liabilities	17,766,779	18,137,324

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for unit amounts)
	June 30, 2025	December 31, 2024
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 103,473 and 128,227 units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively	6,981	9,535
Noncontrolling interests:
Redeemable partnership units— 15,707,557 and 15,730,882 common units and 2,720,300 and 2,335,229 long term incentive units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively	1,285,061	1,378,573
Capital:
Boston Properties Limited Partnership partners’ capital— 1,767,941 and 1,762,411 general partner units and 156,598,336 and 156,412,584 limited partner units outstanding at June 30, 2025 and December 31, 2024, respectively	4,340,850	4,391,985
Accumulated other comprehensive loss	(15,059)	(2,072)
Total partners’ capital	4,325,791	4,389,913
Noncontrolling interests in property partnerships	2,003,993	1,933,545
Total capital	6,329,784	6,323,458
Total liabilities and capital	$25,388,605	$25,848,890

CONSOLIDATED STATEMENTS OF OPERATIONS

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

	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Revenue
Lease	$805,935	$790,555	$1,617,037	$1,579,145
Parking and other	34,799	34,615	65,041	66,831
Hotel	14,773	14,812	24,370	22,998
Development and management services	8,846	6,352	18,621	12,506
Direct reimbursements of payroll and related costs from management services contracts	4,104	4,148	8,603	8,441
Total revenue	868,457	850,482	1,733,672	1,689,921
Expenses
Operating
Rental	332,062	321,426	663,640	635,583
Hotel	9,365	9,839	16,930	15,854
General and administrative	42,516	44,109	94,800	94,127
Payroll and related costs from management services contracts	4,104	4,148	8,603	8,441
Transaction costs	357	189	1,125	702
Depreciation and amortization	222,116	217,839	440,520	434,858
Total expenses	610,520	597,550	1,225,618	1,189,565
Other income (expense)
Income (loss) from unconsolidated joint ventures	(3,324)	(5,799)	(5,463)	13,387
Gain on sale of real estate	18,489	—	18,489	—
Loss on sales-type lease	—	—	(2,490)	—
Interest and other income (loss)	8,063	10,788	15,813	25,317
Gains from investments in securities	2,600	315	2,235	2,587
Unrealized gain (loss) on non-real estate investments	(39)	58	(522)	454
Impairment loss	—	—	—	(13,615)
Loss from early extinguishment of debt	—	—	(338)	—
Interest expense	(162,783)	(149,642)	(326,227)	(311,533)
Net income	120,943	108,652	209,551	216,953
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(20,100)	(17,825)	(38,849)	(35,046)
Net income attributable to Boston Properties Limited Partnership	$100,843	$90,827	$170,702	$181,907
Basic earnings per common unit attributable to Boston Properties Limited Partnership
Net income	$0.57	$0.52	$0.97	$1.04
Weighted average number of common units outstanding	175,871	175,408	175,812	175,332
Diluted earnings per common unit attributable to Boston Properties Limited Partnership
Net income	$0.57	$0.52	$0.97	$1.04
Weighted average number of common and common equivalent units outstanding	176,354	175,660	176,268	175,531

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited and in thousands)

	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Net income	$120,943	$108,652	$209,551	$216,953
Other comprehensive income (loss):
Effective portion of interest rate contracts	(5,636)	936	(18,912)	17,287
Amortization of interest rate contracts (1)	1,692	3,081	4,773	6,441
Other comprehensive income (loss)	(3,944)	4,017	(14,139)	23,728
Comprehensive income	116,999	112,669	195,412	240,681
Comprehensive income attributable to noncontrolling interests	(20,244)	(17,969)	(39,137)	(35,334)
Comprehensive income attributable to Boston Properties Limited Partnership	$96,755	$94,700	$156,275	$205,347

(1)Amounts reclassified from comprehensive income 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, March 31, 2025	1,767	156,556	$4,408,383	$(11,379)	$1,938,344	$6,335,348	$1,280,106
Net activity from contributions and unearned compensation	1	38	3,049	—	—	3,049	10,736
Allocated net income for the period	—	—	90,786	—	20,100	110,886	10,057
Distributions	—	—	(155,199)	—	—	(155,199)	(18,158)
Conversion of redeemable partnership units	—	4	125	—	—	125	(125)
Adjustment to reflect redeemable partnership units at redemption value	—	—	(2,853)	—	—	(2,853)	2,853
Effective portion of interest rate contracts	—	—	—	(5,075)	—	(5,075)	(561)
Amortization of interest rate contracts	—	—	—	1,395	144	1,539	153
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	(3,441)	—	63,882	60,441	—
Distributions to noncontrolling interests in property partnerships	—	—	—	—	(18,477)	(18,477)	—
Equity, June 30, 2025	1,768	156,598	$4,340,850	$(15,059)	$2,003,993	$6,329,784	$1,285,061
Equity, March 31, 2024	1,762	155,287	$5,004,678	$(3,620)	$1,734,904	$6,735,962	$1,300,409
Net activity from contributions and unearned compensation	—	8	2,499	—	—	2,499	14,041
Allocated net income for the period	—	—	81,318	—	17,825	99,143	9,509
Distributions	—	—	(153,956)	—	—	(153,956)	(18,842)
Conversion of redeemable partnership units	—	41	1,451	—	—	1,451	(1,451)
Adjustment to reflect redeemable partnership units at redemption value	—	—	73,226	—	—	73,226	(73,226)
Effective portion of interest rate contracts	—	—	—	835	—	835	101
Amortization of interest rate contracts	—	—	—	2,630	144	2,774	307
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	1,244	—	66,237	67,481	—
Distributions to noncontrolling interests in property partnerships	—	—	—	—	(17,434)	(17,434)	—
Equity, June 30, 2024	1,762	155,336	$5,010,460	$(155)	$1,801,676	$6,811,981	$1,230,848

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	73	4,751	—	—	4,751	31,725
Allocated net income for the period	—	—	153,666	—	38,849	192,515	17,036
Distributions	—	—	(310,356)	—	—	(310,356)	(36,307)
Conversion of redeemable partnership units	4	112	3,801	—	—	3,801	(3,801)
Adjustment to reflect redeemable partnership units at redemption value	—	—	100,725	—	—	100,725	(100,725)
Effective portion of interest rate contracts	—	—	—	(17,025)	—	(17,025)	(1,887)
Amortization of interest rate contracts	—	—	—	4,038	288	4,326	447
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	(3,722)	—	69,313	65,591	—
Distributions to noncontrolling interests in property partnerships	—	—	—	—	(38,002)	(38,002)	—
Equity, June 30, 2025	1,768	156,598	$4,340,850	$(15,059)	$2,003,993	$6,329,784	$1,285,061
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	76	5,361	—	—	5,361	28,310
Allocated net income for the period	—	—	162,898	—	35,046	197,944	19,009
Distributions	—	—	(307,864)	—	—	(307,864)	(37,706)
Conversion of redeemable partnership units	2	75	2,754	—	—	2,754	(2,754)
Adjustment to reflect redeemable partnership units at redemption value	—	—	126,034	—	—	126,034	(126,034)
Effective portion of interest rate contracts	—	—	—	15,481	—	15,481	1,806
Amortization of interest rate contracts	—	—	—	5,511	288	5,799	642
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	—	—	47,326	—	163,097	210,423	—
Distributions to noncontrolling interests in property partnerships	—	—	—	—	(37,459)	(37,459)	—
Equity, June 30, 2024	1,762	155,336	$5,010,460	$(155)	$1,801,676	$6,811,981	$1,230,848

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Six months ended June 30,
	2025	2024
Cash flows from operating activities:
Net income	$209,551	$216,953
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	440,520	434,858
Impairment loss	—	13,615
Amortization of right of use assets - operating leases	289	1,785
Amortization of sales type lease	(513)	(488)
Non-cash compensation expense	34,860	35,187
Loss (Income) from unconsolidated joint ventures	5,463	(13,387)
Distributions of net cash flow from operations of unconsolidated joint ventures	25,857	21,153
Gains from investments in securities	(2,235)	(2,587)
Allowance for current expected credit losses	(6)	36
Non-cash portion of interest expense	16,926	14,172
Loss from early extinguishments of debt	338	—
Gain on sale of real estate	(18,489)	—
Loss on sales-type lease	2,490	—
Unrealized (gain) loss on non-real estate investments	522	(454)
Change in assets and liabilities:
Tenant and other receivables, net	4,336	39,743
Accrued rental income, net	(51,222)	(52,590)
Prepaid expenses and other assets	(22,275)	(14,685)
Right of use assets - operating lease	—	(750)
Lease liabilities - operating leases	199	(997)
Accounts payable and accrued expenses	12,133	(24,650)
Accrued interest payable	(7,116)	(21,637)
Other liabilities	(41,586)	(38,169)
Tenant leasing costs	(46,861)	(42,449)
Total adjustments	353,630	347,706
Net cash provided by operating activities	563,181	564,659
Cash flows from investing activities:
Construction in progress	(278,667)	(313,602)
Building, pre-development and other capital improvements	(129,031)	(66,799)
Tenant improvements	(139,748)	(117,848)
Proceeds from sale of real estate	21,840	—
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash)	—	6,086
Capital contributions to unconsolidated joint ventures	(84,432)	(60,461)
Investment in non-real estate investments	(1,430)	(625)
Issuance of note receivables (including related party)	(1,800)	(1,423)
Investments in securities, net	864	1,168
Net cash used in investing activities	(612,404)	(553,504)

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Six months ended June 30,
	2025	2024
Cash flows from financing activities:
Repayments of mortgage notes payable	(2,152)	(2,019)
Repayment / redemption of unsecured senior notes	(850,000)	(700,000)
Borrowings on unsecured line of credit	520,000	—
Repayments of unsecured line of credit	(335,000)	—
Borrowings on unsecured term loan	700,000	—
Repayment of unsecured term loan	(700,000)	(500,000)
Payments on finance lease obligations	(6,735)	(5,999)
Borrowings on commercial paper program	3,997,365	1,859,075
Repayments on commercial paper program	(3,747,365)	(1,359,075)
Deferred financing costs	(14,478)	(2,633)
Net activity from equity transactions	(938)	(2,136)
Distributions	(346,418)	(344,574)
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	65,591	208,599
Distributions to noncontrolling interests in property partnerships	(38,002)	(37,459)
Net cash used in financing activities	(758,132)	(886,221)
Net decrease in cash and cash equivalents and cash held in escrows	(807,355)	(875,066)
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	$527,841	$737,501
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	$446,953	$685,376
Cash held in escrows, end of period	80,888	52,125
Cash and cash equivalents and cash held in escrows, end of period	$527,841	$737,501
Supplemental disclosures:
Cash paid for interest (net of amounts capitalized)	$342,936	$342,409
Interest capitalized	$22,465	$19,717
Non-cash investing and financing activities:
Write-off of fully depreciated real estate	$(48,037)	$(57,999)
Change in real estate included in accounts payable and accrued expenses	$64,135	$(48,896)
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)
Non-cash contributions from noncontrolling interests in property partnerships, net	$(2,393)	$60,410
Capitalized operating lease costs	$15,096	$15,098
Investment in unconsolidated joint ventures eliminated upon consolidation	$—	$(11,834)
Mortgage notes payable recorded upon consolidation	$—	$207,093

BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
	Six months ended June 30,
	2025	2024
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	$172,732	$172,172
Conversions of redeemable partnership units to partners’ capital	$3,801	$2,754
Issuance of restricted securities to employees and non-employee directors	$43,658	$43,366

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