BOSTON PROPERTIES LTD PARTNERSHIP
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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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, 2026 · Filed Aug 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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Item 1. Financial Statements (unaudited)
| BXP, INC.CONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for share and par value amounts) | ||
|---|---|---|
| June 30, 2026 | December 31, 2025 | |
| ASSETS | ||
| Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,169,231 and $8,005,124 at June 30, 2026 and December 31, 2025, respectively) | $28,606,910 | $28,241,879 |
| Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2026 and December 31, 2025, respectively) | 371,889 | 372,470 |
| Right of use assets - operating leases | 290,726 | 325,841 |
| Less: accumulated depreciation (amounts related to VIEs of $(1,836,395) and $(1,763,988) at June 30, 2026 and December 31, 2025, respectively) | (8,277,690) | (8,040,311) |
| Total real estate | 20,991,835 | 20,899,879 |
| Cash and cash equivalents (amounts related to VIEs of $286,535 and $255,631 at June 30, 2026 and December 31, 2025, respectively) | 493,949 | 1,478,206 |
| Cash held in escrows (amounts related to VIEs of $5,218 and $10,319 at June 30, 2026 and December 31, 2025, respectively) | 59,514 | 79,060 |
| Investments in securities | 46,526 | 44,614 |
| Tenant and other receivables, net (amounts related to VIEs of $34,292 and $30,989 at June 30, 2026 and December 31, 2025, respectively) | 90,679 | 92,625 |
| Note receivable, net | 12,185 | 9,373 |
| Related party notes receivable, net | 35,337 | 28,346 |
| Sales-type lease receivable, net | 16,170 | 15,672 |
| Accrued rental income, net (amounts related to VIEs of $479,569 and $470,734 at June 30, 2026 and December 31, 2025, respectively) | 1,573,959 | 1,538,515 |
| Deferred charges, net (amounts related to VIEs of $199,438 and $204,924 at June 30, 2026 and December 31, 2025, respectively) | 848,273 | 847,690 |
| Prepaid expenses and other assets (amounts related to VIEs of $11,990 and $14,509 at June 30, 2026 and December 31, 2025, respectively) | 122,830 | 108,105 |
| Investments in unconsolidated joint ventures | 820,068 | 999,309 |
| Assets held for sale | 62,544 | 24,770 |
| Total assets | $25,173,869 | $26,166,164 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Mortgage notes payable, net (amounts related to VIEs of $3,289,291 and $3,286,870 at June 30, 2026 and December 31, 2025, respectively) | $4,281,198 | $4,280,067 |
| Unsecured senior notes, net | 8,811,158 | 9,806,100 |
| Unsecured exchangeable senior notes, net | 978,642 | 976,263 |
| Unsecured line of credit | — | — |
| Unsecured term loans, net | 797,565 | 797,053 |
| Unsecured commercial paper | 750,000 | 750,000 |
| Lease liabilities - finance leases (amounts related to VIEs of $21,164 and $21,074 at June 30, 2026 and December 31, 2025, respectively) | 353,436 | 360,039 |
| Lease liabilities - operating leases | 386,487 | 389,213 |
| Accounts payable and accrued expenses (amounts related to VIEs of $77,945 and $88,849 at June 30, 2026 and December 31, 2025, respectively) | 474,141 | 480,017 |
| Dividends and distributions payable | 123,857 | 123,753 |
| Accrued interest payable | 109,523 | 125,345 |
| Other liabilities (amounts related to VIEs of $114,331 and $95,209 at June 30, 2026 and December 31, 2025, respectively) | 364,082 | 386,074 |
| BXP, INC.CONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for share and par value amounts) | ||
|---|---|---|
| June 30, 2026 | December 31, 2025 | |
| Liabilities held for sale | 6,130 | — |
| Total liabilities | 17,436,219 | 18,473,924 |
| Commitments and contingencies (See Note 8) | ||
| Redeemable deferred stock units— 119,549 and 111,701 units outstanding at redemption value at June 30, 2026 and December 31, 2025, respectively | 7,927 | 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, 159,600,410 and 158,627,198 issued and 159,521,510 and 158,548,298 outstanding at June 30, 2026 and December 31, 2025, respectively | 1,595 | 1,585 |
| Additional paid-in capital | 6,881,671 | 6,836,243 |
| Dividends in excess of earnings | (1,727,547) | (1,674,995) |
| Treasury common stock at cost, 78,900 shares at June 30, 2026 and December 31, 2025 | (2,722) | (2,722) |
| Accumulated other comprehensive income (loss) | 2,148 | (12,921) |
| Total stockholders’ equity attributable to BXP, Inc. | 5,155,145 | 5,147,190 |
| Noncontrolling interests: | ||
| Common units of Boston Properties Limited Partnership | 555,763 | 566,563 |
| Property partnerships | 2,018,815 | 1,970,949 |
| Total equity | 7,729,723 | 7,684,702 |
| Total liabilities and equity | $25,173,869 | $26,166,164 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except for per share amounts)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenue | ||||
| Lease | $831,678 | $805,935 | $1,649,834 | $1,617,037 |
| Parking and other | 37,586 | 34,799 | 68,400 | 65,041 |
| Hotel | 14,901 | 14,773 | 24,002 | 24,370 |
| Development and management services | 7,633 | 8,846 | 16,840 | 18,621 |
| Direct reimbursements of payroll and related costs from management services contracts | 3,901 | 4,104 | 8,771 | 8,603 |
| Total revenue | 895,699 | 868,457 | 1,767,847 | 1,733,672 |
| Expenses | ||||
| Operating | ||||
| Rental | 336,141 | 332,062 | 680,223 | 663,640 |
| Hotel | 9,369 | 9,365 | 17,351 | 16,930 |
| General and administrative | 50,444 | 42,516 | 109,785 | 94,800 |
| Payroll and related costs from management services contracts | 3,901 | 4,104 | 8,771 | 8,603 |
| Transaction costs | (62) | 357 | 67 | 1,125 |
| Depreciation and amortization | 236,977 | 223,819 | 464,944 | 443,926 |
| Total expenses | 636,770 | 612,223 | 1,281,141 | 1,229,024 |
| Other income (expense) | ||||
| Income (loss) from unconsolidated joint ventures | (2,448) | (3,324) | 32,965 | (5,463) |
| Gains on sales of real estate | 6,997 | 18,390 | 20,399 | 18,390 |
| Loss on sales-type lease | — | — | — | (2,490) |
| Interest and other income (loss) | 6,137 | 8,063 | 15,022 | 15,813 |
| Gains from investments in securities | 4,385 | 2,600 | 3,819 | 2,235 |
| Unrealized gain (loss) on non-real estate investments | (75) | (39) | 113 | (522) |
| Impairment loss | (18,036) | — | (18,036) | — |
| Loss from early extinguishment of debt | — | — | — | (338) |
| Interest expense | (153,425) | (162,783) | (305,518) | (326,227) |
| Net income | 102,464 | 119,141 | 235,470 | 206,046 |
| Net income attributable to noncontrolling interests | ||||
| Noncontrolling interests in property partnerships | (26,121) | (20,100) | (45,990) | (38,849) |
| Noncontrolling interest—common units of the Operating Partnership | (7,779) | (10,064) | (19,294) | (17,036) |
| Net income attributable to BXP, Inc. | $68,564 | $88,977 | $170,186 | $150,161 |
| Basic earnings per common share attributable to BXP, Inc. | ||||
| Net income | $0.43 | $0.56 | $1.07 | $0.95 |
| Weighted average number of common shares outstanding | 159,167 | 158,312 | 158,863 | 158,257 |
| Diluted earnings per common share attributable to BXP, Inc. | ||||
| Net income | $0.43 | $0.56 | $1.07 | $0.95 |
| Weighted average number of common and common equivalent shares outstanding | 159,629 | 158,795 | 159,344 | 158,713 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net income | $102,464 | $119,141 | $235,470 | $206,046 |
| Other comprehensive income (loss): | ||||
| Effective portion of interest rate contracts | 7,594 | (5,636) | 13,667 | (18,912) |
| Amortization of interest rate contracts (1) | 1,676 | 1,692 | 3,352 | 4,773 |
| Other comprehensive income (loss) | 9,270 | (3,944) | 17,019 | (14,139) |
| Comprehensive income | 111,734 | 115,197 | 252,489 | 191,907 |
| Net income attributable to noncontrolling interests | (33,900) | (30,164) | (65,284) | (55,885) |
| Other comprehensive (income) loss attributable to noncontrolling interests | (1,040) | 264 | (1,950) | 1,152 |
| Comprehensive income attributable to BXP, Inc. | $76,794 | $85,297 | $185,255 | $137,174 |
(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, March 31, 2026 | 158,676 | $1,587 | $6,843,822 | $(1,684,492) | $(2,722) | $(6,082) | $583,922 | $1,982,286 | $7,718,321 |
| Redemption of operating partnership units to common stock | 837 | 8 | 25,991 | — | — | — | (25,999) | — | — |
| Allocated net income for the period | — | — | — | 68,610 | — | — | 7,733 | 26,121 | 102,464 |
| Dividends/distributions declared | — | — | — | (111,665) | — | — | (12,709) | — | (124,374) |
| Net activity from stock option and incentive plan | 9 | — | (204) | — | — | — | 14,043 | — | 13,839 |
| Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — | — | (61) | — | — | — | — | 28,229 | 28,168 |
| Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | (17,965) | (17,965) |
| Effective portion of interest rate contracts | — | — | — | — | — | 6,848 | 746 | — | 7,594 |
| Amortization of interest rate contracts | — | — | — | — | — | 1,382 | 150 | 144 | 1,676 |
| Reallocation of noncontrolling interest | — | — | 12,123 | — | — | — | (12,123) | — | — |
| 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 |
| 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 |
| 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 | 886 | 10 | 27,521 | — | — | — | (27,531) | — | — |
| Allocated net income for the period | — | — | — | 170,186 | — | — | 19,294 | 45,990 | 235,470 |
| Dividends/distributions declared | — | — | — | (222,738) | — | — | (25,990) | — | (248,728) |
| Shares issued pursuant to stock purchase plan | 6 | — | 441 | — | — | — | — | — | 441 |
| Net activity from stock option and incentive plan | 82 | — | 2,243 | — | — | — | 37,059 | — | 39,302 |
| Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — | — | (71) | — | — | — | — | 42,163 | 42,092 |
| Distributions to noncontrolling interests in property partnerships | — | — | — | — | — | — | — | (40,575) | (40,575) |
| Effective portion of interest rate contracts | — | — | — | — | — | 12,310 | 1,357 | — | 13,667 |
| Amortization of interest rate contracts | — | — | — | — | — | 2,759 | 305 | 288 | 3,352 |
| Reallocation of noncontrolling interest | — | — | 15,294 | — | — | — | (15,294) | — | — |
| 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 |
| 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 |
| BXP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands) | ||
|---|---|---|
| Six months ended June 30, | ||
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $235,470 | $206,046 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 464,944 | 443,926 |
| Impairment loss | 18,036 | — |
| Amortization of right of use assets - operating leases | (43) | 289 |
| Amortization of sales type lease | (494) | (513) |
| Non-cash compensation expense | 41,057 | 34,860 |
| (Income) loss from unconsolidated joint ventures | (32,965) | 5,463 |
| Distributions of net cash flow from operations of unconsolidated joint ventures | 61,010 | 25,857 |
| Gains from investments in securities | (3,819) | (2,235) |
| Allowance for current expected credit losses | 134 | (6) |
| Non-cash portion of interest expense | 15,947 | 16,926 |
| Loss from early extinguishments of debt | — | 338 |
| Gains on sales of real estate | (20,399) | (18,390) |
| Loss on sales-type lease | — | 2,490 |
| Unrealized (gain) loss on non-real estate investments | (113) | 522 |
| Change in assets and liabilities: | ||
| Tenant and other receivables, net | (6,097) | 4,336 |
| Accrued rental income, net | (23,209) | (51,222) |
| Prepaid expenses and other assets | (15,399) | (22,275) |
| Lease liabilities - operating leases | (8,944) | 199 |
| Accounts payable and accrued expenses | (9,192) | 12,133 |
| Accrued interest payable | (15,821) | (7,116) |
| Other liabilities | (29,243) | (41,586) |
| Tenant leasing costs | (68,336) | (46,861) |
| Total adjustments | 367,054 | 357,135 |
| Net cash provided by operating activities | 602,524 | 563,181 |
| Cash flows from investing activities: | ||
| Construction in progress | (404,691) | (278,667) |
| Building, pre-development and other capital improvements | (55,819) | (129,031) |
| Tenant improvements | (176,520) | (139,748) |
| Proceeds from sales of real estate | 143,936 | 21,840 |
| Capital contributions to unconsolidated joint ventures | (69,117) | (84,432) |
| Capital distributions from unconsolidated joint ventures | 7,431 | — |
| Proceeds from sales of investments in unconsolidated joint ventures | 215,058 | — |
| Investment in non-real estate investments | (1,103) | (1,430) |
| Issuance of notes receivable (including related party) | (9,946) | (1,800) |
| Investments in securities, net | 1,890 | 864 |
| Net cash used in investing activities | (348,881) | (612,404) |
| Cash flows from financing activities: | ||
| Repayments of mortgage notes payable | (2,151) | (2,152) |
| Repayment / redemption of unsecured senior notes | (1,000,000) | (850,000) |
| Borrowings on unsecured line of credit | — | 520,000 |
| BXP, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands) | ||
|---|---|---|
| Six months ended June 30, | ||
| 2026 | 2025 | |
| Repayments of unsecured line of credit | — | (335,000) |
| Borrowings on unsecured term loans | — | 700,000 |
| Repayment of unsecured term loans | — | (700,000) |
| Payments on finance lease obligations | (7,124) | (6,735) |
| Borrowings on commercial paper program | 5,520,910 | 3,997,365 |
| Repayments on commercial paper program | (5,520,910) | (3,747,365) |
| Deferred financing costs | (139) | (14,478) |
| Net activity from equity transactions | (925) | (938) |
| Dividends and distributions | (248,624) | (346,418) |
| Contributions from noncontrolling interests in property partnerships | 42,092 | 65,591 |
| Distributions to noncontrolling interests in property partnerships | (40,575) | (38,002) |
| Net cash used in financing activities | (1,257,446) | (758,132) |
| Net decrease in cash and cash equivalents and cash held in escrows | (1,003,803) | (807,355) |
| 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 | $553,463 | $527,841 |
| 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 | $493,949 | $446,953 |
| Cash held in escrows, end of period | 59,514 | 80,888 |
| Cash and cash equivalents and cash held in escrows, end of period | $553,463 | $527,841 |
| Supplemental disclosures: | ||
| Cash paid for interest (net of amounts capitalized) | $333,647 | $342,936 |
| Interest capitalized | $29,358 | $22,465 |
| Non-cash investing and financing activities: | ||
| Write-off of fully depreciated real estate | $(83,550) | $(48,037) |
| Change in real estate included in accounts payable and accrued expenses | $7,754 | $64,135 |
| Non-cash contributions from noncontrolling interests in property partnerships, net | $71 | $(2,393) |
| Capitalized operating lease costs | $16,098 | $15,096 |
| 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 | $123,857 | $172,732 |
| Conversions of noncontrolling interests to stockholders’ equity | $27,531 | $3,801 |
| 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) | ||
|---|---|---|
| June 30, 2026 | December 31, 2025 | |
| ASSETS | ||
| Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,169,231 and $8,005,124 at June 30, 2026 and December 31, 2025, respectively) | $28,251,536 | $27,884,397 |
| Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2026 and December 31, 2025, respectively) | 371,889 | 372,470 |
| Right of use assets - operating leases | 290,726 | 325,841 |
| Less: accumulated depreciation (amounts related to VIEs of $(1,836,395) and $(1,763,988) at June 30, 2026 and December 31, 2025, respectively) | (8,141,495) | (7,906,629) |
| Total real estate | 20,772,656 | 20,676,079 |
| Cash and cash equivalents (amounts related to VIEs of $286,535 and $255,631 at June 30, 2026 and December 31, 2025, respectively) | 493,949 | 1,478,206 |
| Cash held in escrows (amounts related to VIEs of $5,218 and $10,319 at June 30, 2026 and December 31, 2025, respectively) | 59,514 | 79,060 |
| Investments in securities | 46,526 | 44,614 |
| Tenant and other receivables, net (amounts related to VIEs of $34,292 and $30,989 at June 30, 2026 and December 31, 2025, respectively) | 90,679 | 92,625 |
| Note receivable, net | 12,185 | 9,373 |
| Related party notes receivable, net | 35,337 | 28,346 |
| Sales-type lease receivable, net | 16,170 | 15,672 |
| Accrued rental income, net (amounts related to VIEs of $479,569 and $470,734 at June 30, 2026 and December 31, 2025, respectively) | 1,573,959 | 1,538,515 |
| Deferred charges, net (amounts related to VIEs of $199,438 and $204,924 at June 30, 2026 and December 31, 2025, respectively) | 848,273 | 847,690 |
| Prepaid expenses and other assets (amounts related to VIEs of $11,990 and $14,509 at June 30, 2026 and December 31, 2025, respectively) | 122,830 | 108,105 |
| Investments in unconsolidated joint ventures | 820,068 | 999,309 |
| Assets held for sale | 62,544 | 24,770 |
| Total assets | $24,954,690 | $25,942,364 |
| LIABILITIES AND CAPITAL | ||
| Liabilities: | ||
| Mortgage notes payable, net (amounts related to VIEs of $3,289,291 and $3,286,870 at June 30, 2026 and December 31, 2025, respectively) | $4,281,198 | $4,280,067 |
| Unsecured senior notes, net | 8,811,158 | 9,806,100 |
| Unsecured exchangeable senior notes, net | 978,642 | 976,263 |
| Unsecured line of credit | — | — |
| Unsecured term loans, net | 797,565 | 797,053 |
| Unsecured commercial paper | 750,000 | 750,000 |
| Lease liabilities - finance leases (amounts related to VIEs of $21,164 and $21,074 at June 30, 2026 and December 31, 2025, respectively) | 353,436 | 360,039 |
| Lease liabilities - operating leases | 386,487 | 389,213 |
| Accounts payable and accrued expenses (amounts related to VIEs of $77,945 and $88,849 at June 30, 2026 and December 31, 2025, respectively) | 474,141 | 480,017 |
| Dividends and distributions payable | 123,857 | 123,753 |
| Accrued interest payable | 109,523 | 125,345 |
| Other liabilities (amounts related to VIEs of $114,331 and $95,209 at June 30, 2026 and December 31, 2025, respectively) | 364,082 | 386,074 |
| Liabilities held for sale | 6,130 | — |
| Total liabilities | 17,436,219 | 18,473,924 |
| BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED BALANCE SHEETS(unaudited and in thousands, except for unit amounts) | ||
|---|---|---|
| June 30, 2026 | December 31, 2025 | |
| Commitments and contingencies (See Note 8) | ||
| Redeemable deferred stock units— 119,549 and 111,701 units outstanding at redemption value at June 30, 2026 and December 31, 2025, respectively | 7,927 | 7,538 |
| Noncontrolling interests: | ||
| Redeemable partnership units— 14,867,831 and 15,590,009 common units and 3,102,888 and 2,662,140 long term incentive units outstanding at redemption value at June 30, 2026 and December 31, 2025, respectively | 1,233,605 | 1,272,719 |
| Capital: | ||
| Boston Properties Limited Partnership partners’ capital— 1,774,922 and 1,768,004 general partner units and 157,746,588 and 156,780,294 limited partner units outstanding at June 30, 2026 and December 31, 2025, respectively | 4,255,976 | 4,230,155 |
| Accumulated other comprehensive income (loss) | 2,148 | (12,921) |
| Total partners’ capital | 4,258,124 | 4,217,234 |
| Noncontrolling interests in property partnerships | 2,018,815 | 1,970,949 |
| Total capital | 6,276,939 | 6,188,183 |
| Total liabilities and capital | $24,954,690 | $25,942,364 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except for per unit amounts)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenue | ||||
| Lease | $831,678 | $805,935 | $1,649,834 | $1,617,037 |
| Parking and other | 37,586 | 34,799 | 68,400 | 65,041 |
| Hotel | 14,901 | 14,773 | 24,002 | 24,370 |
| Development and management services | 7,633 | 8,846 | 16,840 | 18,621 |
| Direct reimbursements of payroll and related costs from management services contracts | 3,901 | 4,104 | 8,771 | 8,603 |
| Total revenue | 895,699 | 868,457 | 1,767,847 | 1,733,672 |
| Expenses | ||||
| Operating | ||||
| Rental | 336,141 | 332,062 | 680,223 | 663,640 |
| Hotel | 9,369 | 9,365 | 17,351 | 16,930 |
| General and administrative | 50,444 | 42,516 | 109,785 | 94,800 |
| Payroll and related costs from management services contracts | 3,901 | 4,104 | 8,771 | 8,603 |
| Transaction costs | (62) | 357 | 67 | 1,125 |
| Depreciation and amortization | 235,321 | 222,116 | 461,626 | 440,520 |
| Total expenses | 635,114 | 610,520 | 1,277,823 | 1,225,618 |
| Other income (expense) | ||||
| Income (loss) from unconsolidated joint ventures | (2,448) | (3,324) | 32,965 | (5,463) |
| Gains on sales of real estate | 7,016 | 18,489 | 20,418 | 18,489 |
| Loss on sales-type lease | — | — | — | (2,490) |
| Interest and other income (loss) | 6,137 | 8,063 | 15,022 | 15,813 |
| Gains from investments in securities | 4,385 | 2,600 | 3,819 | 2,235 |
| Unrealized gain (loss) on non-real estate investments | (75) | (39) | 113 | (522) |
| Impairment loss | (16,752) | — | (16,752) | — |
| Loss from early extinguishment of debt | — | — | — | (338) |
| Interest expense | (153,425) | (162,783) | (305,518) | (326,227) |
| Net income | 105,423 | 120,943 | 240,091 | 209,551 |
| Net income attributable to noncontrolling interests | ||||
| Noncontrolling interests in property partnerships | (26,121) | (20,100) | (45,990) | (38,849) |
| Net income attributable to Boston Properties Limited Partnership | $79,302 | $100,843 | $194,101 | $170,702 |
| Basic earnings per common unit attributable to Boston Properties Limited Partnership | ||||
| Net income | $0.45 | $0.57 | $1.10 | $0.97 |
| Weighted average number of common units outstanding | 176,474 | 175,871 | 176,397 | 175,812 |
| Diluted earnings per common unit attributable to Boston Properties Limited Partnership | ||||
| Net income | $0.45 | $0.57 | $1.10 | $0.97 |
| Weighted average number of common and common equivalent units outstanding | 176,936 | 176,354 | 176,878 | 176,268 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net income | $105,423 | $120,943 | $240,091 | $209,551 |
| Other comprehensive income (loss): | ||||
| Effective portion of interest rate contracts | 7,594 | (5,636) | 13,667 | (18,912) |
| Amortization of interest rate contracts (1) | 1,676 | 1,692 | 3,352 | 4,773 |
| Other comprehensive income (loss) | 9,270 | (3,944) | 17,019 | (14,139) |
| Comprehensive income | 114,693 | 116,999 | 257,110 | 195,412 |
| Comprehensive income attributable to noncontrolling interests | (26,265) | (20,244) | (46,278) | (39,137) |
| Comprehensive income attributable to Boston Properties Limited Partnership | $88,428 | $96,755 | $210,832 | $156,275 |
(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, March 31, 2026 | 1,775 | 156,901 | $4,486,430 | $(6,082) | $1,982,286 | $6,462,634 | $1,033,549 |
| Net activity from contributions and unearned compensation | — | 10 | (204) | — | — | (204) | 14,043 |
| Allocated net income for the period | — | — | 71,569 | — | 26,121 | 97,690 | 7,733 |
| Distributions | — | — | (111,665) | — | — | (111,665) | (12,709) |
| Conversion of redeemable partnership units | — | 836 | 25,999 | — | — | 25,999 | (25,999) |
| Adjustment to reflect redeemable partnership units at redemption value | — | — | (216,092) | — | — | (216,092) | 216,092 |
| Effective portion of interest rate contracts | — | — | — | 6,848 | — | 6,848 | 746 |
| Amortization of interest rate contracts | — | — | — | 1,382 | 144 | 1,526 | 150 |
| Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — | — | (61) | — | 28,229 | 28,168 | — |
| Distributions to noncontrolling interests in property partnerships | — | — | — | — | (17,965) | (17,965) | — |
| Equity, June 30, 2026 | 1,775 | 157,747 | $4,255,976 | $2,148 | $2,018,815 | $6,276,939 | $1,233,605 |
| 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 |
| 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 | 84 | 2,684 | — | — | 2,684 | 37,059 |
| Allocated net income for the period | — | — | 174,807 | — | 45,990 | 220,797 | 19,294 |
| Distributions | — | — | (222,738) | — | — | (222,738) | (25,990) |
| Conversion of redeemable partnership units | 3 | 883 | 27,531 | — | — | 27,531 | (27,531) |
| Adjustment to reflect redeemable partnership units at redemption value | — | — | 43,608 | — | — | 43,608 | (43,608) |
| Effective portion of interest rate contracts | — | — | — | 12,310 | — | 12,310 | 1,357 |
| Amortization of interest rate contracts | — | — | — | 2,759 | 288 | 3,047 | 305 |
| Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships | — | — | (71) | — | 42,163 | 42,092 | — |
| Distributions to noncontrolling interests in property partnerships | — | — | — | — | (40,575) | (40,575) | — |
| Equity, June 30, 2026 | 1,775 | 157,747 | $4,255,976 | $2,148 | $2,018,815 | $6,276,939 | $1,233,605 |
| 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 |
| BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands) | ||
|---|---|---|
| Six months ended June 30, | ||
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $240,091 | $209,551 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 461,626 | 440,520 |
| Impairment loss | 16,752 | — |
| Amortization of right of use assets - operating leases | (43) | 289 |
| Amortization of sales type lease | (494) | (513) |
| Non-cash compensation expense | 41,057 | 34,860 |
| (Income) loss from unconsolidated joint ventures | (32,965) | 5,463 |
| Distributions of net cash flow from operations of unconsolidated joint ventures | 61,010 | 25,857 |
| Gains from investments in securities | (3,819) | (2,235) |
| Allowance for current expected credit losses | 134 | (6) |
| Non-cash portion of interest expense | 15,947 | 16,926 |
| Loss from early extinguishments of debt | — | 338 |
| Gains on sales of real estate | (20,418) | (18,489) |
| Loss on sales-type lease | — | 2,490 |
| Unrealized (gain) loss on non-real estate investments | (113) | 522 |
| Change in assets and liabilities: | ||
| Tenant and other receivables, net | (6,097) | 4,336 |
| Accrued rental income, net | (23,209) | (51,222) |
| Prepaid expenses and other assets | (15,399) | (22,275) |
| Lease liabilities - operating leases | (8,944) | 199 |
| Accounts payable and accrued expenses | (9,192) | 12,133 |
| Accrued interest payable | (15,821) | (7,116) |
| Other liabilities | (29,243) | (41,586) |
| Tenant leasing costs | (68,336) | (46,861) |
| Total adjustments | 362,433 | 353,630 |
| Net cash provided by operating activities | 602,524 | 563,181 |
| Cash flows from investing activities: | ||
| Construction in progress | (404,691) | (278,667) |
| Building, pre-development and other capital improvements | (55,819) | (129,031) |
| Tenant improvements | (176,520) | (139,748) |
| Proceeds from sales of real estate | 143,936 | 21,840 |
| Capital contributions to unconsolidated joint ventures | (69,117) | (84,432) |
| Capital distributions from unconsolidated joint ventures | 7,431 | — |
| Proceeds from sales of investments in unconsolidated joint ventures | 215,058 | — |
| Investment in non-real estate investments | (1,103) | (1,430) |
| Issuance of notes receivable (including related party) | (9,946) | (1,800) |
| Investments in securities, net | 1,890 | 864 |
| Net cash used in investing activities | (348,881) | (612,404) |
| Cash flows from financing activities: | ||
| Repayments of mortgage notes payable | (2,151) | (2,152) |
| Repayment / redemption of unsecured senior notes | (1,000,000) | (850,000) |
| BOSTON PROPERTIES LIMITED PARTNERSHIPCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands) | ||
|---|---|---|
| Six months ended June 30, | ||
| 2026 | 2025 | |
| 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) |
| Payments on finance lease obligations | (7,124) | (6,735) |
| Borrowings on commercial paper program | 5,520,910 | 3,997,365 |
| Repayments on commercial paper program | (5,520,910) | (3,747,365) |
| Deferred financing costs | (139) | (14,478) |
| Net activity from equity transactions | (925) | (938) |
| Distributions | (248,624) | (346,418) |
| Contributions from noncontrolling interests in property partnerships | 42,092 | 65,591 |
| Distributions to noncontrolling interests in property partnerships | (40,575) | (38,002) |
| Net cash used in financing activities | (1,257,446) | (758,132) |
| Net decrease in cash and cash equivalents and cash held in escrows | (1,003,803) | (807,355) |
| 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 | $553,463 | $527,841 |
| 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 | $493,949 | $446,953 |
| Cash held in escrows, end of period | 59,514 | 80,888 |
| Cash and cash equivalents and cash held in escrows, end of period | $553,463 | $527,841 |
| Supplemental disclosures: | ||
| Cash paid for interest (net of amounts capitalized) | $333,647 | $342,936 |
| Interest capitalized | $29,358 | $22,465 |
| Non-cash investing and financing activities: | ||
| Write-off of fully depreciated real estate | $(83,550) | $(48,037) |
| Change in real estate included in accounts payable and accrued expenses | $7,754 | $64,135 |
| Non-cash contributions from noncontrolling interests in property partnerships, net | $71 | $(2,393) |
| Capitalized operating lease costs | $16,098 | $15,096 |
| 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 | $123,857 | $172,732 |
| Conversions of redeemable partnership units to partners’ capital | $27,531 | $3,801 |
| Issuance of restricted securities to employees and non-employee directors | $47,151 | $43,658 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.