BOSTON PROPERTIES LTD PARTNERSHIP

Previous wording

•general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on attractive terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate);

Current wording

•other general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on attractive terms, sustained changes in client preferences and space utilization and competition from other developers, owners and operators of real estate);

Previous wording

Investors are also urged to carefully review the disclosures we make concerning these risks and other factors

Current wording

Investors are also urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results, including the risks and uncertainties described in (i) our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 including those described under the caption “Risk Factors,” (ii) our subsequent filings under the Exchange Act and (iii) the risk factors set forth in this Quarterly Report on Form 10-Q in Part II, Item 1A, if any.

Previous wording

Premier workplaces in our five traditional central business district (“CBD”) markets (Boston, New York, San Francisco, Seattle and Washington, DC) have consistently outperformed the broader office market in those CBDs on several key metrics, including occupancy, net absorption levels, rental rates and landlord concessions. This outperformance is evident in BXP’s portfolio where we derive approximately 91% of our share of annualized rental obligations from predominantly premier workplaces located in CBDs. We define annualized rental obligations as the monthly contractual base rent (excluding percentage rent and rent abatements) and budgeted reimbursements from clients under existing leases as of June 30, 2026, multiplied by twelve. Our share of annualized rental obligations is calculated as the consolidated amount, plus our share of the amount from our unconsolidated joint ventures (calculated based on our economic percentage ownership interest), less our partners’ share of the amount from our consolidated joint ventures (calculated based on the partners’ economic percentage ownership interest). As of June 30, 2026, our CBD assets were 90.7% occupied and 93.6% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).

Current wording

Premier workplaces in our five traditional central business district (“CBD”) markets (Boston, New York, San Francisco, Seattle and Washington, DC) have consistently outperformed the broader office market in those CBDs on several key metrics, including occupancy, net absorption levels, rental rates and landlord concessions. This outperformance is evident in BXP’s portfolio where we derive approximately 90.4% of our share of annualized rental obligations from predominantly premier workplaces located in CBDs. We define annualized rental obligations as the monthly contractual base rent (excluding percentage rent and rent abatements) and budgeted reimbursements from clients under existing leases as of September 30, 2026, multiplied by twelve. Our share of annualized rental obligations is calculated as the consolidated amount, plus our share of the amount from our unconsolidated joint ventures (calculated based on our economic percentage ownership interest), less our partners’ share of the amount from our consolidated joint ventures (calculated based on the partners’ economic percentage ownership interest). As of September 30, 2026, our CBD assets were 91.8% occupied and 94.1% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).

Previous wording

As of June 30, 2026, the weighted-average remaining lease term for (1) our in-place leases, based on square feet, including those signed by our unconsolidated joint ventures but excluding residential units, was approximately 7.7 years, and (2) our 20 largest clients, based on square feet, was approximately 9.4 years. Through year-end 2027, we have relatively low exposure to contractual lease expirations with approximately 4.6% of our share of the square footage of our in-service portfolio expiring.

Current wording

As of September 30, 2026, the weighted-average remaining lease term for (1) our in-place leases, based on square feet, including those signed by our unconsolidated joint ventures but excluding residential units, was approximately 7.7 years, and (2) our 20 largest clients, based on square feet, was approximately 9.2 years. Through year-end 2027, we have relatively low exposure to contractual lease expirations with approximately 4.0% of our share of the square footage of our in-service portfolio expiring.

Previous wording

During the second quarter of 2026, BXP continued to successfully execute on the multi-year strategic action plan introduced at our September 2025 Investor Day. The action plan focuses on earnings growth, which we expect will be achieved through a combination of increased occupancy and development deliveries, and reducing leverage through asset sales and retention of cash flow. Our progress reflects steady advancement across these key priorities.

Current wording

During the third quarter of 2026, BXP continued to successfully execute on the multi-year strategic action plan introduced at our September 2025 Investor Conference. The action plan focuses on earnings growth, which we expect will be achieved through a combination of increased occupancy and development deliveries, and reducing leverage through asset sales and retention of cash flow. Our progress reflects steady advancement across these key priorities.

Previous wording

Growth in Funds from Operations (“FFO”) per share depends in large part on the success of our leasing activity and improved occupancy. Leasing momentum remained strong during the second quarter of 2026, as we signed leases for approximately 1.8 million square feet.

Current wording

Growth in Funds from Operations (“FFO”) per share depends in large part on the success of our leasing activity and improved occupancy. Leasing momentum remained strong during the third quarter of 2026, as we signed leases for approximately 1.2 million square feet.

Previous wording

Leasing conditions across BXP's portfolio remain constructive, supported by continued demand for premier office assets and improving leasing execution. Activity is increasingly concentrated in BXP’s premier office locations, including Midtown Manhattan, Boston's Back Bay, Reston Town Center, and select San Francisco submarkets, where tightening availability and improving demand are contributing to leasing momentum. At the same time, discussion surrounding the impact of artificial intelligence on office-using employment has become more balanced and constructive, contributing to a more favorable demand backdrop. Collectively, these trends support BXP's view that premier workplaces in gateway markets remain well-positioned to capture evolving tenant demand.

Current wording

Leasing conditions across BXP's portfolio remain constructive, supported by continued demand for premier office assets and improving leasing execution. Activity is increasingly concentrated in BXP’s premier office locations, including Midtown Manhattan, Boston's Back Bay, Reston Town Center, and select San Francisco submarkets, where tightening availability and improving demand are contributing to leasing momentum. Demand continues to come from a broad range of industries, including technology, defense and cybersecurity, asset management, financial services, and professional services, with expansion requirements contributing to activity across the portfolio. Collectively, these trends continue to support BXP's view that premier workplaces in gateway markets remain well-positioned to capture evolving tenant demand.

Previous wording

While overall leasing conditions remain favorable, recovery trends continue to differ across markets and property types. Life science leasing demand remains below historical levels, particularly among earlier-stage companies, and certain markets continue to experience a more measured pace of leasing activity. Additionally, elevated financing costs and broader economic uncertainty continue to influence real estate investment and occupier decision-making.

Current wording

While overall leasing conditions remain favorable, recovery trends continue to differ across markets and property types. Life science leasing demand remains below historical levels, particularly among earlier-stage companies, although inquiries from life science users with laboratory requirements have recently increased. Certain markets and asset types also continue to experience a more measured pace of leasing activity, and elevated financing costs and broader economic uncertainty continue to influence real estate investment and occupier decision-making.

Previous wording

Looking ahead, leasing for vacant space in our in-service buildings and coverage of near‑term lease expirations are expected to be the primary drivers of occupancy and revenue growth in our same property portfolio. We have a modest 300,000 square feet of leases expiring prior to December 31, 2026, a strong pipeline of active negotiations, and a meaningful volume totaling 1.1 million square feet of executed leases scheduled to commence this year.

Current wording

Looking ahead, we expect the leasing of vacant space in our in-service buildings and covering near-term lease expirations to remain important drivers of occupancy and revenue growth in our same property portfolio. We have approximately 186,000 square feet of leases expiring during the remainder of 2026 and approximately 600,000 square feet of currently vacant space that is leased and expected to commence during the fourth quarter of 2026.

Previous wording

In the second quarter of 2026, we executed 106 leases totaling approximately 1.8 million square feet with a weighted-average lease term of approximately 9.9 years. The amount leased is approximately 129% of our historical 10-year average for the second quarter. Notable signed leases for projects under development include:

Current wording

In the third quarter of 2026, we executed 74 leases totaling approximately 1.2 million square feet with a weighted-average lease term of approximately 10.3 years. Notable leases include:

Previous wording

At June 30, 2026, BXP’s total in-service portfolio occupancy was 88.4%, an increase of 100 basis points from the first quarter of 2026. Total portfolio leased percentage was 91.3% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 40 basis points from the first quarter of 2026. The spread between leased and occupied square footage was 290 basis points, representing approximately 1.3 million square feet of leases yet to commence, of which approximately 85% is expected to commence before year-end 2026.

Current wording

At September 30, 2026, BXP’s total portfolio occupancy for the third quarter was 89.4%, an increase of 100 basis points from the end of the second quarter of 2026, marking the fourth consecutive quarter of occupancy gains. Total portfolio leased percentage was 91.9% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 60 basis points from the end of the second quarter of 2026. As of September 30, 2026, the spread between leased and occupied square footage was 250 basis points, representing approximately 1.1 million square feet of future lease commencements, with approximately half expected to commence before year-end 2026.

Previous wording

(3)Represents the increase (decrease) in net rent (gross rent less operating expenses) under the new leases versus expired leases on the 877,841 square feet of second generation leases that had been occupied within the 24 months preceding the execution of the new leases; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis. The calculation for the increase (decrease) of gross rent is based on current quarter expenses.

Current wording

(4)Represents the increase (decrease) in net rent (gross rent less operating expenses) under the new leases versus expired leases on the 923,369 square feet of second generation leases that had been occupied within the 24 months preceding the execution of the new leases; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis. The calculation for the increase (decrease) of net rent is based on current quarter expenses.

Previous wording

(4)Represents signed leases for which lease revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates.

Current wording

(5)Represents signed leases for which lease revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates.

Previous wording

The table below details the leasing activity and second generation leasing information for leases executed, including 100% of the unconsolidated joint venture properties, during the three and six months ended June 30, 2026:

Current wording

The table below details the leasing activity and second generation leasing information for leases executed, including 100% of the unconsolidated joint venture properties, during the three and nine months ended September 30, 2026:

Previous wording

(3)Represents leases executed during the three months ended June 30, 2026 for which we either (1) commenced lease revenue recognition in such quarter or (2) will commence lease revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development/redevelopment.

Current wording

(3)Represents leases executed during the three and nine months ended September 30, 2026 for which we either (1) commenced lease revenue recognition in such quarter or (2) will commence lease revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development/redevelopment.

Previous wording

The table below details the vacancy activity in our portfolio, including 100% of the unconsolidated joint venture properties, that commenced revenue recognition during the three and six months ended June 30, 2026:

Current wording

The table below details the vacancy activity in our portfolio, including 100% of the unconsolidated joint venture properties, that commenced revenue recognition during the three and nine months ended September 30, 2026:

Previous wording

(1)Total square feet from property dispositions during the six months ended June 30, 2026 consists of 260,762 square feet at Gateway Commons and 79,382 square feet at North First Business Park. Total square feet from properties taken out of service during the six months ended June 30, 2026 consists of 49,219 square feet at Santa Monica Business Park.

Current wording

(1)Total square feet from property dispositions during the three months ended September 30, 2026 consists of 42,197 square feet at 1330 Connecticut Avenue and 14,764 square feet at Sumner Square. Total square feet from property dispositions during the nine months ended September 30, 2026 consists of 260,762 square feet at Gateway Commons, 79,382 square feet at North First Business Park, 42,197 square feet at 1330 Connecticut Avenue and 14,764 square feet at Sumner Square. Total square feet from properties taken out of service during the nine months ended September 30, 2026 consists of 49,219 square feet at Santa Monica Business Park.

Previous wording

(2)Total square feet from properties placed in service during the three months ended June 30, 2026 consists of 572,578 square feet at 290 Binney Street. Total square feet from properties placed in service during the six months ended June 30, 2026 consists of 572,578 square feet at 290 Binney Street and 30,284 square feet at Reston Next Retail.

Current wording

(2)Total square feet from properties placed in-service during the nine months ended September 30, 2026 consists of 572,578 square feet at 290 Binney Street and 30,284 square feet at Reston Next Retail.

Previous wording

On July 28, 2026, BXP entered into a $1.2 billion construction loan for the development of 343 Madison Avenue in New York City, New York (see Note 14 to the Consolidated Financial Statements). The financing represents a significant milestone in the capitalization of the project and supports its ongoing construction. In addition, the loan significantly reduces BXP's remaining equity requirement to complete its development pipeline from approximately $2.1 billion to approximately $900 million.

Current wording

During the third quarter, we entered into a $1.2 billion construction loan for the development of 343 Madison Avenue in New York City, New York (see Note 6 to the Consolidated Financial Statements). The financing represents a significant milestone in the capitalization of the project and supports our ongoing construction. In addition, the loan significantly reduces our remaining equity requirement to complete our development pipeline from approximately $1.7 billion to approximately $748.2 million at our share.

Previous wording

At June 30, 2026 and 2025, we owned or had joint venture interests in a portfolio of 164 and 186 commercial real estate properties, respectively (in each case, the “Total Property Portfolio”). As a result of changes within our Total Property Portfolio, the financial data presented below shows significant changes in revenue and expenses from period-to-period. Accordingly, we do not believe that our period-to-period financial data with respect to the Total Property Portfolio provides a complete understanding of our operating results. Therefore, the comparison of operating results for the three and six months ended June 30, 2026 and 2025 shows separately the changes attributable to the properties that were owned by us and in-service throughout each period compared (the “Same Property Portfolio”) and the changes attributable to the properties included in the Acquired, Placed In-Service, In or Held for Development or Redevelopment or Sold Portfolios.

Current wording

At September 30, 2026 and 2025, we owned or had joint venture interests in a portfolio of 162 and 187 commercial real estate properties, respectively (in each case, the “Total Property Portfolio”). As a result of changes within our Total Property Portfolio, the financial data presented below shows significant changes in revenue and expenses from period-to-period. Accordingly, we do not believe that our period-to-period financial data with respect to the Total Property Portfolio provides a complete understanding of our operating results. Therefore, the comparison of operating results for the three and nine months ended September 30, 2026 and 2025 shows separately the changes attributable to the properties that were owned by us and in-service throughout each period compared (the “Same Property Portfolio”) and the changes attributable to the properties included in the Acquired, Placed In-Service, In or Held for Development or Redevelopment or Sold Portfolios.

Previous wording

NOI is a non-GAAP financial measure equal to net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net income attributable to noncontrolling interests, interest expense, loss from early extinguishment of debt, impairment loss, loss on sales-type lease, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain (loss) on non-real estate investments, gains from investments in securities, interest and other income (loss), gains on sales of real estate, income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue. We use NOI internally as a performance measure and believe it provides useful information to investors regarding our results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense, because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. NOI presented by us may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently.

Current wording

NOI is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc. and net income (loss) attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net income (loss) attributable to noncontrolling interests, interest expense, loss from early extinguishment of debt, impairment losses, loss on sales-type lease, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain (loss) on non-real estate investments, gains (losses) from investments in securities, interest and other income, gains on sales of real estate, income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue. We use NOI internally as a performance measure and believe it provides useful information to investors regarding our results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss) attributable to BXP, Inc. and net income (loss) attributable to Boston Properties Limited Partnership. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level.

Previous wording

We believe that in order to understand our operating results, NOI should be examined in conjunction with net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership as presented in our Consolidated Financial Statements. NOI should not be considered as a substitute for net income attributable to BXP, Inc. or net income attributable to Boston Properties Limited Partnership (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

Current wording

We believe that in order to understand our operating results, NOI should be examined in conjunction with net income (loss) attributable to BXP, Inc. and net income (loss) attributable to Boston Properties Limited Partnership as presented in our Consolidated Financial Statements. NOI should not be considered as a substitute for net income (loss) attributable to BXP, Inc. or net income (loss) attributable to Boston Properties Limited Partnership (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

Previous wording

Results of Operations for the Six Months Ended June 30, 2026 and 2025

Current wording

Results of Operations for the Nine Months Ended September 30, 2026 and 2025

Previous wording

Net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership increased by approximately $20.0 million and $23.4 million, respectively, for the six months ended June 30, 2026 compared to 2025, as set forth in the following tables and for the reasons discussed below under the heading “Comparison of the six months ended June 30, 2026 to the six months ended June 30, 2025” within“Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Current wording

Net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership increased by approximately $256.2 million and $281.9 million, respectively, for the nine months ended September 30, 2026 compared to 2025, as set forth in the following tables and for the reasons discussed below under the heading “Comparison of the nine months ended September 30, 2026 to the nine months ended September 30, 2025” within“Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Previous wording

The following are reconciliations of (1) Net Income Attributable to BXP, Inc. to NOI and (2) Net Income Attributable to Boston Properties Limited Partnership to NOI for the six months ended June 30, 2026 and 2025. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 48.

Current wording

The following are reconciliations of (1) Net Income Attributable to BXP, Inc. to NOI and (2) Net Income Attributable to Boston Properties Limited Partnership to NOI for the nine months ended September 30, 2026 and 2025. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 51.

Previous wording

The table below shows selected operating information for the Same Property Portfolio and the Total Property Portfolio. The Same Property Portfolio consists of 138 properties totaling approximately 40.7 million net rentable square feet, excluding unconsolidated joint ventures. The Same Property Portfolio includes properties acquired or placed in-service on or prior to January 1, 2025 and owned and in service through June 30, 2026. The Total Property Portfolio includes the effects of the other properties either acquired, placed in-service, in or held for development or redevelopment after January 1, 2025 or disposed of on or prior to June 30, 2026. This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the six months ended June 30, 2026 and 2025 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment, or sold. We did not acquire any properties during the six months ended June 30, 2026 and 2025.

Current wording

The table below shows selected operating information for the Same Property Portfolio and the Total Property Portfolio. The Same Property Portfolio consists of 136 properties totaling approximately 40.3 million net rentable square feet, excluding unconsolidated joint ventures. The Same Property Portfolio includes properties acquired or placed in-service on or prior to January 1, 2025 and owned and in service through September 30, 2026. The Total Property Portfolio includes the effects of the other properties either acquired, placed in-service, in or held for development or redevelopment after January 1, 2025 or disposed of on or prior to September 30, 2026. This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the nine months ended September 30, 2026 and 2025 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment, or sold.

Previous wording

(2)For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 48. Residential Net Operating Income for the six months ended June 30, 2026 and 2025 is comprised of Residential Revenue of $8,135 and $24,880 less Residential Expenses of $4,216 and $12,475, respectively. Hotel Net Operating Income for the six months ended June 30, 2026 and 2025 is comprised of Hotel Revenue of $24,002 and $24,370 less Hotel Expenses of $17,351 and $16,930, respectively, per the Consolidated Statements of Operations.

Current wording

(2)For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 51. Residential Net Operating Income for the nine months ended September 30, 2026 and 2025 is comprised of Residential Revenue of $12,018 and $37,725 less Residential Expenses of $6,259 and $18,570, respectively. Hotel Net Operating Income for the nine months ended September 30, 2026 and 2025 is comprised of Hotel Revenue of $37,221 and $37,532 less Hotel Expenses of $27,276 and $26,558, respectively, per the Consolidated Statements of Operations.

Previous wording

Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $36.8 million for the six months ended June 30, 2026 compared to 2025. The increase was a result of our average revenue per square foot increasing by approximately $1.08, contributing approximately $19.5 million, and our average occupancy increasing from 88.1% to 89.1%, contributing approximately $17.3 million.

Current wording

Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $63.2 million for the nine months ended September 30, 2026 compared to 2025. The increase was a result of our average revenue per square foot increasing by approximately $0.98, contributing approximately $36.9 million, and our average occupancy increasing from 88.0% to 89.4%, contributing approximately $26.3 million.

Previous wording

Termination income increased by approximately $14.9 million for the six months ended June 30, 2026 compared to 2025.

Current wording

Termination income increased by approximately $16.9 million for the nine months ended September 30, 2026 compared to 2025.

Previous wording

Termination income for the six months ended June 30, 2026 and 2025 related to 18 and three clients, respectively, across the Same Property Portfolio and totaled approximately $15.7 million and $0.8 million, respectively.

Current wording

Termination income for the nine months ended September 30, 2026 and 2025 related to 26 and six clients, respectively, across the Same Property Portfolio and totaled approximately $19.0 million and $2.0 million, respectively.

Previous wording

Parking and other revenue increased by approximately $4.1 million for the six months ended June 30, 2026 compared to 2025. Parking and other revenue increased by approximately $3.4 million and $0.7 million, respectively. The increase in parking revenue was primarily due to an increase in monthly parking. The increase in other revenue was primarily associated with an increase in insurance proceeds.

Current wording

Parking and other revenue increased by approximately $6.1 million for the nine months ended September 30, 2026 compared to 2025. Parking revenue increased by approximately $6.5 million, partially offset by a decrease in other revenue of approximately $0.4 million. The increase in parking revenue was primarily due to an increase in monthly parking.

Previous wording

Real estate operating expenses from the Same Property Portfolio increased by approximately $28.8 million, or 4.6%, for the six months ended June 30, 2026 compared to 2025.

Current wording

Real estate operating expenses from the Same Property Portfolio increased by approximately $38.3 million, or 4.1%, for the nine months ended September 30, 2026 compared to 2025.

Previous wording

(3)Reservoir Place is an approximately 528,000 square foot office building, of which approximately 165,000 square feet remains in-service. Reservoir Place commenced redevelopment during the six months ended June 30, 2026.

Current wording

(3)Reservoir Place is an approximately 528,000 square foot office building, of which approximately 165,000 square feet remains in-service. Reservoir Place commenced redevelopment on June 13, 2026.

Previous wording

(1)Rental revenue for the six months ended June 30, 2025 includes approximately $0.4 million of termination income.

Current wording

(1)Rental revenue for the nine months ended September 30, 2025 includes approximately $0.4 million of termination income.

Previous wording

Net operating income for our residential same property increased by approximately $1.7 million for the six months ended June 30, 2026 compared to 2025.

Current wording

Net operating income for our residential same property increased by approximately $2.2 million for the nine months ended September 30, 2026 compared to 2025.

Previous wording

The following reflects our occupancy and rental rate information, by region, for our residential same property for the six months ended June 30, 2026 and 2025.

Current wording

The following reflects our occupancy and rental rate information, by region, for our residential same property for the nine months ended September 30, 2026 and 2025.

Previous wording

The Boston Marriott Cambridge hotel had net operating income of approximately $6.7 million for the six months ended June 30, 2026, representing a decrease of approximately $0.8 million compared to the six months ended June 30, 2025, which was partially attributable to an increase in operating expenses.

Current wording

The Boston Marriott Cambridge hotel had net operating income of approximately $9.9 million for the nine months ended September 30, 2026, representing a decrease of approximately $1.0 million compared to the nine months ended September 30, 2025, which was partially attributable to an increase in operating expenses.

Previous wording

The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the six months ended June 30, 2026 and 2025.

Current wording

The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the nine months ended September 30, 2026 and 2025.

Previous wording

Development and management services revenue decreased by approximately $1.2 million for the three months ended June 30, 2026 compared to 2025. Development services revenue and management services revenue decreased by approximately $0.7 million and $0.5 million, respectively. The decrease in development services revenue is primarily related to decreases in fees associated with tenant improvement projects in the Boston and New York regions. The decrease in management services revenue is primarily related to a leasing commission earned from an unconsolidated joint venture in the New York region in 2025 that did not recur in 2026.

Current wording

Development and management services revenue decreased by approximately $1.3 million for the nine months ended September 30, 2026 compared to 2025. Management services revenue and development services revenue decreased by approximately $0.9 million and $0.4 million, respectively. The decrease in management services revenue is primarily related to decreases in leasing commissions and management fees earned from a third-party owned building in 2026. The decrease in development services revenue was primarily related to a decrease in fees associated with tenant improvement projects.

Previous wording

General and administrative expense increased by approximately $15.0 million for the six months ended June 30, 2026 compared to 2025 primarily due to increases in compensation expense and other general and administrative expenses of approximately $13.6 million and $1.4 million, respectively. The increase in compensation expense includes an approximately $5.8 million non-cash increase related to the December 2025 issuance of the 2025 Outperformance Plan Awards (“2025 OPP Units”) and an approximately $1.6 million increase in the value of our deferred compensation plan.

Current wording

General and administrative expense increased by approximately $16.4 million for the nine months ended September 30, 2026 compared to 2025 primarily due to increases in compensation expense and other general and administrative expenses of approximately $14.3 million and $2.1 million, respectively. The increase in compensation expense includes an approximately $8.6 million non-cash increase related to the December 2025 issuance of the 2025 Outperformance Plan Awards (“2025 OPP Units”), partially offset by an approximately $1.5 million decrease in the value of our deferred compensation plan.