BXP : Q1 2026 Investor Presentation

Published: 2026-05-04 13:17:13 ET BXP

Published on 05/04/2026 at 01:17 pm EDT

Q1 2026

The largest publicly traded developer, owner and manager of

premier workplaces1 in the U.S.

164

Properties2

90.9%

Leased (In-Service Properties)2,3

7.5 Years

Weighted-Average Lease Term4,5

50.4M

Square Feet Owned2

3.4M

Square Feet of

Development/Redevelopment2

5.6M

Square Feet of Leases Executed2,4,6 in Trailing Four Quarters

$3.3B

BXP's Share of Annualized Revenue7

$1.7B

BXP's Share of Annualized EBITDAre7

$628.5M

Funds Available for Distribution7 in Trailing Four Quarters

S&P 500

Company

5.4%

Dividend Yield8

641%

Total Return

Since 1997 IPO

0.6x S&P 500 | 0.8x REIT Index9

See Appendix for information on premier workplaces.

Includes 100% of consolidated and unconsolidated properties.

Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Excludes the hotel property and residential units.

Excludes the hotel property and residential units.

Calculation is based on BXP's Share of Annualized Rental Obligations. See Appendix.

Represents leases executed in the trailing four quarters for which the Company either (1) commenced rental revenue recognitio n or (2) will commence rental revenue

recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development.

See Appendix for the Company's definitions, reconciliations and related disclosures, including the definition of BXP's Share.

Annualized dividend yield equals Q1 2026 dividend per share of $0.70, multiplied by four (4), divided by BXP's stock price as of the close of business on March 31, 2026.

FTSE Nareit All REITs Index.

T H E L U X U RY STA N D A R D I N

P R E M I E R W O R K P L A C E S

Leasing & Occupancy

Well Positioned in an Evolving AI Landscape

Capital Allocation

The Balance Sheet

BXP Performance

Signed 1.1M1 SF of leases in Q1 2026, representing a ~3% increase from Q1 2025

Weighted-average lease term of 8.7 years for leases signed in Q1 20261,2

Represents ~129% of our historical 5-year average for the first quarter

Total of 5.6M1,3 square feet of leasing executed in trailing four quarters, averaging 1.4M square feet per quarter

CBD assets are 93.6% leased5

Central Business District ("CBD") Portfolio Represents ~90% of Annualized Rental Obligations6

Q1 Executed Leasing Volume (Square Feet)

Q1 leasing activity trending upward over past four years

Represents a 74% increase in Q1 leasing activity since Q1 2023

Millions

1.2

1.0

0.8

0.6

0.4

0.2

0.0

Q1 2023 Q1 2024 Q1 2025 Q1 2026

Includes 100% of consolidated and unconsolidated properties. Excludes the hotel property and residential units.

Calculation is based on lease term and square footage.

Represents leases executed in the trailing four quarters for which the Company either (1) commenced rental revenue recognition or (2) will commence rental revenue recognition in subsequent quarters, in accordance with

GAAP, and includes leases at properties currently under development.

Includes leases at properties currently under development.

Represents BXP's Share of signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Excludes the hotel property and residential units.

Represents BXP's Share. Excludes the hotel property and residential units. See Appendix.

Q1 2026 6

M SF Pipeline Supports Continued Occupancy Gains Through 2026 and Acceleration Into 2027

Q2 ACTIVITY AND PIPELINE VISIBILITY

Leases Signed as of 4/29/26: 300K SF Leases Under Negotiation: 1.7M SF1 Leases in Active Proposal: 1.4M SF1

Leases Signed for Vacant Space: 1.6M SF (3.6% of the portfolio)1

1.3M SF of the pipeline is on currently vacant space

LIMITED NEAR-TERM EXPIRATIONS

2026 expirations total ~0.8M SF2,3,4 (1.7% of portfolio2,4)

Largest expiration in 2026 is 81,000 SF

2027 expirations total ~1.9M SF2,3,4 (4.3% of portfolio2,4)

Largest expiration in 2027 is 174,000 SF

TRANSLATING OCCUPANCY GAINS INTO EARNINGS GROWTH

450,000 SF

100bps of Occupancy

$36.5M of NOI5

$0.21 per share

REINFORCING THE OCCUPANCY OUTLOOK

Current leasing pipeline represents several hundred basis points of potential occupancy1

8% Total Expiring Square Feet2,3,4

Square Feet as a % of Portfolio

4.3%

1.7%

6.4%

Limited 2026-2027 expirations reduce offset risk

Higher occupancy translates into earnings growth

Leasing momentum aligns with steady occupancy improvement

There can be no assurance that the Company will be successful in leasing the properties in the pipeline (under negotiation and in active proposals). See Appendix for information on forward-looking statements.

Includes leased space in properties partially placed in-service. Excludes the hotel property and residential units.

Represents rentable square footage that is anticipated to become vacant in the noted period. Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

Includes 100% of consolidated and unconsolidated properties.

2026 2027 2028

Calculated based on $81 weighted average annualized rental obligations per square foot. Assumes a 95% margin is applied to average rental rate for possible leakage of operating expenses. Information is based on the in-service portfolio as of March 31, 2026.

Q1 2026 7

2026 Pro Forma Occupancy Expected to Average 88%

1.4M square feet of signed, not yet commenced leases on

vacant space will drive occupancy growth throughout 2026

89.0%

87.4%

86.7%

90.0%

89.5%

Occupancy

89.0%

88.5%

88.0%

87.5%

87.0%

86.5%

86.0%

85.5%

85.0%

Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026

1. See Appendix for the Company's definition of in-service and for information on forward-looking statements. Information is based on the in-service portfolio as of March 31, 2026.

Q1 2026 8

With the right assets and markets, BXP's portfolio aligns with where corporate demand is going

BXP's Share of Net Operating Income (NOI)1

Washington, DC 15.4%

Seattle

2.0%

San Francisco 17.1%

New York 24.8%

Boston

37.1%

Los Angeles

3.6%

CBD4

93.3%

Central 1282

4.3%

Carnegie Center3

1.6%

Silicon Valley

0.7%

Other Suburban 0.1%

Excluding termination income. See Appendix.

Includes properties in Waltham and Lexington, MA.

Carnegie Center is located in Princeton, NJ.

Includes Reston, VA.

Q1 2026 9

Long-term leases & a broad client mix provide stability

Financial Services, other

19%

Other 2%

Other Professional Services 7%

Top 20 Clients

% of BXP's Share of Annualized Rental Obligations2

Years of Remaining Lease Term By Annualized Rental Obligations2

Salesforce

3.44%

6.0

Google

3.22%

11.1

Akamai Technologies

2.22%

8.6

Kirkland & Ellis

1.97%

12.0

Biogen

1.85%

2.1

Fannie Mae

1.55%

11.4

Millennium Management

1.47%

10.0

Snap

1.30%

10.0

Weil Gotshal & Manges

1.27%

8.2

Ropes & Gray

1.27%

12.5

Microsoft

1.15%

7.4

Wellington Management

1.06%

9.7

Arnold & Porter Kaye Scholer

1.03%

8.7

Allen Overy Shearman Sterling

0.98%

16.1

Bain Capital

0.96%

5.8

Morrison & Foerster

0.93%

4.4

Starr (Formerly C.V. Starr & Co)

0.88%

3.4

Leidos

0.85%

7.1

Wilmer Cutler Pickering Hale

0.85%

12.7

Mass Financial Services

0.84%

11.9

Total Top 20

29.09%

8.93

Commercial & Investment Banking

6% Real Estate &

Insurance 6%

Manufacturing 4%

Technology

16%

Media 4%

Retail 7%

Government/Public Administration

Legal Services 19%

Life Sciences 8%

Represents industry diversification percentages based on BXP's Share of Annualized Rental Obligations. See Appendix.

See Appendix.

Represents weighted-average remaining lease term (years) of top 20 clients.

Q1 2026 10

Each Era Introduced a New "Disruption" - Demand Shifted Toward Premier Assets Rather Than Disappearing

DENSIFICATION ERA

Early to Mid-2010s

THE RISE OF CO-WORKING

2016 - 2019

WORK FROM HOME

2020 - 2024

"The U.S. office market is shrinking as companies pack more workers into smaller spaces."

"Companies are squeezing more workers into less space, cutting real estate costs and reshaping demand for office landlords."

"The validation from large companies… reinforces a future where coworking is as ubiquitous as traditional office leases once were."

"Now, as companies adopt a mix of office and remote work, co-working is once again one of the fastest-growing segments of the office market."

"The office, as we know it, may be over."

"The pandemic may permanently shrink the office market."

Q1 2026 12

Headlines Suggest Disruption. Portfolio Trends Reflect Ongoing Demand.

THE AI ERA

Present

Leasing Activity Remains Strong and Durable

Leasing momentum across our markets continues to reflect healthy client demand.

5.6 million square feet leased in trailing four quarters

Expanding clients exceeded contracting clients by 430K SF in trailing four quarters

"Artificial intelligence threatens to upend the white-collar world."

""AI threatens white-collar jobs once thought immune

to automation."

"Nearly 40% of global employment is exposed to AI."

Forward Pipeline Reflects Continued Engagement1

Client activity continues to remain active across the portfolio

1.7 million SF under negotiation | 818K SF of vacant space

1.4 million SF of proposals outstanding | 470K SF of vacant space

The breadth of discussions and proposal volume do not indicate a broad-based pullback in

space requirements.

Leasing Trends Do Not Reflect AI-Driven Contraction

We are not seeing shorter lease commitments, delayed decision-making, or widespread footprint reductions tied to AI concerns.

Law firms continue to sign long-term leases, with many expanding across our core markets

AI and technology firms are actively leasing space in New York, Boston, and San Francisco

If AI were materially reducing office demand today, we would expect to see it reflected in leasing velocity, term length, and pipeline activity. THIS IS NOT BXP'S REALITY.

Q1 2026 13

1. There can be no assurance that the Company will be successful in leasing the properties in the pipeline (under negotiation and in active proposals). See Appendix for information on forward-looking statements.

Surging AI Activity Reinforces Demand in BXP's Gateway Markets

AI companies cluster in gateway cities

Venture capital and institutional capital remain city-centric

Talent pools remain anchored in urban ecosystems

BOS: 6% of

U.S. AI

Venture Capital Deployed2

SF Bay

Area: 72% of U.S.

AI Venture Capital Deployed2

U.S. AI

Venture Capital

NY: 10% of

U.S. AI

Venture Capital Deployed2

Seven of the Top 12 U.S. University's AI Programs

are located in BXP Core Markets1

Source: Scoring Tech Talent 2025 Report, CBRE Research

Source: CBRE, Inc.

Q1 2026 14

AI-exposed CBD Markets Show Sustained Rent Strength and Materially Lower Vacancy in Premier Assets

Average Asking Rent for Four Selected CBD Markets2 Average Direct Vacancy Rate for AI-Impacted CBD Markets (%)3

30%

25%

Premier

Direct Vacancy Averages 34% Lower

20%

15%

10%

Boston

New York

San Francisco

Washington, D.C.

Premier Non-Premier

Premier Asking Rent Averages 60% Higher

120.00

110.00

100.00

90.00

80.00

70.00

60.00

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

50.00

Premier Non-Premier

Source: CBRE Econometrics Advisors (EA) Q1 2026

Four selected CBD markets include: Boston, Manhattan, San Francisco, and Washington, DC

Represents the direct vacancy rate weighted average for Q2 2025 through Q1 2026.

Q1 2026 15

8.1M SF

of Tenant Demand

Total SF of Active and Pending Requirements by Tenant Industry

Artificial Intelligence Leasing and Occupancy (VC -Backed)

AI Total Footprint

8.4 MSF

AI Leasing Activity

7.0 MSF

AI Share of Total Leasing

4.8 MSF

3.7 MSF

2.4 MSF

2.6 MSF

1.8 MSF

1.4 MSF

1.63 MSF

0.7 MSF

1.0 MSF

0.3 MSF

1.7 MSF

0.2 MSF

2.0 MSF

0.4 MSF

2.6 MSF

2.9 MSF

23.9%

27.2%

26.8%

55.7%

Millions of Square Feet

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

60%

50%

40%

30%

20%

10%

Net New Demand SF by Industry and Size Range

0.0

2018 2019 2020 2021 2022 2023 2024 2025 2026 (Mar)

Tenant Industry Net New Demand SF

Size Range Net New Demand SF

AI or AI-related Tech

+2,261,540

Tech (excluding AI)

+502,575

Education

+160,000

Coworking Operators

+283,000

Financial

+65,092

All Other Industries

+102,224

Total Projected Net Absorption

+3,415,978

100K+ +1,830,239

30-99K +1,201,468

15-29K +211,366

0-14K

+172,905

Total Projected Net Absorption +3,415,978

1. Source: CBRE, Inc.

Q1 2026 16

Our Diversified Client Base, Limited Rollover, Long WALT & Financial Structure Provide Earnings Stability

CLIENT BASE CONCENTRATED IN STRATEGIC, FRONT-OFFICE ROLES1

BOS NY SF

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Majority of revenue derived from industries where collaboration, advisory expertise, and regulatory complexity remain central.

Limited exposure to large-scale back-office processing clients

AI impacts repetitive functions more than strategic, collaborative industries

Portfolio exposure aligns with roles where AI enhances productivity, not eliminates collaboration

FINANCIAL STRUCTURE ADDS STABILITY

Long weighted-average lease term aligned with long-term fixed-rate financing

Predictable revenue base with limited near-term exposure

2026 expirations: ~0.8M SF2,3,4 (1.7% of portfolio4) | Largest single expiration: 81K SF

2027 expirations: ~1.9M SF2,3,4 (4.3% of portfolio4) | Largest single expiration: 174K SF

Staggered debt maturities

Strong liquidity position

Investment grade

61% of active development pre-leased5

343 Madison is largest remaining vacancy; active leasing discussions underway

Represents industry diversification percentages based on BXP's Share of Annualized Rental Obligations. See Appendix.

Q1 2026 17

Includes leased space in properties partially placed in-service. Excludes the hotel property and residential units.

Includes 100% of consolidated and unconsolidated properties.

Represents percentage leased as of April 24, 2026, including leases with future commencement dates.

Strategically Capitalizing on Growth Regions and Sectors

$1.2

$2.4

$2.3

$2.1

$4.3

$2.0

$2.5

$2.1

$0.7

$1.1

$1.2

$0.1

$(0.3)

$(4.2)

$(0.8)

$(1.2)

$(1.7)

$(1.9)

$5.0

Dispositions: 17.7M SF1, $9.6B2 (2010-Q1 2026)

$4.0

Acquisitions, Developments & Dispositions

Development Deliveries: 18.9M SF1, $10.7B3 (2010-Q1 2026)

$3.0

Acquisitions: 16.2M SF1, $7.7B3 (2010-Q1 2026)

$2.0

(in billions)

$1.0

Consistently upgrading portfolio through development, acquisitions, and recycling capital through asset sales

$0.0

-$1.0

-$2.0

-$3.0

-$4.0

Includes 100% of consolidated and unconsolidated properties.

Represents BXP's Share of gross sale proceeds.

Represents BXP's Share of Estimated Total Investment.

-$5.0

2010-2012 2013-2015 2016-2018 2019-2021 2022-2024 2025-2030

BXP outlined a multi-year asset sales strategy projected to generate an aggregate of $1.9 billion in net proceeds to the Company at its September 2025 Investor Day of which $1.2 billion has been completed as of March 31, 2026. There can be no assurance that we will complete any of these transactions on the terms and schedule currently contemplated or at all.

For purposes of this graph, developments are considered delivered in the year in which the property was/is fully placed in-service. For projected deliveries, there can be no assurance that the Company will be successful in leasing the properties on

the expected schedule, at the assumed rental rates or at all. For additional information, refer to page 26 of this presentation ("$3.6 Billion Active Development Pipeline"). See Appendix for information on forward-looking statements.

Q1 2026 19

Over $1.2 Billion of Land and Property Sales Completed or in Progress

Projected Net Sales Proceeds and Year of Closing1 ($M)

# of Deals

2025

2026⁴

2027

Total

Closed

$848

$358

$1,206

Under Contract2

$28

$11

$39

Total Active

$848

$386

$11

$1,2453

All dollar amounts represent BXP's Share and are net of secured property debt.

The disposition data are estimates. There can be no assurance that the dispositions will occur at the assumed prices, on the assumed schedules or at all.

The ~$1.2 billion of completed and active asset sales are a subset of the $1.9 billion multi-year asset sales strategy that have either sold, are actively on the market or will be on the market shortly.

Includes the sale of Kingstowne Retail after March 31, 2026.

Q1 2026 20

Disclaimer

BXP Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 17:16 UTC.