BXP, Inc.

“The physical effects of climate change could have a material adverse effect on our properties, operations and business. For example, many of our properties are located along the East and West coasts, particularly those in the central business districts of Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.”

Annual report 2025A · The company itself

“Business General BXP, a Delaware corporation, is a fully integrated, self-administered and self-managed REIT, and it is one of the largest publicly-traded office REITs (based on total market capitalization as of December 31, 2025) in the United States that develops, owns and manages primarily premier workplaces.”

Annual report 2025A · The company itself

“In addition, in our New York market, we have historically leased properties to financial, legal and other professional firms.”

Annual report 2025A · The company itself

“For example, in our Washington, DC market, we focus on leasing our properties to governmental contractors and legal firms.”

Annual report 2025A · The company itself

“In our West Coast markets, our leasing is focused on clients in the technology and media industries, as well as legal firms.”

Annual report 2025A · The company itself

“We are also developing, and may in the future develop, residential buildings.”

Annual report 2025A · The company itself

“Because we have less experience with residential properties than with office and retail properties, we retain third parties to manage our residential properties. When we hire a third-party manager, we are dependent on them and their key personnel who provide services to us and we may not find a suitable replacement if the management agreement is terminated, or if key personnel leave or otherwise become unavailable to us.”

Annual report 2025A · The company itself

“With respect to such losses and losses from acts of terrorism, earthquakes, pandemics or other catastrophic events, if we experience a loss that 27 Table of Contents is uninsured or that exceeds policy limits, we could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties.”

Annual report 2025A · The company itself

“The physical effects of climate change could have a material adverse effect on our properties, operations and business. For example, many of our properties are located along the East and West coasts, particularly those in the central business districts of Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.”

Annual report 2025A · The company itself

“To the extent climate change causes changes in weather patterns, our markets could experience increases in storm intensity, extreme temperatures, rising sea-levels, extreme drought and/or wildfires. Over time, these conditions could result in declining demand for office space in our buildings or increased costs associated with infrastructure-related remediation projects.”

Annual report 2025A · The company itself

“Our unsecured credit facility, unsecured debt securities and certain secured loans contain customary restrictions, requirements and other limitations on our ability to incur indebtedness, including total debt to asset 33 Table of Contents ratios, secured debt to total asset ratios, debt service coverage ratios and minimum ratios of unencumbered assets to unsecured debt, which we must maintain. Our continued ability to borrow under our credit facilities is subject to compliance with our financial and other covenants.”

Annual report 2025A · The company itself

“We rely on debt financing, including borrowings under our unsecured credit facility, issuances of unsecured debt securities and debt secured by individual properties, to finance our existing portfolio, our acquisition and development activities and for working capital. If we are unable to obtain debt financing from these or other sources, or to refinance existing indebtedness upon maturity, our financial condition and results of operations would likely be adversely affected.”

Annual report 2025A · The company itself

“As with other publicly traded equity securities, the value of BXP’s common stock depends on various market conditions that may change from time to time. Among the market conditions that may affect the value of BXP’s common stock are the following: •the extent of investor interest in our securities; •the general reputation of REITs and the sentiment towards the office sector and the attractiveness of our equity securities in comparison to other equity securities, including securities issued by other real estate-based companies; •our underlying asset value; •investor confidence in the stock and bond markets, generally; •national economic conditions; •changes in tax laws; •our financial performance; •changes in our credit ratings; •differences between the yields paid on other investments available in the market and BXP’s dividend yield; and •general stock and bond market conditions, including changes in interest rates.”

Annual report 2025A · The company itself

“Risks Related to Our Business and Operations Our performance depends upon the economic conditions, particularly the supply and demand characteristics, of our markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. Substantially all of our revenue is derived from properties located in six markets: Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. A downturn in the economies of these markets, or the impact that a downturn in the overall national economy may have upon these economies, could result in reduced demand for office space and/or a reduction in rents.”

Annual report 2025A · The company itself

“As with other publicly traded equity securities, the value of BXP’s common stock depends on various market conditions that may change from time to time. Among the market conditions that may affect the value of BXP’s common stock are the following: •the extent of investor interest in our securities; •the general reputation of REITs and the sentiment towards the office sector and the attractiveness of our equity securities in comparison to other equity securities, including securities issued by other real estate-based companies; •our underlying asset value; •investor confidence in the stock and bond markets, generally; •national economic conditions; •changes in tax laws; •our financial performance; •changes in our credit ratings; •differences between the yields paid on other investments available in the market and BXP’s dividend yield; and •general stock and bond market conditions, including changes in interest rates.”

Annual report 2025A · The company itself

“With respect to such losses and losses from acts of terrorism, earthquakes, pandemics or other catastrophic events, if we experience a loss that 27 Table of Contents is uninsured or that exceeds policy limits, we could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties.”

Annual report 2025A · The company itself

“As a result, some clients in these markets may (1) choose to relocate their businesses to other markets or to lower-profile office buildings within these markets that may be perceived to be less likely targets of future terrorist activity and/or (2) perceive a need for or request security enhancements. This could result in an overall decrease in the demand for office space in these markets generally or in our properties in particular, which could increase vacancies in our properties, necessitate that we lease our properties on less favorable terms or both, and/or increase our costs related to security, equipment and personnel.”

Annual report 2025A · The company itself

“As a result, some clients in these markets may (1) choose to relocate their businesses to other markets or to lower-profile office buildings within these markets that may be perceived to be less likely targets of future terrorist activity and/or (2) perceive a need for or request security enhancements. This could result in an overall decrease in the demand for office space in these markets generally or in our properties in particular, which could increase vacancies in our properties, necessitate that we lease our properties on less favorable terms or both, and/or increase our costs related to security, equipment and personnel.”

Annual report 2025A · The company itself

“Factors related to any public health crises that could have a material adverse effect on our results of operations and financial condition include: •changes made by companies in response to a pandemic that could lead to a sustained shift away from collective in-person work environments or relocations away from the markets in which we operate, either of which could adversely affect the overall demand for workplaces in the regions in which we operate; •reduced economic activity and/or supply chain disruptions or delays in delivery of products, services or other materials necessary for our clients that impact our clients’ businesses, financial condition or liquidity, may cause, one or more of our clients to be unable to meet their obligations to us, including their ability to make timely rental payments, in full or at all, or to otherwise seek modifications of such obligations, including rent concessions, deferrals or abatements, or to declare bankruptcy.”

Annual report 2025A · The company itself

“Factors related to any public health crises that could have a material adverse effect on our results of operations and financial condition include: •changes made by companies in response to a pandemic that could lead to a sustained shift away from collective in-person work environments or relocations away from the markets in which we operate, either of which could adversely affect the overall demand for workplaces in the regions in which we operate; •reduced economic activity and/or supply chain disruptions or delays in delivery of products, services or other materials necessary for our clients that impact our clients’ businesses, financial condition or liquidity, may cause, one or more of our clients to be unable to meet their obligations to us, including their ability to make timely rental payments, in full or at all, or to otherwise seek modifications of such obligations, including rent concessions, deferrals or abatements, or to declare bankruptcy.”

Annual report 2025A · The company itself

“We rely on debt financing, including borrowings under our unsecured credit facility, issuances of unsecured debt securities and debt secured by individual properties, to finance our existing portfolio, our acquisition and development activities and for working capital. If we are unable to obtain debt financing from these or other sources, or to refinance existing indebtedness upon maturity, our financial condition and results of operations would likely be adversely affected.”

Annual report 2025A · The company itself

“The outbreak of highly infectious or contagious diseases could adversely impact or cause disruption to our financial condition, results of operations, cash flows and liquidity and that of our clients. Public health crises such as pandemics and similar outbreaks could adversely impact our business.”

Annual report 2025A · The company itself

“A reduction in spending by the Federal Government, sustained changes in space utilization due to remote work models and/or changes from workforce reductions due to artificial intelligence, and/or a significant downturn in one or more of the foregoing sectors have resulted in, and could continue to result in, reduced demand for office space and adversely affect our results of operations.”

Annual report 2025A · The company itself

“Table of Contents Because we own a hotel property, we face the risks associated with the hospitality industry. The following factors, among others, are common to the hotel industry, and may reduce the receipts generated by our hotel property: •our hotel property competes for guests with other hotels, a number of which may have greater marketing and financial resources than our hotel-operating business partners; •if there is an increase in operating costs resulting from inflation and other factors, our hotel-operating business partners may not be able to offset such increase by increasing room rates; •our hotel property is subject to the fluctuating and seasonal demands of business travelers and tourism; and •our hotel property is subject to general and local economic and social conditions that may affect demand for travel in general, including fluctuations in consumer spending, public health concerns, war and terrorism.”

Annual report 2025A · The company itself

“Our actual costs to develop properties may exceed our budgeted costs. We intend to continue to develop and substantially renovate office, life sciences, retail and residential properties.”

Annual report 2025A · The company itself

“Like other businesses, we have been, and expect to continue to be, subject to attempts at unauthorized access of our network, mishandling or misuse, computer viruses or malware, cyber attacks and intrusions and other events of varying degrees. To date, these events have not had, individually or in the aggregate, a material adverse effect on our operations or business.”

Annual report 2025A · The company itself

“A reduction in spending by the Federal Government, sustained changes in space utilization due to remote work models and/or changes from workforce reductions due to artificial intelligence, and/or a significant downturn in one or more of the foregoing sectors have resulted in, and could continue to result in, reduced demand for office space and adversely affect our results of operations.”

Annual report 2025A · The company itself

“Climate change may also have indirect effects on our business by making property insurance unavailable or by increasing the cost of (i) property insurance on terms we find acceptable, (ii) real estate taxes or other assessments, (iii) energy and (iv) property maintenance.”

Annual report 2025A · The company itself

“In addition, we face transition risks related to federal, state and local legislation and regulations that are being implemented, are under consideration to mitigate the effects of climate change or that require increased environmental disclosures and reporting. The costs of complying with evolving regulatory requirements, including GHG emissions regulations and policies, could negatively impact our financial results.”

Annual report 2025A · The company itself

“Our senior unsecured debt is currently rated investment grade by two major rating agencies. However, there can be no assurance that we will be able to maintain these ratings. In the event our senior debt is downgraded from its current ratings, we would likely incur higher borrowing costs and/or difficulty in obtaining additional financing.”

Annual report 2025A · The company itself

“Table of Contents Because we own a hotel property, we face the risks associated with the hospitality industry. The following factors, among others, are common to the hotel industry, and may reduce the receipts generated by our hotel property: •our hotel property competes for guests with other hotels, a number of which may have greater marketing and financial resources than our hotel-operating business partners; •if there is an increase in operating costs resulting from inflation and other factors, our hotel-operating business partners may not be able to offset such increase by increasing room rates; •our hotel property is subject to the fluctuating and seasonal demands of business travelers and tourism; and •our hotel property is subject to general and local economic and social conditions that may affect demand for travel in general, including fluctuations in consumer spending, public health concerns, war and terrorism.”

Annual report 2025A · The company itself

“Climate change may also have indirect effects on our business by making property insurance unavailable or by increasing the cost of (i) property insurance on terms we find acceptable, (ii) real estate taxes or other assessments, (iii) energy and (iv) property maintenance.”

Annual report 2025A · The company itself

“Competition for acquisitions may result in increased prices for properties. We plan to continue to acquire properties as we are presented with attractive opportunities. We may face competition for acquisition opportunities with other investors, and this competition may adversely affect us by subjecting us to the following risks: •we may be unable to acquire a desired property because of competition from other well-capitalized real estate investors, including publicly traded and private REITs, institutional investment funds and other real estate investors; and •even if we are able to acquire a desired property, competition from other real estate investors may significantly increase the purchase price.”

Annual report 2025A · The company itself

“Our properties are concentrated in six dynamic gateway markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.”

Annual report 2025A · The company itself

“We have significant investments in large metropolitan markets that have been, and may continue to be, the targets of actual or threatened terrorism attacks and other criminal acts, including Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.”

Annual report 2025A · The company itself

“We have underwritten, and in the future may acquire, properties, portfolios of properties or interests in real estate-related entities on a strategic or selective basis in international markets that are new to us. If we acquire properties or platforms located in these markets, we will face risks associated with a lack of market knowledge and understanding of the local economy, forging new business relationships in the area and unfamiliarity with local laws and government and permitting procedures.”

Annual report 2025A · The company itself