
BXP, Inc. (NYSE:BXP) (&#34;BXP&#34;), the largest publicly traded developer, owner and manager of premier workplaces in the United States, announced today that its operating partnership, Boston Properties Limited

<p xmlns="http://www.w3.org/1999/xhtml">
<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.bxp.com%2F&amp;esheet=54590885&amp;newsitemid=20260817190625&amp;lan=en-US&amp;anchor=BXP%2C+Inc.&amp;index=1&amp;md5=7535434d6455dc6eb9ebce41a1588b55" shape="rect">BXP, Inc.</a><b xmlns="http://www.w3.org/1999/xhtml"> (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BXP">BXP</a>) </b>("BXP"), the largest publicly traded developer, owner and manager of premier workplaces in the United States, announced today that its operating partnership, Boston Properties Limited Partnership ("BPLP"), has agreed to sell $700 million of 6.050% senior unsecured notes due 2036 in an underwritten public offering through J.P. Morgan Securities LLC, BBVA Securities Inc., BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC, as joint book-running managers. The notes were priced at 99.837% of the principal amount to yield 6.070% to maturity. The notes will mature on October 15, 2036, unless earlier redeemed. The offering is expected to close on August 31, 2026, subject to the satisfaction of customary closing conditions.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The estimated net proceeds from this offering are expected to be approximately $692.4 million. BPLP intends to use the net proceeds from the sale of the notes to fund the redemption or repayment of the $1.0 billion aggregate principal amount of our 2.750% senior notes due 2026 that are scheduled to mature on October 1, 2026 (the "2026 Notes"). BPLP intends to use available cash and/or borrowings under its unsecured revolving line of credit to fund the remaining portion of the funds needed to redeem or repay the 2026 Notes in full. Pending such uses BPLP may repay other debt, including amounts outstanding under its unsecured revolving line of credit, and/or invest the net proceeds in short-term, interest-bearing deposit accounts.

</p><p xmlns="http://www.w3.org/1999/xhtml">
BPLP has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus and the preliminary prospectus supplement in that registration statement and other documents BPLP has filed with the SEC for more complete information about BPLP and this offering. You may obtain these documents for free by visiting EDGAR on the SEC website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54590885&amp;newsitemid=20260817190625&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=2&amp;md5=3268156060b3bbdc6dbc7d0a4e5e49ee" shape="rect">www.sec.gov</a>. Alternatively, you may obtain a copy of the prospectus and related prospectus supplement from J.P. Morgan Securities LLC, 270 Park Avenue, New York, New York 10017, Attention: Investment Grade Syndicate Desk, Facsimile: (212) 834-6081; BBVA Securities Inc., 375 Ninth Avenue, 9th Floor, New York, New York 10001, Attention: US Debt Capital Markets; BNY Mellon Capital Markets, LLC, 240 Greenwich Street, 3rd Floor, New York, New York 10286, Attention: Debt Capital Markets, Fax No. (212) 815-6403; PNC Capital Markets LLC, 300 Fifth Avenue, 10th Floor, Pittsburgh, Pennsylvania 15222, Attention: Investment Operations Securities Settlement, Toll free telephone: 855-881-0697 or Email: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:pnccmprospectus@pnc.com" shape="rect">pnccmprospectus@pnc.com</a>; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, Attention: DCM – Transaction Advisory, Email: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:USTransactionAdvisory@tdsecurities.com" shape="rect">USTransactionAdvisory@tdsecurities.com</a>; U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor, Charlotte, North Carolina 28202, Attention: Credit Fixed Income (fax number: 877-774-3462); Wells Fargo Securities, LLC, 608 2<sup xmlns="http://www.w3.org/1999/xhtml">nd</sup> Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, Email: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:wfscustomerservice@wellsfargo.com" shape="rect">wfscustomerservice@wellsfargo.com</a>, Toll-Free: 1-800-645-3751.

</p><p xmlns="http://www.w3.org/1999/xhtml">
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

</p><p xmlns="http://www.w3.org/1999/xhtml">
BXP, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BXP">BXP</a>) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six markets – Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totaled 51.1 million square feet and 164 properties, including six properties under construction/redevelopment.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<i xmlns="http://www.w3.org/1999/xhtml">This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words "will," "expects," "intends" and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, trends, uncertainties and other factors which are, in some cases, beyond BXP’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, BXP’s ability to satisfy the closing conditions to the pending transaction described above, as well as other risks and uncertainties detailed from time to time in BXP’s filings with the SEC. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260817190625r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260817190625/en/" rel="nofollow">https://www.businesswire.com/news/home/20260817190625/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<span xmlns="http://www.w3.org/1999/xhtml" class="bwuline">AT BXP 
</span><br xmlns="http://www.w3.org/1999/xhtml"></br>Mike LaBelle
<br xmlns="http://www.w3.org/1999/xhtml"></br>Executive Vice President
<br xmlns="http://www.w3.org/1999/xhtml"></br>Chief Financial Officer and Treasurer
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:mlabelle@bxp.com" shape="rect">mlabelle@bxp.com</a>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Helen Han
<br xmlns="http://www.w3.org/1999/xhtml"></br>Vice President, Investor Relations
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:hhan@bxp.com" shape="rect">hhan@bxp.com</a>

</p>

BXP Prices $700 Million Offering of Senior Unsecured Notes

BPLP to issue 700M 6.05% notes to redeem 2026 bonds, extend maturity

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>BXP, Inc. (NYSE:BXP) (&amp;#34;BXP&amp;#34;), the largest publicly traded developer, owner and manager of premier workplaces in the United States, announced today that its operating partnership, Boston Properties Limited</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Boston Properties’ operating partnership, BPLP, plans a $700 million senior unsecured notes offering due 2036 at 6.050%, pricing 99.837% to yield 6.07%. Net proceeds are about $692.4 million and will be used to redeem the $1.0 billion of 2.75% notes due 2026, with any remaining funds likely drawn from cash or its revolving line of credit. The move extends debt maturity and reduces near-term refinancing risk, potentially improving liquidity metrics despite higher long-term borrowing costs.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>BPLP to issue $700M of 6.050% notes due 2036; proceeds ~$692.4M.</li><li>Notes priced at 99.837% to yield 6.070%; close date Aug 31, 2026.</li><li>Proceeds fund redemption of $1.0B of 2.750% notes due 2026 (Oct 1).</li><li>Remaining funds from cash/revolver; potential debt repayment or deposits.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Boston Properties, Inc. (BXP)</strong>: Parent entity; debt-refinancing activity through BPLP likely to influence cost of capital and liquidity metrics.</li><li><strong>Boston Properties Limited Partnership (BPLP)</strong>: Issuer of new notes; plans to use proceeds to redeem near-term debt, extending maturity profile.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Corporate Developments: A structured debt refinancing move aimed at maturity extension and liquidity optimization fits as a strategic capital-management action for a REIT with near-term maturities.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Near-term maturity risk reduced by redeeming 2026 notes.</li><li>Higher coupon on new 2036 notes increases long-term interest expense.</li><li>Execution risk and closing timing may affect leverage metrics.</li><li>SEC registration and closing timeline (Aug 31, 2026) could influence near-term trading.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Offering: $700 million of 6.050% senior unsecured notes due 2036.</li><li>Pricing: 99.837% of principal; yield 6.070% to maturity.</li><li>Net proceeds: approximately $692.4 million.</li><li>Use of proceeds: redeem $1.0 billion of 2.750% notes due 2026 (Oct 1, 2026).</li><li>Closing: expected August 31, 2026; SEC registration filed.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Debt-extension should modestly support BXP’s credit metrics in 6–12 months despite higher long-term interest costs.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.bxp.com%2F&amp;esheet=54590885&amp;newsitemid=20260817190625&amp;lan=en-US&amp;anchor=BXP%2C+Inc.&amp;index=1&amp;md5=7535434d6455dc6eb9ebce41a1588b55" shape="rect">BXP, Inc.</a><b xmlns="http://www.w3.org/1999/xhtml"> (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BXP">BXP</a>) </b>("BXP"), the largest publicly traded developer, owner and manager of premier workplaces in the United States, announced today that its operating partnership, Boston Properties Limited Partnership ("BPLP"), has agreed to sell $700 million of 6.050% senior unsecured notes due 2036 in an underwritten public offering through J.P. Morgan Securities LLC, BBVA Securities Inc., BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC, as joint book-running managers. The notes were priced at 99.837% of the principal amount to yield 6.070% to maturity. The notes will mature on October 15, 2036, unless earlier redeemed. The offering is expected to close on August 31, 2026, subject to the satisfaction of customary closing conditions.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The estimated net proceeds from this offering are expected to be approximately $692.4 million. BPLP intends to use the net proceeds from the sale of the notes to fund the redemption or repayment of the $1.0 billion aggregate principal amount of our 2.750% senior notes due 2026 that are scheduled to mature on October 1, 2026 (the "2026 Notes"). BPLP intends to use available cash and/or borrowings under its unsecured revolving line of credit to fund the remaining portion of the funds needed to redeem or repay the 2026 Notes in full. Pending such uses BPLP may repay other debt, including amounts outstanding under its unsecured revolving line of credit, and/or invest the net proceeds in short-term, interest-bearing deposit accounts.

</p><p xmlns="http://www.w3.org/1999/xhtml">
BPLP has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus and the preliminary prospectus supplement in that registration statement and other documents BPLP has filed with the SEC for more complete information about BPLP and this offering. You may obtain these documents for free by visiting EDGAR on the SEC website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54590885&amp;newsitemid=20260817190625&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=2&amp;md5=3268156060b3bbdc6dbc7d0a4e5e49ee" shape="rect">www.sec.gov</a>. Alternatively, you may obtain a copy of the prospectus and related prospectus supplement from J.P. Morgan Securities LLC, 270 Park Avenue, New York, New York 10017, Attention: Investment Grade Syndicate Desk, Facsimile: (212) 834-6081; BBVA Securities Inc., 375 Ninth Avenue, 9th Floor, New York, New York 10001, Attention: US Debt Capital Markets; BNY Mellon Capital Markets, LLC, 240 Greenwich Street, 3rd Floor, New York, New York 10286, Attention: Debt Capital Markets, Fax No. (212) 815-6403; PNC Capital Markets LLC, 300 Fifth Avenue, 10th Floor, Pittsburgh, Pennsylvania 15222, Attention: Investment Operations Securities Settlement, Toll free telephone: 855-881-0697 or Email: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:pnccmprospectus@pnc.com" shape="rect">pnccmprospectus@pnc.com</a>; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, Attention: DCM – Transaction Advisory, Email: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:USTransactionAdvisory@tdsecurities.com" shape="rect">USTransactionAdvisory@tdsecurities.com</a>; U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor, Charlotte, North Carolina 28202, Attention: Credit Fixed Income (fax number: 877-774-3462); Wells Fargo Securities, LLC, 608 2<sup xmlns="http://www.w3.org/1999/xhtml">nd</sup> Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, Email: <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:wfscustomerservice@wellsfargo.com" shape="rect">wfscustomerservice@wellsfargo.com</a>, Toll-Free: 1-800-645-3751.

</p><p xmlns="http://www.w3.org/1999/xhtml">
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

</p><p xmlns="http://www.w3.org/1999/xhtml">
BXP, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BXP">BXP</a>) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six markets – Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totaled 51.1 million square feet and 164 properties, including six properties under construction/redevelopment.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<i xmlns="http://www.w3.org/1999/xhtml">This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words "will," "expects," "intends" and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, trends, uncertainties and other factors which are, in some cases, beyond BXP’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, BXP’s ability to satisfy the closing conditions to the pending transaction described above, as well as other risks and uncertainties detailed from time to time in BXP’s filings with the SEC. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.</i>

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260817190625r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260817190625/en/" rel="nofollow">https://www.businesswire.com/news/home/20260817190625/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<span xmlns="http://www.w3.org/1999/xhtml" class="bwuline">AT BXP 
</span><br xmlns="http://www.w3.org/1999/xhtml"></br>Mike LaBelle
<br xmlns="http://www.w3.org/1999/xhtml"></br>Executive Vice President
<br xmlns="http://www.w3.org/1999/xhtml"></br>Chief Financial Officer and Treasurer
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:mlabelle@bxp.com" shape="rect">mlabelle@bxp.com</a>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Helen Han
<br xmlns="http://www.w3.org/1999/xhtml"></br>Vice President, Investor Relations
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:hhan@bxp.com" shape="rect">hhan@bxp.com</a>

</p>

Boston Properties’ operating partnership, BPLP, plans a $700 million senior unsecured notes offering due 2036 at 6.050%, pricing 99.837% to yield 6.07%. Net proceeds are about $692.4 million and will be used to redeem the $1.0 billion of 2.75% notes due 2026, with any remaining funds likely drawn from cash or its revolving line of credit. The move extends debt maturity and reduces near-term refinancing risk, potentially improving liquidity metrics despite higher long-term borrowing costs.

News insight

BXP Prices $700 Million Offering of Senior Unsecured Notes

AI summary

Sentiment rationale

Key facts

Corporate Developments