BXP Investor Update: September 2021 Conferences

BXP Investor Update:

September 2021 Conferences

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the federal securities laws. Please refer to the Appendixfor information on how to identify these statements, as well as risks and uncertainties, including the impact of the COVID-19 pandemic and related governmental actions and changes in economic conditions that could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements. The Company does not intend, nor does it undertake a duty, to update any forward-looking statements, except as may be required by law.

Use of Non-GAAP Financial Measures and Other Definitions

This presentation contains certain non-GAAP financial measures within the meaning of Regulation G and other terms that have particular definitions when used by the Company. The Company's definitions may differ from those used by other companies and, therefore, may not be comparable. The definitions of these terms and, if applicable, the reasons for their use and reconciliations to the most directly comparable GAAP measures are included in the Appendix.

Except as otherwise expressly indicated, all data is as of June 30, 2021.

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BXP Quick Facts

The largest publicly-traded developer, owner and manager of Class A office properties in the U.S.

197
	Properties1		4.3M
					4.3M
				Square Feet Currently
	51.5M
			under Development /
			Redevelopment1		Square Foot Life
Square Feet Owned1					Sciences Portfolio4

S&P 500

Company

3.4%

Dividend Yield

Top 5%

Sustainanalytics

Global Universe

7.9 Years

Weighted-average lease

term3

			$1.6B
	$2.7 Billion			$713M	1179%
		BXP's Share of
	BXP's Share of		Annualized EBITDAre2		Annualized Funds	Total Return
	Annualized			Available for
	Revenue2				Distribution2	Since 1997 IPO
						• 1.8x S&P 500
1. Includes 100% of consolidated and unconsolidated properties.				• 1.5x REIT Index5

1. See Appendix.
2. Excludes residential and hotel properties. Calculation is based on BXP's Share of Annualized Rental Obligations. See Appendix
3. Represents proforma square footage which includes 3.3M SF of stabilized portfolio plus 1.0M SF of current life sciences redevelopments/lab conversions in process. Includes 100% of consolidated and unconsolidated properties. Actual square footage may differ materially depending on the outcome of the permitting and entitlement processes for each project. As of June 7, 2021.
4. FTSE Nareit All REITs Index.

BXP Today

Positioned for Growth

Leasing momentum:

• Signed 1.2M SF of leases in Q2
• • Double the leasing volume achieved in Q1 2021
  • 90% of historical Q2 leasing volume
• Notable leases and expansions

• 351,000 SF lease with entertainment company
• 140,000 SF expansion with social media company

Ancillary revenue streams beginning to return:

• Parking, hotel and retail = ~$130M1 of revenue loss
• • ~$26M recaptured in Q2 as economy began to reopen

Strong fundamentals: A portfolio of high-quality assets

• Track record of growth
• • 7% average annual FFO growth 2015-20196
• Modest lease expirations next 3 years
• Positive historical mark/market
• • 21% average annual mark/market in net rents
    2016-2021

Growth from development:

• Existing $2.0B pipeline of office developments2, 87% pre- leased3
• Additional $558M of current life sciences development/ redevelopments2
• Total Development Pipeline projected to add $234M Cash NOI upon stabilization4
• • $1.6B projected value creation through 20245

Smart capital allocation

• $2.1B liquidity7
• History of selling mature assets and redeploying capital into new growth opportunities

1. Calculated as BXP's Share of Annualized Revenue from Parking, Hotel and Retail in Q4 2020 as compared to BXP's Share of Annualized Revenue from Parking, Hotel and Retail in Q4 2019.
2. Represents BXP's Share of Estimated Total Investment, including income (loss) and interest carry during development. For additional information, refer to the "Active Development Pipeline" page of this presentation.
3. Includes leases with future commencement dates. As of August 6, 2021
4. Represents BXP's Share. For additional detail please refer to the slide "Projected NOI from Developments Enhance Growth" in this presentation.

4 5. Calculations assume a projected weighted-average stabilized BXP's Share of NOI-cash yield of 6.7%, with a $1 per foot management fee deduction, on BXP's Share of estimated total investment, which is then valued at a 4.5% cap rate.

1. See appendix.
2. Represents cash, cash equivalents, cash held in escrow and availability under revolving line of credit.

Recent News:

Acquisitions Focused on New Markets and Life Sciences

Safeco Plaza:

Seattle, WA

• 50-story,800,000 square-foot,LEED-Platinum certified, Class A office property - 90% leased
• Joint Venture - BXP owns approximately 1/3rd.
• Marks BXP's entry into one of the strongest technology and life sciences markets in the U.S.
• Value-addopportunity: Refresh and re-lease
• Purchase price: $465M. Closed September 1, 2021.

360 Park Avenue South: Midtown South, New York, NY1

• 450,000 square-foot, 20 story office tower - currently leased with expected vacancy at year-end 2021.
• Extends BXP's NY presence into Midtown South, a primary submarket for technology tenants and talent.
• Value-addopportunity: Upgrade, enhance, amenitize and re-lease.
• Purchase price : $300M. Anticipated closing Q4 2021.

Kendall Square Development Entitlements - Cambridge, MA

• Secured entitlements for ~1M rentable SF of commercial and/or lab development opportunity.2
• Located in largest life science cluster in the US with 12.3 million square feet and 98.6% occupancy rate.
• Adjacent to MIT, Google and Biogen campuses.

1. The pending acquisition of 360 Park Avenue South is subject to customary closing conditions, and there can be no assurance that the Company will complete the transaction on the terms currently contemplated or at all. See Appendix for information on forward-looking statements.
2. Includes 100% of consolidated and unconsolidated properties. Actual square footage may differ materially depending on the outcome of the permitting/entitlements process for each project.

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