Boston Properties : 2023 NAREIT REITweek Investor Conference Presentation

Nareit REITweek

Q1 2023

BOS

LA

NY

SF

SEA

DC

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 that could cause BXP's actual results to differ materially from those expressed or implied by the forward-looking statements. We do not intend, nor do we 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 non-GAAP financial measures within the meaning of Regulation G and other terms that have particular definitions when we use them. Our 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.

Projections

This presentation includes projections for second quarter 2023 and full year 2023 diluted earnings per common share ("EPS") and diluted funds from operations ("FFO") per share that were previously provided in BXP's most recent earnings release on April 25, 2023. BXP has not updated or reaffirmed any of these projections since that date and is not doing so now by including them in this presentation.

Except as otherwise expressly indicated, all data is as of March 31, 2023.

Q1 2023

2

BXP Quick Facts

The largest publicly traded developer, owner and manager of premier workplaces in the U.S.

192

Properties1

54.5M

Square Feet Owned1

5.6M

Square Foot Life Sciences

Portfolio1,3

4.0M

Square feet of development / redevelopment1

$3.2B

BXP's Share of

Annualized Revenue2

$1.8B

BXP's Share of

Annualized EBITDAre2

$983M

Annualized Funds Available

for Distribution2

7.2%

Annualized Dividend Yield6

S&P 500

Company

Top 4%

Sustainalytics

Global Universe

7.6 Years

Weighted-average lease term4

555%

Total Return

Since 1997 IPO

0.9x S&P 500

0.8x REIT Index5

1. Includes 100% of consolidated and unconsolidated properties.
2. See Appendix.
3. Represents 3.7M SF of in-service properties plus 1.9M SF of current life sciences redevelopments/lab conversions. For additional detail please refer to the slide "BXP Lif e Sciences: a Proven Platform to Drive Future Growth" in this presentation.
4. Excludes residential and hotel properties. Calculation is based on BXP's Share of Annualized Rental Obligations. See Appendix
5. FTSE Nareit All REITs Index.
6. Annualized Div idend Yield equals Q1 2023 dividend per share ($0.98), multiplied by four (4), divided by BXP's stock price as of the close of business on March 31, 2023.

Q1 2023	3

The Largest Publicly Traded Developer, Owner and Manager of Premier Workplaces in the U.S.

•	Location	•	Amenities	•	Efficient floor plates
•	Transportation	•	Modern design & systems	•	Attract top-tier clients & talent

San Francisco

Seattle		Boston		Manhattan		Washington, DC

Q1 2023	4

Premier Workplace Defined

• Study completed by CBRE
• Assets identified as "premier" by CBRE leasing brokers

Total Premier Space in CBD Markets

BXP CBD Portfolio Ratings

CBD	Premier Space/	# Premier Buildings
Total Space
Boston	26.5%	31
Washington, DC	18.5%	78
San Francisco	43.8%	36
Seattle	33.0%	29

CBD

Premier

Redeveloping to Premier

Non-Premier

Total

MSF

24.5

1.2

1.7

27.4

%

89.3%

4.5%

6.2%

100%

Manhattan	9.5%	48
Weighted Average	17.2%	Total Premier: 222
(by mkt size)
Market Total:	733.0 M SF	2,258

1. Excluding termination income. See Appendix.
2. Includes properties in Waltham, Lexington and Needham, MA.
3. Includes properties located in Northern Virginia.
4. Carnegie Center is located in Princeton, NJ.

Central 1282 7.2%

Reston3 9.0%

	Carnegie Center4
	2.0%
	Silicon Valley
	1.8%
BXP's	Other Suburban
Share of NOI1
2.1%

CBD 77.9%

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