Boston Properties : Q1 2022 Investor Presentation

BXP Quarterly Investor Overview

Q1 2022

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 in this presentation. 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 the second quarter and full-year 2022 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 May 2, 2022. We have 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, 2022.

Q1 2022	2

BXP Quick Facts

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

202

Properties1

53.9M

Square Feet Owned1

4.6M

Square Foot Life Sciences

Portfolio3

4.1M

Square feet currently under development / redevelopment1

$2.9B

BXP's Share of

Annualized Revenue2

$1.7B

BXP's Share of

Annualized EBITDAre2

$992M

Annualized Funds Available

for Distribution2

3.6%

Annualized Dividend Yield6

S&P 500

Company

Top 6%

Sustainalytics

Global Universe

7.8 Years

Weighted-average lease term4

1373%

Total Return

Since 1997 IPO

1.9x S&P 500

1.6x REIT Index5

1. Includes 100% of consolidated and unconsolidated properties. As of May 17, 2022; includes acquisition of Madison Centre.
2. See Appendix.
3. Represents 3.4M SF of stabilized portfolio plus 1.2M SF of current life sciences redevelopments/lab conversions in process. Includes 100% of consolidated and unconsolidated properties.
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. Calculated based on Q1 2022 dividend multiplied by four (4) compared to the stock price as of the close on May 25, 2022.

Q1 2022	3

BXP ESG Leadership

Committed to Achieving Carbon-Neutral Operations by 2025

• Established an emissions reduction target ambition in line with a 1.5°C trajectory
• • The most ambitious designation available at the time of submission under the Science Based Targets initiative
  • BXP was the first North American office company with this distinction

Consistently Ranked as an ESG Leader

• Ranked among top real estate companies in GRESB assessment, earned sixth consecutive 5-Star rating
• 10 years of GRESB "Green Star" designations
• Barron's Ten Most Sustainable REITs in the U.S. - #3
• DJSI North America Member
• ENERGY STAR Partner of the Year - Sustained Excellence
• Forbes Green Growth 50 - #4
• Green Lease Leader - Platinum
• MSCI "A Rating"
• Newsweek 's America's 31st Most Responsible Company
• Sustainalytics Top 6% Global Universe

Leading ESG "From Boardroom to

Boiler Room"

• Dedicated Board committee focused on sustainability
• ESG focused across development, leasing, property management, operations and capital market departments

Advancing Building Health and Wellness

• Developed and implemented a comprehensive Health Security Plan
• Earned a 2021 Best in Building Health award
• Completed Fitwel's Viral Response Module enterprise and asset certification

Diversity & Inclusion Focused

• Dedicated D&I committee with actionable goals and initiatives in recruitment and development, Company policies, and community outreach
• Each executive is evaluated on their diversity efforts - achievement of these goals is directly tied to annual compensation

Q1 2022	4

BXP Strategy

Develop Premier Properties in Robust Markets with Sustained Growth

Focus on supply-constrainedmarkets with the	Maintain high occupancy and achieve premium
strongest economic growth and investment	rental rates through economic cycles by delivering
characteristics over time	our clients exceptional space and place

Preserve our reputation for quality, integrity and fair dealing, and be the counterparty of choice for real estate industry participants

SELECT	PREMIER
MARKETS	PROPERTIES
	ROBUST
EXPERIENCE &	OPERATING &
INTEGRITY	DEVELOPMENT
	PLATFORM
CAPITAL	FINANCIAL
ALLOCATION	STRENGTH

Provide an integrated leasing, development, construction and property management platform

to ensure superior customer service and to

create value for shareholders

Remain astute in market timing for investment decisions to ensure continuous portfolio

refreshment and value creation

Maintain a strong balance sheet and access to capital to minimize debt costs and maximize our

ability to make profitable investments

Q1 2022	5