Boston Properties : Q1 2022 REITweek Investor Presentation

BXP Quarterly Investor Overview

Q1 2022

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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

3

BXP Quick Facts

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

202		$2.9B		S&P 500
	BXP's Share of
Properties1		Annualized Revenue2		Company

53.9M

Square Feet Owned1

4.6M

Square Foot Life Sciences

Portfolio3

4.1M

Square feet currently under development / redevelopment1

$1.7B

BXP's Share of

Annualized EBITDAre2

$992M

Annualized Funds Available

for Distribution2

3.6%

Annualized Dividend Yield6

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

4

BXP Growth Profile1

External growth, organic growth, dividend yield

4.0%

2.6%

3.6%

Projected CAGR from Development Projects2

$212M Projected BXP's Share of NOI-Cash upon stabilization $1.7B Projected value creation3

10-year historical average growth in BXP's Share of Same Property NOI-Cash(2012-2021)4

13% average mark/market increase in net rents Q1 2017-Q1 2022

Dividend yield5

29% increase in our dividend per share over the past six years

1. There can be no assurance that the Company will be successful in achieving its projected growth. See Appendix for discussion of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements.
2. For purposes of this slide, "Development Projects" include projects in the active development pipeline plus projects delivered but not yet stabilized and projects expected to commence in 2022. For additional detail please refer to the slide "Active Development Pipeline" page in the Appendix. CAGR is based on (x) the difference of Q1 2022 BXP's Share of EBITDAre-cash of $404.5 million multiplied by four (4), less BXP's Share of Annualized NOI -cash from Development Projects of $11.3 million, plus (y) the cumulative projected BXP's Share of NOI-cash upon stabilization from development deliveries through the end of Q4 2025. See Appendix.
3. Calculations assume a projected weighted-average stabilized BXP's Share of NOI-cash yield of 7.4% on BXP's Share of Estimated Total Investment, with a $1 per foot management fee deduction, which is then valued at a 4.5% cap rate. For additional detail, please refer to the slide "Projected NOI from Developments Enhance Growth" in the Appendix. There can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates.
4. Represents the ten-year average quarterly growth of BXP's Share of Same Property NOI - Cash (excluding termination income) from Q1 2012 - Q1 2022. See Appendix.
5. 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

5

BXP Today - Positioned for Growth

Leasing Momentum Driving Occupancy Higher:

Signed 1.2M1 SF of leases in Q1

• Weighted-averagelease term of 7.9 years1,2

5.6 Million SF signed in trailing 4 quarters1

Occupancy Continues to Increase in Q1

- Occupancy increase of 70 bps in the past two quarters to 89.1%

Executed Leases by Quarter (Sq. Ft.)1

Strong fundamentals: a portfolio of high-quality assets

Continued record of growth

• 4.0% average annual FFO growth 2017-20224,5
• 5.5% 2022 Cash NOI growth at midpoint of guidance
• 13.6% projected FFO YoY growth in 2022 at midpoint of guidance

Modest lease expirations through 2023

Positive historical mark/market

• Estimated 13% average annual mark/market in net rents 2017- Q1 2022

	2.0				1.8
		1.2	1.4		1.2
Millions	1.5
0.5
	1.0	0.6
	0.0
	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022

Revenue and NOI streams return:

Growth from development:

Existing $1.9B6 pipeline of office developments, 57% pre-leased7

Additional $772M6 of current life sciences development/ redevelopments

Total Development Pipeline projected to add ~$212M to BXP's Share of NOI-Cash upon stabilization8

• 4% CAGR through 20259
• $1.7B Projected value creation above cost through 202610

• Parking, hotel and retail = ~$43M of parking/retail revenue and hotel NOI remains to be recaptured to return to pre-Covid levels.

Opportunistic capital allocation:

• $1.7B liquidity3
• History of selling mature assets and redeploying capital into new

growth opportunities

1. Includes 100% of consolidated and unconsolidated properties.
2. Excludes residential and hotel properties. Calculation is based on BXP's Share of Annualized Rental Obligations. See Appendix.
3. Represents cash, cash equivalents, cash held in escrow and availability under revolving line of credit.
4. See appendix.
5. Calculated using 2017 FFO/share of $6.22 and the midpoint of BXP's guidance for 2022 FFO/share of $7.45.
6. 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.
7. Includes leases with future commencement dates. As of June 6, 2022.
8. For additional detail please refer to the slide "Projected NOI from Developments Enhance Growth" in this presentation.
9. For purposes of this slide, "Development Projects" include projects in the active development pipeline plus projects delivered but not yet stabilized and projects expected to commence in 2022. For additional detail please refer to the slide "Active Development Pipeline" in this presentation. CAGR is based on (x) the

difference of Q1 2022 BXP's Share of EBITDAre-cash of $404.5 million multiplied by four (4), less BXP's Share of Annualized NOI -cash from Development
Projects of $11.3 million, plus (y) the cumulative projected BXP's Share of NOI-cash upon stabilization from development deliveries through the end of Q4
2025. See Appendix.
10.Calculations assume a projected weighted-average stabilized BXP's Share of NOI-cash yield of 7.4%, 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. For additional detail please refer to the slide "Projected NOI from	6
Developments Enhance Growth" in this presentation.