Boston Properties : Q1 2025 Investor Presentation

BXP Quarterly Investor Overview

Q1 2025

Table of Contents

BXP Today

Premier Workplace

Development

The Balance Sheet

BXP Performance

Sustainability and Impact

Q1 2025 3

BXP Today

BXP Quick Facts

The largest publicly traded developer, owner and manager of premier workplaces1 in the U.S.

185

Properties2

89.4%

Leased (In-Service Properties)2,3

7.6 Years

Weighted-Average Lease Term4,5

53.4M

Square Feet Owned2

3.0M

Square Feet of

Development/Redevelopment2

5.9M

Square Feet of Leases Executed2,4,6 in Trailing Four Quarters

$3.3B

BXP's Share of Annualized Revenue7

$1.8B

BXP's Share of Annualized EBITDAre7

$913.2M

Funds Available for Distribution7 for Trailing Four Quarters

S&P 500

Company

5.8%

Dividend Yield8

815%

Total Return

Since 1997 IPO

0.9x S&P 500 | 1.0x REIT Index9

1. See Appendix for information on premier workplaces.

2. Includes 100% of consolidated and unconsolidated properties.

3. Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant spa ce with future commencement dates. Excludes the hotel property and residential units.

4. Excludes the hotel property and residential units.

5. Calculation is based on BXP's Share of Annualized Rental Obligations. See Appendix.

6. Represents leases executed in the trailing four quarters for which the Company either (1) commenced rental revenue recognitio n or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under develo pment.

   
   
   

7. See Appendix.

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8. Annualized dividend yield equals Q1 2025 dividend per share of $0.98, multiplied by four (4), divided by BXP's stock price as of the close of business on March 31, 2025.

9. FTSE Nareit All REITs Index.

Q1 2025