Boston Properties : Q1 Investor Quarterly Overview

BXP Quarterly Investor Overview

Q1 2021

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.

Projections

This presentation includes projections for second quarter 2021 diluted earnings per common share ("EPS") and diluted funds from operations ("FFO") per share that were previously provided in the Company's most recent earnings release on April 27, 2021. The

Company 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, 2021.

2

BXP Quick Facts

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

196 Properties1

51.6M

Square Feet Owned1

88.7%	4.3M
Square Feet Currently under
Development/Redevelopment1
Leased
(In-Service Properties)1,3

7.9 Years

Weighted-Average Lease Term3.4

$17.6B

$2.7 Billion	Equity Market Cap
BXP's Share of Annualized
Revenue2	$30.1B
	Consolidated
	Market Cap

$728M

Annualized Funds Available for

Distribution2

$1.6B		3.9%
BXP's Share of	RE2
Annualized EBITDA
		Dividend Yield

S&P 500

Company

Top 5%

Sustainanalytics

Global Universe

1021%

Total Return

Since 1997 IPO

• • 1.8x S&P 500
• 1.5x REIT Index5

	1.	Includes 100% of consolidated and unconsolidated properties.	4.	Calculation is based on BXP's Share of Annualized Rental Obligations. See Appendix.
3	2.	See Appendix.	5.	FTSE Nareit All REITs Index.
3.	Excludes residential and hotel properties.

BXP Strengths

Leasing momentum:

• Signed 592k SF of leases in Q1 despite pandemic
• • 84% of pre-pandemic leasing volume in Q1 2020

Predictable return of ancillary revenue streams:

• Parking, hotel and retail = ~$130M1 of revenue loss, expected to return as vaccination distributions continue

Growth from development:

• Existing $2.0B pipeline of office developments2, 86% pre- leased3
• Additional $558M of current life sciences development/ redevelopments
• Total Pipeline projected to add $234M Cash NOI upon stabilization4
• • $1.6B Projected value creation through 20245

A resilient portfolio of high- quality assets

• Modest lease expirations next 3 years
• Track record of positive mark/market
• • 20% average annual mark/market in net rents Q1 2016-Q1 2021
• Positioned to benefit from flight to quality trend of prior recessions

A proven track record of

intelligent capital allocation

• $2.4B liquidity6
• 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.
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-cashyield of 6.8%, with a $1 per foot management fee deduction, on BXP's Share of total budgeted costs, 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 this
	presentation.
6.	Represents cash, cash equivalents, cash held in escrow and availability under revolving line of credit as of March 31, 2021.

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

our clients exceptional space and place

characteristics over time

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

5