Boston Properties : Q2 2022 Investor Presentation

BXP Quarterly Investor Overview

Q2 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 third 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 July 26, 2022. BXP has not updated or reaffirmed any of these projections since that date and are not doing so now by including them in this presentation.

Except as otherwise expressly indicated, all data is as of June 30, 2022.

Q2 2022	2

BXP Quick Facts

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

193

Properties1

53.7M

Square Feet Owned1

4.6M

Square Foot Life Sciences

Portfolio3

4.2M

Square feet currently under development / redevelopment1

$3.0B

BXP's Share of

Annualized Revenue2

$1.8B

BXP's Share of

Annualized EBITDAre2

$888M

Annualized Funds Available

for Distribution2

4.4%

Annualized Dividend Yield6

S&P 500

Company

Top 6%

Sustainalytics

Global Universe

7.9 Years

Weighted-average lease term4

929%

Total Return

Since 1997 IPO

1.9x S&P 500

1.6x REIT Index5

1. Includes 100% of consolidated and unconsolidated properties.
2. See Appendix.
3. Represents 3.4M SF of in-service properties 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 Q2 2022 dividend multiplied by four (4) compared to the stock price as of the close on June 30, 2022.

Q2 2022	3

The BXP Advantage

Key Principles that have guided our success and earned our reputation as a trusted partner for more than 50 years

SELECTPREMIER

MARKETS PROPERTIES

	ROBUST
SUSTAINABILITY	OPERATING &
DEVELOPMENT

PLATFORM

EXPERIENCE &	FINANCIAL
INTEGRITY	STRENGTH

CAPITAL

ALLOCATION

BXP Today - Positioned for Growth

Leasing Momentum and Occupancy:

Signed 1.9M1 SF of leases in Q2

• Weighted-averagelease term of 10.9 years for leases signed in Q21,2

6.3 Million SF signed in last 4 quarters1

Occupancy Continues to Increase in Q2

• Occupancy increase of 70 bps since January 1, 2022, to 89.5%

Strong fundamentals:

1. portfolio of high-quality assets

Continued record of growth

• 4.1% average annual growth in FFO/sh 2017-20224,5
• 14.5% projected YoY growth in 2022 FFO/sh at midpoint of guidance4

Modest lease expirations through 2023

Positive historical mark/market

• Estimated 13% average annual mark/market in net rents 2017- Q2 20224

Executed Leases by Quarter (Sq. Ft.)1

	2.0				1.8		1.9
		1.2	1.4		1.2
Millions	1.5
1.0	0.6
	0.5
	0.0
	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022

Opportunistic capital allocation:

• $1.8B liquidity3
• History of selling mature assets and redeploying capital into new

growth opportunities

Growth from	$1.6B6 of active office development, 49% pre -leased7
development:
	Additional $772M6 of active life sciences
	development/ redevelopments, 49% pre-leased
	Properties Under Development/Redevelopment projected to
	add ~$219M to BXP's Share of NOI-Cash upon stabilization8

	- 3.8% CAGR through 20259
	- $1.8B Projected value creation above cost through 202610
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 $7.51.
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 July 22, 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 Q2 2022 BXP's Share of EBITDAre-cash of $433.2 million multiplied by four (4), less BXP's Share of Annualized NOI -cash from Development
	Projects of $13.1 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.		5
10.	Calculations assume a projected weighted-average stabilized BXP's Share of NOI-cash yield of 7.3%, 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 Developments
	Enhance Growth" in this presentation.