Boston Properties : Q4 2021 Conference Presentation

BXP Quarterly Investor Overview

Q4 2021

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 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 first quarter and full-year 2022 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 January 25, 2022. 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 December 31, 2021.

Q4 2021

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BXP Quick Facts

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

201		$2.8B		S&P 500
	BXP's Share of
Properties1		Annualized Revenue2		Company

52.8M

Square Feet Owned1

4.6M

Square Foot Life Sciences

Portfolio4

4.1M

Square feet currently under development / redevelopment1,5

$1.7B

BXP's Share of

Annualized EBITDAre2

$740M

2021 Funds Available

for Distribution2

3.4%

Dividend Yield

Top 5%

Sustainalytics

Global Universe

7.8 Years

Weighted-average lease term3

1208%

Total Return

Since 1997 IPO

1.6x S&P 500

1.3x REIT Index6

1. Includes 100% of consolidated and unconsolidated properties.
2. See Appendix.
3. Excludes residential and hotel properties. Calculation is based on BXP's Share of Annualized Rental Obligations. See Appendix
4. Represents proforma square footage, which includes 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. Actual square footage may differ materially depending on the outcome of the permitting and entitlement processes for each project.
5. Data as of February 3, 2022. See Active Development Pipeline for details.
6. FTSE Nareit All REITs Index.

Q4 2021

3

BXP Today - Positioned for Growth

Leasing Momentum Building:

Signed 1.8M1 SF of leases in Q4

• Completed 5.1M SF of leases in 2021 having a weighted-average lease term of 8.4 years1

Notable Q4 leases and expansions

• 231,000 SF lease with life sciences company in San Francisco, CA
• 120,000 SF lease with manufacturing company in Waltham, MA
• 113,000 SF lease with life sciences company in Waltham, MA

		Executed Leases by Quarter (Sq. Ft.)1
	2.0				1.79
		1.24	1.43
Millions	1.5
0.5
	1.0	0.59
	0.0
	Q1 2021	Q2 2021	Q3 2021	Q4 2021

Revenue and NOI streams beginning to return:

Strong fundamentals: a portfolio of high-quality assets

Growth from development:

Continued record of growth

• 3.7% average annual FFO growth 2017-20222,3
• 12.5% projected FFO YoY growth in 2022 at midpoint of guidance

Modest lease expirations through 2023

Positive historical mark/market

- 16% average annual mark/market in net rents 2016-2021

Existing $1.9B4 pipeline of office developments, 56% pre-leased5

Additional $782M4 of current life sciences development/ redevelopments

Total Development Pipeline projected to add ~$245M to BXP's Share of NOI-Cash upon stabilization6

- $2.0B Projected value creation above cost through 20267

• Parking, hotel and retail = ~$57M9 of FFO remains to be recaptured to return to pre-covid levels.

Smart capital allocation:

• $1.8B liquidity8
• History of selling mature assets and redeploying capital into new

growth opportunities

1. Includes 100% of consolidated and unconsolidated properties.
2. See appendix.
3. Calculated using 2017 FFO/share of $6.22 and the Company's 2022 FFO/share midpoint of guidance of $7.38.
4. 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. As of February 3, 2022.
5. Includes leases with future commencement dates. As of February 3, 2022.
6. Represents BXP's Share. For additional detail please refer to the slide "Projected NOI from Developments Enhance Growth" in this presentation.
7. 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.
8. Represents cash, cash equivalents, cash held in escrow and availability under revolving line of credit.
9. Calculated as BXP's Share of Annualized Revenue from parking and retail and Annualized NOI from hotel in Q4 2021 as compared to BXP's Share of Annualized Revenue from parking and retail and Annualized NOI from hotel in Q4 2019.

Q4 2021	4

Leasing Momentum Ramping Up

2,500,000

2,000,000

1,500,000

1,000,000

500,000

0

2018

2019

2020

2021

Q1 Q2 Q3 Q4

Note: 10-year avg of 2nd generation leases is 5.1M square feet. Includes both 1st and 2nd generation leases.

Q4 2021

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