Boston Properties : Q4 Investor Quarterly Overview

February 22, 2021 at 06:18 pm EST

BXP Quarterly Investor Overview

Q4 2020

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the federal securities laws. Please refer to the Appendix for 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 first 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 January 26, 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 December 31, 2020.

BXP Quick Facts

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

1. Includes 100% of consolidated and unconsolidated properties.
2. See Appendix.
3. Ranked 33rd out of 964 global companies in the 2019 Global Real Estate Sustainability Benchmark (GRESB) assessment
4. Excludes residential and hotel properties.

5. Calculation is based on BXP's Share of Q4 Annualized Rental Obligations. See Appendix.
6. FTSE Nareit All REITs Index.

BXP Strengths in the Current Environment

• 91% of lease revenue1 comes from office rents
- Credit-strong tenants with long lease terms
• Signed 3.7 million square feet of leases in 2020 despite COVID-19 pandemic shutdowns
• Modest annual rollover
• 90.1% occupancy2
• In-place rents below market
• Pipeline of $2.2 billion of developments3; 87% pre-leased4
- Approximately 7.1% projected weighted-average stabilized unleveraged cash return
• Strong balance sheet with $3.2 billion of liquidity5
• A rich history of developing, acquiring and divesting of assets to maximize shareholder value in all economic cycles

1. Represents percentage of consolidated lease revenue for the quarter ended December 31, 2020
2. Includes 100% of consolidated and unconsolidated properties. Excludes residential and hotel properties.
3. 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
4. As of February 8, 2021. Includes leases with future commencement dates and excludes residential units.
5. Represents cash, cash equivalents and availability under revolving line of credit as of December 31, 2020

BXP Strategy

Develop Premier Properties in Robust Markets with Sustained Growth

Preserve our reputation for quality, integrity and fair dealing and be the counterparty of choice for real estate industry participantsRemain astute in market timing for investment decisions to ensure continuous portfolio refreshment and value creationFocus on supply-constrained markets with the strongest economic growth and investment characteristics over time

Maintain high occupancy and achieve premium rental rates through economic cycles by delivering our clients exceptional space and place

Provide an integrated leasing, development, construction and property management platform to ensure superior customer service and to create value for shareholders

Maintain a strong balance sheet and access to capital to minimize debt costs and maximize our ability to make profitable investments

BXP - A Leader in Sustainability

BXP In Detail

• Diverse tenant base across sectors and geographies
• Strong pipeline of developments
• Modest leverage with substantial liquidity

Focus on Gateway Regions with Favorable Supply/Demand and Rent Growth

Represents market square footage and market rent growth as defined and projected by Econometrics Advisors, ("CBRE EA"). Boston region includes the Total Boston Metro market as defined by CBRE EA; Los Angeles represents the West LA market as defined by CBRE EA and includes all submarkets indicated on slide 32; New York region represents New York Midtown and includes Total NYC Metro markets plus Trenton Submarket (Princeton), each as defined by CBRE EA; San Francisco includes Total San Francisco and San Jose Metro markets, each as defined by CBRE EA; Washington, DC includes all Washington, DC CBD submarkets as defined by CBRE EA and BXP active submarkets in Maryland (Bethesda/Chevy Chase and Rockville); and Reston and North Virginia submarket as defined by CBRE EA and represents BXP active submarkets only (Reston, Herndon, Springfield).

2. 3.

Includes 100% of consolidated and unconsolidated joint venture properties. Excludes termination income. See Appendix.

Diversified Across U.S. Markets

BXP's Share of NOI1

1. Excluding termination income. See Appendix.
2. Includes properties located in Northern Virginia.
3. Includes properties in Waltham, Lexington and Needham, MA.
4. Carnegie Center is located in Princeton, NJ.

BXP Tenant Base:

Broad Portfolio Balanced Across Established and Growth Sectors

Industry Diversification1

Commercial &

Real Estate &

Investment Banking

Insurance

1. Represents industry diversification percentages based on BXP's Share of Annualized Rental Obligations. See Appendix.
2. See Appendix.
3. Represents weighted-average remaining lease term of top 20 tenants

Top 20 Tenants	% of BXP's Share of Annualized Rental Obligations2	Years of Remaining Lease Term By Annualized Rental Obligations
salesforce.com	3.6%	11.1
Arnold & Porter Kaye Scholer	2.8%	12.9
Akamai Technologies	2.2%	13.8
Biogen	1.8%	5.9
Kirkland & Ellis	1.6%	16.4
Shearman & Sterling	1.6%	12.9
Google	1.5%	15.5
Ropes & Gray	1.4%	9.6
WeWork	1.3%	12.6
Weil Gotshal & Manges	1.2%	13.4
US Government	1.1%	4.9
Microsoft	1.1%	10.1
Wellington Management	1.1%	6.6
Aramis (Estee Lauder)	1.0%	16.8
Morrison & Foerster	0.9%	9.5
O'Melveny & Myers	0.9%	3.9
Millennium Management	0.9%	10.0
Bank of America	0.9%	15.0
Mass Financial Services	0.9%	7.2
Under Armour	0.8%	13.3
Total top 20	28.6%	11.43

BXP Life Sciences: A proven platform to drive future growth

9.1M1 Square Feet of Current and Future Life Sciences Tenants

~3.3M SF Stabilized Portfolio

• Across 46 buildings
• Leased to 85+ tenants

~1.8M SF of current and potential lab conversions

• 200 West Street, Waltham, MA
• 10 additional properties

~4.0M SF of future potential life sciences development

• Waltham, MA
• Cambridge, MA
• South San Francisco, CA
• Princeton, NJ

Includes 100% of consolidated and unconsolidated properties.

BXP Acquisition/Disposition History

Consistently Recycling Capital

$15.1 Billion of Acquisitions$11.8 Billion of Dispositions

($inmillions)

$4,170

$4,407

1997-2003

2004-2007

2008-2012

2013-2016

2017-2020

Beach Cities Media Campus: El Segundo, CA

Colorado Center: Santa Monica, CA

Preeminent Developer with Robust Pipeline

$5.5B1 of Recent Deliveries Generating Strong Returns (2014-2020)

• $5.5 billion of investment
• 8.9 million2 square feet
• 6.8% BXP's Share of Annualized NOI-cash return3

Development Deliveries4

$3,500

$inMillions

$1,500

$3,000 $2,500 $2,000

$1,000

$500

2011-2013

1. BXP's Share of Total Investment
2014-2016
2017-2019
2. Includes 100% of consolidated and unconsolidated properties. See Appendix.
3. See Appendix
$2.2B of Active Developments5 Driving Future Growth:
- • $849M of remaining equity to fund
3.7 million1 square feet-87% pre-leased6
7.1% projected weighted-average stabilized unleveraged cash return
2020-2024
The Hub on Causeway
4. For purposes of this graph, developments are considered delivered in the year in which the property was/is projected to be stabilized. 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. See Appendix.
5. 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.
13 6.
Includes leases with future commencement dates. Data as of February 8, 2021.

Office Properties Delivered in 2020: Highlights

17Fifty Presidents Street

• Reston, VA
• 100% leased to Leidos
• 17 stories; 276,000 square feet
• Total Investment of $132 million
• Completed in Q1 2020
• Anticipate USGBC LEED® Gold

20 CityPoint

• Waltham, MA
• 100% leased
• 211,500 square feet
• Total Investment of $99 million
• Completed in Q3 2020
• USGBC LEED® Platinum

Residential Properties Delivered in 2020:

Hub50House (The Hub on Causeway - Residential)

• Boston, Massachusetts
• 440 units
• 320,000 square feet
• Part of 1.3M square foot Hub on Causeway development project with office and retail which are 95% leased
• Attached to major transit station and entrance to TD Garden sports arena
• 50% - 50% joint venture with Delaware North
• Total Investment of $153.5 million1

BXP's Share of Total Investment

The Skylyne at Temescal

• Oakland, California
• 402 units
• 331,000 square feet (including retail)
• Walking distance to major transit - 16 minute BART Ride to downtown San Francisco
• Total Investment of $263.6 million

$2.2B Active Development/Redevelopment1 - 87% pre-leased2

325 Main Street, Cambridge, MA 90% pre-leased. Primary tenant: Google

100 Causeway Street, Boston, MA 94% pre-leased. Primary tenant: Verizon

7750 Wisconsin Avenue, Bethesda, MD 100% pre-leased. Tenant: Marriott

Reston Next, Reston, VA 85% pre-leased. Primary tenant: Fannie Mae

2100 Pennsylvania Avenue, Washington, DC 56% preleased. Primary tenant: WilmerHale

One Five Nine East 53rd, New York, NY 96% pre-leased. Primary tenant: NYU

1. As of February 8, 2021. Represents BXP's Share of estimated total investment, including income (loss) and interest carry during development. For more information, refer to the "Active Development Pipeline" page of this presentation
2. Includes leases with future commencement dates

Redevelopment: Lab Conversion at 200 West Street, Waltham, MA

Active Development Pipeline (Continued): 200 West Street

"The BXP team understands the complexities of our lab and office space needs as a growing biotech, and we were impressed by their professional, forward-thinking approach. We are excited to call 200 West Street our headquarters as we continue our mission to develop a new class of potentially transformative mRNA medicine to treat or preventdebilitating or life-threatening diseases."

QUALITY

Ron Renaud, CEO, TRANSLATE BIO 200 WEST STREET, WALTHAM, MA

200 WEST STREET REDEVELOPMENT:

• 138,000 sf redevelopment of existing office property
• 100% leased to Translate Bio
• Estimated delivery in Q4 2021
• $48 million investment
• Projected return 10%

$2.2 Billion Active Development Pipeline1

Project Name - Key tenant	Location	Square Feet	BXP's Ownership Percentage	Estimated Total Investment (BXP's Share)1	Estimated Investment PSF1	Percent Leased2	Actual/Est. Initial Occupancy
OFFICE
100 Causeway Street - Verizon	Boston, MA	632,000	50%	$267,300,000	$846	94%	Q2 2021
325 Main Street - Google	Cambridge, MA	420,000	100%	$418,400,000	$996	90%	Q3 2022
7750 Wisconsin Avenue - Marriott (International HQ)	Bethesda, MD	734,000	50%	$198,900,000	$542	100%	Q3 2022
2100 Pennsylvania Avenue - WilmerHale	Washington, DC	480,000	100%	$356,100,000	$759	56%	Q3 2022
Reston Next (formerly Reston Gateway) - Fannie Mae	Reston, VA	1,062,000	100%	$715,300,000	$674	85%	Q4 2022
Total Office Properties under Construction	3,328,000	$1,956,000,000	$722	87%
OFFICE REDEVELOPMENT
One Five Nine East 53rd Street - NYU3	New York, NY	220,000	55%	$150,000,000	$1,240	96%	Q2 2021
200 West Street - Translate Bio	Waltham, MA	138,000	100%	$47,800,000	$346	100%	Q4 2021
Total Properties under Redevelopment	358,000	$197,800,000	$764	98%

Total Office Properties Under Construction and Redevelopment

3,686,000

$2,153,800,000

$742

87%

1. Represents BXP's Share of estimated total cost, including income (loss) and interest carry on debt and equity investment during development. See Appendix.
2. Data as of February 8, 2021. Includes leases with future commencement dates.
3. Placed in service in Q1 2021

15 Million Square Feet1 in Future Development Pipeline

Drives Long-Term Growth Opportunity

Back Bay Station

Fourth + Harrison

Project Name	Location	Estimated Square Feet1
Reston Next (Phase II)	Reston, VA	2,900,000
3 Hudson Boulevard (25% ownership)	New York, NY	2,000,000
CityPoint (50% option on 1.2 MM sf)	Waltham, MA	1,800,000
The Station on North First	San Jose, CA	1,550,000
Back Bay Station	Boston, MA	1,300,000
Platform 16 (55% ownership)	San Jose, CA	1,100,000
343 Madison (MTA) (55% ownership)	New York, NY	850,000
Plaza at Almaden	San Jose, CA	840,000
Fourth + Harrison	San Francisco, CA	820,000
Gateway South San Francisco (50% ownership)	South San Francisco, CA	640,000
Peterson Way	Santa Clara, CA	630,000
1001 6th Street, NW (50% ownership)	Washington, DC	520,000
2021 Rosecrans Avenue (Beach Cities Media Campus) (50% ownership)	El Segundo, CA	275,000
Future Development Pipeline	15,225,000

19 1.

Includes 100% of consolidated and unconsolidated properties. Actual square footage may differ materially depending on the outcome of the permitting/entitlement process for each project.

Conservative Leverage Provides Balance Sheet Capacity

BXP's Share of Net Debt to BXP's Share of EBITDAre1

9.0

8.0

7.0

6.0

5.0

2016

BXP's Share of Debt to BXP's Share of Market Capitalization1	29.2%	30.0%	35.3%	32.6%	44.0%
Fixed Charge Coverage Ratio1	2.8x	3.0x	2.9x	2.8x	2.6x
FAD Payout Ratio1	71.4%	74.8%	80.4%	86.7%	96.4%

2017

2018

2019

2016

1. See Appendix.
2. Consists of Common Stock, Operating Partnership Units and $200M of Preferred Stock.

7.4x

BXP Market Capitalization1

$35

$30

$25

$inBillions

$20

$15

$10

2020

2017

2018

BXP's Share of

$13.0

$16.6

Q4 2020

2019

2020

Debt1

Equity2

Substantial Liquidity and Access to Debt Markets

Secured Debt 22.1%

Liquidity 1 $3.2 Billion

Revolving Credit Facility

1. Represents cash and cash equivalents as of December 31, 2020.
2. See Appendix.

Revolving Credit Facility $1.5B

BXP's Share of Debt2

Cash

Secured DebtUnsecured Debt

BXP Investment Summary:

Business resilience & shareholder return

BXP Growth Profile1

Projected CAGR from Development Projects2

3.6%

$218M Cash NOI upon stabilization3

External growth, organic growth, dividend yield

$1.4B Projected value creation4

2.8%

5-year historical average growth in BXP's Share of Same Property NOI-Cash (2015-2020)5

20% mark/market increase in net rents Q4 2015-Q4 2020 average

4.1%

Dividend yield 45% increase in our dividend over the past four 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 the active development pipeline plus 2020 development deliveries and stabilizations. For additional detail please refer to the slide "Active Development Pipeline" in this presentation. CAGR is based on (x) the difference of Q4 2020 BXP's Share of EBITDAre-cash of $363.3 million multiplied by four (4), less BXP's Share of Annualized NOI - cash from Development Projects of $7.1 million, plus (y) the cumulative projected BXP's Share of NOI-cash upon stabilization from development deliveries through the end of Q4 2024. See Appendix.
3. BXP's Share. Includes $1 per foot management fee deduction. For additional detail please refer to the slide "Active Development Pipeline" in this presentation
4. Calculations assume a projected weighted-average stabilized BXP's Share of NOI-cash yield of 7.1% 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 "Active Development Pipeline" in this presentation
5. Represents the five-year quarterly average of BXP's Share of Same Property NOI - Cash (excluding termination income) based on actual quarterly growth 2015 - 2020. See Appendix.

Projected Returns from Developments Enhance Growth1

Average 7.1% Unleveraged Cash Return

($ in M)

2020

2021

2022

2023

2024

Total

BXP's Share of Total Budgeted Costs of Development Projects2 (A)

$378

$295 $1,302

$975

$356

$3,306

Estimated BXP's Share of Cash NOI upon Stabilization3

$26

$20

$89

$61

$22

$218

Estimated Value upon Completion (4.5% Cap Rate)4 (B)

Projected Value Creation (B - A)

$4,739 $1,433

Projected Value Creation/Cost (B-A) / (A)

Projected Value Creation/Share

Compounded Annual Growth Rate (CAGR)5

1. 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. 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 the active development pipeline plus 2020 development deliveries and stabilizations. For additional detail please refer to the slide "Active Development Pipeline."
3. Includes $1 per foot management fee deduction.
4. Calculations assume a projected weighted-average stabilized BXP's Share of NOI-cash yield of 7.1% on BXP's Share of total budgeted costs, which is then valued at a 4.5% cap rate.
5. CAGR is based on (x) the difference of Q4 2020 BXP's Share of EBITDAre-cash of $363.3 million multiplied by four (4), less BXP's Share of Annualized NOI -cash from Development Projects of $7.1 million, plus (y) the cumulative projected BXP's Share of NOI-cash upon stabilization from development deliveries through the end of Q4 2024. See Appendix.

Returns from Dividends

Calculated as annual dividend amount divided by the stock price on the last trading day of the year

$6.00

DividendsinDollarsperShare

$5.00

$4.00

$3.00

$2.00

$1.00

$0.00

2016

2017

2018

2019

2020

BXP's Total Shareholder Return Since IPO of 936%

BXPS&P 500

FTSE Nareit All REITs

1600%

1400%

1200%

1000%

800%

600%

400%

200%

-200%

This graph assumes an investment of $100 on June 17, 1997 and the reinvestment of dividends. Data shown is based on the share price or index values, as applicable, as of December 31 of each year. Source: Thomson Reuters

BXP Summary:

Differentiated Model with Long-Term Advantages

QUALITY

AGILITY

DURABILITY

• Highest quality office portfolio across five markets with strong employment growth over time

• Proven, trusted corporate leadership team and regional management
• Modern portfolio of new or recently refreshed assets
• Ranked in the top 4% of the most sustainable global real estate companies1

• Diverse tenants across sectors and geographies to minimize risk and capture growth
• Modest leverage with substantial liquidity
• A rich history of developing, acquiring and divesting of assets to maximize shareholder value in all economic cycles

• Strong historical FFO growth
• Pipeline of developments 87% pre-leased
• Durable cash flow stream with 7.8-year, weighted-average lease term2

1. Ranked 33rd out of 964 global companies in the 2019 Global Real Estate Sustainability Benchmark (GRESB) assessment
2. Excludes residential and hotel properties. Calculation is based on BXP's Share of Annualized Rental Obligations. See Appendix.

Regional Snapshots

Boston Snapshot

1. Includes 100% of consolidated and unconsolidated joint venture properties.
2. Only includes leases for which revenue recognition has commenced in accordance with GAAP. Excludes hotel and residential properties.

29 3.

Excludes termination income. See Appendix.

BXP's Share of NOI3 by Submarket

Photo: BXP properties in Boston, MA including

200 Clarendon Street, Prudential Tower, and 888 Boylston Street

San Francisco Snapshot

In-Service Portfolio Composition

Properties	39
Total Square Feet (M)	8.2
CBD Leased1, 2	95.0%
Suburban Leased1	80.7%
CBD Average Rental Obligations PSF1, 2	$84.20
Suburban Average Rental Obligations PSF1	$53.80
BXP's Share of Annualized Rental Revenue (M)3	$486
BXP's Share of Annualized NOI (M)3	$309

1. Only includes leases for which revenue recognition has commenced in accordance with GAAP.
2. Excludes residential properties.
3. Excludes termination income. See Appendix.

Los Angeles Snapshot

1. Consists of the unconsolidated joint ventures that own Colorado Center and Santa Monica Business Park.
2. Only includes leases for which revenue recognition has commenced in accordance with GAAP.

Photo: Colorado Center, Santa Monica, CA

New York Snapshot

1. Includes 100% of consolidated and unconsolidated joint venture properties.
2. Only includes leases for which revenue recognition has commenced in accordance with GAAP.
3. Excludes termination income. See Appendix.
BXP's Share of NOI3,4 by Submarket
Photo: 399 Park Ave. New York, NY
4. Excludes the Brooklyn submarket that consists of Dock 72 in Brooklyn, NY. For the three months ended December 31, 2020, Dock 72 had a net operating loss of $7.4 million (BXP's Share) as a result of write-offs associated with accrued rent

Washington, DC Snapshot

In-Service Portfolio Composition

BXP's Share of NOI3 by Submarket

Reston and Northern

1. Includes 100% of unconsolidated joint venture properties.
2. Only includes leases for which revenue recognition has commenced in accordance with GAAP. Excludes residential units.
3. Excludes termination income. See Appendix.

VA 63.1%

Development Case Studies

325 Main Street, Cambridge, MA

• 16-stories, 420,000 square feet total
• Includes a 380,000 square foot Class A office building
- o 100% pre-leased to Google for a term of 15 years
• Replaces an existing, four-story, 115,000 square foot building previously on site
• Initial delivery estimated in Q3 2022
• Adjacent to MIT in Cambridge, MA
• Brings Google's total leased space with BXP to more than 800,000 square feet in Cambridge

The Hub on Causeway, Boston, MA

• 1.3M square feet total
• 50% - 50% joint venture with Delaware North
• Rapid7 & Verizon as anchor tenants
• Office and retail are 95% pre-leased
• Attached to major transit station and entrance to TD Garden sports arena
• Podium: 382,000 square feet (Phase I)
- o 98% Leased
- o 201,000 square feet of retail space
- o 181,000 square feet of office space
- o Initial occupancy in Q2 2019
• Hub50House Residential: 320,000 square feet (Phase II)
- o 440 residential units
- o Initial occupancy in Q4 2019
• 100 Causeway: 632,000 square feet (Final Phase)
- o 94% pre-leased
- o 31-story office tower
- o One of Boston's tallest new office developments in 20 years
- o Initial occupancy expected in Q2 2021

2100 Pennsylvania Avenue, Washington, DC

• 480,000 square feet
• Office space is 56% pre-leased to WilmerHale for a term of 16 years
• Includes 30,000 square feet of retail space
• Initial delivery estimated in 2022
• Located in the Foggy Bottom neighborhood of Washington, DC with direct frontage on Pennsylvania Avenue
• Adjacent to BXP's successful 2200
Pennsylvania Avenue mixed-use property

7750 Wisconsin Avenue, Bethesda, MD

• Marriott International build-to-suit project for new corporate headquarters:
- o 22 stories
- o 734,000 square feet
• Located just north of Bethesda Metro Station
• Initial occupancy estimated in Q3 2022
• 50% - 50% joint venture

Reston Next, Reston, VA

• 1.1 million square feet
• Fannie Mae as anchor tenant with 703,000 square feet
• Volkswagen Group of America signed lease for 196,000 SF in October 2020
• 85% pre-leased
• 42,000 square feet of retail space
• 2,680 parking spaces
• Initial occupancy estimated in Q4 2022
• Kicks off Phase III of Reston Town Center (4.5 million square feet)

One Five Nine East 53rd Street, New York

• Repositioning of retail and low-rise office space at 601 Lexington Avenue
- o Six stories; 220,000 square feet, including 200,000 square feet office, as well as retail and a public marketplace
• Creation of new high-value prime retail space
- o Transforms an inward facing concourse into a vibrant retail experience
• New dedicated street-level entrance and lobby for low-rise office floors
• Rooftop terraces on each floor
• Initial occupancy estimated in Q2 2021
• 100% of office space leased by NYU

200 West Street - Lab Conversion, Waltham, MA

• 138,000 sf redevelopment of existing office property
• 100% pre-leased to Translate Bio
• Estimated delivery in Q4 2021
• $48 million investment

urn 10%

Sustainability

BXP Sustainability Framework

Climate Action

Resilience

Social Good

Numbers above correspond to Sustainable Development Goals as defined by The United Nations

BXP - A Leader in Sustainability

Recognition & Certification

• Over 25 million square feet of actively managed green buildings certified at the highest Gold and Platinum Levels
• All new office development projects required to pursue LEED Silver certification or better
• 48 ENERGY STAR certified properties in 2020
• 2020 ENERGY STAR Partner of the Year
• Selected as a Green Lease Leader by the Better Buildings Alliance for 2015, 2016, 2017, 2018, 2019 and earned Gold distinction in 2020
• Nareit Leader in the Light Award winner in 2014, 2015, 2017, 2018 and 2019
• Over 13 million square feet Fitwel Certified
• "Fitwel Champions"

• Achieved highest "Green Star" rating for nine consecutive years
• Highest GRESB 5-Star Rating
• Achieved the highest possible scores in categories including: Data Monitoring & Review, Targets, Policies, Reporting and Leadership

Public Sustainability Goals

27% energy use intensity reduction

70% carbon emissions intensity reduction

(52% like-for-like reduction in 2019)

30% water use intensity reduction

53% waste diversion increase

(recycling and composting)

Investor Relations:

Sara Budasbuda@bxp.com 617-236-3429

Q4 2020 Appendix

FORWARD-LOOKING STATEMENTS

This Presentation contains forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions, in each case, to the extent applicable. We caution investors that any such forward-looking statements are based on current beliefs or expectations of future events and on assumptions made by, and information currently available to, our management. When used, the words "anticipate," "believe," "budget," "estimate," "expect," "intend," "may," "might," "plan," "project," "should," "will" and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance or occurrences, which may be affected by known and unknown risks, trends, uncertainties and factors that are, in some cases, beyond our control. Should one or more of these known or unknown risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied by the forward-looking statements. We caution you that, while forward-looking statements reflect our good-faith beliefs when we make them, they are not guarantees of future performance or occurrences and are impacted by actual events when they occur after we make such statements. Accordingly, investors should use caution in relying on forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

One of the most significant factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements is the ongoing impact of the global COVID-19 pandemic on the U.S. and global economies, which has impacted, and is likely to continue to impact, us and, directly or indirectly, many of the other important factors below and the risks described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and our subsequent filings under the Exchange Act.

Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

• the risks and uncertainties related to the impact of the COVID-19 global pandemic, including the duration, scope and severity of the pandemic domestically and internationally; federal, state and local government actions or restrictive measures implemented in response to COVID-19, the effectiveness of such measures, as well as the effect of any relaxation of current restrictions, and the direct and indirect impact of such measures on our and our tenants' businesses, financial condition, results of operations, cash flows, liquidity and performance, and the U.S. and international economy and economic activity generally; the speed, effectiveness and distribution of vaccines, whether new or existing actions and measures continue to result in increasing unemployment that impacts the ability of our residential tenants to generate sufficient income to pay, or make them unwilling to pay rent in a timely manner, in full or at all; the health, continued service and availability of our personnel, including our key personnel and property management teams; and the effectiveness or lack of effectiveness of governmental relief in providing assistance to individuals and large and small businesses, including our tenants, that have suffered significant adverse effects from COVID-19;
• volatile or adverse global economic and political conditions, health crises and dislocations in the credit markets could adversely affect our access to cost-effective capital and have a resulting material adverse effect on our business opportunities, results of operations and financial condition;
• general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, tenant space utilization, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate);

• failure to manage effectively our growth and expansion into new markets and sub-markets or to integrate acquisitions and developments successfully;
• the ability of our joint venture partners to satisfy their obligations;
• risks and uncertainties affecting property development and construction (including, without limitation, construction delays, increased construction costs, cost overruns, inability to obtain necessary permits, tenant accounting considerations that may result in negotiated lease provisions that limit a tenant's liability during construction, and public opposition to such activities);
• risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments or refinance existing indebtedness, including the impact of higher interest rates on the cost and/or availability of financing;
• risks associated with forward interest rate contracts and the effectiveness of such arrangements;
• risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets;
• risks associated with actual or threatened terrorist attacks;
• costs of compliance with the Americans with Disabilities Act and other similar laws;
• potential liability for uninsured losses and environmental contamination;
• risks associated with the physical effects of climate change;
• risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems, which support our operations and our buildings;
• risks associated with BXP's potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended;
• possible adverse changes in tax and environmental laws;
• the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results;
• risks associated with possible state and local tax audits;
• risks associated with our dependence on key personnel whose continued service is not guaranteed; and
• the other risk factors identified in our most recently filed Annual Report on Form 10-K for the fiscal year ended December 31, 2020 or described herein, including those under the caption "Risk Factors."

The risks set forth above are not exhaustive. Other sections of this report may include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment, particularly in light of the circumstances relating to COVID-19. New risk factors emerge from time to time and it is not possible for management to predict all risk factors, nor can we assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Investors should also refer to our most recent Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the SEC, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this Appendix.

DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS

This Appendix contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this presentation and, where applicable, quantitative reconciliations of the differences between the non-GAAP financial measures and the most directly comparable GAAP financial measures, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company's financial condition and results of operations and the other purposes for which management uses the measures. Additional detail can be found in the Company's most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents the Company files or furnishes to the SEC from time to time.

The Company also presents "BXP's Share" of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company's share of the amount from the Company's unconsolidated joint ventures (calculated based upon the Company's percentage ownership interest and, in some cases, after priority allocations), minus the Company's partners' share of the amount from the Company's consolidated joint ventures (calculated based upon the partners' percentage ownership interests and, in some cases, after priority allocations, income allocation to private REIT shareholders and their share of fees due to the Company). Management believes that presenting "BXP's Share" of these measures provides useful information to investors regarding the Company's financial condition and/or results of operations because the Company has several significant joint ventures and in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company's partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP Share of various financial measures in this manner can help investors better understand the Company's financial condition and/or results of operations after taking into account its true economic interest in these joint ventures. The Company cautions investors that the ownership percentages used in calculating "BXP's Share" of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners' interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financing and guarantees, liquidations and other matters. As a result, presentations of "BXP's Share" of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company's financial information presented in accordance with GAAP.

In addition, the Company presents certain of these measures on a "Annualized" basis, which means the measure for the applicable quarter is multiplied by four (4). Management believes that presenting "Annualized" measures allows investors to compare results of a particular quarter to the same measure for full years and thereby more easily assess trend data. However, the Company cautions investors that "Annualized" measures should not be considered a substitute for the measure calculated in accordance with GAAP and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

Annualized Revenue

Annualized Revenue is defined as (1) revenue less termination income for the quarter ended December 31, 2020, multiplied by four (4), plus (2) termination income for the quarter ended December 31, 2020. The Company believes that termination income can distort the results for any given period because termination income generally represents multiple months or years of a tenant's rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant's lease and thus does not reflect the core ongoing operating performance of the Company's properties. As a result, the Company believes that by presenting Annualized Revenue without annualizing termination income, investors may more easily compare quarterly revenue to revenue for full fiscal years, which can provide useful trend data. Annualized Revenue should not be considered a substitute for revenue in accordance with GAAP and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

Annualized Rental Obligations

Annualized Rental Obligations is defined as monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12).

Debt to Market Capitalization Ratio

Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company's Consolidated Debt divided by (B) the Company's Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company's Consolidated Debt plus (y) the market value of the Company's outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) on and after February 6, 2015, which was the end of the performance period for 2012 OPP Units and thus the date earned, common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, (5) on and after February 4, 2016, which was the end of the performance period for 2013 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2013 MYLTIP Units that were issued in the form of LTIP Units, (6) on and after February 3, 2017, which was the end of the performance period for 2014 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2014 MYLTIP Units that were issued in the form of LTIP Units, (7) on and after February 4, 2018, which was the end of the performance period for 2015 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2015 MYLTIP Units that were issued in the form of LTIP Units, (8) on and after February 9, 2019, which was the end of the performance period for 2016 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2016 MYLTIP Units that were issued in the form of LTIP Units and (9) on and after February 6, 2020, which was the end of the performance period for 2017 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2017 MYLTIP Units that were issued in the form of LTIP Units plus (z) outstanding shares of 5.25% Series B Cumulative Redeemable Preferred Stock multiplied by their fixed liquidation preference of $2,500 per share. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2018, 2019 and 2020 MYLTIP Units are not included.

The Company also presents BXP's Share of Market Capitalization, which is calculated in a similar manner, except that BXP's Share of Debt is utilized instead of the Company's Consolidated Debt in both the numerator and the denominator. The Company presents these ratios because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and do not necessarily reflect the Company's capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like Boston Properties, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company's outstanding indebtedness.

EBITDAre

Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("Nareit"), the Company calculates Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate, or "EBITDAre," as net income (loss) attributable to Boston Properties, Inc. common shareholders, the most directly comparable GAAP financial measure, plus net income attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment loss and adjustments to reflect the Company's share of EBITDAre from unconsolidated joint ventures, less gains (losses) on sales of real estate, gain on sale of investment in unconsolidated joint venture, gains on consolidation of joint ventures and discontinued operations. EBITDAre is a non-GAAP financial measure. The Company uses EBITDAre internally as a performance measure and believes EBITDAre provides useful information to investors regarding its financial condition and results of operations at the corporate level because, when compared across periods, EBITDAre reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and acquisition and development activities on an unleveraged basis, providing perspective not immediately apparent from net (loss) income attributable to Boston Properties, Inc. common shareholders.

In some cases the Company also presents (A) BXP's Share of EBITDAre - cash, which is BXP's Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a tenant), fair value lease revenue and non-cash termination income adjustment (fair value lease amounts) and adding straight-line ground rent expense, stock-based compensation expense and lease transaction costs that qualify as rent inducements, and (B) Annualized EBITDAre, which is EBITDAre for the applicable fiscal quarter ended multiplied by four (4). Presenting BXP's Share of EBITDAre - cash allows investors to compare EBITDAre across periods without taking into account the effect of certain non-cash rental revenues, ground rent expense and stock based compensation expense. Similar to depreciation and amortization, because of historical cost accounting, fair value lease revenue may distort operating performance measures at the property level. Additionally, presenting EBITDAre excluding the impact of straight-line rent provides investors with an alternative view of operating performance at the property level that more closely reflects rental revenue generated at the property level without regard to future contractual increases in rental rates. In addition, the Company's management believes that the presentation of Annualized EBITDAre provides useful information to investors regarding the Company's results of operations because it enables investors to more easily compare quarterly EBITDAre to EBITDAre from full fiscal years.

The Company's computation of EBITDAre may not be comparable to EBITDAre reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. The Company believes that in order to facilitate a clear understanding of its operating results, EBITDAre should be examined in conjunction with net income attributable to Boston Properties, Inc. common shareholders as presented in the Company's consolidated financial statements. EBITDAre should not be considered a substitute to net income attributable to Boston Properties, Inc. common shareholders in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

Fixed Charge Coverage Ratio

Fixed Charge Coverage Ratio equals BXP's Share of EBITDAre - cash divided by Total Fixed Charges. BXP's Share of EBITDAre - cash is a non-GAAP financial measure equal to BXP's Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a tenant), fair value lease revenue and non-cash termination income adjustment (fair value lease amounts) and adding straight-line ground rent expense, stock-based compensation expense and lease transaction costs that qualify as rent inducements.

Total Fixed Charges is also a non-GAAP financial measure equal to the sum of BXP's Share of interest expense, capitalized interest, maintenance capital expenditures, hotel improvements, equipment upgrades and replacements and preferred dividends/distributions less fair value interest adjustment and hedge amortization and amortization of financing costs. The Company believes that the presentation of its Fixed Charge Coverage Ratio provides investors with useful information about the Company's financial performance as it relates to overall financial flexibility and balance sheet management, and, although the Company's Fixed Charge Coverage Ratio is not a liquidity measure, as it does not include adjustments to reflect changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, the Company believes that its Fixed Charge Coverage Ratio provides investors with useful supplemental information regarding the Company's ability to service its existing fixed charges. Furthermore, the Company believes that the Fixed Charge Coverage Ratio is frequently used by analysts, rating agencies and other interested parties in the evaluation of the Company's performance as a REIT and, as a result, by presenting the Fixed Charge Coverage Ratio the Company assists these parties in their evaluations. The Company's calculation of its Fixed Charge Coverage Ratio may not be comparable to the ratios reported by other REITs or real estate companies that define the term differently and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

FORWARD-LOOKING STATEMENTS

Funds Available for Distribution (FAD) and FAD Payout Ratio

In addition to Funds from Operations (FFO), which is defined on the following page, the Company presents Funds Available for Distribution to common shareholders and common unitholders (FAD), which is a non-GAAP financial measure that is calculated by (1) adding to FFO lease transaction costs that qualify as rent inducements, non-real estate depreciation, non-cash losses (gains) from early extinguishments of debt, stock-based compensation expense, Accounting Standards Codification ("ASC") 470-20 interest expense adjustment, partners' share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences) and unearned portion of capitalized fees, (2) eliminating the effects of straight-line rent, straight-line ground rent expense adjustment, fair value interest adjustment and hedge amortization and fair value lease revenue, and (3) subtracting maintenance capital expenditures, hotel improvements, equipment upgrades and replacements, 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences), non-cash termination income adjustment (fair value lease amounts) and impairments of non-depreciable real estate. The Company believes that the presentation of FAD provides useful information to investors regarding the Company's results of operations because FAD provides supplemental information regarding the Company's operating performance that would not otherwise be available and may be useful to investors in assessing the Company's operating performance. Additionally, although the Company does not consider FAD to be a liquidity measure, as it does not make adjustments to reflect changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, the Company believes that FAD may provide investors with useful supplemental information regarding the Company's ability to generate cash from its operating performance and the impact of the Company's operating performance on its ability to make distributions to its shareholders. Furthermore, the Company believes that FAD is frequently used by analysts, investors and other interested parties in the evaluation of its performance as a REIT and, as a result, by presenting FAD the Company is assisting these parties in their evaluation. FAD should not be considered as a substitute for net income (loss) attributable to Boston Properties, Inc.'s common shareholders determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

Funds from Operations (FFO)

Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or "FFO," by adjusting net income (loss) attributable to Boston Properties, Inc. common shareholders (computed in accordance with GAAP) for gains (or losses) from sales of properties, impairment losses on depreciable real estate consolidated on the Company's balance sheet, impairment losses on its investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but the Company believes the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing the Company's operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company's real estate across reporting periods and to the operating performance of other companies.

The Company's computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. In order to facilitate a clear understanding of the Company's operating results, FFO should be examined in conjunction with net income attributable to Boston Properties, Inc. common shareholders as presented in the Company's consolidated financial statements. FFO should not be considered as a substitute for net income attributable to Boston Properties, Inc. common shareholders (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP.

In-Service Properties

The Company treats a property as being "in-service" upon the earlier of (1) lease-up and completion of tenant improvements or (2) one year after cessation of major construction activity as determined under GAAP. The determination as to when an entire property should be treated as "in-service" involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics, the Company specifies a single date for treating a property as "in-service," which is generally later than the date the property is partially placed in-service under GAAP. Under GAAP, a property may be placed in-service in stages as construction is completed and the property is held available for occupancy. In addition, under GAAP, when a portion of a property has been substantially completed and either occupied or held available for occupancy, the Company ceases capitalizing costs on that portion, even though it may not treat the property as being "in-service," and continues to capitalize only those costs associated with the portion still under construction. In-service properties include properties held by the Company's unconsolidated joint ventures.

Net Debt

Net Debt is equal to (A) the Company's consolidated debt plus special dividends payable (if any) less (B) cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s). The Company believes that the presentation of Net Debt provides useful information to investors because the Company reviews Net Debt as part of the management of its overall financial flexibility, capital structure and leverage. In particular, Net Debt is an important component of the Company's ratio of BXP's Share of Net Debt to BXP's Share of EBITDAre. BXP's Share of Net Debt is calculated in a similar manner to Net Debt, except that BXP's Share of Debt and BXP's Share of cash are utilized instead of the Company's consolidated debt and cash in the calculation. The Company believes BXP's Share of Net Debt to BXP's Share of EBITDAre is useful to investors because it provides an alternative measure of the Company's financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company's Net Debt as part of their assessments of its business. The Company may utilize a considerable portion of its cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) may not be solely controlled by the Company. The deduction of these items from consolidated debt in the calculation of Net Debt therefore should not be understood to mean that these items are available exclusively for debt reduction at any given time.

Net Operating Income (NOI)

Net operating income (NOI) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders, the most directly comparable GAAP financial measure, plus (1) preferred dividends, net income attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, impairment losses, depreciation and amortization expense, gains (losses) from early extinguishments of debt and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate, gains (losses) from investments in securities and interest and other income (loss). In some cases, the Company also presents (1) NOI - cash, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a tenant), fair value lease revenue, straight-line ground rent expense adjustment and lease transaction costs that qualify as

rent inducements in accordance with GAAP, and (2) NOI and NOI - cash, in each case excluding termination income. (continued on next page)

Net Operating Income (NOI) (continued)

The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company's results of operations and financial condition because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI - cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a tenant's rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant's lease and are not reflective of the core ongoing operating performance of the Company's properties.

Rental Obligations

Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from tenants under existing leases. These amounts exclude rent abatements.

Rental Revenue

Rental Revenue is equal to Total revenue, the most directly comparable GAAP financial measure, less development and management services revenue and direct reimbursements of payroll and related costs from management services contracts. The Company uses Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods. The Company also presents Rental Revenue (excluding termination income) because termination income can distort the results for any given period because it generally represents multiple months or years of a tenant's rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant's lease and does not reflect the core ongoing operating performance of the Company's properties.

Same Properties

In the Company's analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as "Same Properties." "Same Properties" therefore exclude properties placed in-service, acquired, repositioned or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as "in-service" for that property to be included in "Same Properties."

Projected FFO

The Company's guidance for the first quarter 2021 for diluted earnings per common share attributable to Boston Properties, Inc. common shareholders (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. common shareholders is set forth and reconciled below. Except as described below, the estimates reflect management's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, the timing of the lease-up of available space and the earnings impact of the events referenced in the Company's earnings release issued on January 26, 2021 and otherwise referenced during the Company's conference call on January 27, 2021. Except as otherwise publicly disclosed, the estimates do not include any material (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) other possible capital markets activity, (3) possible future write-offs of accounts receivable and accrued rent balances or (4) possible future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate and any gains or losses associated with disposition activity. The Company is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate or gains or losses associated with disposition activities. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth below.

First Quarter 2021

Low High

$	0.53	$	0.57
Projected Company's share of real estate depreciation and amortization	1.00	1.00
Projected FFO per share (diluted)	$	1.53	$	1.57

Projected EPS (diluted)

Add:

Debt to Market Capitalization Ratios

(dollars in thousands, except per share amounts)

December 31,2020

Common stock price at year end
Equity market capitalization at year end (A)	$16,562,387	$24,008,146	$19,584,824	$22,559,179	$21,805,734
Consolidated debt (B)	$13,047,758	$11,811,806	$11,007,757	$10,271,611	$ 9,796,133
Add:
BXP's share of unconsolidated JV debt	1,153,628	980,110	890,574	604,845	318,193
Less:
Partners' share of consolidated JV debt	1,194,619	1,199,854	1,204,774	1,209,280	1,144,473
BXP's Share of Debt (C)	$13,006,767	$11,592,062	$10,693,557	$ 9,667,176	$ 8,969,853
Consolidated Market Capitalization (A + B)	$29,610,145	$35,819,952	$30,592,581	$32,830,790	$31,601,867
Consolidated Debt/Consolidated Market Capitalization [B ÷ (A + B)]	44.07 %	32.98 %	35.98 %	31.29 %	31.00 %
BXP's Share of Market Capitalization (A + C)	$29,569,154	$35,600,208	$30,278,381	$32,226,355	$30,775,587
BXP's Share of Debt/BXP's Share of Market Capitalization [C ÷ (A + C)]	43.99 %	32.56 %	35.32 %	30.00 %	29.15 %

94.53

2019

137.86

2018

112.55

2017	2016
$	130.03	$	125.78

EBITDAre

Quarter Ended Year Ended December 31,

December 31, 2020

2020

2019

2018

2017

2016

Net income attributable to Boston Properties, Inc. common shareholders Add:

Preferred dividends

Net income attributable to noncontrolling interests Losses from interest rate contracts

Losses (gains) from early extinguishments of debt Interest expense

Depreciation and amortization expense Impairment losses

Less:

Discontinued operations Gains on consolidation of JVs

7,310 2,625 14,970 - - 111,991 168,013 - - -

862,227 10,500 145,964 - - 431,717 683,751 - - -

511,034 $ 572,347

$ 451,939

$ 502,285

10,500

10,500 10,500

130,465 -

129,716 -

100,042 57,192

- 140

29,540

16,490

(496) 371

412,717

378,168

374,481 412,849
677,764
645,649
617,547 694,403

24,038

11,812 - 1,783

- -

Gain on sale of investment in unconsolidated JV - - - - - 59,370

Gains (losses) on sales of real estate

Income (loss) from unconsolidated JVs Add:

5,259 (79,700)

618,982 (85,110)

BXP's share of EBITDAre from unconsolidated JVs

13,900

EBITDAre 393,250 Less:

95,444 1,695,731

709 46,592 98,389 1,847,146

182,356 2,222

7,663 80,606

11,232 8,074

81,340 1,661,444

65,132 50,712

1,600,250

1,582,185

Partners' share of EBITDAre from consolidated JVs 40,591

163,085

185,405

BXP's Share of EBITDAre

$ 352,659

$ 1,532,646
- $ 1,661,741
  BXP's Share of EBITDAre Add:
  $ 352,659
$ 1,532,646

$ 1,661,741

181,110 $1,480,334 $1,480,334

177,539

174,370

$1,422,711 $1,407,815
$1,422,711 $1,407,815

Lease transaction costs that qualify as rent inducements3 1,333 BXP's share of lease transaction costs that qualify as rent inducements from

unconsolidated JVs3 1,259

Straight-line ground rent expense adjustment 943

BXP's share of straight-line ground rent expense adjustment from unconsolidated JVs 273

Stock-based compensation expense 7,990 Less:

9,314 2,794 3,767 398 44,142

6,627 7,905 4,029 40 40,958

8,692

920 8,853

601 3,972 - 40,117

1,048 58

2,489 3,951

- 35,361

- 32,911

Non-cash termination income adjustment (fair value lease amounts) (19)

Partners' share of lease transaction costs that qualify as rent inducements from

consolidated JVs3 12

1,362 1,231

- 449

Straight-line rent and fair value lease revenue

13,801 113,456 120,269

277 71,866

- 25

- 17

75,801 64,120

BXP's share of straight-line rent and fair value lease revenue from unconsolidated JVs (7,078) Add:

5,932 19,116 13,447

13,410 10,835

Partners' share of straight-line rent and fair value of lease revenue from

consolidated JVs 5,590 Partner's share of non-cash termination income adjustment (fair value lease

17,052 15,538

13,702

9,169 14,343

amounts) from consolidated JVs (8)

BXP's Share of EBITDAre-cash

363,323

545 $ 1,488,677

- $ 1,597,004

- $1,461,828

- $1,382,462

- $1,392,959

1See "Joint Ventures-Unconsolidated" in this Appendix.

2See "Joint Ventures-Consolidated" in this Appendix.

3Lease transaction costs are generally included in second generation tenant improvements and leasing commissions in the period in which the lease commences.

4Excludes the straight-line impact of approximately $(36.9) million and $(14.7) million for Straight-line rent and fair value lease revenue and Partners' share of straight-line rent and fair value of lease revenue from consolidated JVs, respectively, in connection with the deferred revenue received from a tenant. The tenant paid for improvements to a long-lived asset of the Company resulting in deferred revenue for the period until the asset was substantially complete, which occurred in the third quarter of 2019.

Net Debt to EBITDAre Ratios

Year Ended December 31,

2020	2019	2018	2017	2016
Consolidated debt	$	13,047,758	$ 11,811,806	$ 11,007,757	$ 10,271,611	$ 9,796,133
Add:
Special dividend payable	-	-	-	-	-
Less:
Cash and cash equivalents	1,668,742	644,950	543,359	434,767	356,914
Cash held in escrow for 1031 exchange	-	-	44,401	-	-
Net debt	11,379,016	11,166,856	10,419,997	9,836,844	9,439,219
Add:
BXP's share of unconsolidated JV debt	1,153,628	980,110	890,574	604,845	318,193
Partners' share of cash and cash equivalents from
consolidated JVs	146,234	120,791	124,202	128,143	108,181
94,361	90,206	99,750	59,772	45,974
1,194,619	1,199,854	1,204,774	1,209,280	1,144,473
$	11,389,898	$ 10,977,697	$ 10,130,249	$ 9,300,780	$ 8,675,146
$	1,532,646	$ 1,661,741	$ 1,480,334	$ 1,422,711	$ 1,407,815
7.4	6.6	6.8	6.5	6.2

Less:

BXP's share of cash and cash equivalents from unconsolidated JVs

Partners' share of consolidated JV debt BXP's Share of Net Debt (A)

BXP's Share of EBITDAre1 (B)BXP's Share of Net Debt to BXP's Share of

EBITDAre (A ÷ B)

1 See reconciliations of "EBITDAre" in this Appendix.

Fixed Charge Coverage Ratio

Year Ended December 31,

2020	2019	2018	2017	2016
Fixed Charges
Interest expense	$	431,717	$ 412,717	$ 378,168	$ 374,481	$ 412,849
Partners' share of interest expense from consolidated JVs	(42,975)	(42,896)	(44,321)	(57,100)	(69,204)
BXP's share of interest expense from unconsolidated JVs	45,063	40,584	33,036	19,638	15,704
Capitalized interest	53,881	54,911	65,766	61,070	39,816
Partners' share of capitalized interest from consolidated JVs	(5,314)	(5,626)	(4,505)	(1,700)	(224)
BXP's share of capitalized interest from unconsolidated JVs	5,649	9,808	3,445	104	-
Fair value interest adjustment and hedge amortization	(6,349)	(6,316)	(6,316)	14,434	44,116
Partners' share of fair value interest adjustment and hedge amortization from
consolidated JVs	576	576	576	(7,803)	(18,218)
Amortization of financing costs	(13,743)	(12,879)	(12,281)	(10,587)	(7,386)
Partners' share of amortization of financing costs from consolidated JVs	1,528	1,528	1,528	979	153
BXP's share of amortization of financing costs from unconsolidated JVs	(2,753)	(967)	(544)	(432)	(445)
Maintenance capital expenditures1	84,768	98,994	75,306	48,573	59,838
Partners' share of maintenance capital expenditures from consolidated JVs1	(1,235)	(2,879)	(3,028)	(5,611)	(2,569)
BXP's share of maintenance capital expenditures from unconsolidated JVs1	1,409	2,685	2,089	582	1,029
Hotel improvements, equipment upgrades and replacements	335	2,403	2,102	9,647	6,801
Preferred dividends/distributions	10,500	10,500	10,500	10,500	10,500
Total Fixed Charges (A)	$	563,057	$ 563,143	$ 501,521	$ 456,775	$ 492,760
BXP's Share of EBITDAre-cash2 (B)	1,488,677	1,597,004	1,461,828	1,382,462	1,392,959
Fixed Charge Coverage Ratio (B ÷ A)	2.64	2.84	2.91	3.03	2.83

1Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures. 2See reconciliations on previous page of this Appendix.

FFO, FAD, and FAD Payout Ratios (dollars in thousands)

Quarter Ended December 31, 2020

Net income attributable to Boston Properties, Inc. common shareholders Add:

Preferred dividends

Noncontrolling interest - common units of the Operating Partnership

Noncontrolling interest - redeemable preferred units of the Operating

Partnership

Noncontrolling interests in property partnerships

Net income

Add:

Depreciation and amortization expense

Noncontrolling interests in property partnerships' share of depreciation

7,310 2,625 990

- 13,980

24,905 1,018,691

168,013

and amortization (15,910)

BXP's share of depreciation and amortization from unconsolidated joint

ventures 21,168

Corporate-related depreciation and amortization (441)Impairment losses

Impairment loss on investment in unconsolidated joint venture Less:

Gain on sale of investment in unconsolidated joint venture

Gain on sale of real estate included within income (loss) from unconsolidated joint ventures

Gains on sales of real estate

Noncontrolling interests in property partnerships

Noncontrolling interest - redeemable preferred units of the Operating

Partnership

Preferred dividends

FFO attributable to the Operating Partnership common unitholders

(including Boston Properties, Inc.) ("Basic FFO")

Less:

Noncontrolling interest - common units of the Operating Partnership's share of FFO

FFO attributable to Boston Properties, Inc. common shareholders

1See "Joint Ventures-Consolidated" in this Appendix. 2See "Joint Ventures-Unconsolidated" in this Appendix.

- 60,524

12 5,259 13,980

- 2,625

2020

862,227 $

10,500 97,704

- 48,260

683,751

(71,850)

80,925 (1,840)

- 60,524

5,958 618,982 48,260

- 10,500

236,383 1,086,501

23,275 213,108

108,310 123,757
Year Ended December 31,2019
- 511,034 $ 572,347
10,500 59,345
- 71,120 651,999 677,764
(71,389)
58,451 (1,695) 24,038 - - 47,238 709 71,120
- 10,500 1,209,601
$
978,191 $ 1,085,844

2018

2017

2016

$ 451,939

$ 502,285

10,500 66,807

10,500 10,500

52,210 59,260

- 62,909 712,563 645,649

- 47,832

- (2,068)

562,481 569,977
617,547 694,403

(73,880)

(78,190)

(107,087)

54,352 (1,634) 11,812 - - 8,270 182,356 62,909

34,262 (1,986)

26,934 (1,568)

- - - - 7,663 47,832

- - 59,370

- 80,606 (2,068)

- 10,500 1,084,827

- 10,500 1,068,119

- 10,500 1,034,251

110,338 $ 974,489

108,707 $ 959,412

106,504 $ 927,747

FFO, FAD, and FAD Payout Ratios (continued from previous page)

Year Ended December 31,

Funds Available for Distribution	2020	2019	2018	2017	2016
FFO attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) ("Basic FFO")	$1,086,501	$1,209,601	$1,084,827	$1,068,119	$1,034,251
Straight-line rent	(108,354)	(63,157)	(48,055)	(53,511)	(33,739)
Partners' share of straight-line rent from consolidated JVs	17,262	(5,115)	6,212	2,597	4,224
BXP's share of straight-line rent from unconsolidated JVs	(2,930)	(15,233)	(10,713)	(11,553)	(9,832)
Lease transaction costs that qualify as rent inducements1	9,314	6,627	8,692	920	8,853
Partners' share of lease transaction costs that qualify as rent inducements from consolidated JVs1	(1,231)	(449)	(277)	(25)	(17)
BXP's share of lease transaction costs that qualify as rent inducements from unconsolidated JVs1	2,794	7,905	601	1,048	58
Fair value lease revenue2	(5,102)	(20,186)	(23,811)	(22,290)	(30,381)
Partners' share of fair value lease revenue from consolidated JVs2	(210)	5,883	7,490	6,572	10,119
BXP's share of fair value lease revenue from unconsolidated JVs2	(3,002)	(3,883)	(2,734)	(1,857)	(1,003)
Non-cash losses (gains) from early extinguishments of debt	-	-	-	(14,444)	371
Partners' share of non-cash losses (gains) from early extinguishments of debt from consolidated JVs	-	-	-	5,878	-
Non-cash termination income adjustment (fair value lease amounts)	(1,362)	-	-	(1,171)	177
Partner's share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs	545	-	-	468	(44)
BXP's share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs	-	-	-	(214)	-
Straight-line ground rent expense adjustment3	3,767	4,029	3,972	2,489	3,951
BXP's share of straight-line ground rent expense adjustment from unconsolidated JVs	398	40	-	-	-
Stock-based compensation	44,142	40,958	40,117	35,361	32,911
Non-real estate depreciation	1,840	1,695	1,634	1,986	1,568
Impairment losses	-	-	-	-	1,783
Fair value interest adjustment and hedge amortization	6,349	6,316	6,316	(14,434)	(44,116)
Partners' share of fair value interest adjustment and hedge amortization from consolidated JVs	(576)	(576)	(576)	7,803	18,218
ASC 470-20 interest expense adjustment	-	-	-	-	-
Second generation tenant improvements and leasing commissions	(322,439)	(392,717)	(256,610)	(270,738)	(278,269)
Partners' share of second generation tenant improvements and leasing commissions from consolidated JVs	69,184	82,702	16,446	7,752	5,026
BXP's share of second generation tenant improvements and leasing commissions from unconsolidated JVs	(9,139)	(6,990)	(14,481)	(5,343)	(14,875)
Unearned portion of capitalized fees from consolidated joint ventures	1,831	6,925	7,528	9,765	5,925
Maintenance capital expenditures4	(84,768)	(98,994)	(75,306)	(48,573)	(59,838)
Partners' share of maintenance capital expenditures from consolidated JVs4	1,235	2,879	3,028	5,611	2,569
BXP's share of maintenance capital expenditures from unconsolidated JVs4	(1,409)	(2,685)	(2,089)	(582)	(1,029)
Hotel improvements, equipment upgrades and replacements	(335)	(2,403)	(2,102)	(9,647)	(6,801)
Funds available for distribution to common shareholders and common unitholders (FAD) (A)	$ 704,305	$ 763,172	$ 750,109	$ 701,987	$ 650,060
Distributions to common shareholders and unitholders (excluding any special distributions) (B)	678,773	661,393	603,202	524,810	464,114
FAD Payout Ratio (B ÷ A)	96.37 %	86.66 %	80.42 %	74.76 %	71.40 %

1Lease transaction costs are generally included in second generation tenant improvements and leasing commissions in the period in which the lease commences.

2Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in-place at the property acquisition dates.

3For the years ended December 31, 2020, 2019, 2018, 2017 and 2016, includes the straight-line impact of the Company's 99-year ground and air rights lease related to the 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $34.4 million, which it expects to by the end of 2021 with no payments thereafter. The Company is recognizing these amounts on a straight-line basis over the 99-year term of the ground and air rights lease.

4Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures.

FFO per share

Growth in FFO Per Share (Diluted)

Earnings per share (diluted)

Add:

Company's share of real estate depreciation and amortization Impairment loss

Company's share of (gains) losses on sales of real estateLess:Gain on sale of investment in unconsolidated joint venture - - - - - 0.35

Gains on sales of real estate FFO per share (diluted)

2019

2018

Percentage Increase/ (Decrease)

3.30 $ 3.85 0.14 (0.28)

3.75 3.61 - -

(12.0)%

- 7.01

1.06 6.30

2018

2017

Percentage Increase/ (Decrease)

3.75 $ 3.61 - -

2.93 3.33 - -

28.0 %

11.3 %

1.06 6.30

0.04 6.22

2017

2016

2.93 $ 3.26

3.33 3.59

- -

0.04 0.47

1.3 %

6.22 6.03

Percentage Increase/ (Decrease)

(10.1)%

3.2 %

Joint Ventures ("JVs") - Consolidated

Norges Joint Ventures

Times Square Tower 601 Lexington Avenue / One Five Nine East 53rd Street

767 Fifth Avenue (The GM Building)

100 Federal Street Atlantic Wharf OfficeTotal Consolidated

Joint Ventures

Revenue

Lease1

Write-offs associated with accounts receivable Straight-line rent

Write-offs associated with straight-line rent Fair value lease revenue

Termination income

Total lease revenue Parking and other

Total rental revenue2 Expenses

Operating

Net Operating Income (NOI)

Other income (expense)

Interest and other income Interest expense

Depreciation and amortization expense General and administrative expense

Total other income (expense) Net income .

BXP's nominal ownership percentage

62,671 -

10,941 -

(899)

(19)

72,694 -

72,694 31,578 41,116

(21,394)

(15,532)

(2)

(36,926)

4,190

60.00%

87,499

(3) (3)

3,491 14,432

(103) (103)

109 (790)

229 210

91,222 913

150,170

163,916 913

92,135 164,829

35,050 66,628

57,085 98,201

(4,770) (26,164)

(20,704) (36,236)

(118)

(120)

(25,497) (62,423)

31,588 $ 35,778

55.00%

Partners' share of NOI (after income allocation to private REIT shareholders)3 BXP's share of NOI (after income allocation to private REIT shareholders) Unearned portion of capitalized fees4

Partners' share of select items3

Partners' share of write-offs associated with accounts receivable Partners' share of write-offs associated with straight-line rent Partners' share of parking and other revenue

Partners' share of hedge amortization

Partners' share of amortization of financing costs

Partners' share of depreciation and amortization related to capitalized fees Partners' share of capitalized interest

Partners' share of non-cash termination income adjustment (fair value lease amounts) Partners' share of lease transaction costs that qualify as rent inducements

Partners' share of management and other fees

Partners' share of basis differential and other adjustments

$ $ $

15,778 25,338 147

$ $ $ $ $ $ $ $ $ $ $

- - -

$ $ $

24,861 $ 40,639

32,224 $ 57,562

557 $ 704

$ $ $

1 $ 1

46 $ 46

411 $ 411

144 $ - $ 144

346 $ 36 $ 382

279 $ 302 $ 581

- (8) - 669 (17)

$ $ $ $ $

1,386 $ 1,386

- $ (8)

(12) $ (12)

848 $ 1,517

(166) $ (183)

Joint Ventures ("JVs") - Consolidated (continued)

Norges Joint Ventures

Times Square Tower 601 Lexington Avenue / One Five Nine East 53rd Street

767 Fifth Avenue (The GM Building)

100 Federal Street Atlantic Wharf OfficeTotal Consolidated

Joint VenturesReconciliation of Partners' share of EBITDAre Partners' NCI5

Add:

Partners' share of interest expense3

Partners' share of depreciation and amortization expense after BXP's basis differential5 Partners' share of EBITDAre

749 8,554 6,474 15,777

13,231 $ 13,980

2,147 10,701

9,436 15,910

24,814 $ 40,591

Reconciliation of Partners' share of NOI3 Rental revenue

Less: Termination income

Rental revenue (excluding termination income)

Less: Operating expenses (including partners' share of management and other fees)

Income allocation to private REIT shareholders

NOI (excluding termination income and after income allocation to private REIT shareholders)

Rental revenue (excluding termination income)

Less: Straight-line rent

Fair value lease revenue

Add: Lease transaction costs that qualify as rent inducements Subtotal

Less: Operating expenses (including partners' share of management and other fees)

Income allocation to private REIT shareholders

NOI - cash (excluding termination income and after income allocation to private REIT shareholders)

29,078

(8)

29,086

13,300 -

$ $

15,786

29,086

4,376

(360)

25,070

13,300 -

11,770

41,461 $ 70,539

103

41,358 70,444

16,621 29,921

(21) (21)

$ $

24,758 $ 40,544

41,358 $ 70,444

1,525 5,901

49 (311)

12 12

39,796 $ 64,866

16,621 29,921

(21) (21)

23,196 $ 34,966

Reconciliation of Partners' share of Revenue3 Rental revenue

Add: Development and management services revenue Revenue

$ $

29,078 - 29,078

$ $

41,461 $ 70,539

- 41,461

- 70,539

Joint Ventures ("JVs") - Unconsolidated (unaudited and in thousands)

Revenue

Lease 2

Write-offs associated with accounts receivable

Straight-line rent

Write-offs associated with straight-line rent Fair value lease revenue

Termination income

Total lease revenue Parking and other

Total rental revenue Expenses

Operating

Net Operating Income

Other income/(expense)

Development and management services income

Interest and other income Interest expense

Depreciation and amortization expense General and administrative expense Gain on sale of real estate

Total other income/(expense)

Net income/(loss)

BXP's economic ownership percentage

BXP's share of select items

BXP's share of write-offs associated with accounts receivable

BXP's share of write-offs associated with straight-line rents

BXP's share of parking and other revenue BXP's share of amortization of financing costs BXP's share of capitalized interest

Market Square North

SantaMetropolitan

Square

901 New York AvenueAnnapolis JunctionColorado CenterMonica BusinessDock 72

ParkThe Hub on CausewayGateway Commons

$ 4,913
$
5,270
- $ 6,088
  - $ 1,962
    $
    96
    - $ 18,472
      - $ 13,616
        $
        6,309 $ 11,460
        Other Joint Ventures 1
        Total Unconsolidated Joint Ventures
        $ 6,170 $ 74,356
- 374 - - - 5,287 209 5,496 2,301 3,195
-
- - 520 - - - 6,608 192 6,800 3,467 3,333
  - - 38 - - - 2,000 - 2,000
    -
    - -
      - - 1,846 -
        (83) 2,868 (1,217)
        - 393 -
        - (83)
        1,442
        3,389
    - 673 -
      (125) 11,418
      (27,075)
      - -
      (15,190)
      -
      (43,482)
      - -
      9
      824 - 49 - 882
      870
      - - - - 870
      (20,363)
      (11,705)
      20,024
      16,286 1,220 17,506 6,788 10,718
      7,877 10 7,887 4,329 3,558
      11,902 1 11,903 4,593 7,310
      6,045 43,961
      167
      8
      1,238
      512 3,557
      (20,196)
      (11,697)
      21,262 5,443 15,819
      6,557 47,518
      3,227 (23,423)
  - 706
    3,178 (14,875)
    3
    3,449 37,481
    1,294
    3,108 10,037
    - -
    (8)
    8 -
    14 -
    313 -
    - -
    - -
    -
    (1) - 326
    -
    1,219 - 7 1,226
    (1,094)
    (5,161)
    (1,173)
    (2,044)
    (230)
    (2,188)
    (5,033)
    (7,057)
    (2,391)
    - (6,120)
    (1,483) (26,681)
    (2,849)
    (1,553)
    (546)
    (2,561)
    (6,229)
    (8,491)
    (4,458)
    (2,638) (36,618)
    (26)
    (23)
    (1)
    -
    - -
    (39)
    (20)
    (14)
    (66)
    - 25
    (189)
    -
    -
    -
    (8)
    -
    -
    -
    - (6,187)
    17
    (2,914)
    (8,041)
    (3,590)
    (836)
    (4,776)
    (11,301)
    (15,568)
    (5,644)
    (4,089) (62,946)
$ 281 50 %

$ (31,464)

$ (257)
- $ 458 50 %
$ (19,651)
- $ 4,518
- $ (4,850)
- $ (2,086)
$
1,123
$ (981) $ (52,909)
20 %
50 %

50 %

55 %

50 %

55 %

$ -
$
-
$ $
-
$ $ $
-
$ -
- $ -
  $ $
  -
  $ $
  -
  - $ 42
    $ -
    $
    -
    $
    42
    - $ 5,415
      -
      -
$ 105
- $ 7,595
-
-
- $ 609
  - $ 33
    $ - $ - $ 13,619
    - $ 96
    -
$ 20
- $ 245
4
$
22
$
14
$ -

$ $ $

$ 619
- $ 671
  $
  5
  $
  1
  $ $ $
  176 $ 1,710
  7
$ 13

$ 72

$ 193
$ - $ -
457 $ 1,043
$
-
$
-
(4)
$
-
$
-
$ 420

470 $ 886

Reconciliation of BXP's share of EBITDAre Income/(loss) from unconsolidated joint ventures Add:

BXP's share of interest expense

BXP's share of depreciation and amortization expense

BXP's share of impairment loss on investment 6

Less:

BXP's share of gain on sale of real estate BXP's share of EBITDAre

98 547 627 - -

(6,279)

$ (92)
1,032 1,022
548 1,149
- -
- $ 1,272
- $ (4,699)
4
4
$
- 225 $ 115
4
- -
277 -
4
(4)
4
(70,403)
- $ 1,615
  1,094 2,517 1,333 4,973
  $
  (2,662)
  $
  (1,076)
  - $ (658)
    $
    (468) $ (79,700)
    3,881 4,660
    1,196 2,262
    - 4,409
    516 11,920
    5
    930 21,168
    60,524 - - - - - 60,524
    -
$ 2,079

$ 621

$ (67,976)

$ 9,105

$ 5,879

$ 2,382

$ 3,751

16 962

12 13,900

Joint Ventures ("JVs") - Unconsolidated

Reconciliation of BXP's share of Net Operating Income/ (Loss)

Market Square NorthMetropolitan

Square

901 New York AvenueAnnapolis JunctionDock 72

BXP's share of rental revenue BXP's share of operating expenses

BXP's share of net operating income/(loss) Less:

2,748 1,151 1,597

$ (4,039)

$ 3,400

645 1,734

4 4

1,000 353

$ (5,849) 1,589

Santa
Monica
Colorado	Business
Center	Park
11,846	9,628
2,722	3,733

Total
The Hub on	Gateway	Other Joint	Unconsolidated
Causeway	Commons	Ventures1	Joint Ventures

(4,684) 1,666

BXP's share of termination income

BXP's share of net operating income/(loss) (excluding termination income)

- 1,597

(4,684)

- 1,666

Less:

BXP's share of straight-line rent

BXP's share of fair value lease revenue Add:

BXP's share of straight-line ground rent adjustment

BXP's share of lease transaction costs that qualify as rent inducements

187 - - 102

(5,127)

BXP's share of net operating income/(loss) - cash

(excluding termination income)

$ 1,512

- - 221 664

260 - - 12

4 4

647 - 647 19 - - -

(7,438) 9,124

5,895

3,944 2,165 1,779

6,314 2,526 3,788

2,265

$ 31,257
- 771
(7,438) 8,353
5
(5,901) 786
- 434
5 5
273 -

$ 1,418

$ 628

$ (1,264)

- - 7,133

- 5,895 1,015 453 - 33

- 1,779

- 3,788

1,303 17,921 962 13,336 - 771 962 12,565

826 - - -

224

(40)

(7,751)

(214) - 673

- - 273 891 - 1,259

$ 4,460

$ 953

$ 4,669

$ 1,002

$ 21,175

Reconciliation of BXP's share of Revenue BXP's share of rental revenue

$ 2,748
- $ (4,039)
  - $ 3,400
    4
    - $ 1,000
      - $ (5,849)
        $ 11,846
        5
        $
        9,628
        $ 3,944
        $ 6,314 $
        2,265
        $ 31,257
        Add:
        BXP's share of development and management services revenue
        -
        (2)
        4
        BXP's share of revenue
$ 2,748

$ (4,041)

$ 3,404

4 4

157

$ 1,007

$ (5,692)

$ 11,846

- 9,628

(1)

- 165

$ 3,944

$ 6,313 $

2,265

$ 31,422

1 Includes 1001 6th Street (50% ownership), 500 North Capitol Street, N.W. (30% ownership), 7750 Wisconsin Avenue (50% ownership), 1265 Main Street (50% ownership), Wisconsin Place Parking Facility (33% ownership), 3 Hudson Boulevard (25% ownership), 540 Madison Avenue (60% ownership), Platform 16 (55% ownership) and Beach Cities Media Center (50% ownership).
2 Lease revenue includes recoveries from tenants and service income from tenants.
3 Includes approximately $545 of straight-line ground rent expense.
4 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement.
5 The Company's purchase price allocation under ASC 805 for Colorado Center differs from the historical basis of the venture resulting in the majority of the basis differential for this venture.
6 Represents the other-than-temporary decline in the fair values below the carrying values of certain of the Company's investments in unconsolidated joint ventures.

Net Operating Income (NOI)

Quarter ended December 31, 2020

Net income attributable to Boston Properties, Inc. common shareholders $ 7,310

Preferred dividends 2,625

Net income attributable to Boston Properties, Inc. 9,935 Net income attributable to noncontrolling interests:

Noncontrolling interest - common units of the Operating Partnership 990

Noncontrolling interests in property partnerships 13,980

Net income 24,905

Add:

Interest expense 111,991

Depreciation and amortization expense 168,013

Transaction costs 277

Payroll and related costs from management services contracts 3,009

General and administrative expense 31,053 Less:

Interest and other income 1,676

Gains from investments in securities 4,296

Gains on sales of real estate 5,259

Loss from unconsolidated joint ventures ("JVs")

Direct reimbursements of payroll and related costs from management services contracts

Development and management services revenue

(79,700)

3,009

6,356

Consolidated NOI 398,352

Add:

BXP's share of NOI from unconsolidated JVs1 13,336 Less:

Partners' share of NOI from consolidated JVs (after income allocation

to private REIT shareholders)2 40,639

Termination income 551

BXP's share of termination income from unconsolidated JVs1 771 Add:

Partners' share of termination income from consolidated JVs2 95

BXP's Share of NOI (excluding termination income) (A)

369,822

BXP's Share of Annualized NOI (excluding termination income) (A x 4) Add:

Termination income 551

BXP's share of termination income from unconsolidated JVs1 771 Less:

Partners' share of termination income from consolidated JVs2 95

BXP's Share of Annualized NOI

1See "Joint Ventures-Unconsolidated" in this Appendix. Annualized amounts represent amounts for the quarter ended December 31, 2020, multiplied by four (4). 2See "Joint Ventures-Consolidated" in this Appendix. Annualized amounts represent amounts for the quarter ended December 31, 2020, multiplied by four (4).

Quarter ended December 31, 2020

1,479,288

1,480,515

Revenue

Year Ended December 31, 2020

Revenue	2,765,686
Add:
BXP's share of revenue from unconsolidated joint ventures	163,620
Less:
Partners' share of revenue from consolidated joint ventures
BXP's Share of Revenue	279,751
2,649,555

BXP's Share of Same Property Net Operating Income-cash (excluding termination income) (in thousands)

Please see the following pages for complete reconciliations of BXP's Share of Same Property NOI-cash (excluding termination income) for each quarterly period presented over the past five years.

2019

2018

2017

31-Mar-19

Q1 $ 368,940 30-Jun-19
Q2 $ 377,245 30-Sep-19
Q3 $ 372,475 31-Dec-19
Q4 $ 373,088

31-Mar-18 $ 337,759 30-Jun-18 $ 346,028 30-Sep-18 $ 354,093 31-Dec-18 $ 373,613

Average Quarterly Change (%)Change ($)Change (%)

31,181

31-Mar-18 $ 335,553 30-Jun-18 $ 344,912 30-Sep-18 $ 355,058 31-Dec-18 $ 371,103

31-Mar-17 $ 338,860 30-Jun-17 $ 356,617 30-Sep-17 $ 346,325 31-Dec-17 $ 343,949

Change ($)Change (%)

9.2 %

Change ($)

31-Mar-17 $ 328,368 30-Jun-17 $ 344,583 30-Sep-17 $ 346,146 31-Dec-17 $ 342,461

31-Mar-16 $ 321,831 30-Jun-16 $ 335,171 30-Sep-16 $ 336,885 31-Dec-16 $ 343,103

Change ($)Change (%)

(3,307)

(1.0)%

Change (%)

31,217

Change ($)

6,537

2.0 %

Change (%)

9.0 %

Change ($)

Change (%)

(11,705)

(3.3)%

Change (%)

18,382

Change ($)

9,412

2.8 %

Change (%)

5.2 %

Change ($)

Change (%)

8,733

2.5 %

Change (%)

(525)

Change ($)

9,261

2.7 %

Change (%)

(0.1)%

5.8 %

27,154

Change ($)

Change (%)

7.9 % 1.5 %

(642)

(0.2)%

1.9 %

2016

2015

31-Mar-16

Q1 $ 322,168 30-Jun-16
Q2 $ 334,902 30-Sep-16
Q3 $ 322,185 31-Dec-16
Q4 $ 326,978

31-Mar-15 $ 301,136 30-Jun-15 $ 319,807 30-Sep-15 $ 318,833 31-Dec-15 $ 315,166

Average Quarterly Change (%)

5-Year Average Quarterly Change (%)Change ($)Change (%)

21,032

7.0 %

Change ($)

Change (%)

15,095

4.7 %

Change ($)

3,352

Change (%)

1.1 %

Change ($)

Change (%)

11,812

3.7 % 4.1 % 2.8 %

31-Mar-15 $ 318,345 30-Jun-15 $ 331,214 30-Sep-15 $ 327,493 31-Dec-15 $ 304,493

31-Mar-14 $ 314,478 30-Jun-14 $ 327,992 30-Sep-14 $ 329,953 31-Dec-14 $ 300,686

Change ($)Change (%)

3,867

1.2 %

Change ($)

Change (%)

3,222

1.0 %

Change ($)

Change (%)

(2,460)

(0.7)%

Change ($)

Change (%)

3,807

1.3 % 0.7 %

Net income (loss) attributable to Boston Properties, Inc. Net income attributable to noncontrolling interests:

Net income (loss) attributable to Boston Properties, Inc. common shareholders

Preferred dividends

Noncontrolling interest - common units of the Operating Partnership

Noncontrolling interest in property partnerships

Net income

Add:

(Gains) losses from early extinguishments of debt

Interest expense

Depreciation and amortization expense

Impairment loss

Transaction costs

Payroll and related costs from management services contracts

General and administrative expense

Subtract:

(Gains) losses from investments in securities

Interest and other income

(Gains) losses on sales of real estate

(Income) loss from unconsolidated joint ventures

Direct reimbursements of payroll and related costs from management services contracts

Development and management services revenue

Net Operating Income ("NOI")

Subtract:

Straight-line rent

Fair value lease revenue

Termination income Add:

Straight-line ground rent expense adjustment2

Lease transaction costs that qualify as rent inducements

NOI - cash

Subtract:

NOI - cash from non Same Properties (excluding termination income)

Same Property NOI - cash (excluding termination income)

Subtract:

Partners' share of NOI - cash from consolidated JVs (excluding termination income) Add:

Partners' share of NOI - cash from non Same Properties from consolidated JVs (excluding termination income)

BXP's share of NOI - cash from unconsolidated JVs (excluding termination income) Subtract:

BXP's share of NOI - cash from non Same Properties from unconsolidated JVs

(excluding termination income)

BXP's Share of Same Property NOI - cash (excluding termination income)

$ 373,088

31-Dec-19

31-Dec-18

30-Sep-19

30-Sep-18

140,824 2,625 143,449 16,222 16,338 176,009

148,529 $ 2,625 151,154 17,662 16,425 185,241

1,530

16,490

102,880

100,378

169,897 -

165,439

11,812

569

195

2,159

2,219

32,797

27,683

(2,177)

3,319

(4,393)

(3,774)

(59,804)

936

(5,305)

(2,159)

(2,219)

(10,473)

(12,195)

467,632

429,479

(40,460)

(2,965) (1,397)

(1,830) (6,076) (4,775)

843 2,170 425,823

887 3,989 421,674

(31,389) 394,434

(24,316) 397,358

(41,197)

(43,416)

273 24,590

854 20,458

(5,012)

(1,641)

$ 373,613

107,771 $ 2,625 110,396 12,504 18,470 141,370

119,118 2,625 121,743 13,852 14,850 150,445

28,010

106,471

95,366

165,862 -

157,996 -

538

914

2,429

2,516

31,147

29,677

(106)

(1,075)

(7,178)

(2,822)

(7,863)

649

4,314

(2,429)

(2,516)

(10,303)

(15,254)

456,475

411,698

(20,123) 1

(4,961) (1,960)

848 (6,053) (1,350)

843 2,140 432,414

887 3,866 409,896

(31,571) 400,843

(26,007) 383,889

(42,930) 1

(43,922)

263 20,012

834 18,697

(5,713)

(5,405)

30-Jun-19

30-Jun-18

31-Mar-19

31-Mar-18

164,318 2,625 166,943 19,036 17,482 203,461

128,681 2,625 131,306 14,859 14,400 160,565

98,105

$ 176,021
2,625 2,625 100,730 178,646 11,599 20,432 18,830 17,234 131,159 216,312
- 102,357 177,411
- 92,204 156,417
-
-
101,009 90,220
164,594 165,797
417 2,403 35,071
474 1,970 28,468
24,038 460
- 21
3,395 2,885
41,762 35,894
(1,165)
(505)
(2,969) 126
(3,615)
(2,579)
(3,753) (1,648)
(1,686)
(18,292)
905 (96,397)
(47,964)
(769)
(213)
(461)
(2,403)
(1,970)
(3,395) (2,885)
(9,986)
(9,305)
(9,277) (8,405)
454,301
406,678
447,715
401,459
(17,017)
(19,972) (6,092)
(22,483) (27,101)
(6,012) (4,910)
(6,248) (5,590)
(718)
(6,936) (1,362)
843 1,438 428,643
887 521 381,304
855 898
879 316
413,782
368,620
(22,843) 405,800
(8,703) 372,601
(18,783) 394,999
(6,026) 362,594
(41,862)
(38,408)
(42,802)
(38,108)
334 20,357
153 13,516
641 109
21,500 14,071
(7,384)
(1,834)
(5,398) (907)
$
372,475
$
354,093
- $ 377,245
- $ 346,028
- $ 368,940
$ 337,759

Net income (loss) attributable to Boston Properties, Inc. common shareholders

Preferred dividends

Net income (loss) attributable to Boston Properties, Inc. Net income attributable to noncontrolling interests:

Noncontrolling interest - common units of the Operating Partnership

Noncontrolling interest in property partnerships

Net income

Add:

(Gains) losses from early extinguishments of debt

Interest expense

Depreciation and amortization expense

Impairment loss

Transaction costs

Payroll and related costs from management services contracts

General and administrative expense

Subtract:

(Gains) losses from investments in securities

Interest and other income

Gains on sales of real estate

(Income) loss from unconsolidated joint ventures

Direct reimbursements of payroll and related costs from management services contracts

Development and management services revenue

Net Operating Income ("NOI")

Subtract:

Straight-line rent

Fair value lease revenue

Termination income Add:

Straight-line ground rent expense adjustment2

Lease transaction costs that qualify as rent inducements

NOI - cash

Subtract:

NOI - cash from non Same Properties (excluding termination income)

Same Property NOI - cash (excluding termination income)

Subtract:

Partners' share of NOI - cash from consolidated JVs (excluding termination income) Add:

Partners' share of NOI - cash from non Same Properties from consolidated JVs

(excluding termination income and after priority allocation and income allocation to private REIT shareholders)

BXP's share of NOI - cash from unconsolidated JVs (excluding termination income) Subtract:

BXP's share of NOI - cash from non Same Properties from unconsolidated JVs

(excluding termination income)

BXP's Share of Same Property NOI - cash (excluding termination income)

(12,195)

31-Dec-18

31-Dec-17

30-Sep-18

30-Sep-17

148,529 2,625 151,154 17,662 16,425 185,241

103,829 2,625 106,454 11,884 13,865 132,203

119,118 2,625 121,743 13,852 14,850 150,445

117,337 2,625 119,962 13,402 14,340 147,704

100,378

165,439

16,490

11,812

27,683

2,219

195

154,259 -

13,858

29,396

91,772

96 -

157,996 -

29,677

95,366

2,516

914

- 92,032 152,164 - 239 - 25,792

3,319

(962)

(1,075)

(944)

(3,774)

(2,336)

(2,822)

(1,329)

(59,804)

(872)

(7,863)

(2,891)

(5,305)

(4,197)

4,313

(843)

(2,219)

(2,516)

(9,957)

(15,253) (10,811)

2,625 2,625 178,646 99,708 20,432 11,432 17,234 4,424 216,312 115,564

30-Jun-18

30-Jun-17

31-Mar-18

31-Mar-17

128,681 2,625 131,306 14,859 14,400 160,565

133,709 2,625 136,334 15,473 15,203 167,010

176,021

$ 97,083
-
(14,354)
-
-
92,204
95,143
90,220 95,534
156,417 -
151,919 -
165,797 159,205
28,468
1,970
474
27,141
299 -
- 21 2,885 35,894
- 34 - 31,386
(505)
(730)
126 (1,042)
(2,579)
(1,504)
(1,648) (614)
(18,292)
(3,767)
(96,397) (133)
(769)
(3,108)
(461) (2,885) (8,405) 401,459
(3,084)
(1,970)
-
-
429,479
403,260
411,698
401,113
406,678
(9,305)
410,684
(7,365)
(6,472) 390,378
(1,830) (6,076) (4,775)
(22,323) (5,655)
(756)
848 (6,053) (1,350)
(16,105)
(5,781) (4,783)
(19,972) (6,092)
(718)
(3,060) (5,464) (13,601)
(27,101) (12,023) (5,590) (5,390) (1,362) (3,918)
887 3,989 421,674
929 225 375,680
887 3,866 409,896
929
887 521 381,304
929 115 389,603
898 941
(102)
316 682
375,271
368,620
370,670
(23,135) 398,539
(6,629) 369,051
(26,602) 383,294
(2,135) 373,136
(10,207) 371,097
105 389,708
(6,915) 361,705
(1,922) 368,748
(43,416)
(38,390)
(43,922)
(38,758)
(39,865)
(45,314)
(39,770) (41,051)
854 20,458
(6) 13,346
834 18,697
(596) 12,543
189 13,516
(882) 13,105
313 (279)
14,071 11,442
(5,332)
(52)
(3,845)
-
(25)
-
(766)
-
- $ 371,103
- $ 343,949
- $ 355,058
- $ 346,325
- $ 344,912
- $ 356,617
- $ 335,553
$ 338,860

Net income (loss) attributable to Boston Properties, Inc. common shareholders

Preferred dividends

Net income (loss) attributable to Boston Properties, Inc. Net income attributable to noncontrolling interests:

Noncontrolling interest - common units of the Operating Partnership

Noncontrolling interest in property partnerships

Net income

Add:

(Gains) losses from early extinguishments of debt

Losses from interest rate contracts

Interest expense

Depreciation and amortization expense

Impairment loss

Transaction costs

General and administrative expense Subtract:

(Gains) losses from investments in securities

Interest and other income

Gains on sales of real estate

Gains on sale of investment in unconsolidated joint venture

(Income) loss from unconsolidated joint ventures

Development and management services revenue

Net Operating Income ("NOI")

Subtract:

Straight-line rent

Fair value lease revenue

Termination income Add:

Straight-line ground rent expense adjustment2

Lease transaction costs that qualify as rent inducements

NOI - cash (excluding termination income)

Subtract:

NOI - cash from non Same Properties (excluding termination income)

Same Property NOI - cash (excluding termination income)

Subtract:

Partners' share of NOI - cash from consolidated JVs (excluding termination income) Add:

Partners' share of NOI - cash from non Same Properties from consolidated JVs

(excluding termination income and after priority allocation and income allocation to private REIT shareholders)

BXP's share of NOI - cash from unconsolidated JVs (excluding termination income) Subtract:

BXP's share of NOI - cash from non Same Properties from unconsolidated JVs

(excluding termination income)

BXP's Share of Same Property NOI - cash (excluding termination income)

For the three months endedFor the three months endedFor the three months endedFor the three months ended

31-Dec-17

30-Dec-16

103,829 2,625 106,454 11,884 13,865 132,203

147,214 2,704 149,918 17,097 (2,121) 164,894

2,625 2,618 99,708 184,365 11,432 21,393 4,424 10,464 115,564 216,222

30-Sep-17

30-Sep-16

30-Jun-17

30-Jun-16

31-Mar-17

31-Mar-16

117,337 2,625 119,962 13,402 14,340 147,704

76,753 2,589 79,342 9,387 (17,225) 71,504

133,709 2,625 136,334 15,473 15,203 167,010

96,597 2,589 99,186 11,357 6,814 117,357

97,083

$ 181,747
13,858 -
- - 97,896 178,032 - 1,200 25,293
- - 92,032 152,164 - 239 25,792
140
371
(14,354)
-
- - 105,003 153,175 - 913 25,418
- -
- -
91,772
104,641
95,143
95,534 105,309
154,259 -
203,748
151,919 -
159,205 159,448
29,396
96
25,165
1,783
249
27,141
299
- 34 31,386
- 25 29,353
(962)
(560)
(944)
(976)
(730)
(478)
(1,042)
(259)
(2,336)
(872)
(573)
-
(2,891)
(1,329)
(12,983)
(3,628)
(3,767)
(1,504)
(1,524)
- -
(614) (1,505) (133) (67,623)
-
(59,370)
-
-
-
-
-
(4,197)
(2,585)
(843)
(1,464)
(3,108)
(2,234)
(3,084) (1,791)
(9,957)
(9,698)
(10,811)
(6,364)
(7,365)
(5,533)
(6,472) (6,689)
403,260
394,529
401,113
382,186
410,684
392,097
390,378
432,490
(22,323) (5,655)
(756)
(14,711) (6,840)
(504)
(16,105)
(5,781) (4,783)
170 971 861 366,534
(11,107) (6,547)
(3,060) (5,464) (13,601)
6,503 (8,808) (7,654)
(12,023) (14,424) (5,390) (8,186) (3,918) (51,306)
929 225 375,680
971 487 373,932
375,271
(102)
929
929 115 389,603
971 2,200 385,309
941 682 370,670
982 5,305 364,861
(6,884) 368,796
(23) 373,909
(467) 374,804
532 367,066
(6,818) 382,785
(19,492) 365,817
(8,187) 362,483
(10,625) 354,236
(40,084)
(40,655)
(40,283)
(39,901)
(45,314)
(40,415)
(41,051) (41,703)
192 13,557
(600) 10,602
(589) 12,708
(231) 10,647
(882) 13,182
1,577 8,881
(279) 1,571 11,537 9,109
-
(153)
(494)
(696)
(5,188)
(689)
(4,322)
(1,382)
- $ 342,461
- $ 343,103
- $ 346,146
- $ 336,885
- $ 344,583
- $ 335,171
- $ 328,368
$ 321,831

Net income (loss) attributable to Boston Properties, Inc. common shareholders

Preferred dividends

Net income (loss) attributable to Boston Properties, Inc. Net income attributable to noncontrolling interests:

Noncontrolling interest - common units of the Operating Partnership

Noncontrolling interest - redeemable preferred units of the Operating Partnership

Noncontrolling interest in property partnerships

Net income

Add:

(Gains) losses from early extinguishments of debt

Losses from interest rate contracts

Interest expense

Depreciation and amortization expense

Impairment loss

Transaction costs

General and administrative expense Subtract:

(Gains) losses from investments in securities

Interest and other income

Gains on sales of real estate

Gains on sale of investment in unconsolidated joint venture

(Income) loss from unconsolidated joint ventures

Development and management services revenue

Net Operating Income ("NOI")

Subtract:

Straight-line rent

Fair value lease revenue

Termination income Add:

Straight-line ground rent expense adjustment2

Lease transaction costs that qualify as rent inducements

NOI - cash (excluding termination income)

Subtract:

NOI - cash from non Same Properties (excluding termination income)

Same Property NOI - cash (excluding termination income)

Subtract:

Partners' share of NOI - cash from consolidated JVs (excluding termination income) Add:

Partners' share of NOI - cash from non Same Properties from consolidated JVs

(excluding termination income and after priority allocation and income allocation to

private REIT shareholders)

BXP's share of NOI - cash from unconsolidated JVs (excluding termination income) Subtract:

BXP's share of NOI - cash from non Same Properties from unconsolidated JVs

(excluding termination income)

BXP's Share of Same Property NOI - cash (excluding termination income)

For the three months endedFor the three months endedFor the three months endedFor the three months ended

31-Dec-16

30-Dec-15

30-Sep-16

30-Sep-15

30-Jun-16

30-Jun-15

31-Mar-16

31-Mar-15

147,214 2,704 149,918 17,097 -

137,851 2,646 140,497 16,098 - 10,143 166,738

76,753 2,589 79,342 9,387 - (17,225) 71,504

184,082 2,647 186,729 21,302 - 115,240 323,271

96,597 2,589 99,186 11,357 - 6,814 117,357

79,460 2,618 82,078 9,394 3 9,264 100,739

181,747

$ 171,182
2,618 2,589 184,365 173,771 21,393 20,188
-
3
(2,121) 164,894
10,464 15,208
216,222 209,170
- - 97,896 178,032 - 1,200 25,293
22,040 -
140
371
- - 108,727 153,015 - 254 20,944 -
- - 105,003 153,175 - 913 25,418
- - 108,534 167,844 - 208 22,284
- -
- -
106,178
104,641
105,309 108,757
164,460 -
203,748
159,448 154,223
1,783
-
-
470
249
25 327
24,300
25,165
29,353 28,791
(560)
(573)
-
(81,332)
(493)
(440)
(12,983)
(3,628)
(976)
(199,479)
(3,637)
1,515
(1,524)
(478)
- -
(1,293)
24
- -
(259) (393) (1,505) (1,407) (67,623) (95,084)
(59,370)
-
-
-
-
-
(2,585)
(9,698)
(2,211)
(6,452)
(1,464)
(6,364)
(2,647)
(5,912)
(2,234)
(5,533)
(3,078)
(4,862)
(1,791) (14,834) (6,689) (5,328)
394,529
393,258
382,186
396,051
392,097
390,400
432,490
384,222
(14,711) (6,840)
(504)
(19,623)
(7,450) (7,701)
170 1,031 861 366,594
(11,107) (6,547)
(15,992)
(8,838) (9,589)
6,503 (8,808) (7,654)
(18,454)
(9,648) (6,680)
(14,424) (25,928) (8,186) (9,962) (51,306) (14,924)
998 487 373,959
(3,983) 1,939 356,440
891 1,911 364,434
935 2,200 385,273
1,106 4,285 361,009
987 1,196
5,305 4,532
364,866 339,136
(12,840) 361,119
(9,765) 346,675
(12,000) 354,594
(13,240) 351,194
(18,515) 366,758
(8,935) 352,074
(9,792) 355,074
(9,615) 329,521
(40,655)
(41,303)
(39,901)
(47,897)
(40,415)
(48,282)
(41,703) (48,403)
(601) 10,602
1,684 9,396
(231) 10,647
5,290 11,145
- 8,881
4,808 11,207
- 5,084
9,109 14,934
(3,487)
(1,286)
(2,924)
(899)
(322)
-
(312)
-
- $ 326,978
- $ 315,166
- $ 322,185
- $ 318,833
- $ 334,902
- $ 319,807
- $ 322,168
$ 301,136

Net income (loss) attributable to Boston Properties, Inc. common shareholders

Preferred dividends

Net income (loss) attributable to Boston Properties, Inc. Net income attributable to noncontrolling interests:

Noncontrolling interest - common units of the Operating Partnership Noncontrolling interest - redeemable preferred units of the Operating Partnership Noncontrolling interest in property partnerships

Net income

Add:

(Gains) losses from early extinguishment of debt Interest expense

Depreciation and amortization expense Impairment loss

Transaction costs

General and administrative expense Subtract:

(Gains) losses from investments in securities Interest and other income

Gains on sales of real estate

(Income) loss from unconsolidated joint ventures Development and management services revenue

Net Operating Income ("NOI")

Subtract:

Straight-line rent

Fair value lease revenue Termination income Add:

Straight-line ground rent expense adjustment2

Lease transaction costs that qualify as rent inducements

NOI - cash (excluding termination income)

Subtract:

NOI - cash from non Same Properties (excluding termination income)

Same Property NOI - cash (excluding termination income)

Subtract:

Partners' share of NOI - cash from consolidated JVs (excluding termination income) Add:

Partners' share of NOI - cash from non Same Properties from consolidated JVs

(excluding termination income and after priority allocation and income allocation to private REIT shareholders)

BXP's share of NOI - cash from unconsolidated JVs (excluding termination income)

Subtract:

BXP's share of NOI - cash from non Same Properties from unconsolidated JVs

(excluding termination income)

BXP's Share of Same Property NOI - cash (excluding termination income)

For the three months endedFor the three months endedFor the three months ended

31-Dec-15

31-Dec-14

30-Sep-15

30-Sep-14

30-Jun-15

30-Jun-14

137,851 2,646 140,497 16,098 - 10,143 166,738

174,510 2,646 177,156 21,172 9 13,088 211,425

21,302 - 115,240 323,271

184,082 2,647 186,729

127,724 2,647 130,371 14,963 75 5,566 150,975

79,460 2,618 82,078 9,394 3 9,264 100,739

76,527 2,618 79,145 8,883 320 7,553 95,901

22,040

10,633

106,178

117,904

108,727

113,308

108,534

110,977

164,460 -

162,430 -

153,015 -

157,245 -

167,844 -

154,628 -

470

640

254

1,402

208

661

24,300

23,172

20,944

22,589

22,284

23,271

(493)

(387)

1,515

297

(662)

(440)

(1,924)

(3,637)

(3,421)

(1,293)

(2,109)

(81,332)

(126,102)

(199,479)

(41,937)

(2,211)

(2,700)

(2,647)

(4,419)

(3,078)

(2,834)

(6,452)

(7,119)

(5,912)

(6,475)

(4,862)

(6,506)

393,258

387,972

396,051

389,564

390,400

373,327

(19,623)

(7,450) (7,701)

(21,244) (17,542) (1,134)

(15,992)

(8,838)

(19,893) (11,516) (8,164)

(18,455)

(9,648) (6,680)

(12,182) (9,609)

(9,589)

(986)

(3,983) 1,939 356,440

1,669 2,600 352,321

891 1,911 364,434

1,669 1,411 353,071

1,106 4,285 361,008

1,708 1,812 354,070

(1,646) 354,794

(6,374) 345,947

(18,966) 345,468

(6,899) 346,172

(12,161) 348,847

(6,724) 347,346

(59,340)

(58,608)

(47,896)

(29,436)

(46,630) (30,465)

For the three months ended

31-Mar-15

31-Mar-14

171,182

$ 54,034
2,589 2,589 173,771 56,623 20,188 6,160 3 619 15,208 4,354 209,170 67,756
-
-
108,757 113,554
154,223 154,270
-
-
327 437
28,791 29,905
(393) (286)
(1,407) (95,084)
(1,311)
-
(14,834) (2,816)
(5,328) (5,216)
384,222
356,293
(25,928) (9,741)
(9,962) (9,598)
(14,924) (1,110)
1,196 1,747
4,532 3,183
339,136 340,774
(5,066) 334,070
(6,235) 334,539
- (48,403) (30,777)
- 9,396
1,968 11,379
19,625 11,145
1,949 11,312
17,759 11,207
- 10,971
17,654 14,935
- 10,716
(357)
-
(849)
(44)
31
140
89
-
- $ 304,493
- $ 300,686
- $ 327,493
- $ 329,953
- $ 331,214
- $ 327,992
- $ 318,345
$ 314,478

1 For the three months ended September 30, 2019, excludes the straight-line impact of approximately $(36.9) million for Straight-line rent, $(14.7) million for Partners' share of NOI - cash from consolidated JV (excluding termination income) and $(22.2) million for BXP's Share of Same Property NOI - cash (excluding termination income) in connection with the deferred revenue received from a tenant. The tenant paid for improvements to a long-lived asset of the Company resulting in deferred revenue for the period until the asset was substantially complete, which occurred in the third quarter 2019.
2 In light of the front-ended, uneven rental payments required by the Company's 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $173 and $168 for the three months ended December 31, 2019 and 2018, respectively; $176 and $175 for the three months ended September 30, 2019 and 2018, respectively; $176 and $116 for the three months ended June 30, 2019 and 2018, respectively; $120 and $(46) for the three months ended March 31, 2019 and 2018, respectively; $168 and $(31) for the three months ended December 31, 2018 and 2017, respectively; $175 and $(375) for the three months ended September 30, 2018 and 2017, respectively; $116 and $(531) for the three months ended June 30, 2018 and 2017, respectively; $(46) and $(302) for the three months ended March 31, 2018 and 2017, respectively; $(31) and $27 for the three months ended December 31, 2017 and 2016, respectively; $(375) and $60 for the three months ended September 30, 2017 and 2016, respectively; $(531) and $(36) for the three months ended June 30, 2017 and 2016, respectively and $(302) and $5 for the three months ended March 31, 2017 and 2016, respectively. As of December 31, 2019, the Company had remaining lease payment obligations aggregating approximately $26.0 million, all of which it expects to incur by the end of 2023 with no payments thereafter. Under GAAP, the Company recognizes expense of $(87) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at the Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2023 may vary significantly.

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Boston Properties Inc. published this content on 22 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2021 23:17:01 UTC.

Market Closed - Nyse Other stock markets 04:00:02 2024-04-18 pm EDT			5-day change	1st Jan Change
58.69 ^USD	+1.28%		-5.38%	-16.36%

Apr. 08	BMO Capital Cuts Price Target on Boston Properties to $78 From $80, Maintains Outperform Rating	MT
Mar. 27	Barclays Trims Price Target on Boston Properties to $66 From $67, Maintains Equal-Weight Rating	MT

BMO Capital Cuts Price Target on Boston Properties to $78 From $80, Maintains Outperform Rating	Apr. 08	MT
Barclays Trims Price Target on Boston Properties to $66 From $67, Maintains Equal-Weight Rating	Mar. 27	MT
Boston Properties Closes Sale of 45% Stake in Life Sciences Property in Massachusetts	Mar. 25	MT
Boston Properties Maintains Quarterly Dividend at $0.98 a Share, Payable April 30 to Shareholders of Record March 28	Mar. 18	MT
Boston Properties, Inc. Declares Regular Quarterly Dividend, Payable on April 30, 2024	Mar. 18	CI
Boston Properties Insider Sold Shares Worth $889,149, According to a Recent SEC Filing	Mar. 07	MT
Transcript : Boston Properties, Inc. Presents at Citi's 2024 Global Property CEO Conference, Mar-05-2024 03:35 PM	Mar. 05
Truist Securities Cuts Price Target on Boston Properties to $75 From $77, Maintains Hold Rating	Mar. 05	MT
Transcript : Boston Properties, Inc. Presents at Bank of America Securities Financial Services Conference 2024, Feb-21-2024 04:10 PM	Feb. 21
S&P 500 Posts Fourth Consecutive Weekly Climb, Sets New Records on Stronger-Than-Expected January Jobs, Q4 Earnings	Feb. 02	MT
Transcript : Boston Properties, Inc., Q4 2023 Earnings Call, Jan 31, 2024	Jan. 31
Boston Properties beats fourth-quarter FFO expectations on office space demand	Jan. 30	RE
Boston Properties Q4 Funds From Operations Drop, Revenue Increases; Q1, 2024 Guidance Set	Jan. 30	MT
Earnings Flash (BXP) BXP Posts Q4 Revenue $828.9M	Jan. 30	MT
Boston Properties, Inc. Provides Earnings Guidance for the First Quarter of 2024 and Fiscal Year 2024	Jan. 30	CI
Boston Properties, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	Jan. 30	CI
Barclays Trims Price Target on Boston Properties to $64 From $65, Keeps Equalweight Rating	Jan. 30	MT
MORNING BID AMERICAS-Refunding fuel, megacaps update, China ailing	Jan. 30	RE
Boston Properties, Inc. acquired 45% stake in Santa Monica Business Park from Canada Pension Plan Investment Board for approximately $320 million.	Jan. 29	CI
Boston Properties Signs Lease Extension With Snap at Santa Monica Business Park	Jan. 23	MT
Snap Inc. Commits to Santa Monica With Long-Term Lease Extension at BXP?s Santa Monica Business Park	Jan. 23	CI
UBS Increases Price Target on Boston Properties to $69 From $52, Keeps Neutral Rating	Jan. 05	MT
Jefferies Upgrades Boston Properties to Buy From Hold, Adjusts Price Target to $80 From $57	Jan. 02	MT
Morgan Stanley Boosts Price Target on Boston Properties to $62 From $52, Keeps Equalweight Rating	Dec. 21	MT
Boston Properties Keeps Quarterly Dividend at $0.98 a Share, Payable Jan. 30 to Shareholders of Record Dec. 29	Dec. 18	MT

	1st Jan change	Capi.
BOSTON PROPERTIES, INC.	-16.36%	9.1B
NIPPON BUILDING FUND INC.	-1.80%	6.62B
JAPAN REAL ESTATE INVESTMENT CORPORATION	-8.39%	4.91B
DEXUS	-7.81%	4.87B
KDX REALTY INVESTMENT CORPORATION	-2.86%	4.18B
EMBASSY OFFICE PARKS REIT	+12.09%	3.96B
KILROY REALTY CORPORATION	-18.00%	3.8B
SL GREEN REALTY CORP.	+7.42%	3.22B
SOCIÉTÉ FONCIÈRE LYONNAISE	-1.79%	3.13B
INMOBILIARIA COLONIAL SOCIMI, S.A.	-18.32%	3B

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