BXP Investor Update Nareit REITWeek 2021 June 8-10, 2021 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. Except as otherwise expressly indicated, all data is as of March 31, 2021. 2 BXP Quick Facts The largest publicly-traded developer, owner and S&P 500 manager of Class A office properties in the U.S. Company 196 Top 5% 1 3.9% Properties Dividend Yield Sustainanalytics 4.3M Global Universe Square Feet Currently under Development / 9.2M 1 51.6M Redevelopment Square Foot Life Square Feet Owned1 Sciences Portfolio4 $2.7 Billion $1.6B 8-Year 1021% BXP’s Share of Weighted-average lease BXP’s Share of Annualized EBITDAre2 3 Annualized term Total Return Revenue2 Since 1997 IPO • 1.8x S&P 500 5 1. Includes 100% of consolidated and unconsolidated properties. • 1.5x REIT Index 2. See Appendix. 3. Excludes residential and hotel properties. Calculation is based on BXP’s Share of Annualized Rental Obligations. See Appendix 4. Represents proforma square footage which includes 3.3M SF of stabilized portfolio, 1.9M SF of current and planned life sciences redevelopments and 4.0M SF of future potential development opportunities. Represents 100% of consolidated and unconsolidated properties. Actual square footage may differ materially depending on the outcome of the permitting and entitlement processes for each project. As of June 7, 2021. 35. FTSE Nareit All REITs Index. BXP: A History of Deploying Capital to Drive Growth: Strategically capitalizing on growth regions and sectors • Dispositions 11M SF (2010-Q1 2021) NOI by Region Q1 20113 NOI by Region Q1 20213 - Washington, DC; Suburban Maryland and Suburban Virginia (4.3M SF) - New York, NY (3M SF) • Acquisitions 10M SF (2010-Q1 2021) - Boston/Waltham, MA (4M SF) - Los Angeles, CA (2.7M) • Development deliveries 13M SF (2010-Q1 2021) - Boston and Waltham, MA (4M SF) - San Francisco/Oakland, CA (2.6M SF) - Reston, VA (1.7M SF) Acquisitions, Developments & Dispositions TAMI & Life Science Growth 2011-20214 1. 2021 includes acquisition, disposition and development delivery activity through March 31, 2021 as well as projected development deliveries through Q4 2021 as detailed on slide 22. 2. 2022-2024 includes projected development deliveries as detailed on slide 22. See Appendix for information on forward–looking statements 3. Excluding termination income. See Appendix. 4 4. Represents 100% of Consolidated and Unconsolidated Annualized Rental Obligations from tenants in the technology, media, life sciences and healthcare sector for the fourth first quarter of each year from Q1 2011 through Q1 2020 BXP Markets: Focus on Gateway Regions with Favorable Supply/Demand and Rent Growth 1 BXP square feet 11.8M BXP square feet1 15.5M % of BXP’s Share 28% % of BXP’s Share 33% 2 of NOI NOI2 BXP square feet1 8.2M % of BXP’s Share of NOI2 22% NEW YORK 28% BOSTON 33% SAN FRANCISCO 22% BXP square feet1 3.7M WASH. DC % of BXP’s Share of 6% 2 6% NOI LOS ANGELES RESTON 3% and North VA 8% BXP square feet1 5.8M BXP square feet1 2.3M 8% 2 % of BXP’s Share of % of BXP’s Share of NOI 4% NOI2 1. Includes 100% of consolidated and unconsolidated joint venture properties. 2. Excludes termination income. See Appendix. 5 BXP Tenant Base: Broad Portfolio Balanced Across Established and Growth Sectors 1 Industry Diversification Years of Remaining % of BXP’s Share of Lease Term By Commercial & Top 20 Tenants Annualized Rental Real Estate & 2 Annualized Rental Obligations 3 Investment Banking Insurance Obligations 8% 7% salesforce.com 3.6% 10.8 Financial Services, other Manufacturing Arnold & Porter Kaye Scholer 3.0% 13.2 17% 4% Akamai Technologies 2.2% 13.6 Biogen 1.8% 5.6 Shearman & Sterling 1.6% 12.6 Kirkland & Ellis 1.6% 16.2 Ropes & Gray 1.5% 9.3 WeWork 1.4% 12.4 Technology & Media Other Google 1.4% 16.4 20% 2% Weil Gotshal & Manges 1.2% 13.1 Microsoft 1.2% 10.7 Other Wellington Management 1.2% 6.2 Professional Millennium Management 1.2% 9.8 Services 7% US Government 1.1% 4.6 Aramis (Estee Lauder) 1.1% 16.3 Retail Morrison & Foerster 0.9% 9.4 6% Life Sciences O’Melveny & Myers 0.9% 3.7 6% Government/Public Bank of America 0.9% 14.7 Administration Mass Financial Services 0.8% 6.9 1% Legal Services Under Armour 0.8% 13.0 22% Total top 20 29.4% 11.23 1. Represents industry diversification percentages based on BXP’s Share of Annualized Rental Obligations. See Appendix. 6 2. See Appendix. 3. Represents weighted-average remaining lease term of top 20 tenants Leasing momentum: • Signed 592k SF of leases in Q1 despite pandemic A resilient portfolio of high- BXP Today − 84% of pre-pandemic leasing volume in Q1 2020 quality assets • Track record of growth – 7% average annual FFO growth 2015-20196 Positioned • Modest lease expirations next 3 years Predictable return of ancillary revenue streams: • Positive historical mark/market for Growth − 20% average annual mark/market in net rents • Parking, hotel and retail = ~$130M1 of revenue loss, Q1 2016-Q1 2021 expected to return as vaccination distributions continue Growth from development: A proven track record of intelligent capital allocation • Existing $2.0B pipeline of office developments2, 86% pre- leased3 • $2.4B liquidity7 • Additional $558M of current life sciences development/ redevelopments • History of selling mature assets and redeploying capital into new growth • Total Development Pipeline projected to add $234M Cash opportunities NOI upon stabilization4 − $1.6B Projected value creation through 20245 1. Calculated as BXP’s Share of Annualized Revenue from Parking, Hotel and Retail in Q4 2020 as compared to BXP’s Share of Annualized Revenue from Parking, Hotel and Retail in Q4 2019. 2. Represents BXP’s Share of Estimated Total Investment, including income (loss) and interest carry during development. For additional information, refer to the “Active Development Pipeline” page of this presentation. 3. Includes leases with future commencement dates. As of May 8, 2021 4. Represents BXP’s Share. For additional detail please refer to the slide “Projected NOI from Developments Enhance Growth” in this presentation. 5. Calculations assume a projected weighted-average stabilized BXP’s Share of NOI—cash yield of 6.7%, with a $1 per foot management fee deduction, on BXP’s Share of total budgeted costs, which is then valued at a 4.5% cap rate. For additional detail please refer to the slide “Projected NOI from Developments Enhance Growth” in this presentation. 6.7 See appendix. 7. Represents cash, cash equivalents, cash held in escrow and availability under revolving line of credit as of March 31, 2021. BXP News 1M SF of New Leasing, New Life Sciences Acquisitions New Leasing Growing Life Sciences Reflects tenant demand for New acquisition, development starts Class A office and entitlements 592,000 SF1 QTD 1.0M SF1 of Q1 of leasing Q2 leasing • Acquired 153 & 211 Second Avenue, Waltham, MA Recent large, long-term new leases Entertainment Media 351,000 sf • Started four redevelopment/ Company developments: 920,000 SF2 Social media Company 140,000 sf BCG 98,000 sf Secured an additional Metron 77,000 sf • Roku 72,000 sf 1.4M SF of entitlements in Leidos 72,000 sf Cambridge, MA Net App 35,000 sf 8 1. Includes leases with future commencement dates 2. Includes 100% of consolidated and unconsolidated properties. BXP Life Sciences BXP Life Sciences: 9.2M1 Square Feet of Current and Future Life Sciences Tenants ~3.3M SF Stabilized Portfolio • Leased to 85+ tenants ~1.9M SF of lab conversions • Current: • 200 West Street, Waltham, MA • 880 Winter Street, Waltham, MA • 180 CityPoint, Waltham MA • 751 Gateway, South San Francisco, CA • Future: • Eight additional properties ~4.0M SF of future development • Waltham, MA • Cambridge, MA • South San Francisco, CA (Gateway Phase 2+) • Princeton, NJ 10 1. Represents proforma square footage which includes 3.3M SF of stabilized portfolio, 1.8M SF of current and planned life sciences redevelopments and 4.0M SF of future potential development opportunities. Represents 100% of consolidated and unconsolidated properties. Actual square footage may differ materially depending on the outcome of the permitting and entitlement processes for each project.. As of June 7, 2021. BXP Life Sciences: A Proven Track Record of Success BXP Life Sciences 2015-20201 8 $200 % $190 CAGR $180 $170 $160 $150 $140 millions millions $130 $120 $110 $100 2015 2016 2017 2018 2019 2020 1. Represents 100% of Consolidated and Unconsolidated Annualized Rental Obligations from tenants in the life sciences and