Published: 2021-10-26 00:00:00 ET

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                                                    Exhibit 99.1

Supplemental Operating and Financial Data

for the Quarter Ended September 30, 2021

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THE COMPANY

Boston Properties, Inc. (NYSE: BXP) (“Boston Properties,” “BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. Including properties owned by joint ventures, the Company’s complete portfolio totals 52.5 million square feet and 202 properties, including nine properties under construction/redevelopment. The Company’s properties include 183 office properties, 12 retail properties, six residential properties and one hotel. Boston Properties is well-known for its in-house building management expertise and responsiveness to tenants’ needs. The Company holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy tenants. Boston Properties actively works to promote its growth and operations in a sustainable and responsible manner.  The Company has earned a tenth consecutive Global Real Estate Sustainability Benchmark (GRESB) “Green Star” recognition and the highest GRESB 5-star Rating. Boston Properties, an S&P 500 Company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

FORWARD-LOOKING STATEMENTS

This Supplemental package contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties’ control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statement. These factors include, without limitation, uncertainties and risks 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 and restrictive measures implemented in response to COVID-19, the effectiveness of such measures and the direct and indirect impact of such measures on our and our tenants' businesses, financial condition, results of operation, 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 or measures continue to impact the ability of our residential tenants to generate sufficient income to pay, or make them unwilling to pay, rent in full or at all in a timely manner; 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 government relief in providing assistance to individuals and large and small businesses, including our tenants, that have suffered significant adverse effects from COVID-19. In addition to the risks specific to COVID-19, other factors include, without limitation, the Company’s ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance or achievements. Boston Properties does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.

NON-GAAP FINANCIAL MEASURES

This Supplemental package includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company’s financial condition and results of operations, and, if applicable, the other purposes for which management uses the measures, can be found in the Definitions section of this Supplemental starting on page 52.

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 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’s 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, financings 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. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 56.

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GENERAL INFORMATION

Corporate Headquarters			Trading Symbol			Investor Relations			Inquiries
800 Boylston Street			BXP			Boston Properties, Inc.			Inquiries should be directed to
Suite 1900						800 Boylston Street, Suite 1900			Michael E. LaBelle
Boston, MA 02199			Stock Exchange Listing			Boston, MA 02199			Executive Vice President, Chief Financial Officer
www.bxp.com			New York Stock Exchange			investors.bxp.com			at 617.236.3352 or
(t) 617.236.3300						investorrelations@bxp.com			mlabelle@bxp.com
						(t) 617.236.3429

(Cover photo: Safeco Plaza, Seattle, WA)

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			Q3 2021
			Table of contents

			Page
OVERVIEW
Company Profile			1
Guidance and assumptions			2
FINANCIAL INFORMATION
Financial Highlights			3
Consolidated Balance Sheets			4
Consolidated Income Statements			5
Funds From Operations (FFO)			6
Funds Available for Distribution (FAD)			7
Net Operating Income (NOI)			8
Same Property Net Operating Income (NOI) by Reportable Segment			10
Capital Expenditures, Tenant Improvement Costs and Leasing Commissions			12
Acquisitions and Dispositions			13
DEVELOPMENT ACTIVITY
Construction in Progress			14
Land Parcels and Purchase Options			15
LEASING ACTIVITY
Leasing Activity			16
PROPERTY STATISTICS
Portfolio Overview			17
Residential and Hotel Performance			18
In-Service Property Listing			20
Top 20 Tenants Listing and Portfolio Tenant Diversification			24
Occupancy by Location			25
DEBT AND CAPITALIZATION
Capital Structure			26
Debt Analysis			27
Senior Unsecured Debt Covenant Compliance Ratios			28
Net Debt to EBITDAre			29
Debt Ratios			30
JOINT VENTURES
Consolidated Joint Ventures			31
Unconsolidated Joint Ventures			33
LEASE EXPIRATION ROLL-OUT
Total In-Service Properties			36
Boston			37
Los Angeles			39
New York			41
San Francisco			43
Washington, DC			45
CBD			47
Suburban			49
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage			51
Definitions			52
Reconciliations			56
Consolidated Income Statement - Prior Year			64

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			Q3 2021
			Company profile

SNAPSHOT

(as of September 30, 2021)

Fiscal Year-End			December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)			202
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)			52.5 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2			173.7 million
Closing Price, at the end of the quarter			$108.35 per share
Dividend - Quarter/Annualized			$0.98/$3.92 per share
Dividend Yield			3.6%
Consolidated Market Capitalization 2			$32.2 billion
BXP’s Share of Market Capitalization 2, 3			$32.3 billion
Senior Debt Ratings			BBB+ (S&P); Baa1 (Moody’s)

STRATEGY

Boston Properties’ primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the key tenets of our business strategy are to:

•maintain a keen focus on select markets that exhibit the strongest economic growth and investment characteristics over time - currently Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC;

•invest in the highest quality buildings (primarily office) with unique amenities and desirable locations that are able to maintain high occupancy rates and achieve premium rental rates through economic cycles;

•maintain scale and a full-service real estate capability (leasing, development, construction and property management) in our markets to ensure we (1) see all relevant investment deal flow, (2) maintain an ability to execute on all types of real estate opportunities, such as acquisitions, dispositions, repositioning and development, throughout the real estate investment cycle, (3) provide superior service to our tenants and (4) develop and manage our assets in the most sustainable manner possible;

•be astute in market timing for investment decisions by acquiring properties in times of opportunity, developing new properties in times of growth and selling assets at attractive prices, resulting in continuous portfolio refreshment;

•ensure a strong balance sheet to maintain consistent access to capital and the ability to make new investments at opportune times; and

•foster a culture and reputation of integrity, excellence and purposefulness, making us the employer of choice for talented real estate professionals, the landlord and developer of choice for our customers, as well as the counterparty of choice for real estate industry participants.

MANAGEMENT

Board of Directors

Management

Joel I. Klein

Chairman of the Board

Owen D. Thomas

Chief Executive Officer

Owen D. Thomas

Chief Executive Officer

Douglas T. Linde

President

Douglas T. Linde

President

Raymond A. Ritchey

Senior Executive Vice President

Kelly A. Ayotte

Chair of Compensation Committee

Michael E. LaBelle

Executive Vice President, Chief Financial Officer and Treasurer

Bruce W. Duncan

Bryan J. Koop

Executive Vice President, Boston Region

Karen E. Dykstra

John F. Powers

Executive Vice President, New York Region

Carol B. Einiger

Robert E. Pester

Executive Vice President, San Francisco Region

Diane J. Hoskins

Chair of Sustainability Committee

Jonathan D. Lange

Senior Vice President, Los Angeles Region

Matthew J. Lustig

Chair of Nominating & Corporate Governance Committee

Peter V. Otteni

Senior Vice President, Co-Head of the Washington, DC Region

John J. Stroman

Senior Vice President, Co-Head of the Washington, DC Region

David A. Twardock

Chair of Audit Committee

Frank D. Burt

Senior Vice President, Chief Legal Officer

William H. Walton, III

Donna D. Garesche

Senior Vice President, Chief Human Resources Officer

Michael R. Walsh

Senior Vice President, Chief Accounting Officer

James J. Whalen

Senior Vice President, Chief Information & Technology Officer

____________________

1Common units and LTIP units are units of limited partnership interest in Boston Properties Limited Partnership, the entity through which the Company conducts substantially all of its business.

2For additional detail, see page 26.

3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

1

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			Q3 2021
			Guidance and assumptions

GUIDANCE

The Company’s guidance for the full year 2021 and full year 2022 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. 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 October 26, 2021 and those referenced during the Company’s conference call scheduled for October 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) possible gains or losses from capital markets activity (including, without limitation, due to the early extinguishment of debt and resulting from hedging activity and derivatives), (3) possible future write-offs or reinstatement 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 and losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 54. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth below.

												Full Year 2021												Full Year 2022
												Low						High						Low						High
Projected EPS (diluted)												$	3.11					$	3.13					$	2.97					$	3.17
			Add:
						Projected Company share of real estate depreciation and amortization						4.14						4.14						4.28						4.28
						Projected Company share of (gains)/losses on sales of real estate						(0.75)						(0.75)						—						—
Projected FFO per share (diluted)												$	6.50					$	6.52					$	7.25					$	7.45

ASSUMPTIONS

(dollars in thousands)

									Full Year 2021												Full Year 2022
									Low						High						Low						High
Operating property activity:
			Average In-service portfolio occupancy						88.00		%				89.00		%				88.00		%				90.00		%
			Increase in BXP’s Share of Same Property net operating income (excluding termination income)						5.00		%				6.00		%				2.00		%				3.50		%
			Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income)						4.00		%				5.00		%				5.50		%				6.50		%
			BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)						$	26,000					$	28,000					$	72,000					$	80,000
			BXP’s Share of incremental net operating income related to asset sales over prior year						$	(15,000)					$	(13,000)					$	(11,000)					$	(9,000)
			BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)						$	115,000					$	120,000					$	90,000					$	115,000
			Termination income						$	12,000					$	13,000					$	—					$	4,000
Other revenue (expense):
			Development and management services revenue						$	25,000					$	26,000					$	22,000					$	28,000
			General and administrative expense 1						$	(148,000)					$	(147,000)					$	(157,000)					$	(151,000)
			Net interest expense 2						$	(469,000)					$	(466,000)					$	(415,000)					$	(405,000)
Noncontrolling interest:
			Noncontrolling interest in property partnerships’ share of FFO						$	(141,000)					$	(139,000)					$	(147,000)					$	(143,000)

________________

1 Excludes estimated changes in the market value of the Company’s deferred compensation plan and Gains (losses) from investments in securities.

2 2021 Net interest expense assumption includes the charge of approximately $43 million related to the early extinguishment of debt in connection with the early redemption on October 15, 2021 of the Company’s $1.0 billion aggregate principal amount of 3.85% unsecured senior notes that was scheduled to mature in February 2023.

2

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			Q3 2021
			Financial highlights

(unaudited and in thousands, except ratios and per share amounts)

						Three Months Ended
						30-Sep-21						30-Jun-21
Net income attributable to Boston Properties, Inc.						$	108,297					$	111,703
Net income attributable to Boston Properties, Inc. per share - diluted						$	0.69					$	0.71
FFO attributable to Boston Properties, Inc. 1						$	270,477					$	268,642
Diluted FFO per share 1						$	1.73					$	1.72
Dividends per common share						$	0.98					$	0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2						$	236,608					$	178,341
Selected items:
Revenue						$	730,056					$	713,807
Recoveries from tenants						$	107,766					$	100,433
Service income from tenants						$	1,874					$	1,516
BXP’s Share of revenue 3						$	696,313					$	683,273
BXP’s Share of straight-line rent 3						$	35,811					$	30,855
BXP’s Share of fair value lease revenue 3, 4						$	1,793					$	1,193
BXP’s Share of termination income 3						$	1,847					$	6,067
Ground rent expense						$	3,249					$	3,261
Capitalized interest						$	11,586					$	13,014
Capitalized wages						$	3,366					$	3,459
Loss from unconsolidated joint ventures						$	(5,597)					$	(1,373)
BXP’s share of FFO from unconsolidated joint ventures 5						$	12,206					$	13,977
Net income attributable to noncontrolling interests in property partnerships						$	18,971					$	17,164
FFO attributable to noncontrolling interests in property partnerships 6						$	35,744					$	34,277
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)						$	1,906					$	2,207
Below-market rents (included within Other Liabilities)						$	24,823					$	26,271
Accrued rental income liability (included within Other Liabilities)						$	132,580					$	136,085
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7						3.79						3.84
Interest Coverage Ratio (including capitalized interest) 7						3.37						3.37
Fixed Charge Coverage Ratio 7						2.94						2.83
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8						7.70						7.44
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 9						7.4		%				8.9		%
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 9						9.2		%				7.5		%
FAD Payout Ratio 2						71.97		%				95.47		%
Operating Margins [(rental revenue - rental expense)/rental revenue]						63.9		%				64.6		%
Occupancy of In-Service Properties						88.4		%				88.6		%
Capitalization:
Consolidated Debt						$	13,378,350					$	12,536,065
BXP’s Share of Debt 10						$	13,477,453					$	12,534,659
Consolidated Market Capitalization						$	32,196,903					$	32,436,223
Consolidated Debt/Consolidated Market Capitalization						41.55		%				38.65		%
BXP’s Share of Market Capitalization 10						$	32,296,006					$	32,434,817
BXP’s Share of Debt/BXP’s Share of Market Capitalization 10						41.73		%				38.65		%

_____________

1For a quantitative reconciliation of FFO attributable to Boston Properties, Inc. and Diluted FFO per share, see page 6.

2For a quantitative reconciliation of FAD, see page 7. FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

4Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.

5For a quantitative reconciliation for the three months ended September 30, 2021, see page 35.

6For a quantitative reconciliation for the three months ended September 30, 2021, see page 32.

7For a quantitative reconciliation for the three months ended September 30, 2021 and June 30, 2021, see page 30.

8For a quantitative reconciliation for the three months ended September 30, 2021 and June 30, 2021, see page 29.

9For a quantitative reconciliation for the three months ended September 30, 2021 and June 30, 2021, see pages 10, 62 and 63.

10For a quantitative reconciliation for September 30, 2021, see page 26.

3

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			Q3 2021
			Consolidated Balance Sheets

(unaudited and in thousands)

						30-Sep-21						30-Jun-21
ASSETS
Real estate						$	22,088,835					$	22,012,095
Construction in progress						1,054,531						908,061
Land held for future development						568,034						497,019
Right of use assets - finance leases						237,845						237,765
Right of use assets - operating leases						170,085						170,331
Less accumulated depreciation						(5,850,397)						(5,752,818)
Total real estate						18,268,933						18,072,453
Cash and cash equivalents						1,002,728						557,307
Cash held in escrows						79,193						79,973
Investments in securities						41,517						41,476
Tenant and other receivables, net						61,269						58,624
Related party note receivable, net						78,144						77,872
Notes receivable, net						19,297						19,087
Accrued rental income, net						1,203,840						1,172,411
Deferred charges, net						622,807						627,338
Prepaid expenses and other assets						97,560						46,946
Investments in unconsolidated joint ventures						1,373,522						1,305,589
Total assets						$	22,848,810					$	22,059,076
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net						$	2,898,699					$	2,901,709
Unsecured senior notes, net						10,479,651						9,634,356
Unsecured line of credit						—						—
Lease liabilities - finance leases						243,562						243,381
Lease liabilities - operating leases						204,137						226,594
Accounts payable and accrued expenses						331,687						305,969
Dividends and distributions payable						169,739						169,718
Accrued interest payable						87,408						107,386
Other liabilities						370,403						370,990
Total liabilities						14,785,286						13,960,103
Commitments and contingencies						—						—
Redeemable deferred stock units						8,775						8,980
Equity:
Stockholders’ equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding						—						—
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,285,391 and 156,214,859 issued and 156,206,491 and 156,135,959 outstanding at September 30, 2021 and June 30, 2021, respectively						1,562						1,561
Additional paid-in capital						6,415,802						6,405,916
Dividends in excess of earnings						(657,021)						(612,247)
Treasury common stock at cost, 78,900 shares at September 30, 2021 and June 30, 2021						(2,722)						(2,722)
Accumulated other comprehensive loss						(40,803)						(43,166)
Total stockholders’ equity attributable to Boston Properties, Inc.						5,716,818						5,749,342
Noncontrolling interests:
Common units of the Operating Partnership						609,830						615,308
Property partnerships						1,728,101						1,725,343
Total equity						8,054,749						8,089,993
Total liabilities and equity						$	22,848,810					$	22,059,076

4

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			Q3 2021
			Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

						Three Months Ended
						30-Sep-21						30-Jun-21
Revenue
Lease						$	692,260					$	684,025
Parking and other						21,266						17,864
Insurance proceeds 1						2,241						418
Hotel revenue						5,189						1,561
Development and management services						6,094						7,284
Direct reimbursements of payroll and related costs from management services contracts						3,006						2,655
Total revenue						730,056						713,807
Expenses
Operating						124,153						117,769
Real estate taxes						131,718						130,440
Demolition costs						169						92
Restoration expenses related to insurance claim 1						2,241						402
Hotel operating						3,946						1,996
General and administrative 2						34,560						38,405
Payroll and related costs from management services contracts						3,006						2,655
Transaction costs						1,888						751
Depreciation and amortization						179,412						183,838
Total expenses						481,093						476,348
Other income (expense)
Loss from unconsolidated joint ventures						(5,597)						(1,373)
Gains on sales of real estate						348						7,756
Gains (losses) from investments in securities 2						(190)						2,275
Interest and other income (loss)						1,520						1,452
Interest expense						(105,794)						(106,319)
Net income						139,250						141,250
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships						(18,971)						(17,164)
Noncontrolling interest - common units of the Operating Partnership 3						(11,982)						(12,383)
Net income attributable to Boston Properties, Inc.						$	108,297					$	111,703
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic						$	0.69					$	0.72
Net income attributable to Boston Properties, Inc. per share - diluted						$	0.69					$	0.71

_____________

1Amounts relate to damage at one of the Company’s properties in New York City due to a water main break.

2General and administrative expense includes $(0.2) million and $2.3 million and Gains (losses) from investments in securities include $(0.2) million and $2.3 million for the three months ended September 30, 2021 and June 30, 2021, respectively, related to the Company’s deferred compensation plan.

3For additional detail, see page 6.

5

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			Q3 2021
			Funds from operations (FFO) 1

(unaudited and dollars in thousands, except per share amounts)

						Three Months Ended
						30-Sep-21						30-Jun-21
Net income attributable to Boston Properties, Inc.						$	108,297					$	111,703
Add:
Noncontrolling interest - common units of the Operating Partnership						11,982						12,383
Noncontrolling interests in property partnerships						18,971						17,164
Net income						139,250						141,250
Add:
Depreciation and amortization expense						179,412						183,838
Noncontrolling interests in property partnerships' share of depreciation and amortization 2						(16,773)						(17,113)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3						17,803						15,350
Corporate-related depreciation and amortization						(443)						(444)
Less:
Gains on sales of real estate						348						7,756
Noncontrolling interests in property partnerships						18,971						17,164
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)						299,930						297,961
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO						29,453						29,319
FFO attributable to Boston Properties, Inc.						$	270,477					$	268,642
Boston Properties, Inc.’s percentage share of Basic FFO						90.18		%				90.16		%
Noncontrolling interest’s - common unitholders percentage share of Basic FFO						9.82		%				9.84		%
Basic FFO per share						$	1.73					$	1.72
Weighted average shares outstanding - basic						156,183						156,107
Diluted FFO per share						$	1.73					$	1.72
Weighted average shares outstanding - diluted						156,598						156,519

RECONCILIATION TO DILUTED FFO

						Three Months Ended
						30-Sep-21						30-Jun-21
Basic FFO						$	299,930					$	297,961
Add:
Effect of dilutive securities - stock-based compensation						—						—
Diluted FFO						299,930						297,961
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO						29,393						29,259
Boston Properties, Inc.’s share of Diluted FFO						$	270,537					$	268,702

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

						Three Months Ended
						30-Sep-21						30-Jun-21
Shares/units for Basic FFO						173,194						173,150
Add:
Effect of dilutive securities - stock-based compensation (shares/units)						415						412
Shares/units for Diluted FFO						173,609						173,562
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)						17,011						17,043
Boston Properties, Inc.’s share of shares/units for Diluted FFO						156,598						156,519
Boston Properties, Inc.’s percentage share of Diluted FFO						90.20		%				90.18		%

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

2For a quantitative reconciliation for the three months ended September 30, 2021, see page 32.

3For a quantitative reconciliation for the three months ended September 30, 2021, see page 35.

6

---

			Q3 2021
			Funds available for distributions (FAD) 1

(dollars in thousands)

						Three Months Ended
						30-Sep-21						30-Jun-21
Net income attributable to Boston Properties, Inc.						$	108,297					$	111,703
Add:
Noncontrolling interest - common units of the Operating Partnership						11,982						12,383
Noncontrolling interests in property partnerships						18,971						17,164
Net income						139,250						141,250
Add:
Depreciation and amortization expense						179,412						183,838
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2						(16,773)						(17,113)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3						17,803						15,350
Corporate-related depreciation and amortization						(443)						(444)
Less:
Gains on sales of real estate						348						7,756
Noncontrolling interests in property partnerships						18,971						17,164
Basic FFO						299,930						297,961
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4						3,379						(132)
BXP’s Share of hedge amortization 1						1,446						1,446
BXP’s Share of straight-line ground rent expense adjustment 1, 5						996						698
Stock-based compensation						8,440						13,993
Non-real estate depreciation						443						444
Unearned portion of capitalized fees from consolidated joint ventures 6						2,207						603
Less:
BXP’s Share of straight-line rent 1						35,811						30,855
BXP’s Share of fair value lease revenue 1, 7						1,793						1,193
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1						25,826						82,476
BXP’s Share of maintenance capital expenditures 1, 8						16,800						22,145
Hotel improvements, equipment upgrades and replacements						3						3
Funds available for distribution to common shareholders and common unitholders (FAD) (A)						$	236,608					$	178,341
Distributions to common shareholders and unitholders (excluding any special distributions) (B)						$	170,286					$	170,266
FAD Payout Ratio1 (B÷A)						71.97		%				95.47		%

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

2For a quantitative reconciliation for the three months ended September 30, 2021, see page 32.

3For a quantitative reconciliation for the three months ended September 30, 2021, see page 35.

4Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.

5Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 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 incur by the end of 2023 with no payments thereafter. The Company is recognizing this expense on a straight-line basis over the 99-year term of the ground and air rights lease, see page 3.

6See page 58 for additional information.

7Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.

8Maintenance capital expenditures do not include capital expenditures that are planned at the time of acquisition or capital expenditures incurred in connection with repositioning activities.

7

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			Q3 2021
			Reconciliation of net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of same property net operating income (NOI)

(in thousands)

						Three Months Ended
						30-Sep-21						30-Sep-20
Net income attributable to Boston Properties, Inc. common shareholders						$	108,297					$	89,854
Preferred dividends						—						2,625
Net income attributable to Boston Properties, Inc.						108,297						92,479
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						11,982						10,020
Noncontrolling interest in property partnerships						18,971						15,561
Net income						139,250						118,060
Add:
Interest expense						105,794						110,993
Depreciation and amortization expense						179,412						166,456
Transaction costs						1,888						307
Payroll and related costs from management services contracts						3,006						2,896
General and administrative expense						34,560						27,862
Less:
Interest and other income (loss)						1,520						(45)
Gains (losses) from investments in securities						(190)						1,858
Gains (losses) on sales of real estate						348						(209)
Loss from unconsolidated joint ventures						(5,597)						(6,873)
Direct reimbursements of payroll and related costs from management services contracts						3,006						2,896
Development and management services revenue						6,094						7,281
Net Operating Income (NOI)						458,729						421,666
Add:
BXP’s share of NOI from unconsolidated joint ventures 1						24,266						24,938
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2						47,800						42,160
BXP’s Share of NOI						435,195						404,444
Less:
Termination income						1,874						3,406
BXP’s share of termination income from unconsolidated joint ventures 1						(17)						—
Add:
Partners’ share of termination income (loss) from consolidated joint ventures 2						10						556
BXP’s Share of NOI (excluding termination income)						$	433,348					$	401,594
Net Operating Income (NOI)						$	458,729					$	421,666
Less:
Termination income						1,874						3,406
NOI from non Same Properties (excluding termination income) 3						5,227						1,842
Same Property NOI (excluding termination income)						451,628						416,418
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2						47,790						41,604
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3						1,502						(70)
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1						24,283						24,938
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3						1,827						1,394
BXP’s Share of Same Property NOI (excluding termination income)						$	427,796					$	398,288

_____________

1For a quantitative reconciliation for the three months ended September 30, 2021, see page 61.

2For a quantitative reconciliation for the three months ended September 30, 2021, see pages 58-59.

3Pages 20-23 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2021 and therefore are no longer a part of the Company’s property portfolio.

8

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			Q3 2021
			Reconciliation of net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)

						Three Months Ended
						30-Sep-21						30-Sep-20
Net income attributable to Boston Properties, Inc. common shareholders						$	108,297					$	89,854
Preferred dividends						—						2,625
Net income attributable to Boston Properties, Inc.						108,297						92,479
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						11,982						10,020
Noncontrolling interest in property partnerships						18,971						15,561
Net income						139,250						118,060
Add:
Interest expense						105,794						110,993
Depreciation and amortization expense						179,412						166,456
Transaction costs						1,888						307
Payroll and related costs from management services contracts						3,006						2,896
General and administrative expense						34,560						27,862
Less:
Interest and other income (loss)						1,520						(45)
Gains (losses) from investments in securities						(190)						1,858
Gains (losses) on sales of real estate						348						(209)
Loss from unconsolidated joint ventures						(5,597)						(6,873)
Direct reimbursements of payroll and related costs from management services contracts						3,006						2,896
Development and management services revenue						6,094						7,281
Net Operating Income (NOI)						458,729						421,666
Less:
Straight-line rent						36,675						46,713
Fair value lease revenue						1,408						(662)
Termination income						1,874						3,406
Add:
Straight-line ground rent expense adjustment 1						748						799
Lease transaction costs that qualify as rent inducements 2						4,090						3,966
NOI - cash (excluding termination income)						423,610						376,974
Less:
NOI - cash from non Same Properties (excluding termination income) 3						3,732						1,542
Same Property NOI - cash (excluding termination income)						419,878						375,432
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4						45,150						35,318
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3						1,075						(64)
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5						21,619						22,288
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3						1,634						(124)
BXP’s Share of Same Property NOI - cash (excluding termination income)						$	395,788					$	362,462

_____________

1In 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 $40 and $98 for the three months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, the Company has remaining lease payments aggregating approximately $25.4 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 Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2023 may vary significantly.

2Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 7.

3Pages 20-23 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2021 and therefore are no longer a part of the Company’s property portfolio.

4For a quantitative reconciliation for the three months ended September 30, 2021, see page 59.

5For a quantitative reconciliation for the three months ended September 30, 2021, see page 61.

9

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			Q3 2021
			Same property net operating income (NOI) by reportable segment

(dollars in thousands)

			Office 1																								Hotel & Residential
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Sep-21						30-Sep-20						Change						Change						30-Sep-21						30-Sep-20						Change						Change
Rental Revenue 2			$	696,372					$	668,369																	$	15,276					$	9,784
Less: Termination income			1,874						2,715																		—						691
Rental revenue (excluding termination income) 2			694,498						665,654						$	28,844					4.3		%				15,276						9,093						$	6,183					68.0		%
Less: Operating expenses and real estate taxes			249,844						250,951						(1,107)						(0.4)		%				8,302						7,378						924						12.5		%
NOI (excluding termination income) 2, 3			$	444,654					$	414,703					$	29,951					7.2		%				$	6,974					$	1,715					$	5,259					306.6		%
Rental revenue (excluding termination income) 2			$	694,498					$	665,654					$	28,844					4.3		%				$	15,276					$	9,093					$	6,183					68.0		%
Less: Straight-line rent and fair value lease revenue			36,596						45,598						(9,002)						(19.7)		%				(8)						153						(161)						(105.2)		%
Add: Lease transaction costs that qualify as rent inducements 4			4,042						3,966						76						1.9		%				48						—						48						100.0		%
Subtotal			661,944						624,022						37,922						6.1		%				15,332						8,940						6,392						71.5		%
Less: Operating expenses and real estate taxes			249,844						250,951						(1,107)						(0.4)		%				8,302						7,378						924						12.5		%
Add: Straight-line ground rent expense 5			748						799						(51)						(6.4)		%				—						—						—						—		%
NOI - cash (excluding termination income) 2, 3			$	412,848					$	373,870					$	38,978					10.4		%				$	7,030					$	1,562					$	5,468					350.1		%
			Consolidated Total 1 (A)																								BXP’s share of Unconsolidated Joint Ventures (B)
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Sep-21						30-Sep-20						Change						Change						30-Sep-21						30-Sep-20						Change						Change
Rental Revenue 2			$	711,648					$	678,153																	$	37,933					$	39,390
Less: Termination income			1,874						3,406																		(17)						—
Rental revenue (excluding termination income) 2			709,774						674,747						$	35,027					5.2		%				37,950						39,390						$	(1,440)					(3.7)		%
Less: Operating expenses and real estate taxes			258,146						258,329						(183)						(0.1)		%				15,494						15,846						(352)						(2.2)		%
NOI (excluding termination income) 2, 3			$	451,628					$	416,418					$	35,210					8.5		%				$	22,456					$	23,544					$	(1,088)					(4.6)		%
Rental revenue (excluding termination income) 2			$	709,774					$	674,747					$	35,027					5.2		%				$	37,950					$	39,390					$	(1,440)					(3.7)		%
Less: Straight-line rent and fair value lease revenue			36,588						45,751						(9,163)						(20.0)		%				2,838						1,004						1,834						182.7		%
Add: Lease transaction costs that qualify as rent inducements 4			4,090						3,966						124						3.1		%				367						(128)						495						386.7		%
Subtotal			$	677,276					$	632,962					44,314						7.0		%				35,479						38,258						(2,779)						(7.3)		%
Less: Operating expenses and real estate taxes			258,146						258,329						(183)						(0.1)		%				15,494						15,846						(352)						(2.2)		%
Add: Straight-line ground rent expense 5			748						799						(51)						(6.4)		%				—						—						—						—		%
NOI - cash (excluding termination income) 2, 3			$	419,878					$	375,432					$	44,446					11.8		%				$	19,985					$	22,412					$	(2,427)					(10.8)		%
			Partners’ share of Consolidated Joint Ventures (C)																								BXP’s Share 3, 6, 7, 8
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Sep-21						30-Sep-20						Change						Change						30-Sep-21						30-Sep-20						Change						Change
Rental Revenue 2			$	75,191					$	71,395																	$	674,390					$	646,148
Less: Termination income			10						556																		1,847						2,850
Rental revenue (excluding termination income) 2			75,181						70,839						$	4,342					6.1		%				672,543						643,298						$	29,245					4.5		%
Less: Operating expenses and real estate taxes			28,893						29,165						(272)						(0.9)		%				244,747						245,010						(263)						(0.1)		%
NOI (excluding termination income) 2, 3			$	46,288					$	41,674					$	4,614					11.1		%				$	427,796					$	398,288					$	29,508					7.4		%
Rental revenue (excluding termination income) 2			$	75,181					$	70,839					$	4,342					6.1		%				$	672,543					$	643,298					$	29,245					4.5		%
Less: Straight-line rent and fair value lease revenue			3,291						7,165						(3,874)						(54.1)		%				36,135						39,590						(3,455)						(8.7)		%
Add: Lease transaction costs that qualify as rent inducements 4			1,078						873						205						23.5		%				3,379						2,965						414						14.0		%
Subtotal			72,968						64,547						8,421						13.0		%				639,787						606,673						33,114						5.5		%
Less: Operating expenses and real estate taxes			28,893						29,165						(272)						(0.9)		%				244,747						245,010						(263)						(0.1)		%
Add: Straight-line ground rent expense 5			—						—						—						—		%				748						799						(51)						(6.4)		%
NOI - cash (excluding termination income) 2, 3			$	44,075					$	35,382					$	8,693					24.6		%				$	395,788					$	362,462					$	33,326					9.2		%

___________________

1Includes 100% share of consolidated joint ventures that are a Same Property.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

3For a quantitative reconciliation of net income attributable to Boston Properties, Inc. common shareholders to net operating income (NOI) (excluding termination income) and NOI - cash (excluding termination income), see pages 8-9.

4Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 7.

5Excludes the straight-line impact of approximately $40 and $98 for the three months ended September 30, 2021 and 2020, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

10

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			Q3 2021
			Same property net operating income (NOI) by reportable segment (continued)

6BXP’s Share equals (A) + (B) - (C).

7BXP’s Share of Same Store NOI (excluding termination income) increased $29,508 compared to Q3 2020. Included in the Q3 2020 comparison are BXP’s Share of $5,931 in write-offs associated with accrued rent, net and $3,790 in write-offs associated with accounts receivable, net. These items increased BXP’s Share of Same Store NOI (excluding termination income) by $9,721.

8BXP’s Share of Same Store NOI-cash (excluding termination income) increased $33,326 compared to Q3 2020. Included in the Q3 2020 comparison is BXP’s Share of $3,790 in write-offs associated with accounts receivable, net. Cash rent abatements and deferrals primarily related to COVID-19 decreased approximately $8,812 in Q3 2021 compared to Q3 2020. These items increased BXP’s Share of Same Store NOI-cash (excluding termination income) by $12,602. For additional information, see page 56.

11

---

			Q3 2021
			Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

						Three Months Ended
						30-Sep-21						30-Jun-21
Maintenance capital expenditures						$	17,779					$	23,851
Planned capital expenditures associated with acquisition properties						—						—
Repositioning capital expenditures						—						(10)
Hotel improvements, equipment upgrades and replacements						3						3
Subtotal						17,782						23,844
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)						192						380
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs						786						1,156
BXP’s share of repositioning capital expenditures from unconsolidated JVs						—						—
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs						1,171						2,086
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs						—						—
Partners’ share of repositioning capital expenditures from consolidated JVs						—						—
BXP’s Share of Capital Expenditures 1						$	17,589					$	23,294

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

						Three Months Ended
						30-Sep-21						30-Jun-21
Square feet						718,572						1,354,986
Tenant improvements and lease commissions PSF						$	43.95					$	74.26

___________________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

2Includes 100% of unconsolidated joint ventures.

12

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			Q3 2021
			Acquisitions and dispositions

For the period from January 1, 2021 through September 30, 2021

(dollars in thousands)

ACQUISITIONS

																								Investment
Property						Location						Date Acquired						Square Feet						Initial						Anticipated Future						Total						In-service Leased (%)
153 & 211 Second Avenue						Waltham, MA						June 2, 2021						136,882						$	100,176					$	5,000					$	105,176					100.0		%
Shady Grove Bio+Tech Campus 1						Rockville, MD						August 2, 2021						233,452						116,500						—						116,500						64.4		%
Safeco Plaza 2						Seattle, WA						September 1, 2021						765,139						465,000						40,000						505,000						90.9		%
Total Acquisitions																		1,135,473						$	681,676					$	45,000					$	726,676					86.6		%

DISPOSITIONS

Property						Location						Date Disposed						Square Feet						Gross Sales Price						Net Cash Proceeds						Book Gain
Annapolis Junction Buildings Six and Seven 3						Annapolis, MD						March 30, 2021						246,568						$	65,948					$	17,600					$	10,257
6595 Springfield Center Drive 4						Springfield, VA						December 13, 2018						N/A						N/A						N/A						8,104
Total Dispositions																		246,568						$	65,948					$	17,600					$	18,361

________________

1Shady Grove Bio+Tech Campus is an approximately 435,000 net rentable square foot, seven-building office park situated on an approximately 31-acre site. The Company intends to reposition three of the buildings, which are currently vacant, to support life sciences uses. These three buildings are not part of the Company’s in-service portfolio and are included within Land Held for Future Development on the Company’s Consolidated Balance Sheet. The Company anticipates it will redevelop or convert the remaining four buildings to lab or life sciences-related uses as each becomes vacant.

2The acquisition was completed through a newly formed joint venture with two institutional partners. Each partner owns approximately one-third of the joint venture. Each of the institutional partners invested approximately $71.9 million of cash for its ownership interest in the joint venture. The Company invested approximately $72.6 million in the joint venture and is providing customary operating, property management and leasing services to the venture. The purchase price was funded with cash and proceeds from a new mortgage loan secured by the property.

3Completed the sale of Annapolis Junction Buildings Six and Seven, two Class A office properties in Annapolis, Maryland totaling approximately 247,000 square feet, for a gross sales price of approximately $65.9 million. The Company had a 50% ownership interest in the joint venture that owned the properties. Net cash proceeds to the Company totaled approximately $17.6 million after repayment of the Company's share of debt totaling approximately $15.1 million. With the sale of Annapolis Junction Buildings Six and Seven, the Company no longer has any assets in Annapolis, Maryland.

4The Company sold its 6595 Springfield Center Drive development project located in Springfield, Virginia. Concurrently with the sale, the Company agreed to act as development manager and guaranteed the completion of the project. The Company earned a development fee of approximately $7.9 million during the development of this building. Upon completion of the project, the total cost of development was determined to be below the estimated total investment at the time of sale. As a result, the Company recognized a gain on sale of real estate of approximately $8.1 million during the nine months ended September 30, 2021, of which approximately $0.3 million occurred during the three months ended September 30, 2021.

13

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			Q3 2021
			Construction in progress

as of September 30, 2021

(dollars in thousands)

CONSTRUCTION IN PROGRESS 1

						Actual/Estimated																														BXP’s share
						Initial Occupancy						Stabilization Date																		Square Feet						Investment to Date 2						Estimated Total Investment 2						Total Financing						Amount Drawn at 9/30/2021						Estimated Future Equity Requirement 2						Percentage Leased 3						Percentage placed in-service 4						Net Operating Income (Loss) 5 (BXP’s share)
Construction Properties																		Location
Office
			325 Main Street			Q3 2022						Q3 2022						Cambridge, MA												420,000						$	283,920					$	418,400					$	—					$	—					$	134,480					90		%				—		%				N/A
			100 Causeway Street (50% ownership)			Q3 2021						Q3 2022						Boston, MA												632,000						229,627						267,300						200,000						148,603						—						95		%				79		%				$	47
			7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership)			Q1 2022						Q1 2022						Bethesda, MD												734,000						168,945						198,900						127,500						104,036						6,491						100		%				—		%				N/A
			Reston Next 6			Q4 2021						Q4 2023						Reston, VA												1,062,000						507,726						715,300						—						—						207,574						85		%				—		%				N/A
			2100 Pennsylvania Avenue			Q3 2022						Q3 2024						Washington, DC												480,000						209,193						356,100						—						—						146,907						56		%				—		%				N/A
			Total Office Properties under Construction																											3,328,000						1,399,411						1,956,000						327,500						252,639						495,452						87		%				15		%				47
Lab/Life Sciences
			200 West Street (Redevelopment) 7			Q4 2021						Q4 2021						Waltham, MA												138,000						29,340						47,800						—						—						$	18,460					100		%				—		%				N/A
			880 Winter Street (Redevelopment)			Q1 2023						Q2 2024						Waltham, MA												224,000						6,964						108,000						—						—						101,036						17		%				—		%				N/A
			751 Gateway (49% ownership)			Q1 2023						Q3 2024						South San Francisco, CA												229,000						28,723						127,600						—						—						98,877						—		%				—		%				N/A
			180 CityPoint			Q1 2024						Q4 2024						Waltham, MA												329,000						41,442						274,700						—						—						233,258						—		%				—		%				N/A
			Total Lab/Life Sciences Properties under Construction																											920,000						106,469						558,100						—						—						451,631						19		%				—		%				—
Other
			View Boston Observatory at The Prudential Center (Redevelopment)			Q2 2023						N/A						Boston, MA												59,000						45,158						182,300						—						—						137,142						N/A						—		%				N/A
Total Properties Under Construction																														4,307,000						$	1,551,038					$	2,696,400					$	327,500					$	252,639					$	1,084,225					72		%	8			12		%				$	47

PROJECTS FULLY PLACED IN-SERVICE DURING 2021

			Actual/Estimated																														BXP’s share
																																							Estimated Total Investment 2												Amount Drawn at 9/30/2021						Estimated Future Equity Requirement 2												Net Operating Income (Loss) 5
			Initial Occupancy						Stabilization Date																		Square feet						Investment to Date 2												Total Financing																		Percentage Leased 3
															Location
One Five Nine East 53rd (55% Ownership)			Q1 2021						Q1 2021						New York, NY												220,000						$	144,402					$	150,000					$	—					$	—					$	5,598					96		%				$	3,261
Total Projects Fully Placed In-Service																											220,000						$	144,402					$	150,000					$	—					$	—					$	5,598					96		%				$	3,261

_____________

1A project is classified as Construction in Progress when (1) construction or supply contracts have been signed, physical improvements have commenced or a lease has been signed and (2) capitalized interest has commenced.

2Includes income (loss) and interest carry on debt and equity investment.

3Represents percentage leased as of October 22, 2021, including leases with future commencement dates.

4Represents the portion of the project that no longer qualifies for capitalization of interest in accordance with GAAP.

5Amounts represent Net Operating Income (Loss) for the three months ended September 30, 2021. See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

6On October 19, 2021, approximately 285,000 square feet of the project was placed in-service.

7Represents a portion of the property under redevelopment for conversion to laboratory space.

8Total percentage leased excludes Other.

14

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			Q3 2021
			Land parcels and purchase options

as of September 30, 2021

OWNED LAND PARCELS

Location			Approximate Developable Square Feet 1
Reston, VA 2						2,938,000
San Jose, CA 3						2,199,000
New York, NY (25% Ownership)						2,000,000
Princeton, NJ						1,650,000
San Jose, CA (55% Ownership)						1,078,000
San Francisco, CA						850,000
Santa Clara, CA						632,000
Washington, DC (50% ownership)						520,000
Springfield, VA						422,000
South San Francisco, CA (50% Ownership)						411,000
Waltham, MA						396,000
Dulles, VA						310,000
El Segundo, CA (50% Ownership)						275,000
Rockville, MD 3, 4						202,000
Total						13,883,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location			Approximate Developable Square Feet 1
Cambridge, MA						1,400,000
Boston, MA						1,300,000
Waltham, MA 5						1,200,000
Total						3,900,000

__________________

1Represents 100% of consolidated and unconsolidated projects.

2During the fourth quarter of 2020, a ground lease commenced with a hotel developer to lease approximately 200,000 square feet from the Company. Construction is contingent on the developer’s ability to obtain construction financing.

3Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on page 22.

4On August 2, 2021, the Company acquired the Shady Grove Bio+Tech Campus in Rockville, Maryland, which includes three buildings that are currently vacant, totaling 202,000 square feet. The Company intends to reposition these three vacant buildings to support life sciences uses. These three buildings are not included in the Company’s in-service portfolio.

5The Company expects to be a 50% partner in the future development of these sites.

15

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			Q3 2021
			Leasing activity

for the three months ended September 30, 2021

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF)			Total
Vacant space available at the beginning of the period			5,186,818
Add:
Properties acquired vacant space 1			143,848
Properties placed (and partially placed) in-service 2			503,024
Leases expiring or terminated during the period			862,505
Total space available for lease			6,696,195
1st generation leases			585,933
2nd generation leases with new tenants			407,240
2nd generation lease renewals			311,332
Total space leased			1,304,505
Vacant space available for lease at the end of the period			5,391,690
Net (increase)/decrease in available space			(204,872)
Second generation leasing information: 3
Leases commencing during the period (SF)			718,572
Weighted average lease term (months)			58
Weighted average free rent period (days)			124
Total transaction costs per square foot 4			$43.95
Increase (decrease) in gross rents 5			(9.42)		%
Increase (decrease) in net rents 6			(14.23)		%

			All leases (SF)																		Incr (decr) in 2nd generation cash rents												Total square feet of leases executed in the quarter 8
			1st generation						2nd generation						total 7						gross 5						net 6
Boston			571,766						209,872						781,638						11.09		%				16.59		%				769,093
Los Angeles			—						8,973						8,973						(8.00)		%				(11.16)		%				7,180
New York			14,167						245,097						259,264						(17.65)		%				(27.06)		%				168,990
San Francisco			—						91,359						91,359						7.19		%				9.44		%				185,253
Seattle			—						—						—						—						—						—
Washington, DC			—						163,271						163,271						(14.64)		%				(21.87)		%				301,301
Total / Weighted Average			585,933						718,572						1,304,505						(9.42)		%				(14.23)		%				1,431,817

_____________

1Total square feet of properties acquired vacant space in Q3 2021 consists of 69,581 square feet at Safeco Plaza and 74,267 square feet at Shady Grove Bio+Tech Campus, which excludes three vacant properties included within Owned Land Parcels on page 15.

2Total square feet of properties partially placed in-service in Q3 2021 consists of 6,709 square feet at 685 Gateway and 496,315 square feet at 100 Causeway Street.

3Second generation leases are defined as leases for space that had previously been leased by the Company. Of the 718,572 square feet of second generation leases that commenced in Q3 2021, leases for 397,853 square feet were signed in prior periods.

4Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.

5Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 507,899 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).

6Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 507,899 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).

7Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.

8Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 320,719.

16

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			Q3 2021
			Portfolio overview

for the three months ended September 30, 2021

(dollars in thousands)

Rentable square footage of in-service properties by location and unit type 1, 2

						Office						Retail						Residential						Hotel						Total
Boston						13,720,696						1,058,690						550,114						330,000						15,659,500
Los Angeles						2,181,670						124,932						—						—						2,306,602
New York						11,328,824						417,849						—						—						11,746,673
San Francisco						7,291,388						351,186						318,171						—						7,960,745
Seattle						749,110						16,029						—						—						765,139
Washington, DC						8,274,757						682,131						822,436						—						9,779,324
Total						43,546,445						2,650,817						1,690,721						330,000						48,217,983
% of Total						90.31		%				5.50		%				3.51		%				0.68		%				100.00		%

Rental revenue of in-service properties by unit type 1

						Office						Retail						Residential						Hotel 3						Total
Consolidated						$	655,238					$	50,402					$	10,227					$	5,089					$	720,956
Less:
Partners’ share from consolidated joint ventures 4						68,008						8,943						—						—						76,951
Add:
BXP’s share from unconsolidated joint ventures 5						38,933						2,185						1,923						—						43,041
BXP’s Share of Rental revenue 1						$	626,163					$	43,644					$	12,150					$	5,089					$	687,046
% of Total						91.14		%				6.35		%				1.77		%				0.74		%				100.00		%

Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6

			CBD						Suburban						Total
Boston			26.66		%				7.78		%				34.44		%
Los Angeles			2.79		%				—		%				2.79		%
New York			26.71		%				2.05		%				28.76		%
San Francisco			16.65		%				2.83		%				19.48		%
Seattle			0.15		%				—		%				0.15		%
Washington, DC			4.89		%				9.49		%				14.38		%
Total			77.85		%				22.15		%				100.00		%

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

2Includes 100% of the rentable square footage of the Company’s In-Service Properties. For additional detail relating to the Company’s In-Service Properties, see pages 20-23.

3Excludes approximately $100 of revenue from retail tenants that is included in Retail.

4See page 59 for additional information.

5See page 61 for additional information.

6BXP’s Share of NOI (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income attributable to Boston Properties, Inc. to BXP’s Share of NOI (excluding termination income), see page 8.

17

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			Q3 2021
			Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

			Residential 1												Hotel 2
			Three Months Ended												Three Months Ended
			30-Sep-21						30-Jun-21						30-Sep-21						30-Jun-21
Rental Revenue 3			$	10,894					$	9,763					$	5,189					$	1,561
Less: Operating expenses and real estate taxes			6,045						5,928						3,946						1,996
Net Operating Income (Loss) (NOI) 3			4,849						3,835						1,243						(435)
Add: BXP’s share of NOI from unconsolidated joint ventures			882						449						N/A						N/A
BXP’s Share of NOI 3			$	5,731					$	4,284					$	1,243					$	(435)
Rental Revenue 3			$	10,894					$	9,763					$	5,189					$	1,561
Less: Straight line rent and fair value lease revenue			(13)						21						5						(5)
Add: Lease transaction costs that qualify as rent inducements			48						—						—						—
Subtotal			10,955						9,742						5,184						1,566
Less: Operating expenses and real estate taxes			6,045						5,928						3,946						1,996
NOI - cash basis 3			4,910						3,814						1,238						(430)
Add: BXP’s share of NOI-cash from unconsolidated joint ventures			882						449						N/A						N/A
BXP’s Share of NOI - cash basis 3			$	5,792					$	4,263					$	1,238					$	(430)

RENTAL RATES AND OCCUPANCY - Year-over-Year

			Residential Units						Three Months Ended												Percent Change
									30-Sep-21						30-Sep-20
BOSTON
Hub50House (50% ownership), Boston, MA 3			440
Average Monthly Rental Rate									$	3,360					$	3,571					(5.91)		%
Average Rental Rate Per Occupied Square Foot									$	4.69					$	5.32					(11.84)		%
Average Physical Occupancy									87.50		%				45.08		%				94.10		%
Average Economic Occupancy									82.92		%				39.31		%				110.94		%
Proto Kendall Square, Cambridge, MA 3, 4			280
Average Monthly Rental Rate									$	2,642					$	2,676					(1.27)		%
Average Rental Rate Per Occupied Square Foot									$	4.82					$	4.91					(1.83)		%
Average Physical Occupancy									94.52		%				85.71		%				10.28		%
Average Economic Occupancy									93.90		%				83.13		%				12.96		%
The Lofts at Atlantic Wharf, Boston, MA 3, 4			86
Average Monthly Rental Rate									$	3,747					$	4,231					(11.44)		%
Average Rental Rate Per Occupied Square Foot									$	4.17					$	4.62					(9.74)		%
Average Physical Occupancy									96.51		%				80.23		%				20.29		%
Average Economic Occupancy									95.38		%				80.74		%				18.13		%
Boston Marriott Cambridge (437 rooms), Cambridge, MA 2, 4			N/A
Average Occupancy									49.40		%				—		%				100.00		%
Average Daily Rate									$	222.31					$	—					100.00		%
Revenue Per Available Room									$	109.86					$	—					100.00		%
SAN FRANCISCO
The Skylyne, Oakland, CA 3, 5			402
Average Monthly Rental Rate									$	3,307					$	3,887					(14.92)		%
Average Rental Rate Per Occupied Square Foot									$	3.92					$	4.97					(21.13)		%
Average Physical Occupancy									48.34		%				2.27		%				2,029.52		%
Average Economic Occupancy									41.03		%				1.70		%				2,313.53		%

18

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			Q3 2021
			Residential and hotel performance (continued)

RENTAL RATES AND OCCUPANCY - Year-over-Year

			Residential Units						Three Months Ended												Percent Change
									30-Sep-21						30-Sep-20
WASHINGTON, DC
Signature at Reston, Reston, VA 3, 4			508
Average Monthly Rental Rate									$	2,429					$	2,319					4.74		%
Average Rental Rate Per Occupied Square Foot									$	2.51					$	2.42					3.72		%
Average Physical Occupancy									93.24		%				82.22		%				13.40		%
Average Economic Occupancy									92.03		%				78.20		%				17.69		%
The Avant at Reston Town Center, Reston, VA 3, 4			359
Average Monthly Rental Rate									$	2,299					$	2,352					(2.25)		%
Average Rental Rate Per Occupied Square Foot									$	2.50					$	2.57					(2.72)		%
Average Physical Occupancy									96.29		%				89.69		%				7.36		%
Average Economic Occupancy									96.25		%				88.90		%				8.27		%
Total In-Service Residential Units			2,075

_____________

1Includes retail space.

2As a result of COVID-19, the Boston Marriott Cambridge closed in March 2020 and re-opened on October 2, 2020. The hotel continues to operate at a diminished occupancy due to the continued impact of COVID-19 on business and leisure travel.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

4Excludes retail space.

5This property was completed and fully placed in-service on August 15, 2020 and is in its initial lease-up period with expected stabilization in the third quarter of 2022.

19

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			Q3 2021
			In-service property listing

as of September 30, 2021
									Sub Market						Number of Buildings						Square Feet						Leased % 1						Annualized Rental Obligations Per Leased SF 2
BOSTON
Office
			200 Clarendon Street						CBD Boston MA						1						1,768,799						96.9		%				$	73.56
			100 Federal Street (55% ownership)						CBD Boston MA						1						1,238,461						97.6		%				65.07
			800 Boylston Street - The Prudential Center						CBD Boston MA						1						1,197,746						89.7		%				67.29
			111 Huntington Avenue - The Prudential Center						CBD Boston MA						1						860,456						92.4		%				70.60
			Atlantic Wharf Office (55% ownership)						CBD Boston MA						1						793,823						99.8		%				80.37
			Prudential Center (retail shops) 3, 4						CBD Boston MA						1						597,963						74.5		%				99.10
			101 Huntington Avenue - The Prudential Center						CBD Boston MA						1						506,476						100.0		%				56.89
			The Hub on Causeway - Podium (50% ownership) 5						CBD Boston MA						1						382,497						80.3		%				69.51
			888 Boylston Street - The Prudential Center						CBD Boston MA						1						363,320						100.0		%				77.83
			Star Market at the Prudential Center 3						CBD Boston MA						1						57,236						100.0		%				61.07
			Subtotal												10						7,766,777						93.5		%				$	72.05
			145 Broadway						East Cambridge MA						1						490,086						99.1		%				$	86.14
			355 Main Street						East Cambridge MA						1						259,640						99.3		%				77.15
			90 Broadway						East Cambridge MA						1						223,771						100.0		%				73.42
			255 Main Street						East Cambridge MA						1						215,394						97.5		%				87.11
			300 Binney Street						East Cambridge MA						1						195,191						100.0		%				59.87
			150 Broadway						East Cambridge MA						1						177,226						100.0		%				81.70
			105 Broadway						East Cambridge MA						1						152,664						100.0		%				69.78
			250 Binney Street						East Cambridge MA						1						67,362						100.0		%				47.46
			University Place						Mid-Cambridge MA						1						195,282						100.0		%				55.54
			Subtotal												9						1,976,616						99.4		%				$	74.96
			Bay Colony Corporate Center						Route 128 Mass Turnpike MA						4						1,001,136						74.6		%				$	44.45
			Reservoir Place						Route 128 Mass Turnpike MA						1						527,029						81.5		%				37.67
			140 Kendrick Street						Route 128 Mass Turnpike MA						3						380,991						99.4		%				42.53
			Weston Corporate Center						Route 128 Mass Turnpike MA						1						356,995						100.0		%				56.63
			Waltham Weston Corporate Center						Route 128 Mass Turnpike MA						1						301,611						84.8		%				40.30
			230 CityPoint						Route 128 Mass Turnpike MA						1						296,212						93.9		%				41.24
			10 CityPoint						Route 128 Mass Turnpike MA						1						241,203						98.1		%				59.57
			20 CityPoint						Route 128 Mass Turnpike MA						1						211,476						98.9		%				46.85
			77 CityPoint						Route 128 Mass Turnpike MA						1						209,711						100.0		%				49.29
			890 Winter Street						Route 128 Mass Turnpike MA						1						174,472						50.1		%				45.82
			153 & 211 Second Avenue 6						Route 128 Mass Turnpike MA						2						136,882						100.0		%				53.97
			200 West Street 6, 7						Route 128 Mass Turnpike MA						1						134,921						70.3		%				55.39
			1265 Main Street (50% ownership) 5						Route 128 Mass Turnpike MA						1						114,969						100.0		%				44.62
			Reservoir Place North						Route 128 Mass Turnpike MA						1						73,258						100.0		%				45.70
			195 West Street						Route 128 Mass Turnpike MA						1						63,500						100.0		%				42.00
			The Point 3						Route 128 Mass Turnpike MA						1						16,300						84.7		%				57.26
			191 Spring Street 8						Route 128 Northwest MA						1						170,997						100.0		%				44.69
			Lexington Office Park						Route 128 Northwest MA						2						166,779						61.3		%				30.71
			201 Spring Street 8						Route 128 Northwest MA						1						106,300						100.0		%				45.32
			33 Hayden Avenue						Route 128 Northwest MA						1						80,876						100.0		%				65.88
			32 Hartwell Avenue						Route 128 Northwest MA						1						69,154						100.0		%				28.21
			100 Hayden Avenue						Route 128 Northwest MA						1						55,924						100.0		%				50.00
			181 Spring Street 8						Route 128 Northwest MA						1						55,793						100.0		%				44.03
			92 Hayden Avenue						Route 128 Northwest MA						1						31,100						100.0		%				44.37
			17 Hartwell Avenue						Route 128 Northwest MA						1						30,000						100.0		%				49.69
			Subtotal												32						5,007,589						87.6		%				$	45.88
			Boston Office Total:												51						14,750,982						92.3		%				$	63.99
Residential
			Hub50House (440 units) (50% ownership) 5, 6						CBD Boston MA						1						320,444
			The Lofts at Atlantic Wharf (86 units)						CBD Boston MA						1						87,097
			Proto Kendall Square (280 units)						East Cambridge MA						1						166,717
			Boston Residential Total:												3						574,258

20

---

			Q3 2021
			In-service property listing (continued)

as of September 30, 2021
									Sub Market						Number of Buildings						Square Feet						Leased % 1						Annualized Rental Obligations Per Leased SF 2
BOSTON (continued)
Hotel
			Boston Marriott Cambridge (437 rooms)						East Cambridge MA						1						334,260
			Boston Hotel Total:												1						334,260
			Boston Total:												55						15,659,500
LOS ANGELES
Office
			Colorado Center (50% ownership) 5						West Los Angeles CA						6						1,129,730						89.6		%				$	70.07
			Santa Monica Business Park (55% ownership) 5						West Los Angeles CA						14						1,102,468						76.7		%				65.98
			Santa Monica Business Park Retail (55% ownership) 3, 5						West Los Angeles CA						7						74,404						90.1		%				72.24
			Subtotal												27						2,306,602						83.4		%				$	68.36
			Los Angeles Total:												27						2,306,602						83.4		%				$	68.36
NEW YORK
Office
			767 Fifth Avenue (The GM Building) (60% ownership)						Plaza District NY						1						1,957,284						91.3		%				$	163.54
			601 Lexington Avenue (55% ownership) 6						Park Avenue NY						1						1,671,590						95.7		%				99.89
			399 Park Avenue						Park Avenue NY						1						1,576,874						96.7		%				101.24
			599 Lexington Avenue						Park Avenue NY						1						1,062,708						99.0		%				92.93
			Times Square Tower (55% ownership)						Times Square NY						1						1,225,413						84.6		%				79.39
			250 West 55th Street						Times Square / West Side NY						1						966,979						98.7		%				98.94
			Dock 72 (50% ownership) 5, 6						Brooklyn NY						1						668,625						33.1		%				60.58
			510 Madison Avenue						Fifth/Madison Avenue NY						1						353,800						99.0		%				140.44
			Subtotal												8						9,483,273						89.9		%				$	110.66
			510 Carnegie Center						Princeton NJ						1						234,160						—		%				$	—
			206 Carnegie Center						Princeton NJ						1						161,763						100.0		%				36.00
			210 Carnegie Center						Princeton NJ						1						159,468						79.2		%				37.46
			212 Carnegie Center						Princeton NJ						1						151,355						74.9		%				38.96
			214 Carnegie Center						Princeton NJ						1						146,799						51.6		%				35.27
			506 Carnegie Center						Princeton NJ						1						138,616						82.1		%				37.90
			508 Carnegie Center						Princeton NJ						1						134,433						100.0		%				42.23
			202 Carnegie Center						Princeton NJ						1						134,068						91.2		%				41.44
			804 Carnegie Center						Princeton NJ						1						130,000						100.0		%				41.31
			504 Carnegie Center						Princeton NJ						1						121,990						100.0		%				34.28
			101 Carnegie Center						Princeton NJ						1						121,620						100.0		%				39.22
			502 Carnegie Center						Princeton NJ						1						121,460						97.6		%				39.47
			701 Carnegie Center						Princeton NJ						1						120,000						100.0		%				43.14
			104 Carnegie Center						Princeton NJ						1						102,930						63.6		%				39.25
			103 Carnegie Center						Princeton NJ						1						96,332						64.1		%				33.42
			105 Carnegie Center						Princeton NJ						1						69,955						56.6		%				32.65
			302 Carnegie Center						Princeton NJ						1						64,926						100.0		%				36.06
			211 Carnegie Center						Princeton NJ						1						47,025						100.0		%				38.37
			201 Carnegie Center						Princeton NJ						—						6,500						100.0		%				37.26
			Subtotal												18						2,263,400						77.1		%				$	38.50
			New York Total:												26						11,746,673						87.5		%				$	98.40
SAN FRANCISCO
Office
			Salesforce Tower						CBD San Francisco CA						1						1,420,682						100.0		%				$	104.67
			Embarcadero Center Four						CBD San Francisco CA						1						941,166						93.4		%				84.87
			Embarcadero Center One						CBD San Francisco CA						1						831,603						81.9		%				79.01
			Embarcadero Center Two						CBD San Francisco CA						1						801,378						87.2		%				79.96

21

---

			Q3 2021
			In-service property listing (continued)

as of September 30, 2021
									Sub Market						Number of Buildings						Square Feet						Leased % 1						Annualized Rental Obligations Per Leased SF 2
SAN FRANCISCO (continued)
			Embarcadero Center Three						CBD San Francisco CA						1						786,752						87.7		%				81.52
			680 Folsom Street						CBD San Francisco CA						2						524,793						99.1		%				70.70
			535 Mission Street						CBD San Francisco CA						1						307,235						90.0		%				85.56
			690 Folsom Street						CBD San Francisco CA						1						26,080						100.0		%				67.65
			Subtotal												9						5,639,689						92.1		%				$	86.95
			Gateway Commons (52% ownership) 5						South San Francisco CA						6						1,080,751						69.7		%				$	59.31
			Mountain View Research Park						Mountain View CA						15						542,264						82.0		%				69.98
			2440 West El Camino Real						Mountain View CA						1						146,789						100.0		%				83.36
			453 Ravendale Drive						Mountain View CA						1						29,620						75.0		%				39.96
			North First Business Park 9						San Jose CA						5						190,636						55.2		%				27.35
			Subtotal												28						1,990,060						74.0		%				$	62.40
			San Francisco Office Total:												37						7,629,749						87.3		%				$	81.52
Residential
			The Skylyne (402 units) 6						CBD Oakland CA						1						330,996
			San Francisco Residential Total:												1						330,996
			San Francisco Total:												38						7,960,745
SEATTLE
Office
			Safeco Plaza (33.67% ownership) 5, 6						CBD Seattle WA						1						765,139						90.9		%				$	43.63
			Subtotal												1						765,139						90.9		%				$	43.63
			Seattle Total:												1						765,139						90.9		%				$	43.63
WASHINGTON, DC
Office
			Metropolitan Square (20% ownership) 5						East End Washington DC						1						657,481						65.2		%				$	68.60
			901 New York Avenue (25% ownership) 5						East End Washington DC						1						541,743						74.4		%				68.93
			601 Massachusetts Avenue						East End Washington DC						1						478,818						97.3		%				87.44
			Market Square North (50% ownership) 5						East End Washington DC						1						417,989						77.9		%				70.40
			2200 Pennsylvania Avenue						CBD Washington DC						1						458,831						96.3		%				91.30
			1330 Connecticut Avenue						CBD Washington DC						1						253,941						89.9		%				72.56
			Sumner Square						CBD Washington DC						1						209,556						93.7		%				55.47
			500 North Capitol Street, N.W. (30% ownership) 5						Capitol Hill Washington DC						1						230,900						98.5		%				80.75
			Capital Gallery						Southwest Washington DC						1						176,809						97.1		%				57.10
			Subtotal												9						3,426,068						84.3		%				$	74.92
			South of Market						Reston VA						3						623,250						82.3		%				$	54.91
			Fountain Square						Reston VA						2						505,333						76.2		%				54.84
			One Freedom Square						Reston VA						1						430,523						71.8		%				50.78
			Two Freedom Square						Reston VA						1						423,222						100.0		%				47.40
			One and Two Discovery Square						Reston VA						2						366,989						100.0		%				51.28
			One Reston Overlook						Reston VA						1						319,519						100.0		%				46.51
			17Fifty Presidents Street						Reston VA						1						275,809						100.0		%				64.96
			Reston Corporate Center						Reston VA						2						261,046						100.0		%				47.45
			Democracy Tower						Reston VA						1						259,441						97.7		%				59.89
			Fountain Square Retail 3						Reston VA						1						216,591						80.6		%				40.43
			Two Reston Overlook						Reston VA						1						134,615						100.0		%				48.00
			Subtotal												16						3,816,338						89.5		%				$	52.01
			Wisconsin Place Office						Montgomery County MD						1						299,248						85.6		%				$	60.20
			Shady Grove Bio+Tech Campus 6, 9						North Rockville MD						4						233,452						64.4		%				18.23
			Kingstowne Two						Springfield VA						1						155,995						87.2		%				37.91

22

---

			Q3 2021
			In-service property listing (continued)

as of September 30, 2021
									Sub Market						Number of Buildings						Square Feet						Leased % 1						Annualized Rental Obligations Per Leased SF 2
WASHINGTON, DC (continued)
			Kingstowne One						Springfield VA						1						153,401						58.5		%				39.02
			7601 Boston Boulevard						Springfield VA						1						108,286						100.0		%				33.94
			7435 Boston Boulevard						Springfield VA						1						103,557						43.7		%				22.90
			8000 Grainger Court						Springfield VA						1						88,775						—		%				—
			Kingstowne Retail 3						Springfield VA						1						88,244						94.3		%				42.17
			7500 Boston Boulevard						Springfield VA						1						79,971						100.0		%				19.60
			7501 Boston Boulevard						Springfield VA						1						75,756						100.0		%				37.28
			7450 Boston Boulevard						Springfield VA						1						62,402						100.0		%				18.17
			7374 Boston Boulevard						Springfield VA						1						57,321						100.0		%				19.52
			8000 Corporate Court						Springfield VA						1						52,539						100.0		%				16.62
			7451 Boston Boulevard						Springfield VA						1						45,949						65.3		%				19.06
			7300 Boston Boulevard						Springfield VA						1						32,000						100.0		%				24.00
			7375 Boston Boulevard						Springfield VA						1						26,865						44.5		%				23.90
			Subtotal												19						1,663,761						76.4		%				$	34.79
			Washington, DC Office Total:												44						8,906,167						85.1		%				$	57.82
Residential
			Signature at Reston (508 units)						Reston VA						1						517,783
			The Avant at Reston Town Center (359 units)						Reston VA						1						355,374
			Washington, DC Residential Total:												2						873,157
			Washington, DC Total:												46						9,779,324
			Total In-Service Properties:												193						48,217,983						88.4		%	10			$	74.25		10

_____________

1Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

3This is a retail property.

4Includes 145,849 square feet at Prudential Center (retail shops) of leases terminated by the Company where the tenant is still occupying the space.

5This is an unconsolidated joint venture property.

6Not included in the Same Property analysis. The Company’s One Five Nine East 53rd Street development project, the low-rise portion of 601 Lexington Avenue, was fully placed in-service in February 2021 and excluded from the Company’s Same Property analysis.

7A portion of this property is under redevelopment. For additional detail, see page 14.

8The property was sold on October 25, 2021.

9Property held for redevelopment.

10 Excludes Hotel and Residential properties. For additional detail, see pages 18-19.

23

---

			Q3 2021
			Top 20 tenants listing and portfolio tenant diversification

as of September 30, 2021

TOP 20 TENANTS

No.						Tenant						BXP’s Share of Annualized Rental Obligations 1									Weighted Average Remaining Lease Term (years) 2
1						salesforce.com									3.56		%				10.3
2						Arnold & Porter Kaye Scholer									2.70		%				12.6
3						Akamai Technologies									2.21		%				13.1
4						Biogen									1.79		%				5.1
5						Shearman & Sterling									1.60		%				12.2
6						Ropes & Gray									1.52		%				8.6
7						Kirkland & Ellis									1.51		%				15.8
8						Google									1.38		%				15.9
9						WeWork									1.36		%				12.0
10						Microsoft									1.33		%				10.4
11						Millennium Management									1.23		%				9.3
12						Weil Gotshal & Manges									1.22		%				12.6
13						Wellington Management									1.15		%				11.6
14						Aramis (Estee Lauder)									1.07		%				15.9
15						US Government									0.96		%				4.8
16						Morrison & Foerster									0.92		%				9.0
17						O'Melveny & Myers									0.88		%				3.2
18						Bank of America									0.84		%				13.7
19						Mass Financial Services									0.83		%				6.4
20						Hunton Andrews Kurth									0.80		%				4.8
						BXP’s Share of Annualized Rental Obligations									28.86		%
						BXP’s Share of Square Feet 1									23.08		%
						Weighted Average Remaining Lease Term (years)															10.8

NOTABLE SIGNED DEALS 3

Tenant

Property

Square Feet

Marriott International

7750 Wisconsin Avenue

734,000

Fannie Mae

Reston Next

703,000

Google

325 Main Street

379,000

Wilmer Cutler Pickering Hale

2100 Pennsylvania Avenue

268,000

Volkswagen Group of America

Reston Next

196,000

Translate Bio

200 West Street

138,000

TENANT DIVERSIFICATION 2

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

2Based on BXP’s Share of Annualized Rental Obligations.

3Represents leases signed with occupancy commencing in the future. The number of square feet is an estimate.

24

---

			Q3 2021
			Occupancy by location

as of September 30, 2021

TOTAL IN-SERVICE OFFICE PROPERTIES 1 - Quarter-over-Quarter

						CBD												Suburban												Total
Location						30-Sep-21						30-Jun-21						30-Sep-21						30-Jun-21						30-Sep-21						30-Jun-21
Boston						94.7		%				95.5		%				87.6		%				87.8		%				92.3		%				92.9		%
Los Angeles						83.4		%				83.9		%				—		%				—		%				83.4		%				83.9		%
New York						89.9		%				89.7		%				77.1		%				76.7		%				87.5		%				87.2		%
San Francisco						92.1		%				92.5		%				74.0		%				73.4		%				87.3		%				87.6		%
Seattle 2						90.9		%				N/A						—		%				N/A						90.9		%				N/A
Washington, DC						84.3		%				83.6		%				85.5		%				86.4		%				85.1		%				85.3		%
Total Portfolio						90.7		%				90.9		%				83.4		%				83.6		%				88.4		%				88.6		%

SAME PROPERTY OFFICE PROPERTIES 1, 3 - Year-over-Year

						CBD												Suburban												Total
Location						30-Sep-21						30-Sep-20						30-Sep-21						30-Sep-20						30-Sep-21						30-Sep-20
Boston						94.7		%				98.7		%				87.3		%				87.5		%				92.2		%				95.0		%
Los Angeles						83.4		%				96.7		%				—		%				—		%				83.4		%				96.7		%
New York						94.3		%				94.2		%				77.1		%				76.5		%				90.7		%				90.5		%
San Francisco						92.1		%				95.8		%				74.0		%				78.7		%				87.3		%				91.4		%
Seattle 2						—		%				N/A						—		%				N/A						—		%				N/A
Washington, DC						84.3		%				84.6		%				86.5		%				83.9		%				85.6		%				84.2		%
Total Portfolio						92.0		%				95.1		%				83.5		%				83.3		%				89.2		%				91.2		%

_____________

1Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential units and hotel.

2The Company entered the Seattle market on September 1, 2021. Therefore, there is no occupancy information provided for prior periods.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

25

---

			Q3 2021
			Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

			Aggregate Principal
Mortgage Notes Payable			$	2,918,725
Unsecured Line of Credit			—
Unsecured Senior Notes, at face value			10,550,000
Outstanding Principal			13,468,725
Discount on Unsecured Senior Notes			(17,581)
Deferred Financing Costs, Net			(72,794)
Consolidated Debt			$	13,378,350

MORTGAGE NOTES PAYABLE

												Interest Rate
Property						Maturity Date						GAAP						Stated						Outstanding Principal
601 Lexington Avenue (55% ownership)						April 10, 2022						4.79%						4.75%						$	618,725
767 Fifth Avenue (The GM Building) (60% ownership)						June 9, 2027						3.64%						3.43%						2,300,000
Total																								$	2,918,725

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 1

						Maturity Date						Effective Yield (on issue date)						Coupon						Outstanding Principal
11 Year Unsecured Senior Notes 2						February 1, 2023						3.95%						3.85%						$	1,000,000
10.5 Year Unsecured Senior Notes						September 1, 2023						3.28%						3.13%						500,000
10.5 Year Unsecured Senior Notes						February 1, 2024						3.92%						3.80%						700,000
7 Year Unsecured Senior Notes						January 15, 2025						3.35%						3.20%						850,000
10 Year Unsecured Senior Notes						February 1, 2026						3.77%						3.65%						1,000,000
10 Year Unsecured Senior Notes						October 1, 2026						3.50%						2.75%						1,000,000
10 Year Unsecured Senior Notes (“green bonds”)						December 1, 2028						4.63%						4.50%						1,000,000
10 Year Unsecured Senior Notes (“green bonds”)						June 21, 2029						3.51%						3.40%						850,000
10.5 Year Unsecured Senior Notes						March 15, 2030						2.98%						2.90%						700,000
10.75 Year Unsecured Senior Notes						January 30, 2031						3.34%						3.25%						1,250,000
11 Year Unsecured Senior Notes (“green bonds”)						April 1, 2032						2.67%						2.55%						850,000
12 Year Unsecured Senior Notes (“green bonds”)						October 1, 2033						2.52%						2.45%						850,000
																								$	10,550,000

CAPITALIZATION

						Shares/Units						Common Stock
						Outstanding						Equivalents						Equivalent Value 3
Common Stock						156,206						156,206						$	16,924,920
Common Operating Partnership Units						17,477						17,477						1,893,633
Total Equity												173,683						$	18,818,553
Consolidated Debt (A)																		$	13,378,350
Add: BXP’s share of unconsolidated joint venture debt 4																		1,289,582
Less: Partners’ share of consolidated debt 5																		1,190,479
BXP’s Share of Debt 6 (B)																		$	13,477,453
Consolidated Market Capitalization (C)																		$	32,196,903
BXP’s Share of Market Capitalization 6 (D)																		$	32,296,006
Consolidated Debt/Consolidated Market Capitalization (A÷C)																		41.55		%
BXP’s Share of Debt/BXP’s Share of Market Capitalization 6 (B÷D)																		41.73		%

_____________

1All unsecured senior notes are rated BBB+ (stable), and Baa1 (stable) by S&P and Moody’s, respectively.

2On October 15, 2021, the Company redeemed these bonds in full at par plus accrued and unpaid interest and an early redemption premium.

3Values are based on the September 30, 2021 closing price of $108.35 per share of BXP common stock.

4Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 33.

5Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 31.

6See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

26

---

			Q3 2021
			Debt analysis 1

as of September 30, 2021

(dollars in thousands)

						2021			2022			2023 2			2024			2025			2026			2027			2028			2029			2030			2031			2032			2033

UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026

						Facility						Outstanding at September 30, 2021						Letters of Credit						Remaining Capacity at September 30, 2021
Unsecured Line of Credit						$	1,500,000					$	—					$	6,348					$	1,493,652

UNSECURED AND SECURED DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 3						Maturity (years)
Unsecured Debt						78.33		%				3.40		%				3.48		%				6.3
Secured Debt						21.67		%				3.71		%				3.89		%				4.6
Consolidated Debt						100.00		%				3.47		%				3.57		%				5.9

FLOATING AND FIXED RATE DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 3						Maturity (years)
Floating Rate Debt						—		%				—		%				—		%				—
Fixed Rate Debt						100.00		%				3.47		%				3.57		%				5.9
Consolidated Debt						100.00		%				3.47		%				3.57		%				5.9

_____________

1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 33.

2On October 15, 2021, the Company redeemed $1.0 billion of its 3.85% unsecured senior notes, which were scheduled to mature in February 2023, at par plus accrued and unpaid interest and an early redemption premium.

3The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges and the effects of hedging transactions.

27

---

			Q3 2021
			Senior unsecured debt covenant compliance ratios

In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the Indenture.

This section presents such ratios as of September 30, 2021 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.

COVENANT RATIOS AND RELATED DATA

									Senior Notes Issued Prior to December 4, 2017						Senior Notes Issued On or After December 4, 2017
			Test						Actual
Total Outstanding Debt/Total Assets 1			Less than 60%						47.0		%				43.7		%
Secured Debt/Total Assets			Less than 50%						13.8		%				12.8		%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)			Greater than 1.50x						4.00						4.00
Unencumbered Assets/ Unsecured Debt			Greater than 150%						229.8		%				250.9		%

_____________

1Capitalized Property Value for senior notes issued prior to December 4, 2017 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized property value for senior notes issued on or after December 4, 2017 is determined for each property and is the greater of (x) annualized EBITDA capitalized at 7.0% and (y) the undepreciated book value as determined under GAAP.

28

---

			Q3 2021
			Net Debt to EBITDAre

(dollars in thousands)

Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDAre – cash 1

						Three Months Ended
						30-Sep-21						30-Jun-21
Net income attributable to Boston Properties, Inc.						$	108,297					$	111,703
Add:
Noncontrolling interest - common units of the Operating Partnership						11,982						12,383
Noncontrolling interest in property partnerships						18,971						17,164
Net income						139,250						141,250
Add:
Interest expense						105,794						106,319
Depreciation and amortization expense						179,412						183,838
Less:
Gains on sales of real estate						348						7,756
Loss from unconsolidated joint ventures						(5,597)						(1,373)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2						24,121						25,375
EBITDAre 1						453,826						450,399
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3						47,740						46,222
BXP’s Share of EBITDAre 1 (A)						406,086						404,177
Add:
Stock-based compensation expense						8,440						13,993
BXP’s Share of straight-line ground rent expense adjustment 1						996						698
BXP’s Share of lease transaction costs that qualify as rent inducements 1						3,379						(132)
Less:
BXP’s Share of straight-line rent 1						35,811						30,855
BXP’s Share of fair value lease revenue 1						1,793						1,193
BXP’s Share of EBITDAre – cash 1						$	381,297					$	386,688
BXP’s Share of EBITDAre (Annualized) 4 (A x 4)						$	1,624,344					$	1,616,708

Reconciliation of BXP’s Share of Net Debt 1

						30-Sep-21						30-Jun-21
Consolidated debt						$	13,378,350					$	12,536,065
Add:
Special dividend payable						—						—
Less:
Cash and cash equivalents						1,002,728						557,307
Cash held in escrow for 1031 exchange						—						—
Net debt 1						12,375,622						11,978,758
Add:
BXP’s share of unconsolidated joint venture debt 2						1,289,582						1,190,473
Partners’ share of cash and cash equivalents from consolidated joint ventures						123,115						143,868
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures						95,224						90,535
Partners’ share of consolidated joint venture debt 3						1,190,479						1,191,879
BXP’s Share of Net Debt 1 (B)						$	12,502,616					$	12,030,685
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]						7.70						7.44

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended September 30, 2021, see pages 33 and 60.

3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended September 30, 2021, see pages 31 and 58.

4BXP’s Share of EBITDAre (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4).

29

---

			Q3 2021
			Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

						Three Months Ended
						30-Sep-21						30-Jun-21
BXP’s Share of interest expense 1						$	105,713					$	105,772
Less:
BXP’s Share of hedge amortization 1						1,446						1,446
BXP’s Share of amortization of financing costs 1						3,587						3,673
Adjusted interest expense excluding capitalized interest (A)						100,680						100,653
Add:
BXP’s Share of capitalized interest 1						12,375						14,066
Adjusted interest expense including capitalized interest (B)						$	113,055					$	114,719
BXP’s Share of EBITDAre – cash 1, 2 (C)						$	381,297					$	386,688
Interest Coverage Ratio (excluding capitalized interest) (C÷A)						3.79						3.84
Interest Coverage Ratio (including capitalized interest) (C÷B)						3.37						3.37

FIXED CHARGE COVERAGE RATIO 1

						Three Months Ended
						30-Sep-21						30-Jun-21
BXP’s Share of interest expense 1						$	105,713					$	105,772
Less:
BXP’s Share of hedge amortization 1						1,446						1,446
BXP’s Share of amortization of financing costs 1						3,587						3,673
Add:
BXP’s Share of capitalized interest 1						12,375						14,066
BXP’s Share of maintenance capital expenditures 1						16,800						22,145
Hotel improvements, equipment upgrades and replacements						3						3
Total Fixed Charges (A)						$	129,858					$	136,867
BXP’s Share of EBITDAre – cash 1, 2 (B)						$	381,297					$	386,688
Fixed Charge Coverage Ratio (B÷A)						2.94						2.83

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

2For a qualitative reconciliation of BXP’s Share of EBITDAre – cash, see page 29.

30

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			Q3 2021
			Consolidated joint ventures

d

as of September 30, 2021

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

												Norges Joint Ventures 1
												Times Square Tower
												601 Lexington Avenue / One Five Nine East 53rd Street
						767 Fifth Avenue						100 Federal Street						Total Consolidated
ASSETS						(The GM Building) 1						Atlantic Wharf Office						Joint Ventures
Real estate, net						$	3,194,362					$	2,271,290					$	5,465,652
Cash and cash equivalents						131,645						156,570						288,215
Other assets						298,996						355,626						654,622
Total assets						$	3,625,003					$	2,783,486					$	6,408,489
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net						$	2,280,110					$	618,556					$	2,898,666
Other liabilities						90,500						98,792						189,292
Total liabilities						2,370,610						717,348						3,087,958
Equity:
Boston Properties, Inc.						754,187						838,127						1,592,314
Noncontrolling interests						500,206						1,228,011						1,728,217			2
Total equity						1,254,393						2,066,138						3,320,531
Total liabilities and equity						$	3,625,003					$	2,783,486					$	6,408,489
BXP’s nominal ownership percentage						60%						55%
Partners’ share of cash and cash equivalents 3						$	52,658					$	70,457					$	123,115
Partners’ share of consolidated debt 3						$	912,128		4			$	278,351					$	1,190,479

_____________

1Certain balances contain amounts that eliminate in consolidation.

2Amount excludes preferred shareholders’ capital of approximately $0.1 million.

3Amounts represent the partners’ share based on their respective ownership percentages.

4Amount adjusted for basis differentials.

31

---

			Q3 2021
			Consolidated joint ventures (continued)

for the three months ended September 30, 2021

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS

												Norges Joint Ventures
												Times Square Tower
												601 Lexington Avenue / One Five Nine East 53rd Street
						767 Fifth Avenue						100 Federal Street						Total Consolidated
						(The GM Building)						Atlantic Wharf Office						Joint Ventures
Revenue
Lease 1						$	75,286					$	92,357					$	167,643
Straight-line rent						1,864						6,549						8,413
Fair value lease revenue						(28)						81						53
Termination income						—						22						22
Total lease revenue						77,122						99,009						176,131
Parking and other						—						1,198						1,198
Insurance proceeds						—						2,241			2			2,241
Total rental revenue 3						77,122						102,448						179,570
Expenses
Operating						29,107						33,569						62,676
Restoration expenses related to insurance claim						—						2,241			2			2,241
Total expenses						29,107						35,810						64,917
Net Operating Income (NOI)						48,015						66,638						114,653
Other income (expense)
Development and management services revenue						—						4						4
Interest and other income						—						90						90
Interest expense						(21,324)						(7,712)						(29,036)
Depreciation and amortization expense						(15,751)						(22,246)						(37,997)
General and administrative expense						(89)						(61)						(150)
Total other income (expense)						(37,164)						(29,925)						(67,089)
Net income						$	10,851					$	36,713					$	47,564

FUNDS FROM OPERATIONS (FFO)

BXP’s nominal ownership percentage						60%						55%
												Norges Joint Ventures
												Times Square Tower
												601 Lexington Avenue / One Five Nine East 53rd Street
						767 Fifth Avenue						100 Federal Street						Total Consolidated
Reconciliation of Partners’ share of FFO						(The GM Building)						Atlantic Wharf Office						Joint Ventures
Net income						$	10,851					$	36,713					$	47,564
Add: Depreciation and amortization expense						15,751						22,246						37,997
Entity FFO						$	26,602					$	58,959					$	85,561
Partners’ NCI 4						$	3,406					$	15,565					$	18,971
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4						6,595						10,178						16,773
Partners’ share FFO 4						$	10,001					$	25,743					$	35,744
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI						$	7,445					$	21,148					$	28,593
Depreciation and amortization expense - BXP’s basis difference						60						389						449
BXP’s share of depreciation and amortization expense						9,096						11,679						20,775
BXP’s share of FFO						$	16,601					$	33,216					$	49,817

_____________

1 Lease revenue includes recoveries from tenants and service income from tenants.

2 Amounts relate to damage at one of the Company’s properties in New York City due to a water main break.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

4 Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.

32

---

			Q3 2021
			Unconsolidated joint ventures 1

as of September 30, 2021

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

						BXP’s Nominal Ownership												Mortgage/Construction Loans Payable, Net												Interest Rate
Property												Net Equity												Maturity Date						Stated						GAAP 2
Boston
The Hub on Causeway						50.00		%				$	—					$	—					—						—		%				—		%
100 Causeway Street						50.00		%				56,714						147,791						September 5, 2023						1.59		%				1.81		%
Podium						50.00		%				48,970						86,884						September 6, 2023						2.34		%				2.50		%
Hub50House						50.00		%				47,934						88,085						April 19, 2022						2.08		%				2.37		%
Hotel Air Rights						50.00		%				11,402						—						—						—		%				—		%
1265 Main Street						50.00		%				3,855						18,204						January 1, 2032						3.77		%				3.84		%
Los Angeles
Santa Monica Business Park						55.00		%				155,679						163,899						July 19, 2025						4.06		%				4.24		%
Colorado Center						50.00		%				230,535						274,699						August 9, 2027						3.56		%				3.58		%
Beach Cities Media Center						50.00		%				27,124						—						—						—		%				—		%
New York
Dock 72 3						50.00		%				29,230						97,617						December 18, 2023						3.10		%				3.32		%
3 Hudson Boulevard 4						25.00		%				116,537						19,972						July 13, 2023						3.59		%				3.67		%
San Francisco
Platform 16						55.00		%				108,098						—						—						—		%				—		%
Gateway Commons 5						50.00		%				328,367						—						—						—		%				—		%
Seattle
Safeco Plaza						33.67		%				72,570						83,570						September 1, 2026						2.35		%				2.50		%
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters)						50.00		%				59,734						102,933						April 26, 2023						1.34		%				1.88		%
1001 6th Street						50.00		%				42,669						—						—						—		%				—		%
Market Square North						50.00		%				(1,917)						62,076						November 10, 2025						2.80		%				2.96		%
Wisconsin Place Parking Facility						33.33		%				34,104						—						—						—		%				—		%
500 North Capitol Street, N.W.						30.00		%				(7,700)						31,470						June 6, 2023						4.15		%				4.20		%
901 New York Avenue						25.00		%				(12,390)						54,318						January 5, 2025						3.61		%				3.69		%
Metropolitan Square						20.00		%				(14,568)						58,064						July 7, 2022						5.40		%				6.90		%
												1,336,947
Investments with deficit balances reflected within Other Liabilities												36,575
Investments in Unconsolidated Joint Ventures												$	1,373,522
Mortgage/Construction Loans Payable, Net																		$	1,289,582

33

---

			Q3 2021
			Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rate						GAAP Rate 2						Maturity (years)
Floating Rate Debt						57.93		%				2.43		%				2.78		%				2.2
Fixed Rate Debt						42.07		%				3.76		%				3.84		%				4.9
Total Debt						100.00		%				2.99		%				3.22		%				3.3

_____________

1Amounts represent BXP’s share based on its ownership percentage.

2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, which includes mortgage recording fees.

3 The property includes net equity balances from the amenity joint venture.

4 The Company has provided $80.0 million of mortgage financing to the joint venture. The loan has been reflected as Related Party Note Receivable, Net on the Company’s Consolidated Balance Sheets.

5 As a result of the partner’s deferred contribution, the Company owned an approximately 52% interest in the joint venture at September 30, 2021. Future development projects will be owned 49% by the Company and 51% by its partner.

34

---

			Q3 2021
			Unconsolidated joint ventures (continued)

for the three months ended September 30, 2021

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS 1

						Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC																																										Total Unconsolidated Joint Ventures
Revenue
Lease 2						$	11,786					$	28,191					$	3,621					$	11,869					$	2,336					$	21,656																																									$	79,459
Straight-line rent						763						4,375						181						376						188						(420)																																										5,463
Fair value lease revenue						—						337						—						40						385						—																																										762
Termination income						—						(34)						—						—						—						—																																										(34)
Total lease revenue						12,549						32,869						3,802						12,285						2,909						21,236																																										85,650
Parking and other						12						2,438						—						1						127						1,436																																										4,014
Total rental revenue 3						12,561						35,307						3,802						12,286						3,036						22,672																																										89,664
Expenses
Operating						5,632						12,847						3,897						5,084						1,042						11,666																																										40,168
Net operating income/(loss)						6,929						22,460						(95)						7,202						1,994						11,006																																										49,496
Other income/(expense)
Development and management services revenue						—						—						338						—						—						—																																										338
Interest and other income						—						5						—						2						—						—																																										7
Interest expense						(2,699)						(12,002)						(2,926)						(3)						(516)						(9,373)																																										(27,519)
Depreciation and amortization expense						(5,001)						(12,596)						(2,744)						(5,852)						(1,690)						(8,153)																																										(36,036)
General and administrative expense						(19)						(113)						—						(2)						—						(76)																																										(210)
Total other income/(expense)						(7,719)						(24,706)						(5,332)						(5,855)						(2,206)						(17,602)																																										(63,420)
Net income/(loss)						$	(790)					$	(2,246)					$	(5,427)					$	1,347					$	(212)					$	(6,596)																																									$	(13,924)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss)						$	(395)					$	(1,395)					$	(2,263)					$	684					$	(71)					$	(1,051)																																						4			$	(4,491)
Basis differential
Straight-line rent						$	—					$	91		5			$	—					$	7		6			$	—					$	—																																									$	98
Fair value lease revenue						—						301			5			—						(227)			6			—						—																																										74
Termination income						—						—						—						—						—						—																																										—
Depreciation and amortization expense						(23)						(1,035)			5			376						(525)			6			—						(71)																																										(1,278)
Total basis differential 7						(23)						(643)			5			376						(745)			6			—						(71)																																										(1,106)
Income/(loss) from unconsolidated joint ventures						(418)						(2,038)						(1,887)						(61)						(71)						(1,122)																																							4			(5,597)
Add:
BXP’s share of depreciation and amortization expense						2,523						7,712						996						3,347						569						2,656																																							4			17,803
BXP’s share of FFO						$	2,105					$	5,674					$	(891)					$	3,286					$	498					$	1,534																																									$	12,206

_____________

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 20-23.

2 Lease revenue includes recoveries from tenants and service income from tenants.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

4 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement of 901 New York Avenue.

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 region.

6 The Company’s purchase price allocation under ASC 805 for Gateway Commons differs from the historical basis of the venture resulting in the majority of the basis differential for this region.

7 Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.

35

---

			Q3 2021
			Lease expirations - All in-service properties1, 2, 3

as of September 30, 2021

OFFICE

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease Expiration																																										Percentage of Total Square Feet
																		$						$/PSF						$						$/PSF
2021						450,816						418,244						22,943,525						54.86						22,954,995						54.88						1.10		%	4
2022						2,748,107						2,327,158						146,299,839						62.87						148,069,494						63.63						6.14		%
2023						2,333,407						2,030,012						138,278,012						68.12						142,984,579						70.44						5.35		%
2024						3,764,669						3,350,013						211,659,459						63.18						215,723,016						64.39						8.83		%
2025						2,616,276						2,397,116						158,057,663						65.94						165,262,247						68.94						6.32		%
2026						3,252,170						2,671,862						200,026,843						74.86						215,174,893						80.53						7.05		%
2027						2,280,559						2,049,459						134,318,623						65.54						146,413,025						71.44						5.40		%
2028						2,974,055						2,415,562						167,809,820						69.47						188,816,441						78.17						6.37		%
2029						2,726,136						2,379,579						166,333,504						69.90						190,385,153						80.01						6.28		%
2030						2,307,411						2,222,765						164,034,467						73.80						184,107,373						82.83						5.86		%
Thereafter						13,303,609						10,735,552						859,738,518						80.08						1,057,005,125						98.46						28.31		%

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease Expiration																																										Percentage of Total Square Feet
																		$						$/PSF						$						$/PSF
2021						165,332						164,409						5,225,208						31.78						5,233,307						31.83						7.17		%
2022						141,001						137,754						11,142,985						80.89						11,163,510						81.04						6.01		%
2023						145,164						143,986						8,521,067						59.18						8,541,243						59.32						6.28		%
2024						160,598						152,116						15,059,685						99.00						15,983,184						105.07						6.64		%
2025						99,599						86,503						6,731,072						77.81						6,895,301						79.71						3.77		%
2026						116,327						104,312						17,584,089						168.57						18,696,589						179.24						4.55		%
2027						118,989						108,573						13,326,199						122.74						14,456,063						133.15						4.74		%
2028						64,504						61,228						7,891,133						128.88						8,772,245						143.27						2.67		%
2029						131,892						108,592						10,615,121						97.75						12,119,676						111.61						4.74		%
2030						196,925						159,036						11,260,483						70.80						12,433,629						78.18						6.94		%
Thereafter						616,949						466,872						58,475,282						125.25						76,195,652						163.20						20.37		%

IN-SERVICE PROPERTIES

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease Expiration																																										Percentage of Total Square Feet
																		$						$/PSF						$						$/PSF
2021						616,148						582,653						28,168,733						48.35						28,188,302						48.38						1.45		%	4
2022						2,889,108						2,464,912						157,442,824						63.87						159,233,004						64.60						6.13		%
2023						2,478,571						2,173,998						146,799,079						67.52						151,525,822						69.70						5.41		%
2024						3,925,267						3,502,129						226,719,144						64.74						231,706,200						66.16						8.71		%
2025						2,715,875						2,483,619						164,788,735						66.35						172,157,548						69.32						6.18		%
2026						3,368,497						2,776,174						217,610,932						78.39						233,871,482						84.24						6.90		%
2027						2,399,548						2,158,032						147,644,822						68.42						160,869,088						74.54						5.37		%
2028						3,038,559						2,476,790						175,700,953						70.94						197,588,686						79.78						6.16		%
2029						2,858,028						2,488,171						176,948,625						71.12						202,504,829						81.39						6.19		%
2030						2,504,336						2,381,801						175,294,950						73.60						196,541,002						82.52						5.92		%
Thereafter						13,920,558						11,202,424						918,213,800						81.97						1,133,200,777						101.16						27.86		%

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space. Does not include residential units and hotel. Total includes Seattle region.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

36

---

			Q3 2021
			Lease expirations - Boston region in-service properties 1, 2, 3

as of September 30, 2021

OFFICE

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						87,080						77,994						4,604,081						59.03						4,604,081						59.03			4
2022						978,601						919,950						45,135,419						49.06						47,854,886						52.02
2023						886,699						793,584						46,766,132						58.93						47,729,745						60.14
2024						924,148						893,885						48,961,756						54.77						50,787,317						56.82
2025						1,090,656						1,071,543						61,462,433						57.36						63,834,354						59.57
2026						830,183						798,872						51,214,928						64.11						55,490,913						69.46
2027						699,412						691,612						39,653,992						57.34						43,505,628						62.90
2028						1,153,153						1,153,153						71,354,143						61.88						76,938,147						66.72
2029						739,810						643,831						33,391,460						51.86						38,579,037						59.92
2030						1,273,120						1,266,447						80,717,450						63.74						89,260,192						70.48
Thereafter						4,433,965						3,543,617						257,072,317						72.55						319,702,090						90.22

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						147,826						147,824						3,230,684						21.85						3,230,684						21.85
2022						28,581						28,266						3,250,422						114.99						3,267,024						115.58
2023						44,835						44,835						2,915,945						65.04						2,897,131						64.62
2024						81,404						81,404						5,745,683						70.58						5,788,884						71.11
2025						38,874						38,874						3,068,810						78.94						3,188,667						82.03
2026						25,338						25,338						5,369,115						211.90						5,607,785						221.32
2027						73,941						67,627						10,613,909						156.95						11,454,255						169.37
2028						45,230						45,230						6,757,449						149.40						7,519,806						166.26
2029						56,791						55,441						7,250,507						130.78						7,929,990						143.03
2030						88,800						54,405						5,234,677						96.22						5,686,340						104.52
Thereafter						149,758						109,648						7,989,703						72.87						9,375,920						85.51

TOTAL PROPERTY TYPES

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						234,906						225,818						7,834,765						34.70						7,834,765						34.70			4
2022						1,007,182						948,216						48,385,841						51.03						51,121,910						53.91
2023						931,534						838,419						49,682,077						59.26						50,626,876						60.38
2024						1,005,552						975,289						54,707,439						56.09						56,576,201						58.01
2025						1,129,530						1,110,417						64,531,243						58.11						67,023,021						60.36
2026						855,521						824,210						56,584,043						68.65						61,098,698						74.13
2027						773,353						759,239						50,267,901						66.21						54,959,883						72.39
2028						1,198,383						1,198,383						78,111,592						65.18						84,457,953						70.48
2029						796,601						699,272						40,641,967						58.12						46,509,027						66.51
2030						1,361,920						1,320,852						85,952,127						65.07						94,946,532						71.88
Thereafter						4,583,723						3,653,265						265,062,020						72.55						329,078,010						90.08

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

37

---

			Q3 2021
			Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of September 30, 2021

OFFICE

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						13,017						13,017						663,519						50.97						663,519						50.97			4
Q4 2021						74,063						64,977						3,940,562						60.65						3,940,562						60.65
Total 2021						87,080						77,994						4,604,081						59.03						4,604,081						59.03
Q1 2022						132,698						125,909						6,792,179						53.95						6,815,914						54.13
Q2 2022						145,683						145,652						6,621,742						45.46						6,621,742						45.46
Q3 2022						157,250						154,518						7,640,339						49.45						7,650,622						49.51
Q4 2022						542,970						493,872						24,081,159						48.76						26,766,607						54.20
Total 2022						978,601						919,950						45,135,419						49.06						47,854,886						52.02

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						—						—						—						—						—						—
Q4 2021						147,826						147,824						3,230,684						21.85						3,230,684						21.85
Total 2021						147,826						147,824						3,230,684						21.85						3,230,684						21.85
Q1 2022						7,783						7,468						1,264,402						169.31						1,269,682						170.02
Q2 2022						9,287						9,287						993,050						106.93						993,050						106.93
Q3 2022						11,511						11,511						992,970						86.26						1,004,292						87.25
Q4 2022						—						—						—						—						—						—
Total 2022						28,581						28,266						3,250,422						114.99						3,267,024						115.58

TOTAL PROPERTY TYPES

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						13,017						13,017						663,519						50.97						663,519						50.97			4
Q4 2021						221,889						212,801						7,171,246						33.70						7,171,246						33.70
Total 2021						234,906						225,818						7,834,765						34.70						7,834,765						34.70
Q1 2022						140,481						133,377						8,056,581						60.40						8,085,596						60.62
Q2 2022						154,970						154,939						7,614,792						49.15						7,614,792						49.15
Q3 2022						168,761						166,029						8,633,309						52.00						8,654,914						52.13
Q4 2022						542,970						493,872						24,081,159						48.76						26,766,607						54.20
Total 2022						1,007,182						948,216						48,385,841						51.03						51,121,910						53.91

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

38

---

			Q3 2021
			Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of September 30, 2021

OFFICE

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						—						—						—						—						—						—
2022						48,415						26,343						1,912,906						72.62						1,955,333						74.23
2023						94,066						51,736						3,041,149						58.78						3,128,031						60.46
2024						132,131						72,672						4,690,189						64.54						5,020,644						69.09
2025						11,419						6,280						436,167						69.45						531,045						84.56
2026						449,690						247,330						16,716,180						67.59						19,088,070						77.18
2027						—						—						—						—						—						—
2028						301,388						155,984						11,296,162						72.42						14,447,571						92.62
2029						350,483						175,242						12,758,567						72.81						14,961,852						85.38
2030						—						—						—						—						—						—
Thereafter						418,223						209,112						14,366,673						68.70						22,727,242						108.68

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						—						—						—						—						—						—
2022						—						—						—						—						—						—
2023						1,405						703						47,202						67.19						48,242						68.67
2024						4,333						2,283						119,657						52.41						133,590						58.51
2025						17,218						9,381						569,073						60.66						562,833						59.99
2026						5,827						3,205						317,106						98.95						352,914						110.12
2027						—						—						—						—						—						—
2028						—						—						—						—						—						—
2029						38,118						20,965						1,226,576						58.51						1,379,525						65.80
2030						5,283						2,906						323,316						111.26						403,348						138.80
Thereafter						17,993						8,997						480,894						53.45						605,585						67.31

TOTAL PROPERTY TYPES

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						—						—						—						—						—						—
2022						48,415						26,343						1,912,906						72.62						1,955,333						74.23
2023						95,471						52,439						3,088,351						58.89						3,176,273						60.57
2024						136,464						74,955						4,809,846						64.17						5,154,234						68.76
2025						28,637						15,661						1,005,240						64.19						1,093,878						69.85
2026						455,517						250,535						17,033,286						67.99						19,440,984						77.60
2027						—						—						—						—						—						—
2028						301,388						155,984						11,296,162						72.42						14,447,571						92.62
2029						388,601						196,207						13,985,143						71.28						16,341,377						83.29
2030						5,283						2,906						323,316						111.26						403,348						138.80
Thereafter						436,216						218,109						14,847,567						68.07						23,332,827						106.98

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space. The Company owns 50% of Colorado Center and 55% of Santa Monica Business Park.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

39

---

			Q3 2021
			Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of September 30, 2021

OFFICE

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						—						—						—						—						—						—
Q4 2021						—						—						—						—						—						—
Total 2021						—						—						—						—						—						—
Q1 2022						1,809						995						77,991						78.38						77,991						78.38
Q2 2022						18,031						9,917						682,902						68.86						682,902						68.86
Q3 2022						5,698						2,849						240,465						84.40						248,584						87.25
Q4 2022						22,877						12,582						911,547						72.45						945,855						75.18
Total 2022						48,415						26,343						1,912,906						72.62						1,955,333						74.23

RETAIL

BXP’s Share

Rentable Square Footage Subject to Expiring Leases

Rentable Square Footage Subject to Expiring Leases

Current Annualized Rental Obligations Under Expiring Leases

Annualized Rental Obligations Under Expiring Leases with future step-ups

Lease Expiration

by Quarter

$

$/PSF

$

$/PSF

Q1 2021

—

—

—

—

—

—

Q2 2021

—

—

—

—

—

—

Q3 2021

—

—

—

—

—

—

Q4 2021

—

—

—

—

—

—

Total 2021

—

—

—

—

—

—

Q1 2022

—

—

—

—

—

—

Q2 2022

—

—

—

—

—

—

Q3 2022

—

—

—

—

—

—

Q4 2022

—

—

—

—

—

—

Total 2022

—

—

—

—

—

—

TOTAL PROPERTY TYPES

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						—						—						—						—						—						—
Q4 2021						—						—						—						—						—						—
Total 2021						—						—						—						—						—						—
Q1 2022						1,809						995						77,991						78.38						77,991						78.38
Q2 2022						18,031						9,917						682,902						68.86						682,902						68.86
Q3 2022						5,698						2,849						240,465						84.40						248,584						87.25
Q4 2022						22,877						12,582						911,547						72.45						945,855						75.18
Total 2022						48,415						26,343						1,912,906						72.62						1,955,333						74.23

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space. The Company owns 50% of Colorado Center and 55% of Santa Monica Business Park.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

40

---

			Q3 2021
			Lease expirations - New York region in-service properties 1, 2, 3

as of September 30, 2021

OFFICE

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						87,527						77,013						5,359,232						69.59						5,359,232						69.59			4
2022						661,152						539,011						46,288,428						85.88						44,681,726						82.90
2023						378,593						290,409						28,772,212						99.07						30,428,532						104.78
2024						1,306,941						1,062,928						73,247,305						68.91						72,849,307						68.54
2025						589,995						524,535						43,858,522						83.61						44,491,953						84.82
2026						734,286						540,759						46,460,722						85.92						47,660,822						88.14
2027						476,235						396,094						29,180,257						73.67						30,621,594						77.31
2028						273,412						251,366						22,787,065						90.65						24,376,497						96.98
2029						654,531						624,752						63,674,583						101.92						69,139,065						110.67
2030						621,349						588,092						52,755,528						89.71						57,504,679						97.78
Thereafter						4,053,343						3,029,902						289,622,770						95.59						349,387,667						115.31

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						2,562						1,823						1,304,362						715.42						1,304,362						715.42
2022						27,093						27,022						4,014,445						148.56						4,031,185						149.18
2023						—						—						—						—						—						—
2024						11,244						8,623						5,718,772						663.18						6,302,246						730.85
2025						—						—						—						—						—						—
2026						22,954						19,030						7,931,903						416.81						8,486,615						445.96
2027						—						—						—						—						—						—
2028						—						—						—						—						—						—
2029						3,135						3,135						695,362						221.81						826,001						263.48
2030						2,895						2,053						804,550						391.97						954,533						465.04
Thereafter						285,969						206,690						45,788,021						221.53						58,788,408						284.43

TOTAL PROPERTY TYPES

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						90,089						78,836						6,663,594						84.52						6,663,594						84.52			4
2022						688,245						566,033						50,302,873						88.87						48,712,911						86.06
2023						378,593						290,409						28,772,212						99.07						30,428,532						104.78
2024						1,318,185						1,071,551						78,966,077						73.69						79,151,553						73.87
2025						589,995						524,535						43,858,522						83.61						44,491,953						84.82
2026						757,240						559,789						54,392,625						97.17						56,147,437						100.30
2027						476,235						396,094						29,180,257						73.67						30,621,594						77.31
2028						273,412						251,366						22,787,065						90.65						24,376,497						96.98
2029						657,666						627,887						64,369,945						102.52						69,965,066						111.43
2030						624,244						590,145						53,560,078						90.76						58,459,212						99.06
Thereafter						4,339,312						3,236,592						335,410,791						103.63						408,176,075						126.11

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

41

---

			Q3 2021
			Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of September 30, 2021

OFFICE

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						5,394						5,394						286,473						53.11						286,473						53.11			4
Q4 2021						82,133						71,619						5,072,759						70.83						5,072,759						70.83
Total 2021						87,527						77,013						5,359,232						69.59						5,359,232						69.59
Q1 2022						85,426						69,778						6,681,377						95.75						6,704,490						96.08
Q2 2022						75,077						59,431						4,894,500						82.36						4,802,500						80.81
Q3 2022						360,550						269,703						24,501,688						90.85						24,530,220						90.95
Q4 2022						140,099						140,099						10,210,864						72.88						8,644,516						61.70
Total 2022						661,152						539,011						46,288,428						85.88						44,681,726						82.90

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						—						—						—						—						—						—
Q4 2021						2,562						1,823						1,304,362						715.42						1,304,362						715.42
Total 2021						2,562						1,823						1,304,362						715.42						1,304,362						715.42
Q1 2022						—						—						—						—						—						—
Q2 2022						178						107						540						5.06						17,280						161.80
Q3 2022						26,915						26,915						4,013,905						149.13						4,013,905						149.13
Q4 2022						—						—						—						—						—						—
Total 2022						27,093						27,022						4,014,445						148.56						4,031,185						149.18

TOTAL PROPERTY TYPES

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						5,394						5,394						286,473						53.11						286,473						53.11			4
Q4 2021						84,695						73,442						6,377,121						86.83						6,377,121						86.83
Total 2021						90,089						78,836						6,663,594						84.52						6,663,594						84.52
Q1 2022						85,426						69,778						6,681,377						95.75						6,704,490						96.08
Q2 2022						75,255						59,538						4,895,040						82.22						4,819,780						80.95
Q3 2022						387,465						296,618						28,515,593						96.14						28,544,125						96.23
Q4 2022						140,099						140,099						10,210,864						72.88						8,644,516						61.70
Total 2022						688,245						566,033						50,302,873						88.87						48,712,911						86.06

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

42

---

			Q3 2021
			Lease expirations - San Francisco region in-service properties 1, 2, 3

as of September 30, 2021

OFFICE

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						125,377						120,652						7,762,431						64.34						7,762,431						64.34			4
2022						621,750						498,856						34,096,590						68.35						34,484,480						69.13
2023						651,916						594,739						45,484,895						76.48						46,962,796						78.96
2024						703,489						660,649						45,960,414						69.57						46,460,123						70.32
2025						493,849						484,105						39,745,416						82.10						42,933,472						88.69
2026						645,462						558,013						48,864,439						87.57						53,057,255						95.08
2027						456,486						453,163						39,968,857						88.20						44,777,789						98.81
2028						524,953						512,697						44,058,729						85.94						52,019,070						101.46
2029						259,888						241,604						22,942,488						94.96						27,549,384						114.03
2030						269,363						267,319						24,962,008						93.38						30,440,253						113.87
Thereafter						1,607,052						1,592,730						153,285,071						96.24						180,898,677						113.58

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						5,515						5,515						365,170						66.21						366,083						66.38
2022						29,454						29,454						1,275,496						43.30						1,263,784						42.91
2023						34,090						34,090						2,096,502						61.50						2,115,406						62.05
2024						7,175						7,175						13,094						1.82						276,534						38.54
2025						26,569						26,569						2,109,751						79.41						2,138,485						80.49
2026						12,928						12,928						905,161						70.02						1,067,266						82.55
2027						11,209						11,209						707,793						63.15						738,593						65.89
2028						9,722						9,722						634,175						65.23						717,460						73.80
2029						9,944						9,944						607,869						61.13						834,560						83.93
2030						4,590						4,590						573,682						124.99						689,714						150.26
Thereafter						45,578						45,578						1,726,790						37.89						3,050,797						66.94

TOTAL PROPERTY TYPES

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						130,892						126,167						8,127,601						$	64.42					8,128,514						64.43			4
2022						651,204						528,310						35,372,086						66.95						35,748,264						67.67
2023						686,006						628,829						47,581,397						75.67						49,078,202						78.05
2024						710,664						667,824						45,973,508						68.84						46,736,657						69.98
2025						520,418						510,674						41,855,167						81.96						45,071,957						88.26
2026						658,390						570,941						49,769,600						87.17						54,124,521						94.80
2027						467,695						464,372						40,676,650						87.59						45,516,382						98.02
2028						534,675						522,419						44,692,904						85.55						52,736,530						100.95
2029						269,832						251,548						23,550,357						93.62						28,383,944						112.84
2030						273,953						271,909						25,535,690						93.91						31,129,967						114.49
Thereafter						1,652,630						1,638,308						155,011,861						94.62						183,949,474						112.28

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

43

---

			Q3 2021
			Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of September 30, 2021

OFFICE

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						1,885						1,885						168,876						89.59						168,876						89.59			4
Q4 2021						123,492						118,767						7,593,555						63.94						7,593,555						63.94
Total 2021						125,377						120,652						7,762,431						64.34						7,762,431						64.34
Q1 2022						89,738						88,709						7,010,809						79.03						7,041,014						79.37
Q2 2022						315,457						202,800						12,098,071						59.66						12,186,058						60.09
Q3 2022						130,583						127,075						9,768,714						76.87						9,947,713						78.28
Q4 2022						85,972						80,272						5,218,996						65.02						5,309,694						66.15
Total 2022						621,750						498,856						34,096,590						68.35						34,484,480						69.13

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						—						—						—						—						—						—
Q4 2021						5,515						5,515						365,170						66.21						366,083						66.38
Total 2021						5,515						5,515						365,170						66.21						366,083						66.38
Q1 2022						4,816						4,816						172,375						35.79						172,375						35.79
Q2 2022						—						—						—						—						—						—
Q3 2022						1,834						1,834						105,608						57.58						105,608						57.58
Q4 2022						22,804						22,804						997,513						43.74						985,801						43.23
Total 2022						29,454						29,454						1,275,496						43.30						1,263,784						42.91

TOTAL PROPERTY TYPES

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						1,885						1,885						168,876						89.59						168,876						89.59			4
Q4 2021						129,007						124,282						7,958,725						64.04						7,959,638						64.04
Total 2021						130,892						126,167						8,127,601						64.42						8,128,514						64.43
Q1 2022						94,554						93,525						7,183,184						76.80						7,213,389						77.13
Q2 2022						315,457						202,800						12,098,071						59.66						12,186,058						60.09
Q3 2022						132,417						128,909						9,874,322						76.60						10,053,321						77.99
Q4 2022						108,776						103,076						6,216,509						60.31						6,295,495						61.08
Total 2022						651,204						528,310						35,372,086						66.95						35,748,264						67.67

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

44

---

			Q3 2021
			Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of September 30, 2021

OFFICE

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						142,730						139,857						5,076,781						36.30						5,088,251						36.38			4
2022						370,574						320,232						17,799,044						55.58						18,020,960						56.27
2023						301,647						292,646						13,895,080						47.48						14,406,763						49.23
2024						662,957						648,093						38,636,497						59.62						40,434,598						62.39
2025						410,503						303,968						12,184,744						40.09						13,141,380						43.23
2026						592,549						526,888						36,770,574						69.79						39,877,833						75.69
2027						648,426						508,590						25,515,517						50.17						27,508,014						54.09
2028						213,790						171,534						10,650,077						62.09						12,175,507						70.98
2029						721,424						694,150						33,566,406						48.36						40,155,815						57.85
2030						143,579						100,907						5,599,481						55.49						6,902,249						68.40
Thereafter						2,766,159						2,351,818						145,037,577						61.67						183,791,575						78.15

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						9,155						9,155						320,933						35.06						328,119						35.84
2022						55,873						53,012						2,602,622						49.09						2,601,517						49.07
2023						64,834						64,358						3,461,418						53.78						3,480,464						54.08
2024						55,402						52,281						3,456,176						66.11						3,475,627						66.48
2025						16,938						11,679						983,438						84.21						1,005,316						86.08
2026						45,594						42,570						2,965,369						69.66						3,086,574						72.51
2027						33,839						29,737						2,004,497						67.41						2,263,215						76.11
2028						9,552						6,276						499,509						79.59						534,979						85.24
2029						23,904						19,107						834,807						43.69						1,149,600						60.17
2030						95,357						95,082						4,324,258						45.48						4,699,694						49.43
Thereafter						117,651						95,959						2,489,874						25.95						4,374,942						45.59

TOTAL PROPERTY TYPES

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						151,885						149,012						5,397,714						36.22						5,416,370						36.35			4
2022						426,447						373,244						20,401,666						54.66						20,622,477						55.25
2023						366,481						357,004						17,356,498						48.62						17,887,227						50.10
2024						718,359						700,374						42,092,673						60.10						43,910,225						62.70
2025						427,441						315,647						13,168,182						41.72						14,146,696						44.82
2026						638,143						569,458						39,735,943						69.78						42,964,407						75.45
2027						682,265						538,327						27,520,014						51.12						29,771,229						55.30
2028						223,342						177,810						11,149,586						62.71						12,710,486						71.48
2029						745,328						713,257						34,401,213						48.23						41,305,415						57.91
2030						238,936						195,989						9,923,739						50.63						11,601,943						59.20
Thereafter						2,883,810						2,447,777						147,527,451						60.27						188,166,517						76.87

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

45

---

			Q3 2021
			Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of September 30, 2021

OFFICE

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						81,340						81,340						3,168,545						38.95						3,180,015						39.10			4
Q4 2021						61,390						58,517						1,908,236						32.61						1,908,236						32.61
Total 2021						142,730						139,857						5,076,781						36.30						5,088,251						36.38
Q1 2022						75,705						49,546						2,942,362						59.39						2,949,459						59.53
Q2 2022						100,941						100,941						4,592,424						45.50						4,592,424						45.50
Q3 2022						84,529						60,346						4,005,570						66.38						4,066,042						67.38
Q4 2022						109,399						109,399						6,258,688						57.21						6,413,035						58.62
Total 2022						370,574						320,232						17,799,044						55.58						18,020,960						56.27

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						—						—						—						—						—						—
Q4 2021						9,155						9,155						320,933						35.06						328,119						35.84
Total 2021						9,155						9,155						320,933						35.06						328,119						35.84
Q1 2022						11,519						11,519						510,996						44.36						511,555						44.41
Q2 2022						18,737						16,510						639,533						38.74						643,067						38.95
Q3 2022						2,816						2,816						207,350						73.63						207,350						73.63
Q4 2022						22,801						22,167						1,244,743						56.15						1,239,544						55.92
Total 2022						55,873						53,012						2,602,622						49.09						2,601,517						49.07

TOTAL PROPERTY TYPES

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2021						—						—						—						—						—						—
Q2 2021						—						—						—						—						—						—
Q3 2021						81,340						81,340						3,168,545						38.95						3,180,015						39.10			4
Q4 2021						70,545						67,672						2,229,169						32.94						2,236,355						33.05
Total 2021						151,885						149,012						5,397,714						36.22						5,416,370						36.35
Q1 2022						87,224						61,065						3,453,358						56.55						3,461,014						56.68
Q2 2022						119,678						117,451						5,231,957						44.55						5,235,491						44.58
Q3 2022						87,345						63,162						4,212,920						66.70						4,273,392						67.66
Q4 2022						132,200						131,566						7,503,431						57.03						7,652,579						58.17
Total 2022						426,447						373,244						20,401,666						54.66						20,622,477						55.25

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

46

---

			Q3 2021
			Lease expirations - CBD properties 1, 2, 3

as of September 30, 2021

Boston

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						187,478						178,390						5,904,037						33.10						5,904,037						33.10			4
2022						310,178						251,212						18,830,141						74.96						18,980,609						75.56
2023						573,793						480,678						33,958,267						70.65						34,453,122						71.68
2024						459,384						429,121						28,891,847						67.33						29,641,174						69.07
2025						341,017						321,904						25,092,828						77.95						26,304,501						81.72
2026						621,839						590,528						44,763,343						75.80						47,030,686						79.64
2027						416,801						402,686						34,972,407						86.85						37,673,067						93.55
2028						942,650						942,650						67,212,015						71.30						72,706,003						77.13
2029						506,029						408,700						30,095,585						73.64						33,857,834						82.84
2030						1,280,982						1,239,914						82,363,331						66.43						90,799,189						73.23
Thereafter						3,897,217						3,024,243						232,838,010						76.99						294,731,925						97.46

Los Angeles

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						—						—						—						—						—						—
2022						48,415						26,343						1,912,906						72.61						1,955,333						74.22
2023						95,471						52,439						3,088,351						58.89						3,176,272						60.57
2024						136,464						74,955						4,809,846						64.17						5,154,234						68.76
2025						28,637						15,662						1,005,240						64.18						1,093,878						69.84
2026						455,517						250,534						17,033,287						67.99						19,440,984						77.60
2027						—						—						—						—						—						—
2028						301,388						155,984						11,296,162						72.42						14,447,571						92.62
2029						388,601						196,206						13,985,143						71.28						16,341,378						83.29
2030						5,283						2,906						323,316						111.27						403,348						138.82
Thereafter						436,216						218,108						14,847,567						68.07						23,332,828						106.98

New York

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						46,237						34,985						5,458,007						156.01						5,458,007						156.01			4
2022						575,054						452,842						45,955,847						101.48						44,356,135						97.95
2023						332,074						243,890						27,032,605						110.84						28,667,300						117.54
2024						825,580						578,946						60,152,572						103.9						60,046,947						103.72
2025						364,256						298,796						34,952,167						116.98						35,239,667						117.94
2026						520,274						322,823						44,597,051						138.15						45,828,086						141.96
2027						256,729						176,588						21,178,510						119.93						22,082,267						125.05
2028						216,656						194,610						20,521,604						105.45						21,940,767						112.74
2029						601,873						572,094						62,224,223						108.77						67,557,807						118.09
2030						577,070						542,971						51,965,548						95.71						56,496,174						104.05
Thereafter						4,138,296						3,035,576						327,405,355						107.86						399,603,697						131.64

47

---

			Q3 2021
			Lease expirations - CBD properties (continued) 1, 2, 3

as of September 30, 2021

San Francisco

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						29,600						29,600						2,404,844						81.24						2,405,757						81.28			4
2022						354,840						354,840						26,402,005						74.41						26,616,146						75.01
2023						386,183						386,183						31,665,476						82.00						32,771,072						84.86
2024						518,196						518,196						38,362,427						74.03						38,856,187						74.98
2025						306,704						306,704						26,274,778						85.67						28,361,632						92.47
2026						483,491						483,491						42,061,716						87.00						45,764,009						94.65
2027						378,708						378,708						35,192,353						92.93						39,136,752						103.34
2028						510,163						510,163						44,042,998						86.33						51,944,393						101.82
2029						233,264						233,264						22,697,366						97.30						27,321,389						117.13
2030						269,865						269,865						25,421,253						94.20						30,988,574						114.83
Thereafter						1,623,985						1,623,985						154,320,199						95.03						183,029,504						112.70

Washington, DC

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						5,747						2,874						134,217						46.71						134,217						46.71			4
2022						173,925						120,722						8,489,066						70.32						8,618,414						71.39
2023						44,785						35,307						2,702,146						76.53						2,780,216						78.74
2024						179,282						161,297						13,258,137						82.20						13,869,913						85.99
2025						168,844						57,050						3,308,692						58.00						3,576,930						62.70
2026						354,193						285,508						27,736,554						97.15						29,961,425						104.94
2027						218,459						74,520						5,643,626						75.73						6,377,121						85.58
2028						169,494						123,962						8,976,724						72.42						10,227,810						82.51
2029						84,769						52,698						3,377,371						64.09						4,152,347						78.79
2030						65,835						22,888						1,665,615						72.77						2,068,794						90.39
Thereafter						1,396,531						960,498						70,567,343						73.47						87,575,536						91.18

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

48

---

			Q3 2021
			Lease expirations - Suburban properties 1, 2, 3

as of September 30, 2021

Boston

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						47,428						47,428						1,930,728						40.71						1,930,728						40.71			4
2022						697,004						697,004						29,555,700						42.40						32,141,301						46.11
2023						357,741						357,741						15,723,811						43.95						16,173,754						45.21
2024						546,168						546,168						25,815,592						47.27						26,935,027						49.32
2025						788,513						788,513						39,438,416						50.02						40,718,520						51.64
2026						233,682						233,682						11,820,700						50.58						14,068,012						60.20
2027						356,552						356,552						15,295,494						42.90						17,286,816						48.48
2028						255,733						255,733						10,899,577						42.62						11,751,950						45.95
2029						290,572						290,572						10,546,383						36.30						12,651,194						43.54
2030						80,938						80,938						3,588,796						44.34						4,147,343						51.24
Thereafter						686,506						629,022						32,224,010						51.23						34,346,084						54.60

New York

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						43,852						43,852						1,205,586						27.49						1,205,586						27.49			4
2022						113,191						113,191						4,347,026						38.40						4,356,775						38.49
2023						46,519						46,519						1,739,607						37.40						1,761,232						37.86
2024						492,605						492,605						18,813,504						38.19						19,104,606						38.78
2025						225,739						225,739						8,906,355						39.45						9,252,286						40.99
2026						236,966						236,966						9,795,574						41.34						10,319,351						43.55
2027						219,506						219,506						8,001,747						36.45						8,539,327						38.90
2028						56,756						56,756						2,265,461						39.92						2,435,729						42.92
2029						55,793						55,793						2,145,722						38.46						2,407,259						43.15
2030						47,174						47,174						1,594,530						33.80						1,963,038						41.61
Thereafter						201,016						201,016						8,005,436						39.82						8,572,378						42.65

San Francisco

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						101,292						96,567						5,722,757						59.26						5,722,757						59.26			4
2022						296,364						173,470						8,970,081						51.71						9,132,118						52.64
2023						299,823						242,646						15,915,921						65.59						16,307,129						67.21
2024						192,468						149,628						7,611,081						50.87						7,880,470						52.67
2025						213,714						203,970						15,580,389						76.39						16,710,325						81.93
2026						174,899						87,450						7,707,883						88.14						8,360,512						95.60
2027						88,987						85,664						5,484,297						64.02						6,379,630						74.47
2028						24,512						12,256						649,906						53.03						792,137						64.63
2029						36,568						18,284						852,991						46.65						1,062,555						58.11
2030						4,088						2,044						114,438						55.99						141,393						69.17
Thereafter						28,645						14,323						691,663						48.29						919,971						64.23

49

---

			Q3 2021
			Lease expirations - Suburban properties (continued) 1, 2, 3

as of September 30, 2021

Washington, DC

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2021						146,138						146,138						5,263,497						36.02						5,282,153						36.14			4
2022						252,522						252,522						11,912,601						47.17						12,004,063						47.54
2023						321,696						321,696						14,654,352						45.55						15,107,011						46.96
2024						539,077						539,077						28,834,536						53.49						30,040,312						55.73
2025						258,597						258,597						9,859,489						38.13						10,569,767						40.87
2026						283,950						283,950						11,999,389						42.26						13,002,983						45.79
2027						463,806						463,806						21,876,388						47.17						23,394,108						50.44
2028						53,848						53,848						2,172,861						40.35						2,482,675						46.11
2029						660,559						660,559						31,023,842						46.97						37,153,068						56.24
2030						173,101						173,101						8,258,125						47.71						9,533,149						55.07
Thereafter						1,487,279						1,487,279						76,960,108						51.75						100,590,981						67.63

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

50

---

			Q3 2021
			Research coverage

With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by the analysts listed below do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference below imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.

Equity Research Coverage
Argus Research Company			Angus Kelleher						646.747.5447
Bank of America Merrill Lynch			Jeffrey Spector / Jamie Feldman						646.855.1363 / 646.855.5808
Barclays			Anthony Powell						212.526.8768
BMO Capital			John Kim						212.885.4115
BTIG			Tom Catherwood						212.738.6140
Citi			Michael Bilerman / Emmanuel Korchman						212.816.1383 / 212.816.1382
Deutsche Bank Securities			Derek Johnston						212.250.5683
Evercore ISI			Steve Sakwa						212.446.9462
Goldman Sachs & Company, Inc.			Caitlin Burrows						801.741.5459
Green Street Advisors			Daniel Ismail						949.640.8780
Jefferies & Co.			Peter Abramowitz / Jonathan Peterson						212.284.1705 / 212.336.7076
J.P. Morgan Securities			Anthony Paolone						212.622.6682
KeyBanc Capital Markets			Craig Mailman / Jordan Sadler						917.368.2316 / 917.368.2280
Mizuho Securities			Haendel St. Juste						212.205.7860
Morgan Stanley			Ronald Kamden						212.296.8319
Morningstar			Michael Wong						312.384.5404
Piper Sandler Companies			Alexander Goldfarb / Daniel Santos						212.466.7937 / 212.466.7927
RW Baird & Co., Inc.			David Rodgers						216.737.7341
Scotiabank GBM			Nicholas Yulico						212.225.6904
SMBC Nikko Securities Inc.			Richard Anderson						646.521.2351
Truist Securities			Michael Lewis						212.319.5659
UBS US Equity Research			Brent Dilts						212.713.1841
Wells Fargo Securities			Blaine Heck						443.263.6529
Wolfe Research			Andrew Rosivach						646.582.9250

Debt Research Coverage
Bank of America Merrill Lynch			Andrew Molloy						646.855.6435
Barclays			Peter Troisi						212.412.3695
J.P. Morgan Securities			Mark Streeter						212.834.5086
US Bank			Bill Stafford						877.558.2605
Wells Fargo			Kevin McClure						704.715.8455 / 704.410.3252

Rating Agencies
Moody’s Investors Service			Ranjini Venkatesan						212.553.3828
Standard & Poor’s			Michael Souers						212.438.2508

51

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			Q3 2021
			Definitions

This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this supplemental report and, if applicable, 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 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’s 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, financings 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. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 56.

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).

Average Economic Occupancy

Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.

Average Monthly Rental Rates

Average Monthly Rental Rates are calculated by the Company as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP by (B) the number of occupied units for each month within the applicable fiscal period.

Average Physical Occupancy

Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.

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) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, (5) common units issuable upon conversion of 2013 MYLTIP Units that were issued in the form of LTIP Units, (6) common units issuable upon conversion of 2014 MYLTIP Units that were issued in the form of LTIP Units, (7) common units issuable upon conversion of 2015 MYLTIP Units that were issued in the form of LTIP Units, (8) 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, (10) on and after February 5, 2021, which was the end of the performance period for 2018 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2018 MYLTIP Units that were issued in the form of LTIP Units. 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, 2019, 2020 and 2021 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.

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			Q3 2021
			Definitions (continued)

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (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 EBITDAre as net income, the most directly comparable GAAP financial measure, plus preferred stock redemption charge, 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. 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.

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, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid 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. as presented in the Company’s consolidated financial statements. EBITDAre should not be considered a substitute to net income attributable to Boston Properties, Inc. 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, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt 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 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. 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.

Funds Available for Distribution (FAD) and FAD Payout Ratio

In addition to 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, 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 (excluding prepaid ground rent expense), 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 attributable to Boston Properties, Inc.’s co 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.

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			Q3 2021
			Definitions (continued)

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. (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. 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. (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.

Interest Coverage Ratio

Interest Coverage Ratio, calculated including and excluding capitalized interest, is a non-GAAP financial measure equal to BXP’s Share of EBITDAre – cash divided by Adjusted interest expense. 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, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements. Adjusted interest expense excluding capitalized interest is equal to BXP’s Share of interest expense less (1) BXP’s Share of hedge amortization and (2) BXP’s Share of amortization of financing costs. Adjusted interest expense including capitalized interest is calculated in the same manner but adds back BXP’s Share of capitalized interest. The Company believes that the presentation of its Interest Coverage Ratio provides useful information about the Company’s financial condition because it provides investors additional information on the Company’s ability to meet its debt obligations and incur additional indebtedness. In addition, by analyzing interest coverage ratios over a period of time, trends may emerge that provide investors a better sense of whether a company’s financial condition is improving or declining. The ratios may also be used to compare the financial condition of different companies, which can help when making an investment decision. The Company presents its Interest Coverage Ratio in two ways - including capitalized interest and excluding capitalized interest. GAAP requires the capitalization of interest expense during development. Therefore, for a company like Boston Properties, Inc. that is an active developer of real estate, presenting the Interest Coverage Ratio (excluding capitalized interest) provides an alternative measure of financial condition that may be more indicative of the Company’s ability to meet its interest expense obligations and therefore its overall financial condition. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

Market Rents

Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could therefore vary materially. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

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.

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			Q3 2021
			Definitions (continued)

Net Operating Income/(Loss) (NOI)

Net operating income/(loss) (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 stock redemption charge, 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, 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 (excluding prepaid ground rent), prepaid ground rent expense 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.

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.” Pages 20 - 23 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

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			Q3 2021
			Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
			Three Months Ended
			30-Sep-21						30-Jun-21
Revenue			$	730,056					$	713,807
Partners’ share of revenue from consolidated joint ventures (JVs)			(76,953)						(73,473)
BXP’s share of revenue from unconsolidated JVs			43,210						42,939
BXP’s Share of revenue			$	696,313					$	683,273
Straight-line rent			$	36,675					$	31,267
Partners’ share of straight-line rent from consolidated JVs			(3,693)						(2,966)
BXP’s share of straight-line rent from unconsolidated JVs			2,829						2,554
BXP’s Share of straight-line rent			$	35,811					$	30,855
Fair value lease revenue 1			$	1,408					$	731
Partners’ share of fair value lease revenue from consolidated JVs 1			(25)						182
BXP’s share of fair value lease revenue from unconsolidated JVs 1			410						280
BXP’s Share of fair value lease revenue 1			$	1,793					$	1,193
Lease termination income			$	1,874					$	5,355
Partners’ share of termination income from consolidated JVs			(10)						3
BXP’s share of termination income from unconsolidated JVs			(17)						709
BXP’s Share of termination income			$	1,847					$	6,067
Non-cash termination income adjustment (fair value lease amounts)			$	—					$	—
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs			—						—
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs			—						—
BXP’s Share of non-cash termination income adjustment (fair value lease amounts)			$	—					$	—
Parking and other revenue			$	21,266					$	17,864
Partners’ share of parking and other revenue from consolidated JVs			(539)						(450)
BXP’s share of parking and other revenue from unconsolidated JVs			1,831						1,751
BXP’s Share of parking and other revenue			$	22,558					$	19,165
Cash rent abatements and deferrals related to COVID-19			$	8,042					$	7,754
Partners’ share of cash rent abatements and deferrals related to COVID-19 from consolidated JVs			27						(653)
BXP’s share of cash rent abatements and deferrals related to COVID-19 from unconsolidated JVs			(6)						765
BXP’s Share of cash rent abatements and deferrals related to COVID-19			$	8,063					$	7,866
Hedge amortization			$	1,590					$	1,590
Partners’ share of hedge amortization from consolidated JVs			(144)						(144)
BXP’s share of hedge amortization from unconsolidated JVs			—						—
BXP’s Share of hedge amortization			$	1,446					$	1,446
Straight-line ground rent expense adjustment 2			$	788					$	464
Partners’ share of straight-line ground rent expense adjustment from consolidated JVs			—						—
BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs			208						234
BXP’s Share of straight-line ground rent expense adjustment			$	996					$	698
Depreciation and amortization			$	179,412					$	183,838
Noncontrolling interests in property partnerships’ share of depreciation and amortization			(16,773)						(17,113)
BXP’s share of depreciation and amortization from unconsolidated JVs			17,803						15,350
BXP’s Share of depreciation and amortization			$	180,442					$	182,075

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			Q3 2021
			Reconciliations (continued)

BXP’s Share of select items
			Three Months Ended
			30-Sep-21						30-Jun-21
Lease transaction costs that qualify as rent inducements 3			$	4,090					$	826
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 3			(1,078)						(327)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 3			367						(631)
BXP’s Share of lease transaction costs that qualify as rent inducements 2			$	3,379					$	(132)
2nd generation tenant improvements and leasing commissions			$	28,253					$	75,305
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs			(3,356)						(4,541)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs			929						11,712
BXP’s Share of 2nd generation tenant improvements and leasing commissions			$	25,826					$	82,476

Maintenance capital expenditures 4			$	17,779					$	23,851
Partners’ share of maintenance capital expenditures from consolidated JVs 4			(1,171)						(2,086)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 4			192						380
BXP’s Share of maintenance capital expenditures 3			$	16,800					$	22,145
Interest expense			$	105,794					$	106,319
Partners’ share of interest expense from consolidated JVs			(11,996)						(11,945)
BXP’s share of interest expense from unconsolidated JVs			11,915						11,398
BXP’s Share of interest expense			$	105,713					$	105,772
Capitalized interest			$	11,586					$	13,014
Partners’ share of capitalized interest from consolidated JVs			(28)						(13)
BXP’s share of capitalized interest from unconsolidated JVs			817						1,065
BXP’s Share of capitalized interest			$	12,375					$	14,066
Amortization of financing costs			$	3,365					$	3,368
Partners’ share of amortization of financing costs from consolidated JVs			(382)						(382)
BXP’s share of amortization of financing costs from unconsolidated JVs			604						687
BXP’s Share of amortization of financing costs			$	3,587					$	3,673

_____________

1Represents 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.

2Excludes $(23.0) million of prepaid ground rent expense in connection with the ground lease at Sumner Square located in Washington, DC.

3Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.

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

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			Q3 2021
			Reconciliations (continued)

for the three months ended September 30, 2021

(unaudited and dollars in thousands)

												Norges Joint Ventures
												Times Square Tower
												601 Lexington Avenue / One Five Nine East 53rd Street
CONSOLIDATED JOINT VENTURES						767 Fifth Avenue						100 Federal Street						Total Consolidated
						(The GM Building)						Atlantic Wharf Office						Joint Ventures
Revenue
Lease 1						$	75,286					$	92,357					$	167,643
Straight-line rent						1,864						6,549						8,413
Fair value lease revenue						(28)						81						53
Termination income						—						22						22
Total lease revenue						77,122						99,009						176,131
Parking and other						—						1,198						1,198
Insurance proceeds						—						2,241			2			2,241
Total rental revenue 3						77,122						102,448						179,570
Expenses
Operating						29,107						33,569						62,676
Restoration expenses related to insurance claim						—						2,241			2			2,241
Total expenses						29,107						35,810						64,917
Net Operating Income (NOI)						48,015						66,638						114,653
Other income (expense)
Development and management services revenue						—						4						4
Interest and other income						—						90						90
Interest expense						(21,324)						(7,712)						(29,036)
Depreciation and amortization expense						(15,751)						(22,246)						(37,997)
General and administrative expense						(89)						(61)						(150)
Total other income (expense)						(37,164)						(29,925)						(67,089)
Net income						$	10,851					$	36,713					$	47,564
BXP’s nominal ownership percentage						60.00%						55.00%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4						$	18,563					$	29,237					$	47,800
BXP’s share of NOI (after income allocation to private REIT shareholders)						$	29,452					$	37,401					$	66,853
Unearned portion of capitalized fees 5						$	183					$	2,024					$	2,207
Partners’ share of select items 4
Partners’ share of parking and other revenue						$	—					$	539					$	539
Partners’ share of hedge amortization						$	144					$	—					$	144
Partners’ share of amortization of financing costs						$	346					$	36					$	382
Partners’ share of depreciation and amortization related to capitalized fees						$	319					$	342					$	661
Partners’ share of capitalized interest						$	28					$	—					$	28
Partners’ share of lease transaction costs that qualify as rent inducements						$	118					$	(1,196)					$	(1,078)
Partners’ share of management and other fees						$	643					$	750					$	1,393
Partners’ share of basis differential depreciation and amortization expense						$	(24)					$	(175)					$	(199)
Partners’ share of basis differential interest and other adjustments						$	(4)					$	39					$	35
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI						$	3,406					$	15,565					$	18,971
Add:
Partners’ share of interest expense after BXP’s basis differential						8,526						3,470						11,996
Partners’ share of depreciation and amortization expense after BXP’s basis differential						6,595						10,178						16,773
Partners’ share of EBITDAre						$	18,527					$	29,213					$	47,740

58

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			Q3 2021
			Reconciliations (continued)

for the three months ended September 30, 2021

(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
												Norges Joint Ventures
												Times Square Tower
												601 Lexington Avenue / One Five Nine East 53rd Street
						767 Fifth Avenue						100 Federal Street						Total Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 4						(The GM Building)						Atlantic Wharf Office						Joint Ventures
Rental revenue 3						$	30,849					$	46,102					$	76,951
Less: Termination income						—						10						10
Rental revenue (excluding termination income) 3						30,849						46,092						76,941
Less: Operating expenses (including partners’ share of management and other fees)						12,286						16,865						29,151
Income allocation to private REIT shareholders						—						—						—
NOI (excluding termination income and after income allocation to private REIT shareholders)						$	18,563					$	29,227					$	47,790
Rental revenue (excluding termination income) 3						$	30,849					$	46,092					$	76,941
Less: Straight-line rent						746						2,947			2			3,693
Fair value lease revenue						(11)						36						25
Add: Lease transaction costs that qualify as rent inducements						(118)						1,196						1,078
Subtotal						29,996						44,305						74,301
Less: Operating expenses (including partners’ share of management and other fees)						12,286						16,865						29,151
Income allocation to private REIT shareholders						—						—						—
NOI - cash (excluding termination income and after income allocation to private REIT shareholders)						$	17,710					$	27,440					$	45,150
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3						$	30,849					$	46,102					$	76,951
Add: Development and management services revenue						—						2						2
Revenue						$	30,849					$	46,104					$	76,953

_________

1Lease revenue includes recoveries from tenants and service income from tenants.

2Amounts relate to damage at one of the Company’s properties in New York City due to a water main break.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

4Amounts represent the partners’ share based on their respective ownership percentage.

5Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income.

6Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.

59

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			Q3 2021
			Reconciliations (continued)

for the three months ended September 30, 2021

(unaudited and dollars in thousands)

UNCONSOLIDATED JOINT VENTURES 1

						Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC																																										Total Unconsolidated Joint Ventures
Revenue
Lease 2						$	11,786					$	28,191					$	3,621					$	11,869					$	2,336					$	21,656																																									$	79,459
Straight-line rent						763						4,375						181						376						188						(420)																																										5,463
Fair value lease revenue						—						337						—						40						385						—																																										762
Termination income						—						(34)						—						—						—						—																																										(34)
Total lease revenue						12,549						32,869						3,802						12,285						2,909						21,236																																										85,650
Parking and other						12						2,438						—						1						127						1,436																																										4,014
Total rental revenue 3						12,561						35,307						3,802						12,286						3,036						22,672																																										89,664
Expenses
Operating						5,632						12,847						3,897			4			5,084						1,042						11,666																																										40,168
Net operating income/(loss)						6,929						22,460						(95)						7,202						1,994						11,006																																										49,496
Other income/(expense)
Development and management services revenue						—						—						338						—						—						—																																										338
Interest and other income						—						5						—						2						—						—																																										7
Interest expense						(2,699)						(12,002)						(2,926)						(3)						(516)						(9,373)																																										(27,519)
Depreciation and amortization expense						(5,001)						(12,596)						(2,744)						(5,852)						(1,690)						(8,153)																																										(36,036)
General and administrative expense						(19)						(113)						—						(2)						—						(76)																																										(210)
Total other income/(expense)						(7,719)						(24,706)						(5,332)						(5,855)						(2,206)						(17,602)																																										(63,420)
Net income/(loss)						$	(790)					$	(2,246)					$	(5,427)					$	1,347					$	(212)					$	(6,596)																																									$	(13,924)
BXP’s share of parking and other revenue						$	6					$	1,280					$	—					$	1					$	43					$	501		5																																							$	1,831
BXP’s share of amortization of financing costs						$	138					$	85					$	75					$	—					$	9					$	297		5																																							$	604
BXP’s share of capitalized interest						$	544					$	—					$	(90)					$	—					$	—					$	363		5																																							$	817
BXP’s share of non-cash termination income adjustment (fair value lease amounts)						$	—					$	—					$	—					$	—					$	—					$	—																																									$	—
Income/(loss) from unconsolidated joint ventures						$	(418)					$	(2,038)					$	(1,887)					$	(61)					$	(71)					$	(1,122)		5																																							$	(5,597)
Add:
BXP’s share of interest expense						1,350						6,350						1,163						2						174						2,876			5																																							11,915
BXP’s share of depreciation and amortization expense						2,523						7,712			6			996						3,347			7			569						2,656			5																																							17,803
BXP’s share of EBITDAre						$	3,455					$	12,024		6			$	272					$	3,288		7			$	672					$	4,410		5																																							$	24,121

60

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			Q3 2021
			Reconciliations (continued)

UNCONSOLIDATED JOINT VENTURES 1
Reconciliation of BXP’s share of Net Operating Income/(Loss)						Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC																																										Total Unconsolidated Joint Ventures
BXP’s share of rental revenue 3						$	6,280					$	18,870		6			$	1,900					$	6,154		7			$	1,022					$	8,815		5																																							$	43,041
BXP’s share of operating expenses						2,816						6,792						1,796						2,652						351						4,368			5																																							18,775
BXP’s share of net operating income/(loss)						3,464						12,078			6			104						3,502			7			671						4,447			5																																							24,266
Less:
BXP’s share of termination income						—						(17)						—						—						—						—																																										(17)
BXP’s share of net operating income/(loss) (excluding termination income)						3,464						12,095						104						3,502						671						4,447			5																																							24,283
Less:
BXP’s share of straight-line rent						381						2,352			6			91						202			7			63						(260)			5																																							2,829
BXP’s share of fair value lease revenue						—						486			6			—						(206)			7			130						—																																										410
Add:
BXP’s share of straight-line ground rent expense adjustment						—						—						208						—						—						—																																										208
BXP’s share of lease transaction costs that qualify as rent inducements						—						263						—						—						—						104			5																																							367
BXP’s share of net operating income/(loss) - cash (excluding termination income)						$	3,083					$	9,520		6			$	221					$	3,506		7			$	478					$	4,811		5																																							$	21,619
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3						$	6,280					$	18,870		6			$	1,900					$	6,154		7			$	1,022					$	8,815		5																																							$	43,041
Add:
BXP’s share of development and management services revenue						—						—						169						—						—						—																																										169
BXP’s share of revenue						$	6,280					$	18,870		6			$	2,069					$	6,154		7			$	1,022					$	8,815		5																																							$	43,210

_____________

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 20-23.

2 Lease revenue includes recoveries from tenants and service income from tenants.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

4 Includes approximately $417 of straight-line ground rent expense.

5 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement of 901 New York Avenue.

6 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 region.

7 The Company’s purchase price allocation under ASC 805 for Gateway Commons differs from the historical basis of the venture resulting in the majority of the basis differential for this region.

61

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			Q3 2021
			Reconciliations (continued)

Reconciliation of Net income attributable to Boston Properties, Inc. common shareholders to

BXP’s Share of same property net operating income (NOI)

(dollars in thousands)

						Three Months Ended
						30-Jun-21						30-Jun-20
Net income attributable to Boston Properties, Inc. common shareholders						$	111,703					$	266,525
Preferred dividends						—						2,625
Net income attributable to Boston Properties, Inc.						111,703						269,150
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						12,383						30,197
Noncontrolling interest in property partnerships						17,164						(767)
Net income						141,250						298,580
Add:
Interest expense						106,319						107,142
Depreciation and amortization expense						183,838						178,188
Transaction costs						751						332
Payroll and related costs from management services contracts						2,655						2,484
General and administrative expense						38,405						37,743
Less:
Interest and other income (loss)						1,452						1,305
Gains (losses) from investments in securities						2,275						4,552
Gains on sales of real estate						7,756						203,767
Income (loss) from unconsolidated joint ventures						(1,373)						1,832
Direct reimbursements of payroll and related costs from management services contracts						2,655						2,484
Development and management services revenue						7,284						8,125
Net Operating Income (NOI)						453,169						402,404
Add:
BXP’s share of NOI from unconsolidated joint ventures						25,417						27,911
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)						46,287						32,427
BXP’s Share of NOI						432,299						397,888
Less:
Termination income						5,355						3,309
BXP’s share of termination income from unconsolidated joint ventures						709						—
Add:
Partners’ share of termination income from consolidated joint ventures						(3)						321
BXP’s Share of NOI (excluding termination income)						$	426,232					$	394,900
Net Operating Income (NOI)						$	453,169					$	402,404
Less:
Termination income						5,355						3,309
NOI from non Same Properties (excluding termination income)						7,268						6,624
Same Property NOI (excluding termination income)						440,546						392,471
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						46,290						32,106
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						1,463						(1,150)
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)						24,708						27,911
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)						592						1,445
BXP’s Share of Same Property NOI (excluding termination income)						$	419,835					$	385,681
Change in BXP’s Share of Same Property NOI (excluding termination income)						$	34,154
Change in BXP’s Share of Same Property NOI (excluding termination income)						8.9		%

62

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			Q3 2021
			Reconciliations (continued)

Reconciliation of Net income attributable to Boston Properties, Inc. common shareholders to

BXP’s Share of same property net operating income (NOI) - cash

(dollars in thousands)

						Three Months Ended
						30-Jun-21						30-Jun-20
Net income attributable to Boston Properties, Inc. common shareholders						$	111,703					$	266,525
Preferred dividends						—						2,625
Net income attributable to Boston Properties, Inc.						111,703						269,150
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						12,383						30,197
Noncontrolling interest in property partnerships						17,164						(767)
Net income						141,250						298,580
Add:
Interest expense						106,319						107,142
Depreciation and amortization expense						183,838						178,188
Transaction costs						751						332
Payroll and related costs from management services contracts						2,655						2,484
General and administrative expense						38,405						37,743
Less:
Interest and other income (loss)						1,452						1,305
Gains (losses) from investments in securities						2,275						4,552
Gains on sales of real estate						7,756						203,767
Income (loss) from unconsolidated joint ventures						(1,373)						1,832
Direct reimbursements of payroll and related costs from management services contracts						2,655						2,484
Development and management services revenue						7,284						8,125
Net Operating Income (NOI)						453,169						402,404
Less:
Straight-line rent						31,267						17,024
Fair value lease revenue						731						2,159
Termination income						5,355						3,309
Add:
Straight-line ground rent expense adjustment 1						567						799
Lease transaction costs that qualify as rent inducements 2						826						1,616
NOI - cash (excluding termination income)						417,209						382,327
Less:
NOI - cash from non Same Properties (excluding termination income)						5,444						9,324
Same Property NOI - cash (excluding termination income)						411,765						373,003
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						43,833						33,522
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						1,023						(166)
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)						21,477						22,949
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)						781						(76)
BXP’s Share of Same Property NOI - cash (excluding termination income)						$	389,651					$	362,340
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)						$	27,311
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)						7.5		%

_____________

1In 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 $(103) and $152 for the three months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the Company has remaining lease payments aggregating approximately $25.6 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 Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2023 may vary significantly.

2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP.

63

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			Q3 2021
			Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

						Three Months Ended
						30-Sep-20						30-Jun-20
Revenue
Lease						$	666,674					$	630,119
Parking and other						16,327						13,946
Hotel revenue						90						99
Development and management services						7,281						8,125
Direct reimbursements of payroll and related costs from management services contracts						2,896						2,484
Total revenue						693,268						654,773
Expenses
Operating						120,833						109,448
Real estate taxes						137,222						130,415
Demolition costs						206						(76)
Hotel						3,164						1,973
General and administrative						27,862						37,743
Payroll and related costs from management services contracts						2,896						2,484
Transaction costs						307						332
Depreciation and amortization						166,456						178,188
Total expenses						458,946						460,507
Other income (expense)
Income (loss) from unconsolidated joint ventures						(6,873)						1,832
Gains (losses) on sales of real estate						(209)						203,767
Gains from investments in securities						1,858						4,552
Interest and other income (loss)						(45)						1,305
Interest expense						(110,993)						(107,142)
Net income						118,060						298,580
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships						(15,561)						767
Noncontrolling interest - common units of the Operating Partnership						(10,020)						(30,197)
Net income attributable to Boston Properties, Inc.						92,479						269,150
Preferred dividends						(2,625)						(2,625)
Net income attributable to Boston Properties, Inc. common shareholders						$	89,854					$	266,525
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic						$	0.58					$	1.71
Net income attributable to Boston Properties, Inc. per share - diluted						$	0.58					$	1.71

64