Published: 2023-02-01 00:00:00 ET

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Exhibit 99.1                                                    

Supplemental Operating and Financial Data

for the Quarter Ended December 31, 2022

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THE COMPANY

Boston Properties, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by joint ventures, BXP’s portfolio totals 54.1 million square feet and 194 properties, including thirteen properties under construction/redevelopment. BXP’s properties include 173 office properties, 14 retail properties (including 2 retail properties under construction/redevelopment), six residential properties (including one residential property under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients’ needs. BXP 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 clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner.  BXP has earned an eleventh consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating. BXP, 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 BXP’s 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 statements. These factors include, without limitation, the risks and uncertainties related to the impact of changes in general economic and capital market conditions, including continued inflation, increasing interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, job losses and potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy; the impact of geopolitical conflicts, including the ongoing war in Ukraine; the impact of the COVID-19 global pandemic on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the pandemic or mitigate its impact, the direct and indirect economic effects of the pandemic and containment measures on our clients, and the ability of our clients to successfully operate their businesses); the impact of possible future health crises; BXP’s ability to enter into new leases or renew leases on favorable terms, dependence on clients’ 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, the uncertainties of costs to comply with regulatory changes (including potential costs to comply with the Securities and Exchange Commission’s proposed rules to standardize climate-related disclosures) 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. BXP 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 otherwise 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 55.

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 59.

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GENERAL INFORMATION

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

(Cover photo: 200 Fifth Avenue, New York, NY)

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			Q4 2022
			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			16
LEASING ACTIVITY
Leasing Activity			17
PROPERTY STATISTICS
Portfolio Overview			18
Residential and Hotel Performance			19
In-Service Property Listing			21
Top 20 Clients Listing and Portfolio Client Diversification			25
Occupancy by Location			26
DEBT AND CAPITALIZATION
Capital Structure			27
Debt Analysis			28
Senior Unsecured Debt Covenant Compliance Ratios			29
Net Debt to EBITDAre			30
Debt Ratios			31
JOINT VENTURES
Consolidated Joint Ventures			32
Unconsolidated Joint Ventures			34
LEASE EXPIRATION ROLL-OUT
Total In-Service Properties			37
Boston			38
Los Angeles			40
New York			42
San Francisco			44
Seattle			46
Washington, DC			48
CBD			50
Suburban			52
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage			54
Definitions			55
Reconciliations			59
Consolidated Income Statement - Prior Year			67

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			Q4 2022
			Company profile

SNAPSHOT

(as of December 31, 2022)

Fiscal Year-End			December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)			194
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)			54.1 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			175.0 million
Closing Price, at the end of the quarter			$67.58 per share
Dividend - Quarter/Annualized			$0.98/$3.92 per share
Dividend Yield			5.8%
Consolidated Market Capitalization 2			$26.1 billion
BXP’s Share of Market Capitalization 2, 3			$26.3 billion
Unsecured Senior Debt Ratings			BBB+ (S&P); Baa1 (Moody’s)

STRATEGY

BXP’s 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 premier workplaces) 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 clients 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 clients, as well as the counterparty of choice for real estate industry participants.

MANAGEMENT

Board of Directors

Management

Owen D. Thomas

Chairman of the Board

Owen D. Thomas

Chief Executive Officer

Douglas T. Linde

Douglas T. Linde

President

Kelly A. Ayotte

Lead Independent Director

Raymond A. Ritchey

Senior Executive Vice President

Bruce W. Duncan

Michael E. LaBelle

Executive Vice President, Chief Financial Officer and Treasurer

Carol B. Einiger

Bryan J. Koop

Executive Vice President, Boston Region

Diane J. Hoskins

Chair of Sustainability Committee

Robert E. Pester

Executive Vice President, San Francisco Region

Mary E. Kipp

Hilary Spann

Executive Vice President, New York Region

Joel I. Klein

Chair of Compensation Committee

Peter V. Otteni

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

Matthew J. Lustig

Chair of Nominating & Corporate Governance Committee

John J. Stroman

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

David A. Twardock

Chair of Audit Committee

William H. Walton, III

Jonathan D. Lange

Senior Vice President, Los Angeles Region

Donna D. Garesche

Senior Vice President, Chief Human Resources Officer

Eric G. Kevorkian

Senior Vice President, Chief Legal Officer and Secretary

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 27.

3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

1

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			Q4 2022
			Guidance and assumptions

GUIDANCE

BXP’s guidance for the first quarter 2023 and full year 2023 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, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company’s earnings release issued on January 31, 2023 and those referenced during the related conference call.  The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) 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. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 57. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

												First Quarter 2023												Full Year 2023
												Low						High						Low						High
Projected EPS (diluted)												$	0.52					$	0.54					$	2.36					$	2.46
			Add:
						Projected Company share of real estate depreciation and amortization						1.14						1.14						4.72						4.72
Projected FFO per share (diluted)												$	1.66					$	1.68					$	7.08					$	7.18

ASSUMPTIONS

(dollars in thousands)

															Full Year 2023
																					Low						High
Operating property activity:
			Average In-service portfolio occupancy																		88.00		%				89.50		%
			Increase in BXP’s Share of Same Property net operating income (excluding termination income)																		(0.50)		%				0.50		%
			Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income)																		1.00		%				2.50		%
			BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)																		$	98,000					$	108,000
			BXP’s Share of incremental net operating income related to asset sales over prior year																		$	(30,000)					$	(28,000)
			BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)																		$	100,000					$	120,000
			Termination income																		$	3,000					$	5,000
Other revenue (expense):
			Development, management services and other revenue																		$	30,000					$	35,000
			General and administrative expense 1																		$	(164,000)					$	(157,000)
			Consolidated net interest expense 2																		$	(525,000)					$	(515,000)
Noncontrolling interest:
			Noncontrolling interest in property partnerships’ share of FFO																		$	(152,000)					$	(147,000)

_______________

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

2 Excludes $(100M) - $(95M) for full year 2023 of BXP’s share of projected interest expense from unconsolidated joint ventures.

2

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			Q4 2022
			Financial highlights

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

						Three Months Ended
						31-Dec-22						30-Sep-22
Net income attributable to Boston Properties, Inc.						$	121,790					$	360,977
Net income attributable to Boston Properties, Inc. per share - diluted						$	0.78					$	2.29
FFO attributable to Boston Properties, Inc. 1						$	292,940					$	299,751
Diluted FFO per share 1						$	1.86					$	1.91
Dividends per common share						$	0.98					$	0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2						$	236,218					$	127,771
Selected items:
Revenue						$	789,824					$	790,523
Recoveries from clients						$	121,750					$	123,665
Service income from clients						$	3,044					$	2,933
BXP’s Share of revenue 3						$	772,897					$	771,125
BXP’s Share of straight-line rent 3						$	31,029					$	33,817
BXP’s Share of fair value lease revenue 3, 4						$	3,841					$	2,933
BXP’s Share of termination income 3						$	2,320					$	2,424
Ground rent expense						$	2,794					$	3,309
Capitalized interest						$	12,082					$	12,230
Capitalized wages						$	4,054					$	3,921
Loss from unconsolidated joint ventures						$	(58,451)					$	(3,524)
BXP’s share of FFO from unconsolidated joint ventures 5						$	16,880					$	17,961
Net income attributable to noncontrolling interests in property partnerships						$	19,961					$	18,801
FFO attributable to noncontrolling interests in property partnerships 6						$	37,396					$	36,507
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)						$	4,182					$	4,524
Below-market rents (included within Other Liabilities)						$	52,628					$	56,058
Accrued rental income liability (included within Other Liabilities)						$	124,436					$	119,839
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7						3.57						3.82
Interest Coverage Ratio (including capitalized interest) 7						3.22						3.41
Fixed Charge Coverage Ratio 7						2.77						3.04
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8						7.57						7.49
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 9						0.1		%				3.2		%
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 9						2.6		%				6.7		%
FAD Payout Ratio 2						72.62		%				134.26		%
Operating Margins [(rental revenue - rental expense)/rental revenue]						63.2		%				63.3		%
Occupancy of In-Service Properties						88.6		%				88.9		%
Capitalization:
Consolidated Debt						$	14,240,336					$	13,832,871
BXP’s Share of Debt 10						$	14,482,308					$	13,925,599
Consolidated Market Capitalization						$	26,064,674					$	26,950,372
Consolidated Debt/Consolidated Market Capitalization						54.63		%				51.33		%
BXP’s Share of Market Capitalization 10						$	26,306,646					$	27,043,100
BXP’s Share of Debt/BXP’s Share of Market Capitalization 10						55.05		%				51.49		%

_____________

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 55.

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 December 31, 2022, see page 36.

6For a quantitative reconciliation for the three months ended December 31, 2022, see page 33.

7For a quantitative reconciliation for the three months ended December 31, 2022 and September 30, 2022, see page 31.

8For a quantitative reconciliation for the three months ended December 31, 2022 and September 30, 2022, see page 30.

9For a quantitative reconciliation for the three months ended December 31, 2022 and September 30, 2022, see pages 10, 65 and 66.

10For a quantitative reconciliation for December 31, 2022, see page 27.

3

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			Q4 2022
			Consolidated Balance Sheets

(unaudited and in thousands)

						31-Dec-22						30-Sep-22
ASSETS
Real estate						$	24,261,588					$	23,920,533
Construction in progress						406,574						670,167
Land held for future development						721,501						601,676
Right of use assets - finance leases						237,510						237,505
Right of use assets - operating leases						167,351						167,935
Less accumulated depreciation						(6,298,082)						(6,170,472)
Total real estate						19,496,442						19,427,344
Cash and cash equivalents						690,333						375,774
Cash held in escrows						46,479						73,112
Investments in securities						32,277						30,040
Tenant and other receivables, net						81,389						69,633
Related party note receivable, net						78,576						78,592
Sales-type lease receivable, net						12,811						—
Accrued rental income, net						1,276,580						1,250,176
Deferred charges, net						733,282						720,648
Prepaid expenses and other assets						43,589						107,538
Investments in unconsolidated joint ventures						1,715,911						1,593,834
Total assets						$	24,207,669					$	23,726,691
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net						$	3,272,368					$	3,271,157
Unsecured senior notes, net						10,237,968						9,491,714
Unsecured line of credit						—						340,000
Unsecured term loan, net						730,000						730,000
Lease liabilities - finance leases						249,335						248,092
Lease liabilities - operating leases						204,686						205,008
Accounts payable and accrued expenses						417,545						360,572
Dividends and distributions payable						170,643						170,952
Accrued interest payable						103,774						91,885
Other liabilities						450,918						417,255
Total liabilities						15,837,237						15,326,635
Commitments and contingencies						—						—
Redeemable deferred stock units						6,613						6,985
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, 156,836,767 and 156,833,612 issued and 156,757,867 and 156,754,712 outstanding at December 31, 2022 and September 30, 2022, respectively						1,568						1,568
Additional paid-in capital						6,539,147						6,532,299
Dividends in excess of earnings						(391,356)						(359,536)
Treasury common stock at cost, 78,900 shares at December 31, 2022 and September 30, 2022						(2,722)						(2,722)
Accumulated other comprehensive loss						(13,718)						(15,991)
Total stockholders’ equity attributable to Boston Properties, Inc.						6,132,919						6,155,618
Noncontrolling interests:
Common units of the Operating Partnership						683,583						685,952
Property partnerships						1,547,317						1,551,501
Total equity						8,363,819						8,393,071
Total liabilities and equity						$	24,207,669					$	23,726,691

4

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			Q4 2022
			Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

						Three Months Ended
						31-Dec-22						30-Sep-22
Revenue
Lease						$	739,094					$	739,255
Parking and other						26,088						26,259
Insurance proceeds						903						1,895
Hotel revenue						11,087						11,749
Development and management services						8,406						7,465
Direct reimbursements of payroll and related costs from management services contracts						4,246						3,900
Total revenue						789,824						790,523
Expenses
Operating						144,668						145,083
Real estate taxes						135,529						135,670
Demolition costs						203						—
Restoration expenses related to insurance claims						1,865						949
Hotel operating						7,646						8,548
General and administrative 1						36,000						32,519
Payroll and related costs from management services contracts						4,246						3,900
Transaction costs						759						1,650
Depreciation and amortization						198,330						190,675
Total expenses						529,246						518,994
Other income (expense)
Loss from unconsolidated joint ventures 2						(58,451)						(3,524)
Gains on sales of real estate						55,726						262,345
Gain on sales-type lease 3						10,058						—
Gains (losses) from investments in securities 1						2,096						(1,571)
Unrealized loss on non-real estate investment						(150)						—
Interest and other income (loss)						5,789						3,728
Interest expense						(119,923)						(111,846)
Net income						155,723						420,661
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships						(19,961)						(18,801)
Noncontrolling interest - common units of the Operating Partnership 4						(13,972)						(40,883)
Net income attributable to Boston Properties, Inc.						$	121,790					$	360,977
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic						$	0.78					$	2.30
Net income attributable to Boston Properties, Inc. per share - diluted						$	0.78					$	2.29

_____________

1General and administrative expense includes $2.1 million and $(1.6) million and Gains (losses) from investments in securities include $2.1 million and $(1.6) million for the three months ended December 31, 2022 and September 30, 2022, respectively, related to the Company’s deferred compensation plan.

2Includes a $50.7 million non-cash impairment charge related to the Company’s investment in Dock 72, an unconsolidated joint venture property in Brooklyn, New York in which the Company has a 50% interest.

3The Company amended and modified a ground lease with a hotel developer that originally was classified and accounted for as an operating lease, due to certain termination provisions. Upon modification, the 99-year ground lease, of which approximately 97 years remain, was reclassified as a sales-type lease. As a result, the Company derecognized the underlying asset resulting in a gain on sales-type lease of approximately $10.1 million. The hotel developer will be constructing a 267-room hotel.

4For additional detail, see page 6.

5

---

			Q4 2022
			Funds from operations (FFO) 1

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

						Three Months Ended
						31-Dec-22						30-Sep-22
Net income attributable to Boston Properties, Inc.						$	121,790					$	360,977
Add:
Noncontrolling interest - common units of the Operating Partnership						13,972						40,883
Noncontrolling interests in property partnerships						19,961						18,801
Net income						155,723						420,661
Add:
Depreciation and amortization expense						198,330						190,675
Noncontrolling interests in property partnerships' share of depreciation and amortization 2						(17,435)						(17,706)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3						24,626						21,485
Corporate-related depreciation and amortization						(431)						(431)
Impairment loss included within loss from unconsolidated joint ventures						50,705						—
Less:
Gains on sales of real estate						55,726						262,345
Gain on sales-type lease						10,058						—
Unrealized loss on non-real estate investment						(150)						—
Noncontrolling interests in property partnerships						19,961						18,801
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)						325,923						333,538
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO						32,983						33,787
FFO attributable to Boston Properties, Inc.						$	292,940					$	299,751
Boston Properties, Inc.’s percentage share of Basic FFO						89.88		%				89.87		%
Noncontrolling interest’s - common unitholders percentage share of Basic FFO						10.12		%				10.13		%
Basic FFO per share						$	1.87					$	1.91
Weighted average shares outstanding - basic						156,773						156,754
Diluted FFO per share						$	1.86					$	1.91
Weighted average shares outstanding - diluted						157,112						157,133

RECONCILIATION TO DILUTED FFO

						Three Months Ended
						31-Dec-22						30-Sep-22
Basic FFO						$	325,923					$	333,538
Add:
Effect of dilutive securities - stock-based compensation						—						—
Diluted FFO						325,923						333,538
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO						33,687						33,687
Boston Properties, Inc.’s share of Diluted FFO						$	292,236					$	299,851

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

						Three Months Ended
						31-Dec-22						30-Sep-22
Shares/units for Basic FFO						174,423						174,416
Add:
Effect of dilutive securities - stock-based compensation (shares/units)						339						379
Shares/units for Diluted FFO						174,762						174,795
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)						17,650						17,662
Boston Properties, Inc.’s share of shares/units for Diluted FFO						157,112						157,133
Boston Properties, Inc.’s percentage share of Diluted FFO						89.90		%				89.90		%

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

2For a quantitative reconciliation for the three months ended December 31, 2022, see page 33.

3For a quantitative reconciliation for the three months ended December 31, 2022, see page 36.

6

---

			Q4 2022
			Funds available for distributions (FAD) 1

(dollars in thousands)

						Three Months Ended
						31-Dec-22						30-Sep-22
Net income attributable to Boston Properties, Inc.						$	121,790					$	360,977
Add:
Noncontrolling interest - common units of the Operating Partnership						13,972						40,883
Noncontrolling interests in property partnerships						19,961						18,801
Net income						155,723						420,661
Add:
Depreciation and amortization expense						198,330						190,675
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2						(17,435)						(17,706)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3						24,626						21,485
Corporate-related depreciation and amortization						(431)						(431)
Impairment loss included within loss from unconsolidated joint ventures						50,705						—
Less:
Gains on sales of real estate						55,726						262,345
Gain on sales-type lease						10,058						—
Unrealized loss on non-real estate investment						(150)						—
Noncontrolling interests in property partnerships						19,961						18,801
Basic FFO						325,923						333,538
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4						11,711						6,047
BXP’s Share of hedge amortization, net of costs 1						1,751						200
BXP’s share of fair value interest adjustment 1						250						—
BXP’s Share of straight-line ground rent expense adjustment 1, 5						404						944
Stock-based compensation						7,496						7,695
Non-real estate depreciation						431						431
Unearned portion of capitalized fees from consolidated joint ventures 6						1,135						1,093
Less:
BXP’s Share of straight-line rent 1						31,029						33,817
BXP’s Share of fair value lease revenue 1, 7						3,841						2,933
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1						55,613						169,759
BXP’s Share of maintenance capital expenditures 1, 8						22,229						15,520
Hotel improvements, equipment upgrades and replacements						171						148
Funds available for distribution to common shareholders and common unitholders (FAD) (A)						$	236,218					$	127,771
Distributions to common shareholders and unitholders (excluding any special distributions) (B)						$	171,548					$	171,550
FAD Payout Ratio1 (B÷A)						72.62		%				134.26		%

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

2For a quantitative reconciliation for the three months ended December 31, 2022, see page 33.

3For a quantitative reconciliation for the three months ended December 31, 2022, see page 36.

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 2024 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 61 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

---

			Q4 2022
			Reconciliation of net income attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)

						Three Months Ended
						31-Dec-22						31-Dec-21
Net income attributable to Boston Properties, Inc.						$	121,790					$	184,537
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						13,972						20,544
Noncontrolling interest in property partnerships						19,961						18,204
Net income						155,723						223,285
Add:
Interest expense						119,923						103,331
Losses from early extinguishments of debt						—						44,284
Unrealized loss on non-real estate investment						150						—
Loss from unconsolidated joint ventures						58,451						825
Depreciation and amortization expense						198,330						177,521
Transaction costs						759						2,066
Payroll and related costs from management services contracts						4,246						3,321
General and administrative expense						36,000						33,649
Less:
Gains from investments in securities						2,096						1,882
Interest and other income (loss)						5,789						1,564
Gain on sales-type lease						10,058						—
Gains on sales of real estate						55,726						115,556
Direct reimbursements of payroll and related costs from management services contracts						4,246						3,321
Development and management services revenue						8,406						7,516
Net Operating Income (NOI)						487,261						458,443
Add:
BXP’s share of NOI from unconsolidated joint ventures 1						37,734						33,278
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2						48,589						47,841
BXP’s Share of NOI						476,406						443,880
Less:
Termination income						1,723						(16)
BXP’s share of termination income from unconsolidated joint ventures 1						803						88
Add:
Partners’ share of termination income from consolidated joint ventures 2						206						(4)
BXP’s Share of NOI (excluding termination income)						$	474,086					$	443,804
Net Operating Income (NOI)						$	487,261					$	458,443
Less:
Termination income						1,723						(16)
NOI from non Same Properties (excluding termination income) 3						41,487						14,845
Same Property NOI (excluding termination income)						444,051						443,614
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2						48,383						47,845
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						—						—
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1						36,931						33,190
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3						10,220						6,828
BXP’s Share of Same Property NOI (excluding termination income)						$	422,379					$	422,131

_____________

1For a quantitative reconciliation for the three months ended December 31, 2022, see page 64.

2For a quantitative reconciliation for the three months ended December 31, 2022, see pages 61-62.

3Pages 21-24 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 December 31, 2022 and therefore are no longer a part of the Company’s property portfolio.

8

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			Q4 2022
			Reconciliation of net income attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)

						Three Months Ended
						31-Dec-22						31-Dec-21
Net income attributable to Boston Properties, Inc.						$	121,790					$	184,537
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						13,972						20,544
Noncontrolling interest in property partnerships						19,961						18,204
Net income						155,723						223,285
Add:
Interest expense						119,923						103,331
Losses from early extinguishments of debt						—						44,284
Unrealized loss on non-real estate investment						150						—
Loss from unconsolidated joint ventures						58,451						825
Depreciation and amortization expense						198,330						177,521
Transaction costs						759						2,066
Payroll and related costs from management services contracts						4,246						3,321
General and administrative expense						36,000						33,649
Less:
Gains from investments in securities						2,096						1,882
Interest and other income (loss)						5,789						1,564
Gain on sales-type lease						10,058						—
Gains on sales of real estate						55,726						115,556
Direct reimbursements of payroll and related costs from management services contracts						4,246						3,321
Development and management services revenue						8,406						7,516
Net Operating Income (NOI)						487,261						458,443
Less:
Straight-line rent						32,038						30,619
Fair value lease revenue						3,088						1,412
Termination income						1,723						(16)
Add:
Straight-line ground rent expense adjustment 1						631						680
Lease transaction costs that qualify as rent inducements 2						11,212						3,731
NOI - cash (excluding termination income)						462,255						430,839
Less:
NOI - cash from non Same Properties (excluding termination income) 3						34,311						10,745
Same Property NOI - cash (excluding termination income)						427,944						420,094
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4						43,709						45,401
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						—						—
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5						33,154						30,412
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3						9,021						7,158
BXP’s Share of Same Property NOI - cash (excluding termination income)						$	408,368					$	397,947

_____________

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 $(369) and $52 for the three months ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the Company has remaining lease payments aggregating approximately $25.3 million, all of which it expects to incur by the end of 2024 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 2024 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 21-24 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 December 31, 2022 and therefore are no longer a part of the Company’s property portfolio.

4For a quantitative reconciliation for the three months ended December 31, 2022, see page 62.

5For a quantitative reconciliation for the three months ended December 31, 2022, see page 64.

9

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			Q4 2022
			Same property net operating income (NOI) by reportable segment

(dollars in thousands)

			Office 1																								Hotel & Residential
			Three Months Ended												$						%						Three Months Ended												$						%
			31-Dec-22						31-Dec-21						Change						Change						31-Dec-22						31-Dec-21						Change						Change
Rental Revenue 2			$	698,986					$	680,178																	$	22,569					$	16,166
Less: Termination income			1,723						(16)																		—						—
Rental revenue (excluding termination income) 2			697,263						680,194						$	17,069					2.5		%				22,569						16,166						$	6,403					39.6		%
Less: Operating expenses and real estate taxes			262,470						242,597						19,873						8.2		%				13,311						10,149						3,162						31.2		%
NOI (excluding termination income) 2, 3			$	434,793					$	437,597					$	(2,804)					(0.6)		%				$	9,258					$	6,017					$	3,241					53.9		%
Rental revenue (excluding termination income) 2			$	697,263					$	680,194					$	17,069					2.5		%				$	22,569					$	16,166					$	6,403					39.6		%
Less: Straight-line rent and fair value lease revenue			19,674						27,721						(8,047)						(29.0)		%				22						23						(1)						4.3		%
Add: Lease transaction costs that qualify as rent inducements 4			2,958						3,544						(586)						(16.5)		%				—						—						—						—		%
Subtotal			680,547						656,017						24,530						3.7		%				22,547						16,143						6,404						39.7		%
Less: Operating expenses and real estate taxes			262,470						242,597						19,873						8.2		%				13,311						10,149						3,162						31.2		%
Add: Straight-line ground rent expense 5			631						680						(49)						(7.2)		%				—						—						—						—		%
NOI - cash (excluding termination income) 2, 3			$	418,708					$	414,100					$	4,608					1.1		%				$	9,236					$	5,994					$	3,242					54.1		%
			Consolidated Total 1 (A)																								BXP’s share of Unconsolidated Joint Ventures (B)
			Three Months Ended												$						%						Three Months Ended												$						%
			31-Dec-22						31-Dec-21						Change						Change						31-Dec-22						31-Dec-21						Change						Change
Rental Revenue 2			$	721,555					$	696,344																	$	47,932					$	45,026
Less: Termination income			1,723						(16)																		802						88
Rental revenue (excluding termination income) 2			719,832						696,360						$	23,472					3.4		%				47,130						44,938						$	2,192					4.9		%
Less: Operating expenses and real estate taxes			275,781						252,746						23,035						9.1		%				20,419						18,576						1,843						9.9		%
NOI (excluding termination income) 2, 3			$	444,051					$	443,614					$	437					0.1		%				$	26,711					$	26,362					$	349					1.3		%
Rental revenue (excluding termination income) 2			$	719,832					$	696,360					$	23,472					3.4		%				$	47,130					$	44,938					$	2,192					4.9		%
Less: Straight-line rent and fair value lease revenue			19,696						27,744						(8,048)						(29.0)		%				3,320						3,822						(502)						(13.1)		%
Add: Lease transaction costs that qualify as rent inducements 4			2,958						3,544						(586)						(16.5)		%				600						569						31						5.4		%
Subtotal			$	703,094					$	672,160					30,934						4.6		%				44,410						41,685						2,725						6.5		%
Less: Operating expenses and real estate taxes			275,781						252,746						23,035						9.1		%				20,419						18,576						1,843						9.9		%
Add: Straight-line ground rent expense 5			631						680						(49)						(7.2)		%				142						145						(3)						(2.1)		%
NOI - cash (excluding termination income) 2, 3			$	427,944					$	420,094					$	7,850					1.9		%				$	24,133					$	23,254					$	879					3.8		%
			Partners’ share of Consolidated Joint Ventures (C)																								BXP’s Share 3, 6, 7
			Three Months Ended												$						%						Three Months Ended												$						%
			31-Dec-22						31-Dec-21						Change						Change						31-Dec-22						31-Dec-21						Change						Change
Rental Revenue 2			$	78,912					$	76,459																	$	690,575					$	664,911
Less: Termination income			206						(4)																		2,319						76
Rental revenue (excluding termination income) 2			78,706						76,463						$	2,243					2.9		%				688,256						664,835						$	23,421					3.5		%
Less: Operating expenses and real estate taxes			30,323						28,618						1,705						6.0		%				265,877						242,704						23,173						9.5		%
NOI (excluding termination income) 2, 3			$	48,383					$	47,845					$	538					1.1		%				$	422,379					$	422,131					$	248					0.1		%
Rental revenue (excluding termination income) 2			$	78,706					$	76,463					$	2,243					2.9		%				$	688,256					$	664,835					$	23,421					3.5		%
Less: Straight-line rent and fair value lease revenue			4,775						3,336						1,439						43.1		%				18,241						28,230						(9,989)						(35.4)		%
Add: Lease transaction costs that qualify as rent inducements 4			101						892						(791)						(88.7)		%				3,457						3,221						236						7.3		%
Subtotal			74,032						74,019						13						—		%				673,472						639,826						33,646						5.3		%
Less: Operating expenses and real estate taxes			30,323						28,618						1,705						6.0		%				265,877						242,704						23,173						9.5		%
Add: Straight-line ground rent expense 5			—						—						—						—		%				773						825						(52)						(6.3)		%
NOI - cash (excluding termination income) 2, 3			$	43,709					$	45,401					$	(1,692)					(3.7)		%				$	408,368					$	397,947					$	10,421					2.6		%

___________________

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 55.

3For a quantitative reconciliation of net income attributable to Boston Properties, Inc. 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 $(369) and $52 for the three months ended December 31, 2022 and 2021, 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

---

			Q4 2022
			Same property net operating income (NOI) by reportable segment (continued)

6BXP’s Share equals (A) + (B) - (C).

7BXP’s Share of Same Store NOI-cash (excluding termination income) increased $10,421, compared to Q4 2021. Included in Q4 2021 is BXP’s Share of $7,225 of cash rent abatements and deferrals primarily related to COVID-19.

11

---

			Q4 2022
			Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

						Three Months Ended
						31-Dec-22						30-Sep-22
Maintenance capital expenditures						$	25,813					$	16,808
Planned capital expenditures associated with acquisition properties						—						—
Repositioning capital expenditures						6,127						8,969
Hotel improvements, equipment upgrades and replacements						171						148
Subtotal						32,111						25,925
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)						784						601
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs						444						462
BXP’s share of repositioning capital expenditures from unconsolidated JVs						—						—
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs						4,368						1,889
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs						—						—
Partners’ share of repositioning capital expenditures from consolidated JVs						1,688						2,372
BXP’s Share of Capital Expenditures 1						$	27,283					$	22,727

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

						Three Months Ended
						31-Dec-22						30-Sep-22
Square feet						1,038,282						1,680,341
Tenant improvements and lease commissions PSF						$	82.25					$	116.42

___________________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

2Includes 100% of unconsolidated joint ventures.

12

---

			Q4 2022
			Acquisitions and dispositions

For the period from January 1, 2022 through December 31, 2022

(dollars in thousands)

ACQUISITIONS

																								Investment
Property						Location						Date Acquired						Square Feet						Initial						Anticipated Future						Total						In-service Leased (%)
Madison Centre						Seattle, WA						May 17, 2022						754,988						$	730,000					$	—					$	730,000					92.7		%
125 Broadway						Cambridge, MA						September 16, 2022						271,000						592,438						2,500						594,938						100.0		%
200 Fifth Avenue (26.69% ownership interest) 1						New York, NY						November 17, 2022						854,737						280,100						2,667						282,767						92.5		%
Total Acquisitions																		1,880,725						$	1,602,538					$	5,167					$	1,607,705					93.6		%

DISPOSITIONS

Property						Location						Date Disposed						Square Feet						Gross Sales Price						Net Cash Proceeds						Book Gain 2
195 West Street						Waltham, MA						March 31, 2022						63,500						$	37,700					$	35,397					$	22,701
Virginia 95 Office Park						Springfield, VA						June 15, 2022						733,421						127,500						121,948						96,160
601 Massachusetts Avenue						Washington, DC						August 30, 2022						478,667						531,000						512,270						237,433
Broadrun Land Parcel						Loudoun County, VA						September 15, 2022						N/A						27,000						25,605						24,380
The Avant at Reston Town Center 3						Reston, VA						November 8, 2022						329,195						141,000						139,591						55,608
Total Dispositions																		1,604,783						$	864,200					$	834,811					$	436,282

___________________

1Initial purchase price includes $120.1 million of cash and BXP’s pro rata share of the outstanding loan secured by the property of $160.0 million.

2Excludes approximately $0.7 million of gains on sales of real estate recognized during the year ended December 31, 2022 related to gain amounts from sales of real estate occurring in prior periods.

3The Company only disposed of the residential component and retains ownership of the approximately 26,000 square foot ground-level retail space.

13

---

			Q4 2022
			Construction in progress

as of December 31, 2022

(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 12/31/2022						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
			140 Kendrick - Building A			Q3 2023						Q3 2023						Needham, MA												104,000						$	7,995					$	26,600					$	—					$	—					$	18,605					100		%				—		%				N/A
			2100 Pennsylvania Avenue			Q2 2022						Q3 2024						Washington, DC												480,000						315,966						356,100						—						—						40,134						81		%				64		%				$	120
			360 Park Avenue South (42% ownership) 6			Q4 2023						Q1 2025						New York, NY												450,000						203,545						219,000						92,774						88,164						10,845						—		%				—		%				N/A
			Reston Next Office Phase II			Q2 2024						Q2 2025						Reston, VA												90,000						22,954						61,000						—						—						38,046						—		%				—		%				N/A
			Platform16 Building A (55% ownership) 7			Q2 2025						Q4 2026						San Jose, CA												389,500						85,471						231,900						—						—						146,429						—		%				—		%				N/A
			Total Office Properties under Construction																											1,513,500						635,931						894,600						92,774						88,164						254,059						33		%				20		%				120
Lab/Life Sciences
			751 Gateway (49% ownership)			Q2 2024						Q2 2024						South San Francisco, CA												231,000						87,847						127,600						—						—						39,753						100		%				—		%				N/A
			103 CityPoint			Q1 2024						Q3 2024						Waltham, MA												113,000						44,678						115,100						—						—						70,422						—		%				—		%				N/A
			190 CityPoint (formerly 180 CityPoint)			Q1 2024						Q4 2024						Waltham, MA												329,000						143,389						274,700						—						—						131,311						43		%				—		%				N/A
			105 Carnegie Center Redevelopment			Q1 2024						Q1 2025						Princeton, NJ												73,000						631						40,600						—						—						39,969						—		%				—		%				N/A
			651 Gateway (50% ownership)			Q4 2023						Q4 2025						South San Francisco, CA												327,000						44,648						146,500						—						—						101,852						7		%				—		%				N/A
			Total Lab/Life Sciences Properties under Construction																											1,073,000						321,193						704,500						—						—						383,307						37		%				—		%				N/A
Residential
			Reston Next Residential (508 units) (20% ownership)			Q2 2024						Q2 2026						Reston, VA												417,000						11,451						47,700						28,000						3,037						11,286						—		%				—		%				N/A
			Total Residential Property under Construction																											417,000						11,451						47,700						28,000						3,037						11,286						—		%				—		%				N/A
Retail
			760 Boylston Street (Redevelopment)			Q2 2024						Q2 2024						Boston, MA												118,000						3,071						43,800						—						—						40,729						100		%				—		%				N/A
			Reston Next Retail 10			Q2 2025						Q4 2025						Reston, VA												33,000						17,198						26,600						—						—						9,402						—		%				—		%				N/A
			Total Retail Property under Construction																											151,000						20,269						70,400						—						—						50,131						78		%				—						N/A
Other
			View Boston Observatory at The Prudential Center (Redevelopment)			Q2 2023						N/A						Boston, MA												59,000						151,999						182,300						—						—						30,301						N/A						—		%				N/A
Total Properties Under Construction 8																														3,213,500						$	1,140,843					$	1,899,500					$	120,774					$	91,201					$	729,084					37		%	9			9		%				$	120

14

---

			Q4 2022
			Construction in progress (continued)

PROJECTS FULLY PLACED IN-SERVICE DURING 2022

			Actual/Estimated																														BXP’s share
																																							Estimated Total Investment 2												Amount Drawn at 12/31/2022						Estimated Future Equity Requirement 2												Net Operating Income (Loss) 5 (BXP’s share)
			Initial Occupancy						Stabilization Date																		Square feet						Investment to Date 2												Total Financing																		Percentage Leased 3
															Location
325 Main Street			Q2 2022						Q2 2022						Cambridge, MA												414,008						$	356,361					$	410,500					$	—					$	—					$	54,139					92		%				$	9,179
880 Winter Street			Q3 2022						Q1 2023						Waltham, MA												243,618						115,034						122,100						—						—						7,066						97		%				1,912
Reston Next			Q4 2021						Q4 2023						Reston, VA												1,063,236						546,381						611,800						—						—						65,419						90		%				7,249
Total Projects Fully Placed In-Service																											1,720,862						$	1,017,776					$	1,144,400					$	—					$	—					$	126,624					91		%				$	18,340

________________

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 January 27, 2023, 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 December 31, 2022. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 55.

6Investment to Date includes all related costs incurred prior to the contribution of the property by the Company to the joint venture on December 15, 2021 totaling approximately $107 million and the Company’s proportionate share of the loan. The Company’s joint venture partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the joint venture partners will fund required capital according to their percentage interests.

7Estimated total investment represents the costs to complete Building A, a 389,500 square foot building, and Building A’s proportionate share of land and garage costs. In conjunction with the construction of Building A, garage and site work will be completed for Phase II, which will support approximately 700,000 square feet of development in two office buildings, budgeted to be an incremental $141 million.

8Estimated total investment excludes approximately $210 million related to the redevelopment of 300 Binney Street which is currently in-service. The Company and Biogen terminated their existing lease agreement at 300 Binney Street to facilitate the conversion and expansion of the property, which is expected to begin in early 2023. Biogen will be vacating the property in phases through early 2023. The redeveloped property is 100% pre-leased. The commencement of construction are subject to various conditions. There can be no assurance that the Company will commence the redevelopment on the terms and schedule currently contemplated or at all.

9Total percentage leased excludes Residential and Other.

10 Reston Next Retail was previously included within the Reston Next project.

15

---

			Q4 2022
			Land parcels and purchase options

as of December 31, 2022

OWNED LAND PARCELS

Location			Approximate Developable Square Feet 1
Reston, VA						2,229,000
San Jose, CA 2						2,199,000
New York, NY (25% Ownership)						2,000,000
Princeton, NJ						1,650,000
San Francisco, CA						850,000
San Jose, CA (55% Ownership)						698,000
Santa Clara, CA						632,000
Washington, DC (50% ownership)						520,000
South San Francisco, CA (50% Ownership)						451,000
Springfield, VA						422,000
Waltham, MA						365,000
El Segundo, CA (50% Ownership)						275,000
Lexington, MA 2						259,000
Rockville, MD 2						252,000
Dulles, VA 3						150,000
Total						12,952,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location			Approximate Developable Square Feet 1
Cambridge, MA 3						1,400,000
Boston, MA						1,300,000
Waltham, MA 4						1,200,000
Total						3,900,000

__________________

1Represents 100% of consolidated and unconsolidated projects.

2Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on pages 21-24.

3In January 2023, the Company commenced the development of 290 Binney Street, an approximately 570,000 net rentable square feet laboratory/life sciences project in Cambridge, Massachusetts. 290 Binney Street is 100% pre-leased to AstraZeneca.

4The Company expects to be a 50% partner in the future development of these sites.

16

---

			Q4 2022
			Leasing activity

for the three months ended December 31, 2022

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF)			Total
Vacant space available at the beginning of the period			5,250,909
Less:
Property dispositions/properties taken out of service 1			126,452
Add:
Properties acquired vacant space 2			64,437
Properties placed (and partially placed) in-service 3			819,190
Leases expiring or terminated during the period			1,103,402
Total space available for lease			7,111,486
1st generation leases			462,427
2nd generation leases with new clients			794,622
2nd generation lease renewals			243,660
Total space leased			1,500,709
Vacant space available for lease at the end of the period			5,610,777
Net (increase)/decrease in available space			(359,868)
Second generation leasing information: 4
Leases commencing during the period (SF)			1,038,282
Weighted average lease term (months)			78
Weighted average free rent period (days)			229
Total transaction costs per square foot 5			$82.25
Increase (decrease) in gross rents 6			4.28		%
Increase (decrease) in net rents 7			6.29		%

			All leases (SF)																		Incr (decr) in 2nd generation cash rents												Total square feet of leases executed in the quarter 9
			1st generation						2nd generation						total 8						gross 6						net 7
Boston			156,778						319,128						475,906						14.76		%				21.85		%				286,541
Los Angeles			—						—						—						—		%				—		%				6,417
New York			4,657						143,140						147,797						(10.35)		%				(16.52)		%				304,102
San Francisco			—						224,824						224,824						20.14		%				28.09		%				213,115
Seattle			—						4,393						4,393						11.00		%				15.79		%				6,607
Washington, DC			300,992						346,797						647,789						(7.26)		%				(11.23)		%				321,140
Total / Weighted Average			462,427						1,038,282						1,500,709						4.28		%				6.29		%				1,137,922

_____________

1Total vacant square feet of property dispositions/properties taken out of service in Q4 2022 consists of 69,995 square feet at 105 Carnegie Center and 56,457 square feet at 2096 Gaither Road.

2Total vacant square feet of properties acquired in Q4 2022 consists of 64,437 square feet at 200 Fifth Avenue.

3Total square feet of properties placed in-service in Q4 2022 consists of 192,419 square feet at 880 Winter Street and 343,271 square feet at Reston Next, and total square feet of properties partially placed in-service consists of 283,500 square feet at 2100 Pennsylvania Avenue.

4Second generation leases are defined as leases for space that have previously been leased. Of the 1,038,282 square feet of second generation leases that commenced in Q4 2022, leases for 794,368 square feet were signed in prior periods.

5Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.

6Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 527,684 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

7Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 527,684 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

8Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.

9Represents 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 243,914.

17

---

			Q4 2022
			Portfolio overview

for the three months ended December 31, 2022

(dollars in thousands)

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

						Office						Retail						Residential						Hotel						Total
Boston						14,915,310						967,107						550,114						330,000						16,762,531
Los Angeles						2,185,937						126,377						—						—						2,312,314
New York						12,094,252						486,390						—						—						12,580,642
San Francisco						6,997,199						355,934						318,171						—						7,671,304
Seattle						1,506,632						26,472						—						—						1,533,104
Washington, DC						8,830,034						664,662						493,241						—						9,987,937
Total						46,529,364						2,626,942						1,361,526						330,000						50,847,832
% of Total						91.50		%				5.17		%				2.68		%				0.65		%				100.00		%

Rental revenue of in-service properties by unit type 1

						Office						Retail						Residential						Hotel 3						Total
Consolidated						$	699,932					$	53,919					$	12,333					$	10,988					$	777,172
Less:
Partners’ share from consolidated joint ventures 4						69,157						9,755						—						—						78,912
Add:
BXP’s share from unconsolidated joint ventures 5						56,817						2,312						2,656						—						61,785
BXP’s Share of Rental revenue 1						$	687,592					$	46,476					$	14,989					$	10,988					$	760,045
% of Total						90.47		%				6.11		%				1.97		%				1.45		%				100.00		%

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

			CBD						Suburban						Total
Boston			29.78		%				6.76		%				36.54		%
Los Angeles			2.72		%				—		%				2.72		%
New York			23.78		%				2.11		%				25.89		%
San Francisco			16.52		%				2.45		%				18.97		%
Seattle			2.41		%				—		%				2.41		%
Washington, DC			3.12		%				10.35		%				13.47		%
Total			78.33		%				21.67		%				100.00		%

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

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 21-24.

3Excludes approximately $99 of revenue from retail clients that is included in Retail.

4See page 62 for additional information.

5See page 64 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.

18

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			Q4 2022
			Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

			Residential 1												Hotel
			Three Months Ended												Three Months Ended
			31-Dec-22						30-Sep-22						31-Dec-22						30-Sep-22
Rental Revenue 2			$	12,963					$	14,340					$	11,087					$	11,749
Less: Operating expenses and real estate taxes			6,309						7,024						7,646						8,548
Net Operating Income (NOI) 2			6,654						7,316						3,441						3,201
Add: BXP’s share of NOI from unconsolidated joint ventures			1,648						1,539						N/A						N/A
BXP’s Share of NOI 2			$	8,302					$	8,855					$	3,441					$	3,201
Rental Revenue 2			$	12,963					$	14,340					$	11,087					$	11,749
Less: Straight line rent and fair value lease revenue			11						24						(2)						(2)
Add: Lease transaction costs that qualify as rent inducements			—						—						—						—
Subtotal			12,952						14,316						11,089						11,751
Less: Operating expenses and real estate taxes			6,309						7,024						7,646						8,548
NOI - cash basis 2			6,643						7,292						3,443						3,203
Add: BXP’s share of NOI-cash from unconsolidated joint ventures			1,648						1,539						N/A						N/A
BXP’s Share of NOI - cash basis 2			$	8,291					$	8,831					$	3,443					$	3,203

RENTAL RATES AND OCCUPANCY - Year-over-Year

			Residential Units						Three Months Ended												Percent Change
									31-Dec-22						31-Dec-21
BOSTON
Hub50House (50% ownership), Boston, MA 2			440
Average Monthly Rental Rate									$	4,182					$	3,809					9.79		%
Average Rental Rate Per Occupied Square Foot									$	5.76					$	5.31					8.47		%
Average Physical Occupancy									94.39		%				92.42		%				2.13		%
Average Economic Occupancy									93.93		%				90.17		%				4.17		%
Proto Kendall Square, Cambridge, MA 2, 3			280
Average Monthly Rental Rate									$	2,964					$	2,728					8.65		%
Average Rental Rate Per Occupied Square Foot									$	5.47					$	5.01					9.18		%
Average Physical Occupancy									95.24		%				95.48		%				(0.25)		%
Average Economic Occupancy									94.39		%				95.22		%				(0.87)		%
The Lofts at Atlantic Wharf, Boston, MA 2, 3			86
Average Monthly Rental Rate									$	4,381					$	3,855					13.64		%
Average Rental Rate Per Occupied Square Foot									$	4.85					$	4.29					13.05		%
Average Physical Occupancy									97.67		%				96.51		%				1.20		%
Average Economic Occupancy									97.54		%				95.58		%				2.05		%
Boston Marriott Cambridge (437 rooms), Cambridge, MA 3			N/A
Average Occupancy									68.20		%				51.10		%				33.46		%
Average Daily Rate									$	316.40					$	241.14					31.21		%
Revenue Per Available Room									$	273.13					$	152.71					78.86		%
SAN FRANCISCO
The Skylyne, Oakland, CA 2, 3			402
Average Monthly Rental Rate									$	3,432					$	3,387					1.33		%
Average Rental Rate Per Occupied Square Foot									$	4.35					$	4.07					6.88		%
Average Physical Occupancy									90.96		%				60.61		%				50.07		%
Average Economic Occupancy									88.76		%				58.42		%				51.93		%

19

---

			Q4 2022
			Residential and hotel performance (continued)

RENTAL RATES AND OCCUPANCY - Year-over-Year

			Residential Units						Three Months Ended												Percent Change
									31-Dec-22						31-Dec-21
WASHINGTON, DC
Signature at Reston, Reston, VA 2, 3			508
Average Monthly Rental Rate									$	2,679					$	2,596					3.20		%
Average Rental Rate Per Occupied Square Foot									$	2.76					$	2.68					2.99		%
Average Physical Occupancy									93.90		%				93.83		%				0.07		%
Average Economic Occupancy									93.65		%				93.22		%				0.46		%
Total In-Service Residential Units			1,716

_____________

1Includes retail space.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

3Excludes retail space.

20

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			Q4 2022
			In-service property listing

as of December 31, 2022
									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						1,769,077						95.0		%				$	78.02
			100 Federal Street (55% ownership)						CBD Boston MA						1						1,238,821						89.7		%				74.40
			800 Boylston Street - The Prudential Center						CBD Boston MA						1						1,197,798						91.7		%				68.87
			111 Huntington Avenue - The Prudential Center						CBD Boston MA						1						860,446						95.2		%				73.81
			Atlantic Wharf Office (55% ownership)						CBD Boston MA						1						793,769						99.8		%				82.99
			100 Causeway Street (50% ownership) 3, 4						CBD Boston MA						1						633,819						94.6		%				75.24
			101 Huntington Avenue - The Prudential Center						CBD Boston MA						1						506,476						99.2		%				58.20
			Prudential Center (retail shops) 5, 6						CBD Boston MA						—						475,899						95.9		%				97.50
			The Hub on Causeway - Podium (50% ownership) 3						CBD Boston MA						1						382,497						75.3		%				70.54
			888 Boylston Street - The Prudential Center						CBD Boston MA						1						363,320						100.0		%				79.97
			Star Market at the Prudential Center 5						CBD Boston MA						1						57,236						100.0		%				60.05
			Subtotal												10						8,279,158						93.8		%				$	75.68
			145 Broadway						East Cambridge MA						1						490,086						99.6		%				$	88.83
			325 Main Street 4						East Cambridge MA						1						414,008						91.6		%				98.42
			125 Broadway 4						East Cambridge MA						1						271,000						100.0		%				132.75
			355 Main Street						East Cambridge MA						1						259,640						99.3		%				79.69
			90 Broadway						East Cambridge MA						1						223,771						98.1		%				75.79
			255 Main Street						East Cambridge MA						1						215,394						97.5		%				98.80
			300 Binney Street 7						East Cambridge MA						1						195,191						64.2		%				—
			150 Broadway						East Cambridge MA						1						177,226						100.0		%				85.43
			105 Broadway						East Cambridge MA						1						152,664						100.0		%				72.85
			250 Binney Street						East Cambridge MA						1						67,362						100.0		%				49.55
			University Place						Mid-Cambridge MA						1						195,282						100.0		%				55.47
			Subtotal												11						2,661,624						95.6		%				$	84.54
			Bay Colony Corporate Center						Route 128 Mass Turnpike MA						4						989,548						62.8		%				$	45.36
			Reservoir Place						Route 128 Mass Turnpike MA						1						527,029						58.0		%				43.04
			Weston Corporate Center						Route 128 Mass Turnpike MA						1						356,995						100.0		%				57.56
			140 Kendrick Street 6						Route 128 Mass Turnpike MA						2						306,323						85.9		%				50.14
			Waltham Weston Corporate Center						Route 128 Mass Turnpike MA						1						301,611						97.1		%				39.65
			230 CityPoint						Route 128 Mass Turnpike MA						1						296,720						97.4		%				45.12
			200 West Street 4						Route 128 Mass Turnpike MA						1						273,365						83.9		%				69.03
			880 Winter Street 4						Route 128 Mass Turnpike MA						1						243,618						85.4		%				94.42
			10 CityPoint						Route 128 Mass Turnpike MA						1						236,570						95.8		%				52.71
			20 CityPoint						Route 128 Mass Turnpike MA						1						211,476						98.9		%				55.82
			77 CityPoint						Route 128 Mass Turnpike MA						1						209,711						98.3		%				47.53
			890 Winter Street						Route 128 Mass Turnpike MA						1						179,312						54.0		%				47.41
			153 & 211 Second Avenue						Route 128 Mass Turnpike MA						2						136,882						100.0		%				79.92
			1265 Main Street (50% ownership) 3						Route 128 Mass Turnpike MA						1						120,681						100.0		%				51.48
			Reservoir Place North						Route 128 Mass Turnpike MA						1						73,258						100.0		%				46.18
			The Point 5						Route 128 Mass Turnpike MA						1						16,300						100.0		%				60.55
			Lexington Office Park 8						Route 128 Northwest MA						2						166,779						43.0		%				29.11
			33 Hayden Avenue						Route 128 Northwest MA						1						80,876						100.0		%				71.34
			32 Hartwell Avenue						Route 128 Northwest MA						1						69,154						100.0		%				28.49
			100 Hayden Avenue						Route 128 Northwest MA						1						55,924						100.0		%				60.18
			92 Hayden Avenue						Route 128 Northwest MA						1						31,100						100.0		%				47.38
			17 Hartwell Avenue						Route 128 Northwest MA						1						30,000						100.0		%				52.01
			Subtotal												28						4,913,232						81.2		%				$	52.89
			Boston Office Total:												49						15,854,014						90.2		%				$	70.87
Residential
			Hub50House (440 units) (50% ownership) 3						CBD Boston MA						1						320,444
			The Lofts at Atlantic Wharf (86 units)						CBD Boston MA						1						87,096
			Proto Kendall Square (280 units)						East Cambridge MA						1						166,717
			Boston Residential Total:												3						574,257

21

---

			Q4 2022
			In-service property listing (continued)

as of December 31, 2022
									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:												53						16,762,531
LOS ANGELES
Office
			Colorado Center (50% ownership) 3						West Los Angeles CA						6						1,131,511						89.5		%				$	71.25
			Santa Monica Business Park (55% ownership) 3						West Los Angeles CA						14						1,106,399						87.1		%				69.09
			Santa Monica Business Park Retail (55% ownership) 3, 5						West Los Angeles CA						7						74,404						90.1		%				74.16
			Subtotal												27						2,312,314						88.3		%				$	70.33
			Los Angeles Total:												27						2,312,314						88.3		%				$	70.33
NEW YORK
Office
			767 Fifth Avenue (The GM Building) (60% ownership)						Plaza District NY						1						1,965,003						86.6		%				$	162.15
			601 Lexington Avenue (55% ownership)						Park Avenue NY						1						1,670,790						98.9		%				98.63
			399 Park Avenue						Park Avenue NY						1						1,577,544						99.2		%				98.40
			599 Lexington Avenue						Park Avenue NY						1						1,106,351						85.4		%				88.62
			Times Square Tower (55% ownership)						Times Square NY						1						1,225,472						84.8		%				78.58
			250 West 55th Street						Times Square / West Side NY						1						966,979						99.4		%				94.39
			200 Fifth Avenue (26.69% ownership) 3, 4						Flatiron District NY						1						854,737						92.5		%				86.21
			Dock 72 (50% ownership) 3						Brooklyn NY						1						668,625						25.5		%				49.10
			510 Madison Avenue						Fifth/Madison Avenue NY						1						355,089						97.1		%				137.61
			Subtotal												9						10,390,590						88.3		%				$	106.10
			510 Carnegie Center						Princeton NJ						1						234,160						33.5		%				$	39.95
			206 Carnegie Center						Princeton NJ						1						161,763						100.0		%				35.33
			210 Carnegie Center						Princeton NJ						1						159,468						79.2		%				37.74
			212 Carnegie Center						Princeton NJ						1						147,530						40.1		%				38.54
			214 Carnegie Center						Princeton NJ						1						146,799						65.9		%				36.63
			506 Carnegie Center						Princeton NJ						1						139,050						68.2		%				38.38
			508 Carnegie Center						Princeton NJ						1						134,433						100.0		%				41.39
			202 Carnegie Center						Princeton NJ						1						134,068						87.0		%				39.13
			804 Carnegie Center						Princeton NJ						1						130,000						100.0		%				41.19
			504 Carnegie Center						Princeton NJ						1						121,990						100.0		%				34.37
			101 Carnegie Center						Princeton NJ						1						121,619						95.3		%				38.74
			502 Carnegie Center						Princeton NJ						1						121,460						96.2		%				39.18
			701 Carnegie Center						Princeton NJ						1						120,000						100.0		%				43.27
			104 Carnegie Center						Princeton NJ						1						102,930						75.2		%				33.19
			103 Carnegie Center						Princeton NJ						1						96,331						78.6		%				35.37
			302 Carnegie Center						Princeton NJ						1						64,926						100.0		%				35.65
			211 Carnegie Center						Princeton NJ						1						47,025						100.0		%				37.46
			201 Carnegie Center						Princeton NJ						—						6,500						100.0		%				33.44
			Subtotal												17						2,190,052						79.7		%				$	38.15
			New York Total:												26						12,580,642						86.8		%				$	95.25
SAN FRANCISCO
Office
			Salesforce Tower						CBD San Francisco CA						1						1,420,682						100.0		%				$	108.32
			Embarcadero Center Four						CBD San Francisco CA						1						941,205						93.7		%				91.35
			Embarcadero Center One						CBD San Francisco CA						1						837,309						68.4		%				86.79
			Embarcadero Center Two						CBD San Francisco CA						1						802,472						86.3		%				85.36
			Embarcadero Center Three						CBD San Francisco CA						1						787,377						82.5		%				88.14

22

---

			Q4 2022
			In-service property listing (continued)

as of December 31, 2022
									Sub Market						Number of Buildings						Square Feet						Leased % 1						Annualized Rental Obligations Per Leased SF 2
SAN FRANCISCO (continued)
			680 Folsom Street						CBD San Francisco CA						2						524,793						98.7		%				72.73
			535 Mission Street						CBD San Francisco CA						1						307,235						87.6		%				91.00
			690 Folsom Street						CBD San Francisco CA						1						26,080						100.0		%				104.03
			Subtotal												9						5,647,153						89.1		%				$	92.53
			Gateway Commons (50% ownership) 3						South San Francisco CA						5						787,846						89.7		%				$	60.79
			Mountain View Research Park						Mountain View CA						15						542,264						79.2		%				69.43
			2440 West El Camino Real						Mountain View CA						1						142,789						100.0		%				89.85
			453 Ravendale Drive						Mountain View CA						1						29,620						75.0		%				51.98
			North First Business Park 8						San Jose CA						5						190,636						87.6		%				23.65
			Subtotal												27						1,693,155						86.7		%				$	61.81
			San Francisco Office Total:												36						7,340,308						88.5		%				$	85.57
Residential
			The Skylyne (402 units)						CBD Oakland CA						1						330,996
			San Francisco Residential Total:												1						330,996
			San Francisco Total:												37						7,671,304
SEATTLE
Office
			Safeco Plaza (33.67% ownership) 3						CBD Seattle WA						1						778,116						83.6		%				$	44.64
			Madison Centre 4						CBD Seattle WA						1						754,988						93.1		%				60.05
			Subtotal												2						1,533,104						88.3		%				$	52.64
			Seattle Total:												2						1,533,104						88.3		%				$	52.64
WASHINGTON, DC
Office
			Metropolitan Square (20% ownership) 3						East End Washington DC						1						657,580						85.7		%				$	71.43
			901 New York Avenue (25% ownership) 3						East End Washington DC						1						544,256						83.1		%				66.01
			Market Square North (50% ownership) 3						East End Washington DC						1						418,539						75.3		%				70.68
			2200 Pennsylvania Avenue						CBD Washington DC						1						459,745						93.6		%				98.51
			1330 Connecticut Avenue						CBD Washington DC						1						253,579						94.6		%				71.81
			Sumner Square						CBD Washington DC						1						209,556						98.1		%				56.35
			500 North Capitol Street, N.W. (30% ownership) 3						Capitol Hill Washington DC						1						230,900						98.5		%				82.70
			Capital Gallery						Southwest Washington DC						1						176,809						97.1		%				54.34
			Subtotal												8						2,950,964						88.3		%				$	73.35
			Reston Next 4						Reston VA						2						1,063,236						69.4		%				$	56.96
			South of Market						Reston VA						3						623,250						99.6		%				54.36
			Fountain Square						Reston VA						2						524,785						89.7		%				49.88
			One Freedom Square						Reston VA						1						427,956						85.0		%				50.78
			Two Freedom Square						Reston VA						1						423,222						100.0		%				49.25
			One and Two Discovery Square						Reston VA						2						366,989						99.0		%				50.57
			One Reston Overlook						Reston VA						1						319,519						89.0		%				46.45
			17Fifty Presidents Street						Reston VA						1						275,809						100.0		%				68.27
			Reston Corporate Center						Reston VA						2						261,046						100.0		%				47.20
			Democracy Tower						Reston VA						1						259,441						99.3		%				62.63
			Fountain Square Retail 5						Reston VA						1						198,158						83.2		%				50.01
			Two Reston Overlook						Reston VA						1						134,615						100.0		%				49.84
			Avant Retail 4, 5						Reston VA						1						26,179						100.0		%				57.91
			Subtotal												19						4,904,205						89.4		%				$	53.36
			7750 Wisconsin Avenue (50% ownership) 3, 4						Bethesda/Chevy Chase MD						1						735,573						100.0		%				$	38.00
			Wisconsin Place Office						Montgomery County MD						1						299,428						88.9		%				58.33

23

---

			Q4 2022
			In-service property listing (continued)

as of December 31, 2022
									Sub Market						Number of Buildings						Square Feet						Leased % 1						Annualized Rental Obligations Per Leased SF 2
WASHINGTON, DC (continued)
			Shady Grove Innovation District 9						North Rockville MD						3						182,290						75.1		%				18.27
			Kingstowne Two						Springfield VA						1						156,005						83.7		%				39.35
			Kingstowne One						Springfield VA						1						153,401						36.9		%				40.65
			Kingstowne Retail 5						Springfield VA						1						88,288						96.8		%				46.29
			Subtotal												8						1,614,985						87.4		%				$	40.66
			Washington, DC Office Total:												35						9,470,154						88.7		%				$	57.39
Residential
			Signature at Reston (508 units)						Reston VA						1						517,783
			Washington, DC Residential Total:												1						517,783
			Washington, DC Total:												36						9,987,937
			Total In-Service Properties:												181						50,847,832						88.6		%	10			$	75.99		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 55.

3This is an unconsolidated joint venture property.

4Not included in the Same Property analysis.

5This is a retail property.

6Excludes a portion of the property that was placed in redevelopment during the three months ended September 30, 2022, including 760 Boylston Street, the stand-alone building consisting of approximately 118,000 square feet at Prudential Center (retail shops), and one building consisting of approximately 90,000 square feet at 140 Kendrick Street. For additional detail, see page 14.

7This property is held for redevelopment which is expected to commence upon the last lease expiration in 2023. To facilitate the redevelopment of the property, there is no rental obligation from the client.

8Property held for redevelopment.

9Excludes 2096 Gaither Road which was taken out of service following the expiration of the last leases on November 30, 2022. 2096 Gaither Road consisted of approximately 50,000 net rentable square feet of office space. The property is held for future redevelopment.

10 Excludes Hotel and Residential properties. For additional detail, see pages 19-20.

24

---

			Q4 2022
			Top 20 clients listing and portfolio client diversification

as of December 31, 2022

TOP 20 CLIENTS

No.						Client						BXP’s Share of Annualized Rental Obligations 1									Weighted Average Remaining Lease Term (years) 2
1						Salesforce									3.42		%				9.1
2						Google									2.69		%				14.5
3						Biogen									2.60		%				4.4
4						Akamai Technologies									2.12		%				11.8
5						Fannie Mae									1.49		%				14.7
6						Kirkland & Ellis									1.49		%				14.9
7						Ropes & Gray									1.43		%				7.3
8						WeWork									1.41		%				10.1
9						Microsoft									1.27		%				9.3
10						Millennium Management									1.26		%				8.0
11						Arnold & Porter Kaye Scholer									1.17		%				9.1
12						Weil Gotshal & Manges									1.11		%				11.4
13						Shearman & Sterling									1.08		%				17.6
14						Wellington Management									1.04		%				12.0
15						Bank of America									0.93		%				12.5
16						Morrison & Foerster									0.86		%				7.7
17						Snap									0.85		%				3.2
18						O'Melveny & Myers									0.83		%				1.9
19						Aramis (Estee Lauder)									0.82		%				17.3
20						Mass Financial Services									0.82		%				5.2
						BXP’s Share of Annualized Rental Obligations									28.70		%
						BXP’s Share of Square Feet 1									22.80		%
						Weighted Average Remaining Lease Term (years)															10.2

NOTABLE SIGNED DEALS 3

Client

Property

Square Feet

AstraZeneca

290 Binney Street 4

570,000

Genentech

751 Gateway

229,000

The Broad Institute

300 Binney Street

225,000

Volkswagen Group of America

Reston Next

196,000

CLIENT DIVERSIFICATION 2

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

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.

4290 Binney Street is a 570,000 square foot lab development in Cambridge, MA which commenced development in the first quarter of 2023.

25

---

			Q4 2022
			Occupancy by location

as of December 31, 2022

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

						CBD												Suburban												Total
Location						31-Dec-22						30-Sep-22						31-Dec-22						30-Sep-22						31-Dec-22						30-Sep-22
Boston						94.2		%				94.8		%				81.2		%				83.4		%				90.2		%				91.4		%
Los Angeles						88.3		%				90.0		%				—		%				—		%				88.3		%				90.0		%
New York						88.3		%				89.0		%				79.7		%				78.0		%				86.8		%				86.9		%
San Francisco						89.1		%				89.3		%				86.7		%				80.6		%				88.5		%				87.3		%
Seattle						88.3		%				89.1		%				—		%				—		%				88.3		%				89.1		%
Washington, DC						88.3		%				83.9		%				88.9		%				90.3		%				88.7		%				88.1		%
Total Portfolio						90.3		%				90.6		%				84.9		%				84.9		%				88.6		%				88.9		%

SAME PROPERTY OFFICE PROPERTIES 1, 2 - Year-over-Year

						CBD												Suburban												Total
Location						31-Dec-22						31-Dec-21						31-Dec-22						31-Dec-21						31-Dec-22						31-Dec-21
Boston						94.2		%				96.2		%				80.4		%				86.2		%				89.8		%				93.0		%
Los Angeles						88.3		%				88.8		%				—		%				—		%				88.3		%				88.8		%
New York						87.9		%				89.9		%				79.7		%				78.9		%				86.3		%				87.9		%
San Francisco						89.1		%				92.1		%				86.7		%				74.5		%				88.5		%				88.0		%
Seattle						83.6		%				90.9		%				—		%				—		%				83.6		%				90.9		%
Washington, DC						88.3		%				82.5		%				91.5		%				91.0		%				90.3		%				87.7		%
Total Portfolio						90.0		%				91.5		%				85.1		%				85.2		%				88.6		%				89.6		%

_____________

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.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

26

---

			Q4 2022
			Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

			Aggregate Principal
Mortgage Notes Payable			$	3,300,000
Unsecured Line of Credit			—
Unsecured Term Loan			730,000
Unsecured Senior Notes, at face value			10,300,000
Outstanding Principal			14,330,000
Discount on Unsecured Senior Notes			(14,094)
Deferred Financing Costs, Net			(75,570)
Consolidated Debt			$	14,240,336

MORTGAGE NOTES PAYABLE

												Interest Rate
Property						Maturity Date						GAAP						Stated						Outstanding Principal
601 Lexington Avenue (55% ownership)						January 9, 2032						2.93%						2.79%						$	1,000,000
767 Fifth Avenue (The GM Building) (60% ownership)						June 9, 2027						3.64%						3.43%						2,300,000
Total																								$	3,300,000

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 1

						Maturity Date						Effective Yield (on issue date)						Coupon						Outstanding Principal
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
5 Year Unsecured Senior Notes (“green bonds”)						December 1, 2027						6.92%						6.75%						750,000
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
																								$	10,300,000

CAPITALIZATION

						Shares/Units						Common Stock
						Outstanding						Equivalents						Equivalent Value 2
Common Stock						156,758						156,758						$	10,593,706
Common Operating Partnership Units						18,210						18,210						1,230,632
Total Equity												174,968						$	11,824,338
Consolidated Debt (A)																		$	14,240,336
Add: BXP’s share of unconsolidated joint venture debt 3																		1,600,367
Less: Partners’ share of consolidated debt 4																		1,358,395
BXP’s Share of Debt 5 (B)																		$	14,482,308
Consolidated Market Capitalization (C)																		$	26,064,674
BXP’s Share of Market Capitalization 5 (D)																		$	26,306,646
Consolidated Debt/Consolidated Market Capitalization (A÷C)																		54.63		%
BXP’s Share of Debt/BXP’s Share of Market Capitalization 5 (B÷D)																		55.05		%

_____________

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

2Values are based on the December 30, 2022 closing price of $67.58 per share of BXP common stock.

3Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 34.

4Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 32.

5See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

27

---

			Q4 2022
			Debt analysis 1

as of December 31, 2022

(dollars in thousands)

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

UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026

						Facility						Outstanding at December 31, 2022						Letters of Credit						Remaining Capacity at December 31, 2022
Unsecured Line of Credit						$	1,500,000					$	—					$	6,425					$	1,493,575

UNSECURED TERM LOAN - MATURES MAY 16, 2023 2

						Facility						Outstanding at December 31, 2022
Unsecured Term Loan						$	730,000					$	730,000

UNSECURED AND SECURED DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 3						Maturity (years)
Unsecured Debt						77.02		%				3.68		%				3.76		%				5.2
Secured Debt						22.98		%				3.24		%				3.42		%				5.8
Consolidated Debt						100.00		%				3.58		%				3.69		%				5.3

FLOATING AND FIXED RATE DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 3						Maturity (years)
Floating Rate Debt						5.13		%				4.85		%				4.85		%				0.4
Fixed Rate Debt						94.87		%				3.51		%				3.62		%				5.6
Consolidated Debt						100.00		%				3.58		%				3.69		%				5.3

_____________

1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 34.

2On January 4, 2023, BPLP entered into a credit agreement (the “Credit Agreement”) that provides for a $1.2 billion unsecured term loan facility that matures in May 16, 2024. Upon entry into the Credit Agreement, BPLP borrowed $1.2 billion under the Term Loan, a portion of which was used to repay in full BPLP’s $730.0 million unsecured term loan, which was scheduled to mature on May 16, 2023.

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.

28

---

			Q4 2022
			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 December 31, 2022 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%						47.2		%				43.7		%
Secured Debt/Total Assets			Less than 50%						15.1		%				14.0		%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)			Greater than 1.50x						3.67						3.67
Unencumbered Assets/ Unsecured Debt			Greater than 150%						237.6		%				259.5		%

_____________

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.

29

---

			Q4 2022
			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
						31-Dec-22						30-Sep-22
Net income attributable to Boston Properties, Inc.						$	121,790					$	360,977
Add:
Noncontrolling interest - common units of the Operating Partnership						13,972						40,883
Noncontrolling interest in property partnerships						19,961						18,801
Net income						155,723						420,661
Add:
Interest expense						119,923						111,846
Losses from early extinguishments of debt						—						—
Depreciation and amortization expense						198,330						190,675
Less:
Gains on sales of real estate						55,726						262,345
Gain on sales-type lease						10,058						—
Loss from unconsolidated joint ventures						(58,451)						(3,524)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2						38,315						35,709
EBITDAre 1						504,958						500,070
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3						49,350						48,478
BXP’s Share of EBITDAre 1 (A)						455,608						451,592
Add:
Stock-based compensation expense						7,496						7,695
BXP’s Share of straight-line ground rent expense adjustment 1						404						944
BXP’s Share of lease transaction costs that qualify as rent inducements 1						11,711						6,047
Less:
BXP’s Share of straight-line rent 1						31,029						33,817
BXP’s Share of fair value lease revenue 1						3,841						2,933
Non-cash losses from early extinguishments of debt						—						—
BXP’s Share of EBITDAre – cash 1						$	440,349					$	429,528
BXP’s Share of EBITDAre (Annualized) 4 (A x 4)						$	1,822,432					$	1,806,368

Reconciliation of BXP’s Share of Net Debt 1

						31-Dec-22						30-Sep-22
Consolidated debt						$	14,240,336					$	13,832,871
Add:
Special dividend payable						—						—
Less:
Cash and cash equivalents						690,333						375,774
Cash held in escrow for 1031 exchange						—						26,729
Net debt 1						13,550,003						13,430,368
Add:
BXP’s share of unconsolidated joint venture debt 2						1,600,367						1,450,624
Partners’ share of cash and cash equivalents from consolidated joint ventures						111,116						107,080
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures						106,389						99,081
Partners’ share of consolidated joint venture debt 3						1,358,395						1,357,896
BXP’s Share of Net Debt 1 (B)						$	13,796,702					$	13,531,095
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]						7.57						7.49

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended December 31, 2022, see pages 34 and 63.

3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended December 31, 2022, see pages 32 and 61.

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

30

---

			Q4 2022
			Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

						Three Months Ended
						31-Dec-22						30-Sep-22
BXP’s Share of interest expense 1						$	129,404					$	117,623
Less:
BXP’s Share of hedge amortization, net of costs 1						1,751						200
BXP’s share of fair value interest adjustment 1						250						—
BXP’s Share of amortization of financing costs 1						3,978						5,028
Adjusted interest expense excluding capitalized interest (A)						123,425						112,395
Add:
BXP’s Share of capitalized interest 1						13,404						13,404
Adjusted interest expense including capitalized interest (B)						$	136,829					$	125,799
BXP’s Share of EBITDAre – cash 1, 2 (C)						$	440,349					$	429,528
Interest Coverage Ratio (excluding capitalized interest) (C÷A)						3.57						3.82
Interest Coverage Ratio (including capitalized interest) (C÷B)						3.22						3.41

FIXED CHARGE COVERAGE RATIO 1

						Three Months Ended
						31-Dec-22						30-Sep-22
BXP’s Share of interest expense 1						$	129,404					$	117,623
Less:
BXP’s Share of hedge amortization, net of costs 1						1,751						200
BXP’s share of fair value interest adjustment 1						250						—
BXP’s Share of amortization of financing costs 1						3,978						5,028
Add:
BXP’s Share of capitalized interest 1						13,404						13,404
BXP’s Share of maintenance capital expenditures 1						22,229						15,520
Hotel improvements, equipment upgrades and replacements						171						148
Total Fixed Charges (A)						$	159,229					$	141,467
BXP’s Share of EBITDAre – cash 1, 2 (B)						$	440,349					$	429,528
Fixed Charge Coverage Ratio (B÷A)						2.77						3.04

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

2For a qualitative reconciliation of BXP’s Share of EBITDAre – cash, see page 30.

31

---

			Q4 2022
			Consolidated joint ventures

d

as of December 31, 2022

(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						$	3,210,759					$	2,243,328					$	5,454,087
Cash and cash equivalents						114,620						145,039						259,659
Other assets						281,140						367,319						648,459
Total assets						$	3,606,519					$	2,755,686					$	6,362,205
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net						$	2,284,484					$	987,858					$	3,272,342
Other liabilities						88,824						85,938						174,762
Total liabilities						2,373,308						1,073,796						3,447,104
Equity:
Boston Properties, Inc.						741,532						626,131						1,367,663
Noncontrolling interests						491,679						1,055,759						1,547,438			2
Total equity						1,233,211						1,681,890						2,915,101
Total liabilities and equity						$	3,606,519					$	2,755,686					$	6,362,205
BXP’s nominal ownership percentage						60%						55%
Partners’ share of cash and cash equivalents 3						$	45,848					$	65,268					$	111,116
Partners’ share of consolidated debt 3						$	913,859		4			$	444,536					$	1,358,395

_____________

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.

32

---

			Q4 2022
			Consolidated joint ventures (continued)

for the three months ended December 31, 2022

(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						$	71,215					$	99,348					$	170,563
Straight-line rent						3,659						7,047						10,706
Fair value lease revenue						327						21						348
Termination income						193						287						480
Total lease revenue						75,394						106,703						182,097
Parking and other						—						1,639						1,639
Total rental revenue 2						75,394						108,342						183,736
Expenses
Operating						29,932						37,634						67,566
Net Operating Income (NOI)						45,462						70,708						116,170
Other income (expense)
Development and management services revenue						—						7						7
Interest and other income						835						1,132						1,967
Interest expense						(21,194)						(7,734)						(28,928)
Depreciation and amortization expense						(15,934)						(23,120)						(39,054)
General and administrative expense						(42)						(50)						(92)
Total other income (expense)						(36,335)						(29,765)						(66,100)
Net income						$	9,127					$	40,943					$	50,070

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						$	9,127					$	40,943					$	50,070
Add: Depreciation and amortization expense						15,934						23,120						39,054
Entity FFO						$	25,061					$	64,063					$	89,124
Partners’ NCI 3						$	2,694					$	17,267					$	19,961
Partners’ share of depreciation and amortization expense after BXP’s basis differential 3						6,701						10,734						17,435
Partners’ share FFO 3						$	9,395					$	28,001					$	37,396
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI						$	6,433					$	23,676					$	30,109
Depreciation and amortization expense - BXP’s basis difference						46						399						445
BXP’s share of depreciation and amortization expense						9,187						11,987						21,174
BXP’s share of FFO						$	15,666					$	36,062					$	51,728

_____________

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

2 See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

3 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.

33

---

			Q4 2022
			Unconsolidated joint ventures 1

as of December 31, 2022

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

						BXP’s Nominal Ownership												Mortgage/Mezzanine/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		%				59,716						168,512						September 5, 2023						5.17		%				5.38		%
Podium						50.00		%				46,839						87,058						September 6, 2023						6.18		%				6.35		%
Hub50House						50.00		%				45,414						91,854						June 17, 2032						4.43		%				4.51		%
Hotel Air Rights						50.00		%				12,366						—						—						—		%				—		%
1265 Main Street						50.00		%				3,465						17,668						January 1, 2032						3.77		%				3.84		%
Los Angeles
Santa Monica Business Park						55.00		%				164,735						164,258						July 19, 2025						4.06		%				4.24		%
Colorado Center						50.00		%				233,862						274,587						August 9, 2027						3.56		%				3.59		%
Beach Cities Media Center						50.00		%				27,000						—						—						—		%				—		%
New York
Dock 72 3, 4						50.00		%				(19,921)						98,490						December 18, 2025						6.93		%				7.19		%
360 Park Avenue South 5						42.21		%				114,992						87,427						December 14, 2024						6.31		%				6.77		%
200 Fifth Avenue						26.69		%				120,083						148,697						November 24, 2028						4.34		%				5.60		%
3 Hudson Boulevard 6						25.00		%				116,397						19,992						July 13, 2023						7.29		%				7.37		%
San Francisco
Platform 16						55.00		%				158,109						—						—						—		%				—		%
Gateway Commons						50.00		%				324,038						—						—						—		%				—		%
751 Gateway						49.00		%				80,714						—						—						—		%				—		%
Seattle
Safeco Plaza 7						33.67		%				69,785						83,755						September 1, 2026						4.82		%				4.96		%
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters)						50.00		%				52,152						125,539						April 26, 2023						4.90		%				5.44		%
1001 6th Street						50.00		%				42,922						—						—						—		%				—		%
Market Square North						50.00		%				(6,198)						62,173						November 10, 2025						6.11		%				6.29		%
Wisconsin Place Parking Facility						33.33		%				31,971						—						—						—		%				—		%
500 North Capitol Street, N.W.						30.00		%				(9,185)						31,493						June 6, 2023						4.15		%				4.20		%
901 New York Avenue						25.00		%				(12,493)						52,961						January 5, 2025						3.61		%				3.69		%
Reston Next Residential 8						20.00		%				11,351						2,735						May 13, 2026						5.74		%				6.06		%
Metropolitan Square 7						20.00		%				(37,629)						83,168						April 9, 2024						6.59		%				7.36		%
												1,630,485
Investments with deficit balances reflected within Other Liabilities												85,426
Investments in Unconsolidated Joint Ventures												$	1,715,911
Mortgage/Mezzanine/Construction Loans Payable, Net																		$	1,600,367

34

---

			Q4 2022
			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						51.17		%				5.80		%				6.14		%				1.6
Fixed Rate Debt						48.83		%				3.95		%				4.25		%				7.8
Total Debt						100.00		%				4.90		%				5.22		%				4.6

_____________

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 and the effects of hedging transactions (if any).

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

4 The Company recognized a $50.7 million non-cash impairment charge in Q4 2022.

5The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.

6 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.

7 Safeco Plaza and Metropolitan Square entered into interest rate cap agreements during Q3 2022 which capped SOFR to 2.50% and 4.50% per annum, respectively.

8 The Company’s partner will fund required capital until their aggregate investment is approximately 80% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.

35

---

			Q4 2022
			Unconsolidated joint ventures (continued)

for the three months ended December 31, 2022

(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						$	24,465					$	31,251					$	12,413					$	10,969					$	6,578					$	33,237																																									$	118,913
Straight-line rent						1,074						2,607						141						347						710						3,150																																										8,029
Fair value lease revenue						—						278						752						23						1,144						—																																										2,197
Termination income						—						(69)						1,673						—						—						—																																										1,604
Total lease revenue						25,539						34,067						14,979						11,339						8,432						36,387																																										130,743
Parking and other						(28)						3,557						54						207						584						2,039																																										6,413
Total rental revenue 3						25,511						37,624						15,033						11,546						9,016						38,426																																										137,156
Expenses
Operating						9,039						13,765						8,867						4,745						3,648						14,268																																										54,332
Net operating income/(loss)						16,472						23,859						6,166						6,801						5,368						24,158																																										82,824
Other income/(expense)
Development and management services revenue						—						—						373						1						—						39																																										413
Interest and other income						231						232						172						20						60						436																																										1,151
Interest expense						(9,630)						(11,956)						(8,927)						(3)						(4,007)						(16,272)																																										(50,795)
Unrealized gain on derivative instruments						—						—						1,681						—						—						—																																										1,681
Transaction costs						(3)						—						—						—						(24)						(64)																																										(91)
Depreciation and amortization expense						(8,257)						(13,672)						(5,638)						(4,800)						(5,461)						(11,124)																																										(48,952)
General and administrative expense						(34)						(25)						(310)						(4)						(8)						(39)																																										(420)
Total other income/(expense)						(17,693)						(25,421)						(12,649)						(4,786)						(9,440)						(27,024)																																										(97,013)
Net income/(loss)						$	(1,221)					$	(1,562)					$	(6,483)					$	2,015					$	(4,072)					$	(2,866)																																									$	(14,189)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss)						$	(611)					$	(941)					$	(3,015)					$	1,003					$	(1,368)					$	156																																						4			$	(4,776)
Basis differential
Straight-line rent						$	—					$	91		5			$	149					$	7		5			$	—					$	—																																									$	247
Fair value lease revenue						—						301			5			63						(219)			5			—						—																																										145
Fair value interest adjustment						—						—						(250)						—						—						—																																										(250)
Amortization of financing costs						—						—						55						—						—						—																																										55
Unrealized gain on derivative instruments						—						—						(449)						—						—						—																																										(449)
Transaction costs						—						—						—						13			5			—						—																																										13
Depreciation and amortization expense						34						(1,073)			5			(1,055)						(506)			5			1						(132)																																										(2,731)
Impairment loss on investment 6						—						—						(50,705)						—						—						—																																										(50,705)
Total basis differential 7						34						(681)			5			(52,192)						(705)			5			1						(132)																																										(53,675)
Income/(loss) from unconsolidated joint ventures						(577)						(1,622)						(55,207)						298						(1,367)						24																																							4			(58,451)
Add:
BXP’s share of depreciation and amortization expense						4,095						8,273						3,260						2,953						1,838						4,207																																							4			24,626
BXP’s share of impairment loss on investment						—						—						50,705						—						—						—																																										50,705
BXP’s share of FFO						$	3,518					$	6,651					$	(1,242)					$	3,251					$	471					$	4,231																																									$	16,880

_____________

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.

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

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

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 certain joint ventures differs from the historical basis of the venture.

6 Represents the other-than-temporary decline in the fair values below the carrying values of certain of the Company’s investments in unconsolidated joint ventures.

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

36

---

			Q4 2022
			Lease expirations - All in-service properties1, 2, 3

as of December 31, 2022

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
2022						130,930						127,376						7,678,908						60.29						7,678,908						60.29						0.32		%	4
2023						2,162,332						1,886,395						122,126,050						64.74						123,730,515						65.59						4.81		%
2024						3,377,272						2,992,709						189,939,793						63.47						192,009,578						64.16						7.63		%
2025						3,012,839						2,536,634						175,017,981						69.00						180,113,096						71.00						6.47		%
2026						3,325,568						2,685,498						201,817,496						75.15						213,340,671						79.44						6.85		%
2027						2,411,802						2,177,972						154,113,922						70.76						168,258,077						77.25						5.55		%
2028						3,497,670						2,761,788						223,941,583						81.09						246,220,058						89.15						7.04		%
2029						3,157,918						2,776,358						200,104,415						72.07						229,289,447						82.59						7.08		%
2030						2,695,454						2,569,834						191,798,873						74.63						212,161,937						82.56						6.55		%
2031						1,994,110						1,841,343						147,745,043						80.24						165,931,930						90.11						4.70		%
Thereafter						15,456,070						12,074,900						948,681,601						78.57						1,156,419,074						95.77						30.79		%

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
2022						11,317						11,317						876,989						77.49						876,989						77.49						0.50		%	4
2023						202,939						198,859						7,699,821						38.72						7,717,954						38.81						8.78		%
2024						107,564						102,597						6,757,515						65.86						6,937,862						67.62						4.53		%
2025						140,863						115,052						9,007,101						78.29						9,687,259						84.20						5.08		%
2026						101,251						86,259						20,940,712						242.77						23,368,337						270.91						3.81		%
2027						124,387						113,993						13,267,137						116.39						13,837,035						121.38						5.04		%
2028						115,771						112,495						10,987,052						97.67						12,050,672						107.12						4.97		%
2029						119,699						92,493						11,169,099						120.76						12,275,900						132.72						4.09		%
2030						246,586						177,903						13,039,656						73.30						14,195,777						79.80						7.86		%
2031						56,698						46,919						4,179,231						89.07						4,815,230						102.63						2.07		%
Thereafter						743,437						593,348						66,676,380						112.37						82,019,694						138.23						26.21		%

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
2022						142,247						138,693						8,555,897						61.69						8,555,897						61.69						0.33		%	4
2023						2,365,271						2,085,254						129,825,871						62.26						131,448,469						63.04						5.03		%
2024						3,484,836						3,095,306						196,697,308						63.55						198,947,440						64.27						7.46		%
2025						3,153,702						2,651,686						184,025,082						69.40						189,800,355						71.58						6.39		%
2026						3,426,819						2,771,757						222,758,208						80.37						236,709,008						85.40						6.68		%
2027						2,536,189						2,291,965						167,381,059						73.03						182,095,112						79.45						5.53		%
2028						3,613,441						2,874,283						234,928,635						81.73						258,270,730						89.86						6.93		%
2029						3,277,617						2,868,851						211,273,514						73.64						241,565,347						84.20						6.92		%
2030						2,942,040						2,747,737						204,838,529						74.55						226,357,714						82.38						6.62		%
2031						2,050,808						1,888,262						151,924,274						80.46						170,747,160						90.43						4.55		%
Thereafter						16,199,507						12,668,248						1,015,357,981						80.15						1,238,438,768						97.76						30.54		%

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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

---

			Q4 2022
			Lease expirations - Boston region in-service properties 1, 2, 3

as of December 31, 2022

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
2022						50,323						50,323						2,140,690						42.54						2,140,690						42.54			4
2023						867,873						781,186						46,981,585						60.14						47,150,957						60.36
2024						837,876						790,300						44,861,870						56.77						46,404,988						58.72
2025						1,017,727						998,583						60,447,252						60.53						61,862,959						61.95
2026						777,131						745,820						49,336,350						66.15						52,258,956						70.07
2027						667,605						659,805						44,502,591						67.45						49,241,922						74.63
2028						1,147,791						1,147,791						96,613,324						84.17						105,195,981						91.65
2029						1,125,239						992,029						59,091,984						59.57						69,551,972						70.11
2030						1,390,992						1,384,319						89,591,275						64.72						97,553,273						70.47
2031						558,878						491,442						28,326,714						57.64						31,525,618						64.15
Thereafter						4,829,491						3,958,555						320,585,700						80.99						389,055,340						98.28

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
2022						—						—						—						—						—						—
2023						135,567						135,252						2,937,015						21.72						2,912,754						21.54
2024						33,306						33,306						2,318,880						69.62						2,320,014						69.66
2025						41,203						41,203						3,691,701						89.60						3,769,620						91.49
2026						26,512						26,512						5,171,171						195.05						5,430,023						204.81
2027						67,859						61,567						9,457,411						153.61						9,985,313						162.19
2028						75,560						75,560						8,452,075						111.86						9,236,474						122.24
2029						51,277						49,927						7,039,893						141.00						7,580,290						151.83
2030						91,335						56,940						5,680,625						99.77						5,753,258						101.04
2031						4,266						4,266						606,633						142.20						675,901						158.44
Thereafter						261,547						220,459						16,612,125						75.35						19,586,961						88.85

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
2022						50,323						50,323						2,140,690						42.54						2,140,690						42.54			4
2023						1,003,440						916,438						49,918,600						54.47						50,063,711						54.63
2024						871,182						823,606						47,180,750						57.29						48,725,002						59.16
2025						1,058,930						1,039,786						64,138,953						61.68						65,632,579						63.12
2026						803,643						772,332						54,507,521						70.58						57,688,979						74.69
2027						735,464						721,372						53,960,002						74.80						59,227,235						82.10
2028						1,223,351						1,223,351						105,065,399						85.88						114,432,455						93.54
2029						1,176,516						1,041,956						66,131,877						63.47						77,132,262						74.03
2030						1,482,327						1,441,259						95,271,900						66.10						103,306,531						71.68
2031						563,144						495,708						28,933,347						58.37						32,201,519						64.96
Thereafter						5,091,038						4,179,014						337,197,825						80.69						408,642,301						97.78

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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

---

			Q4 2022
			Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of December 31, 2022

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						50,323						50,323						2,140,690						42.54						2,140,690						42.54			4
Total 2022						50,323						50,323						2,140,690						42.54						2,140,690						42.54
Q1 2023						174,107						155,480						8,428,011						54.21						8,456,593						54.39
Q2 2023						117,425						110,325						6,393,228						57.95						6,399,951						58.01
Q3 2023						250,601						233,706						16,651,393						71.25						16,664,243						71.30
Q4 2023						325,740						281,674						15,508,954						55.06						15,630,171						55.49
Total 2023						867,873						781,186						46,981,585						60.14						47,150,957						60.36

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						—						—						—						—						—						—
Total 2022						—						—						—						—						—						—
Q1 2023						117,998						117,683						1,320,796						11.22						1,320,796						11.22
Q2 2023						8,721						8,721						692,007						79.35						662,559						75.97
Q3 2023						2,443						2,443						377,623						154.57						377,623						154.57
Q4 2023						6,405						6,405						546,590						85.34						551,776						86.15
Total 2023						135,567						135,252						2,937,015						21.72						2,912,754						21.54

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						50,323						50,323						2,140,690						42.54						2,140,690						42.54			4
Total 2022						50,323						50,323						2,140,690						42.54						2,140,690						42.54
Q1 2023						292,105						273,163						9,748,807						35.69						9,777,389						35.79
Q2 2023						126,146						119,046						7,085,235						59.52						7,062,510						59.33
Q3 2023						253,044						236,149						17,029,016						72.11						17,041,866						72.17
Q4 2023						332,145						288,079						16,055,544						55.73						16,181,947						56.17
Total 2023						1,003,440						916,438						49,918,600						54.47						50,063,711						54.63

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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.

39

---

			Q4 2022
			Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of December 31, 2022

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
2022						—						—						—						—						—						—
2023						67,860						37,323						2,499,198						66.96						2,498,399						66.94
2024						132,131						72,672						4,976,663						68.48						5,167,250						71.10
2025						12,255						6,740						497,290						73.78						543,703						80.67
2026						602,745						331,510						23,021,219						69.44						25,383,356						76.57
2027						27,999						15,399						808,205						52.48						1,230,774						79.92
2028						305,943						158,489						12,254,652						77.32						14,538,931						91.73
2029						349,913						174,957						12,217,912						69.83						14,588,826						83.39
2030						—						—						—						—						—						—
2031						—						—						—						—						—						—
Thereafter						428,566						214,470						15,315,014						71.41						23,375,203						108.99

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
2022						—						—						—						—						—						—
2023						1,405						703						48,584						69.16						48,584						69.16
2024						4,333						2,283						127,619						55.90						127,619						55.90
2025						36,406						18,975						1,527,406						80.49						1,550,927						81.73
2026						5,827						3,205						338,161						105.52						365,473						114.04
2027						—						—						—						—						—						—
2028						—						—						—						—						—						—
2029						38,118						20,965						1,290,585						61.56						1,401,899						66.87
2030						5,283						2,906						334,316						115.06						405,506						139.56
2031						—						—						—						—						—						—
Thereafter						17,993						8,997						493,141						54.81						608,117						67.59

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
2022						—						—						—						—						—						—
2023						69,265						38,026						2,547,782						67.00						2,546,983						66.98
2024						136,464						74,955						5,104,282						68.10						5,294,869						70.64
2025						48,661						25,715						2,024,696						78.74						2,094,630						81.46
2026						608,572						334,715						23,359,380						69.79						25,748,829						76.93
2027						27,999						15,399						808,205						52.48						1,230,774						79.93
2028						305,943						158,489						12,254,652						77.32						14,538,931						91.73
2029						388,031						195,922						13,508,497						68.95						15,990,725						81.62
2030						5,283						2,906						334,316						115.04						405,506						139.54
2031						—						—						—						—						—						—
Thereafter						446,559						223,467						15,808,155						70.74						23,983,320						107.32

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

40

---

			Q4 2022
			Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of December 31, 2022

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						—						—						—						—						—						—
Total 2022						—						—						—						—						—						—
Q1 2023						61,395						33,767						2,238,023						66.28						2,238,023						66.28
Q2 2023						—						—						—						—						—						—
Q3 2023						4,002						2,201						172,845						78.53						172,472						78.36
Q4 2023						2,463						1,355						88,330						65.19						87,903						64.87
Total 2023						67,860						37,323						2,499,198						66.96						2,498,399						66.94

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						—						—						—						—						—						—
Total 2022						—						—						—						—						—						—
Q1 2023						1,405						703						48,584						69.16						48,584						69.16
Q2 2023						—						—						—						—						—						—
Q3 2023						—						—						—						—						—						—
Q4 2023						—						—						—						—						—						—
Total 2023						1,405						703						48,584						69.16						48,584						69.16

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						—						—						—						—						—						—
Total 2022						—						—						—						—						—						—
Q1 2023						62,800						34,470						2,286,607						66.34						2,286,607						66.34
Q2 2023						—						—						—						—						—						—
Q3 2023						4,002						2,201						172,845						78.53						172,472						78.36
Q4 2023						2,463						1,355						88,330						65.19						87,903						64.87
Total 2023						69,265						38,026						2,547,782						67.00						2,546,983						66.98

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

41

---

			Q4 2022
			Lease expirations - New York region in-service properties 1, 2, 3

as of December 31, 2022

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
2022						13,261						13,261						1,430,521						107.87						1,430,521						107.87			4
2023						328,742						244,173						19,670,873						80.56						19,910,543						81.54
2024						1,215,389						1,023,520						70,449,095						68.83						71,102,453						69.47
2025						924,662						624,110						50,551,314						81.00						50,781,467						81.37
2026						679,792						496,246						37,343,984						75.25						38,016,459						76.61
2027						443,166						385,501						26,695,359						69.25						27,680,335						71.80
2028						605,043						409,017						38,356,239						93.78						40,514,892						99.05
2029						665,717						639,350						63,871,753						99.90						69,383,937						108.52
2030						733,334						682,892						61,977,946						90.76						67,122,709						98.29
2031						376,287						340,492						25,267,810						74.21						27,103,466						79.60
Thereafter						4,496,610						3,203,893						305,175,965						95.25						365,807,943						114.18

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
2022						1,350						1,350						283,500						210.00						283,500						210.00			4
2023						5,164						2,577						1,704,840						661.57						1,743,881						676.72
2024						3,342						3,342						679,275						203.25						741,801						221.96
2025						4,179						4,179						360,000						86.15						480,000						114.86
2026						29,032						22,131						12,941,353						584.75						14,175,420						640.52
2027						—						—						—						—						—						—
2028						—						—						—						—						—						—
2029						8,463						4,557						1,420,074						311.62						1,670,272						366.53
2030						44,899						13,263						1,977,796						149.12						2,296,550						173.15
2031						13,633						10,123						1,515,371						149.70						1,791,859						177.01
Thereafter						244,133						164,320						40,780,468						248.18						51,425,487						312.96

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
2022						14,611						14,611						1,714,021						117.31						1,714,021						117.31			4
2023						333,906						246,750						21,375,713						86.63						21,654,424						87.76
2024						1,218,731						1,026,862						71,128,370						69.27						71,844,254						69.96
2025						928,841						628,289						50,911,314						81.03						51,261,467						81.59
2026						708,824						518,377						50,285,337						97.01						52,191,879						100.68
2027						443,166						385,501						26,695,359						69.25						27,680,335						71.80
2028						605,043						409,017						38,356,239						93.78						40,514,892						99.05
2029						674,180						643,907						65,291,827						101.40						71,054,209						110.35
2030						778,233						696,155						63,955,742						91.87						69,419,259						99.72
2031						389,920						350,615						26,783,181						76.39						28,895,325						82.41
Thereafter						4,740,743						3,368,213						345,956,433						102.71						417,233,430						123.87

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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

---

			Q4 2022
			Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of December 31, 2022

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						13,261						13,261						1,430,521						107.87						1,430,521						107.87			4
Total 2022						13,261						13,261						1,430,521						107.87						1,430,521						107.87
Q1 2023						119,752						92,782						5,777,825						62.27						5,777,825						62.27
Q2 2023						43,145						26,353						2,712,038						102.91						2,712,038						102.91
Q3 2023						72,963						55,069						4,031,744						73.21						4,031,744						73.21
Q4 2023						92,882						69,969						7,149,266						102.18						7,388,936						105.60
Total 2023						328,742						244,173						19,670,873						80.56						19,910,543						81.54

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						1,350						1,350						283,500						210.00						283,500						210.00			4
Total 2022						1,350						1,350						283,500						210.00						283,500						210.00
Q1 2023						3,317						1,469						387,070						263.53						387,070						263.53
Q2 2023						—						—						—						—						—						—
Q3 2023						—						—						—						—						—						—
Q4 2023						1,847						1,108						1,317,771						1,189.11						1,356,811						1,224.34
Total 2023						5,164						2,577						1,704,840						661.57						1,743,881						676.72

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						14,611						14,611						1,714,021						117.31						1,714,021						117.31			4
Total 2022						14,611						14,611						1,714,021						117.31						1,714,021						117.31
Q1 2023						123,069						94,251						6,164,895						65.41						6,164,895						65.41
Q2 2023						43,145						26,353						2,712,038						102.91						2,712,038						102.91
Q3 2023						72,963						55,069						4,031,744						73.21						4,031,744						73.21
Q4 2023						94,729						71,077						8,467,037						119.12						8,745,747						123.05
Total 2023						333,906						246,750						21,375,713						86.63						21,654,424						87.76

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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

---

			Q4 2022
			Lease expirations - San Francisco region in-service properties 1, 2, 3

as of December 31, 2022

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
2022						—						—						—						—						—						—
2023						464,655						417,514						33,055,687						79.17						34,416,344						82.43
2024						680,794						629,231						44,164,787						70.19						43,567,588						69.24
2025						712,865						683,913						52,170,383						76.28						54,860,863						80.22
2026						692,565						605,116						53,332,083						88.14						56,439,075						93.27
2027						522,695						511,731						47,439,139						92.70						51,823,431						101.27
2028						589,239						562,500						49,618,999						88.21						55,970,791						99.50
2029						303,177						284,893						27,572,277						96.78						32,320,995						113.45
2030						347,878						336,265						30,730,310						91.39						36,233,453						107.75
2031						841,263						814,557						83,563,565						102.59						94,802,202						116.39
Thereafter						1,053,059						1,022,542						99,160,070						96.97						117,867,623						115.27

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
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2022						1,229						1,229						95,328						77.57						95,328						77.57			4
2023						32,444						32,444						2,005,866						61.83						2,007,346						61.87
2024						6,564						6,564						206,847						31.51						287,884						43.86
2025						33,198						33,198						1,997,831						60.18						2,446,351						73.69
2026						6,955						6,955						585,772						84.22						677,312						97.38
2027						12,951						12,951						990,185						76.46						1,058,151						81.70
2028						9,338						9,338						663,348						71.04						695,920						74.53
2029						6,216						6,216						608,761						97.93						687,438						110.59
2030						5,267						5,267						669,479						127.11						781,200						148.32
2031						6,709						3,355						82,923						24.72						105,045						31.31
Thereafter						39,591						39,591						2,172,690						54.88						2,686,156						67.85

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
2022						1,229						1,229						95,328						$	77.57					95,328						77.57			4
2023						497,099						449,958						35,061,553						77.92						36,423,690						80.95
2024						687,358						635,795						44,371,634						69.79						43,855,472						68.98
2025						746,063						717,111						54,168,214						75.54						57,307,214						79.91
2026						699,520						612,071						53,917,855						88.09						57,116,387						93.32
2027						535,646						524,682						48,429,324						92.30						52,881,582						100.79
2028						598,577						571,838						50,282,347						87.93						56,666,711						99.10
2029						309,393						291,109						28,181,038						96.81						33,008,433						113.39
2030						353,145						341,532						31,399,789						91.94						37,014,653						108.38
2031						847,972						817,912						83,646,488						102.27						94,907,247						116.04
Thereafter						1,092,650						1,062,133						101,332,760						95.40						120,553,779						113.50

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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

---

			Q4 2022
			Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of December 31, 2022

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						—						—						—						—						—						—
Total 2022						—						—						—						—						—						—
Q1 2023						31,927						26,244						1,847,872						70.41						1,981,375						75.50
Q2 2023						50,892						43,031						2,972,980						69.09						3,801,413						88.34
Q3 2023						255,591						253,502						20,856,204						82.27						21,141,249						83.40
Q4 2023						126,245						94,738						7,378,632						77.89						7,492,307						79.08
Total 2023						464,655						417,514						33,055,687						79.17						34,416,344						82.43

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						1,229						1,229						95,328						77.57						95,328						77.57			4
Total 2022						1,229						1,229						95,328						77.57						95,328						77.57
Q1 2023						5,392						5,392						314,624						58.35						314,624						58.35
Q2 2023						3,039						3,039						290,661						95.64						290,661						95.64
Q3 2023						12,345						12,345						814,506						65.98						814,506						65.98
Q4 2023						11,668						11,668						586,076						50.23						587,555						50.36
Total 2023						32,444						32,444						2,005,866						61.83						2,007,346						61.87

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						1,229						1,229						95,328						77.57						95,328						77.57			4
Total 2022						1,229						1,229						95,328						77.57						95,328						77.57
Q1 2023						37,319						31,636						2,162,496						68.36						2,295,999						72.58
Q2 2023						53,931						46,070						3,263,641						70.84						4,092,074						88.82
Q3 2023						267,936						265,847						21,670,710						81.52						21,955,755						82.59
Q4 2023						137,913						106,406						7,964,708						74.85						8,079,862						75.93
Total 2023						497,099						449,958						35,061,553						77.92						36,423,690						80.95

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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

---

			Q4 2022
			Lease expirations - Seattle region in-service properties 1, 2, 3

as of December 31, 2022

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
2022						5,358						1,804						95,145						52.74						95,145						52.74			4
2023						51,527						39,407						2,066,562						52.44						2,082,850						52.85
2024						31,366						12,134						208,972						17.22						212,974						17.55
2025						24,247						8,164						379,169						46.44						399,578						48.94
2026						34,510						33,642						1,905,563						56.64						2,027,238						60.26
2027						189,746						186,827						10,947,355						58.60						12,143,333						65.00
2028						646,975						310,444						16,915,579						54.49						18,563,864						59.80
2029						113,708						112,239						6,644,568						59.20						7,611,513						67.81
2030						55,243						55,243						3,201,569						57.95						3,685,635						66.72
2031						94,744						91,599						5,136,937						56.08						5,874,995						64.14
Thereafter						85,034						58,222						3,994,937						68.62						4,994,170						85.78

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
2022						—						—						—						—						—						—
2023						3,718						3,718						145,523						39.14						145,523						39.14
2024						1,040						350						6,303						18.00						6,303						18.00
2025						—						—						—						—						—						—
2026						3,686						1,241						94,909						76.47						94,909						76.47
2027						—						—						—						—						—						—
2028						945						945						51,731						54.74						56,173						59.44
2029						—						—						—						—						—						—
2030						—						—						—						—						—						—
2031						3,048						3,048						185,379						60.82						222,230						72.91
Thereafter						—						—						—						—						—						—

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
2022						5,358						1,804						95,145						52.74						95,145						52.74			4
2023						55,245						43,125						2,212,085						51.29						2,228,373						51.67
2024						32,406						12,484						215,275						17.24						219,277						17.56
2025						24,247						8,164						379,169						46.44						399,578						48.94
2026						38,196						34,883						2,000,472						57.35						2,122,147						60.84
2027						189,746						186,827						10,947,355						58.60						12,143,333						65.00
2028						647,920						311,389						16,967,310						54.49						18,620,037						59.80
2029						113,708						112,239						6,644,568						59.20						7,611,513						67.82
2030						55,243						55,243						3,201,569						57.95						3,685,635						66.72
2031						97,792						94,647						5,322,316						56.23						6,097,225						64.42
Thereafter						85,034						58,222						3,994,937						68.62						4,994,170						85.78

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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

---

			Q4 2022
			Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of December 31, 2022

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						5,358						1,804						95,145						52.74						95,145						52.74			4
Total 2022						5,358						1,804						95,145						52.74						95,145						52.74
Q1 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						—						—						—						—						—						—
Q4 2023						51,527						39,407						2,066,562						52.44						2,082,850						52.85
Total 2023						51,527						39,407						2,066,562						52.44						2,082,850						52.85

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						—						—						—						—						—						—
Total 2022						—						—						—						—						—						—
Q1 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						3,718						3,718						145,523						39.14						145,523						39.14
Q4 2023						—						—						—						—						—						—
Total 2023						3,718						3,718						145,523						39.14						145,523						39.14

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						5,358						1,804						95,145						52.74						95,145						52.74			4
Total 2022						5,358						1,804						95,145						52.74						95,145						52.74
Q1 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						3,718						3,718						145,523						39.14						145,523						39.14
Q4 2023						51,527						39,407						2,066,562						52.44						2,082,850						52.85
Total 2023						55,245						43,125						2,212,085						51.29						2,228,373						51.67

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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.

47

---

			Q4 2022
			Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of December 31, 2022

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
2022						61,988						61,988						4,012,552						64.73						4,012,552						64.73			4
2023						381,675						366,792						17,852,145						48.67						17,671,422						48.18
2024						479,716						464,852						25,278,406						54.38						25,554,325						54.97
2025						321,083						215,124						10,972,573						51.01						11,664,526						54.22
2026						538,825						473,164						36,878,297						77.94						39,215,587						82.88
2027						560,591						418,709						23,721,273						56.65						26,138,282						62.43
2028						202,679						173,547						10,182,790						58.67						11,435,599						65.89
2029						600,164						572,890						30,705,921						53.60						35,832,204						62.55
2030						168,007						111,115						6,297,773						56.68						7,566,867						68.10
2031						122,938						103,253						5,450,017						52.78						6,625,649						64.17
Thereafter						4,563,310						3,617,218						204,449,915						56.52						255,318,795						70.58

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
2022						8,738						8,738						498,161						57.01						498,161						57.01			4
2023						24,641						24,165						857,993						35.51						859,866						35.58
2024						58,979						56,752						3,418,591						60.24						3,454,241						60.87
2025						25,877						17,497						1,430,163						81.74						1,440,361						82.32
2026						29,239						26,215						1,809,346						69.02						2,625,200						100.14
2027						43,577						39,475						2,819,541						71.43						2,793,571						70.77
2028						29,928						26,652						1,819,898						68.28						2,062,105						77.37
2029						15,625						10,828						809,786						74.78						936,001						86.44
2030						99,802						99,527						4,377,440						43.98						4,959,263						49.83
2031						29,042						26,127						1,788,925						68.47						2,020,195						77.32
Thereafter						180,173						159,981						6,617,956						41.37						7,712,973						48.21

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
2022						70,726						70,726						4,510,713						63.78						4,510,713						63.78			4
2023						406,316						390,957						18,710,138						47.86						18,531,288						47.40
2024						538,695						521,604						28,696,997						55.02						29,008,566						55.61
2025						346,960						232,621						12,402,736						53.32						13,104,887						56.34
2026						568,064						499,379						38,687,643						77.47						41,840,787						83.79
2027						604,168						458,184						26,540,814						57.93						28,931,853						63.14
2028						232,607						200,199						12,002,688						59.95						13,497,704						67.42
2029						615,789						583,718						31,515,707						53.99						36,768,205						62.99
2030						267,809						210,642						10,675,213						50.68						12,526,130						59.47
2031						151,980						129,380						7,238,942						55.95						8,645,844						66.83
Thereafter						4,743,483						3,777,199						211,067,871						55.88						263,031,768						69.64

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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

---

			Q4 2022
			Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of December 31, 2022

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						61,988						61,988						4,012,552						64.73						4,012,552						64.73			4
Total 2022						61,988						61,988						4,012,552						64.73						4,012,552						64.73
Q1 2023						72,354						68,833						2,143,011						31.13						1,825,113						26.52
Q2 2023						92,462						90,102						6,426,454						71.32						6,438,891						71.46
Q3 2023						148,010						140,479						6,693,145						47.65						6,755,105						48.09
Q4 2023						68,849						67,378						2,589,535						38.43						2,652,313						39.36
Total 2023						381,675						366,792						17,852,145						48.67						17,671,422						48.18

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						8,738						8,738						498,161						57.01						498,161						57.01			4
Total 2022						8,738						8,738						498,161						57.01						498,161						57.01
Q1 2023						10,518						10,518						310,034						29.48						310,034						29.48
Q2 2023						4,373						4,373						311,932						71.33						311,932						71.33
Q3 2023						6,655						6,655						123,019						18.49						123,024						18.49
Q4 2023						3,095						2,619						113,008						43.15						114,877						43.87
Total 2023						24,641						24,165						857,993						35.51						859,866						35.58

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 2022						—						—						—						—						—						—
Q2 2022						—						—						—						—						—						—
Q3 2022						—						—						—						—						—						—
Q4 2022						70,726						70,726						4,510,713						63.78						4,510,713						63.78			4
Total 2022						70,726						70,726						4,510,713						63.78						4,510,713						63.78
Q1 2023						82,872						79,351						2,453,045						30.91						2,135,147						26.91
Q2 2023						96,835						94,475						6,738,386						71.32						6,750,823						71.46
Q3 2023						154,665						147,134						6,816,164						46.33						6,878,129						46.75
Q4 2023						71,944						69,997						2,702,543						38.61						2,767,190						39.53
Total 2023						406,316						390,957						18,710,138						47.86						18,531,288						47.40

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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.

49

---

			Q4 2022
			Lease expirations - CBD properties 1, 2, 3

as of December 31, 2022

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
2022						12,880						12,880						825,368						64.08						825,368						64.08			4
2023						539,644						452,642						25,265,443						55.82						25,410,553						56.14
2024						335,169						287,593						19,330,129						67.21						19,897,813						69.19
2025						334,994						315,850						25,966,785						82.21						26,707,319						84.56
2026						560,622						529,311						41,060,243						77.57						42,716,110						80.70
2027						525,223						511,131						44,259,267						86.59						49,054,153						95.97
2028						1,081,055						1,081,055						97,842,403						90.51						106,558,998						98.57
2029						709,734						575,174						44,382,276						77.16						51,783,179						90.03
2030						1,316,313						1,275,245						87,755,662						68.81						94,650,746						74.22
2031						28,779						21,683						2,056,799						94.86						2,303,246						106.22
Thereafter						4,625,160						3,713,136						306,361,531						82.51						372,374,281						100.29

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
2022						—						—						—						—						—						—
2023						69,265						38,026						2,547,782						67.00						2,546,982						66.98
2024						136,464						74,955						5,104,282						68.10						5,294,869						70.64
2025						48,661						25,716						2,024,696						78.73						2,094,629						81.45
2026						608,572						334,715						23,359,380						69.79						25,748,829						76.93
2027						27,999						15,399						808,205						52.48						1,230,774						79.92
2028						305,943						158,489						12,254,652						77.32						14,538,931						91.73
2029						388,031						195,921						13,508,497						68.95						15,990,726						81.62
2030						5,283						2,906						334,316						115.06						405,506						139.56
2031						—						—						—						—						—						—
Thereafter						446,559						223,466						15,808,155						70.74						23,983,320						107.32

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
2022						12,850						12,850						1,645,836						128.08						1,645,836						128.08			4
2023						242,126						154,970						17,915,466						115.61						18,194,177						117.40
2024						719,708						527,839						52,043,559						98.60						52,684,206						99.81
2025						680,476						379,924						41,183,980						108.40						41,310,556						108.73
2026						467,424						276,978						40,465,176						146.10						41,951,355						151.46
2027						197,448						139,783						17,737,127						126.89						18,099,695						129.48
2028						576,798						380,772						37,363,523						98.13						39,396,958						103.47
2029						605,865						575,592						62,732,411						108.99						68,210,136						118.50
2030						731,059						648,981						62,359,082						96.09						67,481,133						103.98
2031						228,644						189,339						20,224,032						106.81						21,983,572						116.11
Thereafter						4,596,012						3,223,482						340,365,097						105.59						410,861,268						127.46

50

---

			Q4 2022
			Lease expirations - CBD properties (continued) 1, 2, 3

as of December 31, 2022

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
2022						1,229						1,229						95,328						77.57						95,328						77.57			4
2023						254,335						254,335						21,390,310						84.10						21,924,150						86.20
2024						519,302						519,302						39,761,222						76.57						39,106,489						75.31
2025						337,897						337,897						29,468,273						87.21						31,158,848						92.21
2026						493,225						493,225						45,071,939						91.38						47,749,243						96.81
2027						431,377						431,377						41,670,342						96.60						45,389,422						105.22
2028						517,029						517,029						47,403,038						91.68						53,330,944						103.15
2029						272,825						272,825						27,283,942						100.01						31,926,454						117.02
2030						277,390						277,390						27,488,395						99.10						32,323,865						116.53
2031						787,850						787,850						82,225,445						104.37						93,111,678						118.18
Thereafter						1,031,615						1,031,615						100,004,304						96.94						118,918,396						115.27

Seattle, WA

												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
2022						5,358						1,804						95,145						52.74						95,145						52.74			4
2023						55,245						43,125						2,212,085						51.29						2,228,373						51.67
2024						32,406						12,484						215,275						17.24						219,277						17.56
2025						24,247						8,164						379,169						46.44						399,578						48.94
2026						38,196						34,883						2,000,472						57.35						2,122,147						60.84
2027						189,746						186,827						10,947,355						58.60						12,143,333						65.00
2028						647,920						311,389						16,967,310						54.49						18,620,036						59.80
2029						113,708						112,239						6,644,568						59.20						7,611,513						67.81
2030						55,243						55,243						3,201,569						57.95						3,685,635						66.72
2031						97,792						94,647						5,322,316						56.23						6,097,225						64.42
Thereafter						85,034						58,222						3,994,937						68.62						4,994,170						85.78

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
2022						37,436						37,436						2,550,364						68.13						2,550,364						68.13			4
2023						64,084						48,725						3,648,469						74.88						3,667,315						75.27
2024						126,139						109,048						7,553,057						69.26						7,672,957						70.36
2025						173,879						59,540						3,532,259						59.33						3,716,160						62.41
2026						338,009						269,324						26,689,160						99.10						28,273,686						104.98
2027						222,953						76,968						6,028,174						78.32						6,426,533						83.50
2028						130,440						98,032						6,901,971						70.41						7,724,915						78.80
2029						84,277						52,206						3,610,153						69.15						4,165,954						79.80
2030						94,708						37,541						2,382,930						63.48						3,019,531						80.43
2031						80,737						58,136						3,210,238						55.22						3,883,139						66.79
Thereafter						1,504,478						905,980						61,846,978						68.27						76,385,419						84.31

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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.

51

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			Q4 2022
			Lease expirations - Suburban properties 1, 2, 3

as of December 31, 2022

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
2022						37,443						37,443						1,315,322						35.13						1,315,322						35.13			4
2023						463,796						463,796						24,653,157						53.16						24,653,157						53.16
2024						536,013						536,013						27,850,620						51.96						28,827,190						53.78
2025						723,936						723,936						38,172,167						52.73						38,925,260						53.77
2026						243,021						243,021						13,447,279						55.33						14,972,869						61.61
2027						210,241						210,241						9,700,735						46.14						10,173,082						48.39
2028						142,296						142,296						7,222,997						50.76						7,873,457						55.33
2029						466,782						466,782						21,749,601						46.59						25,349,082						54.31
2030						166,014						166,014						7,516,238						45.27						8,655,785						52.14
2031						534,365						474,025						26,876,548						56.70						29,898,273						63.07
Thereafter						465,878						465,878						30,836,294						66.19						36,268,020						77.85

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
2022						1,761						1,761						68,185						38.72						68,185						38.72			4
2023						91,780						91,780						3,460,246						37.70						3,460,246						37.70
2024						499,023						499,023						19,084,811						38.24						19,160,048						38.40
2025						248,365						248,365						9,727,334						39.17						9,950,912						40.07
2026						241,400						241,400						9,820,161						40.68						10,240,524						42.42
2027						245,718						245,718						8,958,232						36.46						9,580,640						38.99
2028						28,245						28,245						992,716						35.15						1,117,934						39.58
2029						68,315						68,315						2,559,416						37.46						2,844,073						41.63
2030						47,174						47,174						1,596,660						33.85						1,938,126						41.08
2031						161,276						161,276						6,559,149						40.67						6,911,753						42.86
Thereafter						144,731						144,731						5,591,336						38.63						6,372,162						44.03

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
2022						—						—						—						—						—						—
2023						242,764						195,623						13,671,244						69.89						14,499,541						74.12
2024						168,056						116,493						4,610,412						39.58						4,748,983						40.77
2025						408,166						379,214						24,699,941						65.13						26,148,367						68.95
2026						206,295						118,846						8,845,916						74.43						9,367,145						78.82
2027						104,269						93,305						6,758,981						72.44						7,492,159						80.30
2028						81,548						54,809						2,879,309						52.53						3,335,768						60.86
2029						36,568						18,284						897,096						49.06						1,081,979						59.18
2030						75,755						64,142						3,911,394						60.98						4,690,788						73.13
2031						60,122						30,061						1,421,044						47.27						1,795,568						59.73
Thereafter						61,035						30,518						1,328,456						43.53						1,635,383						53.59

52

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			Q4 2022
			Lease expirations - Suburban properties (continued) 1, 2, 3

as of December 31, 2022

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
2022						33,290						33,290						1,960,349						58.89						1,960,349						58.89			4
2023						342,232						342,232						15,061,668						44.01						14,863,974						43.43
2024						412,556						412,556						21,143,939						51.25						21,335,609						51.72
2025						173,081						173,081						8,870,477						51.25						9,388,728						54.24
2026						230,055						230,055						11,998,483						52.15						13,567,101						58.97
2027						381,215						381,215						20,512,640						53.81						22,505,320						59.04
2028						102,167						102,167						5,100,717						49.93						5,772,789						56.50
2029						531,512						531,512						27,905,554						52.50						32,602,250						61.34
2030						173,101						173,101						8,292,284						47.90						9,506,598						54.92
2031						71,243						71,243						4,028,703						56.55						4,762,704						66.85
Thereafter						3,239,005						2,871,219						149,220,893						51.97						186,646,349						65.01

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.

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 clients 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.

53

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			Q4 2022
			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			Marie Ferguson						646.747.5447
Bank of America Merrill Lynch			Jeffrey Spector / Camille Bonnel						646.855.1363 / 416.369.2140
Barclays			Anthony Powell						212.526.8768
BMO Capital			John Kim						212.885.4115
BTIG			Tom Catherwood						212.738.6140
Citi			Nicholas Joseph / Michael Griffin						212.816.1909 / 212.816.5871
Credit Suisse			Tayo Okusanya						212.325.1402
Deutsche Bank Securities			Derek Johnston						212.250.5683
Evercore ISI			Steve Sakwa						212.446.9462
Green Street Advisors			Dylan Burzinski						949.640.8780
Jefferies & Co.			Jonathan Peterson						212.336.7076
J.P. Morgan Securities			Anthony Paolone						212.622.6682
KeyBanc Capital Markets			Todd Thomas						917.368.2286
Mizuho Securities			Vikram Malhotra						212.209.9300
Morgan Stanley			Ronald Kamdem						212.296.8319
Piper Sandler Companies			Alexander Goldfarb						212.466.7937
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			Michael Goldsmith						212.713.2951
Wells Fargo Securities			Blaine Heck						443.263.6529
Wolfe Research			Andrew Rosivach						646.582.9250

Debt Research Coverage
Barclays			Srinjoy Banerjee						212.526.3521
J.P. Morgan Securities			Mark Streeter						212.834.5086
US Bank			Bill Stafford						877.558.2605

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

54

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			Q4 2022
			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 59.

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, (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 and (11) on and after February 4, 2022, which was the end of the performance period for 2019 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2019 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, 2020, 2021 and 2022 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.

55

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			Q4 2022
			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 attributable to Boston Properties, Inc, the most directly comparable GAAP financial measure, plus net income attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment loss and adjustments to reflect the Company’s share of EBITDAre from unconsolidated joint ventures less gains (losses) on sales of real estate and sales-type leases. 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 client), 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 client), 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, fair value interest adjustment 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.

56

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			Q4 2022
			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 client), 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, (2) BXP’s Share of fair value interest adjustment and (3) 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.

57

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			Q4 2022
			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., the most directly comparable GAAP financial measure, plus (1) net income attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, losses from early extinguishments of debt, unrealized loss on non-real estate investment 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, interest and other income (loss), gain on sales-type lease and other income - assignment fee. 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 client), 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 client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’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 clients 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 client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’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 21 - 24 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

58

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			Q4 2022
			Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
			Three Months Ended
			31-Dec-22						30-Sep-22
Revenue			$	789,824					$	790,523
Partners’ share of revenue from consolidated joint ventures (JVs)			(78,915)						(79,336)
BXP’s share of revenue from unconsolidated JVs			61,988						59,938
BXP’s Share of revenue			$	772,897					$	771,125
Straight-line rent			$	32,038					$	32,140
Partners’ share of straight-line rent from consolidated JVs			(4,635)						(3,063)
BXP’s share of straight-line rent from unconsolidated JVs			3,626						4,740
BXP’s Share of straight-line rent			$	31,029					$	33,817
Fair value lease revenue 2			$	3,088					$	2,442
Partners’ share of fair value lease revenue from consolidated JVs 2			(140)						(140)
BXP’s share of fair value lease revenue from unconsolidated JVs 2			893						631
BXP’s Share of fair value lease revenue 2			$	3,841					$	2,933
Lease termination income			$	1,723					$	1,981
Partners’ share of termination income from consolidated JVs			(206)						(57)
BXP’s share of termination income from unconsolidated JVs			803						500
BXP’s Share of termination income			$	2,320					$	2,424
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			$	26,088					$	26,259
Partners’ share of parking and other revenue from consolidated JVs			(738)						(688)
BXP’s share of parking and other revenue from unconsolidated JVs			2,834						2,789
BXP’s Share of parking and other revenue			$	28,184					$	28,360
Hedge amortization, net of costs			$	1,590					$	1,590
Partners’ share of hedge amortization, net of costs from consolidated JVs			(144)						(144)
BXP’s share of hedge amortization, net of costs from unconsolidated JVs			305						(1,246)
BXP’s Share of hedge amortization, net of costs			$	1,751					$	200
Straight-line ground rent expense adjustment			$	262					$	800
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			142						144
BXP’s Share of straight-line ground rent expense adjustment			$	404					$	944
Depreciation and amortization			$	198,330					$	190,675
Noncontrolling interests in property partnerships’ share of depreciation and amortization			(17,435)						(17,706)
BXP’s share of depreciation and amortization from unconsolidated JVs			24,626						21,485
BXP’s Share of depreciation and amortization			$	205,521					$	194,454
Lease transaction costs that qualify as rent inducements 3			$	11,212					$	4,667
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 3			(101)						—
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 3			600						1,380
BXP’s Share of lease transaction costs that qualify as rent inducements 3			$	11,711					$	6,047
2nd generation tenant improvements and leasing commissions			$	50,638					$	184,826
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs			(3,733)						(18,615)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs			8,708						3,548
BXP’s Share of 2nd generation tenant improvements and leasing commissions			$	55,613					$	169,759

59

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			Q4 2022
			Reconciliations (continued)

Maintenance capital expenditures 4			$	25,813					$	16,808
Partners’ share of maintenance capital expenditures from consolidated JVs 4			(4,368)						(1,889)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 4			784						601
BXP’s Share of maintenance capital expenditures 4			$	22,229					$	15,520
Interest expense			$	119,923					$	111,846
Partners’ share of interest expense from consolidated JVs			(11,954)						(11,971)
BXP’s share of interest expense from unconsolidated JVs			21,435						17,748
BXP’s Share of interest expense			$	129,404					$	117,623
Capitalized interest			$	12,082					$	12,230
Partners’ share of capitalized interest from consolidated JVs			(80)						(64)
BXP’s share of capitalized interest from unconsolidated JVs			1,402						1,238
BXP’s Share of capitalized interest			$	13,404					$	13,404
Amortization of financing costs			$	3,716					$	4,772
Partners’ share of amortization of financing costs from consolidated JVs			(497)						(497)
BXP’s share of amortization of financing costs from unconsolidated JVs			759						753
BXP’s Share of amortization of financing costs			$	3,978					$	5,028
Fair value interest adjustment			$	—					$	—
Partners’ share of fair value of interest adjustment from consolidated JVs			—						—
BXP’s share off fair value interest adjustment from unconsolidated JVs			250						—
BXP’s Share of fair value interest adjustment			$	250					$	—

_____________

1Represents the reinstatement of accrued rent balances related to clients that the Company determined are now probable of collection.

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

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.

60

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			Q4 2022
			Reconciliations (continued)

for the three months ended December 31, 2022

(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						$	71,215					$	99,348					$	170,563
Straight-line rent						3,659						7,047						10,706
Fair value lease revenue						327						21						348
Termination income						193						287						480
Total lease revenue						75,394						106,703						182,097
Parking and other						—						1,639						1,639
Total rental revenue 2						75,394						108,342						183,736
Expenses
Operating						29,932						37,634						67,566
Net Operating Income (NOI)						45,462						70,708						116,170
Other income (expense)
Development and management services revenue						—						7						7
Interest and other income						835						1,132						1,967
Interest expense						(21,194)						(7,734)						(28,928)
Depreciation and amortization expense						(15,934)						(23,120)						(39,054)
General and administrative expense						(42)						(50)						(92)
Total other income (expense)						(36,335)						(29,765)						(66,100)
Net income						$	9,127					$	40,943					$	50,070
BXP’s nominal ownership percentage						60.00%						55.00%
Partners’ share of NOI (after income allocation to private REIT shareholders) 3						$	17,555					$	31,034					$	48,589
BXP’s share of NOI (after income allocation to private REIT shareholders)						$	27,907					$	39,674					$	67,581
Unearned portion of capitalized fees 4						$	605					$	530					$	1,135
Partners’ share of select items 3
Partners’ share of parking and other revenue						$	—					$	738					$	738
Partners’ share of hedge amortization						$	144					$	—					$	144
Partners’ share of amortization of financing costs						$	346					$	151					$	497
Partners’ share of depreciation and amortization related to capitalized fees						$	346					$	510					$	856
Partners’ share of capitalized interest						$	80					$	—					$	80
Partners’ share of lease transaction costs that qualify as rent inducements						$	—					$	(101)					$	(101)
Partners’ share of management and other fees						$	633					$	809					$	1,442
Partners’ share of basis differential depreciation and amortization expense						$	(18)					$	(180)					$	(198)
Partners’ share of basis differential interest and other adjustments						$	(4)					$	18					$	14
Reconciliation of Partners’ share of EBITDAre 5
Partners’ NCI						$	2,694					$	17,267					$	19,961
Add:
Partners’ share of interest expense after BXP’s basis differential						8,474						3,480						11,954
Partners’ share of depreciation and amortization expense after BXP’s basis differential						6,701						10,734						17,435
Partners’ share of EBITDAre						$	17,869					$	31,481					$	49,350

61

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			Q4 2022
			Reconciliations (continued)

for the three months ended December 31, 2022

(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) 3						(The GM Building)						Atlantic Wharf Office						Joint Ventures
Rental revenue 2						$	30,158					$	48,754					$	78,912
Less: Termination income						77						129						206
Rental revenue (excluding termination income) 2						30,081						48,625						78,706
Less: Operating expenses (including partners’ share of management and other fees)						12,603						17,741						30,344
Income allocation to private REIT shareholders						—						(21)						(21)
NOI (excluding termination income and after income allocation to private REIT shareholders)						$	17,478					$	30,905					$	48,383
Rental revenue (excluding termination income) 2						$	30,081					$	48,625					$	78,706
Less: Straight-line rent						1,464						3,171			2			4,635
Fair value lease revenue						131						9						140
Add: Lease transaction costs that qualify as rent inducements						—						101						101
Subtotal						28,486						45,546						74,032
Less: Operating expenses (including partners’ share of management and other fees)						12,603						17,741						30,344
Income allocation to private REIT shareholders						—						(21)						(21)
NOI - cash (excluding termination income and after income allocation to private REIT shareholders)						$	15,883					$	27,826					$	43,709
Reconciliation of Partners’ share of Revenue 3
Rental revenue 2						$	30,158					$	48,754					$	78,912
Add: Development and management services revenue						—						3						3
Revenue						$	30,158					$	48,757					$	78,915

_________

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

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

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

4Capitalized 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.

5Amounts 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.

62

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			Q4 2022
			Reconciliations (continued)

for the three months ended December 31, 2022

(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						$	24,465					$	31,251					$	12,413					$	10,969					$	6,578					$	33,237																																									$	118,913
Straight-line rent						1,074						2,607						141						347						710						3,150																																										8,029
Fair value lease revenue						—						278						752						23						1,144						—																																										2,197
Termination income						—						(69)						1,673						—						—						—																																										1,604
Total lease revenue						25,539						34,067						14,979						11,339						8,432						36,387																																										130,743
Parking and other						(28)						3,557						54						207						584						2,039																																										6,413
Total rental revenue 3						25,511						37,624						15,033						11,546						9,016						38,426																																										137,156
Expenses
Operating						9,039						13,765						8,867			4			4,745						3,648						14,268																																										54,332
Net operating income/(loss)						16,472						23,859						6,166						6,801						5,368						24,158																																										82,824
Other income/(expense)
Development and management services revenue						—						—						373						1						—						39																																										413
Interest and other income						231						232						172						20						60						436																																										1,151
Interest expense						(9,630)						(11,956)						(8,927)						(3)						(4,007)						(16,272)																																										(50,795)
Unrealized gain on derivative instruments						—						—						1,681						—						—						—																																										1,681
Transaction costs						(3)						—						—						—						(24)						(64)																																										(91)
Depreciation and amortization expense						(8,257)						(13,672)						(5,638)						(4,800)						(5,461)						(11,124)																																										(48,952)
General and administrative expense						(34)						(25)						(310)						(4)						(8)						(39)																																										(420)
Total other income/(expense)						(17,693)						(25,421)						(12,649)						(4,786)						(9,440)						(27,024)																																										(97,013)
Net income/(loss)						$	(1,221)					$	(1,562)					$	(6,483)					$	2,015					$	(4,072)					$	(2,866)																																									$	(14,189)
BXP’s share of select items:
BXP’s share of parking and other revenue						$	(14)					$	1,858					$	26					$	104					$	197					$	663		5																																							$	2,834
BXP’s share of amortization of financing costs						$	162					$	95					$	84					$	—					$	28					$	390		5																																							$	759
BXP’s share of hedge amortization, net of costs						$	—					$	—					$	—					$	—					$	253					$	52																																									$	305
BXP’s share of fair value interest adjustment						$	—					$	—					$	250					$	—					$	—					$	—																																									$	250
BXP’s share of capitalized interest						$	—					$	—					$	1,367					$	—					$	—					$	35		5																																							$	1,402
Income/(loss) from unconsolidated joint ventures						$	(577)					$	(1,622)					$	(55,207)					$	298					$	(1,367)					$	24		5																																							$	(58,451)
Add:
BXP’s share of interest expense						4,816						6,323						3,376						2						1,349						5,569			5																																							21,435
BXP’s share of depreciation and amortization expense						4,095						8,273			6			3,260						2,953			6			1,838						4,207			5																																							24,626
BXP’s share of impairment loss on investment 7						—						—						50,705						—						—						—																																										50,705
BXP’s share of EBITDAre						$	8,334					$	12,974		6			$	2,134					$	3,253		6			$	1,820					$	9,800		5																																							$	38,315

63

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			Q4 2022
			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						$	12,756					$	20,096		6			$	5,215					$	5,560		6			$	3,035					$	15,123		5																																							$	61,785
BXP’s share of operating expenses						4,519						7,220						3,224						2,372						1,222						5,494			5																																							24,051
BXP’s share of net operating income/(loss)						8,237						12,876			6			1,991						3,188			6			1,813						9,629			5																																							37,734
Less:
BXP’s share of termination income						—						(35)						838						—						—						—																																										803
BXP’s share of net operating income/(loss) (excluding termination income)						8,237						12,911						1,153						3,188						1,813						9,629			5																																							36,931
Less:
BXP’s share of straight-line rent						537						1,449			6			212						181			6			239						1,008			5																																							3,626
BXP’s share of fair value lease revenue						—						453			6			263						(207)			6			384						—																																										893
Add:
BXP’s share of straight-line ground rent expense adjustment						—						—						142						—						—						—																																										142
BXP’s share of lease transaction costs that qualify as rent inducements						—						1,097						—						—						—						(497)			5																																							600
BXP’s share of net operating income/(loss) - cash (excluding termination income)						$	7,700					$	12,106		6			$	820					$	3,214		6			$	1,190					$	8,124		5																																							$	33,154
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3						$	12,756					$	20,096		6			$	5,215					$	5,560		6			$	3,035					$	15,123		5																																							$	61,785
Add:
BXP’s share of development and management services revenue						—						—						187						1						—						15																																										203
BXP’s share of revenue						$	12,756					$	20,096		6			$	5,402					$	5,561		6			$	3,035					$	15,138		5																																							$	61,988

_____________

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.

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

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

4 Includes approximately $284 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 certain joint ventures differs from the historical basis of the venture.

7 Represents the other-than-temporary decline in the fair values below the carrying values of certain of the Company’s investments in unconsolidated joint ventures.

64

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			Q4 2022
			Reconciliations (continued)

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

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

(dollars in thousands)

						Three Months Ended
						30-Sep-22						30-Sep-21
Net income attributable to Boston Properties, Inc.						$	360,977					$	108,297
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						40,883						11,982
Noncontrolling interest in property partnerships						18,801						18,971
Net income						420,661						139,250
Add:
Interest expense						111,846						105,794
Losses from investments in securities						1,571						190
Loss from unconsolidated joint ventures						3,524						5,597
Depreciation and amortization expense						190,675						179,412
Transaction costs						1,650						1,888
Payroll and related costs from management services contracts						3,900						3,006
General and administrative expense						32,519						34,560
Less:
Interest and other income (loss)						3,728						1,520
Gains on sales of real estate						262,345						348
Direct reimbursements of payroll and related costs from management services contracts						3,900						3,006
Development and management services revenue						7,465						6,094
Net Operating Income (NOI)						488,908						458,729
Add:
BXP’s share of NOI from unconsolidated joint ventures						35,316						24,266
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)						48,306						47,800
BXP’s Share of NOI						475,918						435,195
Less:
Termination income						1,981						1,874
BXP’s share of termination income from unconsolidated joint ventures						500						(17)
Add:
Partners’ share of termination income from consolidated joint ventures						57						10
BXP’s Share of NOI (excluding termination income)						$	473,494					$	433,348
Net Operating Income (NOI)						$	488,908					$	458,729
Less:
Termination income						1,981						1,874
NOI from non Same Properties (excluding termination income)						33,576						14,697
Same Property NOI (excluding termination income)						453,351						442,158
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						48,249						47,790
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						—						—
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)						34,816						24,283
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)						9,648						1,669
BXP’s Share of Same Property NOI (excluding termination income)						$	430,270					$	416,982
Change in BXP’s Share of Same Property NOI (excluding termination income)						$	13,288
Change in BXP’s Share of Same Property NOI (excluding termination income)						3.2		%

65

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			Q4 2022
			Reconciliations (continued)

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

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

(dollars in thousands)

						Three Months Ended
						30-Sep-22						30-Sep-21
Net income attributable to Boston Properties, Inc.						$	360,977					$	108,297
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						40,883						11,982
Noncontrolling interest in property partnerships						18,801						18,971
Net income						420,661						139,250
Add:
Interest expense						111,846						105,794
Losses from investments in securities						1,571						190
Loss from unconsolidated joint ventures						3,524						5,597
Depreciation and amortization expense						190,675						179,412
Transaction costs						1,650						1,888
Payroll and related costs from management services contracts						3,900						3,006
General and administrative expense						32,519						34,560
Less:
Interest and other income (loss)						3,728						1,520
Gains on sales of real estate						262,345						348
Direct reimbursements of payroll and related costs from management services contracts						3,900						3,006
Development and management services revenue						7,465						6,094
Net Operating Income (NOI)						488,908						458,729
Less:
Straight-line rent						32,140						36,675
Fair value lease revenue						2,442						1,408
Termination income						1,981						1,874
Add:
Straight-line ground rent expense adjustment 1						631						748
Lease transaction costs that qualify as rent inducements 2						4,667						4,090
NOI - cash (excluding termination income)						457,643						423,610
Less:
NOI - cash from non Same Properties (excluding termination income)						23,983						13,308
Same Property NOI - cash (excluding termination income)						433,660						410,302
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						45,046						45,150
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)						—						—
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)						30,969						21,619
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)						8,181						1,248
BXP’s Share of Same Property NOI - cash (excluding termination income)						$	411,402					$	385,523
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)						$	25,879
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)						6.7		%

_____________

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 $169 and $40 for the three months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the Company has remaining lease payments aggregating approximately $25.3 million, all of which it expects to incur by the end of 2024 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 2024 may vary significantly. For the three months ended September 30, 2021, amount excludes $(23.0) million of prepaid ground rent expense in connection with the ground lease at Sumner Square located in Washington, DC.

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

66

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			Q4 2022
			Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

						Three Months Ended
						31-Dec-21						30-Sep-21
Revenue
Lease						$	690,912					$	692,260
Parking and other						22,940						21,266
Insurance proceeds						147						2,241
Hotel revenue						6,227						5,189
Development and management services						7,516						6,094
Direct reimbursements of payroll and related costs from management services contracts						3,321						3,006
Total revenue						731,063						730,056
Expenses
Operating						129,335						124,153
Real estate taxes						127,125						131,718
Demolition costs						38						169
Restoration expenses related to insurance claim						280						2,241
Hotel operating						5,005						3,946
General and administrative						33,649						34,560
Payroll and related costs from management services contracts						3,321						3,006
Transaction costs						2,066						1,888
Depreciation and amortization						177,521						179,412
Total expenses						478,340						481,093
Other income (expense)
Loss from unconsolidated joint ventures						(825)						(5,597)
Gains on sales of real estate						115,556						348
Gains (losses) from investments in securities						1,882						(190)
Interest and other income (loss)						1,564						1,520
Losses from early extinguishments of debt						(44,284)						—
Interest expense						(103,331)						(105,794)
Net income						223,285						139,250
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships						(18,204)						(18,971)
Noncontrolling interest - common units of the Operating Partnership						(20,544)						(11,982)
Net income attributable to Boston Properties, Inc.						$	184,537					$	108,297
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic						$	1.18					$	0.69
Net income attributable to Boston Properties, Inc. per share - diluted						$	1.18					$	0.69

67