Exhibit 99.1

Supplemental Operating and Financial Data

for the Quarter Ended June 30, 2023

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 191 properties, including 13 properties under construction/redevelopment. BXP’s properties include 170 office properties, 14 retail properties (including two 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, 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, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of geopolitical conflicts, including the ongoing war in Ukraine, the immediate and long-term impact of the outbreak of a highly infectious or contagious disease on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the outbreak or mitigate its impact, the direct and indirect economic effects of the outbreak and containment measures on our clients, and the ability of our clients to successfully operate their businesses), 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 54.

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 58.

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: Rendering of 2100 Pennsylvania Avenue, Washington, DC)

			Q2 2023
			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			11
Acquisitions and Dispositions			12
DEVELOPMENT ACTIVITY
Construction in Progress			13
Land Parcels and Purchase Options			15
LEASING ACTIVITY
Leasing Activity			16
PROPERTY STATISTICS
Portfolio Overview			17
Residential and Hotel Performance			18
In-Service Property Listing			20
Top 20 Clients Listing and Portfolio Client Diversification			24
Occupancy by Location			25
DEBT AND CAPITALIZATION
Capital Structure			26
Debt Analysis			27
Senior Unsecured Debt Covenant Compliance Ratios			28
Net Debt to EBITDAre			29
Debt Ratios			30
JOINT VENTURES
Consolidated Joint Ventures			31
Unconsolidated Joint Ventures			33
LEASE EXPIRATION ROLL-OUT
Total In-Service Properties			36
Boston			37
Los Angeles			39
New York			41
San Francisco			43
Seattle			45
Washington, DC			47
CBD			49
Suburban			51
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage			53
Definitions			54
Reconciliations			58
Consolidated Income Statement - Prior Year			66

			Q2 2023
			Company profile

SNAPSHOT

(as of June 30, 2023)

Fiscal Year-End			December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)			191
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			175.5 million
Closing Price, at the end of the quarter			$57.59 per share
Dividend - Quarter/Annualized			$0.98/$3.92 per share
Dividend Yield			6.8%
Consolidated Market Capitalization 2			$25.6 billion
BXP’s Share of Market Capitalization 2, 3			$25.8 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:

•continue to embrace our leadership position in the premier workplace segment and leverage our strength in portfolio quality, client relationships, development skills, market penetration, and sustainability to profitably build market share;

•maintain a keen focus on select dynamic gateway 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, marketing, legal, 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;

•pursue attractive asset class adjacencies where we have a track record of success, such as life sciences and residential development;

•maintain a leadership position in sustainability innovation to minimize emissions from BXP’s development and in-service portfolio, as well as to provide clients sustainable solutions for their space use needs;

•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

Owen D. Thomas

Chairman of the Board

Owen D. Thomas

Chief Executive Officer

Douglas T. Linde

Douglas T. Linde

President

Joel I. Klein

Lead Independent Director;

Raymond A. Ritchey

Senior Executive Vice President

Chair of Compensation Committee

Michael E. LaBelle

Executive Vice President, Chief Financial Officer and Treasurer

Kelly A. Ayotte

Donna D. Garesche

Executive Vice President, Chief Human Resources Officer

Bruce W. Duncan

Bryan J. Koop

Executive Vice President, Boston Region

Carol B. Einiger

Robert E. Pester

Executive Vice President, San Francisco Region

Diane J. Hoskins

Chair of Sustainability Committee

Hilary Spann

Executive Vice President, New York Region

Mary E. Kipp

Chair of Audit Committee

Peter V. Otteni

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

Matthew J. Lustig

Chair of Nominating & Corporate

Region

Governance Committee

John J. Stroman

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

William H. Walton, III

Region

Derek A. (Tony) West

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 26.

3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

1

			Q2 2023
			Guidance and assumptions

GUIDANCE

BXP’s guidance for the third 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 August 1, 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 56. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

												Third Quarter 2023												Full Year 2023
												Low						High						Low						High
Projected EPS (diluted)												$	0.63					$	0.65					$	2.42					$	2.47
			Add:
						Projected Company share of real estate depreciation and amortization						1.20						1.20						4.82						4.82
Projected FFO per share (diluted)												$	1.83					$	1.85					$	7.24					$	7.29

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		%
			Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income)																		1.50		%				2.50		%
			BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)																		$	100,000					$	105,000
			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)																		$	115,000					$	125,000
			Termination income																		$	4,000					$	5,000
Other revenue (expense):
			Development, management services and other revenue																		$	35,000					$	37,000
			General and administrative expense 1																		$	(164,000)					$	(157,000)
			Consolidated net interest expense 2																		$	(515,000)					$	(505,000)
Noncontrolling interest:
			Noncontrolling interest in property partnerships’ share of FFO																		$	(154,000)					$	(151,000)

_______________

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

2 Excludes $(97M) - $(94M) for full year 2023 of BXP’s share of projected interest expense from unconsolidated joint ventures.

2

			Q2 2023
			Financial highlights

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

						Three Months Ended
						30-Jun-23						31-Mar-23
Net income attributable to Boston Properties, Inc.						$	104,299					$	77,890
Net income attributable to Boston Properties, Inc. per share - diluted						$	0.66					$	0.50
FFO attributable to Boston Properties, Inc. 1						$	292,844					$	271,951
Diluted FFO per share 1						$	1.86					$	1.73
Dividends per common share						$	0.98					$	0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2						$	248,588					$	245,861
Selected items:
Revenue						$	817,153					$	803,200
Recoveries from clients						$	129,528					$	134,010
Service income from clients						$	2,846					$	2,227
BXP’s Share of revenue 3						$	805,187					$	789,411
BXP’s Share of straight-line rent 3						$	24,927					$	23,863
BXP’s Share of fair value lease revenue 3, 4						$	6,776					$	4,579
BXP’s Share of termination income 3						$	3,225					$	900
Ground rent expense						$	3,441					$	3,810
Capitalized interest						$	10,564					$	10,589
Capitalized wages						$	4,580					$	4,491
Loss from unconsolidated joint ventures						$	(6,668)					$	(7,569)
BXP’s share of FFO from unconsolidated joint ventures 5						$	19,088					$	18,076
Net income attributable to noncontrolling interests in property partnerships						$	19,768					$	18,660
FFO attributable to noncontrolling interests in property partnerships 6						$	37,626					$	36,371
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)						$	3,516					$	3,844
Below-market rents (included within Other Liabilities)						$	42,516					$	48,694
Accrued rental income liability (included within Other Liabilities)						$	123,212					$	127,005
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7						3.18						3.27
Interest Coverage Ratio (including capitalized interest) 7						2.93						3.00
Fixed Charge Coverage Ratio 7						2.54						2.67
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8						7.31						7.78
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 9						0.0		%				0.4		%
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 9						2.2		%				4.8		%
FAD Payout Ratio 2						69.23		%				69.98		%
Operating Margins [(rental revenue - rental expense)/rental revenue]						63.1		%				62.7		%
Occupancy % of In-Service Properties 10						88.3		%				88.6		%
Leased % of In-Service Properties 11						90.4		%				91.0		%
Capitalization:
Consolidated Debt						$	15,456,205					$	14,709,436
BXP’s Share of Debt 12						$	15,706,496					$	14,955,407
Consolidated Market Capitalization						$	25,563,883					$	24,206,901
Consolidated Debt/Consolidated Market Capitalization						60.46		%				60.77		%
BXP’s Share of Market Capitalization 12						$	25,814,174					$	24,452,872
BXP’s Share of Debt/BXP’s Share of Market Capitalization 12						60.84		%				61.16		%

_____________

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 54.

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 June 30, 2023, see page 35.

6For a quantitative reconciliation for the three months ended June 30, 2023, see page 32.

7For a quantitative reconciliation for the three months ended June 30, 2023 and March 31, 2023, see page 30.

8For a quantitative reconciliation for the three months ended June 30, 2023 and March 31, 2023, see page 29.

9For a quantitative reconciliation for the three months ended June 30, 2023 and March 31, 2023, see pages 10, 64 and 65.

10Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Excludes hotel and residential properties.

11Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Excludes hotel and residential properties.

12For a quantitative reconciliation for June 30, 2023, see page 26.

3

			Q2 2023
			Consolidated Balance Sheets

(unaudited and in thousands)

						30-Jun-23						31-Mar-23
ASSETS
Real estate						$	24,642,681					$	24,314,813
Construction in progress						482,850						618,770
Land held for future development						637,191						626,137
Right of use assets - finance leases						237,526						237,503
Right of use assets - operating leases						166,421						166,699
Less accumulated depreciation						(6,568,568)						(6,424,547)
Total real estate						19,598,101						19,539,375
Cash and cash equivalents						1,581,575						918,952
Cash held in escrows						46,915						45,330
Investments in securities						33,481						32,099
Tenant and other receivables, net						91,968						85,603
Related party note receivable, net						88,834						78,544
Sales-type lease receivable, net						13,250						13,028
Accrued rental income, net						1,318,320						1,297,767
Deferred charges, net						710,820						720,174
Prepaid expenses and other assets						77,457						141,933
Investments in unconsolidated joint ventures						1,780,959						1,752,617
Total assets						$	25,341,680					$	24,625,422
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net						$	3,274,764					$	3,273,553
Unsecured senior notes, net						10,985,395						10,240,967
Unsecured line of credit						—						—
Unsecured term loan, net						1,196,046						1,194,916
Lease liabilities - finance leases						251,874						250,567
Lease liabilities - operating leases						204,826						204,435
Accounts payable and accrued expenses						434,574						397,798
Dividends and distributions payable						171,465						171,427
Accrued interest payable						111,088						114,400
Other liabilities						418,813						465,276
Total liabilities						17,048,845						16,313,339
Commitments and contingencies						—						—
Redeemable deferred stock units						6,292						5,599
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, 156,932,300 and 156,908,693 issued and 156,853,400 and 156,829,793 outstanding at June 30, 2023 and March 31, 2023, respectively						1,569						1,568
Additional paid-in capital						6,561,161						6,549,314
Dividends in excess of earnings						(516,550)						(467,159)
Treasury common stock at cost, 78,900 shares at June 30, 2023 and March 31, 2023						(2,722)						(2,722)
Accumulated other comprehensive loss						(3,406)						(18,214)
Total stockholders’ equity attributable to Boston Properties, Inc.						6,040,052						6,062,787
Noncontrolling interests:
Common units of the Operating Partnership						689,123						691,627
Property partnerships						1,557,368						1,552,070
Total equity						8,286,543						8,306,484
Total liabilities and equity						$	25,341,680					$	24,625,422

4

			Q2 2023
			Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

						Three Months Ended
						30-Jun-23						31-Mar-23
Revenue
Lease						$	761,733					$	756,875
Parking and other						26,054						23,064
Insurance proceeds						930						945
Hotel revenue						13,969						8,101
Development and management services						9,858						8,980
Direct reimbursements of payroll and related costs from management services contracts						4,609						5,235
Total revenue						817,153						803,200
Expenses
Operating						150,735						147,182
Real estate taxes						137,566						139,432
Demolition costs						738						2,275
Restoration expenses related to insurance claims						1,997						2,419
Hotel operating						8,161						6,671
General and administrative 1						44,175						55,802
Payroll and related costs from management services contracts						4,609						5,235
Transaction costs						308						911
Depreciation and amortization						202,577						208,734
Total expenses						550,866						568,661
Other income (expense)
Loss from unconsolidated joint ventures						(6,668)						(7,569)
Gains from investments in securities 1						1,571						1,665
Unrealized gain on non-real estate investment						124						259
Interest and other income (loss)						17,343						10,941
Interest expense						(142,473)						(134,207)
Net income						136,184						105,628
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships						(19,768)						(18,660)
Noncontrolling interest - common units of the Operating Partnership 2						(12,117)						(9,078)
Net income attributable to Boston Properties, Inc.						$	104,299					$	77,890
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic						$	0.67					$	0.50
Net income attributable to Boston Properties, Inc. per share - diluted						$	0.66					$	0.50

_____________

1General and administrative expense includes $1.6 million and $1.7 million and Gains from investments in securities include $1.6 million and $1.7 million for the three months ended June 30, 2023 and March 31, 2023, respectively, related to the Company’s deferred compensation plan.

2For additional detail, see page 6.

5

			Q2 2023
			Funds from operations (FFO) 1

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

						Three Months Ended
						30-Jun-23						31-Mar-23
Net income attributable to Boston Properties, Inc.						$	104,299					$	77,890
Add:
Noncontrolling interest - common units of the Operating Partnership						12,117						9,078
Noncontrolling interests in property partnerships						19,768						18,660
Net income						136,184						105,628
Add:
Depreciation and amortization expense						202,577						208,734
Noncontrolling interests in property partnerships' share of depreciation and amortization 2						(17,858)						(17,711)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3						25,756						25,645
Corporate-related depreciation and amortization						(442)						(469)
Less:
Unrealized gain on non-real estate investment						124						259
Noncontrolling interests in property partnerships						19,768						18,660
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)						326,325						302,908
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO						33,481						30,957
FFO attributable to Boston Properties, Inc.						$	292,844					$	271,951
Boston Properties, Inc.’s percentage share of Basic FFO						89.74		%				89.78		%
Noncontrolling interest’s - common unitholders percentage share of Basic FFO						10.26		%				10.22		%
Basic FFO per share						$	1.87					$	1.73
Weighted average shares outstanding - basic						156,826						156,803
Diluted FFO per share						$	1.86					$	1.73
Weighted average shares outstanding - diluted						157,218						157,043

RECONCILIATION TO DILUTED FFO

						Three Months Ended
						30-Jun-23						31-Mar-23
Basic FFO						$	326,325					$	302,908
Add:
Effect of dilutive securities - stock-based compensation						—						—
Diluted FFO						326,325						302,908
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO						33,383						30,927
Boston Properties, Inc.’s share of Diluted FFO						$	292,942					$	271,981

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

						Three Months Ended
						30-Jun-23						31-Mar-23
Shares/units for Basic FFO						174,748						174,652
Add:
Effect of dilutive securities - stock-based compensation (shares/units)						392						240
Shares/units for Diluted FFO						175,140						174,892
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)						17,922						17,849
Boston Properties, Inc.’s share of shares/units for Diluted FFO						157,218						157,043
Boston Properties, Inc.’s percentage share of Diluted FFO						89.77		%				89.79		%

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

2For a quantitative reconciliation for the three months ended June 30, 2023, see page 32.

3For a quantitative reconciliation for the three months ended June 30, 2023, see page 35.

6

			Q2 2023
			Funds available for distributions (FAD) 1

(dollars in thousands)

						Three Months Ended
						30-Jun-23						31-Mar-23
Net income attributable to Boston Properties, Inc.						$	104,299					$	77,890
Add:
Noncontrolling interest - common units of the Operating Partnership						12,117						9,078
Noncontrolling interests in property partnerships						19,768						18,660
Net income						136,184						105,628
Add:
Depreciation and amortization expense						202,577						208,734
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2						(17,858)						(17,711)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3						25,756						25,645
Corporate-related depreciation and amortization						(442)						(469)
Less:
Unrealized gain on non-real estate investment						124						259
Noncontrolling interests in property partnerships						19,768						18,660
Basic FFO						326,325						302,908
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4						3,231						5,519
BXP’s Share of hedge amortization, net of costs 1						1,750						1,750
BXP’s share of fair value interest adjustment 1						499						499
BXP’s Share of straight-line ground rent expense adjustment 1, 5						811						543
Stock-based compensation						14,935						25,935
Non-real estate depreciation						442						469
Unearned portion of capitalized fees from consolidated joint ventures 6						957						622
Less:
BXP’s Share of straight-line rent 1						24,927						23,863
BXP’s Share of fair value lease revenue 1, 7						6,776						4,579
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1						43,992						45,155
BXP’s Share of maintenance capital expenditures 1, 8						24,132						18,508
Amortization and accretion related to sales type lease						229						226
Hotel improvements, equipment upgrades and replacements						306						53
Funds available for distribution to common shareholders and common unitholders (FAD) (A)						$	248,588					$	245,861
Distributions to common shareholders and unitholders (excluding any special distributions) (B)						$	172,092					$	172,054
FAD Payout Ratio1 (B÷A)						69.23		%				69.98		%

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

2For a quantitative reconciliation for the three months ended June 30, 2023, see page 32.

3For a quantitative reconciliation for the three months ended June 30, 2023, see page 35.

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

5Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $34.4 million, which it expects to incur by the end of 2025 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 60 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

			Q2 2023
			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
						30-Jun-23						30-Jun-22
Net income attributable to Boston Properties, Inc.						$	104,299					$	222,989
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						12,117						25,708
Noncontrolling interest in property partnerships						19,768						18,546
Net income						136,184						267,243
Add:
Interest expense						142,473						104,142
Depreciation and amortization expense						202,577						183,146
Transaction costs						308						496
Payroll and related costs from management services contracts						4,609						3,239
General and administrative expense						44,175						34,665
Less:
Other income - assignment fee						—						6,624
Interest and other income (loss)						17,343						1,195
Unrealized gain on non-real estate investment						124						—
Gains (losses) from investments in securities						1,571						(4,716)
Loss from unconsolidated joint ventures						(6,668)						(54)
Gains on sales of real estate						—						96,247
Direct reimbursements of payroll and related costs from management services contracts						4,609						3,239
Development and management services revenue						9,858						6,354
Net Operating Income (NOI)						503,489						484,042
Add:
BXP’s share of NOI from unconsolidated joint ventures 1						42,254						35,710
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2						47,958						47,862
BXP’s Share of NOI						497,785						471,890
Less:
Termination income						(164)						1,922
BXP’s share of termination income from unconsolidated joint ventures 1						3,113						(1)
Add:
Partners’ share of termination income from consolidated joint ventures 2						(276)						641
BXP’s Share of NOI (excluding termination income)						$	494,560					$	470,610
Net Operating Income (NOI)						$	503,489					$	484,042
Less:
Termination income						(164)						1,922
NOI from non Same Properties (excluding termination income) 3						47,480						26,993
Same Property NOI (excluding termination income)						456,173						455,127
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2						48,234						47,221
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						39,141						35,711
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3						3,681						248
BXP’s Share of Same Property NOI (excluding termination income)						$	443,399					$	443,369

_____________

1For a quantitative reconciliation for the three months ended June 30, 2023, see page 63.

2For a quantitative reconciliation for the three months ended June 30, 2023, see pages 60-61.

3Pages 20-23 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to June 30, 2023 and therefore are no longer a part of the Company’s property portfolio.

8

			Q2 2023
			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
						30-Jun-23						30-Jun-22
Net income attributable to Boston Properties, Inc.						$	104,299					$	222,989
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						12,117						25,708
Noncontrolling interest in property partnerships						19,768						18,546
Net income						136,184						267,243
Add:
Interest expense						142,473						104,142
Depreciation and amortization expense						202,577						183,146
Transaction costs						308						496
Payroll and related costs from management services contracts						4,609						3,239
General and administrative expense						44,175						34,665
Less:
Other income - assignment fee						—						6,624
Interest and other income (loss)						17,343						1,195
Unrealized gain on non-real estate investment						124						—
Gains (losses) from investments in securities						1,571						(4,716)
Loss from unconsolidated joint ventures						(6,668)						(54)
Gains on sales of real estate						—						96,247
Direct reimbursements of payroll and related costs from management services contracts						4,609						3,239
Development and management services revenue						9,858						6,354
Net Operating Income (NOI)						503,489						484,042
Less:
Straight-line rent						26,493						21,601
Fair value lease revenue						5,850						1,919
Amortization and accretion related to sales type lease						229						—
Termination income						(164)						1,922
Add:
Straight-line ground rent expense adjustment 1						578						631
Lease transaction costs that qualify as rent inducements 2						3,402						4,452
NOI - cash (excluding termination income)						475,061						463,683
Less:
NOI - cash from non Same Properties (excluding termination income) 3						34,102						22,510
Same Property NOI - cash (excluding termination income)						440,959						441,173
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4						43,732						46,996
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						35,250						26,426
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3						2,832						248
BXP’s Share of Same Property NOI - cash (excluding termination income)						$	429,645					$	420,355

_____________

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 $91 and $115 for the three months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the Company has remaining lease payments aggregating approximately $24.4 million, all of which it expects to incur by the end of 2025 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 2025 may vary significantly.

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

3Pages 20-23 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to June 30, 2023 and therefore are no longer a part of the Company’s property portfolio.

4For a quantitative reconciliation for the three months ended June 30, 2023, see page 61.

5For a quantitative reconciliation for the three months ended June 30, 2023, see page 63.

9

			Q2 2023
			Same property net operating income (NOI) by reportable segment

(dollars in thousands)

			Office 1																								Hotel & Residential
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Jun-23						30-Jun-22						Change						Change						30-Jun-23						30-Jun-22						Change						Change
Rental Revenue 2			$	713,880					$	699,101																	$	26,222					$	25,912
Less: Termination income			(164)						1,789																		—						—
Rental revenue (excluding termination income) 2			714,044						697,312						$	16,732					2.4		%				26,222						25,912						$	310					1.2		%
Less: Operating expenses and real estate taxes			270,149						253,044						17,105						6.8		%				13,944						15,053						(1,109)						(7.4)		%
NOI (excluding termination income) 2, 3			$	443,895					$	444,268					$	(373)					(0.1)		%				$	12,278					$	10,859					$	1,419					13.1		%
Rental revenue (excluding termination income) 2			$	714,044					$	697,312					$	16,732					2.4		%				$	26,222					$	25,912					$	310					1.2		%
Less: Straight-line rent and fair value lease revenue			19,187						18,933						254						1.3		%				7						104						(97)						(93.3)		%
Add: Lease transaction costs that qualify as rent inducements 4			3,402						4,493						(1,091)						(24.3)		%				—						(41)						41						100.0		%
Subtotal			698,259						682,872						15,387						2.3		%				26,215						25,767						448						1.7		%
Less: Operating expenses and real estate taxes			270,149						253,044						17,105						6.8		%				13,944						15,053						(1,109)						(7.4)		%
Add: Straight-line ground rent expense 5			578						631						(53)						(8.4)		%				—						—						—						—		%
NOI - cash (excluding termination income) 2, 3			$	428,688					$	430,459					$	(1,771)					(0.4)		%				$	12,271					$	10,714					$	1,557					14.5		%
			Consolidated Total 1 (A)																								BXP’s share of Unconsolidated Joint Ventures (B)
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Jun-23						30-Jun-22						Change						Change						30-Jun-23						30-Jun-22						Change						Change
Rental Revenue 2			$	740,102					$	725,013																	$	61,871					$	56,360
Less: Termination income			(164)						1,789																		3,113						(1)
Rental revenue (excluding termination income) 2			740,266						723,224						$	17,042					2.4		%				58,758						56,361						$	2,397					4.3		%
Less: Operating expenses and real estate taxes			284,093						268,097						15,996						6.0		%				23,298						20,898						2,400						11.5		%
NOI (excluding termination income) 2, 3			$	456,173					$	455,127					$	1,046					0.2		%				$	35,460					$	35,463					$	(3)					—		%
Rental revenue (excluding termination income) 2			$	740,266					$	723,224					$	17,042					2.4		%				$	58,758					$	56,361					$	2,397					4.3		%
Less: Straight-line rent and fair value lease revenue			19,194						19,037						157						0.8		%				3,292						9,517						(6,225)						(65.4)		%
Add: Lease transaction costs that qualify as rent inducements 4			3,402						4,452						(1,050)						(23.6)		%				108						87						21						24.1		%
Subtotal			724,474						708,639						15,835						2.2		%				55,574						46,931						8,643						18.4		%
Less: Operating expenses and real estate taxes			284,093						268,097						15,996						6.0		%				23,298						20,898						2,400						11.5		%
Add: Straight-line ground rent expense 5			578						631						(53)						(8.4)		%				142						145						(3)						(2.1)		%
NOI - cash (excluding termination income) 2, 3			$	440,959					$	441,173					$	(214)					—		%				$	32,418					$	26,178					$	6,240					23.8		%
			Partners’ share of Consolidated Joint Ventures (C)																								BXP’s Share 2, 6
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Jun-23						30-Jun-22						Change						Change						30-Jun-23						30-Jun-22						Change						Change
Rental Revenue 2			$	80,105					$	77,142																	$	721,868					$	704,231
Less: Termination income			(276)						641																		3,225						1,147
Rental revenue (excluding termination income) 2			80,381						76,501						$	3,880					5.1		%				718,643						703,084						$	15,559					2.2		%
Less: Operating expenses and real estate taxes			32,147						29,280						2,867						9.8		%				275,244						259,715						15,529						6.0		%
NOI (excluding termination income) 2, 3			$	48,234					$	47,221					$	1,013					2.1		%				$	443,399					$	443,369					$	30					—		%
Rental revenue (excluding termination income) 2			$	80,381					$	76,501					$	3,880					5.1		%				$	718,643					$	703,084					$	15,559					2.2		%
Less: Straight-line rent and fair value lease revenue			4,781						225						4,556						2,024.9		%				17,705						28,329						(10,624)						(37.5)		%
Add: Lease transaction costs that qualify as rent inducements 4			279						—						279						100.0		%				3,231						4,539						(1,308)						(28.8)		%
Subtotal			75,879						76,276						(397)						(0.5)		%				704,169						679,294						24,875						3.7		%
Less: Operating expenses and real estate taxes			32,147						29,280						2,867						9.8		%				275,244						259,715						15,529						6.0		%
Add: Straight-line ground rent expense 5			—						—						—						—		%				720						776						(56)						(7.2)		%
NOI - cash (excluding termination income) 2, 3			$	43,732					$	46,996					$	(3,264)					(6.9)		%				$	429,645					$	420,355					$	9,290					2.2		%

___________________

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

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

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 $91 and $115 for the three months ended June 30, 2023 and 2022, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

6BXP’s Share equals (A) + (B) - (C).

10

			Q2 2023
			Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

						Three Months Ended
						30-Jun-23						31-Mar-23
Maintenance capital expenditures						$	29,015					$	21,455
Planned capital expenditures associated with acquisition properties						33						38
Repositioning capital expenditures						7,252						3,455
Hotel improvements, equipment upgrades and replacements						306						53
Subtotal						36,606						25,001
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)						338						269
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs						1,498						1,718
BXP’s share of repositioning capital expenditures from unconsolidated JVs						—						—
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs						5,221						3,216
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs						—						—
Partners’ share of repositioning capital expenditures from consolidated JVs						925						301
BXP’s Share of Capital Expenditures 1						$	32,296					$	23,471

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

						Three Months Ended
						30-Jun-23						31-Mar-23
Square feet						891,347						775,445
Tenant improvements and lease commissions PSF						$	60.70					$	72.81

___________________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

2Includes 100% of unconsolidated joint ventures.

11

			Q2 2023
			Acquisitions and dispositions

For the period from January 1, 2023 through June 30, 2023

(dollars in thousands)

ACQUISITIONS

																								Investment
Property						Location						Date Acquired						Square Feet						Initial						Anticipated Future						Total						In-service Leased (%)
13100 and 13150 Worldgate Drive (50% ownership) 1						Herndon, VA						January 31, 2023						N/A						$	17,000					$	—					$	17,000					N/A
Total Acquisitions																		—						$	17,000					$	—					$	17,000					—		%

DISPOSITIONS

Property

Location

Date Disposed

Square Feet

Gross Sales Price

Net Cash Proceeds

Book Gain

N/A

—

$

—

$

—

$

—

Total Dispositions

—

$

—

$

—

$

—

___________________

1Consists of two vacant office buildings aggregating approximately 350,000 rentable square feet and a 1,200-space structured parking deck situated on a 10-acre site. The joint venture intends to redevelop the property for residential use and the vacant properties are not reflected in the Company’s in-service property listing. There can be no assurance that the joint venture will commence the development as currently contemplated or at all.

12

			Q2 2023
			Construction in progress

20as of June 30, 2023

(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 6/30/2023						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 (Redevelopment) 6			Q3 2023						Q3 2023						Needham, MA												104,000						$	21,392					$	26,600					$	—					$	—					$	5,208					100		%				—		%				N/A
			360 Park Avenue South (42% ownership) 7			Q1 2024						Q4 2025						New York, NY												450,000						204,056						248,000						92,774						91,371						42,541						2		%				—		%				N/A
			Reston Next Office Phase II			Q2 2024						Q2 2025						Reston, VA												90,000						35,535						61,000						—						—						25,465						—		%				—		%				N/A
			Total Office Properties under Construction																											644,000						260,983						335,600						92,774						91,371						73,214						18		%				—		%				—
Lab/Life Sciences
			751 Gateway (49% ownership)			Q4 2023						Q4 2023						South San Francisco, CA												231,000						103,738						127,600						—						—						23,862						100		%				—		%				N/A
			103 CityPoint			Q1 2024						Q3 2024						Waltham, MA												113,000						75,251						115,100						—						—						39,849						—		%				—		%				N/A
			180 CityPoint			Q1 2024						Q4 2024						Waltham, MA												329,000						191,337						274,700						—						—						83,363						43		%				—		%				N/A
			300 Binney Street (Redevelopment)			Q1 2025						Q1 2025						Cambridge, MA												236,000						22,359						210,200						—						—						187,841						100		%				—		%				N/A
			105 Carnegie Center (Redevelopment)			Q4 2024						Q2 2025						Princeton, NJ												73,000						1,868						40,600						—						—						38,732						—		%				—		%				N/A
			651 Gateway (50% ownership)			Q1 2024						Q4 2025						South San Francisco, CA												327,000						76,106						146,500						—						—						70,394						14		%				—		%				N/A
			290 Binney Street			Q2 2026						Q2 2026						Cambridge, MA												566,000						152,817						1,185,200						—						—						1,032,383						100		%				—		%				N/A
			Total Lab/Life Sciences Properties under Construction																											1,875,000						623,476						2,099,900						—						—						1,476,424						65		%				—		%				N/A
Residential
			Reston Next Residential (508 units) (20% ownership)			Q2 2024						Q2 2026						Reston, VA												417,000						23,324						47,700						28,000						7,913						4,289						—		%				—		%				N/A
			Total Residential Property under Construction																											417,000						23,324						47,700						28,000						7,913						4,289						—		%				—		%				N/A
Retail
			760 Boylston Street (Redevelopment)			Q2 2024						Q2 2024						Boston, MA												118,000						9,643						43,800						—						—						34,157						100		%				—		%				N/A
			Reston Next Retail			Q2 2025						Q4 2025						Reston, VA												33,000						20,610						26,600						—						—						5,990						—		%				—		%				N/A
			Total Retail Properties under Construction																											151,000						30,253						70,400						—						—						40,147						78		%				—						N/A
Total Properties Under Construction																														3,087,000						$	938,036					$	2,553,600					$	120,774					$	99,284					$	1,594,074					54		%	8			—		%				$	—

PROJECTS FULLY PLACED IN-SERVICE DURING 2023

			Actual/Estimated																														BXP’s share
																																							Estimated Total Investment 2												Amount Drawn at 6/30/2023						Estimated Future Equity Requirement 2												Net Operating Income (Loss) 5 (BXP’s share)
			Initial Occupancy						Stabilization Date																								Investment to Date 2												Total Financing																		Percentage Leased 3
															Location									Square Feet
2100 Pennsylvania Avenue			Q2 2022						Q3 2024						Washington, DC												475,849						$	344,256					$	375,900					$	—					$	—					$	31,644					91		%				$	3,007
View Boston Observatory at The Prudential Center (Redevelopment)			Q2 2023						N/A						Boston, MA												63,000						174,000						182,300						—						—						8,300						N/A						N/A 9
Total Projects Fully Placed In-Service																											538,849						$	518,256					$	558,200					$	—					$	—					$	39,944					91		%	10			$	3,007

13

			Q2 2023
			Construction in progress (continued)

________________

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 July 28, 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 for the three months ended June 30, 2023. 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 54.

6On July 20, 2023, the project was fully placed into service.

7Investment 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.

8Total percentage leased excludes Residential.

9 Result of operations from the View Boston Observatory is included within the result of operations from 800 Boylston Street - The Prudential Center.

10Total percentage leased excludes View Boston Observatory at The Prudential Center.

14

			Q2 2023
			Land parcels and purchase options

as of June 30, 2023

OWNED LAND PARCELS

Location			Approximate Developable Square Feet 1
Reston, VA 1						2,229,000
San Jose, CA 2						2,199,000
New York, NY (25% ownership)						2,000,000
Princeton, NJ						1,650,000
San Jose, CA (55% ownership) 3						1,088,000
San Francisco, CA						850,000
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
Herndon, VA (50% ownership)						350,000
El Segundo, CA (50% ownership)						275,000
Lexington, MA 2						259,000
Rockville, MD 2						252,000
Dulles, VA						150,000
Total						13,692,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location			Approximate Developable Square Feet 1
Cambridge, MA						887,000
Boston, MA						1,300,000
Waltham, MA 4						1,200,000
Total						3,387,000

__________________

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 20-23.

3The number of square feet increased by 390,000 square feet from the previous quarter because, in the second quarter of 2023, a joint venture in which BXP has a 55% interest elected to pause further construction on Platform 16 in San Jose, CA. Platform 16 was planned to be constructed in phases to best accommodate market demand. The Company expects this joint venture will complete the underground parking garage and building foundation elements over the next several months to ensure that the project is positioned to mobilize quickly as demand improves. Our share of the estimated cost to complete the garage and foundation is approximately $45.8 million.

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

15

			Q2 2023
			Leasing activity

for the three months ended June 30, 2023

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF)			Total
Vacant space available at the beginning of the period			5,569,935
Less:
Property dispositions/properties taken out of service			—
Add:
Properties placed (and partially placed) in-service 1			181,597
Leases expiring or terminated during the period			1,093,663
Total space available for lease			6,845,195
1st generation leases			151,087
2nd generation leases with new clients			556,310
2nd generation lease renewals			335,037
Total space leased			1,042,434
Vacant space available for lease at the end of the period			5,802,761
Net (increase)/decrease in available space			(232,826)
Second generation leasing information: 2
Leases commencing during the period (SF)			891,347
Weighted average lease term (months)			88
Weighted average free rent period (days)			186
Total transaction costs per square foot 3			$60.70
Increase (decrease) in gross rents 4			6.31		%
Increase (decrease) in net rents 5			10.02		%

			All leases (SF)																		Incr (decr) in 2nd generation cash rents												Total square feet of leases executed in the quarter 7
			1st generation						2nd generation						total 7						gross 4, 6						net 5, 6
Boston			30,669						260,659						291,328						12.19		%				19.82		%				319,999
Los Angeles			—						1,088						1,088						—		%				—		%				615
New York			120,418						203,049						323,467						31.20		%				63.76		%				279,731
San Francisco			—						75,625						75,625						8.84		%				13.25		%				101,201
Seattle			—						—						—						—		%				—		%				—
Washington, DC			—						350,926						350,926						(5.63)		%				(8.45)		%				235,990
Total / Weighted Average			151,087						891,347						1,042,434						6.31		%				10.02		%				937,536

_____________

1Total square feet of properties placed in service in Q2 2023 consists of 181,597 at 2100 Pennsylvania Avenue.

2Second generation leases are defined as leases for space that has previously been leased. Of the 891,347 square feet of second generation leases that commenced in Q2 2023, leases for 776,928 square feet were signed in prior periods.

3Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.

4Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 554,458 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.

5Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 554,458 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.

6Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.

7Represents 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 116,230.

16

			Q2 2023
			Portfolio overview

for the three months ended June 30, 2023

(dollars in thousands)

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

						Office						Retail						Residential						Hotel						Total
Boston						14,567,137						1,047,962						550,114						330,000						16,495,213
Los Angeles						2,186,718						126,377						—						—						2,313,095
New York						12,107,206						486,390						—						—						12,593,596
San Francisco						6,998,093						353,708						318,171						—						7,669,972
Seattle						1,507,450						26,472						—						—						1,533,922
Washington, DC						9,245,077						692,186						493,241						—						10,430,504
Total						46,611,681						2,733,095						1,361,526						330,000						51,036,302
% of Total						91.33		%				5.36		%				2.67		%				0.64		%				100.00		%

Rental revenue of in-service properties by unit type 1

						Office						Retail						Residential						Hotel 3						Total
Consolidated						$	721,161					$	55,968					$	11,688					$	13,869					$	802,686
Less:
Partners’ share from consolidated joint ventures 4						70,663						9,442						—						—						80,105
Add:
BXP’s share from unconsolidated joint ventures 5						62,236						3,216						2,682						—						68,134
BXP’s Share of Rental revenue 1						$	712,734					$	49,742					$	14,370					$	13,869					$	790,715
% of Total						90.14		%				6.29		%				1.82		%				1.75		%				100.00		%

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

			CBD						Suburban						Total
Boston			29.35		%				6.97		%				36.32		%
Los Angeles			2.58		%				—		%				2.58		%
New York			23.70		%				1.98		%				25.68		%
San Francisco			16.45		%				2.29		%				18.74		%
Seattle			3.21		%				—		%				3.21		%
Washington, DC			3.49		%				9.98		%				13.47		%
Total			78.78		%				21.22		%				100.00		%

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

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

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

4See page 61 for additional information.

5See page 63 for additional information.

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

17

			Q2 2023
			Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

			Residential 1												Hotel
			Three Months Ended												Three Months Ended
			30-Jun-23						31-Mar-23						30-Jun-23						31-Mar-23
Rental Revenue 2			$	12,253					$	11,726					$	13,969					$	8,101
Less: Operating expenses and real estate taxes			5,783						5,463						8,161						6,671
Net Operating Income (NOI) 2			6,470						6,263						5,808						1,430
Add: BXP’s share of NOI from unconsolidated joint ventures			1,722						1,751						N/A						N/A
BXP’s Share of NOI 2			$	8,192					$	8,014					$	5,808					$	1,430
Rental Revenue 2			$	12,253					$	11,726					$	13,969					$	8,101
Less: Straight line rent and fair value lease revenue			9						15						(2)						(2)
Add: Lease transaction costs that qualify as rent inducements			—						—						—						—
Subtotal			12,244						11,711						13,971						8,103
Less: Operating expenses and real estate taxes			5,783						5,463						8,161						6,671
NOI - cash basis 2			6,461						6,248						5,810						1,432
Add: BXP’s share of NOI-cash from unconsolidated joint ventures			1,722						1,751						N/A						N/A
BXP’s Share of NOI - cash basis 2			$	8,183					$	7,999					$	5,810					$	1,432

RENTAL RATES AND OCCUPANCY - Year-over-Year

			Residential Units						Three Months Ended												Percent Change
									30-Jun-23						30-Jun-22
BOSTON
Hub50House (50% ownership), Boston, MA 2			440
Average Monthly Rental Rate									$	4,221					$	3,957					6.67		%
Average Rental Rate Per Occupied Square Foot									$	5.78					$	5.45					6.06		%
Average Physical Occupancy									94.32		%				95.61		%				(1.35)		%
Average Economic Occupancy									94.03		%				94.81		%				(0.82)		%
Proto Kendall Square, Cambridge, MA 2, 3			280
Average Monthly Rental Rate									$	3,065					$	2,774					10.49		%
Average Rental Rate Per Occupied Square Foot									$	5.62					$	5.11					9.98		%
Average Physical Occupancy									95.83		%				95.24		%				0.62		%
Average Economic Occupancy									95.81		%				94.28		%				1.62		%
The Lofts at Atlantic Wharf, Boston, MA 2, 3			86
Average Monthly Rental Rate									$	4,440					$	4,097					8.37		%
Average Rental Rate Per Occupied Square Foot									$	4.91					$	4.57					7.44		%
Average Physical Occupancy									96.51		%				97.67		%				(1.19)		%
Average Economic Occupancy									97.48		%				97.10		%				0.39		%
Boston Marriott Cambridge (437 rooms), Cambridge, MA 3			N/A
Average Occupancy									77.20		%				73.50		%				5.03		%
Average Daily Rate									$	371.58					$	349.99					6.17		%
Revenue Per Available Room									$	286.79					$	257.32					11.45		%
SAN FRANCISCO
The Skylyne, Oakland, CA 2, 3			402
Average Monthly Rental Rate									$	3,447					$	3,391					1.65		%
Average Rental Rate Per Occupied Square Foot									$	4.39					$	4.15					5.78		%
Average Physical Occupancy									92.37		%				83.83		%				10.19		%
Average Economic Occupancy									89.93		%				81.73		%				10.03		%

18

			Q2 2023
			Residential and hotel performance (continued)

RENTAL RATES AND OCCUPANCY - Year-over-Year

			Residential Units						Three Months Ended												Percent Change
									30-Jun-23						30-Jun-22
WASHINGTON, DC
Signature at Reston, Reston, VA 2, 3			508
Average Monthly Rental Rate									$	2,663					$	2,683					(0.75)		%
Average Rental Rate Per Occupied Square Foot									$	2.77					$	2.77					—		%
Average Physical Occupancy									94.62		%				95.14		%				(0.55)		%
Average Economic Occupancy									93.59		%				94.78		%				(1.26)		%
Total In-Service Residential Units			1,716

_____________

1Includes retail space.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

3Excludes retail space.

19

			Q2 2023
			In-service property listing

as of June 30, 2023
									Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
BOSTON
Office
			200 Clarendon Street						CBD Boston MA						1						1,764,777						93.5		%				96.4		%				$	80.90
			800 Boylston Street - The Prudential Center 4						CBD Boston MA						1						1,274,915						95.0		%				95.5		%				71.13
			100 Federal Street (55% ownership)						CBD Boston MA						1						1,238,821						92.9		%				95.6		%				74.80
			111 Huntington Avenue - The Prudential Center						CBD Boston MA						1						860,446						93.5		%				100.0		%				75.26
			Atlantic Wharf Office (55% ownership)						CBD Boston MA						1						789,375						99.8		%				99.8		%				88.01
			100 Causeway Street (50% ownership) 5						CBD Boston MA						1						633,819						94.6		%				94.6		%				74.27
			101 Huntington Avenue - The Prudential Center						CBD Boston MA						1						506,476						98.7		%				98.7		%				59.62
			Prudential Center (retail shops) 6						CBD Boston MA						—						484,626						96.1		%				96.3		%				102.11
			The Hub on Causeway - Podium (50% ownership) 5						CBD Boston MA						1						382,988						93.8		%				93.8		%				64.46
			888 Boylston Street - The Prudential Center						CBD Boston MA						1						363,320						100.0		%				100.0		%				81.62
			Star Market at the Prudential Center 6						CBD Boston MA						1						57,236						100.0		%				100.0		%				61.64
			Subtotal												10						8,356,799						95.1		%				96.9		%				$	77.29
			145 Broadway						East Cambridge MA						1						490,086						99.6		%				99.6		%				$	90.02
			325 Main Street 7						East Cambridge MA						1						414,565						91.4		%				91.4		%				110.87
			125 Broadway 7						East Cambridge MA						1						271,000						100.0		%				100.0		%				137.87
			355 Main Street						East Cambridge MA						1						259,640						99.3		%				99.3		%				81.72
			90 Broadway						East Cambridge MA						1						223,771						98.1		%				98.1		%				77.60
			255 Main Street						East Cambridge MA						1						215,394						87.9		%				87.9		%				104.33
			150 Broadway						East Cambridge MA						1						177,226						100.0		%				100.0		%				86.86
			105 Broadway						East Cambridge MA						1						152,664						100.0		%				100.0		%				73.77
			250 Binney Street						East Cambridge MA						1						67,362						100.0		%				100.0		%				49.70
			University Place						Mid-Cambridge MA						1						195,282						100.0		%				100.0		%				56.02
			Subtotal												10						2,466,990						97.2		%				97.2		%				$	92.66
			Bay Colony Corporate Center						Route 128 Mass Turnpike MA						4						997,574						55.7		%				56.5		%				$	48.83
			Reservoir Place						Route 128 Mass Turnpike MA						1						527,029						51.7		%				51.7		%				47.09
			Weston Corporate Center						Route 128 Mass Turnpike MA						1						356,995						100.0		%				100.0		%				58.00
			140 Kendrick Street						Route 128 Mass Turnpike MA						2						314,434						79.2		%				79.2		%				52.15
			Waltham Weston Corporate Center						Route 128 Mass Turnpike MA						1						301,611						90.8		%				90.8		%				44.08
			230 CityPoint						Route 128 Mass Turnpike MA						1						296,720						90.5		%				90.5		%				46.82
			200 West Street						Route 128 Mass Turnpike MA						1						273,682						83.8		%				97.5		%				77.56
			880 Winter Street 7						Route 128 Mass Turnpike MA						1						243,618						97.2		%				97.2		%				94.94
			10 CityPoint						Route 128 Mass Turnpike MA						1						236,570						90.9		%				95.6		%				56.28
			20 CityPoint						Route 128 Mass Turnpike MA						1						211,476						98.1		%				98.1		%				56.52
			77 CityPoint						Route 128 Mass Turnpike MA						1						209,711						100.0		%				100.0		%				53.73
			890 Winter Street						Route 128 Mass Turnpike MA						1						179,312						56.2		%				58.6		%				47.19
			153 & 211 Second Avenue						Route 128 Mass Turnpike MA						2						136,882						100.0		%				100.0		%				83.16
			1265 Main Street (50% ownership) 5						Route 128 Mass Turnpike MA						1						120,681						100.0		%				100.0		%				52.93
			Reservoir Place North						Route 128 Mass Turnpike MA						1						73,258						100.0		%				100.0		%				53.10
			The Point 6						Route 128 Mass Turnpike MA						1						16,300						100.0		%				100.0		%				60.53
			33 Hayden Avenue						Route 128 Northwest MA						1						80,876						100.0		%				100.0		%				73.06
			32 Hartwell Avenue						Route 128 Northwest MA						1						69,154						100.0		%				100.0		%				28.87
			100 Hayden Avenue						Route 128 Northwest MA						1						55,924						100.0		%				100.0		%				66.02
			92 Hayden Avenue						Route 128 Northwest MA						1						31,100						100.0		%				100.0		%				47.83
			17 Hartwell Avenue						Route 128 Northwest MA						1						30,000						100.0		%				100.0		%				71.66
			Subtotal												26						4,762,907						79.6		%				80.9		%				$	57.10
			Boston Office Total:												46						15,586,696						90.7		%				92.1		%				$	74.47
Residential
			Hub50House (440 units) (50% ownership) 5						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

20

			Q2 2023
			In-service property listing (continued)

as of June 30, 2023
									Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
BOSTON (continued)
Hotel
			Boston Marriott Cambridge (437 rooms)						East Cambridge MA						1						334,260
			Boston Hotel Total:												1						334,260
			Boston Total:												50						16,495,213
LOS ANGELES
Office
			Colorado Center (50% ownership) 5						West Los Angeles CA						6						1,131,511						87.7		%				87.7		%				$	74.37
			Santa Monica Business Park (55% ownership) 5						West Los Angeles CA						14						1,107,180						84.1		%				84.1		%				71.09
			Santa Monica Business Park Retail (55% ownership) 5, 6						West Los Angeles CA						7						74,404						88.4		%				92.0		%				72.47
			Subtotal												27						2,313,095						86.0		%				86.2		%				$	72.78
			Los Angeles Total:												27						2,313,095						86.0		%				86.2		%				$	72.78
NEW YORK
Office
			767 Fifth Avenue (The GM Building) (60% ownership)						Plaza District NY						1						1,965,003						91.0		%				94.2		%				$	162.33
			601 Lexington Avenue (55% ownership)						Park Avenue NY						1						1,670,790						95.8		%				95.8		%				94.43
			399 Park Avenue						Park Avenue NY						1						1,577,544						99.2		%				100.0		%				100.68
			599 Lexington Avenue						Park Avenue NY						1						1,106,373						88.3		%				93.0		%				87.92
			Times Square Tower (55% ownership)						Times Square NY						1						1,236,995						87.5		%				97.1		%				80.57
			250 West 55th Street						Times Square / West Side NY						1						966,976						100.0		%				100.0		%				95.17
			200 Fifth Avenue (26.69% ownership) 5, 7						Flatiron District NY						1						854,737						92.3		%				92.3		%				98.72
			Dock 72 (50% ownership) 5						Brooklyn NY						1						668,625						42.4		%				42.4		%				50.46
			510 Madison Avenue						Fifth/Madison Avenue NY						1						355,089						97.1		%				97.1		%				133.82
			Subtotal												9						10,402,132						90.3		%				92.7		%				$	106.69
			510 Carnegie Center						Princeton NJ						1						234,160						33.5		%				33.5		%				$	41.83
			206 Carnegie Center						Princeton NJ						1						161,763						100.0		%				100.0		%				35.46
			210 Carnegie Center						Princeton NJ						1						159,468						79.2		%				79.2		%				37.75
			212 Carnegie Center						Princeton NJ						1						148,942						40.6		%				49.6		%				39.15
			214 Carnegie Center						Princeton NJ						1						146,799						67.4		%				69.5		%				36.96
			506 Carnegie Center						Princeton NJ						1						139,050						82.1		%				82.1		%				39.58
			508 Carnegie Center						Princeton NJ						1						134,433						100.0		%				100.0		%				41.87
			202 Carnegie Center						Princeton NJ						1						134,068						84.9		%				84.9		%				40.84
			804 Carnegie Center						Princeton NJ						1						130,000						100.0		%				100.0		%				41.26
			504 Carnegie Center						Princeton NJ						1						121,990						100.0		%				100.0		%				35.47
			101 Carnegie Center						Princeton NJ						1						121,619						100.0		%				100.0		%				38.93
			502 Carnegie Center						Princeton NJ						1						121,460						96.2		%				96.2		%				39.96
			701 Carnegie Center						Princeton NJ						1						120,000						100.0		%				100.0		%				42.41
			104 Carnegie Center						Princeton NJ						1						102,930						61.5		%				65.3		%				39.76
			103 Carnegie Center						Princeton NJ						1						96,331						72.1		%				74.7		%				36.89
			302 Carnegie Center						Princeton NJ						1						64,926						100.0		%				100.0		%				36.06
			211 Carnegie Center						Princeton NJ						1						47,025						100.0		%				100.0		%				37.32
			201 Carnegie Center						Princeton NJ						—						6,500						100.0		%				100.0		%				36.59
			Subtotal												17						2,191,464						79.9		%				80.9		%				$	38.97
			New York Total:												26						12,593,596						88.5		%				90.6		%				$	96.07
SAN FRANCISCO
Office
			Salesforce Tower						CBD San Francisco CA						1						1,420,682						100.0		%				100.0		%				$	111.33
			Embarcadero Center Four						CBD San Francisco CA						1						941,641						95.3		%				95.3		%				93.61
			Embarcadero Center One						CBD San Francisco CA						1						837,261						66.5		%				73.3		%				91.12
			Embarcadero Center Two						CBD San Francisco CA						1						801,766						87.1		%				87.1		%				87.23
			Embarcadero Center Three						CBD San Francisco CA						1						786,031						79.5		%				79.5		%				91.82

21

			Q2 2023
			In-service property listing (continued)

as of June 30, 2023
									Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
SAN FRANCISCO (continued)
			680 Folsom Street						CBD San Francisco CA						2						524,793						98.7		%				98.7		%				74.26
			535 Mission Street						CBD San Francisco CA						1						307,235						93.4		%				97.7		%				86.56
			690 Folsom Street						CBD San Francisco CA						1						26,080						100.0		%				100.0		%				105.99
			Subtotal												9						5,645,489						89.1		%				90.3		%				$	94.92
			Gateway Commons (50% ownership) 5						South San Francisco CA						5						788,178						85.6		%				85.6		%				$	65.68
			Mountain View Research Park						Mountain View CA						15						542,264						79.2		%				79.2		%				70.88
			2440 West El Camino Real						Mountain View CA						1						142,789						100.0		%				100.0		%				92.32
			453 Ravendale Drive						Mountain View CA						1						29,620						100.0		%				100.0		%				52.15
			North First Business Park 8						San Jose CA						5						190,636						87.6		%				87.6		%				24.27
			Subtotal												27						1,693,487						85.2		%				85.2		%				$	64.82
			San Francisco Office Total:												36						7,338,976						88.2		%				89.1		%				$	88.18
Residential
			The Skylyne (402 units)						CBD Oakland CA						1						330,996
			San Francisco Residential Total:												1						330,996
			San Francisco Total:												37						7,669,972
SEATTLE
Office
			Safeco Plaza (33.67% ownership) 5						CBD Seattle WA						1						778,934						82.8		%				88.0		%				$	44.63
			Madison Centre 7						CBD Seattle WA						1						754,988						93.1		%				93.1		%				62.63
			Subtotal												2						1,533,922						87.9		%				90.5		%				$	54.00
			Seattle Total:												2						1,533,922						87.9		%				90.5		%				$	54.00
WASHINGTON, DC
Office
			Metropolitan Square (20% ownership) 5						East End Washington DC						1						656,546						56.0		%				58.0		%				$	68.52
			901 New York Avenue (25% ownership) 5						East End Washington DC						1						544,256						83.1		%				83.9		%				66.52
			2100 Pennsylvania Avenue 7						CBD Washington DC						1						475,849						61.8		%				90.5		%				62.14
			2200 Pennsylvania Avenue						CBD Washington DC						1						459,811						94.9		%				94.9		%				85.47
			Market Square North (50% ownership) 5						East End Washington DC						1						418,539						74.6		%				74.6		%				71.72
			1330 Connecticut Avenue						CBD Washington DC						1						253,579						87.4		%				87.4		%				70.63
			500 North Capitol Street, N.W. (30% ownership) 5						Capitol Hill Washington DC						1						230,900						98.5		%				98.5		%				82.58
			Sumner Square						CBD Washington DC						1						226,102						100.0		%				100.0		%				51.53
			Capital Gallery						Southwest Washington DC						1						176,809						92.7		%				92.7		%				54.99
			Subtotal												9						3,442,391						78.5		%				83.0		%				$	69.58
			Reston Next 7						Reston VA						2						1,063,236						69.0		%				90.6		%				$	58.87
			South of Market						Reston VA						3						623,250						99.6		%				99.6		%				55.40
			Fountain Square						Reston VA						2						524,510						85.9		%				87.1		%				53.33
			One Freedom Square						Reston VA						1						427,956						85.1		%				85.1		%				56.00
			Two Freedom Square						Reston VA						1						423,222						100.0		%				100.0		%				52.11
			One and Two Discovery Square						Reston VA						2						366,989						89.7		%				89.7		%				52.13
			One Reston Overlook						Reston VA						1						319,519						89.7		%				89.7		%				47.08
			17Fifty Presidents Street						Reston VA						1						275,809						100.0		%				100.0		%				71.42
			Reston Corporate Center						Reston VA						2						261,046						100.0		%				100.0		%				49.28
			Democracy Tower						Reston VA						1						259,441						99.3		%				99.3		%				65.18
			Fountain Square Retail 6						Reston VA						1						198,172						80.3		%				87.0		%				51.66
			Two Reston Overlook						Reston VA						1						134,615						100.0		%				100.0		%				52.31
			Avant Retail 6, 7						Reston VA						1						26,179						100.0		%				100.0		%				59.04
			Subtotal												19						4,903,944						88.2		%				93.4		%				$	55.73

22

			Q2 2023
			In-service property listing (continued)

as of June 30, 2023
									Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
WASHINGTON, DC (continued)
			7750 Wisconsin Avenue (50% ownership) 5						Bethesda/Chevy Chase MD						1						735,573						100.0		%				100.0		%				$	38.49
			Wisconsin Place Office						Montgomery County MD						1						299,468						86.3		%				87.0		%				49.26
			Shady Grove Innovation District						North Rockville MD						2						133,651						81.6		%				81.6		%				16.91
			Kingstowne Two						Springfield VA						1						156,005						87.2		%				90.6		%				39.81
			Kingstowne One						Springfield VA						1						153,401						44.1		%				44.1		%				39.19
			Kingstowne Retail 6						Springfield VA						1						88,288						96.8		%				100.0		%				30.58
			Subtotal												7						1,566,386						88.9		%				89.5		%				$	38.48
			Washington, DC Office Total:												35						9,912,721						84.9		%				89.2		%				$	57.29
Residential
			Signature at Reston (508 units)						Reston VA						1						517,783
			Washington, DC Residential Total:												1						517,783
			Washington, DC Total:												36						10,430,504
			Total In-Service Properties:												178						51,036,302						88.3		%	9			90.4		%	9			$	78.01		9
			BXP’s Share of Total In-Service Properties: 3																								88.7		%	9			90.9		%	9

_____________

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

2Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. For additional detail, see pages 36-52.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

4On June 1, 2023, the Company completed and fully placed in-service its View Boston Observatory, a redevelopment of the top three floors of the property consisting of approximately 63,000 net rentable square feet of retail and observation space.

5This is an unconsolidated joint venture property.

6This is a retail property.

7Not included in the Same Property analysis.

8Property held for redevelopment.

9Excludes hotel and residential properties. For additional detail, see pages 18-19.

23

			Q2 2023
			Top 20 clients listing and portfolio client diversification

as of June 30, 2023

TOP 20 CLIENTS

No.						Client						BXP’s Share of Annualized Rental Obligations 1									Weighted Average Remaining Lease Term (years) 2
1						Salesforce									3.44		%				8.6
2						Google									2.75		%				14.0
3						Biogen									2.61		%				3.9
4						Akamai Technologies									2.11		%				11.3
5						Fannie Mae									1.51		%				14.2
6						Kirkland & Ellis									1.46		%				14.3
7						Ropes & Gray									1.44		%				6.8
8						Microsoft									1.29		%				9.3
9						WeWork									1.28		%				8.8
10						Millennium Management									1.24		%				7.5
11						Arnold & Porter Kaye Scholer									1.16		%				8.6
12						Weil Gotshal & Manges									1.11		%				10.9
13						Shearman & Sterling									1.06		%				17.0
14						Wellington Management									1.02		%				12.2
15						Bank of America									0.91		%				11.7
16						Morrison & Foerster									0.87		%				7.2
17						Snap									0.86		%				2.8
18						Leidos									0.85		%				9.9
19						Aramis (Estee Lauder)									0.83		%				16.8
20						O'Melveny & Myers									0.83		%				2.0
						BXP’s Share of Annualized Rental Obligations									28.64		%
						BXP’s Share of Square Feet 1									22.69		%
						Weighted Average Remaining Lease Term (years)															9.9

NOTABLE SIGNED DEALS 3

Client

Property

Square Feet

AstraZeneca

290 Binney Street

566,000

Genentech

751 Gateway

229,000

The Broad Institute

300 Binney Street

225,000

Volkswagen Group of America

Reston Next

200,000

CLIENT DIVERSIFICATION 2

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

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

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

24

			Q2 2023
			Occupancy by location

as of June 30, 2023

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

						CBD												Suburban												Total
Location						30-Jun-23						31-Mar-23						30-Jun-23						31-Mar-23						30-Jun-23						31-Mar-23
Boston						95.6		%				95.0		%				79.6		%				80.7		%				90.7		%				90.7		%
Los Angeles						86.0		%				86.0		%				—		%				—		%				86.0		%				86.0		%
New York						90.3		%				88.8		%				79.9		%				79.7		%				88.5		%				87.2		%
San Francisco						89.1		%				89.2		%				85.2		%				85.8		%				88.2		%				88.4		%
Seattle						87.9		%				87.9		%				—		%				—		%				87.9		%				87.9		%
Washington, DC						78.5		%				87.0		%				88.3		%				88.6		%				84.9		%				88.1		%
Total Portfolio						90.2		%				90.5		%				84.0		%				84.5		%				88.3		%				88.6		%

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

						CBD												Suburban												Total
Location						30-Jun-23						30-Jun-22						30-Jun-23						30-Jun-22						30-Jun-23						30-Jun-22
Boston						95.6		%				95.8		%				78.6		%				85.4		%				90.3		%				92.6		%
Los Angeles						86.0		%				93.4		%				—		%				—		%				86.0		%				93.4		%
New York						90.2		%				90.0		%				79.9		%				79.4		%				88.2		%				88.0		%
San Francisco						89.1		%				89.9		%				85.2		%				76.7		%				88.2		%				86.9		%
Seattle						82.8		%				85.6		%				—		%				—		%				82.8		%				85.6		%
Washington, DC						81.2		%				83.1		%				92.1		%				93.0		%				88.2		%				89.5		%
Total Portfolio						90.4		%				91.3		%				84.9		%				86.4		%				88.7		%				89.8		%

_____________

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 54.

25

			Q2 2023
			Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

			Aggregate Principal
Mortgage Notes Payable			$	3,300,000
Unsecured Line of Credit			—
Unsecured Term Loan			1,200,000
Unsecured Senior Notes, at face value			11,050,000
Outstanding Principal			15,550,000
Discount on Unsecured Senior Notes			(14,831)
Deferred Financing Costs, Net			(78,964)
Consolidated Debt			$	15,456,205

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
10.7 Year Unsecured Senior Notes (“green bonds”)						January 15, 2034						6.62%						6.50%						750,000
																								$	11,050,000

CAPITALIZATION

						Shares/Units						Common Stock
						Outstanding						Equivalents						Equivalent Value 2
Common Stock						156,853						156,853						$	9,033,164
Common Operating Partnership Units						18,658						18,658						1,074,514
Total Equity												175,511						$	10,107,678
Consolidated Debt (A)																		$	15,456,205
Add: BXP’s share of unconsolidated joint venture debt 3																		1,609,671
Less: Partners’ share of consolidated debt 4																		1,359,380
BXP’s Share of Debt 5 (B)																		$	15,706,496
Consolidated Market Capitalization (C)																		$	25,563,883
BXP’s Share of Market Capitalization 5 (D)																		$	25,814,174
Consolidated Debt/Consolidated Market Capitalization (A÷C)																		60.46		%
BXP’s Share of Debt/BXP’s Share of Market Capitalization 5 (B÷D)																		60.84		%

_____________

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

2Values are based on the June 30, 2023 closing price of $57.59 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 33.

4Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 31.

5See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

26

			Q2 2023
			Debt analysis 1

as of June 30, 2023

(dollars in thousands)

UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026

						Facility						Outstanding at June 30, 2023						Letters of Credit						Remaining Capacity at June 30, 2023
Unsecured Line of Credit						$	1,500,000					$	—					$	6,727					$	1,493,273

UNSECURED TERM LOAN - MATURES MAY 16, 2024 2, 3

						Facility						Outstanding at June 30, 2023
Unsecured Term Loan						$	1,200,000					$	1,200,000

UNSECURED AND SECURED DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 4						Maturity (years)
Unsecured Debt 3						78.81		%				3.98		%				4.10		%				5.0
Secured Debt						21.19		%				3.24		%				3.42		%				5.3
Consolidated Debt						100.00		%				3.82		%				3.95		%				5.0

FLOATING AND FIXED RATE DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 4						Maturity (years)
Floating Rate Debt						—		%				—		%				—		%				—
Fixed Rate Debt 3						100.00		%				3.82		%				3.95		%				5.0
Consolidated Debt						100.00		%				3.82		%				3.95		%				5.0

_____________

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

2The Unsecured Term Loan matures on May 16, 2024, with one, 12-month extension option, subject to customary conditions.

3On May 2, 2023, the Company entered into four interest rate swap contracts with notional amounts aggregating $1.2 billion to effectively fix Term SOFR, the reference rate for the Unsecured Term Loan, at a weighted-average rate of 4.6420% for the period commencing on May 4, 2023 and ending on May 16, 2024.

4The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges and the effects of hedging transactions.

27

			Q2 2023
			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 June 30, 2023 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%						48.6		%				45.3		%
Secured Debt/Total Assets			Less than 50%						14.5		%				13.5		%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)			Greater than 1.50x						3.26						3.26
Unencumbered Assets/ Unsecured Debt			Greater than 150%						225.5		%				245.5		%

_____________

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.

28

			Q2 2023
			Net Debt to EBITDAre

(dollars in thousands)

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

						Three Months Ended
						30-Jun-23						31-Mar-23
Net income attributable to Boston Properties, Inc.						$	104,299					$	77,890
Add:
Noncontrolling interest - common units of the Operating Partnership						12,117						9,078
Noncontrolling interest in property partnerships						19,768						18,660
Net income						136,184						105,628
Add:
Interest expense						142,473						134,207
Depreciation and amortization expense						202,577						208,734
Less:
Loss from unconsolidated joint ventures						(6,668)						(7,569)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2						43,491						41,777
EBITDAre 1						531,393						497,915
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3						49,497						48,132
BXP’s Share of EBITDAre 1 (A)						481,896						449,783
Add:
Stock-based compensation expense						14,935						25,935
BXP’s Share of straight-line ground rent expense adjustment 1						811						543
BXP’s Share of lease transaction costs that qualify as rent inducements 1						3,231						5,519
Less:
BXP’s Share of straight-line rent 1						24,927						23,863
BXP’s Share of fair value lease revenue 1						6,776						4,579
Amortization and accretion related to sales type lease						229						226
BXP’s Share of EBITDAre – cash 1						$	468,941					$	453,112
BXP’s Share of EBITDAre (Annualized) 4 (A x 4)						$	1,927,584					$	1,799,132

Reconciliation of BXP’s Share of Net Debt 1

						30-Jun-23						31-Mar-23
Consolidated debt						$	15,456,205					$	14,709,436
Add:
Special dividend payable						—						—
Less:
Cash and cash equivalents						1,581,575						918,952
Cash held in escrow for 1031 exchange						—						—
Net debt 1						13,874,630						13,790,484
Add:
BXP’s share of unconsolidated joint venture debt 2						1,609,671						1,604,852
Partners’ share of cash and cash equivalents from consolidated joint ventures						109,668						99,873
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures						122,784						112,426
Partners’ share of consolidated joint venture debt 3						1,359,380						1,358,881
BXP’s share of related party note receivable						30,500						20,000
BXP’s Share of Net Debt 1 (B)						$	14,081,305					$	14,003,902
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]						7.31						7.78

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended June 30, 2023, see pages 33 and 62.

3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended June 30, 2023, see pages 31 and 60.

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

29

			Q2 2023
			Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

						Three Months Ended
						30-Jun-23						31-Mar-23
BXP’s Share of interest expense 1						$	155,004					$	146,147
Less:
BXP’s Share of hedge amortization, net of costs 1						1,750						1,750
BXP’s share of fair value interest adjustment 1						499						499
BXP’s Share of amortization of financing costs 1						5,274						5,216
Adjusted interest expense excluding capitalized interest (A)						147,481						138,682
Add:
BXP’s Share of capitalized interest 1						12,387						12,189
Adjusted interest expense including capitalized interest (B)						$	159,868					$	150,871
BXP’s Share of EBITDAre – cash 1, 2 (C)						$	468,941					$	453,112
Interest Coverage Ratio (excluding capitalized interest) (C÷A)						3.18						3.27
Interest Coverage Ratio (including capitalized interest) (C÷B)						2.93						3.00

FIXED CHARGE COVERAGE RATIO 1

						Three Months Ended
						30-Jun-23						31-Mar-23
BXP’s Share of interest expense 1						$	155,004					$	146,147
Less:
BXP’s Share of hedge amortization, net of costs 1						1,750						1,750
BXP’s share of fair value interest adjustment 1						499						499
BXP’s Share of amortization of financing costs 1						5,274						5,216
Add:
BXP’s Share of capitalized interest 1						12,387						12,189
BXP’s Share of maintenance capital expenditures 1						24,132						18,508
Hotel improvements, equipment upgrades and replacements						306						53
Total Fixed Charges (A)						$	184,306					$	169,432
BXP’s Share of EBITDAre – cash 1, 2 (B)						$	468,941					$	453,112
Fixed Charge Coverage Ratio (B÷A)						2.54						2.67

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

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

30

			Q2 2023
			Consolidated joint ventures

d

as of June 30, 2023

(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						$	3,224,594					$	2,259,055					$	5,483,649
Cash and cash equivalents						112,451						143,750						256,201
Other assets						278,350						377,504						655,854
Total assets						$	3,615,395					$	2,780,309					$	6,395,704
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net						$	2,286,234					$	988,507					$	3,274,741
Other liabilities						89,721						93,596						183,317
Total liabilities						2,375,955						1,082,103						3,458,058
Equity:
Boston Properties, Inc.						745,293						634,858						1,380,151
Noncontrolling interests						494,147						1,063,348						1,557,495			2
Total equity						1,239,440						1,698,206						2,937,646
Total liabilities and equity						$	3,615,395					$	2,780,309					$	6,395,704
BXP’s nominal ownership percentage						60%						55%
Partners’ share of cash and cash equivalents 3						$	44,980					$	64,688					$	109,668
Partners’ share of consolidated debt 3						$	914,552		4			$	444,828					$	1,359,380

_____________

1Certain balances contain amounts that eliminate in consolidation.

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

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

4Amount adjusted for basis differentials.

31

			Q2 2023
			Consolidated joint ventures (continued)

for the three months ended June 30, 2023

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS

												Norges Joint Ventures
												Times Square Tower
												601 Lexington Avenue / One Five Nine East 53rd Street
						767 Fifth Avenue						100 Federal Street						Total Consolidated
						(The GM Building)						Atlantic Wharf Office						Joint Ventures
Revenue
Lease 1						$	75,742					$	100,008					$	175,750
Straight-line rent						5,723						5,227						10,950
Fair value lease revenue						327						21						348
Termination income						—						(613)						(613)
Total lease revenue						81,792						104,643						186,435
Parking and other						9						656						665
Total rental revenue 2						81,801						105,299						187,100
Expenses
Operating						32,825						38,904						71,729
Net Operating Income (NOI)						48,976						66,395						115,371
Other income (expense)
Development and management services revenue						20						599						619
Interest and other income						1,459						1,912						3,371
Interest expense						(21,072)						(7,658)						(28,730)
Depreciation and amortization expense						(17,310)						(22,977)						(40,287)
General and administrative expense						(74)						(42)						(116)
Total other income (expense)						(36,977)						(28,166)						(65,143)
Net income						$	11,999					$	38,229					$	50,228

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						$	11,999					$	38,229					$	50,228
Add: Depreciation and amortization expense						17,310						22,977						40,287
Entity FFO						$	29,309					$	61,206					$	90,515
Noncontrolling interest in property partnerships (Partners’ NCI) 3						$	3,778					$	15,990					$	19,768
Partners’ share of depreciation and amortization expense after BXP’s basis differential 3						7,274						10,584						17,858
Partners’ share FFO 3						$	11,052					$	26,574					$	37,626
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI						$	8,221					$	22,239					$	30,460
Depreciation and amortization expense - BXP’s basis difference						61						388						449
BXP’s share of depreciation and amortization expense						9,975						12,005						21,980
BXP’s share of FFO						$	18,257					$	34,632					$	52,889

_____________

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 54.

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.

32

			Q2 2023
			Unconsolidated joint ventures 1

as of June 30, 2023

(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 Street3						50.00		%				59,550						168,729						September 5, 2023						6.76		%				6.97		%
Podium						50.00		%				44,542						87,136						September 6, 2023						7.51		%				7.68		%
Hub50House						50.00		%				44,214						91,889						June 17, 2032						4.43		%				4.51		%
Hotel Air Rights						50.00		%				12,750						—						—						—		%				—		%
1265 Main Street						50.00		%				3,583						17,446						January 1, 2032						3.77		%				3.84		%
Los Angeles
Santa Monica Business Park						55.00		%				161,368						164,400						July 19, 2025						4.06		%				4.23		%
Colorado Center						50.00		%				235,846						274,632						August 9, 2027						3.56		%				3.59		%
Beach Cities Media Center						50.00		%				27,013						—						—						—		%				—		%
New York
Dock 72						50.00		%				(13,511)						98,621						December 18, 2025						7.59		%				7.85		%
360 Park Avenue South 4						42.21		%				112,219						90,849						December 14, 2024						7.65		%				8.10		%
200 Fifth Avenue						26.69		%				116,335						149,694						November 24, 2028						4.34		%				5.60		%
3 Hudson Boulevard 5						25.00		%				115,878						20,000						August 13, 2023						8.68		%				8.68		%
San Francisco
Platform 16						55.00		%				184,642						—						—						—		%				—		%
Gateway Commons						50.00		%				349,055						—						—						—		%				—		%
751 Gateway						49.00		%				89,025						—						—						—		%				—		%
Seattle
Safeco Plaza 6						33.67		%				70,331						83,812						September 1, 2026						4.82		%				4.96		%
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters)						50.00		%				50,789						125,613						April 26, 2024						6.51		%				6.66		%
1001 6th Street						50.00		%				43,443						—						—						—		%				—		%
13100 & 13150 Worldgate Drive						50.00		%				17,182						—						—						—		%				—		%
Market Square North						50.00		%				(6,053)						62,230						November 10, 2025						7.56		%				7.74		%
Wisconsin Place Parking Facility						33.33		%				31,398						—						—						—		%				—		%
500 North Capitol Street, N.W. 7						30.00		%				(8,559)						31,069						June 5, 2026						6.83		%				7.16		%
901 New York Avenue						25.00		%				(12,150)						52,400						January 5, 2025						3.61		%				3.69		%
Reston Next Residential						20.00		%				11,796						7,656						May 13, 2026						7.15		%				7.47		%
Metropolitan Square 6						20.00		%				(37,654)						83,495						April 9, 2024						7.25		%				8.03		%
												1,703,032
Investments with deficit balances reflected within Other Liabilities												77,927
Investments in Unconsolidated Joint Ventures												$	1,780,959
Mortgage/Mezzanine/Construction Loans Payable, Net																		$	1,609,671

33

			Q2 2023
			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						51.45		%				6.82		%				7.10		%				1.2
Fixed Rate Debt						48.55		%				3.98		%				4.30		%				7.2
Total Debt						100.00		%				5.45		%				5.74		%				4.1

_____________

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).

3On July 28, 2023 the joint venture extended the loan maturity to September 5, 2024. the interest rate was reduced from Term SOFR plus 1.60% to Term SOFR plus 1.48% per annum.

4 The 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.

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

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

7 The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) which bears interest at a fixed rate of 6.23% per annum, and (y) a $35.0 million mortgage loan payable (Note B) which bears interest at a fixed rate of 8.03% per annum. The Company provided $10.5 million (or 30%) of the Note B mortgage financing to the joint venture. The loan had been reflected as Related Party Note Receivable, Net on the Company’s Consolidated Balance Sheets.

34

			Q2 2023
			Unconsolidated joint ventures (continued)

for the three months ended June 30, 2023

(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						$	24,680					$	34,242					$	23,399					$	11,635					$	6,693					$	29,163																																									$	129,812
Straight-line rent						1,682						(132)						556						(51)						531						4,326																																										6,912
Fair value lease revenue						—						116						1,538						21						1,134						—																																										2,809
Termination income						—						21						—						—						—						15,507																																										15,528
Total lease revenue						26,362						34,247						25,493						11,605						8,358						48,996																																										155,061
Parking and other						1						4,044						88						203						484						1,977																																										6,797
Total rental revenue 3						26,363						38,291						25,581						11,808						8,842						50,973																																										161,858
Expenses
Operating						8,822						14,540						15,261						4,719						3,262						14,258																																										60,862
Net operating income/(loss)						17,541						23,751						10,320						7,089						5,580						36,715																																										100,996
Other income/(expense)
Development and management services revenue						—						—						561						—						—						11																																										572
Interest and other income						448						540						286						8						117						942																																										2,341
Interest expense						(11,486)						(11,870)						(13,024)						—						(3,546)						(18,873)																																										(58,799)
Unrealized gain on derivative instruments						—						—						14,457						—						—						—																																										14,457
Transaction costs						(6)						—						—						—						(3)						(18)																																										(27)
Depreciation and amortization expense						(8,416)						(12,546)						(8,459)						(4,749)						(5,168)						(11,895)																																										(51,233)
General and administrative expense						(1)						(23)						(118)						(5)						(5)						(9)																																										(161)
Loss from early extinguishment of debt						—						—						—						—						—						(3)																																										(3)
Total other income/(expense)						(19,461)						(23,899)						(6,297)						(4,746)						(8,605)						(29,845)																																										(92,853)
Net income/(loss)						$	(1,920)					$	(148)					$	4,023					$	2,343					$	(3,025)					$	6,870																																									$	8,143
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss)						$	(960)					$	(286)					$	(148)					$	1,168					$	(1,032)					$	1,897																																						4			$	639
Basis differential
Straight-line rent						$	—					$	91		5			$	323					$	7		5			$	—					$	—																																									$	421
Fair value lease revenue						—						301			5			117						(219)			5			—						—																																										199
Fair value interest adjustment						—						—						(499)						—						—						—																																										(499)
Amortization of financing costs						—						—						113						—						—						—																																										113
Unrealized gain on derivative instruments						—						—						(3,859)						—						—						—																																										(3,859)
Depreciation and amortization expense						(4)						(1,086)			5			(2,019)						(506)			5			—						(67)																																										(3,682)
Total basis differential 6						(4)						(694)			5			(5,824)						(718)			5			—						(67)																																										(7,307)
Income/(loss) from unconsolidated joint ventures						(964)						(980)						(5,972)						450						(1,032)						1,830																																							4			(6,668)
Add:
BXP’s share of depreciation and amortization expense						4,212						7,719						4,968						2,880						1,739						4,238																																							4			25,756
BXP’s share of FFO						$	3,248					$	6,739					$	(1,004)					$	3,330					$	707					$	6,068																																									$	19,088

_____________

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

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

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

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

35

			Q2 2023
			Lease expirations - All in-service properties1, 2, 3

as of June 30, 2023

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
2023						1,225,668						1,103,791						71,867,655						65.11						72,359,032						65.56						2.80		%	4
2024						2,894,231						2,561,973						165,839,732						64.73						166,371,269						64.94						6.50		%
2025						3,063,162						2,570,520						182,705,294						71.08						187,231,837						72.84						6.52		%
2026						3,262,124						2,598,562						193,623,103						74.51						202,476,206						77.92						6.59		%
2027						2,426,834						2,193,189						162,447,085						74.07						174,968,114						79.78						5.56		%
2028						3,593,544						2,848,787						236,094,868						82.88						257,450,744						90.37						7.23		%
2029						3,388,018						2,985,523						214,156,125						71.73						242,501,461						81.23						7.57		%
2030						2,753,383						2,616,331						199,865,582						76.39						219,984,730						84.08						6.64		%
2031						2,037,390						1,870,299						155,507,877						83.15						172,641,379						92.31						4.74		%
2032						2,316,246						1,908,754						149,657,597						78.41						176,581,161						92.51						4.84		%
Thereafter						13,888,894						10,903,052						873,431,981						80.11						1,063,176,937						97.51						27.66		%

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
2023						87,121						85,906						6,830,377						79.51						6,871,286						79.99						3.63		%	4
2024						57,606						53,689						3,938,261						73.35						3,967,130						73.89						2.27		%
2025						128,009						111,477						8,449,548						75.80						8,858,620						79.47						4.70		%
2026						103,119						88,127						20,990,712						238.19						22,534,089						255.70						3.72		%
2027						125,280						114,864						13,103,550						114.08						13,671,697						119.03						4.85		%
2028						125,328						120,275						12,125,860						100.82						12,774,543						106.21						5.08		%
2029						140,926						113,720						12,674,490						111.45						13,810,725						121.44						4.80		%
2030						180,747						111,159						10,503,771						94.49						11,664,119						104.93						4.69		%
2031						61,245						52,966						4,555,977						86.02						5,170,828						97.63						2.24		%
2032						101,253						99,123						7,079,215						71.42						8,298,522						83.72						4.18		%
Thereafter						935,283						752,904						76,795,993						102.00						93,679,263						124.42						31.77		%

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
2023						1,312,789						1,189,697						78,698,032						66.15						79,230,318						66.60						2.85		%	4
2024						2,951,837						2,615,662						169,777,993						64.91						170,338,399						65.12						6.26		%
2025						3,191,171						2,681,997						191,154,842						71.27						196,090,457						73.11						6.42		%
2026						3,365,243						2,686,689						214,613,815						79.88						225,010,295						83.75						6.43		%
2027						2,552,114						2,308,053						175,550,635						76.06						188,639,811						81.73						5.52		%
2028						3,718,872						2,969,062						248,220,728						83.60						270,225,287						91.01						7.11		%
2029						3,528,944						3,099,243						226,830,615						73.19						256,312,186						82.70						7.42		%
2030						2,934,130						2,727,490						210,369,353						77.13						231,648,849						84.93						6.53		%
2031						2,098,635						1,923,265						160,063,854						83.23						177,812,207						92.45						4.60		%
2032						2,417,499						2,007,877						156,736,812						78.06						184,879,683						92.08						4.80		%
Thereafter						14,824,177						11,655,956						950,227,974						81.52						1,156,856,200						99.25						27.89		%

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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.

36

			Q2 2023
			Lease expirations - Boston region in-service properties 1, 2, 3

as of June 30, 2023

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
2023						420,627						373,018						24,227,067						64.95						24,227,067						64.95			4
2024						632,661						608,762						34,152,008						56.10						34,584,926						56.81
2025						1,017,031						987,887						60,882,029						61.63						62,184,114						62.95
2026						799,920						768,609						52,630,510						68.47						55,060,155						71.64
2027						731,509						723,709						51,818,222						71.60						56,272,790						77.76
2028						1,237,981						1,232,635						105,702,393						85.75						114,605,916						92.98
2029						1,122,150						988,940						59,880,007						60.55						70,020,668						70.80
2030						1,425,054						1,418,381						95,518,264						67.34						103,685,537						73.10
2031						568,598						501,162						31,040,371						61.94						34,441,670						68.72
2032						527,583						527,583						47,690,020						90.39						54,588,143						103.47
Thereafter						4,586,708						3,651,470						298,285,878						81.69						362,623,767						99.31

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2023						26,893						26,893						1,985,018						73.81						1,985,018						73.81			4
2024						8,603						8,603						648,129						75.34						649,264						75.47
2025						41,902						41,587						3,632,915						87.36						3,663,326						88.09
2026						26,513						26,513						5,243,699						197.78						5,466,513						206.18
2027						67,909						61,595						9,662,464						156.87						10,067,740						163.45
2028						73,782						73,782						8,520,311						115.48						8,985,939						121.79
2029						64,164						62,814						7,868,593						125.27						8,556,379						136.22
2030						93,146						57,846						5,520,063						95.43						5,906,206						102.10
2031						4,266						4,266						596,691						139.87						661,213						155.00
2032						65,011						64,420						4,609,328						71.55						5,464,382						84.82
Thereafter						481,644						407,744						25,928,207						63.59						31,504,186						77.26

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
2023						447,520						399,911						26,212,085						65.54						26,212,085						65.54			4
2024						641,264						617,365						34,800,137						56.37						35,234,190						57.07
2025						1,058,933						1,029,474						64,514,944						62.67						65,847,440						63.96
2026						826,433						795,122						57,874,209						72.79						60,526,668						76.12
2027						799,418						785,304						61,480,686						78.29						66,340,530						84.48
2028						1,311,763						1,306,417						114,222,704						87.43						123,591,855						94.60
2029						1,186,314						1,051,754						67,748,600						64.41						78,577,047						74.71
2030						1,518,200						1,476,227						101,038,327						68.44						109,591,743						74.24
2031						572,864						505,428						31,637,062						62.59						35,102,883						69.45
2032						592,594						592,003						52,299,348						88.34						60,052,525						101.44
Thereafter						5,068,352						4,059,214						324,214,085						79.87						394,127,953						97.09

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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.

37

			Q2 2023
			Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of June 30, 2023

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 2023						—						—						—						—						—						—
Q2 2023						4,667						4,667						101,844						21.82						101,844						21.82			4
Q3 2023						200,793						191,904						14,889,766						77.59						14,889,766						77.59
Q4 2023						215,167						176,448						9,235,457						52.34						9,235,457						52.34
Total 2023						420,627						373,018						24,227,067						64.95						24,227,067						64.95
Q1 2024						113,729						102,367						6,602,150						64.49						6,616,452						64.63
Q2 2024						250,634						249,574						13,997,836						56.09						14,043,461						56.27
Q3 2024						60,223						48,746						2,490,138						51.08						2,743,821						56.29
Q4 2024						208,075						208,075						11,061,884						53.16						11,181,192						53.74
Total 2024						632,661						608,762						34,152,008						56.10						34,584,926						56.81

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 2023						—						—						—						—						—						—
Q2 2023						1,725						1,725						3,938						2.28						3,938						2.28			4
Q3 2023						11,706						11,706						1,152,328						98.44						1,152,328						98.44
Q4 2023						13,462						13,462						828,752						61.56						828,752						61.56
Total 2023						26,893						26,893						1,985,018						73.81						1,985,018						73.81
Q1 2024						2,901						2,901						383,223						132.10						384,357						132.49
Q2 2024						—						—						—						—						—						—
Q3 2024						182						182						159,382						875.73						159,382						875.73
Q4 2024						5,520						5,520						105,524						19.12						105,524						19.12
Total 2024						8,603						8,603						648,129						75.34						649,264						75.47

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 2023						—						—						—						—						—						—
Q2 2023						6,392						6,392						105,782						16.55						105,782						16.55			4
Q3 2023						212,499						203,610						16,042,094						78.79						16,042,094						78.79
Q4 2023						228,629						189,910						10,064,209						52.99						10,064,209						52.99
Total 2023						447,520						399,911						26,212,085						65.54						26,212,085						65.54
Q1 2024						116,630						105,268						6,985,373						66.36						7,000,809						66.50
Q2 2024						250,634						249,574						13,997,836						56.09						14,043,461						56.27
Q3 2024						60,405						48,928						2,649,520						54.15						2,903,203						59.34
Q4 2024						213,595						213,595						11,167,408						52.28						11,286,716						52.84
Total 2024						641,264						617,365						34,800,137						56.37						35,234,190						57.07

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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

			Q2 2023
			Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of June 30, 2023

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
2023						6,485						3,567						274,765						77.03						277,541						77.81
2024						154,753						85,114						5,974,405						70.19						6,140,046						72.14
2025						12,255						6,740						533,753						79.19						570,122						84.58
2026						604,542						332,498						23,658,983						71.16						25,908,888						77.92
2027						28,614						15,738						954,739						60.67						1,072,451						68.15
2028						305,816						158,419						12,522,226						79.04						14,706,223						92.83
2029						352,443						176,348						12,555,796						71.20						14,942,066						84.73
2030						—						—						—						—						—						—
2031						—						—						—						—						—						—
2032						241,672						121,023						9,729,249						80.39						12,759,997						105.43
Thereafter						186,894						93,447						6,117,875						65.47						10,985,280						117.56

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
2023						—						—						—						—						—						—
2024						2,000						1,000						7,860						7.86						7,860						7.86
2025						17,218						9,381						551,377						58.77						573,790						61.16
2026						5,827						3,205						347,045						108.29						374,357						116.81
2027						—						—						—						—						—						—
2028						—						—						—						—						—						—
2029						38,118						20,965						1,262,581						60.22						1,350,835						64.43
2030						5,283						2,906						345,513						118.90						407,552						140.25
2031						—						—						—						—						—						—
2032						—						—						—						—						—						—
Thereafter						17,993						8,997						497,912						55.35						612,887						68.13

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
2023						6,485						3,567						274,765						77.03						277,541						77.81
2024						156,753						86,114						5,982,265						69.47						6,147,906						71.39
2025						29,473						16,121						1,085,130						67.31						1,143,912						70.96
2026						610,369						335,703						24,006,028						71.51						26,283,245						78.29
2027						28,614						15,738						954,739						60.66						1,072,451						68.14
2028						305,816						158,419						12,522,226						79.04						14,706,223						92.83
2029						390,561						197,313						13,818,377						70.03						16,292,901						82.57
2030						5,283						2,906						345,513						118.90						407,552						140.25
2031						—						—						—						—						—						—
2032						241,672						121,023						9,729,249						80.39						12,759,997						105.43
Thereafter						204,887						102,444						6,615,787						64.58						11,598,167						113.21

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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.

39

			Q2 2023
			Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of June 30, 2023

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 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						4,022						2,212						186,862						84.48						189,638						85.73
Q4 2023						2,463						1,355						87,903						64.87						87,903						64.87
Total 2023						6,485						3,567						274,765						77.03						277,541						77.81
Q1 2024						107,193						58,956						4,131,984						70.09						4,219,045						71.56
Q2 2024						—						—						—						—						—						—
Q3 2024						25,347						13,941						1,059,033						75.97						1,095,000						78.55
Q4 2024						22,213						12,217						783,388						64.12						826,000						67.61
Total 2024						154,753						85,114						5,974,405						70.19						6,140,046						72.14

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 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						—						—						—						—						—						—
Q4 2023						—						—						—						—						—						—
Total 2023						—						—						—						—						—						—
Q1 2024						—						—						—						—						—						—
Q2 2024						—						—						—						—						—						—
Q3 2024						2,000						1,000						7,860						7.86						7,860						7.86
Q4 2024						—						—						—						—						—						—
Total 2024						2,000						1,000						7,860						7.86						7,860						7.86

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 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						4,022						2,212						186,862						84.48						189,638						85.73
Q4 2023						2,463						1,355						87,903						64.87						87,903						64.87
Total 2023						6,485						3,567						274,765						77.03						277,541						77.81
Q1 2024						107,193						58,956						4,131,984						70.09						4,219,045						71.56
Q2 2024						—						—						—						—						—						—
Q3 2024						27,347						14,941						1,066,893						71.41						1,102,860						73.81
Q4 2024						22,213						12,217						783,388						64.12						826,000						67.61
Total 2024						156,753						86,114						5,982,265						69.47						6,147,906						71.39

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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

			Q2 2023
			Lease expirations - New York region in-service properties 1, 2, 3

as of June 30, 2023

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
2023						82,392						59,502						4,329,733						72.77						4,329,733						72.77			4
2024						1,041,404						871,155						60,781,018						69.77						61,351,712						70.43
2025						927,228						620,239						50,860,551						82.00						51,053,779						82.31
2026						755,144						552,558						40,920,215						74.06						41,487,613						75.08
2027						396,111						337,205						25,560,043						75.80						26,191,307						77.67
2028						623,628						427,602						39,332,871						91.98						41,011,184						95.91
2029						806,384						778,810						71,458,507						91.75						76,813,508						98.63
2030						735,705						683,064						62,475,901						91.46						67,433,229						98.72
2031						418,818						368,699						28,507,995						77.32						30,134,844						81.73
2032						147,795						107,124						8,096,045						75.58						8,303,720						77.51
Thereafter						4,669,215						3,312,388						319,036,937						96.32						380,589,676						114.90

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2023						12,680						11,941						2,696,057						225.78						2,735,097						229.05
2024						3,342						3,342						749,435						224.25						761,961						228.00
2025						4,179						4,179						360,000						86.15						480,000						114.86
2026						29,032						22,131						12,975,162						586.28						14,181,908						640.81
2027						—						—						—						—						—						—
2028						2,424						647						194,323						300.36						210,498						325.36
2029						8,463						4,557						1,458,169						319.98						1,708,366						374.88
2030						44,899						13,263						1,984,833						149.65						2,274,692						171.50
2031						13,633						10,123						1,462,657						144.49						1,739,144						171.80
2032						12,182						10,643						863,383						81.12						1,067,275						100.28
Thereafter						226,500						147,209						41,741,032						283.55						51,954,323						352.93

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
2023						95,072						71,443						7,025,790						98.34						7,064,830						98.89			4
2024						1,044,746						874,497						61,530,453						70.36						62,113,673						71.03
2025						931,407						624,418						51,220,551						82.03						51,533,779						82.53
2026						784,176						574,689						53,895,377						93.78						55,669,521						96.87
2027						396,111						337,205						25,560,043						75.80						26,191,307						77.67
2028						626,052						428,249						39,527,194						92.30						41,221,682						96.26
2029						814,847						783,367						72,916,676						93.08						78,521,874						100.24
2030						780,604						696,327						64,460,734						92.57						69,707,921						100.11
2031						432,451						378,822						29,970,652						79.12						31,873,988						84.14
2032						159,977						117,767						8,959,428						76.08						9,370,995						79.57
Thereafter						4,895,715						3,459,597						360,777,969						104.28						432,543,999						125.03

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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.

41

			Q2 2023
			Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of June 30, 2023

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 2023						—						—						—						—						—						—
Q2 2023						19,595						11,496						996,562						86.69						996,562						86.69			4
Q3 2023						23,577						23,577						950,635						40.32						950,635						40.32
Q4 2023						39,220						24,429						2,382,535						97.53						2,382,535						97.53
Total 2023						82,392						59,502						4,329,733						72.77						4,329,733						72.77
Q1 2024						365,644						347,828						17,197,032						49.44						17,197,032						49.44
Q2 2024						265,921						149,358						13,061,352						87.45						13,576,816						90.90
Q3 2024						195,791						174,651						14,686,609						84.09						14,728,943						84.33
Q4 2024						214,048						199,318						15,836,025						79.45						15,848,921						79.52
Total 2024						1,041,404						871,155						60,781,018						69.77						61,351,712						70.43

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 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						10,833						10,833						1,375,694						126.99						1,375,694						126.99
Q4 2023						1,847						1,108						1,320,363						1,191.45						1,359,403						1,226.68
Total 2023						12,680						11,941						2,696,057						225.78						2,735,097						229.05
Q1 2024						425						425						440,807						1,037.19						453,333						1,066.67
Q2 2024						—						—						—						—						—						—
Q3 2024						2,917						2,917						308,628						105.80						308,628						105.80
Q4 2024						—						—						—						—						—						—
Total 2024						3,342						3,342						749,435						224.25						761,961						228.00

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 2023						—						—						—						—						—						—
Q2 2023						19,595						11,496						996,562						86.69						996,562						86.69			4
Q3 2023						34,410						34,410						2,326,329						67.61						2,326,329						67.61
Q4 2023						41,067						25,537						3,702,898						145.00						3,741,938						146.53
Total 2023						95,072						71,443						7,025,790						98.34						7,064,830						98.89
Q1 2024						366,069						348,253						17,637,839						50.65						17,650,365						50.68
Q2 2024						265,921						149,358						13,061,352						87.45						13,576,816						90.90
Q3 2024						198,708						177,568						14,995,237						84.45						15,037,571						84.69
Q4 2024						214,048						199,318						15,836,025						79.45						15,848,921						79.52
Total 2024						1,044,746						874,497						61,530,453						70.36						62,113,673						71.03

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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

			Q2 2023
			Lease expirations - San Francisco region in-service properties 1, 2, 3

as of June 30, 2023

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
2023						364,520						329,651						27,361,410						83.00						27,973,534						84.86
2024						649,267						599,823						44,507,644						74.20						43,495,786						72.51
2025						723,015						694,063						53,959,703						77.74						56,099,915						80.83
2026						704,051						612,959						55,333,873						90.27						57,793,010						94.29
2027						522,695						511,731						48,615,577						95.00						52,662,801						102.91
2028						605,219						577,331						52,356,915						90.69						58,295,181						100.97
2029						340,009						321,725						30,240,019						93.99						34,760,414						108.04
2030						350,234						338,621						31,378,878						92.67						36,742,249						108.51
2031						841,263						814,557						85,843,456						105.39						96,257,096						118.17
2032						303,153						272,636						23,994,987						88.01						30,020,973						110.11
Thereafter						777,461						777,461						79,949,365						102.83						93,078,156						119.72

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
2023						25,546						25,546						1,524,632						59.68						1,524,632						59.68
2024						7,044						7,044						523,086						74.26						523,577						74.33
2025						33,239						33,239						2,210,568						66.51						2,444,173						73.53
2026						6,572						6,572						533,847						81.23						620,424						94.40
2027						13,794						13,794						736,057						53.36						804,288						58.31
2028						14,965						14,965						1,052,905						70.36						1,086,618						72.61
2029						3,403						3,403						307,699						90.42						349,835						102.80
2030						6,567						6,567						772,855						117.69						875,699						133.35
2031						14,256						10,902						571,841						52.46						593,962						54.48
2032						6,357						6,357						430,397						67.70						490,816						77.21
Thereafter						27,050						27,050						2,270,654						83.94						2,637,276						97.50

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
2023						390,066						355,197						28,886,042						$	81.32					29,498,166						83.05
2024						656,311						606,867						45,030,730						74.20						44,019,363						72.54
2025						756,254						727,302						56,170,271						77.23						58,544,088						80.49
2026						710,623						619,531						55,867,720						90.18						58,413,434						94.29
2027						536,489						525,525						49,351,634						93.91						53,467,089						101.74
2028						620,184						592,296						53,409,820						90.17						59,381,799						100.26
2029						343,412						325,128						30,547,718						93.96						35,110,249						107.99
2030						356,801						345,188						32,151,733						93.14						37,617,948						108.98
2031						855,519						825,459						86,415,297						104.69						96,851,058						117.33
2032						309,510						278,993						24,425,384						87.55						30,511,789						109.36
Thereafter						804,511						804,511						82,220,019						102.20						95,715,432						118.97

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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.

43

			Q2 2023
			Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of June 30, 2023

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 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						219,148						219,148						17,672,959						80.64						18,488,734						84.37
Q4 2023						145,372						110,503						9,688,451						87.68						9,484,800						85.83
Total 2023						364,520						329,651						27,361,410						83.00						27,973,534						84.86
Q1 2024						50,353						32,521						2,455,980						75.52						2,484,647						76.40
Q2 2024						290,878						273,202						18,355,904						67.19						16,897,213						61.85
Q3 2024						59,738						49,066						3,923,643						79.97						3,991,814						81.36
Q4 2024						248,298						245,034						19,772,116						80.69						20,122,112						82.12
Total 2024						649,267						599,823						44,507,644						74.20						43,495,786						72.51

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 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						13,194						13,194						951,349						72.10						951,349						72.10
Q4 2023						12,352						12,352						573,282						46.41						573,282						46.41
Total 2023						25,546						25,546						1,524,632						59.68						1,524,632						59.68
Q1 2024						6,624						6,624						504,341						76.14						504,341						76.14
Q2 2024						—						—						—						—						—						—
Q3 2024						420						420						18,744						44.63						19,236						45.80
Q4 2024						—						—						—						—						—						—
Total 2024						7,044						7,044						523,086						74.26						523,577						74.33

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 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						232,342						232,342						18,624,308						80.16						19,440,083						83.67
Q4 2023						157,724						122,855						10,261,733						83.53						10,058,082						81.87
Total 2023						390,066						355,197						28,886,042						81.32						29,498,166						83.05
Q1 2024						56,977						39,145						2,960,321						75.62						2,988,988						76.36
Q2 2024						290,878						273,202						18,355,904						67.19						16,897,213						61.85
Q3 2024						60,158						49,486						3,942,387						79.67						4,011,050						81.05
Q4 2024						248,298						245,034						19,772,116						80.69						20,122,112						82.12
Total 2024						656,311						606,867						45,030,730						74.20						44,019,363						72.54

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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.

44

			Q2 2023
			Lease expirations - Seattle region in-service properties 1, 2, 3

as of June 30, 2023

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
2023						94,089						81,969						4,555,197						55.57						4,559,811						55.63			4
2024						3,340						2,698						164,931						61.13						167,979						62.26
2025						24,247						8,164						406,676						49.81						418,996						51.32
2026						34,510						33,642						1,984,138						58.98						2,093,885						62.24
2027						189,746						186,827						11,342,759						60.71						12,450,305						66.64
2028						646,975						310,444						17,058,757						54.95						18,631,669						60.02
2029						141,734						121,676						7,354,938						60.45						8,276,971						68.02
2030						55,243						55,243						3,308,390						59.89						3,783,207						68.48
2031						49,743						46,598						2,677,871						57.47						3,054,149						65.54
2032						64,737						51,388						3,809,661						74.14						4,591,102						89.34
Thereafter						20,297						6,834						348,534						51.00						482,453						70.60

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
2023						3,718						3,718						204,503						55.00						204,503						55.00
2024						1,040						350						6,303						18.00						6,303						18.00
2025						—						—						—						—						—						—
2026						3,686						1,241						94,674						76.28						94,674						76.28
2027						—						—						—						—						—						—
2028						945						945						52,739						55.81						57,181						60.51
2029						—						—						—						—						—						—
2030						—						—						—						—						—						—
2031						3,048						3,048						190,425						62.48						223,130						73.21
2032						—						—						—						—						—						—
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
2023						97,807						85,687						4,759,700						55.55						4,764,314						55.60			4
2024						4,380						3,048						171,234						56.18						174,282						57.18
2025						24,247						8,164						406,676						49.81						418,996						51.32
2026						38,196						34,883						2,078,812						59.59						2,188,559						62.74
2027						189,746						186,827						11,342,759						60.71						12,450,305						66.64
2028						647,920						311,389						17,111,496						54.95						18,688,850						60.02
2029						141,734						121,676						7,354,938						60.45						8,276,971						68.02
2030						55,243						55,243						3,308,390						59.89						3,783,207						68.48
2031						52,791						49,646						2,868,296						57.77						3,277,279						66.01
2032						64,737						51,388						3,809,661						74.14						4,591,102						89.34
Thereafter						20,297						6,834						348,534						51.00						482,453						70.60

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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.

45

			Q2 2023
			Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of June 30, 2023

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 2023						—						—						—						—						—						—
Q2 2023						45,001						45,001						2,589,213						57.54						2,589,213						57.54			4
Q3 2023						—						—						—						—						—						—
Q4 2023						49,088						36,968						1,965,984						53.18						1,970,598						53.31
Total 2023						94,089						81,969						4,555,197						55.57						4,559,811						55.63
Q1 2024						—						—						—						—						—						—
Q2 2024						—						—						—						—						—						—
Q3 2024						—						—						—						—						—						—
Q4 2024						3,340						2,698						164,931						61.13						167,979						62.26
Total 2024						3,340						2,698						164,931						61.13						167,979						62.26

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 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						3,718						3,718						204,503						55.00						204,503						55.00
Q4 2023						—						—						—						—						—						—
Total 2023						3,718						3,718						204,503						55.00						204,503						55.00
Q1 2024						—						—						—						—						—						—
Q2 2024						—						—						—						—						—						—
Q3 2024						1,040						350						6,303						18.01						6,303						18.01
Q4 2024						—						—						—						—						—						—
Total 2024						1,040						350						6,303						18.00						6,303						18.00

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 2023						—						—						—						—						—						—
Q2 2023						45,001						45,001						2,589,213						57.54						2,589,213						57.54			4
Q3 2023						3,718						3,718						204,503						55.00						204,503						55.00
Q4 2023						49,088						36,968						1,965,984						53.18						1,970,598						53.31
Total 2023						97,807						85,687						4,759,700						55.55						4,764,314						55.60
Q1 2024						—						—						—						—						—						—
Q2 2024						—						—						—						—						—						—
Q3 2024						1,040						350						6,303						18.01						6,303						18.01
Q4 2024						3,340						2,698						164,931						61.13						167,979						62.26
Total 2024						4,380						3,048						171,234						56.18						174,282						57.18

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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

			Q2 2023
			Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of June 30, 2023

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
2023						257,555						256,084						11,119,483						43.42						10,991,346						42.92			4
2024						412,806						394,421						20,259,726						51.37						20,630,820						52.31
2025						359,386						253,427						16,062,582						63.38						16,904,911						66.71
2026						363,957						298,296						19,095,384						64.01						20,132,655						67.49
2027						558,159						417,979						24,155,745						57.79						26,318,460						62.97
2028						173,925						142,356						9,121,706						64.08						10,200,571						71.66
2029						625,298						598,024						32,666,858						54.62						37,687,834						63.02
2030						187,147						121,022						7,184,149						59.36						8,340,508						68.92
2031						158,968						139,283						7,438,184						53.40						8,753,620						62.85
2032						1,031,306						829,000						56,337,635						67.96						66,317,226						80.00
Thereafter						3,648,319						3,061,452						169,693,392						55.43						215,417,605						70.36

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
Year of Lease
Expiration																		$						$/PSF						$						$/PSF
2023						18,284						17,808						420,167						23.59						422,036						23.70
2024						35,577						33,350						2,003,448						60.07						2,018,165						60.52
2025						31,471						23,091						1,694,688						73.39						1,697,331						73.51
2026						31,489						28,465						1,796,285						63.10						1,796,213						63.10
2027						43,577						39,475						2,705,029						68.53						2,799,669						70.92
2028						33,212						29,936						2,305,582						77.02						2,434,307						81.32
2029						26,778						21,981						1,777,448						80.86						1,845,310						83.95
2030						30,852						30,577						1,880,507						61.50						2,199,970						71.95
2031						26,042						24,627						1,734,363						70.43						1,953,379						79.32
2032						17,703						17,703						1,176,107						66.44						1,276,049						72.08
Thereafter						182,096						161,904						6,358,188						39.27						6,970,591						43.05

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
2023						275,839						273,892						11,539,650						42.13						11,413,382						41.67			4
2024						448,383						427,771						22,263,174						52.04						22,648,985						52.95
2025						390,857						276,518						17,757,270						64.22						18,602,242						67.27
2026						395,446						326,761						20,891,669						63.94						21,928,868						67.11
2027						601,736						457,454						26,860,774						58.72						29,118,129						63.65
2028						207,137						172,292						11,427,288						66.33						12,634,878						73.33
2029						652,076						620,005						34,444,306						55.55						39,533,144						63.76
2030						217,999						151,599						9,064,656						59.79						10,540,478						69.53
2031						185,010						163,910						9,172,547						55.96						10,706,999						65.32
2032						1,049,009						846,703						57,513,742						67.93						67,593,275						79.83
Thereafter						3,830,415						3,223,356						176,051,580						54.62						222,388,196						68.99

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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

			Q2 2023
			Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of June 30, 2023

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 2023						—						—						—						—						—						—
Q2 2023						35,066						35,066						1,899,335						54.16						1,899,335						54.16			4
Q3 2023						137,558						137,558						6,104,536						44.38						6,107,413						44.40
Q4 2023						84,931						83,460						3,115,613						37.33						2,984,598						35.76
Total 2023						257,555						256,084						11,119,483						43.42						10,991,346						42.92
Q1 2024						26,686						21,087						1,285,886						60.98						1,289,072						61.13
Q2 2024						68,086						68,086						3,668,176						53.88						3,737,671						54.90
Q3 2024						33,519						24,501						1,240,555						50.63						1,288,326						52.58
Q4 2024						284,515						280,746						14,065,109						50.10						14,315,751						50.99
Total 2024						412,806						394,421						20,259,726						51.37						20,630,820						52.31

RETAIL

												BXP’s Share
						Rentable Square Footage Subject to Expiring Leases						Rentable Square Footage Subject to Expiring Leases						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter																		$						$/PSF						$						$/PSF
Q1 2023						—						—						—						—						—						—
Q2 2023						—						—						—						—						—						—
Q3 2023						5,616						5,616						150,776						26.85						150,776						26.85
Q4 2023						12,668						12,192						269,391						22.10						271,260						22.25
Total 2023						18,284						17,808						420,167						23.59						422,036						23.70
Q1 2024						1,237						1,237						101,028						81.67						101,028						81.67
Q2 2024						22,477						20,250						1,359,173						67.12						1,365,100						67.41
Q3 2024						1,702						1,702						139,448						81.93						142,348						83.64
Q4 2024						10,161						10,161						403,799						39.74						409,689						40.32
Total 2024						35,577						33,350						2,003,448						60.07						2,018,165						60.52

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 2023						—						—						—						—						—						—
Q2 2023						35,066						35,066						1,899,335						54.16						1,899,335						54.16			4
Q3 2023						143,174						143,174						6,255,312						43.69						6,258,189						43.71
Q4 2023						97,599						95,652						3,385,004						35.39						3,255,858						34.04
Total 2023						275,839						273,892						11,539,650						42.13						11,413,382						41.67
Q1 2024						27,923						22,324						1,386,914						62.13						1,390,100						62.27
Q2 2024						90,563						88,336						5,027,349						56.91						5,102,771						57.77
Q3 2024						35,221						26,203						1,380,003						52.67						1,430,674						54.60
Q4 2024						294,676						290,907						14,468,908						49.74						14,725,440						50.62
Total 2024						448,383						427,771						22,263,174						52.04						22,648,985						52.95

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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

			Q2 2023
			Lease expirations - CBD properties 1, 2, 3

as of June 30, 2023

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
2023						176,946						129,337						9,011,472						69.67						9,011,472						69.67			4
2024						225,412						201,513						13,733,043						68.15						14,079,078						69.87
2025						335,801						306,342						25,210,356						82.29						25,856,211						84.40
2026						575,332						544,021						43,426,766						79.83						44,561,767						81.91
2027						529,495						515,380						45,805,815						88.88						50,237,940						97.48
2028						1,109,853						1,104,507						102,719,328						93.00						111,282,273						100.75
2029						726,476						591,916						46,111,281						77.90						53,531,337						90.44
2030						1,338,193						1,296,220						91,920,961						70.91						99,200,605						76.53
2031						38,499						31,403						2,583,498						82.27						3,027,594						96.41
2032						439,405						438,814						36,453,649						83.07						41,054,721						93.56
Thereafter						4,726,805						3,717,667						305,209,603						82.10						372,305,248						100.14

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
2023						6,485						3,567						274,765						77.04						277,541						77.81
2024						156,753						86,114						5,982,265						69.47						6,147,906						71.39
2025						29,473						16,122						1,085,130						67.31						1,143,912						70.96
2026						610,369						335,703						24,006,028						71.51						26,283,245						78.29
2027						28,614						15,738						954,739						60.67						1,072,451						68.15
2028						305,816						158,419						12,522,226						79.04						14,706,223						92.83
2029						390,561						197,313						13,818,377						70.03						16,292,901						82.57
2030						5,283						2,906						345,513						118.91						407,552						140.26
2031						—						—						—						—						—						—
2032						241,672						121,023						9,729,249						80.39						12,759,997						105.43
Thereafter						204,887						102,444						6,615,787						64.58						11,598,167						113.22

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
2023						73,662						50,034						6,211,873						124.15						6,250,913						124.93			4
2024						645,019						474,770						46,750,650						98.47						47,277,962						99.58
2025						679,400						372,411						41,281,532						110.85						41,404,869						111.18
2026						510,198						300,711						42,744,079						142.14						44,153,052						146.83
2027						200,551						141,645						18,297,629						129.18						18,605,225						131.35
2028						579,222						381,419						37,802,998						99.11						39,379,022						103.24
2029						626,532						595,052						65,204,934						109.58						70,793,093						118.97
2030						733,430						649,154						62,673,141						96.55						67,775,352						104.41
2031						271,175						217,546						23,362,623						107.39						24,920,499						114.55
2032						104,667						62,457						6,946,040						111.21						7,116,497						113.94
Thereafter						4,797,820						3,361,702						356,781,940						106.13						427,989,745						127.31

49

			Q2 2023
			Lease expirations - CBD properties (continued) 1, 2, 3

as of June 30, 2023

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
2023						178,796						178,796						16,059,188						89.82						16,075,924						89.91
2024						521,687						521,687						41,057,246						78.70						39,956,993						76.59
2025						337,938						337,938						30,352,288						89.82						31,589,353						93.48
2026						492,842						492,842						46,299,608						93.94						48,328,130						98.06
2027						432,220						432,220						42,487,759						98.30						45,881,361						106.15
2028						536,339						536,339						50,181,065						93.56						55,686,854						103.83
2029						277,649						277,649						28,860,465						103.95						33,145,308						119.38
2030						281,046						281,046						28,257,018						100.54						32,946,961						117.23
2031						795,397						795,397						84,936,290						106.78						94,997,527						119.43
2032						248,475						248,475						22,576,649						90.86						28,386,338						114.24
Thereafter						804,511						804,511						82,220,019						102.20						95,715,432						118.97

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
2023						97,807						85,687						4,759,700						55.55						4,764,314						55.60			4
2024						4,380						3,048						171,235						56.18						174,282						57.18
2025						24,247						8,164						406,676						49.81						418,996						51.32
2026						38,196						34,883						2,078,812						59.59						2,188,559						62.74
2027						189,746						186,827						11,342,759						60.71						12,450,305						66.64
2028						647,920						311,389						17,111,496						54.95						18,688,850						60.02
2029						141,734						121,676						7,354,938						60.45						8,276,971						68.02
2030						55,243						55,243						3,308,390						59.89						3,783,207						68.48
2031						52,791						49,646						2,868,296						57.78						3,277,278						66.01
2032						64,737						51,388						3,809,661						74.14						4,591,102						89.34
Thereafter						20,297						6,834						348,534						51.00						482,453						70.60

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
2023						49,328						47,381						3,333,664						70.36						3,182,258						67.16			4
2024						44,107						23,494						1,307,773						55.66						1,341,965						57.12
2025						224,808						110,469						8,981,203						81.30						9,413,344						85.21
2026						171,924						103,239						9,103,056						88.17						9,612,564						93.11
2027						220,521						76,239						5,970,914						78.32						6,369,980						83.55
2028						112,933						78,088						5,731,688						73.40						6,353,771						81.37
2029						83,123						51,052						3,554,925						69.63						4,059,665						79.52
2030						107,898						41,498						2,721,558						65.58						3,365,879						81.11
2031						91,055						69,954						3,997,597						57.15						4,609,545						65.89
2032						552,493						350,187						26,180,740						74.76						30,428,263						86.89
Thereafter						995,794						756,521						48,412,369						63.99						63,949,693						84.53

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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.

50

			Q2 2023
			Lease expirations - Suburban properties 1, 2, 3

as of June 30, 2023

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
2023						270,574						270,574						17,200,614						63.57						17,200,614						63.57			4
2024						415,852						415,852						21,067,095						50.66						21,155,112						50.87
2025						723,132						723,132						39,304,588						54.35						39,991,229						55.30
2026						251,101						251,101						14,447,443						57.54						15,964,901						63.58
2027						269,923						269,923						15,674,870						58.07						16,102,590						59.66
2028						201,910						201,910						11,503,375						56.97						12,309,582						60.97
2029						459,838						459,838						21,637,318						47.05						25,045,710						54.47
2030						180,007						180,007						9,117,367						50.65						10,391,138						57.73
2031						534,365						474,025						29,053,564						61.29						32,075,289						67.67
2032						153,189						153,189						15,845,700						103.44						18,997,804						124.02
Thereafter						341,547						341,547						19,004,482						55.64						21,822,705						63.89

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
2023						21,410						21,410						813,917						38.02						813,917						38.02			4
2024						399,727						399,727						14,779,803						36.97						14,835,711						37.11
2025						252,007						252,007						9,939,018						39.44						10,128,911						40.19
2026						273,978						273,978						11,151,298						40.70						11,516,469						42.03
2027						195,560						195,560						7,262,414						37.14						7,586,082						38.79
2028						46,830						46,830						1,724,196						36.82						1,842,659						39.35
2029						188,315						188,315						7,711,741						40.95						7,728,781						41.04
2030						47,174						47,174						1,787,592						37.89						1,932,570						40.97
2031						161,276						161,276						6,608,029						40.97						6,953,489						43.12
2032						55,310						55,310						2,013,388						36.40						2,254,498						40.76
Thereafter						97,895						97,895						3,996,030						40.82						4,554,254						46.52

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
2023						211,270						176,401						12,826,854						72.71						13,422,242						76.09
2024						134,624						85,180						3,973,484						46.65						4,062,370						47.69
2025						418,316						389,364						25,817,983						66.31						26,954,735						69.23
2026						217,781						126,689						9,568,112						75.52						10,085,304						79.61
2027						104,269						93,305						6,863,875						73.56						7,585,729						81.30
2028						83,845						55,957						3,228,756						57.70						3,694,945						66.03
2029						65,763						47,479						1,687,252						35.54						1,964,941						41.39
2030						75,755						64,142						3,894,715						60.72						4,670,986						72.82
2031						60,122						30,061						1,479,007						49.20						1,853,531						61.66
2032						61,035						30,518						1,848,736						60.58						2,125,451						69.65
Thereafter						—						—						—						—						—						—

51

			Q2 2023
			Lease expirations - Suburban properties (continued) 1, 2, 3

as of June 30, 2023

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
2023						226,511						226,511						8,205,987						36.23						8,231,124						36.34			4
2024						404,276						404,276						20,955,402						51.83						21,307,020						52.70
2025						166,049						166,049						8,776,067						52.85						9,188,899						55.34
2026						223,522						223,522						11,788,613						52.74						12,316,303						55.10
2027						381,215						381,215						20,889,861						54.80						22,748,148						59.67
2028						94,204						94,204						5,695,600						60.46						6,281,107						66.68
2029						568,953						568,953						30,889,380						54.29						35,473,479						62.35
2030						110,101						110,101						6,343,098						57.61						7,174,599						65.16
2031						93,955						93,955						5,174,951						55.08						6,097,455						64.90
2032						496,516						496,516						31,333,003						63.11						37,165,012						74.85
Thereafter						2,834,621						2,466,835						127,639,212						51.74						158,438,504						64.23

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 54.

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.

52

			Q2 2023
			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
Deutsche Bank Securities			Derek Johnston						212.250.5683
Evercore ISI			Steve Sakwa						212.446.9462
Goldman Sachs			Caitlin Burrows						212.902.4736
Green Street Advisors			Dylan Burzinski						949.640.8780
Jefferies & Co.			Jonathan Peterson						212.336.7076
J.P. Morgan Securities			Anthony Paolone						212.622.6682
Mizuho Securities			Vikram Malhotra						212.209.9300
Morgan Stanley			Ronald Kamdem						212.296.8319
Piper Sandler Companies			Alexander Goldfarb						212.466.7937
Scotiabank GBM			Nicholas Yulico						212.225.6904
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
Wells Fargo			Kevin McClure						704.410.1100

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

53

			Q2 2023
			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 58.

The Company may also present "BXP's Share" of certain operating metrics, such as occupancy and leased percentages based upon square footage. Amounts are calculated based on our consolidated portfolio square feet, plus our share of the square feet from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners’ share of square feet from our consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests).

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, (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 and (12) on and after February 3, 2023, which was the end of the performance period for 2020 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2020 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, 2021, 2022 and 2023 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

54

			Q2 2023
			Definitions (continued)

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.

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, amortization and accretion of sales type lease receivable, 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, amortization and accretion related to sales type lease receivable, 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, fair value lease revenue and amortization and accretion related to sales type lease receivable, 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.

55

			Q2 2023
			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. A property will no longer be considered “in-service” when the occupied percentage is below 50% and the Company is no longer actively leasing the property in anticipation of a future development/redevelopment.

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, amortization and accretion related to sales type lease receivable, 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 (1) BXP’s Share of Debt is utilized instead of the Company’s consolidated debt after eliminating BXP’s Share of the related party note receivable and (2) BXP’s Share of cash is utilized instead of consolidated cash. 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.

56

			Q2 2023
			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, 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, unrealized gain (loss) on non-real estate investment, 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, amortization and accretion related to sales type lease, 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, amortization and accretion related to sales type lease receivable 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 and amortization and accretion related to sale type lease receivable 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 20 - 23 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

57

			Q2 2023
			Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
			Three Months Ended
			30-Jun-23						31-Mar-23
Revenue			$	817,153					$	803,200
Partners’ share of revenue from consolidated joint ventures (JVs)			(80,383)						(79,448)
BXP’s share of revenue from unconsolidated JVs			68,417						65,659
BXP’s Share of revenue			$	805,187					$	789,411
Straight-line rent			$	26,493					$	24,806
Partners’ share of straight-line rent from consolidated JVs			(4,641)						(3,649)
BXP’s share of straight-line rent from unconsolidated JVs			3,075						2,706
BXP’s Share of straight-line rent			$	24,927					$	23,863
Fair value lease revenue 2			$	5,850					$	3,596
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			1,066						1,123
BXP’s Share of fair value lease revenue 2			$	6,776					$	4,579
Lease termination income			$	(164)					$	195
Partners’ share of termination income from consolidated JVs			276						(172)
BXP’s share of termination income from unconsolidated JVs			3,113						877
BXP’s Share of termination income			$	3,225					$	900
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			$	26,054					$	23,064
Partners’ share of parking and other revenue from consolidated JVs			(299)						(594)
BXP’s share of parking and other revenue from unconsolidated JVs			3,077						2,925
BXP’s Share of parking and other revenue			$	28,832					$	25,395
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			304						304
BXP’s Share of hedge amortization, net of costs			$	1,750					$	1,750
Straight-line ground rent expense adjustment			$	669					$	401
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						142
BXP’s Share of straight-line ground rent expense adjustment			$	811					$	543
Depreciation and amortization			$	202,577					$	208,734
Noncontrolling interests in property partnerships’ share of depreciation and amortization			(17,858)						(17,711)
BXP’s share of depreciation and amortization from unconsolidated JVs			25,756						25,645
BXP’s Share of depreciation and amortization			$	210,475					$	216,668
Lease transaction costs that qualify as rent inducements 3			$	3,402					$	5,386
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 3			(279)						(185)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 3			108						318
BXP’s Share of lease transaction costs that qualify as rent inducements 3			$	3,231					$	5,519
2nd generation tenant improvements and leasing commissions			$	49,500					$	53,656
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs			(6,546)						(9,904)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs			1,038						1,403
BXP’s Share of 2nd generation tenant improvements and leasing commissions			$	43,992					$	45,155

58

			Q2 2023
			Reconciliations (continued)

Maintenance capital expenditures 4			$	29,015					$	21,455
Partners’ share of maintenance capital expenditures from consolidated JVs 4			(5,221)						(3,216)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 4			338						269
BXP’s Share of maintenance capital expenditures 4			$	24,132					$	18,508
Interest expense			$	142,473					$	134,207
Partners’ share of interest expense from consolidated JVs			(11,871)						(11,761)
BXP’s share of interest expense from unconsolidated JVs			24,402						23,701
BXP’s Share of interest expense			$	155,004					$	146,147
Capitalized interest			$	10,564					$	10,589
Partners’ share of capitalized interest from consolidated JVs			(41)						(30)
BXP’s share of capitalized interest from unconsolidated JVs			1,864						1,630
BXP’s Share of capitalized interest			$	12,387					$	12,189
Amortization of financing costs			$	5,096					$	4,955
Partners’ share of amortization of financing costs from consolidated JVs			(498)						(499)
BXP’s share of amortization of financing costs from unconsolidated JVs			676						760
BXP’s Share of amortization of financing costs			$	5,274					$	5,216
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			499						499
BXP’s Share of fair value interest adjustment			$	499					$	499

_____________

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.

59

			Q2 2023
			Reconciliations (continued)

for the three months ended June 30, 2023

(unaudited and dollars in thousands)

												Norges Joint Ventures
												Times Square Tower
												601 Lexington Avenue / One Five Nine East 53rd Street
CONSOLIDATED JOINT VENTURES						767 Fifth Avenue						100 Federal Street						Total Consolidated
						(The GM Building)						Atlantic Wharf Office						Joint Ventures
Revenue
Lease 1						$	75,742					$	100,008					$	175,750
Straight-line rent						5,723						5,227						10,950
Fair value lease revenue						327						21						348
Termination income						—						(613)						(613)
Total lease revenue						81,792						104,643						186,435
Parking and other						9						656						665
Total rental revenue 2						81,801						105,299						187,100
Expenses
Operating						32,825						38,904						71,729
Net Operating Income (NOI)						48,976						66,395						115,371
Other income (expense)
Development and management services revenue						20						599						619
Interest and other income						1,459						1,912						3,371
Interest expense						(21,072)						(7,658)						(28,730)
Depreciation and amortization expense						(17,310)						(22,977)						(40,287)
General and administrative expense						(74)						(42)						(116)
Total other income (expense)						(36,977)						(28,166)						(65,143)
Net income						$	11,999					$	38,229					$	50,228
BXP’s nominal ownership percentage						60.00%						55.00%
Partners’ share of NOI (after income allocation to private REIT shareholders) 3						$	18,916					$	29,042					$	47,958
BXP’s share of NOI (after income allocation to private REIT shareholders)						$	30,060					$	37,353					$	67,413
Unearned portion of capitalized fees 4						$	495					$	462					$	957
Partners’ share of select items 3
Partners’ share of parking and other revenue						$	4					$	295					$	299
Partners’ share of hedge amortization						$	144					$	—					$	144
Partners’ share of amortization of financing costs						$	346					$	152					$	498
Partners’ share of depreciation and amortization related to capitalized fees						$	374					$	419					$	793
Partners’ share of capitalized interest						$	41					$	—					$	41
Partners’ share of lease transaction costs that qualify as rent inducements						$	—					$	(279)					$	(279)
Partners’ share of management and other fees						$	676					$	866					$	1,542
Partners’ share of basis differential depreciation and amortization expense						$	(24)					$	(175)					$	(199)
Partners’ share of basis differential interest and other adjustments						$	(4)					$	103					$	99
Reconciliation of Partners’ share of EBITDAre 5
Partners’ NCI						$	3,778					$	15,990					$	19,768
Add:
Partners’ share of interest expense after BXP’s basis differential						8,425						3,446						11,871
Partners’ share of depreciation and amortization expense after BXP’s basis differential						7,274						10,584						17,858
Partners’ share of EBITDAre						$	19,477					$	30,020					$	49,497

60

			Q2 2023
			Reconciliations (continued)

for the three months ended June 30, 2023

(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						$	32,720					$	47,385					$	80,105
Less: Termination income						—						(276)						(276)
Rental revenue (excluding termination income) 2						32,720						47,661						80,381
Less: Operating expenses (including partners’ share of management and other fees)						13,804						18,364						32,168
Income allocation to private REIT shareholders						—						(21)						(21)
NOI (excluding termination income and after income allocation to private REIT shareholders)						$	18,916					$	29,318					$	48,234
Rental revenue (excluding termination income) 2						$	32,720					$	47,661					$	80,381
Less: Straight-line rent						2,289						2,352						4,641
Fair value lease revenue						131						9						140
Add: Lease transaction costs that qualify as rent inducements						—						279						279
Subtotal						30,300						45,579						75,879
Less: Operating expenses (including partners’ share of management and other fees)						13,804						18,364						32,168
Income allocation to private REIT shareholders						—						(21)						(21)
NOI - cash (excluding termination income and after income allocation to private REIT shareholders)						$	16,496					$	27,236					$	43,732
Reconciliation of Partners’ share of Revenue 3
Rental revenue 2						$	32,720					$	47,385					$	80,105
Add: Development and management services revenue						8						270						278
Revenue						$	32,728					$	47,655					$	80,383

_________

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

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

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.

61

			Q2 2023
			Reconciliations (continued)

for the three months ended June 30, 2023

(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						$	24,680					$	34,242					$	23,399					$	11,635					$	6,693					$	29,163																																									$	129,812
Straight-line rent						1,682						(132)						556						(51)						531						4,326																																										6,912
Fair value lease revenue						—						116						1,538						21						1,134						—																																										2,809
Termination income						—						21						—						—						—						15,507																																										15,528
Total lease revenue						26,362						34,247						25,493						11,605						8,358						48,996																																										155,061
Parking and other						1						4,044						88						203						484						1,977																																										6,797
Total rental revenue 3						26,363						38,291						25,581						11,808						8,842						50,973																																										161,858
Expenses
Operating						8,822						14,540						15,261			4			4,719						3,262						14,258																																										60,862
Net operating income/(loss)						17,541						23,751						10,320						7,089						5,580						36,715																																										100,996
Other income/(expense)
Development and management services revenue						—						—						561						—						—						11																																										572
Interest and other income						448						540						286						8						117						942																																										2,341
Interest expense						(11,486)						(11,870)						(13,024)						—						(3,546)						(18,873)																																										(58,799)
Unrealized gain on derivative instruments						—						—						14,457						—						—						—																																										14,457
Transaction costs						(6)						—						—						—						(3)						(18)																																										(27)
Depreciation and amortization expense						(8,416)						(12,546)						(8,459)						(4,749)						(5,168)						(11,895)																																										(51,233)
General and administrative expense						(1)						(23)						(118)						(5)						(5)						(9)																																										(161)
Loss from early extinguishment of debt						—						—						—						—						—						(3)																																										(3)
Total other income/(expense)						(19,461)						(23,899)						(6,297)						(4,746)						(8,605)						(29,845)																																										(92,853)
Net income/(loss)						$	(1,920)					$	(148)					$	4,023					$	2,343					$	(3,025)					$	6,870																																									$	8,143
BXP’s share of select items:
BXP’s share of parking and other revenue						$	1					$	2,117					$	35					$	102					$	163					$	659		5																																							$	3,077
BXP’s share of amortization of financing costs						$	167					$	96					$	69					$	—					$	29					$	315		5																																							$	676
BXP’s share of hedge amortization, net of costs						$	—					$	—					$	—					$	—					$	252					$	52																																									$	304
BXP’s share of fair value interest adjustment						$	—					$	—					$	499					$	—					$	—					$	—																																									$	499
BXP’s share of capitalized interest						$	—					$	—					$	1,757					$	—					$	—					$	107		5																																							$	1,864
Reconciliation of BXP’s share of EBITDAre
Income/(loss) from unconsolidated joint ventures						$	(964)					$	(980)					$	(5,972)					$	450					$	(1,032)					$	1,830		5																																							$	(6,668)
Add:
BXP’s share of interest expense						5,744						6,279						4,726						—						1,194						6,459			5																																							24,402
BXP’s share of depreciation and amortization expense						4,212						7,719			6			4,968						2,880			6			1,739						4,238			5																																							25,756
BXP’s share of loss from early extinguishment of debt						—						—						—						—						—						1																																										1
BXP’s share of EBITDAre						$	8,992					$	13,018		6			$	3,722					$	3,330		6			$	1,901					$	12,528		5																																							$	43,491

62

			Q2 2023
			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						$	13,182					$	20,439		6			$	8,145					$	5,692		6			$	2,977					$	17,699		5																																							$	68,134
BXP’s share of operating expenses						4,411						7,671						4,782						2,360						1,099						5,557			5																																							25,880
BXP’s share of net operating income/(loss)						8,771						12,768			6			3,363						3,332			6			1,878						12,142			5																																							42,254
Less:
BXP’s share of termination income						—						12						—						—						—						3,101																																										3,113
BXP’s share of net operating income/(loss) (excluding termination income)						8,771						12,756						3,363						3,332						1,878						9,041			5																																							39,141
Less:
BXP’s share of straight-line rent						841						23			6			603						(19)			6			179						1,448			5																																							3,075
BXP’s share of fair value lease revenue						—						365			6			527						(208)			6			382						—																																										1,066
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						—						(110)						87						—						—						131			5																																							108
BXP’s share of net operating income/(loss) - cash (excluding termination income)						$	7,930					$	12,258		6			$	2,462					$	3,559		6			$	1,317					$	7,724		5																																							$	35,250
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3						$	13,182					$	20,439		6			$	8,145					$	5,692		6			$	2,977					$	17,699		5																																							$	68,134
Add:
BXP’s share of development and management services revenue						—						—						281						—						—						2																																										283
BXP’s share of revenue						$	13,182					$	20,439		6			$	8,426					$	5,692		6			$	2,977					$	17,701		5																																							$	68,417

_____________

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

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

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.

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.

63

			Q2 2023
			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
						31-Mar-23						31-Mar-22
Net income attributable to Boston Properties, Inc.						$	77,890					$	143,047
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						9,078						16,361
Noncontrolling interest in property partnerships						18,660						17,549
Net income						105,628						176,957
Add:
Interest expense						134,207						101,228
Depreciation and amortization expense						208,734						177,624
Transaction costs						911						—
Payroll and related costs from management services contracts						5,235						4,065
General and administrative expense						55,802						43,194
Less:
Interest and other income (loss)						10,941						1,228
Unrealized gain on non-real estate investment						259						—
Gains (losses) from investments in securities						1,665						(2,262)
Income (loss) from unconsolidated joint ventures						(7,569)						2,189
Gains on sales of real estate						—						22,701
Direct reimbursements of payroll and related costs from management services contracts						5,235						4,065
Development and management services revenue						8,980						5,831
Net Operating Income (NOI)						491,006						469,316
Add:
BXP’s share of NOI from unconsolidated joint ventures						40,756						37,321
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)						47,097						47,055
BXP’s Share of NOI						484,665						459,582
Less:
Termination income						195						2,078
BXP’s share of termination income from unconsolidated joint ventures						877						606
Add:
Partners’ share of termination income from consolidated joint ventures						172						221
BXP’s Share of NOI (excluding termination income)						$	483,765					$	457,119
Net Operating Income (NOI)						$	491,006					$	469,316
Less:
Termination income						195						2,078
NOI from non Same Properties (excluding termination income)						42,921						21,598
Same Property NOI (excluding termination income)						447,890						445,640
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						46,925						46,834
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)						39,879						36,715
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)						3,849						448
BXP’s Share of Same Property NOI (excluding termination income)						$	436,995					$	435,073
Change in BXP’s Share of Same Property NOI (excluding termination income)						$	1,922
Change in BXP’s Share of Same Property NOI (excluding termination income)						0.4		%

64

			Q2 2023
			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
						31-Mar-23						31-Mar-22
Net income attributable to Boston Properties, Inc.						$	77,890					$	143,047
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership						9,078						16,361
Noncontrolling interest in property partnerships						18,660						17,549
Net income						105,628						176,957
Add:
Interest expense						134,207						101,228
Depreciation and amortization expense						208,734						177,624
Transaction costs						911						—
Payroll and related costs from management services contracts						5,235						4,065
General and administrative expense						55,802						43,194
Less:
Interest and other income (loss)						10,941						1,228
Unrealized gain on non-real estate investment						259						—
Gains (losses) from investments in securities						1,665						(2,262)
Income (loss) from unconsolidated joint ventures						(7,569)						2,189
Gains on sales of real estate						—						22,701
Direct reimbursements of payroll and related costs from management services contracts						5,235						4,065
Development and management services revenue						8,980						5,831
Net Operating Income (NOI)						491,006						469,316
Less:
Straight-line rent						24,806						22,186
Fair value lease revenue						3,596						1,655
Amortization and accretion related to sales type lease						226						—
Termination income						195						2,078
Add:
Straight-line ground rent expense adjustment 1						591						576
Lease transaction costs that qualify as rent inducements 2						5,386						(4,583)
NOI - cash (excluding termination income)						468,160						439,390
Less:
NOI - cash from non Same Properties (excluding termination income)						33,115						13,269
Same Property NOI - cash (excluding termination income)						435,045						426,121
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						43,321						43,366
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)						36,510						22,759
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)						3,067						(243)
BXP’s Share of Same Property NOI - cash (excluding termination income)						$	425,167					$	405,757
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)						$	19,410
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)						4.8		%

_____________

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 $(190) and $168 for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the Company has remaining lease payments aggregating approximately $24.7 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.

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

65

			Q2 2023
			Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

						Three Months Ended
						30-Jun-22						31-Mar-22
Revenue
Lease						$	721,899					$	718,120
Parking and other						26,474						20,931
Insurance proceeds						3,872						803
Hotel revenue						12,089						4,557
Development and management services						6,354						5,831
Direct reimbursements of payroll and related costs from management services contracts						3,239						4,065
Total revenue						773,927						754,307
Expenses
Operating						137,531						137,088
Real estate taxes						132,056						131,527
Demolition costs						—						5
Restoration expenses related to insurance claim						4,261						1,635
Hotel operating						6,444						4,840
General and administrative						34,665						43,194
Payroll and related costs from management services contracts						3,239						4,065
Transaction costs						496						—
Depreciation and amortization						183,146						177,624
Total expenses						501,838						499,978
Other income (expense)
Income (loss) from unconsolidated joint ventures						(54)						2,189
Gains on sales of real estate						96,247						22,701
Losses from investments in securities						(4,716)						(2,262)
Interest and other income (loss)						1,195						1,228
Other income - assignment fee						6,624						—
Interest expense						(104,142)						(101,228)
Net income						267,243						176,957
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships						(18,546)						(17,549)
Noncontrolling interest - common units of the Operating Partnership						(25,708)						(16,361)
Net income attributable to Boston Properties, Inc.						$	222,989					$	143,047
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic						$	1.42					$	0.91
Net income attributable to Boston Properties, Inc. per share - diluted						$	1.42					$	0.91

66