bxp esg investor discussion

BXP ESG Investor Discussion:

May/June 2021

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Except as otherwise expressly indicated, all data is as of March 31, 2021.

Forward-Looking StatementsThis presentation contains forward-looking statements within the meaning of the federal securities laws. Please refer to the Appendixfor information on how to identify these statements, as well as risks and uncertainties, including the impact of the COVID-19 pandemic and related governmental actions and changes in economic conditions that could cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements. The Company does not intend, nor does it undertake a duty, to update any forward-looking statements, except as may be required by law.

Use of Non-GAAP Financial Measures and Other DefinitionsThis presentation contains certain non-GAAP financial measures within the meaning of Regulation G and other terms that have particular definitions when used by the Company. The Company’s definitions may differ from those used by other companies and, therefore, may not be comparable. The definitions of these terms and, if applicable, the reasons for their use and reconciliations to the most directly comparable GAAP measures are included in the Appendix.

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BXP

Attributes:

51.6M1 SF Portfolio

Modern Class A Assets in Premier Gateway Markets

1. Includes 100% of consolidated and unconsolidated properties 2. Represents BXP’s Share of estimated total cost, including income (loss) and interest carry on debt and equity investment during development. See Appendix.3. As of May 8, 2021. Includes leases with future commencement dates4. Excludes residential and hotel properties. Calculation is based on BXP’s Share of Annualized Rental Obligations. See Appendix5. Represents proforma square footage which includes 3.3M SF of stabilized portfolio, 1.8M SF of current and planned life sciences redevelopments and 4.0M SF of future potential development opportunities. Represents 100% of consolidated and unconsolidated properties. Actual square footage may

differ materially depending on the outcome of the permitting and entitlement processes for each project.6. Includes 4M SF of Life Sciences development

A Foundation

for Growth

Growing Life Sciences Portfolio of ~9M SF5

Market-leader in ESG

16M1 SF of Future Development Opportunities / Land Bank6

$2.7B Active Development Pipeline2,

Office Portion is 86% Pre-Leased3

~8-year, weighted-

average lease term4

Strong Liquidity and Balance Sheet

4

Market square feet1 25.3M

BXP square feet2 5.8M

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

BXP Markets:



SAN FRANCISCO

22%

WASH.DC6%

BOSTON33%

Market square feet1 (midtown)

376.1M


Market square feet1

(West LA only)46.3M






NEW YORK28%

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

2. Includes 100% of consolidated and unconsolidated joint venture properties..

RESTON and North

VA8%

LOS ANGELES

3%

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Develop Premier Properties in Robust Markets with Sustained Growth

BXP Strategy

SELECT MARKETS

PREMIER PROPERTIES

ROBUST OPERATING &

DEVELOPMENT PLATFORM

FINANCIAL STRENGTH

CAPITAL ALLOCATION

EXPERIENCE & INTEGRITY

Focus on supply-constrained markets with the strongest economic growth and investment

characteristics over time

Preserve our reputation for quality, integrity and fair dealing and be the counterparty of

choice for real estate industry participants

Remain astute in market timing for investment decisions to ensure continuous portfolio

refreshment and value creation

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

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

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

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BXP

Strengths

• Signed 592k SF of leases in Q1 despite pandemic− 84% of pre-pandemic leasing volume in Q1 2020

Leasing momentum:

• Parking, hotel and retail = ~$130M1 of revenue loss, expected to return as vaccination distributions continue

Predictable return of ancillary revenue streams:

• Existing $2.0B pipeline of office developments2, 86% pre-leased3

• Additional $558M of current life sciences development/ redevelopments

• Total Pipeline projected to add $234M Cash NOI upon stabilization4

− $1.6B Projected value creation through 20245

Growth from development:

• Modest lease expirations next 3 years

• Track record of positive mark/market− 20% average annual mark/market in net

rents Q1 2016-Q1 2021

• Positioned to benefit from flight to quality trend of prior recessions

A resilient portfolio of high-quality assets

• $2.4B liquidity6

• History of selling mature assets and redeploying capital into new growth opportunities

A proven track record of intelligent capital allocation

1. Calculated as BXP’s Share of Annualized Revenue from Parking, Hotel and Retail in Q4 2020 as compared to BXP’s Share of Annua lized Revenue from Parking, Hotel and Retail in Q4 2019.2. Represents BXP’s Share of Estimated Total Investment, including income (loss) and interest carry during development. For additional information, refer to the “Active Development Pipeline” page of this presentation.3. Includes leases with future commencement dates. 4. Represents BXP’s Share. For additional detail please refer to the slide “Projected NOI from Developments Enhance Growth” in this presentation.5. Calculations assume a projected weighted-average stabilized BXP’s Share of NOI—cash yield of 6.8%, with a $1 per foot management fee deduction, on BXP’s Share of total budgeted costs, which is then valued at a 4.5% cap rate. For additional detail please refer to the slide “Projected NOI from Developments Enhance Growth” in this

presentation.6. Represents cash, cash equivalents, cash held in escrow and availability under revolving line of credit as of March 31, 2021.

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A unified organization led by a diverse Board of professionals across market sectors

BXP Board of Directors1

Joel I. KleinChairman of the Board

Chief Policy & Strategy Officer of Oscar Health Corp.; Director of News Corporation

BXP tenure:8 years

Carol B. EinigerIndependent Director

President of Post Rock Advisors

BXP tenure: 17 years

Owen D. ThomasChief Executive Officer

and DirectorGlobal Chairman of the Urban Land Institute; Former Morgan

Stanley Management Committee Member

BXP tenure: 8 years

Sen. Kelly A. AyotteIndependent Director

Former US Senator, New Hampshire's first female Attorney General; Director of Blackstone

Group, Caterpillar Inc. and News Corp.

BXP tenure: 3 years

Diane J. HoskinsIndependent Director

Chair and Co-CEO of M. Arthur Gensler Jr. &

Associates

BXP tenure: 2 years

David A. TwardockIndependent Director

Former President of Prudential Mortgage Capital

Company, LLC


Bruce W. DuncanIndependent Director

President & CEO of CyrusOne; Former Chairman & CEO of

First Industrial Realty Trust, Inc

BXP tenure: 5 years

Douglas T. LindePresident and Director

President, BXP.

Director Emeritus of Beth Israel Deaconess Medical Center

BXP Board tenure:

11 years

William H. Walton IIIIndependent Director

Co-founder and Managing Member of Rockpoint Group,

LLC

BXP tenure: 2 years

Karen E. DykstraIndependent Director

Former Chief Financial and Administrative Officer of AOL.

Director of Gartner, Inc. & VMware, Inc.

BXP tenure: 5 years

Matthew J. LustigIndependent Director

Chairman of North America Investment Banking, Head of Real

Estate, Lazard Frères


1. For complete information about BXP’s Board of Directors, please view our most recent proxy statement, which is available on the investor relations website at www.investors.bxp.com

http://www.investors.bxp.com/

BXP ESG in Detail

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Energy & Water Efficiency

Green Building

Renewable Energy

Carbon-Neutrality

Climate Risk Awareness

Asset-level Preparedness

Scenario Analysis

Management & Planning

Healthy Buildings

Community Involvement

Employee Programs

Diversity & Inclusion

Climate Action Resilience Social Good

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

BXP Sustainability Framework

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ESG Leadership

Global Real Estate Sustainability Benchmark (GRESB) Results

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Top Stakeholder Priorities: Climate Action, Resilience, Social Good & Healthy Buildings

ESG Materiality Assessment

Impact on Business

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1. Non-Discrimination

2. Customer Satisfaction

3. Economic Performance

4. Carbon Emissions

5. Energy Consumption/Efficiency

6. Ethical Business/Whistleblower Protection

7. Anti-Harassment Policy

8. Employee Well-Being

9. Employee Satisfaction

10. Health Benefits/Impact of Buildings on Occupants

11. Environmental Violations

12. Transparency & Disclosure of ESG

13. Green Buildings Certifications

14. Environmental Impact/Life Cycle of Materials Used

15. Cyber Risk & Security

16. Employee Occupational Health & Safety

17. Waste/Recycling/Composting

18. Equal Pay

19. Access to Public Transit

20. Racial Diversity

21. Board of Directions Management of ESG

22. Walkability & Access to Amenities

23. Climate-related Risks

24. Water Consumption/Efficiency

25. Gender Diversity

26. Human Rights

KEY

Shareholder

Employee

Customer

Community

Stakeholders

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ESG Focus Extends from the Boardroom to the Boiler Room

Development & Construction

Property Management & Engineering

Leasing & Marketing Corporate Functions

• Product vision and differentiation

• Permitting and entitlement

• High performance building strategy and execution

• Energy performance modeling and code compliance

• New technologies

• Sustainability committee

• Sustainability training and credentialing

• Green building certifications

• Healthy building operations and certifications

• ENERGY STAR labeling

• Distributed energy resource additions (Solar PV, Cogen and Energy Storage)

• Adopt and execute energy, emissions, water and waste targets

• Engage tenant and supply chain

• Green leasing

• Green power and renewable energy contracts

• Sustainability marketing and materials

• Robust public reporting

• Website disclosures

Board of Directors

• Board-level Sustainability Committee

Risk Management

• Risk assessments

• Climate-related disclosures, TCFD and scenario analysis

Capital Markets

• Green bonds

• Investor engagement

• ESG Materiality Assessment

Human Resources

• ESG goals

• Employee programs & benefits

• Diversity & inclusion

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BXP ESG

Updates

• Previously established an emissions reduction target ambition in line with a 1.5°C trajectory

• The most ambitious designation available at the time of submission under the Science Based Targets initiative.

• BXP was the only North American office company with this distinction.

Committed to achieving carbon neutral operations by 2025

• Increases Board oversight of sustainability issues

• Direct resource to management

Established a Board Sustainability Committee

• Developed and implemented a comprehensive Health Security plan

• Earned a 2020 Best in Building Health award

• Completed Fitwel’s Viral Response Module enterprise certification.

Furthered our leadership in Building Health and Wellness

• Identified actionable goals and proposed initiatives

in the areas of recruitment and development,

Company policies, and community outreach

• Each executive is evaluated on their diversity efforts

- achievement of these goals is directly tied to

annual compensation

Launched a Diversity & Inclusion Committee

• Ranked among top real estate companies, earned fifth consecutive 5-Star rating

• 9+ years of “Green Star” designations• Green Lease Leader – Gold

• MSCI “A Rating”• Newsweek 56th Most Responsible Company

• Sustainalytics Top 5% Global Universe

• S&P ESG Score – Top 5% REA Real Estate.

• >25 Million SF LEED Gold and Platinum

Maintained ESG Leadership Position

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Public Sustainability Goals

41% energy use intensity reduction

The status of our current goal will remain in

progress until our buildings are repopulated

in 2021 and 2022.

86% Scope 1 and Scope 2carbon emissions intensity reduction

• 45x25 Goal achieved prior to COVID-19 impacts.

• Scope 3 calculations are in the process of completion.

• We have committed to

achieving carbon-neutral

operations, or net-zero

carbon dioxide equivalent

emissions, by 2025.

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53% waste diversion increase(recycling and composting)

Public Sustainability Goals

53% water use intensity reduction

The status of our current goal will remain in

progress until our buildings are repopulated

in 2021 and 2022.

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Performance Management and DisclosureWhen you keep a scoreboard, people play differently.

Performance Scoring, Benchmarking and Certification

Real-time Performance Monitoring

Analysis, Reporting and Disclosure

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BXP has an approved science-based target, confirming an emissions reduction rate equal to our greater than the rate of reduction required to keep global temperature increase below 1.5º C.

>$30 Million

Avoided Annual Energy Operating Cost

Energy Efficient Operations and Decarbonization

94.9

56.2

64.7

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Energy and Carbon Intensity Performance

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70% of GHG reductions are from

voluntary green power

procurement and a greener grid

Green Power40%

A Greener Grid30%

Energy Efficiency

20%

New Development10%

Efficiency and a Greener Power Supply are Driving Reductions

GHG Reduction Pathways

Main drivers of efficiency in existing buildings:

1. Base Building Equipment, Lighting, Controls and Building Management System Improvements

2. Facility Management and Maintenance

3. Tenant Improvements

4. Tenant Behavior

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Times Square TowerNew York

535 MissionSan Francisco

601 Massachusetts AvenueWashington, DC

77 CityPointWaltham

Atlantic WharfBoston

BXP’s History of Developing Green Buildings

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Building on our History: Decarbonizing Development and Operations

Onsite solar photovoltaic (PV) 8 MW at 10 sites

Covered parking at Carnegie Center New Jersey

’

BXP purchases specific source renewable energy equal to the expected

electricity needs of the Company’s actively Massachusetts managed portfolio.

The commitment reduces its carbon footprint by around 100,000 metric

tons of CO2 equivalent annually.

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Our leadership in sustainability and healthy buildings served as a foundation for our health security program

BXP’s Market-Leading Health Security

• Strategy for Repopulating the Workplace from a Health Safety Perspective Following Guidance from the CDC and Public Health Authorities

• Published updated Health Security Plan in March 2021 (available at bxp.com)

• 40+ Health Security Task Force Members

• Teams Included Dr. Joe Allen and Service Providers

https://investors.bxp.com/static-files/3b12f9cd-3d6b-4a30-850e-edbe4d661f0f

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BXP Social Performance Summary

Social

Performance

Indicators

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BXP Governance Summary1

Director Independence and Compliance

11 Directors 82% independent

• Independent, non-executive Chairman of the Board

• Regular executive sessions of independent directors

• All directors and officers are subject to a Code of Business Conduct and Ethics

• All directors attended 75% or more of Board and committee meetings

Director Qualifications and Diversity

• Annual self-evaluation process for the Board and each committee, and bi-annual interviews with individual directors; process overseen by our NCG Committee

• Retirement age: 75-year maximum age limit at time of nomination

• Four directors are women and one is African-American

Strong Stockholder Rights

• Incorporated in Delaware

• Proxy Access By-law right (3%, 3 years, 25%, 5)

• Annual election of all directors

• Majority voting standard in uncontested director elections

• Stockholder right to amend By-laws

• No Stockholder Rights Plan (or “poison pill”)• Disclosure of Policy on Company Political Spending &

political spending report posted on website annually

Compensation

• “Double-Trigger” vesting for time-based equity awards

• Compensation Clawback Policy

• Adopted formal policy in 2014 that prohibits tax gross-up provisions in any new employment agreement

• Stock ownership requirements for executives

• Stock ownership requirements for directors

• Anti-hedging, anti-pledging and anti-short-sale policies

BXP

Governance36% of BXP Directors

are women

1. For additional information regarding BXP’s governance, please view our most recent proxy statement, which is available on the investor relations website at www.investors.bxp.com

http://www.investors.bxp.com/

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Leadership from the Boardroom the to Boiler Room

Summary: BXP ESG

• BXP Leadership:• Integrated approach to ESG permeates everything we do

• Focused on key areas of materiality –climate action, resilience, social good

• Rigorous reporting and transparency

• Competitive Advantage:• Healthy buildings - moving from a “nice to have” to a “must have”

priority for tenants

• ESG leadership – market bifurcation between the leaders and the laggards

• Operational excellence:• Elevating our competitive advantages

• Lowering our cost structure

Highest-Quality, Multi-Market Class-A Office REIT

7% Average Annual Shareholder Return1 10-years4

ESG at BXP: Case Studies

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• LEED Platinum® - earned more LEED points than any

project in the Bay Area, highest rated skyscraper in

California

• Lowest design energy intensity of any BXP development

to date (EUI = 28)

• Purple pipe system will be fed by the largest onsite

black water treatment system in a commercial high-rise

building in the US - saves 7.8 million gallons a year

Development Case Study: Salesforce Tower

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• First dedicated outside air system with active chilled beams in

Boston

• 120 kW onsite solar, 100% green power

• Completed 12 month stabilized operations measurement and

verification process

• Operating intensity (EUI=39) is approximately 55% below the

Boston Class A Office average

Development Case Study: 888 Boylston

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Key Strategies Notes

Active Chilled Beams w/ DOAS Substantial cooling energy savings versus conventional VAV

system

High Efficiency Lighting 40% LPD Reduction (Common Area)

25% LPD Reduction (Tenant Spaces)

High Performance Glazing Double-paned Insulated

U-Factor = 0.235

SHGC = 0.28

High Efficiency Chillers COP = 6.38 – highest COP we could find that eliminates

ozone depleting refrigerants

Heat Recovery Wheels DOAHUs include heat recovery wheels that transfer heat

from the exhaust air to the supply

Renewables 120 kW solar photovoltaic system

Reduced Energy-related Operating Expenses Designed to save $650,000/yr compared to a code

compliant building.

888 Boylston Street: Results• “Build Tight, Ventilate Right”

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Future Development Case Study: Fourth + Harrison

‘Net zero carbon is when the amount of carbon dioxide emissions released on an annual basis is zero or negative. Our definition for a net zero carbon building is a highly energy efficient building that is fully powered from on-site and/or off-site renewable energy sources and offsets.’ – WorldGBC

• Water-cooled Variable Refrigerant Flow (VRF)

All Electric System

• 24% energy reduction (Title24)

• 380,000 kWh of onsite solar PV – enough for

base building core and shell services

• Additional green energy purchased from PG&E

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• Chiller Plant Modernization

• Tenant Condenser Water System Upgrades

• Building Management System Retro-commissioning

Portfolio Modernization Case Study:200 Clarendon Street

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200 Clarendon Street: Results

YearEnergy

Savings (kWh)

Project Cost

(Including

Incentives)

Simple Payback

Period

(years)

2014 1,936,361 4,828,575$ 18.0

2015 25,115 18,919$ 4.6

2015 268,056 40,663$ 0.9

2015 159,244 342,460$ 13.0

2015 1,182,894 552,287$ 2.8

2016 3,152,187 589,656$ 1.0

2017 8,150 12,600$ 8.8

2017 115,652 2,850$ 0.1

YearBlended kWh

Rate

Y-o-Y

EscalationAvoided Cost

Cumulative

Avoided Cost

Cumulative

Investment Net Savings

2014 0.139$ 1.7% 268,628$ 268,628$ 1,936,361$ (1,667,733)$

2015 0.165$ 19.0% 589,619$ 858,247$ 3,571,670$ (2,713,423)$

2016 0.179$ 8.3% 1,202,295$ 2,329,170$ 6,723,857$ (4,394,687)$

2017 0.176$ -1.4% 1,206,833$ 4,662,878$ 6,847,659$ (2,184,782)$

2018 0.192$ 8.8% 1,313,433$ 9,432,355$ 6,847,659$ 2,584,695$

VFD Retrofit Project

Energy Conservation Measure

7th Floor Chiller Plant Replacement

Maintenance Area LED Conversion

Stair 1 & 2 LED Conversion

61st Floor Plate and Frame Heat Exchanger

Condenser Water System Upgrades

EMS Retrocommissioning

Air Compressor Replacement

$6.8 Million invested energy conservation projects

over a five year period resulted in a cumulative

avoided cost over the same period of $9.4 Million.

0

20

40

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100

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140

$-

$1

$2

$3

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$7

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ECM Investment, Avoided Cost and Site Energy Use

Intensity

Cumulative ECM Investment Cumulative Avoided Cost Energy Use Intensity (kBTU/SF-yr)

Appendix

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FORWARD-LOOKING STATEMENTS

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

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

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

• uncertainties and risks related to the impact of the COVID-19 global pandemic, including the duration, scope and severity of the pandemic domestically and internationally; federal, state and local government actions and restrictive measures implemented in response to COVID-19, the effectiveness of such measures and the direct and indirect impact of such measures on our and our tenants' businesses, financial condition, results of operation, cash flows, liquidity and performance, and the U.S. and international economy and economic activity generally; the speed, effectiveness and distribution of vaccines, whether new or existing actions or measures continue to impact the ability of our residential tenants to generate sufficient income to pay, or make them unwilling to pay, rent in full or at all in a timely manner; the health, continued service and availability of our personnel, including our key personnel and property management teams; and the effectiveness or lack of effectiveness of government relief in providing assistance to individuals and large and small businesses, including our tenants, that have suffered significant adverse effects from COVID-19;

• volatile or adverse global economic and political conditions, health crises and dislocations in the credit markets could adversely affect our access to cost-effective capital and have a resulting material adverse effect on our business opportunities, results of operations and financial condition;

• general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, tenant space utilization, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate);

34

FORWARD-LOOKING STATEMENTS (continued)

• failure to manage effectively our growth and expansion into new markets and sub-markets or to integrate acquisitions and developments successfully;

• the ability of our joint venture partners to satisfy their obligations;

• risks and uncertainties affecting property development and construction (including, without limitation, construction delays, increased construction costs, cost overruns, inability to obtain necessary permits, tenant accounting considerations that may result in negotiated lease provisions that limit a tenant’s liability during construction, and public opposition to such activities);

• risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments or refinance existing indebtedness, including the impact of higher interest rates on the cost and/or availability of financing;

• risks associated with forward interest rate contracts and the effectiveness of such arrangements;

• risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets;

• risks associated with actual or threatened terrorist attacks;

• costs of compliance with the Americans with Disabilities Act and other similar laws;

• potential liability for uninsured losses and environmental contamination;

• risks associated with the physical effects of climate change;

• risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems, which support our operations and our buildings;

• risks associated with BXP’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended;

• possible adverse changes in tax and environmental laws;

• the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results;

• risks associated with possible state and local tax audits;

• risks associated with our dependence on key personnel whose continued service is not guaranteed; and

• the other risk factors identified in our most recently filed Annual Report on Form 10-K for the fiscal year ended December 31, 2020 or described herein, including those under the caption “Risk Factors.”


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


DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS

36


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

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

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

DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued)

37


Annualized RevenueAnnualized Revenue is defined as (1) revenue less termination income for the quarter ended March 31, 2021, multiplied by four (4), plus (2) termination income for the quarter ended March 31, 2021. The Company believes that termination income can distort the results for any given period because termination income generally represents multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and thus does not reflect the core ongoing operating performance of the Company’s properties. As a result, the Company believes that by presenting Annualized Revenue without annualizing termination income, investors may more easily compare quarterly revenue to revenue for full fiscal years, which can provide useful trend data. Annualized Revenue should not be considered a substitute for revenue in accordance with GAAP and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

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

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

Net Asset Value (NAV) Net Asset Value, or NAV, is a useful measure that assists investors and management to estimate the fair value of a company. There is no directly comparable GAAP financial measure to NAV and because the calculation of NAV involves a number of assumptions and estimates, it can be calculated using various methods. Therefore, each investor must determine the specific methodology to use to arrive at a NAV. For example, in light of the significance of its joint ventures, the Company presents NAV using BXP’s Share of various components, whereas others that calculate NAV may not do so and, therefore, their calculations of NAV may not be comparable to NAV as calculated by the Company or other companies. Because (1) there are various methods of calculation and (2) the assumptions and estimates may not prove to be correct, actual NAV may differ materially from a company’s estimate.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED)

38

Quarter endedMarch 31, 2021

Revenue $ 713,695 Add:

BXP's share of revenue from unconsolidated Joint Ventures ("JVs")1 42,401 Less:

Partners' share of revenue from consolidated JVs2 75,274 Termination income 4,269 BXP's share of termination income from unconsolidated JVs1 —

Add:Partners' share of termination income from consolidated JVs2 (6)

BXP's Share of Revenue (excluding termination income) (A) $ 676,547

BXP's Share of Annualized Revenue (excluding termination income)3

(A x 4) $ 2,706,188 Add:

Termination income 4,269 BXP's share of termination income from unconsolidated JVs1 —

Less:Partners' share of termination income from consolidated JVs2 (6)

BXP's Share of Annualized Revenue $ 2,710,463

BXP's Share of Revenue(in thousands)

1BXP's Share of Annualized Revenue (excluding termination income) equals BXP's Share of Revenue (excluding termination income), multiplied by four (4).

BXP's Share of Annualized Revenue(in thousands)

BXP's Share of Annualized Revenue(in thousands)

1 See “Joint Ventures-Unconsolidated” in this Appendix.2 See “Joint Ventures-Consolidated” in this Appendix.3 BXP's Share of Annualized Revenue (excluding termination income) equals BXP's Share of Revenue (excluding termination income), multiplied by four (4). Similarly, BXP's Share of Annualized Rental Revenue (excluding termination income) equals BXP's Share of Rental Revenue (excluding termination income), multiplied by four (4).


Revenue $ 713,695 Less:

Direct reimbursements of payroll and related costs from management services contracts 3,505

Development and management services 6,803 Rental Revenue 703,387 Add:

BXP's share of Rental Revenue from unconsolidated JVs1 42,289 Less:

Partners' share of Rental Revenue from consolidated JVs2 75,276 BXP's Share of Rental Revenue $ 670,400 Less:

Termination income 4,269 BXP's share of termination income from unconsolidated JVs1 —


BXP's Share of Rental Revenue (excluding termination income) (B) $ 666,125

BXP's Share of Annualized Rental Revenue (excluding termination income)3 (B x 4) $ 2,664,500

Quarter ended

December 31, 2020 December 31, 2020Revenue $ 665,089 $ 757,501 Add:

BXP's share of revenue from unconsolidated Joint Ventures ("JVs") 31,422 1 40,146 Less:

Partners' share of revenue from consolidated JVs 70,539 2 75,000 Termination income 551 1,397 BXP's share of termination income from unconsolidated JVs 771 1 —

Add:Partners' share of termination income from consolidated JVs 95 2 —

BXP's Share of Revenue (excluding termination income) (A) $ 624,745 $ 721,250

BXP's Share of Annualized Revenue (excluding termination income)3 (A x 4) $ 2,498,980 $ 2,885,000 Add:

Termination income 551 1,397 BXP's share of termination income from unconsolidated JVs 771 1 —

Less:Partners' share of termination income from consolidated JVs 95 2 —

BXP's Share of Annualized Revenue $ 2,500,207 $ 2,886,397


39


Net Operating Income (NOI)(in thousands)


Net income attributable to Boston Properties, Inc. common shareholders $ 91,624 Preferred stock redemption 6,412 Preferred dividends 2,560

Net income attributable to Boston Properties, Inc. 100,596 Net income attributable to noncontrolling interests:

Noncontrolling interest - common units of the Operating Partnership 11,084 Noncontrolling interests in property partnerships 16,467

Net income 128,147 Add:

Interest expense 107,902 Loss from early extinguishment of debt 898.00 Depreciation and amortization expense 176,565 Transaction costs 331 Payroll and related costs from management services contracts 3,505 General and administrative expense 44,959

Less:Interest and other income (loss) 1,168 Gains (losses) from investments in securities 1,659 Gains (losses) on sales of real estate — Income (loss) from unconsolidated joint ventures ("JVs") 5,225 Direct reimbursements of payroll and related costs from management services contracts 3,505 Development and management services revenue 6,803

Consolidated NOI 443,947

Add:BXP's share of NOI from unconsolidated JVs1 24,795

Less:Partners' share of NOI from consolidated JVs (after income allocation to private REIT shareholders)2 44,376 Termination income 4,269 BXP's share of termination income from unconsolidated JVs1 —


BXP's Share of NOI (excluding termination income) (A) $ 420,091

1See “Joint Ventures-Unconsolidated” in this Appendix. Annualized amounts represent amounts for the quarter ended March 31, 2021, multiplied by four (4).2See “Joint Ventures-Consolidated” in this Appendix. Annualized amounts represent amounts for the quarter ended March 31, 2021, multiplied by four (4).

Quarter ended Quarter endedMarch 31, 2021 March 31, 2021

Net income attributable to Boston Properties, Inc. common shareholders $ 91,624 BXP's Share of Annualized NOI (excluding termination income) (A x 4) $ 1,654,716 Preferred dividends 2,560 Add:

Net income attributable to Boston Properties, Inc. 94,184 Termination income 4,269 Net income attributable to noncontrolling interests: BXP's share of termination income from unconsolidated JVs1 —

Noncontrolling interest - common units of the Operating Partnership 11,084 Less:Noncontrolling interests in property partnerships 16,467 Partners' share of termination income from consolidated JVs2 (6)

Net income 121,735 BXP's Share of Annualized NOI $ 1,658,991

Add:Interest expense 107,902 Depreciation and amortization expense 176,565 Transaction costs 331 Payroll and related costs from management services contracts 3,505 General and administrative expense 44,959

Less:Interest and other income 1,168 Gains from investments in securities 1,659 Gains on sales of real estate — Loss from unconsolidated joint ventures ("JVs") 5,225 Direct reimbursements of payroll and related costs from management

services contracts 3,505

Development and management services revenue 6,803 Consolidated NOI 437,535

Add:BXP's share of NOI from unconsolidated JVs1 24,795

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

to private REIT shareholders)2 44,376 Termination income 4,269 BXP's share of termination income from unconsolidated JVs1 —


BXP's Share of NOI (excluding termination income) (A) $ 413,679


40


Norges Joint VenturesTimes 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

RevenueLease 1 $ 73,873 $ 110,215 2 $ 184,088 Write-offs associated with accounts receivable, net — 3 3 Straight-line rent 2,661 (13,555) 2 (10,894) Write-offs associated with straight-line rent, net — (68) (68) Fair value lease revenue (804) 109 (695) Termination income (5) (8) (13)

Total lease revenue 75,725 96,696 172,421 Parking and other — 829 829 Insurance proceeds — 2,444 3 2,444

Total rental revenue 4 75,725 99,969 175,694 Expenses

Operating 30,897 35,383 66,280 Restoration expenses related to insurance claim — 2,460 3 2,460

Total expenses 30,897 37,843 68,740

Net Operating Income (NOI) 44,828 62,126 106,954 Other income (expense)

Development and management services revenue — (4) (4) Interest and other income 1 (54) (53) Interest expense (20,959) (6,756) (27,715) Depreciation and amortization expense (15,737) (21,618) (37,355) General and administrative expense (7) (63) (70)

Total other income (expense) (36,702) (28,495) (65,197) Net income $ 8,126 $ 33,631 $ 41,757

.BXP's nominal ownership percentage 60.00% 55.00%

Partners' share of NOI (after income allocation to private REIT shareholders) 5 $ 17,278 $ 27,098 $ 44,376 BXP's share of NOI (after income allocation to private REIT shareholders) $ 27,550 $ 35,028 $ 62,578 Unearned portion of capitalized fees 6 $ 115 $ 196 $ 311

Partners' share of select items 5

Partners’ share of write-offs associated with accounts receivable, net $ — $ (1) $ (1) Partners’ share of write-offs associated with straight-line rent, net $ — $ 31 $ 31 Partners’ share of parking and other revenue $ — $ 373 $ 373 Partners' share of hedge amortization $ 144 $ — $ 144 Partners' share of amortization of financing costs $ 346 $ 36 $ 382 Partners’ share of depreciation and amortization related to capitalized fees $ 322 $ 308 $ 630 Partners' share of capitalized interest $ — $ 472 $ 472 Partners' share of lease transaction costs that qualify as rent inducements $ — $ (251) $ (251) Partners' share of management and other fees $ 653 $ 859 $ 1,512 Partners' share of basis differential and other adjustments $ (16) $ (205) $ (221)

Joint Ventures (“JVs”) - Consolidated (unaudited and in thousands)Results of Operations for the three months ended March 31, 2021


41


Norges Joint VenturesTimes 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

Reconciliation of Partners' share of EBITDAre 7

Partners' NCI $ 2,295 $ 14,172 $ 16,467 Add:

Partners' share of interest expense 8,380 3,040 11,420 Partners' share of depreciation and amortization expense after BXP's basis differential 6,600 9,857 16,457

Partners' share of EBITDAre $ 17,275 $ 27,069 $ 44,344

Reconciliation of Partners' share of NOI 5

Rental revenue 4 $ 30,290 $ 44,986 $ 75,276 Less: Termination income (2) (4) (6) Rental revenue (excluding termination income) 4 30,292 44,990 75,282 Less: Operating expenses (including partners' share of management and other fees) 13,012 17,888 30,900

Income allocation to private REIT shareholders — — — NOI (excluding termination income and after income allocation to private REIT shareholders) $ 17,280 $ 27,102 $ 44,382

Rental revenue (excluding termination income) 4 $ 30,292 $ 44,990 $ 75,282 Less: Straight-line rent 1,064 (6,131) 2 (5,067) Fair value lease revenue (322) 49 (273) Add: Lease transaction costs that qualify as rent inducements — 251 251 Subtotal $ 29,550 $ 51,323 $ 80,873 Less: Operating expenses (including partners' share of management and other fees) 13,012 17,888 30,900

Income allocation to private REIT shareholders — — — NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 16,538 $ 33,435 $ 49,973

Reconciliation of Partners' share of Revenue 5

Rental revenue 4 $ 30,290 $ 44,986 $ 75,276 Add: Development and management services revenue — (2) (2) Revenue $ 30,290 $ 44,984 $ 75,274

Joint Ventures (“JVs”) - Consolidated (continued) (unaudited and in thousands)Results of Operations for the three months ended March 31, 2021

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

2 Lease revenue and straight-line rent includes approximately $19,435 and $17,007, respectively, related to deferred revenue from a tenant, of which the Partners’ share of lease revenue and straight-line are approximately $8,746 and $7,653, respectively.

3 Amounts relate to damage at one of the Company’s properties in New York City due to a water main break. . 4 See the Definitions section of this Appendix package.5 Amounts represent the partners’ share based on their respective ownership percentage.6 Capitalized 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.7 Amounts represent the partners’ share based on their respective ownership percentage and is adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization

related to capitalized fees.


42

Joint Ventures (“JVs”) - UnconsolidatedAs of March 31, 2021

BXP’s Nominal OwnershipPropertyBoston

The Hub on Causeway 50.00 %100 Causeway Street 50.00 %Hub50House 50.00 %Podium 50.00 %Hotel Air Rights 50.00 %

1265 Main Street 50.00 %Los Angeles

Santa Monica Business Park 55.00 %Colorado Center 50.00 %Beach Cities Media Center 50.00 %

New YorkDock 72 50.00 %3 Hudson Boulevard 25.00 %

San FranciscoPlatform 16 55.00 %Gateway Commons 50.00 %

Washington, DC7750 Wisconsin Avenue (Marriott International Headquarters) 50.00 %1001 6th Street 50.00 %Market Square North 50.00 %Wisconsin Place Parking Facility 33.33 %500 North Capitol Street, N.W. 30.00 %901 New York Avenue 25.00 %Metropolitan Square 20.00 %


43


Joint Ventures (“JVs”) - Unconsolidated 1(unaudited and in thousands)Results of Operations for the three months ended March 31, 2021

Boston Los Angeles New York San Francisco Washington, DC

Total Unconsolidated Joint Ventures

RevenueLease 2 $ 8,520 $ 36,263 $ 1,144 $ 11,278 $ 25,242 $ 82,447 Write-offs associated with accounts receivable, net — (13) — — — (13) Straight-line rent 809 (1,149) 232 230 1,210 1,332 Write-offs associated with straight-line rent, net — (81) — — (186) (267) Fair value lease revenue — 289 — 45 334 Termination income — — — — — —

Total lease revenue 9,329 35,309 1,376 11,553 26,266 83,833 Parking and other 3 2,429 — 1 768 3,201

Total rental revenue 3 9,332 37,738 1,376 11,554 27,034 87,034 Expenses

Operating 4,773 12,124 2,969 4 4,687 12,174 36,727 Net Operating Income 4,559 25,614 (1,593) 6,867 14,860 50,307

Other income/(expense)Development and management services income — — 224 — 1 225 Interest and other income — 5 — 2 — 7 Interest expense (2,688) (11,775) (1,642) (4) (9,447) (25,556) Transaction costs — — — — (7) (7) Depreciation and amortization expense (4,778) (12,438) (2,535) (5,939) (8,413) (34,103) General and administrative expense (15) (169) (83) (6) (134) (407)

Total other income/(expense) (7,481) (24,377) (4,036) (5,947) (18,000) (59,841) Net income/(loss) $ (2,922) $ 1,237 $ (5,629) $ 920 $ (3,140) $ (9,534)

BXP's share of select itemsBXP’s share of write-offs associated with accounts receivable, net $ — $ 7 $ — $ — $ — $ 7 BXP’s share of write-offs associated with straight-line rents, net $ — $ 45 $ — $ — $ 93 $ 138 BXP’s share of parking and other revenue $ 2 $ 1,273 $ — $ 1 $ 270 5 $ 1,546 BXP's share of amortization of financing costs $ 194 $ 85 $ 76 $ — $ 311 5 $ 666 BXP's share of capitalized interest $ 479 $ — $ 203 $ — $ 286 5 $ 968

Reconciliation of BXP's share of EBITDAreIncome/(loss) from unconsolidated joint ventures $ (1,504) $ 139 $ (2,465) $ (779) $ 9,834 5 $ 5,225

Add:BXP's share of interest expense 1,345 6,230 821 2 2,959 5 11,357

BXP's share of depreciation and amortization expense 2,432 7,737 6 920 4,253 7 3,070 5 18,412 Less:

BXP’s share of gain on sale of investment — — — — 10,257 8 10,257 BXP's share of EBITDAre 2,273 14,106 6 (724) 3,476 7 5,606 5 24,737


44


Reconciliation of BXP's share of Net Operating Income/(Loss) Boston Los Angeles New York San Francisco Washington, DC

Total Unconsolidated Joint Ventures

BXP's share of rental revenue 3 $ 4,667 $ 20,596 6 $ 688 $ 6,016 7 $ 10,322 5 $ 42,289

BXP's share of operating expenses 2,386 6,404 1,481 2,536 4,687 5 17,494

BXP's share of net operating income/(loss) 2,281 14,192 6 (793) 3,480 7 5,635 5 24,795

Less:

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

income) 2,281 14,192 (793) 3,480 5,635 5 24,795

Less:

BXP's share of straight-line rent 405 (81) 6 116 132 7 232 5 804

BXP's share of fair value lease revenue — 493 6 — (213) 7 — 280

Add:

BXP's share of straight-line ground rent adjustment — — 234 — — 234 BXP's share of lease transaction costs that qualify as rent

inducements — 59 1,149 — 210 5 1,418 BXP's share of net operating income/(loss) - cash (excluding

termination income) $ 1,876 $ 13,839 6 $ 474 $ 3,561 7 $ 5,613 5 $ 25,363

Reconciliation of BXP's share of Revenue

BXP's share of rental revenue 3 $ 4,667 $ 20,596 6 $ 688 $ 6,016 7 $ 10,322 5 $ 42,289

Add:BXP's share of development and management services

revenue — — 112 — — 112

BXP's share of revenue $ 4,667 $ 20,596 6 $ 800 $ 6,016 7 $ 10,322 5 $ 42,401

Joint Ventures (“JVs”) - Unconsolidated 1(unaudited and in thousands)Results of Operations for the three months ended March 31, 2021

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see page 42.2 Lease revenue includes recoveries from tenants and service income from tenants.3 See the Definitions section of this Appendix package. 4 Includes approximately $468 of straight-line ground rent expense.5 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement of 901 New York Avenue.6 The Company’s purchase price allocation under ASC 805 for Colorado Center differs from the historical basis of the venture resulting in the majority of the basis differential for this region.7 The Company’s purchase price allocation under ASC 805 for Gateway Commons differs from the historical basis of the venture resulting in the majority of the basis differential for this region.8 On March 30, 2021, the Company completed the sale of its 50% ownership interest in Annapolis Junction.

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