Slide 1: BXP Quarterly Investor Overview Q1 2025
BXP Quarterly Investor Overview Q1 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Please refer to the Appendix for information on how to identify these statements, as well as risks and uncertainties that could cause BXP’s actual results to differ mat
Slide 3: Table of Contents
Table of Contents BXP Today Premier Workplace Development The Balance Sheet BXP Performance Sustainability and Impact Q1 2025 3
Slide 4: BXP Today
BXP Today
Slide 5: BXP Quick Facts
BXP Quick Facts The largest publicly traded developer, owner and manager of premier workplaces1 in the U.S. 185 89.4% 7.6 Years Leased (In-Service Weighted-Average Lease Properties2 Properties)2,3 Term4,5 53.4M 3.0M 5.9M Square Feet of Leases Square Feet of Square Feet Owned2 Executed2,4,6 in Traili
Slide 6: Positioned for Growth
Positioned for Growth Leasing Momentum: Strong fundamentals: a portfolio of high-quality assets Signed 1.1M1 SF of leases in Q1 2025 FFO Growth – Weighted-average lease term of 10.9 years for leases signed in Q1 20251,2 – Projected 2.5% compounded average annual growth (CAGR) in diluted FFO/share –
Slide 7: Accretive Investment Opportunity: Coles Street, Jersey City
Accretive Investment Opportunity 290 Coles Street Jersey City, NJ • Co-Developer on a multi-family development project in the SoHo West submarket of Downtown Jersey City • ~670 units (100% market rate) comprised of an eight-story podium and two towers (14 and 22 stories) • Joint venture with CrossHa
Slide 8: Accretive Investment Opportunity: 12th Street, Washington DC
Accretive Investment Opportunity 725 12th Street Washington, DC Original Acquisition: • ~300,000 square foot, 12-story vacant property in the East End submarket of Washington, DC • Purchase price of $34M • Closed December 2024 Development Plan: • Redevelop the property into an ~320,000 square foot p
Slide 9: Madison Avenue Joint Venture
343 Madison Avenue Joint Venture Future Development Ideal Location: • Located in Core Midtown Manhattan submarket and is the only fully entitled, ready to commence workplace development • Situated atop Grand Central Terminal ▪ Convenient and direct access to transit • Designed to be 46 floors; ~965,
Slide 10: Consistent Access to Debt Capital
Consistent Access to Debt Capital Completed $6.8B in Financings in 2024 and 2025 ▪ Unsecured Debt Market • $850M Bond issuance in August 2024 • $500M Commercial Paper Program established in April 2024 and upsized to $750M in March 2025 ▪ Healthy Relationships with Banks • Extended $700M Term Loan to
Slide 11: 5.9M SF of Leasing Executed with a Growing Pipeline
5.9M SF1,2,3 of Leasing Executed with a Growing Pipeline Pipeline of leases under negotiation and proposals up 15% in Q1 2025 Government / Public Other Administration 33% YoY increase in 1% 1% leasing square footage Retail Financial Services 3,500 for trailing four quarters3 8% 26% 3,000 Life Scienc
Slide 12: 2.2M SF of Signed Leases for Future Occupancy
2.2M SF of Signed Leases for Future Occupancy Low Rollover in 2026 and 20271,2 Correlates to Material Improvement Opportunity in Occupancy Total Expiring Square Feet1,2,3 9% • 2026 expirations total ~1.9M SF1,2,3 (3.9% of portfolio3) ▪ Largest expiration in 2026 is 134,000 SF 7.4% 7% • 2027 expirati
Slide 13: Strong CBD Leasing %
Strong CBD Leasing % BXP’s CBD Portfolio Represents ~88% of Annualized Rental Obligations1,2 Region Leased (%)3,4 Boston 97.9% Los Angeles 86.6% New York 92.3% San Francisco 83.7% Seattle 84.4% Washington, DC 93.7% CBD Total3 92.3% CBD Total (BXP’s Share)1,2 92.7% 1. See Appendix. 2. Represents BXP’
Slide 14: Tailwind: More Stringent In-Office Work Requirements Implemented
Tailwind: More Stringent In-Office Work Requirements Implemented Ripped from the Headlines JPMorgan Planning to Trump Signs Order Ending Top S.F. business executives Starbucks Tells Workers to Bring Staff to Office Five Remote Work say their companies need Return to the Office or Risk Days a Week “H
Slide 15: BXP is Diversified Across U.S. Markets
BXP is Diversified Across U.S. Markets BXP’s Share of Net Operating Income (NOI)1 Washington, DC 14.9% 2 Central 128 Boston 6.0% Seattle 2.3% 37.6% Carnegie Center3 1.5% Silicon Valley 1.0% San Francisco 16.8% Other Suburban 1.2% CBD4 90.3% Los Angeles New York 3.7% 24.7% 1. Excluding termination in
Slide 16: BXP Client Base
BXP Client Base Broad Portfolio Balanced Across Established and Growth Sectors % of BXP’s Share of Years of Remaining Lease Term By Top 20 Clients Annualized Rental Annualized Rental Obligations2 Obligations2 Industry Diversification1 Salesforce 3.34% 7.0 Commercial & Investment Banking Real Estate
Slide 17: Premier Workplace
Premier Workplace
Slide 18: Premier Assets Outperform the Broader Market
Premier Assets Outperform the Broader Market 13.1% 13.1% 19.0% 17.7 MSF (29.6) MSF % of Total Premier Space in Direct Vacancy in Premier Direct Vacancy in Non-Premier Net Absorption in Premier Net Absorption in Non- Total Market1 Buildings1 Buildings1 Buildings1,2 Premier Buildings1,2 Modern Design
Slide 19: Premier Assets Outperform the Broader Market
Premier Assets Outperform the Broader Market Average Direct Vacancy Rate for Five Selected CBD Markets (%)1 Average Asking Rent for Five Selected CBD Markets1 Premier Direct Vacancy Rate (Excluding Sublease Availability) Asking Rent 110.00 Averages 20.00 51% Higher 19.0% 18.00 100.00 16.00 $95.16 14
Slide 20: Development
Development
Slide 21: Consistent Portfolio Refreshment
Consistent Portfolio Refreshment Strategically Capitalizing on Growth Regions and Sectors Acquisitions, Developments & Dispositions $5.0 Dispositions: 14.2M SF1, $8.2B2 (2010-Q1 2025) $4.0 $2.4 Development Deliveries: 17.5M SF1, $10.0B3 (2010-Q1 2025) $3.0 $1.2 $2.3 $2.1 $2.0 Acquisitions: 16.2M SF1
Slide 22: Preeminent Developer with Robust Pipeline
Preeminent Developer with Robust Pipeline $8.6B1 of Recent Deliveries Generating Accretive Returns $2.3B4,6 of Developments Driving Future Growth (2014-Q1 2025) – $1.1B4,6 remaining share to be funded – 14.0 million² square feet 3.0 Million2 Square Feet Under Development – 1,022,000 SF Premier Workp
Slide 23: $2.3 Billion Active Development Pipeline
$2.3 Billion Active Development Pipeline1 Estimated Total Estimated Actual/Est. BXP’s Ownership Percent Project Name Location Square Feet Investment Investment Initial Percentage Leased2 (BXP’s Share)1 PSF1 Occupancy PREMIER WORKPLACE 360 Park Avenue South New York, NY 450,000 71% $418,300,000 $1,30
Slide 24: Residential In-Service Portfolio
Residential Attractive and Actionable Adjacency with a Track Record of Success Demonstrated track record Growing set of private equity Strong pipeline under control Exploring office conversion of success developing investors interested in of new development sites opportunities in core markets reside
Slide 25: ~19 Million Square Feet in Future Development Pipeline
~19 Million Square Feet in Future Development Pipeline Project Name Location Estimated Square Feet1 Reston Next (Phase II) Reston, VA 2,230,000 3 Hudson Boulevard (25% ownership) New York, NY 2,000,000 Carnegie Center Princeton, NJ 1,723,000 The Station on North First San Jose, CA 1,550,000 CityPoin
Slide 26: The Balance Sheet
The Balance Sheet
Slide 27: Conservative Leverage Provides Balance Sheet Capacity
Conservative Leverage Provides Balance Sheet Capacity BXP’s Share of Net Debt to BXP’s Share of EBITDAre1 BXP’s Share of Market Capitalization1 9.0 $30 8.3x $25 7.7x 7.8x 7.8x 8.0 7.4x 7.5x $20 $15.7 BXP’s Share of Debt1 $ in Billions 6.8x $15 7.0 6.6x 6.5x $10 6.0 Equity $5 $11.9 5.0 $0 Q1 2025 201
Slide 28: Strong Liquidity and Access to Capital
Strong Liquidity and Access to Capital Liquidity BXP’s Share of Debt2 $1.9 Billion $15.7 Billion Unsecured Debt Cash1 72.6% $0.5B Secured Debt 27.4% Revolving Credit Facility $1.4B3 1. Represents cash, cash equivalents and cash held in escrow, if any. 2. See Appendix. Q1 2025 28 3. Represents Line o
Slide 29: BXP Performance
BXP Performance
Slide 30: Projected Growth in FFO Per Share
Projected Growth in FFO Per Share 2.5%1 4.1% 2015-2025 FFO Per Share CAGR 2015-2024 EBITDAre CAGR $8.00 $2.5 1 $7.53 $7.00 $7.28 $7.10 1 $7.01 $6.86 $6.56 $2.0 2 $6.00 $6.21 $6.30 $6.29 $6.03 $1.9 $1.9 Diluted FFO Per Share $1.8 $5.36 $1.7 $5.00 $1.6 $1.5 $1.5 EBITDAre (in Billions) $1.5 $1.4 $1.4 $
Slide 31: Depressed Multiple Despite Increased FFO
Depressed Multiple Despite Increased FFO $8.00 30.0 $7.00 25.0 $6.00 17.4 Avg. 20.0 $5.00 $4.00 15.0 $3.00 10.0 $2.00 5.0 $1.00 $- 0.0 2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 FFO Per Share FFO Multiple Multiple Average 1. FFO Multiple is cal
Slide 32: Returns from a Consistent Dividend Yield
Returns from a Consistent Dividend Yield Trailing Four Quarter FAD Ratio of 76%1 Provides Strong Support for the Dividend Regular Dividend $6.00 5.8% Current $5.00 Dividend Yield2 Dividends in Dollars per Share $4.00 $3.00 $2.00 $3.83 $3.92 $3.92 $3.92 $3.92 $3.92 $3.92 $1.00 $0.00 2019 2020 2021 20
Slide 33: BXP Summary
BXP Summary • Premier workplace portfolio across six markets with strong employment growth over time Quality • Proven, trusted corporate leadership team and regional management • Modern portfolio of new or recently refreshed assets; expanding life sciences and residential portfolios • Diverse client
Slide 34: Q1 2025 Appendix
Q1 2025 Appendix
Slide 35: Forward-Looking Statements
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 (the "Exchange Act"). We intend these forward-
Slide 36: Forward-Looking Statements (continued)
FORWARD-LOOKING STATEMENTS (continued) • risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the effects of climate change; • risks associated with security breaches, incidents, and compromises through cyber-attacks, cyber intrusions o
Slide 37: Definitions of Non-GAAP Financial Measures and Other Terms
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS 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 measur
Slide 38: Definitions of Non-GAAP Financial Measures and Other Terms (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) 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 De
Slide 39: Definitions of Non-GAAP Financial Measures and Other Terms (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) 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 e
Slide 40: Definitions of Non-GAAP Financial Measures and Other Terms (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (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) attributa
Slide 41: Definitions of Non-GAAP Financial Measures and Other Terms (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) Net Operating Income (NOI) Net operating income (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc. common shareholders, the most directly comparable GAAP financial measure, plus (1) preferr
Slide 42: Projected EPS and FFO
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Projected EPS and FFO BXP’s guidance for the second quarter and full year 2025 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share att
Slide 43: Revenue and Rental Revenue
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Revenue and Rental Revenue (in thousands) Quarter ended Quarter ended March 31, 2025 March 31, 2025 Revenue $ 865,215 Revenue $ 865,215 Add: Less: BXP's share of revenue from unconsolidated Joint Ventures ("JV
Slide 44: Debt to Market Capitalization Ratios
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Debt to Market Capitalization Ratios (dollars in thousands, except per share amounts) December 31, March 31, 2025 2024 2023 2022 2021 2020 2019 2018 2017 Common stock price at period end $ 67.19 $ 74.36 $ 70.1
Slide 45: EBITDAre
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (dollars in thousands) Quarter Ended Year Ended December 31, March 31, 2025 2024 Net income (loss) attributable to BXP, Inc. common shareholders $ 61,177 $ 14,272 Add: Preferred stock redemption charg
Slide 46: EBITDAre (continued from previous page)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (continued from previous page) (dollars in thousands) Year Ended December 31, 2023 2022 2021 2020 2019 2018 2017 2016 2015 Net income (loss) attributable to BXP, Inc. common shareholders $ 190,215 $ 8
Slide 47: EBITDAre (continued from previous page)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (continued from previous page) (dollars in thousands) 1 See “Joint Ventures-Unconsolidated” in this Appendix. 2 See “Joint Ventures-Consolidated” in this Appendix. 3 Lease transaction costs are genera
Slide 48: Net Debt to EBITDAre Ratios
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Net Debt to EBITDAre Ratios (dollars in thousands) Year Ended December 31, March 31, 2025 2024 2023 2022 2021 2020 2019 2018 2017 Consolidated debt $ 15,671,692 $16,220,499 $15,856,297 $14,240,336 $12,896,609
Slide 49: Fixed Charge Coverage Ratio
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Fixed Charge Coverage Ratio (dollars in thousands) Quarter Ended Year Ended December 31, March 31, 2025 2024 2023 2022 2021 2020 2019 2018 2017 Fixed Charges Interest expense $ 163,444 $ 645,117 $ 579,572 $ 43
Slide 50: FFO, FAD (aka AFFO), and FAD Payout Ratios
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (dollars and shares in thousands) Quarter Ended Year Ended December 31, March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 2024 2023 2022 2021 Net inco
Slide 51: FFO, FAD (aka AFFO), and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands) Year Ended December 31, 2020 2019 2018 2017 2016 2015 2014 Net income attributable to BXP, Inc. commo
Slide 52: FFO, FAD (aka AFFO), and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands) Year Ended December 31, 2013 2012 2011 2010 2009 2008 2007 Net income attributable to BXP, Inc. commo
Slide 53: FFO, FAD (aka AFFO), and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands) Quarter Ended Trailing 4 Quarters as March 31, 2025 December 31, 2024 September 30, 2024 June 30, 202
Slide 54: FFO, FAD (aka AFFO), and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands) Year Ended December 31, 2024 2023 2022 2021 2020 2019 2018 2017 FFO attributable to the Operating Par
Slide 55: FFO, FAD (aka AFFO), and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars and shares in thousands) 1 See “Joint Ventures-Consolidated” in this Appendix. 2 See “Joint Ventures-Unconsolidated” in this A
Slide 56: Joint Ventures (JVs) - Consolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Consolidated Results of Operations for the three months ended March 31, 2025 (in thousands) 767 Fifth Avenue Total Consolidated (The GM Building) Norges Joint Ventures 1 Joint Ventures
Slide 57: Joint Ventures (JVs) - Consolidated (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Consolidated (continued) Results of Operations for the three months ended March 31, 2025 (in thousands) 767 Fifth Avenue Total Consolidated Reconciliation of Partners' share of EBITDAr
Slide 58: Joint Ventures (JVs) - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated As of March 31, 2025 Property BXP’s Nominal Ownership Boston 100 Causeway Street 50.00 % Hub50House 50.00 % The Hub on Causeway - Podium 50.00 % Hotel Air Rights 50.00 %
Slide 59: Joint Ventures (JVs) - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated1 Results of Operations for the three months ended March 31, 2025 (in thousands) Total Unconsolidated Boston Los Angeles New York San Francisco Seattle Washington, DC Joi
Slide 60: Joint Ventures (JVs) - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated1 Results of Operations for the three months ended March 31, 2025 (unaudited and in thousands) Total Unconsolidated Reconciliation of BXP's share of EBITDAre Boston Los A
Slide 61: Net Operating Income (NOI)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Net Operating Income (NOI) (in thousands) Quarter ended Quarter ended March 31, 2025 March 31, 2025 Net income attributable to BXP, Inc. $ 61,177 BXP's Share of Annualized NOI (excluding termination income) (A