Slide 1: BXP Quarterly Investor Overview Q2 2026
BXP QUARTERLY INVESTOR OVERVIEW Q2 2026
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: BXP Quick Facts
BXP QUICK FACTS The largest publicly traded developer, owner and manager of premier workplaces1 in the U.S. 164 91.3% 7.6 Years Leased (In-Service Weighted-Average Lease Properties2 Properties)2,3 Term4,5 51.1M 3.5M 6.2M Square Feet of Leases Square Feet of Square Feet Owned2 Executed2,4,6 in Traili
Slide 4: The Luxury Standard in Premier Workplaces
T H E L U X U R Y S TA N D A R D I N PREMIER WORKPLACES Leasing & Occupancy Well Positioned in an Evolving AI Landscape Capital Allocation The Balance Sheet BXP Performance 4
Slide 5: Leasing & Occupancy
LEASING & OCCUPANCY bxp
Slide 6: Strong Leasing Momentum Positions BXP for Occupancy Growth
STRONG LEASING MOMENTUM POSITIONS BXP FOR OCCUPANCY GROWTH Signed 1.8M1 SF of leases in Q2 2026, representing a ~56% increase from Q2 2025 – Weighted-average lease term of 9.9 years for leases signed in Q2 20261,2 – Represents ~129% of our historical 10-year average for the second quarter Total of 6
Slide 7: Q3 Leasing Pipeline to Date Supporting Our Occupancy Outlook
Q3 LEASING PIPELINE TO DATE SUPPORTING OUR OCCUPANCY OUTLOOK 2.7M SF Pipeline Supports Continued Projected Occupancy Gains Through 2026 and Acceleration Into 2027 Q3 ACTIVITY AND PIPELINE VISIBILITY TRANSLATING OCCUPANCY GAINS INTO EARNINGS GROWTH Leases Under Negotiation: 1.3M SF1 Leases in Active
Slide 8: Pro Forma In-Service Occupancy
PRO FORMA IN-SERVICE 1 OCCUPANCY 2026 Pro Forma Occupancy Expected to Average 88.9% 93.0% 1.3M square feet of signed, not yet commenced leases on vacant 92.0% space will drive occupancy growth throughout 2026 and 2027 Occupancy 91.00% 91.0% 90.0% 89.0% 88.40% 88.0% 87.40% 87.0% 86.70% 86.0% Q4 2025
Slide 9: BXP Is Diversified Across U.S. Markets
BXP IS DIVERSIFIED ACROSS U.S. MARKETS With the right assets and markets, BXP’s portfolio aligns with where corporate demand is going BXP’s Share of Net Operating Income (NOI)1 Washington, DC 13.4% 2 Seattle Central 128 1.9% Boston 5.3% 40.5% Carnegie Center3 1.7% San Francisco Silicon Valley 15.9%
Slide 10: Stable, Diverse and Committed Client Base
STABLE, DIVERSE AND COMMITTED CLIENT BASE Long-term leases & a broad client mix provide stability Years of Remaining % of BXP’s Share of Lease Term By Top 20 Clients Annualized Rental Annualized Rental Obligations2 Obligations2 Industry Diversification1 Salesforce 3.36% 5.7 Commercial & Investment B
Slide 11: Well-Positioned in an Evolving AI Landscape
WELL-POSITIONED IN AN EVOLVING AI LANDSCAPE
Slide 12: A History of Adaptation and Reinvention
A HISTORY OF ADAPTATION AND REINVENTION Each Era Introduced a New “Disruption” - Demand Shifted Toward Premier Assets Rather Than Disappearing DENSIFICATION ERA THE RISE OF CO-WORKING WORK FROM HOME Early to Mid-2010s 2016 - 2019 2020 - 2024 “The U.S. office market is shrinking as companies “The val
Slide 13: The AI Era vs. What We're Seeing in Our Portfolio
THE AI ERA VS. WHAT WE’RE SEEING IN OUR PORTFOLIO Headlines Suggest Disruption. Portfolio Trends Reflect Ongoing Demand. WHAT WE ARE SEEING IN OUR PORTFOLIO Leasing Activity Remains Strong and Durable Leasing momentum across our markets continues to reflect healthy client demand. • 6.2 million squar
Slide 14: BXP Operates in the Core Markets of AI Capital & Talent
BXP OPERATES IN THE CORE MARKETS OF AI CAPITAL & TALENT Surging AI Activity Reinforces Demand in BXP’s Gateway Markets BOS: 6% of • AI companies cluster in gateway cities U.S. AI Venture Capital • Venture capital and institutional capital remain city-centric Deployed2 • Talent pools remain anchored
Slide 15: AI Reinforces the Value of Premier Workplace
AI REINFORCES THE VALUE OF PREMIER WORKPLACE 1 AI-exposed CBD Markets Show Sustained Rent Strength and Materially Lower Vacancy in Premier Assets Average Asking Rent for Four Selected CBD Markets2 Average Direct Vacancy Rate for AI-Impacted CBD Markets (%)3 120.00 30% Premier Premier 110.00 Asking R
Slide 16: AI Drives Highs in Demand in San Francisco
AI DRIVES HIGHS IN DEMAND IN SAN FRANCISCO 1 Total SF of Active and Pending Requirements by Tenant Artificial Intelligence Leasing and Occupancy (VC -Backed) Industry 9.0 60% Millions of Square Feet AI Total Footprint 8.4 MSF 8.0 AI or AI-related Tech AI Leasing Activity 55.7% 50% 7.0 MSF 7.0 Tech (
Slide 17: AI Resilience: Client Mix + Structural Stability
AI RESILIENCE: CLIENT MIX + STRUCTURAL STABILITY Our Diversified Client Base, Limited Rollover, Long WALT & Financial Structure Provide Earnings Stability CLIENT BASE CONCENTRATED IN STRATEGIC, FRONT-OFFICE ROLES1 FINANCIAL STRUCTURE ADDS STABILITY Long-Term Cash Flow Visibility BOS • Long weighted-
Slide 18: Capital Allocation
CAPITAL ALLOCATION bxp
Slide 19: Consistent Portfolio Recycling
CONSISTENT PORTFOLIO RECYCLING Strategically Capitalizing on Growth Regions and Sectors Acquisitions, Developments & Dispositions $5.0 Dispositions: 18.0M SF1,3, $9.7B2,3 (2010-Q2 2026) $4.0 $2.4 Development Deliveries: 19.5M SF1, $11.2B3 (2010-Q2 2026) $3.0 $1.2 $2.3 $2.1 $4.4 $2.0 Acquisitions: 16
Slide 20: Executing the Strategic Asset Sales Program
EXECUTING THE STRATEGIC ASSET SALES PROGRAM Over $1.7 Billion of Land and Property Sales Completed or in Progress Projected Net Sales Proceeds and Year of Closing1 ($M) # of Deals 2025 2026 2027 Total Closed 19 $848 $431 $0 $1,279 Under Contract & 5 - $437 $15 $452 In The Market2 Total 24 $848 $868
Slide 21: Preeminent Developer with Robust Pipeline
PREEMINENT DEVELOPER WITH ROBUST PIPELINE $9.8B1 of Deliveries Generating Accretive Returns (2014-Q2 2026) – 16.0 million² square feet $3.2B3,4 of Developments Driving Future Growth – $2.1B3,4 remaining share to be funded – $1.3B being funded with construction loans Properties Under Development/Rede
Slide 22: Future Development Spend
FUTURE DEVELOPMENT SPEND 1,2 $2.1B Remaining to Be Spent on Current Development Pipeline with $1.3B to be Funded by Construction Financing $800 $700 $600 $500 Millions $400 $300 $200 $100 $- 2026 2027 2028 2029 2030 Total Development 343 Madison Avenue Rendering of 343 Madison Avenue, New York, NY 1
Slide 23: 343 Madison Avenue
343 MADISON AVENUE Under Development Central Location: • Located in core Midtown Manhattan submarket, situated atop Grand Central Terminal, with convenient and direct access to transit • Designed to be 46 floors; ~930,000 Square Feet • Estimated Initial Occupancy: Q3 2029 • Estimated Return on Cost:
Slide 24: 725 12th Street
725 12 TH STREET Accretive Investment Opportunity 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 premier workpla
Slide 25: 290 Binney Street
290 BINNEY STREET Delivered Q2 2026 and Will Provide Significant Cash Flow $ in millions Year 11 BXP’s Share of First Year Stabilized Net $43.4 Operating Income (NOI) – Cash (Estimated) Joint Venture: • 55% BXP | 45% NBIM Joint Venture • NBIM’s investment reduced BXP’s share of development cost by $
Slide 26: $3.2 Billion Active Development Pipeline
$3.2 BILLION ACTIVE DEVELOPMENT PIPELINE 1 Estimated Total Estimated Actual/Est. BXP’s Ownership Percent Project Name Location Square Feet Investment Investment Initial Percentage Leased2 (BXP’s Share)1 PSF Occupancy PREMIER WORKPLACE Reservoir Place3 Waltham, MA 363,000 100% $87,000,000 $240 89% Q2
Slide 27: Residential
RESIDENTIAL Attractive and Actionable Adjacency with a Track Record of Success Entitlement activity across Demonstrated track record Strong pipeline under control Exploring office conversion regions creating a pipeline for of success developing of new development sites opportunities both future deve
Slide 28: The Balance Sheet
THE BALANCE SHEET bxp
Slide 29: Consistent Access to Debt Capital
CONSISTENT ACCESS TO DEBT CAPITAL Completed $7.1B1,2 in Financings in 2025 and 2026 ▪ Unsecured Debt Market • $1.0B Exchangeable Senior Notes issuance in September 2025 due 2030 • Commercial Paper Program established in 2024 upsized by $250M to $750M in March 2025 ▪ Healthy Relationships with Banks
Slide 30: Strong Liquidity and Access to Capital
STRONG LIQUIDITY AND ACCESS TO CAPITAL Liquidity BXP’s Share of Debt2 $2.1 Billion $15.4 Billion Secured Debt 26.2% Cash1 $0.6B Revolving Unsecured Credit Facility Debt $1.5B3 73.8% 1. Represents cash, cash equivalents and cash held in escrow, if any. 2. See Appendix. Q2 2026 30 3. Represents Line o
Slide 31: BXP Performance
BXP PERFORMANCE bxp
Slide 32: Projected Growth in FFO Per Share
PROJECTED GROWTH IN FFO PER SHARE 2.5%1 3.7% 2015-2026 FFO Per Share CAGR 2015-2025 EBITDAre² CAGR $8.00 $2.5 $7.53 $7.00 $7.28 $7.01 $7.10 $7.02 $6.85 $2.0 $6.56 $6.00 $6.21 $6.30 $6.29 $6.03 $1.9 $1.9 $1.9 Diluted FFO Per Share $1.8 $5.00 $5.36 $1.7 $1.6 $1.5 $1.5 (in Billions) EBITDAre $1.5 $1.4
Slide 33: Valuation and Yield Are at Historically Attractive Levels
VALUATION AND YIELD ARE AT HISTORICALLY ATTRACTIVE LEVELS 1 BXP trades at a meaningful discount while offering a materially higher yield than the broader market and our history 7.0% VALUATION DISLOCATION 35.0x 6.0% 28.5x 5.0% • BXP trading at ~9.4x 2026E FFO4 (vs. historical avg ~17x) Dividend Yield
Slide 34: A Compelling Entry Point
A COMPELLING ENTRY POINT 1 Clear path to multi-year FFO growth at today’s price EMBEDDED GROWTH NOT REFLECTED IN STOCK • Occupancy growth visibility with a high flow-through to FFO • +100bps = ~$0.21 per share • Leasing momentum, replenished pipeline and modest rollover create a pathway to growth in
Slide 35: 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 • Diverse clients across sectors and geographies to minimize risk an
Slide 36: Q2 2026 Appendix
Q2 2026 Appendix
Slide 37: 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 38: Forward-Looking Statements (continued)
FORWARD-LOOKING STATEMENTS (continued) • 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; and •
Slide 39: 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 40: Definitions of Non-GAAP Financial Measures (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 41: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) Funds Available for Distribution (FAD) (aka AFFO) and FAD Payout Ratio In addition to Funds from Operations (FFO), which is defined on the following page, the Company presents (A) Funds Available for Distribution to common shareh
Slide 42: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) 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 G
Slide 43: Projected EPS and FFO
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Projected EPS and FFO BXP’s guidance for third quarter and full year 2026 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attribut
Slide 44: 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 June 30, 2026 June 30, 2026 Revenue $ 895,699 Revenue $ 895,699 Add: Less: BXP's share of revenue from unconsolidated Joint Ventures ("JVs"
Slide 45: 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) June 30, 2026 Common stock price at period end $ 66.31 Equity market capitalization at period end (A) $ 11,769,561 Consolid
Slide 46: EBITDAre
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (dollars in thousands) Quarter Ended Year Ended December 31, June 30, 2026 2025 2024 2023 Net income (loss) attributable to BXP, Inc. common shareholders $ 68,564 $ 276,800 $ 14,272 $ 190,215 Add: Net
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) Year Ended December 31, 2022 2021 2020 2019 2018 2017 2016 2015 Net income (loss) attributable to BXP, Inc. common shareholders $ 848,947 $ 496,22
Slide 48: 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 49: 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, June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 2025 2024 2023 Net income (l
Slide 50: FFO, FAD, 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, 2022 2021 2020 2019 2018 2017 2016 2015 Net income attributable to BXP, Inc.
Slide 51: FFO, FAD, 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 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 202
Slide 52: Joint Ventures - Consolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Consolidated Results of Operations for the three months ended June 30, 2026 (in thousands) 767 Fifth Avenue Total Consolidated (The GM Building) Norges Joint Ventures 1 Joint Ventures
Slide 53: Joint Ventures - 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 June 30, 2026 (in thousands) 767 Fifth Avenue Total Consolidated Reconciliation of Partners' share of EBITDAre
Slide 54: Joint Ventures - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated As of June 30, 2026 Property BXP’s Nominal Ownership Boston 100 Causeway Street 50.00 % The Hub on Causeway - Podium 50.00 % Hub50House 50.00 % Hotel Air Rights 50.00 %
Slide 55: Joint Ventures - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated1 Results of Operations for the three months ended June 30, 2026 (in thousands) Total Unconsolidated Boston Los Angeles New York San Francisco Seattle Washington, DC Join
Slide 56: Joint Ventures - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated1 Results of Operations for the three months ended June 30, 2026 (unaudited and in thousands) Total Unconsolidated Reconciliation of BXP's share of EBITDAre Boston Los An
Slide 57: 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 June 30, 2026 June 30, 2026 Net income attributable to BXP, Inc. $ 68,564 BXP's Share of Annualized NOI (excluding termination income) (A x