BOSTON PROPERTIES LTD PARTNERSHIP

200 Clarendon Street · Boston, MA · 99.9 · 1 · 1,700,914

601 Lexington Avenue (55% ownership) · New York, NY · 99.9 · 1 · 1,671,682

399 Park Avenue · New York, NY · 100.0 · 1 · 1,567,470

Salesforce Tower · San Francisco, CA · 98.0 · 1 · 1,420,682

800 Boylston Street - The Prudential Center · Boston, MA · 95.7 · 1 · 1,274,213

7 Times Square (55% ownership) · New York, NY · 80.2 · 1 · 1,238,724

100 Federal Street (55% ownership) · Boston, MA · 92.5 · 1 · 1,233,943

Colorado Center (50% ownership) (2) · Santa Monica, CA · 89.6 · 6 · 1,130,066

Santa Monica Business Park · Santa Monica, CA · 83.4 · 14 · 1,104,377

599 Lexington Avenue · New York, NY · 89.8 · 1 · 1,104,276

Reston Next · Reston, VA · 97.9 · 2 · 1,063,299

250 West 55th Street · New York, NY · 98.3 · 1 · 966,976

Embarcadero Center Four · San Francisco, CA · 87.9 · 1 · 945,594

111 Huntington Avenue - The Prudential Center · Boston, MA · 100.0 · 1 · 860,446

200 Fifth Avenue (26.69% ownership) (2) · New York, NY · 59.0 · 1 · 846,506

Embarcadero Center One · San Francisco, CA · 70.1 · 1 · 838,051

Embarcadero Center Two · San Francisco, CA · 73.4 · 1 · 804,891

Atlantic Wharf Office (55% ownership) · Boston, MA · 100.0 · 1 · 793,024

Gateway Commons (50% Ownership) (2) (3) · South San Francisco, CA · 67.1 · 5 · 792,728

Embarcadero Center Three · San Francisco, CA · 75.6 · 1 · 786,411

Safeco Plaza (33.67% ownership) (2) · Seattle, WA · 77.5 · 1 · 762,541

Madison Centre · Seattle, WA · 82.1 · 1 · 754,011

7750 Wisconsin Avenue (50% ownership) (2) · Bethesda, MD · 100.0 · 1 · 735,573

Dock 72 (50% ownership) (2) · Brooklyn, NY · 42.7 · 1 · 668,521

100 Causeway Street (50% ownership) (2) · Boston, MA · 100.0 · 1 · 633,818

South of Market · Reston, VA · 100.0 · 3 · 624,387

Mountain View Research Park (4) · Mountain View, CA · 53.9 · 16 · 571,884

Fountain Square · Reston, VA · 95.0 · 2 · 524,113

901 New York Avenue · Washington, DC · 82.4 · 1 · 524,021

680 Folsom Street · San Francisco, CA · 59.2 · 2 · 522,406

101 Huntington Avenue - The Prudential Center · Boston, MA · 100.0 · 1 · 506,476

145 Broadway · Cambridge, MA · 99.6 · 1 · 490,086

2100 Pennsylvania Avenue · Washington, DC · 95.0 · 1 · 475,849

2200 Pennsylvania Avenue · Washington, DC · 89.3 · 1 · 460,039

360 Park Avenue South (71.11% ownership) (2) · New York, NY · 33.2 · 1 · 448,112

Bay Colony Corporate Center · Waltham, MA · 79.7 · 2 · 435,917

One Freedom Square · Reston, VA · 87.8 · 1 · 427,646

Two Freedom Square · Reston, VA · 100.0 · 1 · 423,222

325 Main Street · Cambridge, MA · 96.5 · 1 · 406,824

The Hub on Causeway - Podium (50% ownership) (2) · Boston, MA · 94.8 · 1 · 382,988

888 Boylston Street - The Prudential Center · Boston, MA · 96.2 · 1 · 377,574

One and Two Discovery Square · Reston, VA · 89.7 · 2 · 366,989

Weston Corporate Center · Weston, MA · 12.6 · 1 · 356,995

510 Madison Avenue · New York, NY · 80.3 · 1 · 352,589

One Reston Overlook · Reston, VA · 100.0 · 1 · 319,519

535 Mission Street · San Francisco, CA · 86.3 · 1 · 303,322

Waltham Weston Corporate Center · Waltham, MA · 73.0 · 1 · 301,611

230 CityPoint · Waltham, MA · 97.0 · 1 · 299,304

Wisconsin Place Office · Chevy Chase, MD · 52.6 · 1 · 295,845

17Fifty Presidents Street · Reston, VA · 100.0 · 1 · 275,809

Democracy Tower · Reston, VA · 99.3 · 1 · 259,441

355 Main Street · Cambridge, MA · 100.0 · 1 · 256,966

1330 Connecticut Avenue · Washington, DC · 95.9 · 1 · 253,375

10 CityPoint · Waltham, MA · 98.6 · 1 · 236,570

510 Carnegie Center · Princeton, NJ · 72.4 · 1 · 234,160

500 North Capitol Street, N.W. (30% ownership) (2) · Washington, DC · 96.8 · 1 · 230,900

90 Broadway · Cambridge, MA · 100.0 · 1 · 223,771

255 Main Street · Cambridge, MA · 82.5 · 1 · 215,394

20 CityPoint · Waltham, MA · 98.1 · 1 · 211,476

77 CityPoint · Waltham, MA · 90.2 · 1 · 209,382

Sumner Square · Washington, DC · 92.9 · 1 · 208,797

University Place · Cambridge, MA · 100.0 · 1 · 195,282

North First Business Park (5) · San Jose, CA · 58.4 · 5 · 191,033

890 Winter Street · Waltham, MA · 88.6 · 1 · 180,155

150 Broadway · Cambridge, MA · 100.0 · 1 · 177,226

Capital Gallery · Washington, DC · 77.3 · 1 · 176,909

Reservoir Place (6) · Waltham, MA · 55.0 · 1 · 164,993

206 Carnegie Center · Princeton, NJ · — · 1 · 161,763

210 Carnegie Center · Princeton, NJ · 27.5 · 1 · 159,468

Kingstowne Two · Alexandria, VA · 53.5 · 1 · 157,163

105 Broadway · Cambridge, MA · 100.0 · 1 · 152,664

212 Carnegie Center · Princeton, NJ · 69.9 · 1 · 148,942

214 Carnegie Center · Princeton, NJ · 62.8 · 1 · 146,799

2440 West El Camino Real · Mountain View, CA · 56.3 · 1 · 142,711

506 Carnegie Center · Princeton, NJ · 95.1 · 1 · 139,050

Two Reston Overlook · Reston, VA · 100.0 · 1 · 134,615

508 Carnegie Center · Princeton, NJ · 100.0 · 1 · 134,433

202 Carnegie Center · Princeton, NJ · 73.7 · 1 · 134,068

804 Carnegie Center · Princeton, NJ · 100.0 · 1 · 130,000

101 Carnegie Center · Princeton, NJ · 81.8 · 1 · 122,791

• Our use of joint ventures may limit our control over jointly owned investments and limit our flexibility to acquire other assets.
• We face the risk that third parties will not be able to service or repay loans we make to them.
• We face risks associated with property acquisitions.
• Acquired properties may expose us to unknown liability.
• Competition for acquisitions may result in increased prices for properties.
• We may have difficulty selling our properties, which may limit our flexibility.
• Because we own a hotel property, we face the risks associated with the hospitality industry.
• Failure to comply with Federal Government contractor requirements could result in substantial costs and loss of substantial revenue.
• Changes in rent control or rent stabilization and eviction laws and regulations in our markets could have a material adverse effect on our residential portfolio’s results of operations and residential property values.
• We did not obtain new owner’s title insurance policies in connection with properties acquired during BXP’s initial public offering.
• Some potential losses are not covered by insurance.
• Actual or threatened terrorist attacks or other criminal acts may adversely affect our ability to generate revenues and the value of our properties.
• We face risks associated with security breaches, incidents and compromises through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems.
• The use of technology based on artificial intelligence and machine learning presents risks and challenges that may adversely affect our business and results of operations.
• We face risks associated with our clients and contractual counterparties being designated “Prohibited Persons” by the Office of Foreign Assets Control.
• The outbreak of highly infectious or contagious diseases could adversely impact or cause disruption to our financial condition, results of operations, cash flows and liquidity and that of our clients.
• We face risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the effects of climate change.
• Potential liability for environmental contamination could result in substantial costs.
• Compliance or failure to comply with the Americans with Disabilities Act or other safety regulations and requirements could result in substantial costs.
• Any future international activities will be subject to special risks and we may not be able to effectively manage our international business.
• We may be subject to risks from potential fluctuations in exchange rates between the U.S. dollar and the currencies of the other countries in which we invest.
• Risks Related to Our Indebtedness and Financing
• Our maturing debt bears interest at lower rates than the current market rates, which has increased, and may continue to increase our interest costs which could adversely impact our ability to refinance existing debt or sell assets on favorable terms or at all.
• Covenants in our debt agreements could adversely affect our financial condition.
• We face risks associated with the use of debt to fund acquisitions and developments, including refinancing risk.
• Our degree of leverage could limit our ability to obtain additional financing or affect the market price of our equity and debt securities.
• We face risks associated with short-term liquid investments.
• Risks Related to Our Organization and Structure
• Conflicts of interest exist with holders of interests in BPLP.
• Sales of properties and repayment of related indebtedness will have different effects on holders of interests in BPLP than on BXP’s stockholders.
• Agreement not to sell some properties.
• Limits on changes in control may discourage takeover attempts beneficial to stockholders.
• Stock Ownership Limit
• BPLP’s Partnership Agreement
• We may change our policies without obtaining the approval of our stockholders.
• Risks Related to BXP’s Status as a REIT
• Failure to qualify as a REIT would cause BXP to be taxed as a corporation, which would substantially reduce funds available for payment of dividends.
• In order to maintain BXP’s REIT status, we may be forced to borrow funds during unfavorable market conditions.
• We may be subject to adverse legislative or regulatory tax changes that could negatively impact our financial condition.
• We face possible adverse state and local tax audits and changes in state and local tax laws.
• General Risk Factors
• Changes in market conditions could adversely affect the market price of BXP’s common stock.
• Further issuances of equity securities may be dilutive to current securityholders.
• The number of shares available for future sale could adversely affect the market price of BXP’s stock.
• Our involvement in legal proceedings and other claims may result in substantial monetary and other costs that have a material adverse effect on our results of operations.
• Changes in accounting pronouncements could adversely affect our operating results, in addition to the reported financial performance of our clients.