Business Wire | Jan 18, 2022 05:55PM EST

Boston Properties Announces 2021 Tax Treatment of Its Distributions

Jan. 18, 2022

BOSTON--(BUSINESS WIRE)--Jan. 18, 2022--Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, today announced the 2021 tax treatment of distributions on its common stock and 5.25% Series B Cumulative Redeemable Preferred Stock, as described below. Shareholders are encouraged to consult with their personal tax advisors as to the specific tax treatment to them of these distributions.

Common Shares (CUSIP #101121101)

Total 2021 2021 2021 2021 Total 2021 2021 2021 Non-Record Payment Total Distribution Taxable Qualified Short- Capital Unrecaptured Section taxableDate Date Distribution Allocable Ordinary Dividends term Gain Section 1250 199A Distribution per Share to 2021 Dividends (1) Capital Distribution Gain (3) Dividends (Return of Gain (1) (2) (1) Capital)

12/31/ 1/28/ $0.980000 $0.980000 $0.723871 $0.001774 $0.001446 $0.142757 $0.089038 $0.720651 $0.1133722020 2021

3/31/ 4/30/ $0.980000 $0.980000 $0.723871 $0.001774 $0.001446 $0.142757 $0.089038 $0.720651 $0.1133722021 2021

6/30/ 7/30/ $0.980000 $0.980000 $0.723871 $0.001774 $0.001446 $0.142757 $0.089038 $0.720651 $0.1133722021 2021

9/30/ 10/29/ $0.980000 $0.980000 $0.723871 $0.001774 $0.001446 $0.142757 $0.089038 $0.720651 $0.1133722021 2021

12/31/ 1/28/ $0.980000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.0000002021 2022



$4.900000 $3.920000 $2.895484 $0.007096 $0.005784 $0.571028 $0.356152 $2.882604 $0.453488

100% 73.8644% 14.5670% 11.5686%

(1) These amounts are a subset of, and included in, the 2021 Taxable OrdinaryDividend amounts.

(2) These amounts are also reported as Section 897 gains attributable todispositions of USRPIs. In addition, for purposes of Section 1061 of theInternal Revenue Code, 100% of the distributions reported as 2021 Total CapitalGain Distributions are from sales of assets that either generated Section 1231gains or were held for more than 3 years. Section 1061 is generally applicableto direct and indirect holders of "applicable partnership interest."

(3) Unrecaptured Section 1250 Gain is a subset of, and included in, the 2021Total Capital Gain Distribution amount.

The entire common stock distribution with a record date of December 31, 2020 is allocable to 2021 for federal income tax purposes. The entire common stock distribution with a record date of December 31, 2021 will be allocable to 2022 for federal income tax purposes.

Series B Preferred (CUSIP #101121408)

Total Total 2021 2021 2021 2021 Total 2021 2021 2021 Non-Record Payment Distribution Distribution Taxable Qualified Short- Capital Unrecaptured Section taxableDate Date per Allocable Ordinary Dividends term Gain Section 1250 199A Distribution Depository to 2021 Dividends (2) Capital Distribution Gain (4) Dividends (Return of Share (1) Gain (2) (3) (2) Capital)

2/4/ 2/16/ $0.328125 $0.328125 $0.274074 $0.000671 $0.000547 $0.054051 $0.033712 $0.272856 $0.0000002021 2021

4/1/ $0.164063 $0.164063 $0.137037 $0.000336 $0.000274 $0.027026 $0.016856 $0.136427 $0.000000 2021



$0.492188 $0.492188 $0.411111 $0.001007 $0.000821 $0.081077 $0.050568 $0.409283 $0.000000

100% 83.5272% 16.4728% 0.0000%

(1) Each depositary share represents 1/100th of a share of Series B PreferredStock.

(2) These amounts are a subset of, and included in, the 2021 Taxable OrdinaryDividends amounts.

(3) These amounts are also reported as Section 897 gains attributable todispositions of USRPIs. In addition, for purposes of Section 1061 of theInternal Revenue Code, 100% of the distributions reported as 2021 Total CapitalGain Distributions are from sales of assets that either generated Section 1231gains or were held for more than 3 years. Section 1061 is generally applicableto direct and indirect holders of "applicable partnership interest."

(4) Unrecaptured Section 1250 Gain is a subset of, and included in, the 2021Total Capital Gain Distribution amount.

On April 1, 2021, Boston Properties redeemed all outstanding shares of its 5.25% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock") (CUSIP 101121 309/US1011213097) and the corresponding depositary shares, each representing 1/100th of a share of Series B Preferred Stock (the "Depositary Shares") (NYSE: BXP PRB) (CUSIP 101121 408/US1011214087).

Boston Properties (NYSE: BXP) is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets -Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires, and owns a diverse portfolio of primarily Class A office space. Including properties owned by unconsolidated joint ventures as of September 30, 2021, the Company's portfolio totals 52.5 million square feet and 202 properties, including nine properties under construction/redevelopment. For more information about Boston Properties, please visit our website at www.bxp.com.

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CONTACT: AT THE COMPANY Mike LaBelle Executive Vice President Chief Financial Officer and Treasurer 617.236.3352

CONTACT: Michael Walsh Senior Vice President Chief Accounting Officer 617.236.3460