2024 Sustainability & Impact Report

Letter to Our Stakeholders

In 2024 we continued to conduct our business, the development and operation of new and existing buildings, in a manner that contributes to positive outcomes for our clients, shareholders, employees, and the communities we serve. Across our portfolio, we remain focused on the discovery and implementation of cost-effective initiatives that conserve resources, control expenses, and improve the resilience and sustainability of the cities where we operate.

Sustainability is a smart business strategy that aligns with principles of fiscal responsibility, economic growth, and long-term value creation. Conservation efforts, including retro-commissioning, demand response, and heat recovery, help offset escalating operating costs. The integration of sustainable design and operating principles – from LEED and ENERGY STAR to clean energy and low-carbon building materials – helps attract certain clients seeking healthy, high-performance premier workplaces. Through performance and risk management processes, we are more prepared to minimize regulatory and transition-related risks. In totality, we believe the thoughtful approaches we have taken, outlined in this Sustainability & Impact report, make BXP a stronger and more profitable company.

In 2024 we advanced our Sustainability & Impact efforts by:

Achieving carbon-neutral operations for greenhouse gas (GHG) emissions Scopes 1 and 2,
Adopting new 2030 Energy and Water Intensity Targets, and science-based GHG Emissions Reduction Targets,
Improving energy efficiency by achieving a 0.5% like-for-like energy use reduction and maintaining an energy intensity reduction of 39% below a 2008 base year,
Increasing clean energy “additionality” commitments to more than 50 MW of onsite and offsite solar capacity,
Increasing total property area certified under the U.S. Green Building Council Leadership in Energy and Environmental Design (LEED) rating system to 34.9 million square feet, of which 91% is certified at the highest Gold and Platinum levels, and
Initiating another 4.4 million square feet of retro-commissioning, bringing our two-year retro-commissioning program total to 13.2 million square feet

Our Sustainability & Impact leadership was recognized by numerous industry groups and received the distinction of:

Ranking among the top real estate companies in the GRESB assessment, earning a ninth consecutive 5-Star rating, and 13th consecutive GRESB “Green Star” designation,
Being named an ENERGY STAR Partner of the Year – Sustained Excellence Award Winner,
Being named a 2024 Nareit Leader in the Light Winner for the Office sector and earning the Nareit Sustainability Impact Award,
Being named a Mass Save Climate Leader,
Earning BCxA’s Building Commissioning Excellence Award,
Being named to the Dow Jones Sustainability Index (DJSI) North America as one of eight real estate companies that qualified and the only office REIT in the index, scoring in the 93rd percentile of the real estate companies assessed for inclusion,
Maintaining an MSCI ESG Rating of “AA” and a CDP Climate Change score of “B,”
Being named a nine-time Best in Building Health winner by the Center for Active Design,
Being recognized as one of TIME Magazine’s World’s Most Sustainable Companies, ranking as the highest-rated United States property owner, and
Continuing our tenure as a Green Lease Leader at the highest Platinum Level by the Institute for Market Transformation and the U.S. Department of Energy.

Our proven track record highlights the pivotal role that commercial real estate development and ownership play in driving environmental innovation while enhancing financial performance and strengthening our long-term resilience. We take great pride in our recognized leadership in sustainability and remain committed to managing our operations in a manner that delivers meaningful benefits for our clients, shareholders, employees, and the broader community.

Owen D. Thomas, Chairman & CEO Douglas T. Linde, President

To read the full 2024 BXP Sustainability & Impact Report, download the attached document.