7/28/2019 Boston Properties (BXP) - Credit Report

1/5

Ojvhstihjt M`vos

W

ot Rhpart | Imrgn =2$ 26=7

AWPAJ VRAVHRPOHW$ Ojg*d Hstmth; Eagush` Aeeogh

B^V*LD ! GXWOV Garparmth Jath Imturoty =6Gaupaj Rmth; 8*>*66( 2*66 NolnOjvhstihjt Rhturjs erai gurrhjt Mssht =2*66( 8*66 Uhry DawIoxh`)ush `hvhdapihjt 8*66( 7*66 Ih`ouiRheojmjgojl % @hbt hxpasurh =7*66( 8*66 Uhry DawDoquo`oty % praphrty mgquosotoaj =2*66( 8*66 Uhry DawKU doiotmtoaj 8*66( 8*66 Uhry Daw]umdoty ae Dhmshs % rhjhwmds =6*66( 8*66 Uhry Daw@ospasotoaj ae praphrtohs =6*66( 2*66 NolnJuibhr ae snmrhs ear euturh smdhs 8*66( 7*66 Ih`ouiImjmlhihjt 7*66( 0*66 DawOjsurmjgh mj` atnhr 2*66( 0*66 Daw

Patmd 7*>7 DawPnh rosc rhlosthr os erai = ta 8 wotn = ms noln rosc mj` 8 daw roscs*

cht @mtm .Waurgh W%V$ ga* rhpart$ Bdaaibhrl/

rcht Gmp $=>*> BodU $?6*?7ioui!@osgaujt ta JMU =8*57(

pdoh` Gmp Rmth 7*2?(bt!Gmpotmdozmtoaj 7=*77(bt!Hquoty 0?*=(

m 6*?=8Rmtoa 88*0=x

jumd @ovo`hj` $2*56o`hj` _ohd` 2*05(

6=2 EEA $8*=>

6=7 EEA Lrawtn .6*2(/A Iudtopdh 26*7x

rmdd Grh`ot Rmtojl

M# M M) B# B B) G @

MM MM M BBB BB B G @

mm Mm M Bmm2 Bm B G @

%V

otgn

aa` s

BVDV nms rhghovh` mj avhrmdd grh`ot rmtojl ae M) erai tnh W%V866 mj` nms imojtmojh`gavhjmjts stmbdh sojgh 266? wotn m soljoeogmjt gusnoaj ae 20?( ae ujhjguibhrh` imojthjmjgh mj` tnus nmvh m vhry daw `hemudt rosc*

Ear m grh`otar gaiojl oj tnh ujshgurh` trmjgnh ae tnh gmpotmd stmgc$ tnh qumdoty ae tnhujhjguibhrh` msshts os laa` wotn iast ae tnash msshts dagmth` oj GB@ mrhms$ euddy dhmj` imojtmojh`* Pnos rhprhshjts >6( ae tnhor tatmd msshts* Eurtnhriarh$ BVDV bhjheots esado` `ovhrsoeoh` thjmjt bmsh wotn tnh imoj thjmjt ms tnh XW Lavhrjihjt 8*>?( ae JDMm doioth` shjsotovoty ta eojmjgomd shrvoghs* Mdtnauln$ BVDV nms mj hxpasurh ta gajstrugtpralrhss$ tnh imjmlhihjt nms pravhj ta bh heehgtovh oj imjmlojl tnh partoaj ae `hvhdap

pophdojh* M doioth` miaujt ae`hbt imturoty ae 8( os gaiojl `uh proar ta 26=? wnogn itnh grh`otar pasotoaj oj tnh gmpotmd stmgc strajl* Eojmddy$ tnh ujshgurh` grh`otars mrh shgadojh ta rhghovojl praghh`s erai doquo`mtoaj wotn ajdy =2*5( ae tatmd msshts hxpash`iartlmlh `hbt*

Mdtnauln ojthrhst rmth rosc `uh ta ojedmtoaj os dochdy ta aggur wotnoj tnh 8 yhmr nad`ojl phroaspoch oj rmths waud` jat bh soljoeogmjt .28bps/ mj` oipmgt aj vmduh wodd bh doioth`* Oj emgtnh WV_ mt mdd)toih noln$ dochdonaa` ear m puddbmgc os noln mj` tnus rhmd hstmth jaths mmj heeogohjt wmy oj parteadoa imjmlhihjt*

Pnh gurrhjt sprhm` B^V*LD os aeehrojl gaipmrh` ta tnhor phhrs mj` tnh imrcht os `hgh280bps* \h shh tnos sprhm` ta rhimoj stmbdh ear tnh jhxt 7 ta 0 yhmrs nhjghrhgaiihj`mtoaj ta BX_*

Vmlh =

7/28/2019 Boston Properties (BXP) - Credit Report

2/5

Ojvhstihjt M`vos

Ojvhstihjt Jath Hvmdumtoaj

PogchrGaupaj

RmthVmyihjt

PhrisImturoty

AeehrWozh

.Ioddoajs/

AeehrVrogh

GurrhjtVrogh

Iaa`y,s!W%V!Eotgn _PI Gmddmb

B^V*LD 8*>

7/28/2019 Boston Properties (BXP) - Credit Report

3/5

Ojvhstihjt M`vosGmpotmd Wtrugturh

Eojmjgomd Gavhjmjts

Wojgh tnh jaths ossuh` mrh ujshgurh`$ BVDV mj` mdd ots subso`omrohs iust imojtmoj eaur eojmjgomd oj ar`hr ta hjsurbaj` nad`hr ae tnh vombodoty ae tnhor ojvhstihjt mj` m ghrtmoj dhvhd ae `hemudt nh`lojl* Pnash gavhjmjts mrh;

=/ Doiotmtoaj aj Autstmj`ojl @hbt )BVDV imy jat ojgur mjy `hbt atnhr tnmj ojthrgaipmjy `hbt tnmt wodd gtnh Patmd Autstmj`ojl @hbt ta bh nolnhr tnmj 56( ae Patmd Msshts*

2/ Doiotmtoaj aj Whgurh` @hbt BVDVimy jat ojgur mjy `hbt atnhr tnmj ojthrgaipmjy `hbt tnmt wodd gmusmllrhlmth projgopmd miaujt ae mdd autstmj`ojl shgurh` `hbt ta bh lrhmthr tnmj 86( ae Patmd Msshts*

7/ Rmtoa ae mjjumdozh` Gajsado`mth` HBOP@M ta mjjumdozh` Ojthrhst Hxphjsh )BVDV imy jat ojgur mjyatnhr tnmj ojthrgaipmjy `hbt tnmt wodd gmush tnh mjjumdozh` gajsado`mth` HBOP@M `ovo`h` by mjjumojthrhst hxphjsh ta bh dhss tnmj =*86x*

0/ Imojthjmjgh ae Xjhjguibhrh` Msshts )BVDV wodd imojtmoj mt mdd toihs ujhjguibhrh` msshts ae jatnmj =86( ae tnh mllrhlmth projgopmd miaujt ae mdd autstmj`ojl ujshgurh` `hbt*

Gavhjmjt Phst 26=2 26== 26=6 2

Doiotmtoaj aj Autstmj`ojl @hbt 4956( 05*?6( 0>*76( 05*?6( 05*6

Doiotmtoaj aj Whgurh` @hbt 4986( 26*06( 2=*86( 22*66( 22*>

Rmtoa ae mjjumdozh` HBOPM!Ojthrhst Hxphjsh :9=*86x 2*

7/28/2019 Boston Properties (BXP) - Credit Report

4/5

Ojvhstihjt M`vos

Imrcht Gaj`otoaj

Lasn$ wnhrh ta stmrt- Pnos os prabmbdy tnh iast vadmtodh msphgt ae tnh `osgussoaj* Xj`hrstmj`ojl tnh `oeehrhjt imbhnmvoar nawhvhr waud` hjmbdh us ta gdhmrdy gaiprhnhj` naw tnh euj`s wodd edaw oj tnh bram`hr imrcht* Ms m eojgaih ojvhstar tnh imoj gajghrjs ojedmtoaj gnmjlhs mj` tnh oipmgt aj tnh vmduh ae ojvhstihjt wotn `atth` gajghrjs aj tnh hquoty imrcht phrearimjgh*

Pnh gurrhjt EH@ padogy ae ]H os m imkar edolnt rosc sojgh ot os ojgrhmsojl tnh iajhy suppdy wotnoj tnh systhi mj` wadhm` ta m stmljmjt ojgrhmsh oj ojedmtoaj* Oj ar`hr ta eolnt tnos pnhjaihjaj$ tnh ojthrhst rmths whrh dawhrh`* Mdtnaulnrhghssoaj nms battaih` aut$ mj hgajaiog rhgavhry os yht ta bh shhj wotn ujhipdayihjt os stodd mt m

7/28/2019 Boston Properties (BXP) - Credit Report

5/5

Ojvhstihjt M`vosGaipmjy Avhrvohw % Wtrmthly

Bastaj Vraphrtohs Ojg .B^V/$ nhm`qumrthrh` oj Bastaj ) IM$ os m shde)m`iojosthrh` mj` imjmlh` Rhmd HsOjvhstihjt Prust .RHOP/ tnmt nms soljoeogmjt prhshjgh oj eovh imrchts; Bastaj$ Jhw _arc$ Vrojghtaj$ Wmj Ermjgmj` \msnojltaj @G* Eauj`h` arolojmddy oj =? thgnjogmd aeeogh$ ajh nathd$ tnrhso`hjtomd praphrtohs mj` eaur rhtmod praphrtohs tatmdojl mppraxoimthdy 56*7 ioddoaj squmrh ehht*

M``otoajmddy$ B^V gurrhjtdy awjs mj` gajtrad uj`hvhdaph` dmj` tatmdojl mppraxoimthdy 8=6*8 mgrhs wnogn wodd sup==*0 ioddoaj squmrh ehht ae jhw `hvhdapihjt*

mj Ojearimtoaj

aj Vraphrtohs$ Ojg*hjtomd GhjthrBaydstaj Wtrhhtaj62=??)>=67#=.5=