Climate Change Data

Environmental Metrics

ESG Focus Areas

• Energy
• Water
• Waste
• Greenhouse gas emissions
• Green building
• Transportation
• Stakeholder engagement
• Diversity
• Workplace quality

Environmental Achievements

• Reduced like-for-like site energy use intensity (EUI) by 9.4% since 2008, saving 75,000 MWh per year
• Reduced like-for-like water use intensity by 19.8% since 2008
• Increased office waste recycling to over 58% (22% increase from 2008)
• Certified over 15 million square feet of portfolio under LEED, 80% at Gold and Platinum levels since 2008
• Commissioned the largest garage-mounted solar canopy in New England in 2014

Social Achievements

• Named a Green Lease Leader by the U.S. Department of Energy Better Buildings Alliance and Institute for Market Transformation in 2015
• Implemented Green Cleaning requirements with vendors using GreenSeal approved products
• Made charitable contributions and engaged in volunteerism across various communities
• Supported employee development through scholarship programs, tuition reimbursement, and commuter subsidies

Governance Achievements

• Board of Directors supports sustainability program and receives annual updates from Sustainability Committee
• Sustainability Committee identifies and executes strategies for sustainability across new construction, existing buildings, and corporate operations
• Developed comprehensive ethics training program and regularly trains employees on Code of Business Conduct and Ethics

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Green Cleaning requirements
• Green Leasing practices

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRESB

Certifications: LEED, ENERGY STAR®

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• NAREIT Leader in the Light ‘Most Improved’ award
• EPA Environmental Award for Commitment to Sustainability

Environmental Metrics

ESG Focus Areas

• Environmental Impact
• Health & Wellness
• Community Involvement

Environmental Achievements

• Reduced energy use intensity by 7.5% in 200 Clarendon Street, resulting in $665,000 in energy cost savings.
• Reduced water use intensity (gallons/SF) by 16% since 2008.
• Increased waste diverted from landfill to 59%, a 23% increase since 2008.
• Generated more than 1 million kWh renewably on-site in 2015.
• Certified over 15 million square feet of portfolio under LEED, 80% at Gold and Platinum levels.

Social Achievements

• Donated 4,300 service hours to over 100 community events and charitable activities in 2015.
• Implemented a Green Cleaning program using Green Seal Certified products, benefiting janitorial workers and tenants.
• Established an Employee Wellness Program with incentives for enrollment.
• Over 40% of employees have worked at Boston Properties for more than 10 years.

Governance Achievements

• Employees undergo regular training to understand the policy against harassment and responsibilities under the Code of Business Conduct and Ethics.

Climate Goals & Targets

Environmental Challenges

• Energy consumption in older buildings
• Water consumption in older buildings
• Waste management across the portfolio
• Tenant engagement for sustainable practices

Mitigation Strategies

• Implemented energy conservation measures (ECMs) and capital improvements, saving approximately $2.3 million per year.
• Upgraded plumbing fixtures across more than 33% of the portfolio.
• Implemented best waste management practices, including single-stream recycling and composting.
• Integrated sustainability into property management practices, tenant improvement guidelines, and routine meetings with tenants.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Sustainable building material procurement
• Green building delivery
• Conservation of natural resources
• Waste reduction
• Occupant health

Climate-Related Risks & Opportunities

Physical Risks

• Increased flooding
• Severe storms
• Water scarcity

Transition Risks

• Not disclosed

Opportunities

• Development of energy-efficient products

Reporting Standards

Frameworks Used: GRI

Certifications: LEED, ENERGY STAR

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• 2015 Green Lease Leader
• 2015 GRESB Green Star (fourth consecutive year)
• 2015 & 2014 Leader in the Light Award
• ULI Global Award for Excellence (Atlantic Wharf, 2012)

Environmental Metrics

ESG Focus Areas

• Economic Performance
• Resource Use
• Energy
• Greenhouse Gas Emissions
• Water
• Waste
• Customer Satisfaction
• Public Transportation
• Climate Preparedness and Resilience
• Green Building
• Local Community Impact
• Health, Safety and Wellness of Customers and Employees

Environmental Achievements

• Reduced like-for-like energy and water use by 6.9% and 4.0% respectively, saving approximately $10.7 million in annual recurring operating costs
• Exceeded 2020 targets for reducing energy and water use intensity and greenhouse gas emissions intensity (19.8%, 21.8%, and 31.5% reduction below 2008 baseline respectively)
• Certified and re-certified 3.3 million square feet under LEED, growing green building portfolio to 17.1 million square feet

Social Achievements

• Maintained commitment to volunteerism and philanthropy, donating over 4,000 service hours to more than 700 community events and charitable activities
• Launched a healthy building assessment to evaluate healthy building design and green building management best practices

Governance Achievements

• Maintained the highest standards of integrity and ethics; implemented strict rules and regulations in the Code of Business Conduct and Ethics; provided online training to all employees and in-person training to employees dealing with the government regarding their obligations under the Code

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Sustainable building material procurement (recycled content, proximity to project site, sustainably harvested wood)

Climate-Related Risks & Opportunities

Physical Risks

• Increased flooding
• Severe storms
• Water scarcity

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRI

Certifications: LEED, ENERGY STAR

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Top quadrant of GRESB assessment (5 consecutive years, 5-star rating)
• LEED certifications

Environmental Metrics

ESG Focus Areas

• Environmental Impact
• Health and Wellness
• Community Involvement

Environmental Achievements

• Reduced like-for-like energy use by 4.1% and water use by 6.1%, saving approximately $4.5 million in annual recurring operating costs.
• Increased property area certified under LEED to 21 million square feet.
• Exceeded 2020 targets for reducing energy, water, and greenhouse gas emissions intensity three years early.

Social Achievements

• Donated over 2,800 service hours to more than 500 community events and charitable activities.
• Implemented employee health and wellness program.
• Maintained a quality workplace with 45% of union workers employed for over 10 years.

Governance Achievements

• Ranked in the top quadrant of the GRESB assessment for the sixth consecutive year, earning a 5-star rating.
• Earned Nareit’s “Most Innovative” Leader in the Light Award.
• Implemented a Code of Business Conduct and Ethics with employee training and reporting mechanisms.

Climate Goals & Targets

Environmental Challenges

• Tenant behavior impacting overall environmental performance.
• Vulnerability of existing buildings and new development sites to future flooding.

Mitigation Strategies

• Integrated sustainability into property management practices, lease documents, and tenant engagement.
• Assessing vulnerability to flooding, modeling future sea level rise scenarios, and developing infrastructure improvements and emergency response plans.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Compliance with applicable laws relating to wages, benefits, worker health and safety.
• Use of sustainably harvested wood products and recycled content in building materials.

Climate-Related Risks & Opportunities

Physical Risks

• Increased flooding
• Severe storms
• Water scarcity

Transition Risks

• Not disclosed

Opportunities

• Development of energy-efficient products and renewable energy projects.

Reporting Standards

Frameworks Used: GRI

Certifications: LEED

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Goal 3: Good Health and Well-being
• Goal 6: Clean Water and Sanitation
• Goal 7: Affordable and Clean Energy
• Goal 8: Decent Work and Economic Growth
• Goal 11: Sustainable Cities and Communities
• Goal 12: Responsible Consumption and Production
• Goal 13: Climate Action

Initiatives aligned with UN SDGs are described in the report.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• GRESB Green Star (six consecutive years)
• GRESB 5-star rating
• Nareit’s “Most Innovative” Leader in the Light Award
• Green Lease Leader (three consecutive years)

Environmental Metrics

ESG Focus Areas

• Environmental Impact
• Social Impact
• Governance

Environmental Achievements

• Reduced like-for-like energy use 24% below a 2008 base year, avoiding approximately $24 million in annual recurring operating costs
• Reduced like-for-like water use 25% below a 2008 base year, avoiding approximately $24 million in annual recurring operating costs
• Achieved LEED Platinum certification of Salesforce Tower
• Increased property area certified under LEED to 21 million square feet
• Completed the largest indoor lithium-ion energy storage system of its type in the United States at Colorado Center
• Reduced actively managed office portfolio GHG intensity by 39%
• Increased waste diverted from landfill to 58%

Social Achievements

• Partnered with Fitwel, becoming a Fitwel Champion, using the Fitwel system to support healthy building design and operational practices across 6 million square feet of their portfolio
• Added several new family-friendly programs to assist employees in balancing work and personal life
• Donated over 3,000 service hours to more than 300 community events and charitable activities
• 91% of employees received professional training

Governance Achievements

• Ranked in the top quadrant of the GRESB assessment for the seventh straight year, earning a 5-star rating
• Received the highest overall ISS Governance QualityScore among direct office REIT peers
• Issued $1 billion of green bonds

Climate Goals & Targets

Environmental Challenges

• Event-driven and longer-term physical risks from climate change (severe storms, extreme temperatures, rising sea levels, drought) could affect properties, operations, and business; indirect effects include increased insurance costs, energy and water costs, and business continuity risks.
• The environmental impact of their in-service portfolio is heavily dependent on tenant behavior.

Mitigation Strategies

• Carrying all risk property insurance for natural catastrophes; proactively implementing measures and planning to protect investments and improve resilience; assessing climate change vulnerabilities by modeling future scenarios and sea level rise; implementing practical, cost-effective resiliency measures and infrastructure enhancements (Business Continuity Plans, Emergency Response Plans, elevation of critical equipment, waterproofing, flood barriers, backup generation, onsite energy resources); engaging with tenants to promote sustainable behavior.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Compliance with applicable laws relating to payment of wages and benefits, worker health and safety, labor organizations, and other workplace laws

Climate-Related Risks & Opportunities

Physical Risks

• Severe storms
• Extreme temperatures
• Rising sea levels
• Drought

Transition Risks

• Increased insurance costs
• Increased energy and water costs
• Increased business continuity risk

Opportunities

• Resource efficiency and operating cost reductions
• Increased business continuity
• Acceleration of distributed generation and storage systems
• Development of new high-performance resilient buildings
• Improved emergency preparedness

Reporting Standards

Frameworks Used: GRI

Certifications: LEED

Third-party Assurance: DNV GL Business Assurance USA, Inc.

UN Sustainable Development Goals

• Goal 3: Good Health and Well-being
• Goal 6: Clean Water and Sanitation
• Goal 7: Affordable and Clean Energy
• Goal 11: Sustainable Cities and Communities
• Goal 12: Responsible Consumption and Production
• Goal 13: Climate Action

Initiatives aligned with SDGs through policies, practices, and projects.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• GRESB Green Star and 5-star rating (7 consecutive years)
• ENERGY STAR Partner of the Year
• Nareit Leader in the Light Award

Environmental Metrics

ESG Focus Areas

• Climate change
• Health security
• Social justice
• Healthy buildings
• Diversity and inclusion

Environmental Achievements

• Reduced Scope 1 and Scope 2 GHG emissions intensity by 80% (exceeding the 45% target by 2025, six years early)
• Increased renewable energy consumption to 70.4% of total power consumed
• Increased actively managed property area certified under LEED to 26.1 million square feet (98% Gold and Platinum levels)
• Issued $1.7 billion of Green Bonds
• Added a sustainability-linked pricing component to credit facility

Social Achievements

• Established a Board of Directors Sustainability Committee
• Launched three Employee Resource Groups (Women, Ethnic Minorities, LGBTQ+)
• Worked with minority-owned businesses to provide commercial real estate space
• Procured a minority- and woman-owned bank as co-manager in two senior notes offerings
• Commenced a depository relationship with a Black-led bank

Governance Achievements

• Established a Board of Directors Sustainability Committee to increase Board input and oversight over sustainability and related issues

Climate Goals & Targets

Environmental Challenges

• Waste diversion becoming more challenging due to less favorable recycling economics and waste hauler concerns regarding contamination
• Potential physical and transition risks associated with climate change (extreme weather, regulatory changes, market shifts)
• Maintaining trajectory of performance toward long-term DEI goals

Mitigation Strategies

• Resetting waste diversion target to 60% by 2025 and performing more auditing of waste streams
• Conducting climate change scenario analysis on portfolio assets and engaging Moody’s ESG Solutions for climate risk scoring
• Implementing programs to advance real estate access for minority-owned businesses, and making strategic hires in Human Resources dedicated to promoting Diversity & Inclusion

Supply Chain Management

Supplier Audits: 238 suppliers responded to vendor engagement survey (35% of 2021 spending)

Responsible Procurement

• Compliance with applicable laws relating to wages, benefits, worker health and safety, labor organizations, non-discrimination, and insurance
• Sustainability criteria informing building materials selection process (proximity, recycled content, sustainable harvesting, non-toxicity)

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events (flooding, wind damage, extreme heat, sea-level rise)
• Wildfires
• Drought
• Public transportation disruptions

Transition Risks

• Non-compliance with regulatory requirements (energy and carbon performance standards)
• Failure to meet sustainability needs of clients and investors
• Increased energy and emissions intensities from growth

Opportunities

• Energy and carbon reductions leading to competitive advantage
• Stronger ESG disclosures qualifying BXP for greater inclusion in ESG ETFs and funds
• Lower cost of capital from Green Bonds and sustainability-linked credit
• Avoiding operating cost increases from rising energy costs
• Increased demand for net-zero certified assets

Reporting Standards

Frameworks Used: GRI, UN SDGs, SASB, TCFD (working towards alignment)

Certifications: LEED, ENERGY STAR, Fitwel

Third-party Assurance: DNV Business Assurance USA, Inc.

UN Sustainable Development Goals

• 3
• 5
• 6
• 7
• 8
• 9
• 11
• 12
• 13

Initiatives aligned with SDGs 3 (health), 5 (gender equality), 6 (water), 7 (energy), 8 (economic growth), 9 (innovation), 11 (sustainable cities), 12 (responsible consumption), and 13 (climate action).

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• GRESB 5-Star rating
• ENERGY STAR Partner of the Year – Sustained Excellence Award
• Newsweek’s America’s Most Responsible Companies
• Forbes Green Growth 50
• Green Lease Leader (Gold level)
• Fitwel Best in Building Health
• Barron's Top 10 Most Sustainable REITs

Environmental Metrics

ESG Focus Areas

• Climate Action
• Resilience
• Social Good

Environmental Achievements

• Achieved a 39% reduction in energy use intensity below a 2008 base year.
• Achieved a 45% reduction in water use intensity below a 2008 base year.
• Increased property area certified under LEED to 28.6 million square feet (93% Gold and Platinum levels).
• Issued $750.0 million in green bonds, allocating $743.5 million to eligible green projects.

Social Achievements

• Launched Women’s, LGBTQ+, and Multicultural/BIPOC Employee Resource Groups (ERGs) with over 25% employee participation.
• Partnered with CareerSpring and Project Destined to provide college students with professional experience.
• Increased Underrepresented Business Enterprise (UBE) usage by 34%.
• Commenced a depository relationship with a Black-owned bank.

Governance Achievements

• Established a Board-level Sustainability Committee.
• Increased MSCI ESG Rating from "A" to "AA".

Climate Goals & Targets

Environmental Challenges

• Rising interest in ESG issues from stakeholders (healthy buildings, climate action, DEI).
• Challenges in waste diversion due to less favorable recycling economics and contamination.
• Potential physical and transition risks associated with climate change (extreme weather, regulatory changes).

Mitigation Strategies

• Conducting climate change scenario analysis on portfolio assets.
• Implementing asset-level risk management, including insurance and resiliency measures.
• Prioritizing interventions at underperforming assets to improve energy, carbon, water, and waste performance.
• Investing in building performance, energy efficiency, and decarbonization.
• Exploring and implementing cost-effective measures to reduce GHG emissions.

Supply Chain Management

Supplier Audits: Vendor engagement survey for all new vendors.

Responsible Procurement

• Compliance with applicable laws relating to wages, benefits, worker health and safety, and non-discrimination.
• Sustainability criteria for building materials selection (embodied carbon, proximity, recycled content, sustainable wood).

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events (flooding, wind damage, extreme heat, sea-level rise)
• Wildfires
• Drought
• Public transportation disruptions

Transition Risks

• Non-compliance with regulatory requirements
• Failure to meet sustainability needs of clients and investors

Opportunities

• Energy and carbon reductions leading to competitive advantage
• Stronger ESG disclosures qualifying for greater inclusion in ESG funds
• Lower cost of capital from green bonds
• Avoiding operating cost increases from rising energy costs

Reporting Standards

Frameworks Used: GRI, UN SDGs, SASB, TCFD

Certifications: LEED, ENERGY STAR, Fitwel

Third-party Assurance: DNV Business Assurance USA, Inc.

UN Sustainable Development Goals

• 3
• 5
• 6
• 7
• 8
• 9
• 11
• 12
• 13

Details provided in report on pages 20-22.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Nareit’s 2022 Office Leader in the Light award
• GRESB Green Star, 5-Star rating
• ENERGY STAR Partner of the Year – Sustained Excellence Award
• Newsweek’s America’s Most Responsible Companies #1 in Real Estate 2023
• Commercial Property Executive Best ESG Program 2023
• Fitwel Best in Building Health Award Winner 2023

Environmental Metrics

ESG Focus Areas

• Climate Action
• Resilience
• Social Good

Environmental Achievements

• Achieved a 41% reduction in energy use intensity below a 2008 base year.
• Achieved a 48% reduction in water use intensity below a 2008 base year.
• Executed a power purchase agreement for an additional 21 MW of new solar generation capacity.
• Increased actively managed property area certified under LEED to 28.9 million square feet (92% Gold and Platinum levels).
• Issued $750.0 million in green bonds, allocating $741.3 million to eligible green projects.
• Achieved carbon-neutral operations for Scopes 1 and 2 GHG emissions (in progress towards 2025 goal).

Social Achievements

• Maintained an MSCI ESG Rating of “AA”.
• Increased CDP Supplier Engagement Rating to a “B-”.
• Continued tenure as a Green Lease Leader at the Platinum Level.
• Named a seven-time Best in Building Health winner by the Center for Active Design.
• Recognized for having one of the Best ESG Programs by Commercial Property Executive.
• 201 of our employees performed 2,291 service hours and contributed over $1.6M in donations to 706 community events.

Governance Achievements

• Named to the Dow Jones Sustainability Index (DJSI) North America, scoring in the 94th percentile.
• Established a Board-level Sustainability Committee.

Climate Goals & Targets

Environmental Challenges

• Economic conditions impacting sustainability initiatives.
• Evolving landscape of sustainability objectives, regulations, and disclosure requirements.
• Client behavior impacting portfolio's environmental performance.
• Less favorable economics of recycling and waste hauler concerns regarding contamination.

Mitigation Strategies

• Retro-commissioning 9 million square feet of portfolio to optimize performance.
• Managing transition risks and building performance standard compliance.
• Integrating sustainability into property management, leasing, and construction documents.
• Client engagement and education on sustainable practices.
• Auditing waste streams and engaging clients to promote recycling.
• Introducing composting at more sites.

Supply Chain Management

Supplier Audits: All new vendors complete a vendor engagement survey assessing diversity and sustainability.

Responsible Procurement

• Compliance with applicable laws on wages, benefits, worker health and safety, and other workplace laws.
• Commitment to neutrality regarding unionized labor.
• Sustainability criteria informing building materials selection (low embodied carbon, local sourcing, recycled content, sustainable wood, non-toxic materials).

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events (flooding, wind damage, extreme heat, sea-level rise)
• Wildfires
• Drought
• Public transportation disruptions

Transition Risks

• Non-compliance with regulatory requirements (energy and carbon performance standards)
• Failure to meet sustainability needs of clients and investors
• Increased development and operational costs from green building codes and electrification
• Rising energy costs

Opportunities

• Energy and carbon reductions leading to competitive advantage
• Stronger ESG disclosures leading to greater inclusion in ESG funds
• Lower cost of capital from green bonds and sustainability-linked credit
• Asset conversion and net-zero certification increasing demand for office space

Reporting Standards

Frameworks Used: GRI, UN SDGs, SASB, TCFD

Certifications: LEED, ENERGY STAR, Fitwel

Third-party Assurance: DNV Business Assurance USA, Inc.

UN Sustainable Development Goals

• 3
• 5
• 6
• 7
• 8
• 9
• 11
• 12
• 13

Initiatives aligned with SDGs 3 (health), 5 (gender equality), 6 (water), 7 (energy), 8 (economic growth), 9 (innovation), 11 (sustainable cities), 12 (responsible consumption), and 13 (climate action).

Sustainable Products & Innovation

• Net-zero office building conversion (140 Kendrick Street)
• All-electric life sciences development (290 Binney Street)

Awards & Recognition

• ENERGY STAR Partner of the Year – Sustained Excellence
• GRESB Green Star, 5-Star Rating
• DJSI North America Member
• Commercial Property Executive Best ESG Program
• Fitwel Best in Building Health Award Winner
• Green Lease Leader (Platinum Level)