As others have pointed out, there's no boxing here. When you pass a variable as an argument corresponding to an out or ref parameter, what you are doing is making an alias to the variable. You are not doing anything to the value of the variable. You're making two variables represent the same storage location.
Boxing only happens when a value of a value type is converted to a value of a reference type, and there's no conversion of any kind in your example. The reference type must of course be System.Object, System.ValueType, System.Enum or any interface. Usually it is pretty clear; there's an explicit or implicit conversion in the code. However, there can be circumstances where it is less clear. For example, when a not-overridden virtual method of a struct's base type is called, there's boxing. (There are also bizarre situations in which certain kinds of generic type constraints can cause unexpected boxing, but they don't usually come up in practice.)
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