SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): JULY 25, 2000 BOSTON PROPERTIES, INC. (Exact name of Registrant as specified in its charter) DELAWARE 1-13087 04-2473675 (State or other jurisdiction (Commission File (I.R.S. employer of incorporation) Number) Identification No.) 800 BOYLSTON STREET BOSTON, MASSACHUSETTS 02199 (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (617) 236-3300
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 26, 2000 BOSTON PROPERTIES, INC. /s/ David G. Gaw -------------------------------------- By: David G. Gaw Chief Financial Officer
ITEM 5. OTHER EVENTS Following the issuance of a press release on July 25, 2000, announcing the Company's results for the second quarter ended June 30, 2000, the Company intends to provide, to certain investors and analysts at their request, supplemental information regarding the Company's operations that is to voluminous for a press release. The Company is attaching this supplementary operating and financial data as Exhibit 99.1 and the press release as Exhibit 99.2 to this Current Report on Form 8-K. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits EXHIBIT NO. 99.1 The Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended June 30, 2000. 99.2 The Boston Properties, Inc. press release dated July 25, 2000 for the quarter ended June 30, 2000.
Exhibit 99.1 BOSTON PROPERTIES, INC. SUPPLEMENTAL OPERATING AND FINANCIAL DATA FOR THE QUARTER ENDED JUNE 30, 2000
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 INDEX Page ---- COMPANY BACKGROUND 2 INVESTOR INFORMATION 3-4 FINANCIAL HIGHLIGHTS 5 CONSOLIDATED BALANCE SHEETS 6 CONSOLIDATED INCOME STATEMENTS 7 FUNDS FROM OPERATIONS 8 FINANCIAL RATIOS 9 CAPITAL STRUCTURE 10 DEBT ANALYSIS 11-13 JOINT VENTURES 14 PORTFOLIO OVERVIEW-SQUARE FOOTAGE 15 PROPERTY LISTING 16-19 TOP 20 TENANTS 20 PORTFOLIO OVERVIEW-FFO 21 OCCUPANCY ANALYSIS 22 OFFICE PROPERTIES-LEASE EXPIRATION ROLL OUT 23 R&D PROPERTIES-LEASE EXPIRATION ROLL OUT 24 INDUSTRIAL PROPERTIES-LEASE EXPIRATION ROLL OUT 25 GRAND TOTAL - OFFICE, R&D AND INDUSTRIAL PROPERTIES 26 BOSTON AREA LEASE EXPIRATION ROLL OUT 27 WASHINGTON DC AREA LEASE EXPIRATION ROLL OUT 28 SAN FRANCISCO AREA LEASE EXPIRATION ROLL OUT 29 NEW YORK AREA LEASE EXPIRATION ROLL OUT 30 NEW JERSEY AREA LEASE EXPIRATION ROLL OUT 31 OTHER AREA LEASE EXPIRATION ROLL OUT 32 HOTEL PERFORMANCE 33 SAME PROPERTY PERFORMANCE 34 "IN-SERVICE" PROPERTY PERFORMANCE 35 CAPITAL EXPENDITURES 36 VALUE CREATION PIPELINE - ACQUISITIONS/DISPOSITIONS 37 VALUE CREATION PIPELINE - DEVELOPMENT 38 VALUE CREATION PIPELINE - LAND PARCELS 39 1
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 COMPANY BACKGROUND Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of office, industrial and hotel properties. The Company is one of the largest owners and developers of office properties in the United States, concentrated in the Northeast Corridor from Virginia to Greater Boston and in Greater San Francisco. On June 23, 1997, Boston Properties successfully completed its initial public offering. The offering and the underwriters over-allotment option closed on the same date resulting in 36,110,000 shares being sold at $25.00 per share for a total offering of $902,750,000. On January 30,1998, the Company closed a follow-on offering of 23,000,000 shares (including the underwriters' over-allotment) at $35.125 per share for a total offering of $807,875,000. On May 20, 1999, the Company raised an additional $141,002,500, net of issuance costs, through the issuance of 4,000,000 shares. Through its predecessor company founded by Mortimer B. Zuckerman and Edward H. Linde in 1970, the Company grew through the seventies, eighties, and nineties by developing and redeveloping Class A office properties, R&D and industrial properties, and hotels in its primary markets of Greater Boston, Greater Washington, DC, and midtown Manhattan. Since the Company's Initial Offering in June 1997, the Company has acquired 47 properties adding approximately 16.0 million square feet to its portfolio, representing an investment of approximately $3.9 billion, and the Company has delivered 17 development properties adding approximately 2.5 million square feet to its portfolio, representing an investment of approximately $366 million. In addition, the Company is developing thirteen Class A Office Buildings for a total anticipated investment of approximately $1.1 billion. The Company owns or controls land where it can develop an additional 10.3 million square feet. 2
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 INVESTOR INFORMATION 800 Boylston Street Boston, MA 02199 (617) 236-3300 (617) 536-5087 (fax) Mortimer B. Zuckerman Chairman of the Board Edward H.Linde President, Chief Executive Officer and Director Robert E. Burke Executive Vice President, Operations Douglas T. Linde Senior Vice President, Financial and Capital Markets David G. Gaw Senior Vice President, Chief Financial Officer Elaine M. Quinlan Director of Investor Relations TIMING Quarterly results for 2000 will be announced according to the following anticipated schedule: Third Quarter 2000 Week of October 23-27 Year End 2000 Week of January 22-26 3
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 COMMON STOCK DATA (NYSE:BXP) Boston Properties' common stock is traded primarily on the New York Stock Exchange under the symbol: BXP. BXP's common stock has had the following characteristics (based on New York Stock Exchange closing prices): =============================================================================================================================== 2ND QUARTER 2000 2ND QUARTER 1999 ---------------- ---------------- High Price $ 38.9688 $ 37.1250 Low Price $ 31.7500 $ 31.2500 Closing Price $ 38.6250 $ 35.8750 Dividends per share - annualized $ 2.12 $ 1.70 Closing dividend yield - annualized 5.49% 4.74% Closing shares, common units and preferred units (if converted) outstanding (thousands) 105,493 104,711 Closing market value of shares and units outstanding (thousands) $ 4,074,667 $ 3,756,507 =============================================================================================================================== 4
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 FINANCIAL HIGHLIGHTS (UNAUDITED AND IN THOUSANDS) ================================================================================================================= THREE MONTHS ENDED --------------------------------------------------------- JUNE 30, 2000 JUNE 30, 1999 % CHANGE ------------- ------------- -------- INCOME ITEMS: Revenues $ 217,259 $ 191,640 13.37% Net Income available to common shareholders $ 34,880 $ 27,223 28.13% Funds from Operations $ 80,640 $ 66,366 21.51% Company's share (73.60% and 73.34%) $ 59,347 $ 48,673 21.93% Funds from Operations per share - basic $ 0.87 $ 0.74 17.95% Funds from Operations per share - diluted $ 0.83 $ 0.72 15.82% Dividends per share $ 0.53 $ 0.425 24.71% RATIOS: Interest Coverage Ratio 2.60 2.54 2.44% Dividend Payout Ratio 63.56% 58.72% 8.24% =================================================================================================================== =================================================================================================================== JUNE 30, 2000 DECEMBER 31, 1999 % CHANGE ------------- ----------------- -------- CAPITALIZATION: Total Debt $ 3,395,068 $ 3,321,584 2.21% Total Common Shares Outstanding @ Quarter End 68,027 67,910 0.17% Total Preferred Shares Outstanding @ Quarter End (if converted) 2,625 2,625 0.00% Total Common Units Outstanding @ Quarter End 24,465 23,810 2.75% Total Preferred Units Outstanding @ Quarter End (if converted) 10,376 10,376 0.00% Price @ Quarter End $ 38.6250 $ 31.1250 24.10% Equity Value @ Quarter End $ 4,074,667 $ 3,259,441 25.01% Total Market Capitalization $ 7,469,735 $ 6,581,025 13.50% Debt/Total Market Capitalization 45.45% 50.47% -9.95% =================================================================================================================== 5
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 CONSOLIDATED BALANCE SHEETS (UNAUDITED AND IN THOUSANDS) =============================================================================================================================== JUNE 30, 2000 DECEMBER 31, 1999 ----------------------- ---------------------- ASSETS Real estate and equipment $ 5,172,392 $ 5,150,341 Development in progress 415,583 332,149 Land held for future development 113,729 126,934 Less accumulated depreciation (525,201) (470,591) ----------------------- ---------------------- Total real estate and equipment 5,176,503 5,138,833 Cash and cash equivalents 6,319 12,035 Escrows 33,025 40,254 Investments in securities 28,283 14,460 Tenant and other receivables, net 32,340 28,362 Accrued rental income, net 84,425 82,228 Deferred charges, net 69,599 53,733 Prepaid expenses and other assets 39,074 28,452 Investments in joint ventures 69,486 36,415 ----------------------- ---------------------- TOTAL ASSETS $ 5,539,054 $ 5,434,772 ======================= ====================== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Mortgage notes payable $ 3,157,068 $ 2,955,584 Unsecured line of credit 238,000 366,000 Accounts payable and accrued expenses 53,922 66,780 Dividends payable 59,812 50,114 Accrued interest payable 6,127 8,486 Other liabilities 52,497 48,282 ----------------------- ---------------------- TOTAL LIABILITIES 3,567,426 3,495,246 ----------------------- ---------------------- Commitments and contingencies - - ----------------------- ---------------------- Minority interests 797,451 781,962 ----------------------- ---------------------- Series A Convertible Redeemable Preferred Stock, liquidation preference $50.00 per share, 2,000,000 shares issued and outstanding 100,000 100,000 ----------------------- ---------------------- Stockholders' Equity: Excess stock, $.01 par value, 150,000,000 shares authorized, none issued or outstanding - - Common stock, $.01 par value, 250,000,000 shares authorized, 68,026,797 and 67,910,434 issued and outstanding, respectively 680 679 Additional paid-in capital 1,076,593 1,067,778 Dividends in excess of earnings (11,670) (10,893) Deferred compensation (954) - Accumulated other comprehensive income 9,528 - ----------------------- ---------------------- Total stockholders' equity 1,074,177 1,057,564 ----------------------- ---------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,539,054 $ 5,434,772 ======================= ====================== =============================================================================================================================== 6
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 CONSOLIDATED INCOME STATEMENTS (UNAUDITED AND IN THOUSANDS) ====================================================================================================================== THREE MONTHS ENDED ----------------------------------------- 30-JUN-00 30-JUN-99 % CHANGE ------------- ------------ ----------- Revenue: Rental Base Rent (1) $ 177,953 $158,070 12.58% Recoveries from tenants 22,734 17,252 31.78% Parking and other 12,289 12,087 1.67% ------------- ------------ ----------- Total rental revenue 13.64% 212,976 187,409 Development and management services 2,876 3,611 -20.35% Interest and other 1,407 620 126.94% ------------- ------------ ----------- Total revenue 217,259 191,640 13.37% ------------- ------------ ----------- Expenses: Rental expenses 64,035 60,306 6.18% General and administrative 8,589 7,352 16.83% Interest (2) 56,243 49,219 14.27% Depreciation and amortization 32,395 29,443 10.03% ------------- ------------ ----------- Total expenses 161,262 146,320 10.21% ------------- ------------ ----------- Income before minority interests and before income from unconsolidated joint ventures 55,997 45,320 23.56% Minority interest in property partnerships (240) (139) 72.66% Income from unconsolidated joint ventures 189.08% ------------- ------------ ----------- Income before preferred distribution and minority interest in Operating 56,419 45,410 24.24% Partnership Preferred distribution (6,607) (6,611) -0.06% Minority interest in Operating Partnership (3) (13,586) (9,894) 37.32% ------------- ------------ ----------- Income before gain on sale of real estate 36,226 28,905 25.33% Gain on sale of real estate, net 297 - - ------------- ------------ ----------- Net income before preferred dividend 36,523 28,905 26.36% Preferred dividend (1,643) (1,682) -2.32% ------------- ------------ ----------- Net income available to common shareholders $ 34,880 $ 27,223 28.13% ============= ============ =========== INCOME PER SHARE OF COMMON STOCK Net income available to common shareholders per share - basic $ 0.51 $ 0.42 21.43% ============= ============ =========== Net income available to common shareholders per share - diluted $ 0.50 $ 0.41 21.95% ============= ============ =========== ======================================================================================================================= (1) Base Rent is reported on a straight-line basis over the terms of the respective leases. The impact of the straight-line rent adjustment increased revenues by $3,807 and $3,424 for the three months ended June 30, 2000 and 1999, respectively. (2) Excludes capitalized interest of $8,575 and $3,736 for the three months ended June 30, 2000 and 1999, respectively. (3) Equals minority interest percent (26.40% and 26.66%, respectively) of income before minority interest in Operating Partnership after deduction for preferred dividends and distributions. 7
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 FUNDS FROM OPERATIONS (IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS) (UNAUDITED) ============================================================================================================================== Three Months Ended -------------------------------- 30-JUN-00 30-JUN-99 % CHANGE ---------- --------- --------- Income from operations before minority interests and before income from unconsolidated joint ventures $55,997 $45,320 23.56% Add: Real estate depreciation and amortization (1) 32,497 29,238 11.15% Income from unconsolidated joint ventures 662 229 189.08% Less: Minority property partnership's share of funds from operations 266 128 107.81% Preferred dividends and distributions 8,250 8,293 -0.52% ------- ------- ------ Funds from Operations $80,640 $66,366 21.51% ======= ======= ====== Funds from Operations available to common shareholders (2) $59,347 $48,673 21.93% ======= ======= ====== Funds from Operations per share - basic $ 0.87 $ 0.74 17.95% ======= ======= ====== Weighted average shares outstanding - basic 67,991 65,534 3.75% ======= ======= ====== Funds from Operations per share - diluted $ 0.83 $ 0.72 15.28% ======= ======= ====== Weighted average shares outstanding - diluted 82,583 79,329 4.10% ======= ======= ====== =========================================================================================================================== RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS ============================================================================================================================== For the Three Months Ended For the Three Months Ended June 30, 2000 June 30, 1999 ----------------------------------- ------------------------------------- Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount ----------- ----------- --------- ----------- ----------- --------- Basic Funds from Operations $80,640 92,385 $ 0.87 $66,366 89,352 $ 0.74 Effect of Dilutive Securities Convertible Preferred Units 6,607 10,376 (0.02) 6,611 10,364 (0.01) Convertible Preferred Stock 1,643 2,625 (0.01) 1,682 2,625 -- Stock Options and other 316 1,590 (0.01) -- 806 (0.01) ------- ------- ------ ------- ------- ------ Dilutive Funds from Operations (3) $89,206 106,976 $ 0.83 $74,659 103,147 $ 0.72 ======= ======= ====== ======= ======= ====== Company's share of Diluted Funds from Operations $68,864 82,583 $ 0.83 $57,419 79,329 $ 0.72 ======= ======= ====== ======= ======= ====== ============================================================================================================================== (1) Real estate depreciation includes the Company's share of joint venture real estate depreciation of $549 and $112, less corporate related depreciation of $447 and $317, for the three months ended June 30, 2000 and 1999, respectively. (2) Based on weighted average shares for the quarter. Company's share for the quarter ended June 30, 2000 and 1999, respectively was 73.59% and 73.34%. (3) Based on weighted average diluted shares for the quarter. Company's share for the quarter ended June 30, 2000 and 1999 was 77.20% and 76.91%, respectively. 8
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 FINANCIAL RATIOS ========================================================================================================== THREE MONTHS ENDED JUNE 30, 2000 ------------------ RATIOS COMPUTED FOR INDUSTRY COMPARISONS: OPERATIONAL RATIOS (1)(2) Debt Service Coverage Ratio 2.30 (EBITDA + Income from Unconsolidated Joint Ventures)/(Interest+Principal) Interest Coverage Ratio 2.60 (EBITDA + Income from Unconsolidated Joint Venture)/Interest Return on Shareholder's Equity 17.52% (EBITDA - Interest)/Average Equity (book value) (%) Return on Real Estate Investments 10.91% (EBITDA/Average Real Estate Investments (book value)) (%) FFO Payout Ratio 63.86% (Dividends Declared/FFO) (%) ========================================================================================================== (1) EBITDA is equal to earnings before interest, taxes, depreciation and amortization. (2) FFO is calculated based on the NAREIT White Paper. 9
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 CAPITAL STRUCTURE DEBT (IN THOUSANDS) ==================================================================== AGGREGATE PRINCIPAL JUNE 30, 2000 ------------- Mortgage Loans $3,157,068 Unsecured Line of Credit 238,000 ---------- Total Debt $3,395,068 ========== ==================================================================== EQUITY (IN THOUSANDS) =================================================================================================== COMMON SHARES & UNITS STOCK $ VALUE OUTSTANDING EQUIVALENTS EQUIVALENT (1) ----------- ----------- -------------- Common Stock 68,027 68,027 $2,627,543 Preferred Stock 2,000 2,625 $ 101,391 Operating Partnership Units 24,465 24,465 $ 944,960 Preferred Operating Partnership Units 8,713 10,376 $ 400,773 ---------- ---------- Total Equity 105,493 $4,074,667 ========== ========== Total Market Capitalization $7,469,735 ========== =================================================================================================== (1) Value based on June 30, 2000 closing price of $ 38.625. 10
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 DEBT ANALYSIS LONG-TERM DEBT MATURITIES AND PRINCIPAL PAYMENTS (IN THOUSANDS) ====================================================================================================== YEAR 2000 (1) 2001 2002 2003 2004 Thereafter Total ---- -------- ---- ---- ---- ---- ---------- ----- Amount $146,755 $183,459 $452,375 $607,135 $127,152 $1,878,192 $3,395,068 ====================================================================================================== (1) For the period from July 1, 2000 through December 31, 2000. UNSECURED LINE OF CREDIT - DUE MARCH 31, 2003 (IN THOUSANDS) =================================================================================== OUTSTANDING LETTERS OF REMAINING FACILITY @ 6/30/2000 CREDIT CAPACITY -------- ----------- ------ ---------- $ 500,000 238,000 34,754 $ 227,246 =================================================================================== UNSECURED AND SECURED DEBT ANALYSIS =========================================================================================== WEIGHTED WEIGHTED AVERAGE % OF DEBT AVERAGE RATE MATURITY --------- ------------ -------- Unsecured Debt 7.02% 7.64% 2.8 years Secured Debt 92.98% 7.24% 5.7 years -------------- -------------- -------------- Total Debt 100.00% 7.27% 5.5 years ============== ============== ============== =========================================================================================== FLOATING AND FIXED RATE DEBT ANALYSIS =================================================================================================== WEIGHTED WEIGHTED AVERAGE % OF DEBT AVERAGE RATE MATURITY Floating Rate Debt 17.05% 8.12% 2.3 years Fixed Rate Debt 82.95% 7.09% 6.1 years -------------- -------------- ------------------ Total Debt 100.00% 7.27% 5.5 years ============== ============== ================== =================================================================================================== 11
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 DEBT ANALYSIS LONG-TERM DEBT MATURITIES AND PRINCIPAL PAYMENTS (IN THOUSANDS) ============================================================================================================================ PROPERTY 2000 (1) 2001 2002 2003 2004 THEREAFTER TOTAL - ----------------------------- -------- ---- ---- ---- ---- ---------- ----- Prudential Center $ 1,714 $ 3,777 $ 4,039 $ 4,319 $ 4,564 $275,226 $293,639 The Unsecured Line of Credit -- -- -- 238,000 -- -- 238,000 599 Lexington Avenue -- -- -- -- -- 225,000 225,000 280 Park Avenue 2,200 8,800 209,000 -- -- -- 220,000 Embarcadero Center One 936 1,968 2,104 2,249 2,404 147,713 157,374 Embarcadero Center Two 936 1,968 2,104 2,249 2,404 147,713 157,374 Embarcadero Center Four 1,375 2,894 3,097 3,314 3,546 141,663 155,889 875 Third Avenue 1,102 2,341 148,534 -- -- -- 151,977 5 Times Square -- -- -- 149,680 -- -- 149,680 Embarcadero Center Three 925 1,941 2,069 2,206 2,351 137,751 147,243 Two Independence Square 977 1,037 1,500 113,840 -- -- 117,354 Riverfront Plaza 1,141 2,397 2,560 2,735 2,921 105,034 116,788 Democracy Center 753 1,588 1,703 1,828 1,961 100,509 108,342 Embarcadero Center West Tower 606 1,272 1,358 1,449 1,546 91,965 98,196 100 East Pratt Street 768 1,615 1,727 1,847 1,975 84,687 92,619 The Gateway 75,000 -- -- -- -- -- 75,000 Reservoir Place 921 1,978 2,669 2,859 3,062 63,288 74,777 One Independence Square 629 74,114 -- -- -- -- 74,743 One & Two Reston Overlook 335 709 764 823 65,837 -- 68,468 2300 N Street -- -- -- 66,000 -- -- 66,000 Capital Gallery 516 1,097 1,191 1,293 1,404 52,176 57,677 504,506,508 Carnegie Center 400 846 909 979 1,053 44,585 48,772 10 and 20 Burlington Mall Road -- 37,000 -- -- -- -- 37,000 10 Cambridge Center 224 477 518 563 611 33,534 35,927 111 Huntington Avenue -- -- 33,890 -- -- -- 33,890 1301 New York Avenue 460 1,046 1,129 1,403 1,314 27,783 33,135 ============================================================================================================================ (1) For the period from July 1, 2000 through December 31, 2000. 12
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 DEBT ANALYSIS LONG-TERM DEBT MATURITIES AND PRINCIPAL PAYMENTS (CONTINUED) (IN THOUSANDS) ==================================================================================================================================== PROPERTY 2000 (1) 2001 2002 2003 2004 THEREAFTER Total - ------------------------------- -------- ---- ---- ---- ---- ---------- ----- Eight Cambridge Center 208 442 477 515 557 26,388 28,587 510 Carnegie Center 213 475 511 550 587 25,576 27,912 Lockheed Martin Building 244 529 565 604 640 23,954 26,536 University Place 272 573 615 659 706 22,700 25,525 Reston Corporate Center 234 506 540 577 1,620 21,569 25,046 New Dominion Technology Park -- 24,188 -- -- -- -- 24,188 Sumner Square -- -- -- -- 23,653 -- 23,653 Orbital Sciences -- -- 22,460 -- -- -- 22,460 191 Spring Street 161 344 374 407 443 21,230 22,959 Bedford Business Park 253 539 587 639 695 19,257 21,970 NIMA Building 203 438 468 499 529 19,563 21,700 212 Carnegie Center 20,453 -- -- -- -- -- 20,453 202 Carnegie Center 19,017 -- -- -- -- -- 19,017 214 Carnegie Center 13,126 -- -- -- -- -- 13,126 101 Carnegie Center 141 299 322 348 345 7,058 8,513 Montvale Center 63 135 147 160 175 6,947 7,627 Newport Office Park 153 5,923 -- -- -- -- 6,076 Hilltop Business Center 78 164 176 188 201 5,009 5,816 Tower Oaks -- -- 4,226 -- -- -- 4,226 302 Carnegie Center -- -- -- 3,754 -- -- 3,754 Orbital Sciences - Phase 2 -- -- -- 554 -- -- 554 201 Carnegie Center 18 39 42 45 48 314 506 ---------- ---------- ---------- ---------- ---------- ---------- ---------- $ 146,755 $ 183,459 $ 452,375 $ 607,135 $ 127,152 $1,878,192 $3,395,068 ========== ========== ========== ========== ========== ========== ========== ==================================================================================================================================== (1) For the period from July 1, 2000 through December 31, 2000. 13
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 JOINT VENTURES (unaudited and in thousands) as of June 30, 2000 =================================================================================================================== ONE MARKET 140 FREEDOM SQUARE METROPOLITAN KENDRICK SQUARE NORTH (2) SQUARE STREET COMBINED ------- -------- ------------ -------- -------- Total Equity (1) $ 985 $ 31,542 $ 31,630 $ 5,329 $ 69,486 ======= ======== ========== ======== ======== Mortgage/Construction loans payable (1) $19,375 $ 35,478 $ 71,308 $ 9,242 $135,403 ======= ======== ========== ======== ======== BXP's ownership percentage 25.00% 50.00% 51.00% 25.00% ======= ========== ========== ======== ================================================================================================================ RESULTS OF OPERATIONS FOR THE UNCONSOLIDATED JOINT VENTURES for the three months ended June 30, 2000 ======================================================================================================================== ONE MARKET 140 FREEDOM SQUARE METROPOLITAN KENDRICK SQUARE NORTH (2) SQUARE(3) STREET(4) COMBINED ------ --------- --------- --------- -------- REVENUE Total revenue $3,469 $1,829 $3,328 -- $8,626 ------ ------ ------ ----- ------ EXPENSES Operating 834 611 888 -- 2,333 Interest 886 522 1,579 -- 2,987 Depreciation and amortization 526 265 585 -- 1,376 ------ ------ ------ ----- ------ Total expenses 2,246 1,398 3,052 -- 6,696 ------ ------ ------ ----- ------ Net income $1,223 $ 431 $ 276 -- $1,930 ====== ====== ====== ===== ====== BXP's ownership percentage 25.00% 50.00% 51.00% 25.00% -- ====== ====== ====== ===== ====== BXP's share of net income $ 306 $ 215 $ 141 -- $ 662 ====== ====== ====== ===== ====== ======================================================================================================================== (1) Represents the Company's share. (2) Includes the residential component of the joint venture. (3) Represents the operations for the period from May 12, 2000 through June 30, 2000, subsequent to the Company's sale of a 49% interest to a third party. (4) Property is currently under development. 14
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 PORTFOLIO OVERVIEW- SQUARE FOOTAGE RENTABLE SQUARE FEET OF IN-SERVICE PROPERTIES BY LOCATION AND TYPE OF PROPERTY =============================================================================================================== GEOGRAPHIC AREA OFFICE (1) R&D INDUSTRIAL TOTAL % OF TOTAL ---------- --------- ----------- ---------- ---------- Greater Boston 5,424,283 545,206 247,318 6,216,807 24.18% Greater Washington, D.C. 5,657,137(2) 1,382,925 237,195 7,277,257 28.31% Greater San Francisco 4,441,184 144,366 280,213 4,865,763 18.92% Midtown Manhattan 2,844,106 -- -- 2,844,106 11.06% Princeton/East Brunswick, NJ 2,279,904 -- -- 2,279,904 8.87% Baltimore, MD 1,171,599 -- -- 1,171,599 4.56% Richmond, VA 892,581 -- -- 892,581 3.47% Bucks County, PA -- -- 161,000 161,000 0.63% ---------- ---------- ---------- ---------- ---------- 22,710,794 2,072,497 925,726 25,709,017 100.00% ========== ========== ========== ========== ========== % of Total 88.34% 8.06% 3.60% 100.00% =============================================================================================================== HOTEL PROPERTIES ================================================================================================================ NUMBER OF SQUARE HOTEL PROPERTIES ROOMS FEET --------- -------- Long Wharf Marriott, Boston, MA 402 420,000 Cambridge Center Marriott, Cambridge, MA 431 330,400 Residence Inn by Marriott, Cambridge, MA 221 187,474 ------- ------- Total Hotel Properties 1,054 937,874 ======= ======= ================================================================================================================ GARAGE PROPERTY AND STRUCTURED PARKING ================================================================================================================ NUMBER OF SQUARE SPACES FEET --------- ----------- GARAGE PROPERTIES Cambridge Center North Garage 1,170 332,442 STRUCTURED PARKING 15,556 5,518,779 --------- --------- TOTAL GARAGE PROPERTY AND STRUCTURED PARKING 16,726 5,851,221 ========= ========= ================================================================================================================= (1) Includes retail square footage of approximately 1,000,000. (2) Includes 414,296 square feet at One Freedom Square which is 25% owned by Boston Properties and 582,194 square feet at Metropolitan Square which is 51% owned by Boston Properties. 15
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 PROPERTY LISTING AS OF JUNE 30, 2000 ==================================================================================================================================== ANNUALIZED NUMBER OF REVENUE SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % PER OCCUPIED SF ---------- ---------- ----------- ---------- --------------- GREATER BOSTON, MA OFFICE THE PRUDENTIAL CENTER CBD Boston MA 3 2,149,958 99.8% $ 32.94 ONE CAMBRIDGE CENTER East Cambridge MA 1 215,385 100.0% 37.71 THREE CAMBRIDGE CENTER East Cambridge MA 1 107,484 100.0% 28.52 EIGHT CAMBRIDGE CENTER East Cambridge MA 1 177,226 100.0% 26.87 TEN CAMBRIDGE CENTER East Cambridge MA 1 152,664 100.0% 33.25 ELEVEN CAMBRIDGE CENTER East Cambridge MA 1 79,616 100.0% 37.73 UNIVERSITY PLACE Mid-Cambridge MA 1 195,282 100.0% 31.31 RESERVOIR PLACE Route 128 Mass Turnpike MA 1 529,991 94.3% 29.76 204 SECOND AVENUE Route 128 Mass Turnpike MA 1 40,974 100.0% 26.24 170 TRACER LANE Route 128 Mass Turnpike MA 1 73,258 100.0% 37.48 WALTHAM OFFICE CENTER Route 128 Mass Turnpike MA 3 131,479 100.0% 28.17 195 WEST STREET Route 128 Mass Turnpike MA 1 63,500 100.0% 26.97 200 WEST STREET Route 128 Mass Turnpike MA 1 248,341 98.0% 31.04 10 & 20 BURLINGTON MALL ROAD Route 128 Northwest MA 2 156,416 99.3% 26.82 BEDFORD BUSINESS PARK Route 128 Northwest MA 1 90,000 100.0% 20.78 32 HARTWELL AVENUE Route 128 Northwest MA 1 69,154 100.0% 15.42 91 HARTWELL AVENUE Route 128 Northwest MA 1 122,135 100.0% 24.35 92 HAYDEN AVENUE Route 128 Northwest MA 1 30,980 100.0% 26.10 100 HAYDEN AVENUE Route 128 Northwest MA 1 55,924 100.0% 30.00 33 HAYDEN AVENUE Route 128 Northwest MA 1 79,564 100.0% 24.47 LEXINGTON OFFICE PARK Route 128 Northwest MA 2 167,328 100.0% 27.30 191 SPRING STREET Route 128 Northwest MA 1 162,700 100.0% 27.43 181 SPRING STREET Route 128 Northwest MA 1 53,595 100.0% 33.03 201 SPRING STREET Route 128 Northwest MA 1 102,500 100.0% 28.58 NEWPORT OFFICE PARK Route 128 South MA 1 168,829 100.0% 23.27 ----------- ------------------------- --------------- 31 5,424,283 99.2% $ 30.55 ----------- ------------------------- =============== RESEARCH & DEVELOPMENT FOURTEEN CAMBRIDGE CENTER East Cambridge MA 1 67,362 100.0% $ 19.23 BEDFORD BUSINESS PARK Route 128 Northwest MA 2 383,704 79.2% 11.29 17 HARTWELL AVENUE Route 128 Northwest MA 1 30,000 100.0% 9.75 164 LEXINGTON ROAD Route 128 Northwest MA 1 64,140 100.0% 9.12 ----------- ------------------------- --------------- 5 545,206 85.3% $ 12.04 ----------- ------------------------- =============== INDUSTRIAL 25-33 DARTMOUTH ROAD Route 128 Southwest MA 1 78,045 100.0% $ 9.84 40-46 HARVARD STREET Route 128 Southwest MA 1 169,273 89.8% 7.03 ----------- ------------------------- --------------- 2 247,318 93.0% $ 7.98 ----------- ------------------------- =============== TOTAL GREATER BOSTON, MA AREA: 38 6,216,807 97.8% ==================================================================================================================================== 16
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 PROPERTY LISTING AS OF JUNE 30, 2000 ==================================================================================================================================== ANNUALIZED NUMBER OF REVENUE SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % PER OCCUPIED SF ---------- ----------- ----------- ---------- --------------- GREATER WASHINGTON, D.C. OFFICE 2300 N. STREET, N.W. West End Washington DC 1 276,930 100.0% $ 48.26 ONE INDEPENDENCE SQUARE Southwest Washington DC 1 337,794 100.0% 38.41 TWO INDEPENDENCE SQUARE Southwest Washington DC 1 579,665 100.0% 37.50 CAPITAL GALLERY Southwest Washington DC 1 396,776 100.0% 33.92 500 E. STREET, N.W. Southwest Washington DC 1 244,268 100.0% 31.05 METROPOLITAN SQUARE East End Washington DC 1 578,598 99.5% 35.21 1301 NEW YORK AVENUE East End Washington DC 1 168,371 100.0% 33.54 SUMNER SQUARE CBD Washington DC 1 209,507 96.4% 31.32 DECOVERLY TWO Montgomery County MD 1 77,747 100.0% 21.37 DECOVERLY THREE Montgomery County MD 1 77,040 100.0% 21.13 DEMOCRACY CENTER Montgomery County MD 3 680,475 100.0% 26.34 MONTVALE CENTER Montgomery County MD 1 120,815 100.0% 20.51 ORBITAL SCIENCES - PHASE 1 Loudoun County 2 174,832 100.0% 22.93 THE ARBORETUM Fairfax County VA 1 95,584 100.0% 24.76 ONE FREEDOM SQUARE Fairfax County VA 1 414,296 91.5% 31.21 ONE RESTON OVERLOOK Fairfax County VA 1 312,685 100.0% 20.72 TWO RESTON OVERLOOK Fairfax County VA 1 131,594 100.0% 30.61 RESTON CORPORATE CENTER Fairfax County VA 2 261,046 100.0% 31.09 LOCKHEED MARTIN BUILDING Fairfax County VA 1 255,244 100.0% 39.73 NIMA BUILDING Fairfax County VA 1 263,870 100.0% 43.68 ----------- ------------------------- ------------- 24 5,657,137 99.2% $ 32.71 ----------- ------------------------- ============= RESEARCH & DEVELOPMENT 910 CLOPPER ROAD Montgomery County MD 1 180,758 96.9% $ 15.51 930 CLOPPER ROAD Montgomery County MD 1 59,838 100.0% 15.04 FULLERTON SQUARE Fairfax County VA 2 178,294 87.0% 10.35 SUGARLAND BUSINESS PARK ONE Fairfax County VA 1 52,797 100.0% 21.72 SUGARLAND BUSINESS PARK TWO Fairfax County VA 1 59,215 100.0% 20.39 7435 BOSTON BOULEVARD Fairfax County VA 1 103,557 100.0% 13.28 7451 BOSTON BOULEVARD Fairfax County VA 1 47,001 100.0% 14.76 7450 BOSTON BOULEVARD Fairfax County VA 1 60,827 100.0% 15.96 7374 BOSTON BOULEVARD Fairfax County VA 1 57,321 100.0% 10.55 8000 GRAINGER COURT Fairfax County VA 1 90,465 100.0% 10.82 7500 BOSTON BOULEVARD Fairfax County VA 1 79,971 100.0% 10.15 7501 BOSTON BOULEVARD Fairfax County VA 1 75,756 100.0% 23.01 7601 BOSTON BOULEVARD Fairfax County VA 1 103,750 100.0% 14.12 7600 BOSTON BOULEVARD Fairfax County VA 1 69,832 100.0% 13.77 7375 BOSTON BOULEVARD Fairfax County VA 1 28,780 87.8% 17.13 8000 CORPORATE COURT Fairfax County VA 1 52,539 0.0% - 7700 BOSTON BOULEVARD Fairfax County VA 1 82,224 100.0% 20.88 ----------- ------------------------- ------------- 18 1,382,925 93.9% $ 14.89 ----------- ------------------------- ============= INDUSTRIAL 1950 STANFORD COURT Prince Georges County MD 1 53,250 38.5% 6.13 6201 COLUMBIA PARK ROAD Prince Georges County MD 1 100,337 60.0% 8.81 2000 SOUTH CLUB DRIVE Prince Georges County MD 1 83,608 100.0% 8.88 ----------- ------------------------- ------------- 3 237,195 69.3% $ 8.51 ----------- ------------------------- ============= TOTAL GREATER WASHINGTON, D.C. AREA: 45 7,277,257 97.2% ==================================================================================================================================== 17
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 PROPERTY LISTING AS OF JUNE 30, 2000 ==================================================================================================================================== ANNUALIZED NUMBER OF REVENUE SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % PER OCCUPIED SF ---------- ---------- ----------- ---------- --------------- MIDTOWN MANHATTAN, NY OFFICE 599 LEXINGTON AVENUE Park Avenue NY 1 1,000,069 100.0% $ 52.68 280 PARK AVENUE Park Avenue NY 1 1,156,161 100.0% 46.11 875 THIRD AVENUE East Side NY 1 687,876 100.0% 47.33 ----------- ------------------------- ------------- TOTAL MIDTOWN MANHATTAN, NY AREA: 3 2,844,106 100.0% $ 48.72 ============= PRINCETON/EAST BRUNSWICK, NJ OFFICE 101 CARNEGIE CENTER Princeton NJ 1 124,049 100.0% $ 23.98 104 CARNEGIE CENTER Princeton NJ 1 102,758 100.0% 28.25 105 CARNEGIE CENTER Princeton NJ 1 69,648 100.0% 27.00 201 CARNEGIE CENTER Princeton NJ - 6,500 100.0% 21.62 202 CARNEGIE CENTER Princeton NJ 1 130,554 97.7% 27.91 210 CARNEGIE CENTER Princeton NJ 1 159,498 100.0% 27.19 211 CARNEGIE CENTER Princeton NJ 1 47,025 100.0% 22.53 212 CARNEGIE CENTER Princeton NJ 1 150,069 100.0% 27.77 214 CARNEGIE CENTER Princeton NJ 1 152,214 100.0% 27.12 206 CARNEGIE CENTER Princeton NJ 1 161,763 100.0% 26.84 502 CARNEGIE CENTER Princeton NJ 1 116,374 98.2% 27.26 510 CARNEGIE CENTER Princeton NJ 1 234,160 100.0% 22.55 504 CARNEGIE CENTER Princeton NJ 1 126,190 100.0% 24.14 506 CARNEGIE CENTER Princeton NJ 1 150,888 100.0% 25.80 508 CARNEGIE CENTER Princeton NJ 1 131,085 100.0% 25.60 ONE TOWER CENTER East Brunswick NJ 1 417,129 100.0% 31.50 ----------- ------------------------- ------------- TOTAL PRINCETON/EAST BRUNSWICK, NJ AREA: 15 2,279,904 99.8% $ 26.96 ============= GREATER SAN FRANCISCO, CA OFFICE EMBARCADERO CENTER ONE CBD San Francisco CA 1 820,817 99.3% $ 33.08 EMBARCADERO CENTER TWO CBD San Francisco CA 1 779,173 99.2% 35.19 EMBARCADERO CENTER THREE CBD San Francisco CA 1 774,568 97.3% 32.67 EMBARCADERO CENTER FOUR CBD San Francisco CA 1 935,519 99.7% 37.04 FEDERAL RESERVE CBD San Francisco CA 1 149,592 99.2% 43.75 WEST TOWER CBD San Francisco CA 1 475,120 99.3% 43.04 THE GATEWAY South San Francisco CA 2 506,395 99.7% 32.45 ----------- ------------------------- ------------- 8 4,441,184 99.0% $ 35.57 ----------- ------------------------- ============= RESEARCH & DEVELOPMENT HILLTOP OFFICE CENTER South San Francisco CA 9 144,366 99.2% $ 12.48 ----------- ------------------------- ============== INDUSTRIAL 560 FORBES BOULEVARD South San Francisco CA 1 40,000 100.0% $ 9.72 430 ROZZI PLACE South San Francisco CA 1 20,000 100.0% 11.12 2391 WEST WINTON AVENUE Hayward CA 1 220,213 100.0% 4.58 ----------- ------------------------- ------------- 3 280,213 100.0% $ 5.78 ----------- ------------------------- ============= TOTAL GREATER SAN FRANCISCO, CA AREA: 20 4,865,763 99.1% ==================================================================================================================================== 18
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 PROPERTY LISTING, CONTINUED AS OF JUNE 30, 2000 ==================================================================================================================================== ANNUALIZED NUMBER OF REVENUE SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % PER OCCUPIED SF ---------- ---------- ----------- ---------- --------------- BALTIMORE, MD OFFICE CANDLER BUILDING Baltimore MD 1 537,363 100.0% 16.75 100 EAST PRATT STREET Baltimore MD 1 634,236 99.6% 27.89 ----------- ------------------------- --------------- TOTAL BALTIMORE, MD AREA: 2 1,171,599 99.8% $ 22.77 =============== RICHMOND, VA OFFICE RIVERFRONT PLAZA Richmond VA 1 892,581 100.0% $ 22.42 =============== BUCKS COUNTY, PA INDUSTRIAL 38 CABOT BOULEVARD Bucks County PA 1 161,000 100.0% $ 4.44 =============== TOTAL IN SERVICE PROPERTIES AREA: 125 25,709,017 98.5% =========== ========================= ==================================================================================================================================== 19
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 TOP 20 TENANTS BY SQUARE FEET LEASED ============================================================================================================== TENANT SQ. FT. % OF PORTFOLIO ---------------------------------------------- ------------------- ---------------- 1 General Services Administration 2,004,602 7.8% 2 Lockheed Martin Corporation 716,653 2.8% 3 Gillette Company 488,177 1.9% 4 Raytheon 473,429 1.8% 5 Shearman & Sterling 427,707 1.7% 6 Marsh & McLennan, Inc. 366,102 1.4% 7 TRW 331,048 1.3% 8 AT&T 327,525 1.3% 9 Hunton & Williams 322,829 1.3% 10 Covance, Inc. 321,261 1.2% 11 Debevoise & Plimpton 307,125 1.2% 12 First Union 276,843 1.1% 13 T. Rowe Price Associates, Inc. 273,329 1.1% 14 Parexel International Corp. 265,050 1.0% 15 Andersen Consulting 248,620 1.0% 16 Bankers Trust 243,722 0.9% 17 John Hancock Advisors 233,516 0.9% 18 Biogen, Inc. 220,026 0.9% 19 Orrick, Herrington & Sutcliffe 216,300 0.8% 20 National Football League 205,145 0.8% ============================================================================================================== MAJOR SIGNED DEALS FOR FUTURE DEVELOPMENT ======================================================================================= TENANT SQ. FT. ---------------------------------------------- ----------------- Ernst & Young, LLP 1,062,203 Parametric Technology Corporation 381,000 Tellabs Operations, Inc. 259,918 United States of America 235,201 Palmer & Dodge 204,412 ======================================================================================= 20
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 PORTFOLIO OVERVIEW - FFO PERCENTAGE OF PROPERTY FUNDS FROM OPERATIONS (1) FOR IN-SERVICE PROPERTIES BY LOCATION AND TYPE OF PROPERTY FOR THE QUARTER ENDED JUNE 30, 2000 ======================================================================================================== GEOGRAPHIC AREA OFFICE (2) R&D INDUSTRIAL HOTEL GARAGE TOTAL --------------- ---------- --- ---------- ----- ------ ----- Greater Boston 19.6% 0.7% 0.2% 6.6% 0.4% 27.5% Greater Washington, D.C. 20.3% 2.7% 0.2% n/a n/a 23.2% Greater San Francisco 19.6% 0.2% 0.3% n/a n/a 20.1% Midtown Manhattan 15.8% n/a n/a n/a n/a 15.8% Baltimore, MD 3.5% n/a n/a n/a n/a 3.5% Richmond, VA 2.8% n/a n/a n/a n/a 2.8% Princeton/East Brunswick, NJ 6.9% n/a n/a n/a n/a 6.9% Bucks County, PA n/a n/a 0.1% n/a n/a 0.1% --------- -------- -------- -------- -------- -------- Total 88.5% 3.6% 0.8% 6.6% 0.4% 100.0% ========= ======== ======== ======== ======== ======== ======================================================================================================== (1) For this table, Property Funds from Operations is equal to GAAP basis property NOI which includes the effect of straight-line rent and excludes any deduction for interest expense. (2) Includes Retail Center FFO (Prudential Center Boston and Embarcadero Center). 21
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 OCCUPANCY ANALYSIS SAME PROPERTY OCCUPANCY - BY LOCATION =================================================================== LOCATION 30-JUN-00 30-JUN-99 Greater Boston, MA 97.7% 98.2% Greater Washington, D.C. 97.3% 95.8% Midtown Manhattan, NY 100.0% 99.9% Baltimore, MD 99.8% 100.0% Princeton/East Brunswick, NJ 99.8% 99.8% Richmond, VA 100.0% 96.2% Greater San Francisco, CA 99.0% 98.0% Bucks County, PA 100.0% 100.0% ------------- ------------- Total Portfolio 98.5% 97.8% ============= ============= =================================================================== SAME PROPERTY - BY TYPE OF PROPERTY =================================================================== 30-JUN-00 30-JUN-99 Total Office Portfolio 99.5% 98.3% Total R&D Portfolio 92.0% 96.4% Total Industrial Portfolio 90.3% 90.4% ------------- ------------- Total Portfolio 98.5% 97.8% ============= ============= =================================================================== 22
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 IN-SERVICE OFFICE PROPERTIES LEASE EXPIRATIONS ============================================================================================================================== ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES PERCENTAGE OF TOTAL EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS SQUARE FEET EXPIRING ---------- ------------ ------------ ------------------------ -------------------- 2000 466,544 $ 16,372,292 $ 16,372,292 2.13% 2001 1,964,111 58,623,768 60,503,825 8.96% 2002 2,110,693 82,649,637 83,774,565 9.63% 2003 1,923,237 60,124,483 62,843,141 8.77% 2004 2,536,222 87,108,974 90,791,354 11.57% 2005 1,959,810 59,657,009 63,639,431 8.94% 2006 2,802,939 91,393,020 101,515,655 12.79% 2007 1,796,807 69,379,984 72,149,558 8.20% 2008 869,811 28,910,994 27,420,134 3.97% 2009 1,744,848 56,427,509 64,734,537 7.96% Thereafter 4,211,163 135,006,824 164,106,188 19.21% ============================================================================================================================== OCCUPANCY BY LOCATION ==================================================================================================== 30-JUN-00 30-JUN-99 Greater Boston, MA 99.2% 96.8% Greater Washington, D.C. 99.2% 97.3% Midtown Manhattan, NY 100.0% 99.9% Baltimore, MD 99.8% 100.0% Richmond, VA 100.0% 96.2% Princeton/East Brunswick, NJ 99.8% 99.8% Greater San Francisco, CA 99.0% 98.3% Bucks County, PA n/a n/a --------------------- ---------------------- Total Office Portfolio 99.4% 98.0% ===================== ====================== ==================================================================================================== 23
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 IN-SERVICE R&D PROPERTIES LEASE EXPIRATIONS ============================================================================================================================= ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES PERCENTAGE OF TOTAL EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS SQUARE FEET EXPIRING ---------- ------------------ --------------- -------------------- -------------------- 2000 191,255 $2,007,252 $2,007,252 11.16% 2001 295,010 3,762,294 3,872,943 17.22% 2002 352,246 5,061,070 5,176,590 20.56% 2003 104,307 1,358,499 1,411,838 6.09% 2004 84,881 1,302,684 1,381,399 4.95% 2005 170,849 2,310,975 2,479,514 9.97% 2006 203,000 2,355,210 2,467,710 11.85% 2007 157,895 2,758,764 3,004,974 9.22% 2008 -- -- -- 0.00% 2009 59,838 899,946 981,557 3.49% Thereafter 285,371 4,896,015 5,807,847 16.66% ============================================================================================================================= OCCUPANCY BY LOCATION ============================================================================================================================= 30-JUN-00 30-JUN-99 Greater Boston, MA 85.3% 100.0% Greater Washington, D.C. 93.9% 94.8% Midtown Manhattan, NY n/a n/a Baltimore, MD n/a n/a Richmond, VA n/a n/a Princeton/East Brunswick, NJ n/a n/a Greater San Francisco, CA 99.2% 98.4% Bucks County, PA n/a n/a ----------------- --------------------- Total R&D Portfolio 92.0% 96.4% ================= ===================== ============================================================================================================================= 24
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 IN-SERVICE INDUSTRIAL PROPERTIES LEASE EXPIRATIONS ================================================================================================================================= ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES PERCENTAGE OF TOTAL EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS SQUARE FEET EXPIRING ---------- ---------------- ----------------- ---------------------- -------------------- 2000 73,341 $ 667,274 $ 667,274 9.62% 2001 70,829 384,054 384,054 9.29% 2002 184,904 922,407 922,407 24.26% 2003 147,305 989,907 1,053,959 19.33% 2004 235,076 1,369,608 1,463,107 30.84% 2005 20,500 125,698 140,832 2.69% 2006 -- -- -- 0.00% 2007 20,000 222,456 258,783 2.62% 2008 83,608 742,152 815,347 10.97% 2009 -- -- -- 0.00% Thereafter -- -- -- 0.00% ================================================================================================================================= OCCUPANCY BY LOCATION ==================================================================================== 30-JUN-00 30-JUN-99 --------- --------- Greater Boston, MA 93.0% 93.0% Greater Washington, D.C. 69.3% 87.8% Midtown Manhattan, NY n/a n/a Baltimore, MD n/a n/a Richmond, VA n/a n/a Princeton/East Brunswick, NJ n/a n/a Greater San Francisco, CA 100.0% 100.0% Bucks County, PA 100.0% 100.0% ------------------- --------------------- Total Industrial Portfolio 90.3% 95.0% =================== ===================== ==================================================================================== 25
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 IN-SERVICE PROPERTIES LEASE EXPIRATION ============================================================================================================================== ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES PERCENTAGE OF TOTAL EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS SQUARE FEET EXPIRING ---------- ---------------- --------------- -------------------- -------------------- 2000 731,140 $ 19,046,818 $ 19,046,818 2.91% 2001 2,329,950 62,770,116 64,760,822 9.27% 2002 2,647,843 88,633,114 89,873,562 10.54% 2003 2,174,849 62,472,889 65,308,938 8.66% 2004 2,856,179 89,781,266 93,635,860 11.37% 2005 2,151,159 62,093,682 66,259,777 8.56% 2006 3,005,939 93,748,230 103,983,365 11.96% 2007 1,974,702 72,361,204 75,413,315 7.86% 2008 953,419 29,653,146 28,235,481 3.79% 2009 1,804,686 57,327,455 65,716,094 7.18% Thereafter 4,496,534 139,902,839 169,914,035 17.90% ============================================================================================================================== OCCUPANCY BY LOCATION ============================================================================================================================== 30-JUN-00 30-JUN-99 --------- --------- Greater Boston, MA 97.8% 96.9% Greater Washington, D.C. 97.2% 96.1% Midtown Manhattan, NY 100.0% 99.9% Baltimore, MD 99.8% 100.0% Richmond, VA 100.0% 96.2% Princeton/East Brunswick, NJ 99.8% 99.8% Greater San Francisco, CA 99.1% 98.0% Bucks County, PA 100.0% 100.0% --------------------- --------------------- Total Portfolio 98.5% 97.6% ===================== ===================== ============================================================================================================================== 26
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 IN-SERVICE GREATER BOSTON PROPERTIES LEASE EXPIRATIONS GREATER BOSTON ======================================================================================================================= OFFICE R&D ----------------------------------------------------------------------------- --------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE EXPIRING LEASES ---------- ---------------- --------------- ------------ ----------------- 2000 83,324 $ 4,610,505 $ 4,610,505 - 2001 688,048 17,506,698 18,887,469 - 2002 422,983 12,844,808 13,216,787 94,140 2003 589,223 16,200,103 17,728,837 50,704 2004 748,042 26,700,645 28,879,118 - 2005 726,803 22,846,141 23,869,825 - 2006 398,040 12,193,957 13,911,419 203,000 2007 232,689 8,186,035 8,836,130 50,000 2008 5,526 676,314 781,082 - 2009 869,874 27,472,865 31,984,534 - Thereafter 501,252 11,904,471 16,086,575 67,362 ======================================================================================================================= =================================================================================================================================== INDUSTRIAL ------------------------------------------ ------------------------------------------------------------------ ANNUALIZED ANNUALIZED CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- --------------- -------------------- ----------------- --------------- -------------------- 2000 $ - $ - $ 639,711 $ 639,711 67,216 2001 - - 10,829 127,969 127,969 2002 877,197 892,197 23,904 207,563 207,563 2003 599,458 599,458 128,105 861,075 925,127 2004 - - - - - 2005 - - - - - 2006 2,355,210 2,467,710 - - - 2007 475,000 675,000 - - - 2008 - - - - - 2009 - - - - - Thereafter 1,295,391 1,601,888 - - - =================================================================================================================================== 27
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 IN-SERVICE GREATER WASHINGTON DC PROPERTIES LEASE EXPIRATIONS GREATER WASHINGTON ================================================================================================== OFFICE ----------------------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- ----------------- --------------- --------------------- 2000 162,285 $ 4,417,610 $ 4,417,610 2001 251,382 7,423,906 7,517,986 2002 243,481 6,537,994 6,848,517 2003 176,399 4,935,760 5,231,849 2004 484,939 15,829,023 16,387,274 2005 394,406 12,431,943 13,827,691 2006 775,418 30,737,913 33,323,224 2007 535,792 18,527,958 15,779,228 2008 379,466 14,758,682 11,394,134 2009 432,173 14,617,547 16,669,569 Thereafter 1,764,618 53,850,235 62,752,772 ================================================================================================== ================================================================================= R&D --------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- --------------- --------------- -------------------- 2000 179,755 $ 1,881,421 $ 1,881,421 2001 260,313 3,335,828 3,412,285 2002 215,620 3,657,768 3,738,398 2003 23,439 330,438 347,548 2004 84,881 1,302,684 1,381,399 2005 148,330 2,048,362 2,149,900 2006 - - - 2007 107,895 2,283,764 2,329,947 2008 - - - 2009 59,838 899,946 981,557 Thereafter 218,009 3,600,642 4,205,986 ================================================================================= =========================================================================================== INDUSTRIAL ------------------------------------------------------------------ ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- ----------------- --------------- -------------------- 2000 6,125 $ 27,563 $ 27,563 2001 - - - 2002 - - - 2003 19,200 128,832 128,832 2004 34,863 228,725 245,374 2005 20,500 125,698 140,832 2006 - - - 2007 - - - 2008 83,608 742,152 815,347 2009 - - - Thereafter - - - =========================================================================================== 28
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 IN-SERVICE GREATER SAN FRANCISCO PROPERTIES LEASE EXPIRATIONS GREATER SAN FRANCISCO =============================================================================================== OFFICE ----------------------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- --------------- --------------- -------------------- 2000 83,021 $ 2,461,149 $ 2,461,149 2001 302,040 9,762,488 9,864,407 2002 328,632 10,258,341 10,501,006 2003 649,007 24,000,161 24,512,884 2004 758,202 29,991,731 30,678,256 2005 298,449 10,525,899 11,354,312 2006 873,645 28,564,176 32,367,499 2007 378,609 12,626,890 15,292,428 2008 163,421 4,956,540 5,352,938 2009 267,226 9,751,790 10,500,676 Thereafter 241,044 10,601,227 15,092,080 =============================================================================================== ================================================================================= R&D --------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- --------------- --------------- -------------------- 2000 11,500 $ 125,831 $ 125,831 2001 34,697 426,466 460,658 2002 42,486 526,105 545,994 2003 30,164 428,554 464,832 2004 - - - 2005 22,519 262,612 329,614 2006 - - - 2007 - - - 2008 - - - 2009 - - - Thereafter - - - ================================================================================= ======================================================================================= INDUSTRIAL ------------------------------------------------------------------ ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- --------------- --------------- -------------------- 2000 - $ - $ - 2001 60,000 256,085 256,085 2002 - - - 2003 - - - 2004 200,213 1,140,883 1,217,734 2005 - - - 2006 - - - 2007 20,000 222,456 258,783 2008 - - - 2009 - - - Thereafter - - - ======================================================================================= 29
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 IN-SERVICE NEW YORK PROPERTIES LEASE EXPIRATIONS MID-TOWN MANHATTAN ================================================================================================= OFFICE ----------------------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- --------------- --------------- -------------------- 2000 21,089 $ 1,342,680 $ 1,342,680 2001 128,591 7,245,317 7,266,088 2002 902,959 48,000,175 48,128,160 2003 191,631 7,711,787 7,758,379 2004 18,275 986,657 1,033,656 2005 55,239 2,709,497 2,856,372 2006 25,440 1,166,580 1,235,934 2007 567,348 27,112,875 29,249,563 2008 116,485 4,954,471 5,482,147 2009 36,802 2,119,447 2,409,114 Thereafter 787,379 35,546,932 43,867,989 ================================================================================================= ================================================================================ R&D ---------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- ----------------- --------------- -------------------- 2000 - $ - $ - 2001 - - - 2002 - - - 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - Thereafter - - - ================================================================================ ================================================================================== INDUSTRIAL --------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- ----------------- --------------- -------------------- 2000 $ - $ - - 2001 - - - 2002 - - - 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - Thereafter - - - ================================================================================== 30
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES LEASE EXPIRATIONS PRINCETON/EAST BRUNSWICK =============================================================================================== OFFICE ----------------------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- --------------- --------------- -------------------- 2000 109,381 $ 3,356,576 $ 3,356,576 2001 439,417 13,032,822 13,174,946 2002 30,959 889,142 889,142 2003 129,132 3,329,693 3,504,265 2004 404,752 11,045,589 11,057,143 2005 144,483 3,477,173 3,677,131 2006 39,462 1,126,555 1,205,604 2007 37,970 1,209,022 1,221,193 2008 15,243 428,358 466,465 2009 14,515 404,890 432,933 Thereafter 903,313 22,953,051 26,155,865 =============================================================================================== =================================================================================== R&D -------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- --------------- ----------------- -------------------- 2000 $ - $ - 2001 - - - 2002 - - - 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - Thereafter - - - =================================================================================== ======================================================================================= INDUSTRIAL ----------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- --------------- --------------- -------------------- C> 2000 - $ - $ - 2001 - - - 2002 - - - 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - Thereafter - - - ======================================================================================= 31
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 IN-SERVICE OTHER PROPERTIES LEASE EXPIRATIONS OTHER PROPERTIES (RICHMOND VA, BALTIMORE MD, BUCKS COUNTY, PA) =================================================================================================== OFFICE ----------------------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- --------------- --------------- -------------------- 2000 7,444 $ 183,722 $ 183,722 2001 154,633 3,652,538 3,792,929 2002 181,679 4,118,638 4,190,953 2003 187,845 3,946,979 4,106,927 2004 122,194 2,555,328 2,755,908 2005 340,430 7,666,356 8,054,100 2006 690,934 17,603,839 19,391,975 2007 44,399 1,717,204 1,771,015 2008 189,670 3,136,630 3,943,369 2009 124,258 2,060,970 2,737,711 Thereafter 13,557 150,908 150,908 =================================================================================================== ====================================================================================== R&D -------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- ---------------- --------------- -------------------- 2000 $ - $ - 2001 - - - 2002 - - - 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - Thereafter - - - ====================================================================================== =================================================================================== INDUSTRIAL - --------------------------------------------------------------- ANNUALIZED RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS ---------- --------------- --------------- -------------------- 2000 - $ - $ - 2001 - - - 2002 161,000 714,844 714,844 2003 - - - 2004 - - - 2005 - - - 2006 - - - 2007 - - - 2008 - - - 2009 - - - Thereafter - - - ================================================================================== 32
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 HOTEL PERFORMANCE SAME PROPERTY HOTELS LONG WHARF MARRIOTT - BOSTON ================================================================================================================================== SECOND QUARTER SECOND QUARTER PERCENT YTD YTD PERCENT 2000 1999 CHANGE 2000 1999 CHANGE ---- ---- ------ ---- ---- ------ Occupancy 93.4% 88.0% 6.1% 90.1% 86.8% 3.8% Average Daily Rate $ 262.62 $ 246.09 6.7% $ 232.84 $ 218.06 6.8% REVPAR $ 245.29 $ 216.56 13.3% $ 209.79 $ 189.28 10.8% ================================================================================================================================== CAMBRIDGE CENTER MARRIOTT ================================================================================================================================== SECOND QUARTER SECOND QUARTER PERCENT YTD YTD PERCENT 2000 1999 CHANGE 2000 1999 CHANGE ---- ---- ------ ---- ---- ------ Occupancy 90.0% 89.5% 0.6% 85.7% 84.1% 1.9% Average Daily Rate $ 215.29 $ 198.18 8.6% $ 195.57 $ 178.81 9.4% REVPAR $ 193.76 $ 169.44 14.4% $ 167.60 $ 150.38 11.5% ================================================================================================================================== RESIDENCE INN BY MARRIOTT ================================================================================================================================== SECOND QUARTER SECOND QUARTER PERCENT YTD YTD PERCENT 2000 1999 CHANGE 2000 1999 CHANGE ---- ---- ------ ---- ---- ------ Occupancy 92.4% 84.5% 9.3% 90.5% 77.8% 16.3% Average Daily Rate $ 183.81 $ 153.36 19.9% $ 164.29 $ 146.98 11.8% REVPAR $ 169.84 $ 129.59 31.1% $ 148.68 $ 114.35 $ 30.0% ================================================================================================================================== TOTAL SAME PROPERTY HOTEL PERFORMANCE ================================================================================================================================== SECOND QUARTER SECOND QUARTER PERCENT YTD YTD PERCENT 2000 1999 CHANGE 2000 1999 CHANGE ---- ---- ------ ---- ---- ------ Occupancy 91.8% 86.2% 6.5% 88.4% 83.8% 5.5% Average Daily Rate $ 226.74 $ 207.06 9.5% $ 203.23 $ 187.11 $ 8.6% REVPAR $ 208.40 $ 179.06 16.4% $ 179.73 $ 157.66 14.0% ================================================================================================================================== (1) Only Operational as of 2/01/99 33
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 SAME PROPERTY PERFORMANCE OFFICE, R&D, INDUSTRIAL AND HOTEL PROPERTIES ================================================================================================================================== OFFICE R&D INDUSTRIAL HOTEL GARAGE TOTAL Number of Properties 67 32 9 3 1 112 Square feet 19,675,786 2,072,497 925,726 937,874 332,442 23,944,325 Percent of in-service properties 86.6% 100.0% 100.0% 100.0% 100% 87.2% Occupancy @ 06/30/99 98.3% 96.4% 90.4% - - 97.8% Occupancy @ 06/30/00 99.5% 92.0% 90.3% - - 98.5% Percent change from 2nd quarter 2000 over 2nd quarter 1999: Revenue 5.3% 5.2% 8.7% 11.5% 69.1% 5.8% Expense 2.6% 4.5% -13.0% 3.9% 41.2% 2.7% Net Operating Income 6.7% 5.3% 16.9% 12.7% 88.0% 7.3% ================================================================================================================================== SAME PROPERTY LEASE ANALYSIS - QUARTER ENDED JUNE 30, 2000 ==================================================================================================================== OFFICE R&D INDUSTRIAL TOTAL Vacant space available @ 4/01/00 (sf) 142,081 124,974 69,099 336,154 Square footage of leases expiring or terminated 04/01/00-06/30/00 481,575 182,298 182,064 845,937 ----------- ---------- ---------- ---------- Total space for lease (sf) 623,656 307,272 251,163 1,182,091 ----------- ---------- ---------- ---------- New tenants (sf) 376,279 9,500 - 385,779 ----------- ---------- ---------- ---------- Renewals (sf) 155,336 131,727 161,000 448,063 ----------- -------- -------- -------- Total space leased (sf) 531,615 141,227 161,000 833,842 =========== ======== ======== ======== Space available @ 6/30/00 92,041 166,045 90,163 348,249 =========== ======== ======== ======== Net increase (decrease) in leased space (sf) 50,040 (41,071) (21,064) (12,095) Average lease term (months) 92 12 24 66 2nd generation TI/Comm PSF $ 14.62 $ 0.31 $ - $ 9.37 Increase in 2nd generation net rents (1) 26.4% 7.3% - 22.2% ==================================================================================================================== (1) Represents increase in net rents on a "cash to cash" basis. (Actual net rent at time of expiration vs. initial net rent of new lease.) 34
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 ALL "IN-SERVICE" PROPERTIES - QUARTER ENDED JUNE 30, 2000 ================================================================================================================ OFFICE R&D INDUSTRIAL TOTAL Vacant space available @ 4/01/00 (sf) 194,716 124,974 69,099 388,789 Square footage of leases expiring or terminated 4/01/00-6/30/00 497,712 182,298 182,064 862,074 ------------ ------------- ------------ ------------ Total space for lease (sf) 692,428 307,272 251,163 1,250,863 ============ ============= ============ ============ New tenants (sf) 389,868 9,500 - 399,368 Renewals (sf) 166,473 131,727 161,000 459,200 ------------ ------------- ------------ ------------ Total space leased (sf) 556,341 141,227 161,000 858,568 ============ ============= ============ ============ Space available @ 6/30/00 (sf) 136,087 166,045 90,163 392,295 ============ ============= ============ ============ Net increase/(decrease) in leased space (sf) 58,629 (41,071) (21,064) (3,506) Average lease term (months) 90 12 24 65 2nd generation TI/Comm PSF $ 14.41 $ 0.31 $ - $ 9.39 Increase in 2nd generation net rents (1) 29.1% 7.3% 0.0% 24.5% ================================================================================================================ (1) Represents increase in net rents on a "cash to cash" basis (actual net rent at time of expiration vs. initial net rent of new lease). 35
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 HISTORICALLY GENERATED CAPITAL EXPENDITURES, TENANT IMPROVEMENT COSTS AND LEASING COMMISSIONS (IN THOUSANDS) HISTORICAL CAPITAL EXPENDITURES ================================================================================================================================== YTD 1995 1996 1997 1998 1999 2000 ---- ---- ---- ---- ---- ---- Recurring capital expenditures $ 1,618 $ 1,083 $ 1,125 $ 3,543 $ 11,611 $ 4,333 =========== =========== ============ ========== ============ ============ Hotel improvements, equipment upgrades $ 4,420 $ 3,041 $ 2,625 $ 3,872 $ 2,346 $ 1,181 =========== =========== ============ ========== ============ ============ and replacements ================================================================================================================================== 2ND GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS ================================================================================================================ 1995 1996 1997 ---- ---- ---- Office Square feet 768,459 970,072 1,016,427 ----------- ----------- ------------ Tenant improvement and lease commissions p.s.f. $ 10.66 $ 11.40 $ 10.83 ----------- ----------- ------------ R&D Square feet 177,073 337,676 169,878 ----------- ----------- ------------ Tenant improvement and lease commissions p.s.f. $ 6.99 $ 10.45 $ 2.22 ----------- ----------- ------------ Industrial Square feet 308,388 128,148 258,795 ----------- ----------- ------------ Tenant improvement and lease commissions p.s.f. $ 1.00 $ 1.71 $ 0.99 ----------- ----------- ------------ Average tenant improvement and lease commission p.s.f. $ 7.77 $ 10.31 $ 8.06 =========== =========== ============ ================================================================================================================ =================================================================================================================== YTD 1998 1999 2000 ---- ---- ---- Office Square feet 648,291 2,115,281 1,940,945 ---------- ------------ ------------ Tenant improvement and lease commissions p.s.f. $ 9.82 $ 10.60 $ 12.96 ---------- ------------ ------------ R&D Square feet 113,428 167,231 396,657 ---------- ------------ ------------ Tenant improvement and lease commissions p.s.f. $ 3.32 $ 1.94 $ 0.57 ---------- ------------ ------------ Industrial Square feet 320,608 163,962 181,000 ---------- ------------ ------------ Tenant improvement and lease commissions p.s.f. $ 1.13 $ 0.60 $ 1.22 ---------- ------------ ------------ Average tenant improvement and lease commission p.s.f. $ 6.57 $ 9.34 $ 10.17 ========== ============ ============ =================================================================================================================== 36
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 VALUE CREATION PIPELINE - ACQUISITIONS/DISPOSITIONS AS OF JUNE 30, 2000 ACQUISITIONS ================================================================================================== INITIAL PROPERTY DATE ACQUIRED SQUARE FEET INVESTMENT -------- ------------- ----------- ---------- ACQUISITIONS CLASS A OFFICE BUILDINGS One and Two Reston Overlook Jan-00 444,286 $ 15,200,000 504, 506, 508 Carnegie Center Mar-00 408,163 66,500,000 --------------- ------------------ TOTAL VALUE CREATION PIPELINE - 852,449 $ 81,700,000 =============== ================== ACQUISITIONS ================================================================================================== ======================================================================================================= ANTICIPATED FUTURE TOTAL CURRENT PROPERTY INVESTMENT INVESTMENT OCCUPANCY -------- ---------- ---------- --------- ACQUISITIONS CLASS A OFFICE BUILDINGS One and Two Reston Overlook $ - $ 15,200,000 (1) 100% 504, 506, 508 Carnegie Center - 66,500,000 100% --------------- ------------------ -------------- TOTAL VALUE CREATION PIPELINE - $ - $ 81,700,000 100% =============== ================== ============== ACQUISITIONS ======================================================================================================= DISPOSITIONS ================================================================================================= PROPERTY DATE DISPOSED SQUARE FEET PROCEEDS -------- ------------- ----------- -------- 140 Kendrick Street (2) May-00 381,000 $ 15,843,000 Metropolitan Square (3) May-00 582,194 30,870,000 ------------------ TOTAL VALUE CREATION PIPELINE - $ 46,713,000 ================== DISPOSITIONS ================================================================================================= ======================================================================================================== NET PROPERTY BOOK VALUE GAIN -------- ---------- ---- 140 Kendrick Street (2) $ 15,843,000 $ - Metropolitan Square (3) 30,467,000 403,000 --------------- ------------------ TOTAL VALUE CREATION PIPELINE - $ 46,310,000 $ 403,000 =============== ================== DISPOSITIONS ======================================================================================================== (1) Represents the acquisition of the joint venture partner's 75% interest. Boston Properties now owns 100% of the property. (2) Represents the disposition of a 75% interest to a joint venture partner. Boston Properties now retains a 25% interest. (3) Represents the disposition of a 49% interest to a joint venture partner. Boston Properties now retains a 51% interest. 37
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 6 VALUE CREATION PIPELINE - CONSTRUCTION IN PROGRESS AS OF JUNE 30, 2000 ================================================================================================================ DEVELOPMENT PROPERTIES INITIAL OCCUPANCY STABILIZATION DATE LOCATION - ---------------------- ----------------- ------------------ -------- CLASS A OFFICE BUILDINGS Market Square North (50% ownership) Q1 2000 Q4 2000 Washington, DC New Dominion Tech Park - Building 1 Q4 2000 Q4 2000 Herndon, VA 302 Carnegie Center Q4 2000 Q2 2001 Princeton, NJ 2600 Tower Oaks Boulevard Q4 2000 Q3 2001 Rockville, MD Broad Run Business Park- Building E Q1 2001 Q4 2001 Dulles, VA 140 Kendrick Street (25% ownership) Q1 2001 Q1 2001 Needham, MA Orbital Sciences Phase II - Building 2 Q2 2001 Q2 2001 Dulles, VA Quorum Office Park Q3 2001 Q4 2001 Chelmsford, MA 111 Huntington Avenue - Prudential Center Q3 2001 Q4 2002 Boston, MA 5 Times Square Q4 2001 Q2 2002 New York, NY TOTAL DEVELOPMENT PROPERTIES ============================================================================================================ ==================================================================================================================================== ANTICIPATED CURRENT # OF INVESTMENT TOTAL PERCENTAGE DEVELOPMENT PROPERTIES BUILDINGS SQUARE FEET TO DATE INVESTMENT LEASED - ---------------------- --------- ----------- ------- ---------- ------ CLASS A OFFICE BUILDINGS Market Square North (50% ownership) 1 409,843 $ 50,656,157 $ 61,631,239 (1) 87% New Dominion Tech Park - Building 1 1 235,201 29,846,937 48,800,000 100% 302 Carnegie Center 1 64,565 8,005,744 12,900,000 23% 2600 Tower Oaks Boulevard 1 178,216 12,036,037 38,295,000 53% Broad Run Business Park- Building E 1 124,650 1,026,288 15,912,000 (2) 0% 140 Kendrick Street (25% ownership) 3 381,000 15,597,596 20,214,000 100% Orbital Sciences Phase II - Building 2 1 160,502 5,064,802 28,018,000 100% Quorum Office Park 2 259,918 4,079,093 41,351,743 100% 111 Huntington Avenue - Prudential Center 1 890,000 111,056,004 290,000,000 60% 5 Times Square 1 1,099,154 216,025,644 536,100,000 100% --------- -------------- ------------------ ------------------ ----------- TOTAL DEVELOPMENT PROPERTIES 13 3,803,049 $ 453,394,302 $1,093,221,982 82% ========= ============== ================== ================== =========== ==================================================================================================================================== DEVELOPMENTS PLACED-IN-SERVICE DURING 2000 ======================================================================================================== PLACED # OF IN SERVICE DATE LOCATION BUILDINGS --------------- -------- --------- CLASS A OFFICE BUILDING Orbital Sciences Phase I - Building 1 & 3 Q2 2000 Dulles, VA 2 ========= ======================================================================================================== ============================================================================================================================== INVESTMENT TOTAL PERCENTAGE SQUARE FEET TO DATE INVESTMENT LEASED ----------- ------- ---------- ------ CLASS A OFFICE BUILDING Orbital Sciences Phase I - Building 1 & 3 174,832 $ 29,687,127 $ 32,000,000 100% ============= ================== ================== =========== ============================================================================================================================== (1) Represents 50% of the total anticipated project-level investment. Represents the office component. (2) Represents 25% of the total anticipated project-level investment Net of tenant work paid by the developer until completion that is estimated to be $4.1 million. 38
BOSTON PROPERTIES, INC. SECOND QUARTER 2000 VALUE CREATION PIPELINE - OWNED LAND PARCELS AS OF JUNE 30, 2000 ========================================================================== NO. OF DEVELOPABLE LOCATION PARCELS ACREAGE SQUARE FEET -------- ------- ------- ----------- Rockville, MD (1) 6 111.5 1,378,216 Dulles, VA 2 76.6 936,850 Boston, MA (2) 4 2.5 839,000 Reston, VA 2 5.5 775,000 Gaithersburg, MD 2 27.0 600,000 S. San Francisco, CA 2 3.6 376,425 Herndon, VA 2 25.2 370,200 Waltham, MA 2 24.0 295,000 Chelmsford, MA 1 26.0 259,918 Andover, MA 2 19.9 230,000 Springfield, VA 3 9.4 130,000 ----------- ----------- ------------ 28 331.2 6,190,609 =========== =========== ============ ========================================================================== VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS AS OF JUNE 30, 2000 ========================================================================== NO. OF DEVELOPABLE LOCATION PARCELS ACREAGE SQUARE FEET Princeton, NJ (3) 14 149.9 1,921,335 New York, NY (4) 1 0.5 1,194,918 San Jose, CA (5) 5 3.7 795,000 Cambridge, MA (6) 1 2.6 165,500 ----------- ----------- ------------ 21 156.7 4,076,753 =========== =========== ============ ========================================================================== (1) Includes 254,000 square feet of building on a 7.5 acre parcel under a ground lease to a third party. (2) Boston Properties has a 50% ownership interest. (3) $20.00/FAR plus an earnout calulation. (4) $159.75 million for both leasehold interest and ESAC credits. (5) $26.3 million subject to receiving all necessary permits and approvals. (6) Prior to January 23, 2001 the cost would be $25.02/ SF of land area then $25.92/ SF of land area prior to January 23,2002. Land area is approximately 108,000 SF. 39
Exhibit 99.2 BOSTON PROPERTIES, INC. 800 BOYLSTON STREET, SUITE 400 BOSTON, MA 02199 (NYSE: BXP) AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD Elaine Quinlan Marilynn Meek - General Info. (212) 661-8030 Investor Relations Claire Koeneman - Analyst (312) 266-7800 (617) 236-3300 Judith Sylk-Siegel - Media (212) 661-8030 BOSTON PROPERTIES, INC. ANNOUNCES SECOND QUARTER 2000 RESULTS REPORTS FFO PER SHARE OF $0.83 BOSTON, MA, JULY 25, 2000 - Boston Properties, Inc. (NYSE: BXP) today reported results for the second quarter ended June 30, 2000. Funds from Operations (FFO) for the quarter ended June 30, 2000 were $59.3 million, or $0.87 per share basic and $0.83 per share diluted, compared to FFO of $48.7 million, or $0.74 per share basic and $0.72 per share diluted for the quarter ended June 30, 1999. This represents a 15.3% year to year increase in diluted FFO per share. The weighted average number of basic and diluted shares outstanding totaled 67,991,227 and 82,582,547, respectively, for the quarter ended June 30, 2000 and 65,533,924 and 79,329,377, respectively, for the same quarter last year. FFO for the six months ended June 30, 2000 were $113.8 million, or $1.67 per share basic and $1.61 per share diluted, compared to FFO of $94.3 million, or $1.46 per share basic and $1.42 per share diluted for the six months ended June 30, 1999. The weighted average number of basic and diluted shares outstanding totaled 67,972,726 and 81,870,560, respectively, for the six months ended June 30, 2000 and 64,539,307 and 77,562,965, respectively, for the same period last year. Revenues were $217.3 million for the quarter and $427.5 million for the six months ended June 30, 2000, compared to revenues of $191.6 million and $379.3 million for the same periods in 1999. Net income available to common shareholders for the quarter and six months ended June 30, 2000 was $34.9 million and $65.9 million, respectively, compared to $27.2 million and $52.2 million for the same periods in 1999. Net income per share available to common shareholders for the quarter and six months ended June 30, 2000 was $0.51 per share basic and $0.50 per share diluted and $0.97 per share basic and $0.96 per share diluted, respectively, compared to $0.42 per share basic and $0.41 per share diluted and $0.81 per share basic and $0.80 per share diluted for the same periods last year. -MORE-
The reported results are unaudited and there can be no assurance that the results will not vary from the final information for the quarter ended June 30, 2000. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made. As of June 30, 2000, the Company's portfolio consisted of 142 properties comprising more than 36.3 million square feet, including thirteen properties under development totaling 3.8 million square feet. The overall occupancy rate for the properties in service as of June 30, 2000 was 98.5%. Additional highlights of the second quarter include: - - The refinancing of the mortgage loan on Ten Cambridge Center and the Cambridge Center North Garage on April 6, 2000 which consisted of replacing the $40.0 million mortgage loan with a $36.0 million loan and removing the Cambridge Center North Garage as collateral. The new financing bears interest at a rate equal to 8.27% and matures in April 2010. - - The closing of construction financing totaling $32.0 million collateralized by the 2600 Tower Oaks Boulevard development project in Rockville, Maryland on April 13, 2000. Such financing bears interest at a rate equal to LIBOR + 1.90% and matures in October 2002. - - The refinancing of the mortgage loan on Metropolitan Square on April 20, 2000 which consisted of replacing the $104.0 million mortgage loan with a $140.0 million loan. The new financing bears interest at a rate equal to 8.23% and matures in April 2010. - - The closing of construction financing totaling $78.0 million collateralized by the 140 Kendrick Street development project in Needham, Massachusetts on April 24, 2000. Such financing matures in July 2002 and consists of two tranches: $16.4 million bearing interest at a rate of LIBOR + 1.35% and $61.6 million bearing interest at a rate of LIBOR + 1.65%. - - On May 3, 2000, the Board of Directors of the Company declared a second quarter common dividend of $0.53 per share, a 17.8% increase from the previous quarter. - - The acquisition of a 49% interest in Metropolitan Square, a 582,194 square foot Class A office building in Washington, D.C., and a 75% interest in 140 Kendrick Street, a 381,000 square foot build-to-suit development property in Needham, Massachusetts, by the New York State Common Retirement Fund on May 12, 2000 for approximately $46.7 million and the assumption of $88.2 million of debt. These properties were previously 100% owned by Boston Properties. - - Signing of an agreement with Captivate Network, Inc. ("Captivate") in which Captivate will provide a network of video displays in building elevators which will
deliver subscriber messaging, commercial advertising, news and other information to at least 26 Class A office buildings comprising more than 14.4 million square feet. The agreement provides for Boston Properties to participate in any revenues Captivate generates resulting from Boston Properties' buildings and for Boston Properties to receive 605,555 warrants for shares of common stock in Captivate. Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office, industrial and hotel properties. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in the Northeast Corridor from Virginia to Greater Boston and in Greater San Francisco. To receive Boston Properties' latest news and corporate developments via fax at no cost, please call 1-800-PRO-INFO; use Company code BXP. Visit the Company's web site at http://www.bostonproperties.com. This press release contains forward-looking statements within the meaning of the Federal securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants' financial condition, the uncertainties of real estate development and acquisition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the effects of local economic and market conditions, regulatory changes and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. Financial tables follow.
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ---------------------- ---------------------- 2000 1999 2000 1999 ------ ------ ------ ------ (UNAUDITED AND IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Revenue Rental: Base rent $177,953 $158,070 $348,290 $309,679 Recoveries from tenants 22,734 17,252 46,070 34,666 Parking and other 12,289 12,087 25,297 23,011 -------- -------- -------- -------- Total rental revenue 212,976 187,409 419,657 367,356 Development and management services 2,876 3,611 5,739 7,658 Interest and other 1,407 620 2,117 4,266 -------- -------- -------- -------- Total revenue 217,259 191,640 427,513 379,280 -------- -------- -------- -------- Expenses Operating 64,035 60,306 129,212 117,656 General and administrative 8,589 7,352 15,997 13,962 Interest 56,243 49,219 111,458 99,678 Depreciation and amortization 32,395 29,443 64,626 57,237 -------- -------- -------- -------- Total expenses 161,262 146,320 321,293 288,533 -------- -------- -------- -------- Income before minority interests and joint venture income 55,997 45,320 106,220 90,747 Minority interests in property partnerships (240) (136) (436) (4,294) Income from unconsolidated joint ventures 662 229 807 442 -------- -------- -------- -------- Income before minority interest in Operating Partnership 56,419 45,410 106,591 86,895 Minority interest in Operating Partnership (20,193) (16,505) (37,745) (32,217) -------- -------- -------- -------- Income before gain on sale of real estate 36,226 28,905 68,846 54,678 Gain on sale of real estate, net 297 -- 297 -- -------- -------- -------- -------- Net income before preferred dividend 36,523 28,905 69,143 54,678 Preferred dividend (1,643) (1,682) (3,286) (2,521) -------- -------- -------- -------- Net income available to common shareholders $ 34,880 $ 27,223 $ 65,857 $ 52,157 ======== ======== ======== ======== Basic earnings per share: Net income available to common shareholders $ 0.51 $ 0.42 $ 0.97 $ 0.81 ======== ======== ======== ======== Weighted average number of common shares outstanding 67,991 65,534 67,973 64,539 ======== ======== ======== ======== Diluted earnings per share: Net income available to common shareholders $ 0.50 $ 0.41 $ 0.96 $ 0.80 ======== ======== ======== ======== Weighted average number of common and common equivalent shares outstanding 69,582 66,337 69,157 65,161 ======== ======== ======== ========
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS JUNE 30 DECEMBER 31, 2000 1999 ----------- ------------ (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AMOUNTS) ASSETS ------ Real estate: $5,701,704 $5,609,424 Less: accumulated depreciation (525,201) (470,591) ---------- ---------- Total real estate 5,176,503 5,138,833 Cash and cash equivalents 6,319 12,035 Escrows 33,025 40,254 Investments in securities 28,283 14,460 Tenant and other receivables, net 32,340 28,362 Accrued rental income, net 84,425 82,228 Deferred charges, net 69,599 53,733 Prepaid expenses and other assets 39,074 28,452 Investments in joint ventures 69,486 36,415 ---------- ---------- Total assets $5,539,054 $5,434,772 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Liabilities: Mortgage notes payable $3,157,068 $2,955,584 Unsecured line of credit 238,000 366,000 Accounts payable and accrued expenses 53,922 66,780 Dividends and distributions payable 59,812 50,114 Accrued interest payable 6,127 8,486 Other liabilities 52,497 48,282 ---------- ---------- Total liabilities 3,567,426 3,495,246 ---------- ---------- Commitments and contingencies -- -- ---------- ---------- Minority interests 797,451 781,692 ---------- ---------- Series A Convertible Redeemable Preferred Stock, liquidation preference $50.00 per share, 2,000,000 shares issued and outstanding 100,000 100,000 ---------- ---------- Stockholders' equity: Excess stock, $.01 par value, 150,000,000 shares authorized, none issued or outstanding -- -- Common stock, $.01 par value, 250,000,000 shares authorized, 68,026,798 and 67,910,434 issued and outstanding in 2000 and 1999, respectively 680 679 Additional paid-in capital 1,076,593 1,067,778 Dividends in excess of earnings (11,670) (10,893) Unearned compensation (954) -- Accumulated other comprehensive income 9,528 -- ---------- ---------- Total stockholders' equity 1,074,177 1,057,564 ---------- ---------- Total liabilities and stockholders' equity $5,539,054 $5,434,772 ========== ==========
FUNDS FROM OPERATIONS (UNAUDITED AND IN THOUSANDS) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ------------------- 2000 1999 2000 1999 ------ ------ ------ ------- Income before minority interests and joint venture income $55,997 $45,320 $106,220 $ 90,747 Add: Real estate depreciation and amortization 32,497 29,238 64,549 56,787 Income from unconsolidated joint ventures 662 229 807 442 Less: Minority property partnership's share of Funds from Operations (266) (129) (490) (3,291) Preferred dividends and distributions (8,250) (8,293) (16,500) (15,505) ------- ------- -------- -------- Funds from operations $80,640 $66,366 $154,586 $129,180 ======= ======= ======== ======== Funds from operations available to common shareholders $59,347 $48,673 $113,767 $ 94,343 ======= ======= ======== ======== Weighted average shares outstanding - basic 67,991 65,534 67,973 64,539 ======= ======= ======== ======== Per share - basic $ 0.87 $ 0.74 $ 1.67 $ 1.46 ======= ======= ======== ======== Weighted average shares outstanding - diluted 82,583 79,329 81,871 77,563 ======= ======= ======== ======== Per share - diluted $ 0.83 $ 0.72 $ 1.61 $ 1.42 ======= ======= ======== ========
BOSTON PROPERTIES, INC PORTFOLIO OCCUPANCY OCCUPANCY BY LOCATION JUNE 30, 2000 DECEMBER 31, 1999 ------------- ----------------- Greater Boston 97.8% 96.7% Greater Washington, D.C. 97.2% 96.4% Midtown Manhattan 100.0% 97.8% Baltimore, MD 99.8% 99.7% Richmond, VA 100.0% 98.0% Princeton/East Brunswick, NJ 99.8% 98.9% Greater San Francisco 99.1% 96.4% Bucks County, PA 100.0% 100.0% ------------- ----------------- Total Portfolio 98.5% 97.1% ============= ================= OCCUPANCY BY TYPE JUNE 30, 2000 DECEMBER 31, 1999 ------------- ----------------- Class A Office Portfolio 99.4% 97.7% R&D Portfolio 92.0% 93.0% Industrial Portfolio 90.3% 90.4% ------------- ----------------- Total Portfolio 98.5% 97.1% ============= =================