Boston Properties, Inc.
|
|
|
|
(State or Other Jurisdiction
of Incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
|
Boston Properties Limited Partnership
|
|
|
|
(State or Other Jurisdiction
of Incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities registered pursuant to Section 12(b) of the Act:
|
|||
Registrant
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Boston Properties, Inc.
|
|
|
|
Boston Properties, Inc.
|
|
|
|
of 5.25% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Exhibit No.
|
Description
|
|
*99.1
|
||
*99.2
|
||
*101.SCH
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
*101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
*101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
*101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
*101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
*104
|
Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).
|
BOSTON PROPERTIES, INC.
|
|
By:
|
/s/ MICHAEL E. LABELLE
|
Michael E. LaBelle
|
|
Executive Vice President, Chief Financial Officer
|
|
and Treasurer
|
|
BOSTON PROPERTIES LIMITED PARTNERSHIP
|
|
By: Boston Properties, Inc., its General Partner
|
|
By:
|
/s/ MICHAEL E. LABELLE
|
Michael E. LaBelle
|
|
Executive Vice President, Chief Financial Officer
|
|
and Treasurer
|
Corporate Headquarters
|
Trading Symbol
|
Investor Relations
|
Inquiries
|
800 Boylston Street
|
BXP
|
Boston Properties, Inc.
|
Inquiries should be directed to
|
Suite 1900
|
800 Boylston Street, Suite 1900
|
Michael E. LaBelle
|
|
Boston, MA 02199
|
Stock Exchange Listing
|
Boston, MA 02199
|
Executive Vice President, Chief Financial Officer
|
www.bxp.com
|
New York Stock Exchange
|
investors.bxp.com
|
at 617.236.3352 or
|
(t) 617.236.3300
|
investorrelations@bxp.com
|
mlabelle@bxp.com
|
|
(f) 617.236.3311
|
(t) 617.236.3822
|
||
(f) 617.236.3311
|
Sara Buda
|
||
Vice President, Investor Relations
|
|||
at 617.236.3429 or
|
|||
sbuda@bxp.com
|
|
Q1 2020
|
Table of contents
|
Page
|
|
OVERVIEW
|
|
Company Profile
|
|
FINANCIAL INFORMATION
|
|
Financial Highlights
|
|
Consolidated Balance Sheets
|
|
Consolidated Income Statements
|
|
Funds From Operations (FFO)
|
|
Funds Available for Distribution (FAD)
|
|
Net Operating Income (NOI)
|
|
Same Property Net Operating Income (NOI) by Reportable Segment
|
|
Capital Expenditures, Tenant Improvement Costs and Leasing Commissions
|
|
Acquisitions and Dispositions
|
|
DEVELOPMENT ACTIVITY
|
|
Construction in Progress
|
|
Land Parcels and Purchase Options
|
|
LEASING ACTIVITY
|
|
Leasing Activity
|
|
PROPERTY STATISTICS
|
|
Portfolio Overview
|
|
Residential and Hotel Performance
|
|
In-Service Property Listing
|
|
Top 20 Tenants Listing and Portfolio Tenant Diversification
|
|
Occupancy by Location
|
|
DEBT AND CAPITALIZATION
|
|
Capital Structure
|
|
Debt Analysis
|
|
Senior Unsecured Debt Covenant Compliance Ratios
|
|
Net Debt to EBITDA
re
|
|
Debt Ratios
|
|
JOINT VENTURES
|
|
Consolidated Joint Ventures
|
|
Unconsolidated Joint Ventures
|
|
LEASE EXPIRATION ROLL-OUT
|
|
Total In-Service Properties
|
|
Boston
|
|
Los Angeles
|
|
New York
|
|
San Francisco
|
|
Washington, DC
|
|
CBD
|
|
Suburban
|
|
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
|
|
Research Coverage
|
|
Definitions
|
|
Reconciliations
|
|
Consolidated Income Statement - Prior Year
|
|
Q1 2020
|
Company profile
|
Fiscal Year-End
|
December 31
|
Total Properties (includes unconsolidated joint ventures)
|
196
|
Total Square Feet (includes unconsolidated joint ventures)
|
51.8 million
|
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis
1
|
173.1 million
|
Closing Price, at the end of the quarter
|
$92.23 per share
|
Dividend - Quarter/Annualized
|
$0.98/$3.92 per share
|
Dividend Yield
|
4.25%
|
Consolidated Market Capitalization
1
|
$28.2 billion
|
BXP’s Share of Market Capitalization
1, 2
|
$28.1 billion
|
Senior Debt Ratings
|
A- (S&P); Baa1 (Moody’s)
|
•
|
maintain a keen focus on select markets that exhibit the strongest economic growth and investment characteristics over time - currently Boston, Los Angeles, New York, San Francisco and Washington, DC;
|
•
|
invest in the highest quality buildings (primarily office) with unique amenities and desirable locations that are able to maintain high occupancy rates and achieve premium rental rates through economic cycles;
|
•
|
maintain scale and a full-service real estate capability (leasing, development, construction and property management) in our markets to ensure we (1) see all relevant investment deal flow, (2) maintain an ability to execute on all types of real estate opportunities, such as acquisitions, dispositions, repositioning and development, throughout the real estate investment cycle, (3) provide superior service to our tenants and (4) develop and manage our assets in the most sustainable manner possible;
|
•
|
be astute in market timing for investment decisions by acquiring properties in times of opportunity, developing new properties in times of growth and selling assets at attractive prices, resulting in continuous portfolio refreshment;
|
•
|
ensure a strong balance sheet to maintain consistent access to capital and the resultant ability to make new investments at opportune points in time; and
|
•
|
foster a culture and reputation of integrity, excellence and purposefulness, making us the employer of choice for talented real estate professionals, the landlord and developer of choice for our customers, as well as the counterparty of choice for real estate industry participants.
|
Board of Directors
|
Management
|
|||
Joel I. Klein
|
Chairman of the Board
|
Owen D. Thomas
|
Chief Executive Officer
|
|
Owen D. Thomas
|
Chief Executive Officer
|
Douglas T. Linde
|
President
|
|
Douglas T. Linde
|
President
|
Raymond A. Ritchey
|
Senior Executive Vice President
|
|
Kelly A. Ayotte
|
Michael E. LaBelle
|
Executive Vice President, Chief Financial Officer and Treasurer
|
||
Bruce W. Duncan
|
Chair of Compensation Committee
|
|||
Karen E. Dykstra
|
Peter D. Johnston
|
Executive Vice President, Washington, DC Region
|
||
Carol B. Einiger
|
Bryan J. Koop
|
Executive Vice President, Boston Region
|
||
Diane J. Hoskins
|
Robert E. Pester
|
Executive Vice President, San Francisco Region
|
||
Matthew J. Lustig
|
Chair of Nominating & Corporate Governance Committee
|
John F. Powers
|
Executive Vice President, New York Region
|
|
Frank D. Burt
|
Senior Vice President and Chief Legal Officer
|
|||
David A. Twardock
|
Chair of Audit Committee
|
Michael R. Walsh
|
Senior Vice President and Chief Accounting Officer
|
|
William H. Walton, III
|
1
|
For additional detail, see page
25
.
|
2
|
For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
|
Q1 2020
|
Financial highlights
|
Three Months Ended
|
||||||||
31-Mar-20
|
31-Dec-19
|
|||||||
Net income attributable to Boston Properties, Inc. common shareholders
|
$
|
497,496
|
|
$
|
140,824
|
|
||
Net income attributable to Boston Properties, Inc. per share - diluted
|
$
|
3.20
|
|
$
|
0.91
|
|
||
FFO attributable to Boston Properties, Inc. common shareholders
1
|
$
|
284,062
|
|
$
|
289,937
|
|
||
Diluted FFO per share
1
|
$
|
1.83
|
|
$
|
1.87
|
|
||
Dividends per common share
|
$
|
0.98
|
|
$
|
0.98
|
|
||
Funds available for distribution to common shareholders and common unitholders (FAD)
2
|
$
|
235,890
|
|
$
|
185,828
|
|
||
Selected items:
|
||||||||
Revenue
|
$
|
752,556
|
|
$
|
757,501
|
|
||
Recoveries from tenants
|
$
|
120,942
|
|
$
|
121,147
|
|
||
Service income from tenants
|
$
|
2,972
|
|
$
|
3,312
|
|
||
BXP’s Share of revenue
3
|
$
|
720,387
|
|
$
|
722,647
|
|
||
BXP’s Share of straight-line rent
3
|
$
|
31,262
|
|
$
|
43,501
|
|
||
BXP’s Share of fair value lease revenue
3, 4
|
$
|
3,189
|
|
$
|
3,298
|
|
||
BXP’s Share of termination income
3
|
$
|
2,161
|
|
$
|
1,397
|
|
||
Ground rent expense
|
$
|
3,574
|
|
$
|
3,602
|
|
||
Capitalized interest
|
$
|
14,149
|
|
$
|
13,658
|
|
||
Capitalized wages
|
$
|
2,826
|
|
$
|
2,327
|
|
||
Income (loss) from unconsolidated joint ventures
|
$
|
(369
|
)
|
$
|
(936
|
)
|
||
BXP’s share of FFO from unconsolidated joint ventures
5
|
$
|
17,963
|
|
$
|
13,554
|
|
||
Net income attributable to noncontrolling interests in property partnerships
|
$
|
19,486
|
|
$
|
16,338
|
|
||
FFO attributable to noncontrolling interests in property partnerships
6
|
$
|
37,113
|
|
$
|
34,454
|
|
||
Balance Sheet items:
|
||||||||
Above-market rents (included within Prepaid Expenses and Other Assets)
|
$
|
8,197
|
|
$
|
9,843
|
|
||
Below-market rents (included within Other Liabilities)
|
$
|
34,706
|
|
$
|
39,343
|
|
||
Accrued rental income liability (included within Other Liabilities)
|
$
|
129,567
|
|
$
|
125,964
|
|
||
Ratios:
|
||||||||
Interest Coverage Ratio (excluding capitalized interest)
7
|
4.22
|
|
4.10
|
|
||||
Interest Coverage Ratio (including capitalized interest)
7
|
3.65
|
|
3.55
|
|
||||
Fixed Charge Coverage Ratio
7
|
3.03
|
|
2.84
|
|
||||
BXP’s Share of Net Debt to BXP’s Share of EBITDA
re
8
|
6.59
|
|
6.38
|
|
||||
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income)
9
|
4.8
|
%
|
5.2
|
%
|
||||
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash
9
|
5.0
|
%
|
(0.1
|
)%
|
||||
FAD Payout Ratio
2
|
71.92
|
%
|
91.12
|
%
|
||||
Operating Margins [(rental revenue - rental expense)/rental revenue]
|
64.2
|
%
|
63.3
|
%
|
||||
Occupancy of In-Service Properties
|
92.9
|
%
|
93.0
|
%
|
||||
Capitalization:
|
||||||||
Consolidated Debt
|
$
|
12,061,224
|
|
$
|
11,811,806
|
|
||
BXP’s Share of Debt
10
|
$
|
11,890,196
|
|
$
|
11,592,062
|
|
||
Consolidated Market Capitalization
|
$
|
28,224,392
|
|
$
|
35,819,952
|
|
||
Consolidated Debt/Consolidated Market Capitalization
|
42.73
|
%
|
32.98
|
%
|
||||
BXP’s Share of Market Capitalization
10
|
$
|
28,053,364
|
|
$
|
35,600,208
|
|
||
BXP’s Share of Debt/BXP’s Share of Market Capitalization
10
|
42.38
|
%
|
32.56
|
%
|
1
|
For a quantitative reconciliation of FFO attributable to Boston Properties, Inc. common shareholders and Diluted FFO per share, see page
5
.
|
2
|
For a quantitative reconciliation of FAD, see page
6
. FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.
|
3
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
4
|
Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.
|
5
|
For a quantitative reconciliation for the three months ended
March 31, 2020
, see page
34
.
|
6
|
For a quantitative reconciliation for the three months ended
March 31, 2020
, see page
31
.
|
7
|
For a quantitative reconciliation for the three months ended
March 31, 2020
and
December 31, 2019
, see page
29
.
|
8
|
For a quantitative reconciliation for the three months ended
March 31, 2020
and
December 31, 2019
, see page
28
.
|
9
|
For a quantitative reconciliation for the three months ended
March 31, 2020
, see page
9
.
|
10
|
For a quantitative reconciliation for
March 31, 2020
, see page
25
.
|
|
Q1 2020
|
Consolidated Balance Sheets
|
31-Mar-20
|
31-Dec-19
|
|||||||
ASSETS
|
||||||||
Real estate
|
$
|
21,273,137
|
|
$
|
21,458,412
|
|
||
Construction in progress
|
804,179
|
|
789,736
|
|
||||
Land held for future development
|
264,893
|
|
254,828
|
|
||||
Right of use assets - finance leases
|
237,394
|
|
237,394
|
|
||||
Right of use assets - operating leases
|
148,057
|
|
148,640
|
|
||||
Less accumulated depreciation
|
(5,209,487
|
)
|
(5,266,798
|
)
|
||||
Total real estate
|
17,518,173
|
|
17,622,212
|
|
||||
Cash and cash equivalents
|
660,733
|
|
644,950
|
|
||||
Cash held in escrows
|
197,845
|
|
46,936
|
|
||||
Investments in securities
|
28,101
|
|
36,747
|
|
||||
Tenant and other receivables, net
|
89,431
|
|
112,807
|
|
||||
Related party note receivable, net
|
78,800
|
|
80,000
|
|
||||
Note receivable, net
|
15,794
|
|
15,920
|
|
||||
Accrued rental income, net
|
1,059,677
|
|
1,038,788
|
|
||||
Deferred charges, net
|
667,076
|
|
689,213
|
|
||||
Prepaid expenses and other assets
|
136,730
|
|
41,685
|
|
||||
Investments in unconsolidated joint ventures
|
1,377,338
|
|
955,647
|
|
||||
Total assets
|
$
|
21,829,698
|
|
$
|
21,284,905
|
|
||
LIABILITIES AND EQUITY
|
||||||||
Liabilities:
|
||||||||
Mortgage notes payable, net
|
$
|
2,919,157
|
|
$
|
2,922,408
|
|
||
Unsecured senior notes, net
|
8,393,009
|
|
8,390,459
|
|
||||
Unsecured line of credit
|
250,000
|
|
—
|
|
||||
Unsecured term loan, net
|
499,058
|
|
498,939
|
|
||||
Lease liabilities- finance leases
|
227,067
|
|
224,042
|
|
||||
Lease liabilities - operating leases
|
200,573
|
|
200,180
|
|
||||
Accounts payable and accrued expenses
|
293,831
|
|
377,553
|
|
||||
Dividends and distributions payable
|
171,026
|
|
170,713
|
|
||||
Accrued interest payable
|
82,388
|
|
90,016
|
|
||||
Other liabilities
|
366,852
|
|
387,994
|
|
||||
Total liabilities
|
13,402,961
|
|
13,262,304
|
|
||||
Commitments and contingencies
|
—
|
|
—
|
|
||||
Redeemable deferred stock units
|
5,854
|
|
8,365
|
|
||||
Equity:
|
||||||||
Stockholders’ equity attributable to Boston Properties, Inc.:
|
||||||||
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding
|
—
|
|
—
|
|
||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized; 5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at March 31, 2020 and December 31, 2019
|
200,000
|
|
200,000
|
|
||||
Common stock, $0.01 par value, 250,000,000 shares authorized, 155,393,455 and 154,869,198 issued and 155,314,555 and 154,790,298 outstanding at March 31, 2020 and December 31, 2019, respectively
|
1,553
|
|
1,548
|
|
||||
Additional paid-in capital
|
6,321,475
|
|
6,294,719
|
|
||||
Dividends in excess of earnings
|
(416,740
|
)
|
(760,523
|
)
|
||||
Treasury common stock at cost, 78,900 shares at March 31, 2020 and December 31, 2019
|
(2,722
|
)
|
(2,722
|
)
|
||||
Accumulated other comprehensive loss
|
(55,700
|
)
|
(48,335
|
)
|
||||
Total stockholders’ equity attributable to Boston Properties, Inc.
|
6,047,866
|
|
5,684,687
|
|
||||
Noncontrolling interests:
|
||||||||
Common units of the Operating Partnership
|
636,572
|
|
600,860
|
|
||||
Property partnerships
|
1,736,445
|
|
1,728,689
|
|
||||
Total equity
|
8,420,883
|
|
8,014,236
|
|
||||
Total liabilities and equity
|
$
|
21,829,698
|
|
$
|
21,284,905
|
|
|
Q1 2020
|
Consolidated Income Statements
|
Three Months Ended
|
||||||||
31-Mar-20
|
31-Dec-19
|
|||||||
Revenue
|
||||||||
Lease
|
$
|
710,111
|
|
$
|
706,349
|
|
||
Parking and other
|
24,504
|
|
26,727
|
|
||||
Hotel revenue
|
6,825
|
|
11,793
|
|
||||
Development and management services
|
7,879
|
|
10,473
|
|
||||
Direct reimbursements of payroll and related costs from management services contracts
|
3,237
|
|
2,159
|
|
||||
Total revenue
|
752,556
|
|
757,501
|
|
||||
Expenses
|
||||||||
Operating
|
127,800
|
|
131,246
|
|
||||
Real estate taxes
|
135,019
|
|
136,911
|
|
||||
Demolition costs
|
147
|
|
762
|
|
||||
Hotel operating
|
6,821
|
|
8,318
|
|
||||
General and administrative
1
|
36,454
|
|
32,797
|
|
||||
Payroll and related costs from management services contracts
|
3,237
|
|
2,159
|
|
||||
Transaction costs
|
615
|
|
569
|
|
||||
Depreciation and amortization
|
171,094
|
|
169,897
|
|
||||
Total expenses
|
481,187
|
|
482,659
|
|
||||
Other income (expense)
|
||||||||
Income (loss) from unconsolidated joint ventures
|
(369
|
)
|
(936
|
)
|
||||
Gains (losses) on sales of real estate
|
410,165
|
|
(57
|
)
|
||||
Gains (losses) from investments in securities
1
|
(5,445
|
)
|
2,177
|
|
||||
Interest and other income
|
3,017
|
|
4,393
|
|
||||
Losses from early extinguishments of debt
|
—
|
|
(1,530
|
)
|
||||
Interest expense
|
(101,591
|
)
|
(102,880
|
)
|
||||
Net income
|
577,146
|
|
176,009
|
|
||||
Net income attributable to noncontrolling interests
|
||||||||
Noncontrolling interest in property partnerships
|
(19,486
|
)
|
(16,338
|
)
|
||||
Noncontrolling interest - common units of the Operating Partnership
2
|
(57,539
|
)
|
(16,222
|
)
|
||||
Net income attributable to Boston Properties, Inc.
|
500,121
|
|
143,449
|
|
||||
Preferred dividends
|
(2,625
|
)
|
(2,625
|
)
|
||||
Net income attributable to Boston Properties, Inc. common shareholders
|
$
|
497,496
|
|
$
|
140,824
|
|
||
INCOME PER SHARE OF COMMON STOCK (EPS)
|
||||||||
Net income attributable to Boston Properties, Inc. per share - basic
|
$
|
3.20
|
|
$
|
0.91
|
|
||
Net income attributable to Boston Properties, Inc. per share - diluted
|
$
|
3.20
|
|
$
|
0.91
|
|
1
|
General and administrative expense includes $
(5.4) million
and $
2.2 million
and Gains (losses) from investments in securities include $
(5.4) million
and
$2.2 million
for the three months ended
March 31, 2020
and
December 31, 2019
, respectively, related to the Company’s deferred compensation plan.
|
2
|
Fo
r additional detail, see page
5
.
|
|
Q1 2020
|
Funds from operations (FFO)
1
|
Three Months Ended
|
||||||||
31-Mar-20
|
31-Dec-19
|
|||||||
Net income attributable to Boston Properties, Inc. common shareholders
|
$
|
497,496
|
|
$
|
140,824
|
|
||
Add:
|
||||||||
Preferred dividends
|
2,625
|
|
2,625
|
|
||||
Noncontrolling interest - common units of the Operating Partnership
|
57,539
|
|
16,222
|
|
||||
Noncontrolling interests in property partnerships
|
19,486
|
|
16,338
|
|
||||
Net income
|
577,146
|
|
176,009
|
|
||||
Add:
|
||||||||
Depreciation and amortization expense
|
171,094
|
|
169,897
|
|
||||
Noncontrolling interests in property partnerships' share of depreciation and amortization
2
|
(17,627
|
)
|
(18,116
|
)
|
||||
BXP's share of depreciation and amortization from unconsolidated joint ventures
3
|
18,332
|
|
14,458
|
|
||||
Corporate-related depreciation and amortization
|
(469
|
)
|
(477
|
)
|
||||
Less:
|
||||||||
Gain on sale of real estate included within income (loss) from unconsolidated joint ventures
|
—
|
|
(32
|
)
|
||||
Gains (losses) on sales of real estate
|
410,165
|
|
(57
|
)
|
||||
Noncontrolling interests in property partnerships
|
19,486
|
|
16,338
|
|
||||
Preferred dividends
|
2,625
|
|
2,625
|
|
||||
FFO attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) (Basic FFO)
|
316,200
|
|
322,897
|
|
||||
Less:
|
||||||||
Noncontrolling interest - common units of the Operating Partnership’s share of FFO
|
32,138
|
|
32,960
|
|
||||
FFO attributable to Boston Properties, Inc. common shareholders
|
$
|
284,062
|
|
$
|
289,937
|
|
||
Boston Properties, Inc.’s percentage share of Basic FFO
|
89.84
|
%
|
89.79
|
%
|
||||
Noncontrolling interest’s - common unitholders percentage share of Basic FFO
|
10.16
|
%
|
10.21
|
%
|
||||
Basic FFO per share
|
$
|
1.83
|
|
$
|
1.87
|
|
||
Weighted average shares outstanding - basic
|
155,011
|
|
154,667
|
|
||||
Diluted FFO per share
|
$
|
1.83
|
|
$
|
1.87
|
|
||
Weighted average shares outstanding - diluted
|
155,258
|
|
154,992
|
|
RECONCILIATION TO DILUTED FFO
|
||||||||
Three Months Ended
|
||||||||
31-Mar-20
|
31-Dec-19
|
|||||||
Basic FFO
|
$
|
316,200
|
|
$
|
322,897
|
|
||
Add:
|
||||||||
Effect of dilutive securities - stock-based compensation
|
—
|
|
—
|
|
||||
Diluted FFO
|
316,200
|
|
322,897
|
|
||||
Less:
|
||||||||
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO
|
32,092
|
|
32,898
|
|
||||
Boston Properties, Inc.’s share of Diluted FFO
|
$
|
284,108
|
|
$
|
289,999
|
|
RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO
|
||||||
Three Months Ended
|
||||||
31-Mar-20
|
31-Dec-19
|
|||||
Shares/units for Basic FFO
|
172,549
|
|
172,250
|
|
||
Add:
|
||||||
Effect of dilutive securities - stock-based compensation (shares/units)
|
247
|
|
325
|
|
||
Shares/units for Diluted FFO
|
172,796
|
|
172,575
|
|
||
Less:
|
||||||
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)
|
17,538
|
|
17,583
|
|
||
Boston Properties, Inc.’s share of shares/units for Diluted FFO
|
155,258
|
|
154,992
|
|
||
Boston Properties, Inc.’s percentage share of Diluted FFO
|
89.85
|
%
|
89.81
|
%
|
1
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
2
|
For a quantitative reconciliation for the three months ended
March 31, 2020
, see page
31
.
|
3
|
For a quantitative reconciliation for the three months ended
March 31, 2020
, see page
34
.
|
|
Q1 2020
|
Funds available for distributions (FAD)
1
|
Three Months Ended
|
||||||||
31-Mar-20
|
31-Dec-19
|
|||||||
Net income attributable to Boston Properties, Inc. common shareholders
|
$
|
497,496
|
|
$
|
140,824
|
|
||
Add:
|
||||||||
Preferred dividends
|
2,625
|
|
2,625
|
|
||||
Noncontrolling interest - common units of the Operating Partnership
|
57,539
|
|
16,222
|
|
||||
Noncontrolling interests in property partnerships
|
19,486
|
|
16,338
|
|
||||
Net income
|
577,146
|
|
176,009
|
|
||||
Add:
|
||||||||
Depreciation and amortization expense
|
171,094
|
|
169,897
|
|
||||
Noncontrolling interests in property partnerships’ share of depreciation and amortization
2
|
(17,627
|
)
|
(18,116
|
)
|
||||
BXP’s share of depreciation and amortization from unconsolidated joint ventures
3
|
18,332
|
|
14,458
|
|
||||
Corporate-related depreciation and amortization
|
(469
|
)
|
(477
|
)
|
||||
Less:
|
||||||||
Gain on sale of real estate included within income (loss) from unconsolidated joint ventures
|
—
|
|
(32
|
)
|
||||
Gains (losses) on sales of real estate
|
410,165
|
|
(57
|
)
|
||||
Noncontrolling interests in property partnerships
|
19,486
|
|
16,338
|
|
||||
Preferred dividends
|
2,625
|
|
2,625
|
|
||||
Basic FFO
|
316,200
|
|
322,897
|
|
||||
Add:
|
||||||||
BXP’s Share of lease transaction costs that qualify as rent inducements
1,
4
|
4,023
|
|
9,403
|
|
||||
BXP’s Share of hedge amortization
1
|
1,435
|
|
1,435
|
|
||||
BXP’s Share of straight-line ground rent expense adjustment
1, 5
|
1,017
|
|
1,056
|
|
||||
Stock-based compensation
|
17,525
|
|
7,705
|
|
||||
Non-real estate depreciation
|
469
|
|
477
|
|
||||
Unearned portion of capitalized fees from consolidated joint ventures
6
|
56
|
|
1,300
|
|
||||
Less:
|
||||||||
BXP’s Share of straight-line rent
1
|
31,262
|
|
43,501
|
|
||||
BXP’s Share of fair value lease revenue
1, 7
|
3,189
|
|
3,298
|
|
||||
BXP’s Share of non-cash termination income adjustment (fair value lease amounts)
1
|
—
|
|
—
|
|
||||
BXP’s Share of 2nd generation tenant improvements and leasing commissions
1
|
49,943
|
|
86,041
|
|
||||
BXP’s Share of maintenance capital expenditures
1, 8
|
20,244
|
|
25,457
|
|
||||
Hotel improvements, equipment upgrades and replacements
|
197
|
|
148
|
|
||||
Funds available for distribution to common shareholders and common unitholders (FAD)
(A)
|
$
|
235,890
|
|
$
|
185,828
|
|
||
Distributions to common shareholders and unitholders (excluding any special distributions)
(B)
|
$
|
169,652
|
|
$
|
169,334
|
|
||
FAD Payout Ratio
1
(B÷A)
|
71.92
|
%
|
91.12
|
%
|
1
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
2
|
For a quantitative reconciliation for the three months ended
March 31, 2020
, see page
31
.
|
3
|
For a quantitative reconciliation for the three months ended
March 31, 2020
, see page
34
.
|
4
|
Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.
|
5
|
Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $34.4 million, which it expects to incur by the end of 2023 with no payments thereafter. The Company is recognizing this expense on a straight-line basis over the 99-year term of the ground and air rights lease, see page
2
.
|
6
|
See page
58
for additional information.
|
7
|
Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.
|
8
|
Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures.
|
|
Q1 2020
|
Reconciliation of net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of same property net operating income (NOI)
|
Three Months Ended
|
||||||||
31-Mar-20
|
31-Mar-19
|
|||||||
Net income attributable to Boston Properties, Inc. common shareholders
|
$
|
497,496
|
|
$
|
98,105
|
|
||
Preferred dividends
|
2,625
|
|
2,625
|
|
||||
Net income attributable to Boston Properties, Inc.
|
500,121
|
|
100,730
|
|
||||
Net income attributable to noncontrolling interests:
|
||||||||
Noncontrolling interest - common units of the Operating Partnership
|
57,539
|
|
11,599
|
|
||||
Noncontrolling interest in property partnerships
|
19,486
|
|
18,830
|
|
||||
Net income
|
577,146
|
|
131,159
|
|
||||
Add:
|
||||||||
Interest expense
|
101,591
|
|
101,009
|
|
||||
Impairment loss
|
—
|
|
24,038
|
|
||||
Depreciation and amortization expense
|
171,094
|
|
164,594
|
|
||||
Transaction costs
|
615
|
|
460
|
|
||||
Payroll and related costs from management services contracts
|
3,237
|
|
3,395
|
|
||||
General and administrative expense
|
36,454
|
|
41,762
|
|
||||
Less:
|
||||||||
Interest and other income
|
3,017
|
|
3,753
|
|
||||
Gains (losses) from investments in securities
|
(5,445
|
)
|
2,969
|
|
||||
Gains (losses) on sales of real estate
|
410,165
|
|
(905
|
)
|
||||
Income (loss) from unconsolidated joint ventures
|
(369
|
)
|
213
|
|
||||
Direct reimbursements of payroll and related costs from management services contracts
|
3,237
|
|
3,395
|
|
||||
Development and management services revenue
|
7,879
|
|
9,277
|
|
||||
Net Operating Income (NOI)
|
471,653
|
|
447,715
|
|
||||
Add:
|
||||||||
BXP’s share of NOI from unconsolidated joint ventures
1
|
28,758
|
|
25,349
|
|
||||
Less:
|
||||||||
Partners’ share of NOI from consolidated joint ventures (after priority allocations and income allocation to private REIT shareholders)
2
|
47,661
|
|
47,085
|
|
||||
BXP’s Share of NOI
|
452,750
|
|
425,979
|
|
||||
Less:
|
||||||||
Termination income
|
2,399
|
|
6,936
|
|
||||
BXP’s share of termination income from unconsolidated joint ventures
1
|
—
|
|
36
|
|
||||
Add:
|
||||||||
Partners’ share of termination income from consolidated joint ventures
2
|
238
|
|
118
|
|
||||
BXP’s Share of NOI (excluding termination income)
|
$
|
450,589
|
|
$
|
419,125
|
|
||
Net Operating Income (NOI)
|
$
|
471,653
|
|
$
|
447,715
|
|
||
Less:
|
||||||||
Termination income
|
2,399
|
|
6,936
|
|
||||
NOI from non Same Properties (excluding termination income)
3
|
16,878
|
|
10,046
|
|
||||
Same Property NOI (excluding termination income)
|
452,376
|
|
430,733
|
|
||||
Less:
|
||||||||
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after priority allocations and income allocation to private REIT shareholders)
2
|
47,423
|
|
46,967
|
|
||||
Add:
|
||||||||
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after priority allocations and income allocation to private REIT shareholders)
3
|
136
|
|
580
|
|
||||
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)
1
|
28,758
|
|
25,313
|
|
||||
Less:
|
||||||||
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)
3
|
6,214
|
|
1,775
|
|
||||
BXP’s Share of Same Property NOI (excluding termination income)
|
$
|
427,633
|
|
$
|
407,884
|
|
1
|
For a quantitative reconciliation for the three months ended
March 31, 2020
, see page
61
.
|
2
|
For a quantitative reconciliation for the three months ended
March 31, 2020
, see page
58
.
|
3
|
Pages
19
-
22
indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to
March 31, 2020
and therefore are no longer a part of the Company’s property portfolio.
|
|
Q1 2020
|
Reconciliation of net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of same property net operating income (NOI) - cash
|
Three Months Ended
|
||||||||
31-Mar-20
|
31-Mar-19
|
|||||||
Net income attributable to Boston Properties, Inc. common shareholders
|
$
|
497,496
|
|
$
|
98,105
|
|
||
Preferred dividends
|
2,625
|
|
2,625
|
|
||||
Net income attributable to Boston Properties, Inc.
|
500,121
|
|
100,730
|
|
||||
Net income attributable to noncontrolling interests:
|
||||||||
Noncontrolling interest - common units of the Operating Partnership
|
57,539
|
|
11,599
|
|
||||
Noncontrolling interest in property partnerships
|
19,486
|
|
18,830
|
|
||||
Net income
|
577,146
|
|
131,159
|
|
||||
Add:
|
||||||||
Interest expense
|
101,591
|
|
101,009
|
|
||||
Impairment loss
|
—
|
|
24,038
|
|
||||
Depreciation and amortization expense
|
171,094
|
|
164,594
|
|
||||
Transaction costs
|
615
|
|
460
|
|
||||
Payroll and related costs from management services contracts
|
3,237
|
|
3,395
|
|
||||
General and administrative expense
|
36,454
|
|
41,762
|
|
||||
Less:
|
||||||||
Interest and other income
|
3,017
|
|
3,753
|
|
||||
Gains (losses) from investments in securities
|
(5,445
|
)
|
2,969
|
|
||||
Gains (losses) on sales of real estate
|
410,165
|
|
(905
|
)
|
||||
Income (loss) from unconsolidated joint ventures
|
(369
|
)
|
213
|
|
||||
Direct reimbursements of payroll and related costs from management services contracts
|
3,237
|
|
3,395
|
|
||||
Development and management services revenue
|
7,879
|
|
9,277
|
|
||||
Net Operating Income (NOI)
|
471,653
|
|
447,715
|
|
||||
Less:
|
||||||||
Straight-line rent
|
31,430
|
|
22,483
|
|
||||
Fair value lease revenue
|
2,991
|
|
6,248
|
|
||||
Termination income
|
2,399
|
|
6,936
|
|
||||
Add:
|
||||||||
Straight-line ground rent expense adjustment
1
|
811
|
|
855
|
|
||||
Lease transaction costs that qualify as rent inducements
2
|
2,399
|
|
879
|
|
||||
NOI - cash (excluding termination income)
|
438,043
|
|
413,782
|
|
||||
Less:
|
||||||||
NOI - cash from non Same Properties (excluding termination income)
3
|
15,415
|
|
10,130
|
|
||||
Same Property NOI - cash (excluding termination income)
|
422,628
|
|
403,652
|
|
||||
Less:
|
||||||||
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after priority allocations and income allocation to private REIT shareholders)
4
|
42,050
|
|
42,802
|
|
||||
Add:
|
||||||||
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after priority allocations and income allocation to private REIT shareholders)
3
|
205
|
|
641
|
|
||||
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)
5
|
25,020
|
|
21,500
|
|
||||
Less:
|
||||||||
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)
3
|
5,455
|
|
1,767
|
|
||||
BXP’s Share of Same Property NOI - cash (excluding termination income)
|
$
|
400,348
|
|
$
|
381,224
|
|
1
|
In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately
$165 and $120
for the three months ended
March 31, 2020
and
2019
, respectively. As of
March 31, 2020
, the Company has remaining lease payments aggregating approximately $26.0 million, all of which it expects to incur by the end of 2023 with no payments thereafter. Under GAAP, the Company recognizes expense of $(87) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2023 may vary significantly.
|
2
|
Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page
6
.
|
3
|
Pages
19
-
22
indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to
March 31, 2020
and therefore are no longer a part of the Company’s property portfolio.
|
4
|
For a quantitative reconciliation for the three months ended
March 31, 2020
, see page
58
.
|
5
|
For a quantitative reconciliation for the three months ended
March 31, 2020
, see page
61
.
|
|
Q1 2020
|
Same property net operating income (NOI) by reportable segment
|
Office
1
|
Hotel & Residential
|
||||||||||||||||||||||||||||
Three Months Ended
|
$
|
%
|
Three Months Ended
|
$
|
%
|
||||||||||||||||||||||||
31-Mar-20
|
31-Mar-19
|
Change
|
Change
|
31-Mar-20
|
31-Mar-19
|
Change
|
Change
|
||||||||||||||||||||||
Rental Revenue
2
|
$
|
701,098
|
|
$
|
678,744
|
|
$
|
16,781
|
|
$
|
16,653
|
|
|||||||||||||||||
Less: Termination income
|
2,399
|
|
6,956
|
|
—
|
|
—
|
|
|||||||||||||||||||||
Rental revenue (excluding termination income)
2
|
698,699
|
|
671,788
|
|
$
|
26,911
|
|
4.0
|
%
|
16,781
|
|
16,653
|
|
$
|
128
|
|
0.8
|
%
|
|||||||||||
Less: Operating expenses and real estate taxes
|
252,219
|
|
246,071
|
|
6,148
|
|
2.5
|
%
|
10,885
|
|
11,637
|
|
(752
|
)
|
(6.5
|
)%
|
|||||||||||||
NOI (excluding termination income)
2,
3
|
$
|
446,480
|
|
$
|
425,717
|
|
$
|
20,763
|
|
4.9
|
%
|
$
|
5,896
|
|
$
|
5,016
|
|
$
|
880
|
|
17.5
|
%
|
|||||||
Rental revenue (excluding termination income)
2
|
$
|
698,699
|
|
$
|
671,788
|
|
$
|
26,911
|
|
4.0
|
%
|
$
|
16,781
|
|
$
|
16,653
|
|
$
|
128
|
|
0.8
|
%
|
|||||||
Less: Straight-line rent and fair value lease revenue
|
33,097
|
|
28,924
|
|
4,173
|
|
14.4
|
%
|
(139
|
)
|
(109
|
)
|
(30
|
)
|
(27.5
|
)%
|
|||||||||||||
Add: Lease transaction costs that qualify as rent inducements
4
|
2,399
|
|
879
|
|
1,520
|
|
172.9
|
%
|
—
|
|
—
|
|
—
|
|
—
|
%
|
|||||||||||||
Subtotal
|
668,001
|
|
643,743
|
|
24,258
|
|
3.8
|
%
|
16,920
|
|
16,762
|
|
158
|
|
0.9
|
%
|
|||||||||||||
Less: Operating expenses and real estate taxes
|
252,219
|
|
246,071
|
|
6,148
|
|
2.5
|
%
|
10,885
|
|
11,637
|
|
(752
|
)
|
(6.5
|
)%
|
|||||||||||||
Add: Straight-line ground rent expense
5
|
811
|
|
855
|
|
(44
|
)
|
(5.1
|
)%
|
—
|
|
—
|
|
—
|
|
—
|
%
|
|||||||||||||
NOI - cash (excluding termination income)
2,
3
|
$
|
416,593
|
|
$
|
398,527
|
|
$
|
18,066
|
|
4.5
|
%
|
$
|
6,035
|
|
$
|
5,125
|
|
$
|
910
|
|
17.8
|
%
|
|||||||
Consolidated Total
1
(A)
|
BXP’s share of Unconsolidated Joint Ventures (B)
|
||||||||||||||||||||||||||||
Three Months Ended
|
$
|
%
|
Three Months Ended
|
$
|
%
|
||||||||||||||||||||||||
31-Mar-20
|
31-Mar-19
|
Change
|
Change
|
31-Mar-20
|
31-Mar-19
|
Change
|
Change
|
||||||||||||||||||||||
Rental Revenue
2
|
$
|
717,879
|
|
$
|
695,397
|
|
$
|
34,891
|
|
$
|
35,740
|
|
|||||||||||||||||
Less: Termination income
|
2,399
|
|
6,956
|
|
—
|
|
25
|
|
|||||||||||||||||||||
Rental revenue (excluding termination income)
2
|
715,480
|
|
688,441
|
|
$
|
27,039
|
|
3.9
|
%
|
34,891
|
|
35,715
|
|
$
|
(824
|
)
|
(2.3
|
)%
|
|||||||||||
Less: Operating expenses and real estate taxes
|
263,104
|
|
257,708
|
|
5,396
|
|
2.1
|
%
|
12,347
|
|
12,177
|
|
170
|
|
1.4
|
%
|
|||||||||||||
NOI (excluding termination income)
2,
3
|
$
|
452,376
|
|
$
|
430,733
|
|
$
|
21,643
|
|
5.0
|
%
|
$
|
22,544
|
|
$
|
23,538
|
|
$
|
(994
|
)
|
(4.2
|
)%
|
|||||||
Rental revenue (excluding termination income)
2
|
$
|
715,480
|
|
$
|
688,441
|
|
$
|
27,039
|
|
3.9
|
%
|
$
|
34,891
|
|
$
|
35,715
|
|
$
|
(824
|
)
|
(2.3
|
)%
|
|||||||
Less: Straight-line rent and fair value lease revenue
|
32,958
|
|
28,815
|
|
4,143
|
|
14.4
|
%
|
3,560
|
|
3,978
|
|
(418
|
)
|
(10.5
|
)%
|
|||||||||||||
Add: Lease transaction costs that qualify as rent inducements
4
|
2,399
|
|
879
|
|
1,520
|
|
172.9
|
%
|
581
|
|
173
|
|
408
|
|
235.8
|
%
|
|||||||||||||
Subtotal
|
$
|
684,921
|
|
$
|
660,505
|
|
24,416
|
|
3.7
|
%
|
31,912
|
|
31,910
|
|
2
|
|
—
|
%
|
|||||||||||
Less: Operating expenses and real estate taxes
|
263,104
|
|
257,708
|
|
5,396
|
|
2.1
|
%
|
12,347
|
|
12,177
|
|
170
|
|
1.4
|
%
|
|||||||||||||
Add: Straight-line ground rent expense
5
|
811
|
|
855
|
|
(44
|
)
|
(5.1
|
)%
|
—
|
|
—
|
|
—
|
|
—
|
%
|
|||||||||||||
NOI - cash (excluding termination income)
2,
3
|
$
|
422,628
|
|
$
|
403,652
|
|
$
|
18,976
|
|
4.7
|
%
|
$
|
19,565
|
|
$
|
19,733
|
|
$
|
(168
|
)
|
(0.9
|
)%
|
|||||||
Partners’ share of Consolidated Joint Ventures (C)
|
BXP’s Share
2,
6
|
||||||||||||||||||||||||||||
Three Months Ended
|
$
|
%
|
Three Months Ended
|
$
|
%
|
||||||||||||||||||||||||
31-Mar-20
|
31-Mar-19
|
Change
|
Change
|
31-Mar-20
|
31-Mar-19
|
Change
|
Change
|
||||||||||||||||||||||
Rental Revenue
2
|
$
|
77,178
|
|
$
|
75,306
|
|
$
|
675,592
|
|
$
|
655,831
|
|
|||||||||||||||||
Less: Termination income
|
238
|
|
118
|
|
2,161
|
|
6,863
|
|
|||||||||||||||||||||
Rental revenue (excluding termination income)
2
|
76,940
|
|
75,188
|
|
$
|
1,752
|
|
2.3
|
%
|
673,431
|
|
648,968
|
|
$
|
24,463
|
|
3.8
|
%
|
|||||||||||
Less: Operating expenses and real estate taxes
|
29,653
|
|
28,801
|
|
852
|
|
3.0
|
%
|
245,798
|
|
241,084
|
|
4,714
|
|
2.0
|
%
|
|||||||||||||
NOI (excluding termination income)
2,
3
|
$
|
47,287
|
|
$
|
46,387
|
|
$
|
900
|
|
1.9
|
%
|
$
|
427,633
|
|
$
|
407,884
|
|
$
|
19,749
|
|
4.8
|
%
|
|||||||
Rental revenue (excluding termination income)
2
|
$
|
76,940
|
|
$
|
75,188
|
|
$
|
1,752
|
|
2.3
|
%
|
$
|
673,431
|
|
$
|
648,968
|
|
$
|
24,463
|
|
3.8
|
%
|
|||||||
Less: Straight-line rent and fair value lease revenue
|
5,668
|
|
4,226
|
|
1,442
|
|
34.1
|
%
|
30,850
|
|
28,567
|
|
2,283
|
|
8.0
|
%
|
|||||||||||||
Add: Lease transaction costs that qualify as rent inducements
4
|
226
|
|
—
|
|
226
|
|
100.0
|
%
|
2,754
|
|
1,052
|
|
1,702
|
|
161.8
|
%
|
|||||||||||||
Subtotal
|
71,498
|
|
70,962
|
|
536
|
|
0.8
|
%
|
645,335
|
|
621,453
|
|
23,882
|
|
3.8
|
%
|
|||||||||||||
Less: Operating expenses and real estate taxes
|
29,653
|
|
28,801
|
|
852
|
|
3.0
|
%
|
245,798
|
|
241,084
|
|
4,714
|
|
2.0
|
%
|
|||||||||||||
Add: Straight-line ground rent expense
5
|
—
|
|
—
|
|
—
|
|
—
|
%
|
811
|
|
855
|
|
(44
|
)
|
(5.1
|
)%
|
|||||||||||||
NOI - cash (excluding termination income)
2,
3
|
$
|
41,845
|
|
$
|
42,161
|
|
$
|
(316
|
)
|
(0.7
|
)%
|
$
|
400,348
|
|
$
|
381,224
|
|
$
|
19,124
|
|
5.0
|
%
|
1
|
Includes 100% share of consolidated joint ventures that are a Same Property.
|
2
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
3
|
For a quantitative reconciliation of net income attributable to Boston Properties, Inc. common shareholders to net operating income (NOI) (excluding termination income) and NOI - cash (excluding termination income), see pages
7
-
8
.
|
4
|
Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page
6
.
|
5
|
Excludes the straight-line impact of approximately
$165 and $120
for the three months ended
March 31, 2020
and
2019
, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station. For additional information, see page
8
.
|
6
|
BXP’s Share equals (A) + (B) - (C).
|
|
Q1 2020
|
Capital expenditures, tenant improvement costs and leasing commissions
|
CAPITAL EXPENDITURES
|
||||||||
Three Months Ended
|
||||||||
31-Mar-20
|
31-Dec-19
|
|||||||
Maintenance capital expenditures
|
$
|
20,051
|
|
$
|
25,818
|
|
||
Planned capital expenditures associated with acquisition properties
|
—
|
|
—
|
|
||||
Repositioning capital expenditures
1
|
(1,985
|
)
|
8,141
|
|
||||
Hotel improvements, equipment upgrades and replacements
|
197
|
|
148
|
|
||||
Subtotal
|
18,263
|
|
34,107
|
|
||||
Add:
|
||||||||
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)
|
319
|
|
637
|
|
||||
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs
|
1,742
|
|
472
|
|
||||
BXP’s share of repositioning capital expenditures from unconsolidated JVs
|
1,247
|
|
2,024
|
|
||||
Less:
|
||||||||
Partners’ share of maintenance capital expenditures from consolidated JVs
|
126
|
|
998
|
|
||||
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs
|
—
|
|
—
|
|
||||
Partners’ share of repositioning capital expenditures from consolidated JVs
1
|
(802
|
)
|
3,174
|
|
||||
BXP’s Share of Capital Expenditures
2
|
$
|
22,247
|
|
$
|
33,068
|
|
2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS
3
|
||||||||
Three Months Ended
|
||||||||
31-Mar-20
|
31-Dec-19
|
|||||||
Square feet
|
995,023
|
|
1,100,745
|
|
||||
Tenant improvements and lease commissions PSF
|
$
|
71.96
|
|
$
|
83.30
|
|
1
|
For the three months ended March 31, 2020, amount includes cost savings for capital expenditures related to repositioning activities at a property in New York City.
|
2
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
3
|
Includes 100% of unconsolidated joint ventures.
|
|
Q1 2020
|
Acquisitions and dispositions
|
ACQUISITIONS
|
||||||||||||||||||||||
Investment
|
||||||||||||||||||||||
Property
|
Location
|
Date Acquired
|
Square Feet
|
Initial
|
Anticipated Future
|
Total
|
In-service Leased (%)
|
|||||||||||||||
681, 685 and 701 Gateway (50% nominal ownership interest)
1
|
South San Francisco, CA
|
January 28, 2020
|
312,828
|
|
$
|
280,751
|
|
$
|
—
|
|
$
|
280,751
|
|
100.0
|
%
|
|||||||
Platform 16 (55% ownership interest)
2
|
San Jose, CA
|
February 20, 2020
|
N/A
|
|
74,113
|
|
—
|
|
74,113
|
|
N/A
|
|
||||||||||
Total Acquisitions
|
312,828
|
|
$
|
354,864
|
|
$
|
—
|
|
$
|
354,864
|
|
100.0
|
%
|
DISPOSITIONS
|
|||||||||||||||||||||
Property
|
Location
|
Date Disposed
|
Square Feet
|
Gross Sales Price
|
Net Cash Proceeds
|
Book Gain
3
|
|||||||||||||||
601, 611 and 651 Gateway (50% ownership interest)
1
|
South San Francisco, CA
|
January 28, 2020
|
768,236
|
|
$
|
350,000
|
|
$
|
—
|
|
$
|
217,744
|
|
||||||||
New Dominion Technology Park
|
Herndon, VA
|
February 20, 2020
|
492,601
|
|
256,000
|
|
253,966
|
|
192,292
|
|
|||||||||||
Total Dispositions
|
1,260,837
|
|
$
|
606,000
|
|
$
|
253,966
|
|
$
|
410,036
|
|
1
|
On January 28, 2020, the Company entered into a joint venture with a third party to own, operate and develop properties at its Gateway Commons complex located in South San Francisco, California. The Company contributed its 601, 611 and 651 Gateway properties and development rights with an agreed upon value aggregating approximately $350.0 million for its 50% interest in the joint venture. The partner contributed three properties (including one property under construction) and development rights with an agreed upon value aggregating approximately $280.8 million at closing and will contribute cash totaling approximately $69.2 million in the future for its 50% ownership interest in the joint venture. As a result of the partner’s deferred contribution, the Company has an initial approximately 55% interest in the joint venture. The Company recognized a gain on the retained and sold interest in the real estate contributed to the joint venture totaling approximately $217.7 million during the three months ended March 31, 2020, as the fair value of the real estate exceeded its carrying value.
|
2
|
On February 20, 2020, a joint venture in which the Company has a 55% interest acquired the land underlying the ground lease at its Platform 16 project located in San Jose, California for a purchase price totaling approximately $134.8 million. The joint venture had previously made a deposit totaling $15.0 million, which deposit was credited against the purchase price. Platform 16 consists of a parcel of land totaling approximately 5.6 acres that is expected to support the development of approximately 1.1 million square feet of commercial office space.
|
3
|
Excludes approximately $0.1 million of gains on sales of real estate recognized during the three months ended March 31, 2020 related to gain amounts from sales of real estate occurring in the prior year.
|
|
Q1 2020
|
Construction in progress
|
CONSTRUCTION IN PROGRESS
1
|
||||||||||||||||||||||||||||||||||||||||
Actual/Estimated
|
BXP’s share
|
|||||||||||||||||||||||||||||||||||||||
Estimated Total Investment
2
|
Amount Drawn at
|
Estimated Future Equity Requirement
2
|
Percentage placed in-service
4
|
Net Operating Income (Loss)
5
(BXP’s share)
|
||||||||||||||||||||||||||||||||||||
Initial Occupancy
|
Stabilization Date
|
Square Feet
|
Investment to Date
2
|
Total Financing
|
Percentage Leased
3
|
|||||||||||||||||||||||||||||||||||
Construction Properties
|
Location
|
3/31/20
|
||||||||||||||||||||||||||||||||||||||
Office and Retail
|
||||||||||||||||||||||||||||||||||||||||
20 CityPoint
|
Q3 2019
|
Q1 2021
|
Waltham, MA
|
211,000
|
|
$
|
77,622
|
|
$
|
97,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
19,378
|
|
63
|
%
|
65
|
%
|
1,261
|
|
||||||||||||||
Dock 72 (50% ownership)
|
Q4 2019
|
Q3 2021
|
Brooklyn, NY
|
670,000
|
|
201,569
|
|
243,150
|
|
125,000
|
|
90,578
|
|
7,159
|
|
33
|
%
|
34
|
%
|
756
|
|
|||||||||||||||||||
325 Main Street
|
Q3 2022
|
Q3 2022
|
Cambridge, MA
|
420,000
|
|
110,493
|
|
418,400
|
|
—
|
|
—
|
|
307,907
|
|
90
|
%
|
—
|
%
|
N/A
|
|
|||||||||||||||||||
100 Causeway Street (50% ownership)
|
Q2 2021
|
Q3 2022
|
Boston, MA
|
632,000
|
|
136,514
|
|
267,300
|
|
200,000
|
|
—
|
|
61,218
|
|
—
|
|
94
|
%
|
—
|
%
|
N/A
|
|
|||||||||||||||||
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership)
|
Q3 2022
|
Q3 2022
|
Bethesda, MD
|
734,000
|
|
103,848
|
|
198,900
|
|
127,500
|
|
40,768
|
|
8,320
|
|
100
|
%
|
—
|
%
|
N/A
|
|
|||||||||||||||||||
Reston Gateway
|
Q4 2022
|
Q4 2023
|
Reston, VA
|
1,062,000
|
|
207,516
|
|
715,300
|
|
—
|
|
—
|
|
507,784
|
|
72
|
%
|
—
|
%
|
N/A
|
|
|||||||||||||||||||
2100 Pennsylvania Avenue
|
Q3 2022
|
Q3 2024
|
Washington, DC
|
469,000
|
|
76,983
|
|
356,100
|
|
—
|
|
—
|
|
279,117
|
|
61
|
%
|
—
|
%
|
N/A
|
|
|||||||||||||||||||
Total Office Properties under Construction
|
4,198,000
|
914,545
|
|
2,296,150
|
|
452,500
|
|
192,564
|
|
1,129,665
|
|
74
|
%
|
13
|
%
|
$
|
2,017
|
|
||||||||||||||||||||||
Residential
|
||||||||||||||||||||||||||||||||||||||||
Hub50House (440 units) (50% ownership)
|
Q4 2019
|
Q1 2022
|
Boston, MA
|
320,000
|
|
139,938
|
|
153,500
|
|
90,000
|
|
77,685
|
|
1,247
|
|
41
|
%
|
81
|
%
|
(35
|
)
|
|||||||||||||||||||
The Skylyne (402 units)
6
|
Q3 2020
|
Q1 2022
|
Oakland, CA
|
324,000
|
|
221,806
|
|
263,600
|
|
—
|
|
—
|
|
41,794
|
|
—
|
|
—
|
%
|
N/A
|
|
|||||||||||||||||||
Total Residential Properties under Construction
|
644,000
|
|
361,744
|
|
417,100
|
|
90,000
|
|
77,685
|
|
43,041
|
|
41
|
%
|
31
|
%
|
$
|
(35
|
)
|
|||||||||||||||||||||
Redevelopment Properties
|
||||||||||||||||||||||||||||||||||||||||
One Five Nine East 53rd (55% ownership)
|
Q3 2020
|
Q4 2020
|
New York, NY
|
220,000
|
|
131,712
|
|
150,000
|
|
—
|
|
—
|
|
18,288
|
|
96
|
%
|
—
|
%
|
N/A
|
|
|||||||||||||||||||
200 West Street
7
|
Q1 2021
|
Q4 2021
|
Waltham, MA
|
126,000
|
|
5,120
|
|
47,800
|
|
—
|
|
—
|
|
42,680
|
|
—
|
%
|
—
|
%
|
N/A
|
|
|||||||||||||||||||
Total Redevelopment Properties under Construction
|
346,000
|
|
136,832
|
|
197,800
|
|
—
|
|
—
|
|
60,968
|
|
61
|
%
|
—
|
%
|
N/A
|
|
||||||||||||||||||||||
Total Properties Under Construction and Redevelopment
|
5,188,000
|
|
$
|
1,413,121
|
|
$
|
2,911,050
|
|
$
|
542,500
|
|
$
|
270,249
|
|
$
|
1,233,674
|
|
73
|
%
|
8
|
16
|
%
|
$
|
1,982
|
|
|
Q1 2020
|
Construction in progress (continued)
|
PROJECTS FULLY PLACED IN-SERVICE DURING 2020
|
|||||||||||||||||||||||||||||||||||
Actual/Estimated
|
BXP’s share
|
||||||||||||||||||||||||||||||||||
Estimated Total Investment
2
|
Amount Drawn at
|
Estimated Future Equity Requirement
2
|
Net Operating Income (Loss)
5
(BXP’s share)
|
||||||||||||||||||||||||||||||||
Initial Occupancy
|
Stabilization Date
|
Square feet
|
Investment to Date
2
|
Total Financing
|
Percentage Leased
3
|
||||||||||||||||||||||||||||||
Location
|
3/31/20
|
||||||||||||||||||||||||||||||||||
17Fifty Presidents Street
|
Q1 2020
|
Q1 2020
|
Reston, VA
|
275,809
|
|
$
|
128,659
|
|
$
|
142,900
|
|
$
|
—
|
|
$
|
—
|
|
$
|
14,241
|
|
100
|
%
|
$
|
365
|
|
||||||||||
Total Projects Fully Placed In-Service
|
275,809
|
|
$
|
128,659
|
|
$
|
142,900
|
|
$
|
—
|
|
$
|
—
|
|
$
|
14,241
|
|
100
|
%
|
$
|
365
|
|
1
|
A project is classified as Construction in Progress when (1) construction or supply contracts have been signed, physical improvements have commenced or a lease has been signed and (2) capitalized interest has commenced.
|
2
|
Includes income (loss) and interest carry on debt and equity investment.
|
3
|
Represents percentage leased as of April 24, 2020, including leases with future commencement dates.
|
4
|
Represents the portion of the project that no longer qualifies for capitalization of interest in accordance with GAAP.
|
5
|
Amounts represent Net Operating Income (Loss) for the three months ended
March 31, 2020
.
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
6
|
This development is subject to a 99-year ground lease (including extension options) with an option to purchase in the future.
|
7
|
Represents a portion of the property under redevelopment for conversion to laboratory space.
|
8
|
Excludes residential units.
|
|
Q1 2020
|
Land parcels and purchase options
|
OWNED LAND PARCELS
|
|||
Location
|
Approximate Developable Square Feet
1
|
||
Reston, VA
|
3,137,000
|
|
|
San Jose, CA
2
|
2,199,000
|
|
|
New York, NY (25% ownership)
|
2,000,000
|
|
|
Princeton, NJ
|
1,650,000
|
|
|
San Jose, CA (55% ownership)
|
1,078,000
|
|
|
San Francisco, CA (50% Ownership)
|
640,000
|
|
|
Waltham, MA
|
605,000
|
|
|
Washington, DC (50% ownership)
|
520,000
|
|
|
Springfield, VA
|
422,000
|
|
|
Santa Clara, CA
2
|
414,000
|
|
|
Marlborough, MA
|
400,000
|
|
|
Dulles, VA
|
310,000
|
|
|
Annapolis, MD (50% ownership)
|
300,000
|
|
|
Total
|
13,675,000
|
|
VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS
|
|||
Location
|
Approximate Developable Square Feet
1
|
||
Boston, MA
|
1,300,000
|
|
|
San Francisco, CA
|
820,000
|
|
|
Cambridge, MA
|
330,000
|
|
|
Total
|
2,450,000
|
|
1
|
Represents 100%.
|
2
|
Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on page
21
.
|
|
Q1 2020
|
Leasing activity
|
ALL IN-SERVICE PROPERTIES
|
|||
Net (increase)/decrease in available space (SF)
|
Total
|
|
|
Vacant space available at the beginning of the period
|
3,135,170
|
|
|
Add:
|
|||
Properties placed (and partially placed) in-service
1
|
280,965
|
|
|
Leases expiring or terminated during the period
|
1,085,416
|
|
|
Total space available for lease
|
4,501,551
|
|
|
1st generation leases
|
321,456
|
|
|
2nd generation leases with new tenants
|
566,136
|
|
|
2nd generation lease renewals
|
428,887
|
|
|
Total space leased
|
1,316,479
|
|
|
Vacant space available for lease at the end of the period
|
3,185,072
|
|
|
Net (increase)/decrease in available space
|
(49,902
|
)
|
|
Second generation leasing information:
2
|
|||
Leases commencing during the period (SF)
|
995,023
|
|
|
Weighted average lease term (months)
|
99
|
|
|
Weighted average free rent period (days)
|
108
|
|
|
Total transaction costs per square foot
3
|
|
$71.96
|
|
Increase (decrease) in gross rents
4
|
62.08
|
%
|
|
Increase (decrease) in net rents
5
|
93.22
|
%
|
All leases (SF)
|
Incr (decr) in 2nd generation cash rents
8
|
Total square feet of leases executed in the quarter
7
|
|||||||||||||||
1st generation
|
2nd generation
|
total
6
|
|
gross
4
|
|
net
5
|
|
||||||||||
Boston
|
52,399
|
|
215,065
|
|
267,464
|
|
26.03
|
%
|
43.35
|
%
|
93,454
|
|
|||||
Los Angeles
|
—
|
|
17,804
|
|
17,804
|
|
6.97
|
%
|
9.78
|
%
|
34,480
|
|
|||||
New York
|
—
|
|
263,225
|
|
263,225
|
|
142.91
|
%
|
204.67
|
%
|
131,079
|
|
|||||
San Francisco
|
9,469
|
|
159,409
|
|
168,878
|
|
35.99
|
%
|
49.62
|
%
|
79,176
|
|
|||||
Washington, DC
|
259,588
|
|
339,520
|
|
599,108
|
|
8.12
|
%
|
12.91
|
%
|
363,541
|
|
|||||
Total / Weighted Average
|
321,456
|
|
995,023
|
|
1,316,479
|
|
62.08
|
%
|
93.22
|
%
|
701,730
|
|
1
|
Total square feet of properties placed (and partially placed) in-service in
Q1 2020
consists of 5,156 at 145 Broadway and 275,809 at 17Fifty Presidents Street.
|
2
|
Second generation leases are defined as leases for space that had previously been leased by the Company. Of the
995,023
square feet of second generation leases that commenced in
Q1 2020
, leases for
756,159
square feet were signed in prior periods.
|
3
|
Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.
|
4
|
Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the
727,342
square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).
|
5
|
Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the
727,342
square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).
|
6
|
Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.
|
7
|
Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is
244,020
.
|
8
|
Increase in 2nd generation gross and net rents includes the commencement of a retail lease in the New York region that had a significant impact on gross and net rents. Excluding this lease, the increase in second generation gross and net rents for the remaining leases was 3.2% and 3.9% for New York and 16.5% and 25.0% for Total, respectively.
|
|
Q1 2020
|
Portfolio overview
|
Rentable square footage of in-service properties by location and unit type
1, 2
|
|||||||||||||||
Office
|
Retail
|
Residential
|
Hotel
|
Total
|
|||||||||||
Boston
|
13,578,012
|
|
1,102,400
|
|
229,670
|
|
330,000
|
|
15,240,082
|
|
|||||
Los Angeles
|
2,181,318
|
|
124,932
|
|
—
|
|
—
|
|
2,306,250
|
|
|||||
New York
|
10,471,810
|
|
393,397
|
|
—
|
|
—
|
|
10,865,207
|
|
|||||
San Francisco
|
7,484,751
|
|
321,266
|
|
—
|
|
—
|
|
7,806,017
|
|
|||||
Washington, DC
|
8,875,082
|
|
667,808
|
|
822,436
|
|
—
|
|
10,365,326
|
|
|||||
Total
|
42,590,973
|
|
2,609,803
|
|
1,052,106
|
|
330,000
|
|
46,582,882
|
|
|||||
% of Total
|
91.43
|
%
|
5.60
|
%
|
2.26
|
%
|
0.71
|
%
|
100.00
|
%
|
Rental revenue of in-service properties by unit type
1
|
||||||||||||||||||||
Office
|
Retail
|
Residential
|
Hotel
3
|
Total
|
||||||||||||||||
Consolidated
|
$
|
671,154
|
|
$
|
54,320
|
|
$
|
9,229
|
|
$
|
6,737
|
|
$
|
741,440
|
|
|||||
Less:
|
|
|
||||||||||||||||||
Partners’ share from consolidated joint ventures
4
|
69,792
|
|
7,785
|
|
—
|
|
—
|
|
77,577
|
|
||||||||||
Add:
|
|
|
||||||||||||||||||
BXP’s share from unconsolidated joint ventures
5
|
42,308
|
|
2,498
|
|
600
|
|
—
|
|
45,406
|
|
||||||||||
BXP’s Share of Rental revenue
1
|
$
|
643,670
|
|
$
|
49,033
|
|
$
|
9,829
|
|
$
|
6,737
|
|
$
|
709,269
|
|
|||||
% of Total
|
90.75
|
%
|
6.91
|
%
|
1.39
|
%
|
0.95
|
%
|
100.00
|
%
|
Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location
1,
6
|
||||||||
CBD
|
|
Suburban
|
|
Total
|
|
|||
Boston
|
26.31
|
%
|
7.23
|
%
|
33.54
|
%
|
||
Los Angeles
|
3.54
|
%
|
—
|
%
|
3.54
|
%
|
||
New York
|
23.91
|
%
|
2.45
|
%
|
26.36
|
%
|
||
San Francisco
|
18.45
|
%
|
3.15
|
%
|
21.60
|
%
|
||
Washington, DC
|
6.15
|
%
|
8.81
|
%
|
14.96
|
%
|
||
Total
|
78.36
|
%
|
21.64
|
%
|
100.00
|
%
|
1
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
2
|
Includes 100% of the rentable square footage of the Company’s In-Service Properties. For additional detail relating to the Company’s In-Service Properties, see pages
19
-
22
.
|
3
|
Excludes approximately $88 of revenue from retail tenants that is included in Retail.
|
4
|
See page
58
for additional information.
|
5
|
See page
61
for additional information.
|
6
|
BXP’s Share of NOI (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of NOI (excluding termination income), see page
7
.
|
|
Q1 2020
|
Residential and hotel performance
|
RESULTS OF OPERATIONS
|
|||||||||||||||
Residential
1
|
Hotel
2
|
||||||||||||||
Three Months Ended
|
Three Months Ended
|
||||||||||||||
31-Mar-20
|
31-Dec-19
|
31-Mar-20
|
31-Dec-19
|
||||||||||||
Rental Revenue
3
|
$
|
9,956
|
|
$
|
10,203
|
|
$
|
6,825
|
|
$
|
11,793
|
|
|||
Less: Operating expenses and real estate taxes
|
4,064
|
|
4,078
|
|
6,821
|
|
8,318
|
|
|||||||
Net Operating Income (NOI)
3
|
5,892
|
|
6,125
|
|
4
|
|
3,475
|
|
|||||||
Add: BXP’s share of NOI from unconsolidated joint ventures
|
(35
|
)
|
(114
|
)
|
N/A
|
|
N/A
|
|
|||||||
BXP’s Share of NOI
3
|
$
|
5,857
|
|
$
|
6,011
|
|
$
|
4
|
|
$
|
3,475
|
|
|||
Rental Revenue
3
|
$
|
9,956
|
|
$
|
10,203
|
|
$
|
6,825
|
|
$
|
11,793
|
|
|||
Less: Straight line rent and fair value lease revenue
|
(133
|
)
|
153
|
|
(6
|
)
|
(6
|
)
|
|||||||
Subtotal
|
10,089
|
|
10,050
|
|
6,831
|
|
11,799
|
|
|||||||
Less: Operating expenses and real estate taxes
|
4,064
|
|
4,078
|
|
6,821
|
|
8,318
|
|
|||||||
NOI - cash basis
3
|
6,025
|
|
5,972
|
|
10
|
|
3,481
|
|
|||||||
Add: BXP’s share of NOI-cash from unconsolidated joint ventures
|
(35
|
)
|
(114
|
)
|
N/A
|
|
N/A
|
|
|||||||
BXP’s Share of NOI - cash basis
3
|
$
|
5,990
|
|
$
|
5,858
|
|
$
|
10
|
|
$
|
3,481
|
|
RENTAL RATES AND OCCUPANCY - Year-over-Year
|
||||||||||
Three Months Ended
|
Percent
|
|||||||||
31-Mar-20
|
31-Mar-19
|
Change
|
||||||||
The Avant at Reston Town Center (359 units), Reston, VA
3, 4
|
||||||||||
Average Monthly Rental Rate
|
$
|
2,419
|
|
$
|
2,352
|
|
2.85
|
%
|
||
Average Rental Rate Per Occupied Square Foot
|
$
|
2.67
|
|
$
|
2.57
|
|
3.89
|
%
|
||
Average Physical Occupancy
|
91.46
|
%
|
90.25
|
%
|
1.34
|
%
|
||||
Average Economic Occupancy
|
90.30
|
%
|
89.30
|
%
|
1.12
|
%
|
||||
The Lofts at Atlantic Wharf (86 units), Boston, MA
3, 4
|
||||||||||
Average Monthly Rental Rate
|
$
|
4,510
|
|
$
|
4,433
|
|
1.74
|
%
|
||
Average Rental Rate Per Occupied Square Foot
|
$
|
5.04
|
|
$
|
4.86
|
|
3.70
|
%
|
||
Average Physical Occupancy
|
94.96
|
%
|
94.57
|
%
|
0.41
|
%
|
||||
Average Economic Occupancy
|
94.27
|
%
|
94.96
|
%
|
(0.73
|
)%
|
||||
Signature at Reston (508 units), Reston, VA
3, 4, 5
|
||||||||||
Average Monthly Rental Rate
|
$
|
2,342
|
|
$
|
2,260
|
|
3.63
|
%
|
||
Average Rental Rate Per Occupied Square Foot
|
$
|
2.51
|
|
$
|
2.47
|
|
1.62
|
%
|
||
Average Physical Occupancy
|
82.22
|
%
|
53.28
|
%
|
54.32
|
%
|
||||
Average Economic Occupancy
|
76.90
|
%
|
46.35
|
%
|
65.91
|
%
|
||||
Proto Kendall Square (280 units), Cambridge, MA
3, 4
|
||||||||||
Average Monthly Rental Rate
|
$
|
3,027
|
|
$
|
2,705
|
|
11.90
|
%
|
||
Average Rental Rate Per Occupied Square Foot
|
$
|
5.56
|
|
$
|
5.07
|
|
9.66
|
%
|
||
Average Physical Occupancy
|
95.48
|
%
|
63.45
|
%
|
50.48
|
%
|
||||
Average Economic Occupancy
|
95.15
|
%
|
58.21
|
%
|
63.46
|
%
|
||||
Hub50House (440 units) (50% ownership), Boston, MA
3, 6
|
||||||||||
Average Monthly Rental Rate
|
$
|
3,219
|
|
N/A
|
|
N/A
|
|
|||
Average Rental Rate Per Occupied Square Foot
|
$
|
5.39
|
|
N/A
|
|
N/A
|
|
|||
Average Physical Occupancy
|
27.80
|
%
|
N/A
|
|
N/A
|
|
||||
Average Economic Occupancy
|
21.60
|
%
|
N/A
|
|
N/A
|
|
||||
Boston Marriott Cambridge (437 rooms), Cambridge, MA
2, 4
|
||||||||||
Average Occupancy
|
59.60
|
%
|
|
80.20
|
%
|
(25.69
|
)%
|
|||
Average Daily Rate
|
$
|
211.35
|
|
|
$
|
221.39
|
|
(4.53
|
)%
|
|
Revenue Per Available Room
|
$
|
126.00
|
|
|
$
|
177.63
|
|
(29.07
|
)%
|
|
Q1 2020
|
Residential and hotel performance (continued)
|
1
|
Includes retail space.
|
2
|
As a result of COVID-19, the Boston Marriott Cambridge was closed in March 2020.
|
3
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
4
|
Excludes retail space.
|
5
|
This property was completed and fully placed in-service on June 7, 2018 and is in its initial lease-up period with expected stabilization in the fourth quarter of 2020.
|
6
|
This property was
81%
placed in-service at March 31, 2020 and is in its initial lease-up period with expected stabilization in the first quarter of 2022.
|
|
Q1 2020
|
In-service property listing
|
Sub Market
|
Number of Buildings
|
Square Feet
|
|
Leased %
1
|
|
Annualized Rental Obligations Per Leased SF
2
|
|
||||||||
BOSTON
|
|||||||||||||||
Office
|
|||||||||||||||
200 Clarendon Street
|
CBD Boston MA
|
1
|
1,766,534
|
|
98.4
|
%
|
$
|
69.88
|
|
||||||
100 Federal Street (55% ownership)
|
CBD Boston MA
|
1
|
1,238,461
|
|
99.5
|
%
|
64.52
|
|
|||||||
800 Boylston Street - The Prudential Center
|
CBD Boston MA
|
1
|
1,235,538
|
|
97.4
|
%
|
64.05
|
|
|||||||
111 Huntington Avenue - The Prudential Center
|
CBD Boston MA
|
1
|
860,455
|
|
100.0
|
%
|
68.78
|
|
|||||||
Atlantic Wharf Office (55% ownership)
|
CBD Boston MA
|
1
|
793,823
|
|
100.0
|
%
|
72.98
|
|
|||||||
Prudential Center (retail shops)
3
|
CBD Boston MA
|
1
|
595,021
|
|
98.1
|
%
|
91.58
|
|
|||||||
101 Huntington Avenue - The Prudential Center
|
CBD Boston MA
|
1
|
506,476
|
|
100.0
|
%
|
52.86
|
|
|||||||
The Hub on Causeway - Podium (50% ownership)
4, 5
|
CBD Boston MA
|
1
|
382,497
|
|
99.4
|
%
|
65.14
|
|
|||||||
888 Boylston Street - The Prudential Center
|
CBD Boston MA
|
1
|
363,320
|
|
100.0
|
%
|
76.70
|
|
|||||||
Star Market at the Prudential Center
3
|
CBD Boston MA
|
1
|
57,235
|
|
100.0
|
%
|
60.84
|
|
|||||||
Subtotal
|
10
|
7,799,360
|
|
99.0
|
%
|
$
|
68.92
|
|
|||||||
145 Broadway
5
|
East Cambridge MA
|
1
|
488,862
|
|
98.5
|
%
|
$
|
80.66
|
|
||||||
355 Main Street
|
East Cambridge MA
|
1
|
259,640
|
|
99.0
|
%
|
75.63
|
|
|||||||
90 Broadway
|
East Cambridge MA
|
1
|
223,771
|
|
100.0
|
%
|
70.27
|
|
|||||||
255 Main Street
|
East Cambridge MA
|
1
|
215,394
|
|
100.0
|
%
|
81.25
|
|
|||||||
300 Binney Street
|
East Cambridge MA
|
1
|
195,191
|
|
100.0
|
%
|
58.54
|
|
|||||||
150 Broadway
|
East Cambridge MA
|
1
|
177,226
|
|
100.0
|
%
|
80.69
|
|
|||||||
105 Broadway
|
East Cambridge MA
|
1
|
152,664
|
|
100.0
|
%
|
69.57
|
|
|||||||
250 Binney Street
|
East Cambridge MA
|
1
|
67,362
|
|
100.0
|
%
|
46.44
|
|
|||||||
University Place
|
Mid-Cambridge MA
|
1
|
195,282
|
|
100.0
|
%
|
52.78
|
|
|||||||
Subtotal
|
9
|
1,975,392
|
|
99.5
|
%
|
$
|
71.88
|
|
|||||||
Bay Colony Corporate Center
|
Route 128 Mass Turnpike MA
|
4
|
1,001,136
|
|
86.5
|
%
|
$
|
45.19
|
|
||||||
Reservoir Place
|
Route 128 Mass Turnpike MA
|
1
|
526,985
|
|
89.3
|
%
|
37.46
|
|
|||||||
880 & 890 Winter Street
5
|
Route 128 Mass Turnpike MA
|
2
|
392,568
|
|
84.4
|
%
|
41.65
|
|
|||||||
140 Kendrick Street
|
Route 128 Mass Turnpike MA
|
3
|
380,987
|
|
100.0
|
%
|
36.28
|
|
|||||||
Weston Corporate Center
|
Route 128 Mass Turnpike MA
|
1
|
356,995
|
|
100.0
|
%
|
53.07
|
|
|||||||
Waltham Weston Corporate Center
|
Route 128 Mass Turnpike MA
|
1
|
301,607
|
|
91.6
|
%
|
40.26
|
|
|||||||
230 CityPoint
|
Route 128 Mass Turnpike MA
|
1
|
296,212
|
|
96.6
|
%
|
41.08
|
|
|||||||
10 CityPoint
|
Route 128 Mass Turnpike MA
|
1
|
241,199
|
|
98.1
|
%
|
51.37
|
|
|||||||
77 CityPoint
|
Route 128 Mass Turnpike MA
|
1
|
209,708
|
|
93.8
|
%
|
50.20
|
|
|||||||
200 West Street
5, 6
|
Route 128 Mass Turnpike MA
|
1
|
134,917
|
|
100.0
|
%
|
39.68
|
|
|||||||
1265 Main Street (50% ownership)
4
|
Route 128 Mass Turnpike MA
|
1
|
114,969
|
|
100.0
|
%
|
45.05
|
|
|||||||
Reservoir Place North
|
Route 128 Mass Turnpike MA
|
1
|
73,258
|
|
100.0
|
%
|
44.91
|
|
|||||||
195 West Street
|
Route 128 Mass Turnpike MA
|
1
|
63,500
|
|
—
|
%
|
—
|
|
|||||||
The Point
3
|
Route 128 Mass Turnpike MA
|
1
|
16,300
|
|
84.7
|
%
|
56.39
|
|
|||||||
191 Spring Street
|
Route 128 Northwest MA
|
1
|
170,997
|
|
100.0
|
%
|
45.36
|
|
|||||||
Lexington Office Park
|
Route 128 Northwest MA
|
2
|
166,775
|
|
72.7
|
%
|
31.32
|
|
|||||||
201 Spring Street
|
Route 128 Northwest MA
|
1
|
106,300
|
|
100.0
|
%
|
44.95
|
|
|||||||
33 Hayden Avenue
|
Route 128 Northwest MA
|
1
|
80,872
|
|
100.0
|
%
|
65.47
|
|
|||||||
32 Hartwell Avenue
|
Route 128 Northwest MA
|
1
|
69,154
|
|
100.0
|
%
|
28.59
|
|
|||||||
100 Hayden Avenue
|
Route 128 Northwest MA
|
1
|
55,924
|
|
100.0
|
%
|
44.48
|
|
|||||||
181 Spring Street
|
Route 128 Northwest MA
|
1
|
55,793
|
|
100.0
|
%
|
43.87
|
|
|||||||
92 Hayden Avenue
|
Route 128 Northwest MA
|
1
|
31,100
|
|
100.0
|
%
|
43.66
|
|
|||||||
17 Hartwell Avenue
|
Route 128 Northwest MA
|
1
|
30,000
|
|
100.0
|
%
|
46.71
|
|
|||||||
Subtotal
|
30
|
4,877,256
|
|
91.4
|
%
|
$
|
43.54
|
|
|||||||
Boston Office Total:
|
49
|
14,652,008
|
|
96.5
|
%
|
$
|
61.28
|
|
|||||||
Residential
|
|||||||||||||||
Proto Kendall Square (280 units)
|
East Cambridge MA
|
1
|
166,717
|
|
|||||||||||
The Lofts at Atlantic Wharf (86 units)
|
CBD Boston MA
|
1
|
87,097
|
|
|||||||||||
Boston Residential Total:
|
2
|
253,814
|
|
||||||||||||
Hotel
|
|||||||||||||||
Boston Marriott Cambridge (437 rooms)
|
East Cambridge MA
|
1
|
334,260
|
|
|||||||||||
Boston Hotel Total:
|
1
|
334,260
|
|
|
Q1 2020
|
In-service property listing (continued)
|
Sub Market
|
Number of Buildings
|
Square Feet
|
|
Leased %
1
|
|
Annualized Rental Obligations Per Leased SF
2
|
|
||||||||
BOSTON (continued)
|
|||||||||||||||
Boston Total:
|
52
|
15,240,082
|
|
||||||||||||
LOS ANGELES
|
|||||||||||||||
Office
|
|||||||||||||||
Colorado Center (50% ownership)
4
|
West Los Angeles CA
|
6
|
1,128,600
|
|
100.0
|
%
|
$
|
69.81
|
|
||||||
Santa Monica Business Park (55% ownership)
4
|
West Los Angeles CA
|
14
|
1,103,246
|
|
91.8
|
%
|
58.58
|
|
|||||||
Santa Monica Business Park Retail (55% ownership)
3, 4
|
West Los Angeles CA
|
7
|
74,404
|
|
92.3
|
%
|
62.85
|
|
|||||||
Subtotal
|
27
|
2,306,250
|
|
95.9
|
%
|
$
|
64.48
|
|
|||||||
Los Angeles Total:
|
27
|
2,306,250
|
|
95.9
|
%
|
$
|
64.48
|
|
|||||||
NEW YORK
|
|||||||||||||||
Office
|
|||||||||||||||
767 Fifth Avenue (The GM Building) (60% ownership)
|
Plaza District NY
|
1
|
1,944,155
|
|
96.7
|
%
|
$
|
160.85
|
|
||||||
399 Park Avenue
|
Park Avenue NY
|
1
|
1,575,809
|
|
89.0
|
%
|
100.55
|
|
|||||||
601 Lexington Avenue (55% ownership)
|
Park Avenue NY
|
1
|
1,445,155
|
|
100.0
|
%
|
100.88
|
|
|||||||
599 Lexington Avenue
|
Park Avenue NY
|
1
|
1,062,708
|
|
97.7
|
%
|
96.99
|
|
|||||||
Times Square Tower (55% ownership)
|
Times Square NY
|
1
|
1,249,864
|
|
96.4
|
%
|
81.52
|
|
|||||||
250 West 55th Street
|
Times Square / West Side NY
|
1
|
966,965
|
|
98.6
|
%
|
96.23
|
|
|||||||
510 Madison Avenue
|
Fifth/Madison Avenue NY
|
1
|
355,083
|
|
96.4
|
%
|
143.71
|
|
|||||||
Subtotal
|
7
|
8,599,739
|
|
96.1
|
%
|
$
|
112.38
|
|
|||||||
510 Carnegie Center
|
Princeton NJ
|
1
|
234,160
|
|
100.0
|
%
|
$
|
37.08
|
|
||||||
206 Carnegie Center
|
Princeton NJ
|
1
|
161,763
|
|
100.0
|
%
|
35.17
|
|
|||||||
210 Carnegie Center
|
Princeton NJ
|
1
|
159,468
|
|
79.2
|
%
|
37.04
|
|
|||||||
212 Carnegie Center
|
Princeton NJ
|
1
|
151,547
|
|
67.5
|
%
|
34.84
|
|
|||||||
214 Carnegie Center
|
Princeton NJ
|
1
|
146,979
|
|
43.2
|
%
|
46.32
|
|
|||||||
506 Carnegie Center
|
Princeton NJ
|
1
|
140,312
|
|
79.5
|
%
|
36.82
|
|
|||||||
508 Carnegie Center
|
Princeton NJ
|
1
|
134,433
|
|
100.0
|
%
|
41.37
|
|
|||||||
202 Carnegie Center
|
Princeton NJ
|
1
|
134,068
|
|
96.2
|
%
|
40.30
|
|
|||||||
804 Carnegie Center
|
Princeton NJ
|
1
|
130,000
|
|
100.0
|
%
|
39.63
|
|
|||||||
504 Carnegie Center
|
Princeton NJ
|
1
|
121,990
|
|
100.0
|
%
|
33.52
|
|
|||||||
101 Carnegie Center
|
Princeton NJ
|
1
|
121,620
|
|
100.0
|
%
|
38.04
|
|
|||||||
502 Carnegie Center
|
Princeton NJ
|
1
|
121,460
|
|
100.0
|
%
|
37.70
|
|
|||||||
701 Carnegie Center
|
Princeton NJ
|
1
|
120,000
|
|
100.0
|
%
|
42.81
|
|
|||||||
104 Carnegie Center
|
Princeton NJ
|
1
|
102,930
|
|
55.0
|
%
|
37.08
|
|
|||||||
103 Carnegie Center
|
Princeton NJ
|
1
|
96,332
|
|
68.5
|
%
|
32.67
|
|
|||||||
105 Carnegie Center
|
Princeton NJ
|
1
|
69,955
|
|
56.3
|
%
|
36.27
|
|
|||||||
302 Carnegie Center
|
Princeton NJ
|
1
|
64,926
|
|
89.3
|
%
|
36.95
|
|
|||||||
211 Carnegie Center
|
Princeton NJ
|
1
|
47,025
|
|
100.0
|
%
|
37.56
|
|
|||||||
201 Carnegie Center
|
Princeton NJ
|
—
|
6,500
|
|
100.0
|
%
|
38.15
|
|
|||||||
Subtotal
|
18
|
2,265,468
|
|
86.2
|
%
|
$
|
37.84
|
|
|||||||
New York Total:
|
25
|
10,865,207
|
|
94.1
|
%
|
$
|
98.13
|
|
|||||||
SAN FRANCISCO
|
|||||||||||||||
Office
|
|||||||||||||||
Salesforce Tower
|
CBD San Francisco CA
|
1
|
1,420,682
|
|
100.0
|
%
|
$
|
102.05
|
|
||||||
Embarcadero Center Four
|
CBD San Francisco CA
|
1
|
940,890
|
|
97.5
|
%
|
80.60
|
|
|||||||
Embarcadero Center One
|
CBD San Francisco CA
|
1
|
821,755
|
|
93.6
|
%
|
76.62
|
|
|||||||
Embarcadero Center Two
|
CBD San Francisco CA
|
1
|
792,696
|
|
96.4
|
%
|
77.74
|
|
|||||||
Embarcadero Center Three
|
CBD San Francisco CA
|
1
|
783,681
|
|
98.4
|
%
|
71.90
|
|
|||||||
680 Folsom Street
|
CBD San Francisco CA
|
2
|
524,793
|
|
100.0
|
%
|
68.24
|
|
|||||||
535 Mission Street
|
CBD San Francisco CA
|
1
|
307,235
|
|
100.0
|
%
|
84.51
|
|
|||||||
690 Folsom Street
|
CBD San Francisco CA
|
1
|
26,080
|
|
100.0
|
%
|
79.10
|
|
|||||||
Subtotal
|
9
|
5,617,812
|
|
97.9
|
%
|
$
|
83.01
|
|
|||||||
|
Q1 2020
|
In-service property listing (continued)
|
Sub Market
|
Number of Buildings
|
Square Feet
|
|
Leased %
1
|
|
Annualized Rental Obligations Per Leased SF
2
|
|
||||||||
SAN FRANCISCO (continued)
|
|||||||||||||||
Gateway Commons (55% ownership)
4, 5, 7
|
South San Francisco CA
|
5
|
1,065,902
|
|
81.6
|
%
|
$
|
52.55
|
|
||||||
Mountain View Research Park
|
Mountain View CA
|
15
|
542,289
|
|
79.3
|
%
|
65.48
|
|
|||||||
2440 West El Camino Real
|
Mountain View CA
|
1
|
141,392
|
|
87.2
|
%
|
80.45
|
|
|||||||
453 Ravendale Drive
|
Mountain View CA
|
1
|
29,620
|
|
85.8
|
%
|
48.03
|
|
|||||||
3625-3635 Peterson Way
8
|
Santa Clara CA
|
1
|
218,366
|
|
100.0
|
%
|
24.17
|
|
|||||||
North First Business Park
8
|
San Jose CA
|
5
|
190,636
|
|
81.1
|
%
|
25.60
|
|
|||||||
Subtotal
|
28
|
2,188,205
|
|
83.2
|
%
|
$
|
51.74
|
|
|||||||
San Francisco Total:
|
37
|
7,806,017
|
|
93.8
|
%
|
$
|
75.22
|
|
|||||||
WASHINGTON, DC
|
|||||||||||||||
Office
|
|||||||||||||||
Metropolitan Square (20% ownership)
4
|
East End Washington DC
|
1
|
654,145
|
|
57.9
|
%
|
$
|
68.12
|
|
||||||
901 New York Avenue (25% ownership)
4
|
East End Washington DC
|
1
|
539,817
|
|
71.6
|
%
|
67.21
|
|
|||||||
601 Massachusetts Avenue
|
East End Washington DC
|
1
|
478,818
|
|
98.9
|
%
|
84.77
|
|
|||||||
Market Square North (50% ownership)
4
|
East End Washington DC
|
1
|
417,979
|
|
79.5
|
%
|
69.50
|
|
|||||||
Capital Gallery
|
Southwest Washington DC
|
1
|
631,131
|
|
94.6
|
%
|
64.82
|
|
|||||||
2200 Pennsylvania Avenue
|
CBD Washington DC
|
1
|
458,831
|
|
100.0
|
%
|
98.40
|
|
|||||||
1330 Connecticut Avenue
|
CBD Washington DC
|
1
|
253,941
|
|
90.1
|
%
|
71.70
|
|
|||||||
Sumner Square
|
CBD Washington DC
|
1
|
208,892
|
|
91.8
|
%
|
54.80
|
|
|||||||
500 North Capitol Street, N.W. (30% ownership)
4
|
Capitol Hill Washington DC
|
1
|
230,860
|
|
98.5
|
%
|
79.36
|
|
|||||||
Subtotal
|
9
|
3,874,414
|
|
84.5
|
%
|
$
|
74.28
|
|
|||||||
South of Market
|
Reston VA
|
3
|
623,271
|
|
76.4
|
%
|
$
|
57.58
|
|
||||||
Fountain Square
|
Reston VA
|
2
|
505,745
|
|
71.3
|
%
|
54.44
|
|
|||||||
One Freedom Square
|
Reston VA
|
1
|
432,585
|
|
87.3
|
%
|
54.90
|
|
|||||||
Two Freedom Square
|
Reston VA
|
1
|
421,757
|
|
84.6
|
%
|
53.71
|
|
|||||||
One and Two Discovery Square
|
Reston VA
|
2
|
366,990
|
|
98.2
|
%
|
49.93
|
|
|||||||
One Reston Overlook
|
Reston VA
|
1
|
319,519
|
|
100.0
|
%
|
44.21
|
|
|||||||
17Fifty Presidents Street
5
|
Reston VA
|
1
|
275,809
|
|
94.1
|
%
|
42.73
|
|
|||||||
Reston Corporate Center
|
Reston VA
|
2
|
261,046
|
|
100.0
|
%
|
44.17
|
|
|||||||
Democracy Tower
|
Reston VA
|
1
|
259,441
|
|
98.4
|
%
|
58.78
|
|
|||||||
Fountain Square Retail
3
|
Reston VA
|
1
|
216,591
|
|
91.5
|
%
|
53.50
|
|
|||||||
Two Reston Overlook
|
Reston VA
|
1
|
134,615
|
|
75.3
|
%
|
42.97
|
|
|||||||
Subtotal
|
16
|
3,817,369
|
|
87.1
|
%
|
$
|
51.58
|
|
|||||||
Wisconsin Place Office
|
Montgomery County MD
|
1
|
299,186
|
|
93.0
|
%
|
$
|
57.56
|
|
||||||
Kingstowne One
|
Springfield VA
|
1
|
151,483
|
|
96.0
|
%
|
38.84
|
|
|||||||
Kingstowne Two
|
Springfield VA
|
1
|
156,089
|
|
67.6
|
%
|
37.49
|
|
|||||||
7601 Boston Boulevard
|
Springfield VA
|
1
|
108,286
|
|
100.0
|
%
|
32.77
|
|
|||||||
7435 Boston Boulevard
|
Springfield VA
|
1
|
103,557
|
|
83.4
|
%
|
24.84
|
|
|||||||
8000 Grainger Court
|
Springfield VA
|
1
|
88,775
|
|
—
|
%
|
—
|
|
|||||||
Kingstowne Retail
3
|
Springfield VA
|
1
|
88,288
|
|
94.3
|
%
|
37.32
|
|
|||||||
7500 Boston Boulevard
|
Springfield VA
|
1
|
79,971
|
|
100.0
|
%
|
16.79
|
|
|||||||
7501 Boston Boulevard
|
Springfield VA
|
1
|
75,756
|
|
100.0
|
%
|
29.64
|
|
|||||||
7450 Boston Boulevard
|
Springfield VA
|
1
|
62,402
|
|
100.0
|
%
|
17.31
|
|
|||||||
7374 Boston Boulevard
|
Springfield VA
|
1
|
57,321
|
|
100.0
|
%
|
18.29
|
|
|||||||
8000 Corporate Court
|
Springfield VA
|
1
|
52,539
|
|
100.0
|
%
|
15.80
|
|
|||||||
7451 Boston Boulevard
|
Springfield VA
|
1
|
45,615
|
|
67.4
|
%
|
27.52
|
|
|||||||
7300 Boston Boulevard
|
Springfield VA
|
1
|
32,000
|
|
100.0
|
%
|
22.67
|
|
|||||||
7375 Boston Boulevard
|
Springfield VA
|
1
|
26,865
|
|
100.0
|
%
|
28.24
|
|
|||||||
Annapolis Junction Building Seven (50% ownership)
4
|
Anne Arundel County MD
|
1
|
127,229
|
|
100.0
|
%
|
35.84
|
|
|||||||
Annapolis Junction Building Eight (50% ownership)
4
|
Anne Arundel County MD
|
1
|
125,685
|
|
—
|
%
|
—
|
|
|||||||
Annapolis Junction Building Six (50% ownership)
4
|
Anne Arundel County MD
|
1
|
119,339
|
|
75.2
|
%
|
31.82
|
|
|||||||
Subtotal
|
18
|
1,800,386
|
|
80.1
|
%
|
$
|
35.19
|
|
|||||||
Washington, DC Office Total:
|
43
|
9,492,169
|
|
84.7
|
%
|
$
|
57.85
|
|
|
Q1 2020
|
In-service property listing (continued)
|
Sub Market
|
Number of Buildings
|
Square Feet
|
|
Leased %
1
|
|
Annualized Rental Obligations Per Leased SF
2
|
|
|||||||||||
WASHINGTON, DC (continued)
|
||||||||||||||||||
Residential
|
||||||||||||||||||
Signature at Reston (508 units)
|
Reston VA
|
1
|
517,783
|
|
||||||||||||||
The Avant at Reston Town Center (359 units)
|
Reston VA
|
1
|
355,374
|
|
||||||||||||||
Washington, DC Residential Total:
|
2
|
873,157
|
|
|||||||||||||||
Washington, DC Total:
|
45
|
10,365,326
|
|
|||||||||||||||
Total In-Service Properties:
|
186
|
46,582,882
|
|
92.9
|
%
|
9
|
|
$
|
72.22
|
|
9
|
|
||||||
1
|
Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
|
2
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
3
|
This is a retail property.
|
4
|
This is an unconsolidated joint venture property.
|
5
|
Not included in the Same Property analysis.
|
6
|
During the three months ended September 30, 2019, the Company commenced the redevelopment of a portion of 200 West Street. For additional detail, see page
12
.
|
7
|
For additional detail, see page
11
.
|
8
|
Property held for redevelopment.
|
9
|
Excludes Hotel and Residential properties. For additional detail, see page
17
.
|
|
Q1 2020
|
Top 20 tenants listing and portfolio tenant diversification
|
TOP 20 TENANTS
|
|||||||
No.
|
Tenant
|
BXP’s Share of Annualized Rental Obligations
1
|
|||||
1
|
|
salesforce.com
|
3.40
|
%
|
|||
2
|
|
Arnold & Porter Kaye Scholer
|
2.63
|
%
|
|||
3
|
|
Akamai Technologies
|
2.08
|
%
|
|||
4
|
|
Biogen
|
1.71
|
%
|
|||
5
|
|
Shearman & Sterling
|
1.58
|
%
|
|||
6
|
|
Kirkland & Ellis
|
1.49
|
%
|
|||
7
|
|
Google
|
1.43
|
%
|
|||
8
|
|
Ropes & Gray
|
1.36
|
%
|
|||
9
|
|
WeWork
|
1.27
|
%
|
|||
10
|
|
Weil Gotshal & Manges
|
1.23
|
%
|
|||
11
|
|
US Government
|
1.11
|
%
|
|||
12
|
|
O’Melveny & Myers
|
1.10
|
%
|
|||
13
|
|
Wellington Management
|
1.06
|
%
|
|||
14
|
|
Aramis (Estee Lauder)
|
1.04
|
%
|
|||
15
|
|
Bank of America
|
0.96
|
%
|
|||
16
|
|
Morrison & Foerster
|
0.94
|
%
|
|||
17
|
|
Leidos
|
0.89
|
%
|
|||
18
|
|
Millennium Management
|
0.89
|
%
|
|||
19
|
|
Mass Financial Services
|
0.82
|
%
|
|||
20
|
|
Starr Indemnity & Liability Co.
|
0.80
|
%
|
|||
BXP’s Share of Annualized Rental Obligations
|
|
27.79
|
%
|
||||
BXP’s Share of Square Feet
1
|
23.71
|
%
|
NOTABLE SIGNED DEALS
2
|
|||||
Tenant
|
Property
|
Square Feet
|
|
||
Fannie Mae
|
Reston Gateway
|
761,000
|
|
||
Marriott International
|
7750 Wisconsin Avenue
|
734,000
|
|
||
Verizon
|
100 Causeway Street
|
440,000
|
|
||
Google
|
325 Main Street
|
379,000
|
|
||
Wilmer Cutler Pickering Hale
|
2100 Pennsylvania Avenue
|
287,000
|
|
||
TENANT DIVERSIFICATION
1
|
||||
1
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
2
|
Represents leases signed with occupancy commencing in the future. The number of square feet is an estimate.
|
|
Q1 2020
|
Occupancy by location
|
TOTAL IN-SERVICE OFFICE PROPERTIES
1
- Quarter-over-Quarter
|
||||||||||||||||||
CBD
|
Suburban
|
Total
|
||||||||||||||||
Location
|
31-Mar-20
|
31-Dec-19
|
31-Mar-20
|
31-Dec-19
|
31-Mar-20
|
31-Dec-19
|
||||||||||||
Boston
|
99.1
|
%
|
98.4
|
%
|
91.4
|
%
|
90.8
|
%
|
96.5
|
%
|
95.9
|
%
|
||||||
Los Angeles
|
95.9
|
%
|
96.7
|
%
|
—
|
%
|
—
|
%
|
95.9
|
%
|
96.7
|
%
|
||||||
New York
|
96.1
|
%
|
94.4
|
%
|
86.2
|
%
|
87.0
|
%
|
94.1
|
%
|
92.9
|
%
|
||||||
San Francisco
|
97.9
|
%
|
97.2
|
%
|
83.2
|
%
|
83.3
|
%
|
93.8
|
%
|
93.7
|
%
|
||||||
Washington, DC
|
84.5
|
%
|
85.4
|
%
|
84.9
|
%
|
89.1
|
%
|
84.7
|
%
|
87.6
|
%
|
||||||
Total Portfolio
|
95.9
|
%
|
95.2
|
%
|
87.0
|
%
|
88.6
|
%
|
92.9
|
%
|
93.0
|
%
|
SAME PROPERTY OFFICE PROPERTIES
1, 2
- Year-over-Year
|
||||||||||||||||||
CBD
|
Suburban
|
Total
|
||||||||||||||||
Location
|
31-Mar-20
|
31-Mar-19
|
31-Mar-20
|
31-Mar-19
|
31-Mar-20
|
31-Mar-19
|
||||||||||||
Boston
|
99.1
|
%
|
98.5
|
%
|
92.0
|
%
|
95.6
|
%
|
96.7
|
%
|
97.5
|
%
|
||||||
Los Angeles
|
95.9
|
%
|
96.0
|
%
|
—
|
%
|
—
|
%
|
95.9
|
%
|
96.0
|
%
|
||||||
New York
|
96.1
|
%
|
94.9
|
%
|
86.2
|
%
|
84.3
|
%
|
94.1
|
%
|
92.7
|
%
|
||||||
San Francisco
|
97.9
|
%
|
91.8
|
%
|
84.8
|
%
|
93.6
|
%
|
95.7
|
%
|
92.1
|
%
|
||||||
Washington, DC
|
84.5
|
%
|
92.8
|
%
|
84.4
|
%
|
89.9
|
%
|
84.5
|
%
|
91.1
|
%
|
||||||
Total Portfolio
|
95.8
|
%
|
95.2
|
%
|
87.3
|
%
|
91.2
|
%
|
93.2
|
%
|
94.0
|
%
|
1
|
Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential units and hotel.
|
2
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
|
Q1 2020
|
Capital structure
|
CONSOLIDATED DEBT
|
|||
Aggregate Principal
|
|||
Mortgage Notes Payable
|
$
|
2,944,942
|
|
Unsecured Line of Credit
|
250,000
|
|
|
Unsecured Term Loan
|
500,000
|
|
|
Unsecured Senior Notes, at face value
|
8,450,000
|
|
|
Outstanding Principal
|
12,144,942
|
|
|
Discount on Unsecured Senior Notes
|
(16,663
|
)
|
|
Deferred Financing Costs, Net
|
(67,055
|
)
|
|
Consolidated Debt
|
$
|
12,061,224
|
|
MORTGAGE NOTES PAYABLE
|
||||||||||
Interest Rate
|
||||||||||
Property
|
Maturity Date
|
GAAP
|
Stated
|
Outstanding Principal
|
||||||
University Place
|
August 1, 2021
|
6.99%
|
6.94%
|
$
|
3,106
|
|
||||
601 Lexington Avenue (55% ownership)
|
April 10, 2022
|
4.79%
|
4.75%
|
641,836
|
|
|||||
767 Fifth Avenue (The GM Building) (60% ownership)
|
June 9, 2027
|
3.64%
|
3.43%
|
2,300,000
|
|
|||||
Total
|
$
|
2,944,942
|
|
BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES
1
|
||||||||||
Maturity Date
|
Effective Yield (on issue date)
|
Coupon
|
Outstanding Principal
|
|||||||
10 Year Unsecured Senior Notes
|
May 15, 2021
|
4.29%
|
4.13%
|
$
|
850,000
|
|
||||
11 Year Unsecured Senior Notes
|
February 1, 2023
|
3.95%
|
3.85%
|
1,000,000
|
|
|||||
10.5 Year Unsecured Senior Notes
|
September 1, 2023
|
3.28%
|
3.13%
|
500,000
|
|
|||||
10.5 Year Unsecured Senior Notes
|
February 1, 2024
|
3.92%
|
3.80%
|
700,000
|
|
|||||
7 Year Unsecured Senior Notes
|
January 15, 2025
|
3.35%
|
3.20%
|
850,000
|
|
|||||
10 Year Unsecured Senior Notes
|
February 1, 2026
|
3.77%
|
3.65%
|
1,000,000
|
|
|||||
10 Year Unsecured Senior Notes
|
October 1, 2026
|
3.50%
|
2.75%
|
1,000,000
|
|
|||||
10 Year Unsecured Senior Notes (“green bonds”)
|
December 1, 2028
|
4.63%
|
4.50%
|
1,000,000
|
|
|||||
10 Year Unsecured Senior Notes (“green bonds”)
|
June 21, 2029
|
3.51%
|
3.40%
|
850,000
|
|
|||||
10.5 Year Unsecured Senior Notes
|
March 15, 2030
|
2.98%
|
2.90%
|
700,000
|
|
|||||
$
|
8,450,000
|
|
CAPITALIZATION
|
||||||||||
Shares/Units
|
Common Stock
|
Equivalent
|
||||||||
Outstanding
|
Equivalents
|
Value
2
|
||||||||
Common Stock
|
155,315
|
|
155,315
|
|
$
|
14,324,702
|
|
|||
Common Operating Partnership Units
|
17,765
|
|
17,765
|
|
1,638,466
|
|
||||
5.25% Series B Cumulative Redeemable Preferred Stock (callable on or after March 27, 2018)
|
80
|
|
—
|
|
200,000
|
|
||||
Total Equity
|
173,080
|
|
$
|
16,163,168
|
|
|||||
Consolidated Debt
(A)
|
$
|
12,061,224
|
|
|||||||
Add: BXP’s share of unconsolidated joint venture debt
3
|
1,027,547
|
|
||||||||
Less: Partners’ share of consolidated debt
4
|
1,198,575
|
|
||||||||
BXP’s Share of Debt
5
(B)
|
$
|
11,890,196
|
|
|||||||
Consolidated Market Capitalization
(C)
|
$
|
28,224,392
|
|
|||||||
BXP’s Share of Market Capitalization
5
(D)
|
$
|
28,053,364
|
|
|||||||
Consolidated Debt/Consolidated Market Capitalization
(A÷C)
|
42.73
|
%
|
||||||||
BXP’s Share of Debt/BXP’s Share of Market Capitalization
5
(B÷D)
|
42.38
|
%
|
1
|
All unsecured senior notes are rated A- (negative), and Baa1 (stable) by S&P and Moody’s, respectively.
|
2
|
Values based on March 31, 2020 closing price of
$92.23
per share of common stock, except the Series B Preferred Stock is valued at its fixed liquidation preference.
|
3
|
Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page
32
.
|
4
|
Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page
30
.
|
5
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
|
Q1 2020
|
Debt analysis
1
|
UNSECURED CREDIT FACILITY - MATURES APRIL 24, 2022
|
||||||||||||||||
Facility
|
Outstanding at March 31, 2020
|
Letters of Credit
|
Remaining Capacity at March 31, 2020
|
|||||||||||||
Unsecured Line of Credit
|
$
|
1,500,000
|
|
$
|
250,000
|
|
$
|
2,457
|
|
$
|
1,247,543
|
|
||||
Unsecured Term Loan
|
$
|
500,000
|
|
$
|
500,000
|
|
N/A
|
|
$
|
—
|
|
UNSECURED AND SECURED DEBT ANALYSIS
|
||||||||||||
Weighted Average
|
||||||||||||
% of Total Debt
|
Stated Rates
|
GAAP Rates
2
|
Maturity (years)
|
|||||||||
Unsecured Debt
|
75.80
|
%
|
3.55
|
%
|
3.63
|
%
|
5.4
|
|
||||
Secured Debt
|
24.20
|
%
|
3.72
|
%
|
3.90
|
%
|
6.1
|
|
||||
Consolidated Debt
|
100.00
|
%
|
3.59
|
%
|
3.70
|
%
|
5.6
|
|
FLOATING AND FIXED RATE DEBT ANALYSIS
|
||||||||||||
Weighted Average
|
||||||||||||
% of Total Debt
|
Stated Rates
|
GAAP Rates
2
|
Maturity (years)
|
|||||||||
Floating Rate Debt
|
6.21
|
%
|
2.07
|
%
|
2.16
|
%
|
2.1
|
|
||||
Fixed Rate Debt
|
93.79
|
%
|
3.69
|
%
|
3.80
|
%
|
5.8
|
|
||||
Consolidated Debt
|
100.00
|
%
|
3.59
|
%
|
3.70
|
%
|
5.6
|
|
1
|
Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page
32
.
|
2
|
The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges and the effects of hedging transactions.
|
|
Q1 2020
|
Senior unsecured debt covenant compliance ratios
|
Senior Notes Issued Prior to December 4, 2017
|
Senior Notes Issued On or After December 4, 2017
|
||||||
Test
|
Actual
|
||||||
Total Outstanding Debt/Total Assets
1
|
Less than 60%
|
43.2
|
%
|
39.4
|
%
|
||
Secured Debt/Total Assets
|
Less than 50%
|
13.6
|
%
|
12.4
|
%
|
||
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)
|
Greater than 1.50x
|
4.48
|
|
4.48
|
|
||
Unencumbered Assets/ Unsecured Debt
|
Greater than 150%
|
253.4
|
%
|
287.4
|
%
|
1
|
Capitalized Property Value for senior notes issued prior to December 4, 2017 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized property value for senior notes issued on or after December 4, 2017 is determined for each property and is the greater of (x) annualized EBITDA capitalized at 7.0% and (y) the undepreciated book value as determined under GAAP.
|
|
Q1 2020
|
Net Debt to EBITDA
re
|
Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDAre
–
cash
1
|
||||||||
Three Months Ended
|
||||||||
31-Mar-20
|
31-Dec-19
|
|||||||
Net income attributable to Boston Properties, Inc. common shareholders
|
$
|
497,496
|
|
$
|
140,824
|
|
||
Add:
|
||||||||
Preferred dividends
|
2,625
|
|
2,625
|
|
||||
Noncontrolling interest - common units of the Operating Partnership
|
57,539
|
|
16,222
|
|
||||
Noncontrolling interest in property partnerships
|
19,486
|
|
16,338
|
|
||||
Net income
|
577,146
|
|
176,009
|
|
||||
Add:
|
||||||||
Interest expense
|
101,591
|
|
102,880
|
|
||||
Losses from early extinguishments of debt
|
—
|
|
1,530
|
|
||||
Depreciation and amortization expense
|
171,094
|
|
169,897
|
|
||||
Less:
|
||||||||
Gains (losses) on sales of real estate
|
410,165
|
|
(57
|
)
|
||||
Income (loss) from unconsolidated joint ventures
|
(369
|
)
|
(936
|
)
|
||||
Add:
|
||||||||
BXP’s share of EBITDA
re
from unconsolidated joint ventures
2
|
28,886
|
|
24,328
|
|
||||
EBITDA
re
1
|
468,921
|
|
475,637
|
|
||||
Less:
|
||||||||
Partners’ share of EBITDA
re
from consolidated joint ventures
3
|
47,889
|
|
45,356
|
|
||||
BXP’s Share of EBITDA
re
1
(A)
|
421,032
|
|
430,281
|
|
||||
Add:
|
||||||||
Stock-based compensation expense
|
17,525
|
|
7,705
|
|
||||
BXP’s Share of straight-line ground rent expense adjustment
1
|
1,017
|
|
1,056
|
|
||||
BXP’s Share of lease transaction costs that qualify as rent inducements
1
|
4,023
|
|
9,403
|
|
||||
Less:
|
||||||||
BXP’s Share of non-cash termination income adjustment (fair value lease amounts)
1
|
—
|
|
—
|
|
||||
BXP’s Share of straight-line rent
1
|
31,262
|
|
43,501
|
|
||||
BXP’s Share of fair value lease revenue
1
|
3,189
|
|
3,298
|
|
||||
BXP’s Share of EBITDA
re
–
cash
1
|
$
|
409,146
|
|
$
|
401,646
|
|
||
BXP’s Share of EBITDA
re
(Annualized)
4
(A x 4)
|
$
|
1,684,128
|
|
$
|
1,721,124
|
|
Reconciliation of BXP’s Share of Net Debt
1
|
||||||||
31-Mar-20
|
31-Dec-19
|
|||||||
Consolidated debt
|
$
|
12,061,224
|
|
$
|
11,811,806
|
|
||
Add:
|
||||||||
Special dividend payable
|
—
|
|
—
|
|
||||
Less:
|
||||||||
Cash and cash equivalents
|
660,733
|
|
644,950
|
|
||||
Cash held in escrow for 1031 exchange
|
151,277
|
|
—
|
|
||||
Net debt
1
|
11,249,214
|
|
11,166,856
|
|
||||
Add:
|
||||||||
BXP’s share of unconsolidated joint venture debt
2
|
1,027,547
|
|
980,110
|
|
||||
Partners’ share of cash and cash equivalents from consolidated joint ventures
|
115,520
|
|
120,791
|
|
||||
Less:
|
||||||||
BXP’s share of cash and cash equivalents from unconsolidated joint ventures
|
93,811
|
|
90,206
|
|
||||
Partners’ share of consolidated joint venture debt
3
|
1,198,575
|
|
1,199,854
|
|
||||
BXP’s Share of Net Debt
1
(B)
|
$
|
11,099,895
|
|
$
|
10,977,697
|
|
||
BXP’s Share of Net Debt to BXP’s Share of EBITDA
re
(Annualized)
[B ÷ (A x 4)]
|
6.59
|
|
6.38
|
|
1
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
2
|
For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended
March 31, 2020
, see pages
32
and
60
.
|
3
|
For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended
March 31, 2020
, see pages
30
and
58
.
|
4
|
BXP’s Share of EBITDA
re
is annualized and calculated as the product of such amount for the quarter multiplied by four (4).
|
|
Q1 2020
|
Debt ratios
|
Three Months Ended
|
||||||||
31-Mar-20
|
31-Dec-19
|
|||||||
BXP’s Share of interest expense
1
|
$
|
101,738
|
|
$
|
102,752
|
|
||
Less:
|
||||||||
BXP’s Share of hedge amortization
1
|
1,435
|
|
1,435
|
|
||||
BXP’s Share of amortization of financing costs
1
|
3,349
|
|
3,341
|
|
||||
Adjusted interest expense excluding capitalized interest
(A)
|
96,954
|
|
97,976
|
|
||||
Add:
|
||||||||
BXP’s Share of capitalized interest
1
|
15,204
|
|
15,014
|
|
||||
Adjusted interest expense including capitalized interest
(B)
|
$
|
112,158
|
|
$
|
112,990
|
|
||
BXP’s Share of EBITDA
re
–
cash
1, 2
(C)
|
$
|
409,146
|
|
$
|
401,646
|
|
||
Interest Coverage Ratio (excluding capitalized interest)
(C÷A)
|
4.22
|
|
4.10
|
|
||||
Interest Coverage Ratio (including capitalized interest)
(C÷B)
|
3.65
|
|
3.55
|
|
Three Months Ended
|
||||||||
31-Mar-20
|
31-Dec-19
|
|||||||
BXP’s Share of interest expense
1
|
$
|
101,738
|
|
$
|
102,752
|
|
||
Less:
|
||||||||
BXP’s Share of hedge amortization
1
|
1,435
|
|
1,435
|
|
||||
BXP’s Share of amortization of financing costs
1
|
3,349
|
|
3,341
|
|
||||
Add:
|
||||||||
BXP’s Share of capitalized interest
1
|
15,204
|
|
15,014
|
|
||||
BXP’s Share of maintenance capital expenditures
1
|
20,244
|
|
25,457
|
|
||||
Hotel improvements, equipment upgrades and replacements
|
197
|
|
148
|
|
||||
Preferred dividends/distributions
|
2,625
|
|
2,625
|
|
||||
Total Fixed Charges
(A)
|
$
|
135,224
|
|
$
|
141,220
|
|
||
BXP’s Share of EBITDA
re
–
cash
1, 2
(B)
|
$
|
409,146
|
|
$
|
401,646
|
|
||
Fixed Charge Coverage Ratio
(B÷A)
|
3.03
|
|
2.84
|
|
1
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
2
|
For a qualitative reconciliation of BXP’s Share of EBITDA
re
– cash, see page
28
.
|
|
Q1 2020
|
Consolidated joint ventures
|
Norges Joint Ventures
1
|
|||||||||||||
Times Square Tower
|
|||||||||||||
601 Lexington Avenue /
One Five Nine East 53rd Street |
|||||||||||||
767 Fifth Avenue
|
100 Federal Street
|
Total Consolidated
|
|||||||||||
ASSETS
|
(The GM Building)
1
|
Atlantic Wharf Office
|
Joint Ventures
|
||||||||||
Real estate, net
|
$
|
3,217,461
|
|
$
|
2,306,892
|
|
$
|
5,524,353
|
|
||||
Cash and cash equivalents
|
105,345
|
|
163,070
|
|
268,415
|
|
|||||||
Other assets
|
288,090
|
|
373,696
|
|
661,786
|
|
|||||||
Total assets
|
$
|
3,610,896
|
|
$
|
2,843,658
|
|
$
|
6,454,554
|
|
||||
LIABILITIES AND EQUITY
|
|||||||||||||
Liabilities:
|
|||||||||||||
Mortgage notes payable, net
|
$
|
2,274,860
|
|
$
|
641,167
|
|
$
|
2,916,027
|
|
||||
Other liabilities
|
114,212
|
|
85,354
|
|
199,566
|
|
|||||||
Total liabilities
|
2,389,072
|
|
726,521
|
|
3,115,593
|
|
|||||||
Equity:
|
|||||||||||||
Boston Properties, Inc.
|
734,647
|
|
867,759
|
|
1,602,406
|
|
|||||||
Noncontrolling interests
|
487,177
|
|
1,249,378
|
|
1,736,555
|
|
2
|
||||||
Total equity
|
1,221,824
|
|
2,117,137
|
|
3,338,961
|
|
|||||||
Total liabilities and equity
|
$
|
3,610,896
|
|
$
|
2,843,658
|
|
$
|
6,454,554
|
|
||||
BXP’s nominal ownership percentage
|
60%
|
55%
|
|
|
|||||||||
|
|
||||||||||||
Partners’ share of cash and cash equivalents
3
|
$
|
42,138
|
|
|
$
|
73,382
|
|
|
$
|
115,520
|
|
||
Partners’ share of consolidated debt
3, 4
|
$
|
910,050
|
|
$
|
288,525
|
|
$
|
1,198,575
|
|
||||
1
|
Certain balances contain amounts that eliminate in consolidation.
|
2
|
Amount excludes preferred shareholders’ capital of approximately $0.1 million.
|
3
|
Amounts represent the partners’ share based on their respective ownership percentages.
|
4
|
Amounts adjusted for basis differentials.
|
|
Q1 2020
|
Consolidated joint ventures (continued)
|
Norges Joint Ventures
|
||||||||||||
Times Square Tower
|
||||||||||||
601 Lexington Avenue /
One Five Nine East 53rd Street |
||||||||||||
767 Fifth Avenue
|
100 Federal Street
|
Total Consolidated
|
||||||||||
(The GM Building)
|
Atlantic Wharf Office
|
Joint Ventures
|
||||||||||
Revenue
|
||||||||||||
Lease
1
|
$
|
69,133
|
|
$
|
96,613
|
|
$
|
165,746
|
|
|||
Straight-line rent
|
6,927
|
|
4,888
|
|
11,815
|
|
||||||
Fair value lease revenue
|
1,448
|
|
109
|
|
1,557
|
|
||||||
Termination income
|
474
|
|
106
|
|
580
|
|
||||||
Total lease revenue
|
77,982
|
|
|
101,716
|
|
|
179,698
|
|
||||
Parking and other
|
2
|
|
1,357
|
|
1,359
|
|
||||||
Total rental revenue
2
|
77,984
|
|
|
103,073
|
|
|
181,057
|
|
||||
Expenses
|
||||||||||||
Operating
|
30,700
|
|
35,716
|
|
66,416
|
|
||||||
Net Operating Income (NOI)
|
47,284
|
|
67,357
|
|
114,641
|
|
||||||
Other income (expense)
|
||||||||||||
Interest and other income
|
341
|
|
385
|
|
726
|
|
||||||
Interest expense
|
(21,175
|
)
|
(5,130
|
)
|
(26,305
|
)
|
||||||
Depreciation and amortization expense
|
(19,799
|
)
|
(20,613
|
)
|
(40,412
|
)
|
||||||
General and administrative expense
|
(21
|
)
|
(81
|
)
|
(102
|
)
|
||||||
Total other income (expense)
|
(40,654
|
)
|
(25,439
|
)
|
(66,093
|
)
|
||||||
Net income
|
$
|
6,630
|
|
$
|
41,918
|
|
$
|
48,548
|
|
BXP’s nominal ownership percentage
|
60%
|
55%
|
||||||||||
Norges Joint Ventures
|
||||||||||||
Times Square Tower
|
||||||||||||
601 Lexington Avenue /
One Five Nine East 53rd Street |
||||||||||||
767 Fifth Avenue
|
100 Federal Street
|
Total Consolidated
|
||||||||||
Reconciliation of Partners’ share of FFO
|
(The GM Building)
|
Atlantic Wharf Office
|
Joint Ventures
|
|||||||||
Net income
|
$
|
6,630
|
|
$
|
41,918
|
|
$
|
48,548
|
|
|||
Add: Depreciation and amortization expense
|
19,799
|
|
20,613
|
|
40,412
|
|
||||||
Entity FFO
|
$
|
26,429
|
|
$
|
62,531
|
|
$
|
88,960
|
|
|||
Partners’ NCI
3
|
$
|
1,660
|
|
$
|
17,826
|
|
$
|
19,486
|
|
|||
Partners’ share of depreciation and amortization expense after BXP’s basis differential
3
|
8,236
|
|
9,391
|
|
17,627
|
|
||||||
Partners’ share FFO
3
|
$
|
9,896
|
|
$
|
27,217
|
|
$
|
37,113
|
|
|||
Reconciliation of BXP’s share of FFO
|
||||||||||||
BXP’s share of net income adjusted for partners’ NCI
|
$
|
4,970
|
|
$
|
24,092
|
|
$
|
29,062
|
|
|||
Depreciation and amortization expense - BXP’s basis difference
|
72
|
|
408
|
|
480
|
|
||||||
BXP’s share of depreciation and amortization expense
|
11,491
|
|
10,814
|
|
22,305
|
|
||||||
BXP’s share of FFO
|
$
|
16,533
|
|
$
|
35,314
|
|
$
|
51,847
|
|
1
|
Lease revenue includes recoveries from tenants and service income from tenants.
|
2
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
3
|
Amounts represent the partners’ share based on their respective ownership percentage and is adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.
|
|
Q1 2020
|
Unconsolidated joint ventures
1
|
BXP’s Nominal Ownership
|
Mortgage/Construction Loans Payable, Net
|
Interest Rate
|
||||||||||||||||||
Property
|
Net Equity
|
Maturity Date
|
Stated
|
GAAP
2
|
||||||||||||||||
540 Madison Avenue
3
|
60.00
|
%
|
$
|
2,961
|
|
$
|
—
|
|
—
|
|
—
|
%
|
—
|
%
|
||||||
Santa Monica Business Park
|
55.00
|
%
|
151,997
|
|
163,468
|
|
July 19, 2025
|
|
4.06
|
%
|
4.24
|
%
|
||||||||
Platform 16
|
55.00
|
%
|
93,991
|
|
—
|
|
—
|
|
—
|
%
|
—
|
%
|
||||||||
Gateway Commons
|
50.00
|
%
|
348,143
|
|
—
|
|
—
|
|
—
|
%
|
—
|
%
|
||||||||
Colorado Center
|
50.00
|
%
|
251,146
|
|
274,622
|
|
August 9, 2027
|
|
3.56
|
%
|
3.58
|
%
|
||||||||
Dock 72
|
50.00
|
%
|
95,362
|
|
89,290
|
|
December 18, 2020
|
|
3.65
|
%
|
4.79
|
%
|
||||||||
The Hub on Causeway
|
50.00
|
%
|
—
|
|
—
|
|
—
|
|
—
|
%
|
—
|
%
|
||||||||
Podium
|
50.00
|
%
|
49,605
|
|
85,974
|
|
September 6, 2021
|
|
3.59
|
%
|
4.08
|
%
|
||||||||
Hub50House
|
50.00
|
%
|
54,414
|
|
77,154
|
|
April 19, 2022
|
|
3.35
|
%
|
3.63
|
%
|
||||||||
100 Causeway Street
|
50.00
|
%
|
57,079
|
|
59,770
|
|
September 5, 2023
|
|
3.15
|
%
|
3.36
|
%
|
||||||||
Hotel Air Rights
|
50.00
|
%
|
9,889
|
|
—
|
|
—
|
|
—
|
%
|
—
|
%
|
||||||||
1001 6th Street
|
50.00
|
%
|
42,774
|
|
—
|
|
—
|
|
—
|
%
|
—
|
%
|
||||||||
7750 Wisconsin Avenue (Marriott International Headquarters)
|
50.00
|
%
|
57,003
|
|
38,621
|
|
April 26, 2023
|
|
2.69
|
%
|
3.24
|
%
|
||||||||
Annapolis Junction
|
50.00
|
%
|
25,461
|
|
—
|
|
—
|
|
—
|
%
|
—
|
%
|
||||||||
Annapolis Junction Building Six
|
50.00
|
%
|
—
|
|
6,193
|
|
November 17, 2020
|
|
3.41
|
%
|
3.56
|
%
|
||||||||
Annapolis Junction Building Seven and Eight
|
50.00
|
%
|
—
|
|
17,302
|
|
June 30, 2020
|
|
4.02
|
%
|
4.17
|
%
|
||||||||
1265 Main Street
|
50.00
|
%
|
3,636
|
|
18,815
|
|
January 1, 2032
|
|
3.77
|
%
|
3.84
|
%
|
||||||||
Market Square North
|
50.00
|
%
|
(4,469
|
)
|
57,743
|
|
October 1, 2020
|
|
4.85
|
%
|
4.91
|
%
|
||||||||
Wisconsin Place Parking Facility
|
33.33
|
%
|
36,446
|
|
—
|
|
—
|
|
—
|
%
|
—
|
%
|
||||||||
500 North Capitol Street, N.W.
|
30.00
|
%
|
(5,688
|
)
|
31,444
|
|
June 6, 2023
|
|
4.15
|
%
|
4.20
|
%
|
||||||||
3 Hudson Boulevard
4
|
25.00
|
%
|
84,301
|
|
19,948
|
|
July 13, 2023
|
|
4.97
|
%
|
5.05
|
%
|
||||||||
901 New York Avenue
|
25.00
|
%
|
(12,069
|
)
|
55,864
|
|
January 5, 2025
|
|
3.61
|
%
|
3.69
|
%
|
||||||||
Metropolitan Square
5
|
20.00
|
%
|
13,130
|
|
31,339
|
|
May 5, 2020
|
|
5.75
|
%
|
5.81
|
%
|
||||||||
1,355,112
|
|
|||||||||||||||||||
Investments with deficit balances reflected within Other Liabilities
|
22,226
|
|
||||||||||||||||||
Investment in Joint Ventures
|
$
|
1,377,338
|
|
|||||||||||||||||
Mortgage/Construction Loans Payable, Net
|
|
|
$
|
1,027,547
|
|
FLOATING AND FIXED RATE DEBT ANALYSIS
|
||||||||||||
Weighted Average
|
||||||||||||
% of Total Debt
|
Stated Rate
|
GAAP Rate
2
|
Maturity (years)
|
|||||||||
Floating Rate Debt
|
38.37
|
%
|
3.49
|
%
|
4.00
|
%
|
1.9
|
|
||||
Fixed Rate Debt
|
61.63
|
%
|
3.96
|
%
|
4.03
|
%
|
5.5
|
|
||||
Total Debt
|
100.00
|
%
|
3.78
|
%
|
4.02
|
%
|
4.1
|
|
|
Q1 2020
|
Unconsolidated joint ventures (continued)
1
|
1
|
Amounts represent BXP’s share based on its ownership percentage.
|
2
|
The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, which includes mortgage recording fees.
|
3
|
The property was sold on June 27, 2019.
|
4
|
The Company has provided $80.0 million of mortgage financing to the joint venture. The loan has been reflected as Related Party Note Receivable, Net on the Company’s Consolidated Balance Sheets.
|
5
|
On April 22, 2020, the joint venture extended the loan maturity to August 5, 2020.
|
|
Q1 2020
|
Unconsolidated joint ventures (continued)
|
RESULTS OF OPERATIONS
|
||||||||||||||||||||||||||||||||||||||||||||
Market Square North
|
Metropolitan
Square |
901 New York Avenue
|
Annapolis Junction
1
|
500 North Capitol Street, N.W.
|
Colorado Center
|
Santa Monica Business Park
|
The Hub on Causeway
|
Gateway Commons
2
|
Other Joint Ventures
3
|
Total Unconsolidated Joint Ventures
|
||||||||||||||||||||||||||||||||||
Revenue
|
||||||||||||||||||||||||||||||||||||||||||||
Lease
4
|
$
|
5,281
|
|
$
|
4,360
|
|
$
|
6,187
|
|
$
|
1,938
|
|
$
|
4,334
|
|
$
|
19,113
|
|
$
|
15,409
|
|
$
|
7,550
|
|
$
|
8,467
|
|
$
|
2,058
|
|
$
|
74,697
|
|
|||||||||||
Straight-line rent
|
397
|
|
2,086
|
|
270
|
|
52
|
|
(19
|
)
|
984
|
|
1,254
|
|
1,359
|
|
406
|
|
2,874
|
|
9,663
|
|
||||||||||||||||||||||
Fair value lease revenue
|
|
|
|
|
|
|
|
|
|
|
9
|
|
908
|
|
|
|
40
|
|
—
|
|
957
|
|
||||||||||||||||||||||
Termination income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||||||||||||||||
Total lease revenue
|
5,678
|
|
6,446
|
|
6,457
|
|
1,990
|
|
4,315
|
|
20,106
|
|
17,571
|
|
8,909
|
|
8,913
|
|
4,932
|
|
85,317
|
|
||||||||||||||||||||||
Parking and other
|
209
|
|
480
|
|
330
|
|
—
|
|
123
|
|
2,767
|
|
2,177
|
|
95
|
|
1
|
|
1,137
|
|
7,319
|
|
||||||||||||||||||||||
Total rental revenue
5
|
5,887
|
|
6,926
|
|
6,787
|
|
1,990
|
|
4,438
|
|
22,873
|
|
19,748
|
|
9,004
|
|
8,914
|
|
6,069
|
|
92,636
|
|
||||||||||||||||||||||
Expenses
|
||||||||||||||||||||||||||||||||||||||||||||
Operating
|
2,484
|
|
3,325
|
|
3,112
|
|
756
|
|
1,806
|
|
6,251
|
|
7,497
|
|
3,797
|
|
3,066
|
|
3,043
|
|
35,137
|
|
||||||||||||||||||||||
Net operating income
|
3,403
|
|
3,601
|
|
3,675
|
|
1,234
|
|
2,632
|
|
16,622
|
|
12,251
|
|
5,207
|
|
5,848
|
|
3,026
|
|
57,499
|
|
||||||||||||||||||||||
Other income/(expense)
|
||||||||||||||||||||||||||||||||||||||||||||
Development and management services revenue
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
6
|
|
—
|
|
5
|
|
||||||||||||||||||||||
Interest and other income
|
56
|
|
—
|
|
98
|
|
51
|
|
18
|
|
172
|
|
1
|
|
49
|
|
—
|
|
117
|
|
562
|
|
||||||||||||||||||||||
Interest expense
|
(1,424
|
)
|
(1,653
|
)
|
(2,072
|
)
|
(473
|
)
|
(1,116
|
)
|
(4,979
|
)
|
(6,972
|
)
|
(2,655
|
)
|
—
|
|
(1,239
|
)
|
(22,583
|
)
|
||||||||||||||||||||||
Depreciation and amortization expense
|
(1,139
|
)
|
(1,776
|
)
|
(1,410
|
)
|
(663
|
)
|
(872
|
)
|
(5,188
|
)
|
(8,969
|
)
|
(3,537
|
)
|
(5,737
|
)
|
(2,744
|
)
|
(32,035
|
)
|
||||||||||||||||||||||
General and administrative expense
|
—
|
|
(14
|
)
|
—
|
|
—
|
|
—
|
|
(26
|
)
|
(152
|
)
|
(56
|
)
|
(14
|
)
|
(2
|
)
|
(264
|
)
|
||||||||||||||||||||||
Total other income/(expense)
|
(2,507
|
)
|
(3,443
|
)
|
(3,384
|
)
|
(1,086
|
)
|
(1,970
|
)
|
(10,021
|
)
|
(16,092
|
)
|
(6,199
|
)
|
(5,745
|
)
|
(3,868
|
)
|
(54,315
|
)
|
||||||||||||||||||||||
Net income/(loss)
|
$
|
896
|
|
$
|
158
|
|
$
|
291
|
|
$
|
148
|
|
$
|
662
|
|
$
|
6,601
|
|
$
|
(3,841
|
)
|
$
|
(992
|
)
|
$
|
103
|
|
$
|
(842
|
)
|
$
|
3,184
|
|
|||||||||||
BXP’s economic ownership percentage
|
50
|
%
|
20
|
%
|
25
|
%
|
50
|
%
|
30
|
%
|
50
|
%
|
55
|
%
|
50
|
%
|
55
|
%
|
|
|
||||||||||||||||||||||||
Reconciliation of BXP’s share of Funds from Operations (FFO)
|
||||||||||||||||||||||||||||||||||||||||||||
BXP’s share of net income/(loss)
|
$
|
448
|
|
$
|
32
|
|
$
|
73
|
|
6
|
$
|
74
|
|
$
|
199
|
|
$
|
3,301
|
|
$
|
(2,113
|
)
|
$
|
(496
|
)
|
$
|
57
|
|
$
|
(323
|
)
|
$
|
1,252
|
|
||||||||||
Basis differential
|
||||||||||||||||||||||||||||||||||||||||||||
Straight-line rent
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
444
|
|
7
|
$
|
—
|
|
$
|
—
|
|
$
|
65
|
|
$
|
—
|
|
$
|
509
|
|
||||||||||
Fair value lease revenue
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
437
|
|
7
|
—
|
|
—
|
|
(137
|
)
|
—
|
|
300
|
|
|||||||||||||||||||||
Depreciation and amortization expense
|
(46
|
)
|
3
|
|
(26
|
)
|
(4
|
)
|
2
|
|
(1,894
|
)
|
5
|
|
(19
|
)
|
(436
|
)
|
(15
|
)
|
(2,430
|
)
|
||||||||||||||||||||||
Total basis differential
8
|
(46
|
)
|
3
|
|
(26
|
)
|
(4
|
)
|
2
|
|
(1,013
|
)
|
7
|
5
|
|
(19
|
)
|
(508
|
)
|
(15
|
)
|
(1,621
|
)
|
|||||||||||||||||||||
Income/(loss) from unconsolidated joint ventures
|
402
|
|
35
|
|
47
|
|
6
|
70
|
|
201
|
|
2,288
|
|
(2,108
|
)
|
(515
|
)
|
(451
|
)
|
(338
|
)
|
(369
|
)
|
|||||||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||
BXP’s share of depreciation and amortization expense
|
615
|
|
352
|
|
803
|
|
6
|
335
|
|
259
|
|
4,488
|
|
4,928
|
|
1,788
|
|
3,606
|
|
1,158
|
|
18,332
|
|
|||||||||||||||||||||
BXP’s share of FFO
|
$
|
1,017
|
|
$
|
387
|
|
$
|
850
|
|
$
|
405
|
|
$
|
460
|
|
$
|
6,776
|
|
$
|
2,820
|
|
$
|
1,273
|
|
$
|
3,155
|
|
$
|
820
|
|
$
|
17,963
|
|
|
Q1 2020
|
Unconsolidated joint ventures (continued)
|
1
|
Annapolis Junction includes three in-service properties and two undeveloped land parcels.
|
2
|
For additional detail see, page
11
.
|
3
|
Includes 1001 6th Street, Dock 72, 7750 Wisconsin Avenue, 1265 Main Street, Wisconsin Place Parking Facility, 3 Hudson Boulevard, 540 Madison Avenue and Platform 16.
|
4
|
Lease revenue includes recoveries from tenants and service income from tenants.
|
5
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
6
|
Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement.
|
7
|
The Company’s purchase price allocation under ASC 805 for Colorado Center differs from the historical basis of the venture resulting in the majority of the basis differential for this venture.
|
8
|
Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.
|
|
Q1 2020
|
Lease expirations
- All in-service properties
1, 2, 3
|
OFFICE
|
||||||||||||||||||||||
BXP’s Share
|
||||||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
|||||||||||||||||||
Year of Lease
|
Percentage of
|
|||||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
Total Square Feet
|
|||||||||||||||||
2020
|
2,259,552
|
|
1,912,073
|
|
109,806,176
|
|
57.43
|
|
110,342,175
|
|
57.71
|
|
5.19
|
%
|
4
|
|||||||
2021
|
3,094,722
|
|
2,772,576
|
|
153,417,045
|
|
55.33
|
|
156,261,216
|
|
56.36
|
|
7.52
|
%
|
||||||||
2022
|
2,698,688
|
|
2,304,783
|
|
151,684,092
|
|
65.81
|
|
153,217,263
|
|
66.48
|
|
6.25
|
%
|
||||||||
2023
|
2,022,466
|
|
1,775,531
|
|
117,573,178
|
|
66.22
|
|
126,032,746
|
|
70.98
|
|
4.82
|
%
|
||||||||
2024
|
3,589,893
|
|
3,246,827
|
|
202,595,033
|
|
62.40
|
|
210,841,329
|
|
64.94
|
|
8.81
|
%
|
||||||||
2025
|
2,624,204
|
|
2,362,568
|
|
149,346,072
|
|
63.21
|
|
163,292,063
|
|
69.12
|
|
6.41
|
%
|
||||||||
2026
|
3,324,528
|
|
2,552,719
|
|
191,053,338
|
|
74.84
|
|
211,570,904
|
|
82.88
|
|
6.93
|
%
|
||||||||
2027
|
2,040,197
|
|
1,798,355
|
|
117,932,364
|
|
65.58
|
|
131,201,753
|
|
72.96
|
|
4.88
|
%
|
||||||||
2028
|
2,391,850
|
|
2,210,021
|
|
154,488,795
|
|
69.90
|
|
175,178,759
|
|
79.27
|
|
6.00
|
%
|
||||||||
2029
|
2,380,164
|
|
2,232,847
|
|
148,413,505
|
|
66.47
|
|
175,030,869
|
|
78.39
|
|
6.06
|
%
|
||||||||
Thereafter
|
13,211,017
|
|
11,082,096
|
|
856,221,510
|
|
77.26
|
|
1,067,658,634
|
|
96.34
|
|
30.07
|
%
|
RETAIL
|
||||||||||||||||||||||
BXP’s Share
|
||||||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
|||||||||||||||||||
Year of Lease
|
Percentage of
|
|||||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
Total Square Feet
|
|||||||||||||||||
2020
|
136,254
|
|
129,591
|
|
9,379,140
|
|
72.37
|
|
9,383,819
|
|
72.41
|
|
6.12
|
%
|
4
|
|||||||
2021
|
118,383
|
|
109,840
|
|
9,172,016
|
|
83.50
|
|
9,233,097
|
|
84.06
|
|
5.19
|
%
|
||||||||
2022
|
213,172
|
|
186,695
|
|
14,887,126
|
|
79.74
|
|
15,099,339
|
|
80.88
|
|
8.82
|
%
|
||||||||
2023
|
227,632
|
|
220,449
|
|
23,202,721
|
|
105.25
|
|
23,625,094
|
|
107.17
|
|
10.42
|
%
|
||||||||
2024
|
122,167
|
|
113,041
|
|
9,540,915
|
|
84.40
|
|
9,963,375
|
|
88.14
|
|
5.34
|
%
|
||||||||
2025
|
169,237
|
|
165,659
|
|
10,164,643
|
|
61.36
|
|
11,085,241
|
|
66.92
|
|
7.83
|
%
|
||||||||
2026
|
128,299
|
|
107,114
|
|
20,836,482
|
|
194.53
|
|
19,344,230
|
|
180.59
|
|
5.06
|
%
|
||||||||
2027
|
108,135
|
|
102,868
|
|
13,609,793
|
|
132.30
|
|
15,064,868
|
|
146.45
|
|
4.86
|
%
|
||||||||
2028
|
259,987
|
|
244,178
|
|
14,682,051
|
|
60.13
|
|
16,115,940
|
|
66.00
|
|
11.54
|
%
|
||||||||
2029
|
148,698
|
|
109,506
|
|
9,905,323
|
|
90.45
|
|
10,951,298
|
|
100.01
|
|
5.17
|
%
|
||||||||
Thereafter
|
764,465
|
|
601,750
|
|
65,546,612
|
|
108.93
|
|
84,553,670
|
|
140.51
|
|
28.43
|
%
|
IN-SERVICE PROPERTIES
|
||||||||||||||||||||||
BXP’s Share
|
||||||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
|||||||||||||||||||
Year of Lease
|
Percentage of
|
|||||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
Total Square Feet
|
|||||||||||||||||
2020
|
2,395,806
|
|
2,041,664
|
|
119,185,316
|
|
58.38
|
|
119,725,994
|
|
58.64
|
|
5.24
|
%
|
4
|
|||||||
2021
|
3,213,105
|
|
2,882,416
|
|
162,589,061
|
|
56.41
|
|
165,494,313
|
|
57.42
|
|
7.40
|
%
|
||||||||
2022
|
2,911,860
|
|
2,491,478
|
|
166,571,218
|
|
66.86
|
|
168,316,602
|
|
67.56
|
|
6.39
|
%
|
||||||||
2023
|
2,250,098
|
|
1,995,980
|
|
140,775,899
|
|
70.53
|
|
149,657,840
|
|
74.98
|
|
5.12
|
%
|
||||||||
2024
|
3,712,060
|
|
3,359,868
|
|
212,135,948
|
|
63.14
|
|
220,804,704
|
|
65.72
|
|
8.62
|
%
|
||||||||
2025
|
2,793,441
|
|
2,528,227
|
|
159,510,715
|
|
63.09
|
|
174,377,304
|
|
68.97
|
|
6.49
|
%
|
||||||||
2026
|
3,452,827
|
|
2,659,833
|
|
211,889,820
|
|
79.66
|
|
230,915,134
|
|
86.82
|
|
6.82
|
%
|
||||||||
2027
|
2,148,332
|
|
1,901,223
|
|
131,542,157
|
|
69.19
|
|
146,266,621
|
|
76.93
|
|
4.88
|
%
|
||||||||
2028
|
2,651,837
|
|
2,454,199
|
|
169,170,846
|
|
68.93
|
|
191,294,699
|
|
77.95
|
|
6.30
|
%
|
||||||||
2029
|
2,528,862
|
|
2,342,353
|
|
158,318,828
|
|
67.59
|
|
185,982,167
|
|
79.40
|
|
6.01
|
%
|
||||||||
Thereafter
|
13,975,482
|
|
11,683,846
|
|
921,768,122
|
|
78.89
|
|
1,152,212,304
|
|
98.62
|
|
29.98
|
%
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
Does not include residential units and hotel.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
4
|
Includes square feet expiring on the last day of the current quarter.
|
|
Q1 2020
|
Lease expirations - Boston region in-service properties
1, 2, 3
|
OFFICE
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
305,199
|
|
297,708
|
|
16,672,073
|
|
56.00
|
|
16,913,848
|
|
56.81
|
|
|||||||
2021
|
822,319
|
|
764,070
|
|
35,620,432
|
|
46.62
|
|
35,969,897
|
|
47.08
|
|
|||||||
2022
|
901,919
|
|
836,940
|
|
39,417,358
|
|
47.10
|
|
40,093,322
|
|
47.90
|
|
|||||||
2023
|
691,857
|
|
632,456
|
|
36,954,086
|
|
58.43
|
|
39,286,593
|
|
62.12
|
|
|||||||
2024
|
915,904
|
|
886,701
|
|
47,012,739
|
|
53.02
|
|
49,110,622
|
|
55.39
|
|
|||||||
2025
|
1,070,186
|
|
1,053,671
|
|
58,539,537
|
|
55.56
|
|
63,496,610
|
|
60.26
|
|
|||||||
2026
|
1,269,257
|
|
1,030,198
|
|
68,847,160
|
|
66.83
|
|
77,017,074
|
|
74.76
|
|
|||||||
2027
|
645,041
|
|
645,041
|
|
36,332,948
|
|
56.33
|
|
40,198,237
|
|
62.32
|
|
|||||||
2028
|
1,079,209
|
|
1,079,209
|
|
66,632,950
|
|
61.74
|
|
72,138,105
|
|
66.84
|
|
|||||||
2029
|
681,361
|
|
604,026
|
|
29,976,423
|
|
49.63
|
|
35,084,695
|
|
58.08
|
|
|||||||
Thereafter
|
4,722,798
|
|
4,237,885
|
|
278,169,039
|
|
65.64
|
|
348,386,275
|
|
82.21
|
|
RETAIL
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
62,399
|
|
62,399
|
|
4,864,249
|
|
77.95
|
|
4,868,532
|
|
78.02
|
|
|||||||
2021
|
28,293
|
|
21,977
|
|
2,046,945
|
|
93.14
|
|
2,063,469
|
|
93.89
|
|
|||||||
2022
|
58,415
|
|
58,100
|
|
3,998,685
|
|
68.82
|
|
4,076,564
|
|
70.16
|
|
|||||||
2023
|
76,955
|
|
76,955
|
|
8,596,482
|
|
111.71
|
|
8,166,320
|
|
106.12
|
|
|||||||
2024
|
70,982
|
|
70,982
|
|
4,966,640
|
|
69.97
|
|
5,021,413
|
|
70.74
|
|
|||||||
2025
|
48,974
|
|
48,974
|
|
3,914,825
|
|
79.94
|
|
4,254,260
|
|
86.87
|
|
|||||||
2026
|
20,123
|
|
19,258
|
|
5,187,512
|
|
269.37
|
|
5,762,611
|
|
299.24
|
|
|||||||
2027
|
63,536
|
|
63,536
|
|
10,657,504
|
|
167.74
|
|
11,722,383
|
|
184.50
|
|
|||||||
2028
|
168,757
|
|
167,407
|
|
12,130,261
|
|
72.46
|
|
13,275,540
|
|
79.30
|
|
|||||||
2029
|
110,741
|
|
76,346
|
|
7,396,073
|
|
96.88
|
|
8,004,897
|
|
104.85
|
|
|||||||
Thereafter
|
336,964
|
|
264,915
|
|
11,424,557
|
|
43.13
|
|
13,202,787
|
|
49.84
|
|
TOTAL PROPERTY TYPES
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
367,598
|
|
360,107
|
|
21,536,322
|
|
59.81
|
|
21,782,380
|
|
60.49
|
|
|||||||
2021
|
850,612
|
|
786,047
|
|
37,667,377
|
|
47.92
|
|
38,033,366
|
|
48.39
|
|
|||||||
2022
|
960,334
|
|
895,040
|
|
43,416,043
|
|
48.51
|
|
44,169,886
|
|
49.35
|
|
|||||||
2023
|
768,812
|
|
709,411
|
|
45,550,568
|
|
64.21
|
|
47,452,913
|
|
66.89
|
|
|||||||
2024
|
986,886
|
|
957,683
|
|
51,979,379
|
|
54.28
|
|
54,132,035
|
|
56.52
|
|
|||||||
2025
|
1,119,160
|
|
1,102,645
|
|
62,454,362
|
|
56.64
|
|
67,750,870
|
|
61.44
|
|
|||||||
2026
|
1,289,380
|
|
1,049,456
|
|
74,034,672
|
|
70.55
|
|
82,779,685
|
|
78.88
|
|
|||||||
2027
|
708,577
|
|
708,577
|
|
46,990,452
|
|
66.32
|
|
51,920,620
|
|
73.27
|
|
|||||||
2028
|
1,247,966
|
|
1,246,616
|
|
78,763,211
|
|
63.18
|
|
85,413,645
|
|
68.52
|
|
|||||||
2029
|
792,102
|
|
680,372
|
|
37,372,496
|
|
54.93
|
|
43,089,592
|
|
63.33
|
|
|||||||
Thereafter
|
5,059,762
|
|
4,502,800
|
|
289,593,596
|
|
64.31
|
|
361,589,062
|
|
80.30
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
Does not include residential units and hotel.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
|
Q1 2020
|
Quarterly lease expirations - Boston region in-service properties
1, 2, 3
|
OFFICE
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q2 2020
|
46,428
|
|
46,428
|
|
2,201,294
|
|
47.41
|
|
2,383,994
|
|
51.35
|
|
|||||||
Q3 2020
|
41,174
|
|
41,174
|
|
2,423,605
|
|
58.86
|
|
2,423,605
|
|
58.86
|
|
|||||||
Q4 2020
|
217,597
|
|
210,106
|
|
12,047,174
|
|
57.34
|
|
12,106,249
|
|
57.62
|
|
|||||||
Total 2020
|
305,199
|
|
297,708
|
|
16,672,073
|
|
56.00
|
|
16,913,848
|
|
56.81
|
|
|||||||
Q1 2021
|
224,576
|
|
220,246
|
|
9,133,916
|
|
41.47
|
|
9,137,223
|
|
41.49
|
|
|||||||
Q2 2021
|
247,821
|
|
247,821
|
|
11,261,701
|
|
45.44
|
|
11,380,865
|
|
45.92
|
|
|||||||
Q3 2021
|
107,227
|
|
107,227
|
|
4,680,992
|
|
43.65
|
|
4,774,910
|
|
44.53
|
|
|||||||
Q4 2021
|
242,695
|
|
188,776
|
|
10,543,824
|
|
55.85
|
|
10,676,899
|
|
56.56
|
|
|||||||
Total 2021
|
822,319
|
|
764,070
|
|
35,620,432
|
|
46.62
|
|
35,969,897
|
|
47.08
|
|
RETAIL
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q2 2020
|
44,942
|
|
44,942
|
|
3,467,580
|
|
77.16
|
|
3,467,580
|
|
77.16
|
|
|||||||
Q3 2020
|
15,980
|
|
15,980
|
|
925,080
|
|
57.89
|
|
925,080
|
|
57.89
|
|
|||||||
Q4 2020
|
1,477
|
|
1,477
|
|
471,589
|
|
319.29
|
|
475,872
|
|
322.19
|
|
|||||||
Total 2020
|
62,399
|
|
62,399
|
|
4,864,249
|
|
77.95
|
|
4,868,532
|
|
78.02
|
|
|||||||
Q1 2021
|
4,264
|
|
4,264
|
|
269,416
|
|
63.18
|
|
269,416
|
|
63.18
|
|
|||||||
Q2 2021
|
1,725
|
|
1,725
|
|
248,874
|
|
144.28
|
|
248,874
|
|
144.28
|
|
|||||||
Q3 2021
|
15,547
|
|
9,233
|
|
883,594
|
|
95.70
|
|
889,763
|
|
96.37
|
|
|||||||
Q4 2021
|
6,757
|
|
6,755
|
|
645,061
|
|
95.49
|
|
655,415
|
|
97.02
|
|
|||||||
Total 2021
|
28,293
|
|
21,977
|
|
2,046,945
|
|
93.14
|
|
2,063,469
|
|
93.89
|
|
TOTAL PROPERTY TYPES
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q2 2020
|
91,370
|
|
91,370
|
|
5,668,874
|
|
62.04
|
|
5,851,574
|
|
64.04
|
|
|||||||
Q3 2020
|
57,154
|
|
57,154
|
|
3,348,685
|
|
58.59
|
|
3,348,685
|
|
58.59
|
|
|||||||
Q4 2020
|
219,074
|
|
211,583
|
|
12,518,763
|
|
59.17
|
|
12,582,121
|
|
59.47
|
|
|||||||
Total 2020
|
367,598
|
|
360,107
|
|
21,536,322
|
|
59.81
|
|
21,782,380
|
|
60.49
|
|
|||||||
Q1 2021
|
228,840
|
|
224,510
|
|
9,403,332
|
|
41.88
|
|
9,406,639
|
|
41.90
|
|
|||||||
Q2 2021
|
249,546
|
|
249,546
|
|
11,510,575
|
|
46.13
|
|
11,629,739
|
|
46.60
|
|
|||||||
Q3 2021
|
122,774
|
|
116,460
|
|
5,564,586
|
|
47.78
|
|
5,664,673
|
|
48.64
|
|
|||||||
Q4 2021
|
249,452
|
|
195,531
|
|
11,188,885
|
|
57.22
|
|
11,332,314
|
|
57.96
|
|
|||||||
Total 2021
|
850,612
|
|
786,047
|
|
37,667,377
|
|
47.92
|
|
38,033,366
|
|
48.39
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
Does not include residential units and hotel.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
|
Q1 2020
|
Lease expirations - Los Angeles region in-service properties
1, 2, 3
|
OFFICE
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
355,170
|
|
188,719
|
|
12,370,039
|
|
65.55
|
|
12,389,476
|
|
65.65
|
|
|||||||
2021
|
329,467
|
|
166,471
|
|
11,253,693
|
|
67.60
|
|
11,780,152
|
|
70.76
|
|
|||||||
2022
|
43,921
|
|
22,274
|
|
1,373,883
|
|
61.68
|
|
1,476,993
|
|
66.31
|
|
|||||||
2023
|
163,555
|
|
86,354
|
|
5,527,087
|
|
64.00
|
|
6,125,044
|
|
70.93
|
|
|||||||
2024
|
128,688
|
|
70,778
|
|
4,301,694
|
|
60.78
|
|
5,053,724
|
|
71.40
|
|
|||||||
2025
|
6,450
|
|
3,548
|
|
224,411
|
|
63.26
|
|
319,067
|
|
89.94
|
|
|||||||
2026
|
430,949
|
|
237,022
|
|
14,961,376
|
|
63.12
|
|
18,089,384
|
|
76.32
|
|
|||||||
2027
|
13,937
|
|
7,665
|
|
401,598
|
|
52.39
|
|
447,130
|
|
58.33
|
|
|||||||
2028
|
262,161
|
|
134,409
|
|
9,345,565
|
|
69.53
|
|
12,889,528
|
|
95.90
|
|
|||||||
2029
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Thereafter
|
346,204
|
|
173,102
|
|
11,365,891
|
|
65.66
|
|
19,274,112
|
|
111.35
|
|
RETAIL
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
11,663
|
|
6,415
|
|
250,094
|
|
38.99
|
|
250,490
|
|
39.05
|
|
|||||||
2021
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
2022
|
39,888
|
|
21,850
|
|
1,145,047
|
|
52.41
|
|
1,193,857
|
|
54.64
|
|
|||||||
2023
|
1,405
|
|
703
|
|
46,269
|
|
65.86
|
|
48,314
|
|
68.77
|
|
|||||||
2024
|
4,333
|
|
2,283
|
|
116,040
|
|
50.82
|
|
134,265
|
|
58.81
|
|
|||||||
2025
|
6,081
|
|
3,345
|
|
324,140
|
|
96.92
|
|
408,155
|
|
122.04
|
|
|||||||
2026
|
5,827
|
|
3,205
|
|
287,339
|
|
89.66
|
|
339,285
|
|
105.87
|
|
|||||||
2027
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
2028
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
2029
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Thereafter
|
23,276
|
|
11,902
|
|
774,491
|
|
65.07
|
|
1,006,379
|
|
84.55
|
|
TOTAL PROPERTY TYPES
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
366,833
|
|
195,134
|
|
12,620,133
|
|
64.67
|
|
12,639,966
|
|
64.78
|
|
|||||||
2021
|
329,467
|
|
166,471
|
|
11,253,693
|
|
67.60
|
|
11,780,152
|
|
70.76
|
|
|||||||
2022
|
83,809
|
|
44,124
|
|
2,518,930
|
|
57.09
|
|
2,670,850
|
|
60.53
|
|
|||||||
2023
|
164,960
|
|
87,057
|
|
5,573,356
|
|
64.02
|
|
6,173,358
|
|
70.91
|
|
|||||||
2024
|
133,021
|
|
73,061
|
|
4,417,734
|
|
60.47
|
|
5,187,989
|
|
71.01
|
|
|||||||
2025
|
12,531
|
|
6,893
|
|
548,551
|
|
79.58
|
|
727,222
|
|
105.50
|
|
|||||||
2026
|
436,776
|
|
240,227
|
|
15,248,715
|
|
63.48
|
|
18,428,669
|
|
76.71
|
|
|||||||
2027
|
13,937
|
|
7,665
|
|
401,598
|
|
52.39
|
|
447,130
|
|
58.33
|
|
|||||||
2028
|
262,161
|
|
134,409
|
|
9,345,565
|
|
69.53
|
|
12,889,528
|
|
95.90
|
|
|||||||
2029
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Thereafter
|
369,480
|
|
185,004
|
|
12,140,382
|
|
65.62
|
|
20,280,491
|
|
109.62
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
The Company owns 50% of Colorado Center and 55% of Santa Monica Business Park.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
|
Q1 2020
|
Quarterly lease expirations - Los Angeles region in-service properties
1, 2, 3
|
OFFICE
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q2 2020
|
3,496
|
|
1,923
|
|
128,581
|
|
66.87
|
|
128,581
|
|
66.87
|
|
|||||||
Q3 2020
|
16,483
|
|
9,066
|
|
568,647
|
|
62.73
|
|
585,528
|
|
64.59
|
|
|||||||
Q4 2020
|
335,191
|
|
177,731
|
|
11,672,811
|
|
65.68
|
|
11,675,367
|
|
65.69
|
|
|||||||
Total 2020
|
355,170
|
|
188,719
|
|
12,370,039
|
|
65.55
|
|
12,389,476
|
|
65.65
|
|
|||||||
Q1 2021
|
52,279
|
|
27,109
|
|
1,558,493
|
|
57.49
|
|
1,592,200
|
|
58.73
|
|
|||||||
Q2 2021
|
4,964
|
|
2,730
|
|
127,274
|
|
46.62
|
|
130,951
|
|
47.96
|
|
|||||||
Q3 2021
|
5,581
|
|
3,070
|
|
188,005
|
|
61.25
|
|
200,818
|
|
65.42
|
|
|||||||
Q4 2021
|
266,643
|
|
133,563
|
|
9,379,920
|
|
70.23
|
|
9,856,183
|
|
73.79
|
|
|||||||
Total 2021
|
329,467
|
|
166,471
|
|
11,253,693
|
|
67.60
|
|
11,780,152
|
|
70.76
|
|
RETAIL
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q2 2020
|
9,367
|
|
5,152
|
|
152,718
|
|
29.64
|
|
152,718
|
|
29.64
|
|
|||||||
Q3 2020
|
2,296
|
|
1,263
|
|
97,375
|
|
77.11
|
|
97,772
|
|
77.42
|
|
|||||||
Q4 2020
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Total 2020
|
11,663
|
|
6,415
|
|
250,094
|
|
38.99
|
|
250,490
|
|
39.05
|
|
|||||||
Q1 2021
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q2 2021
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q3 2021
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q4 2021
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Total 2021
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
TOTAL PROPERTY TYPES
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q2 2020
|
12,863
|
|
7,075
|
|
281,299
|
|
39.76
|
|
281,299
|
|
39.76
|
|
|||||||
Q3 2020
|
18,779
|
|
10,329
|
|
666,022
|
|
64.48
|
|
683,300
|
|
66.15
|
|
|||||||
Q4 2020
|
335,191
|
|
177,731
|
|
11,672,811
|
|
65.68
|
|
11,675,367
|
|
65.69
|
|
|||||||
Total 2020
|
366,833
|
|
195,134
|
|
12,620,133
|
|
64.67
|
|
12,639,966
|
|
64.78
|
|
|||||||
Q1 2021
|
52,279
|
|
27,109
|
|
1,558,493
|
|
57.49
|
|
1,592,200
|
|
58.73
|
|
|||||||
Q2 2021
|
4,964
|
|
2,730
|
|
127,274
|
|
46.62
|
|
130,951
|
|
47.97
|
|
|||||||
Q3 2021
|
5,581
|
|
3,070
|
|
188,005
|
|
61.24
|
|
200,818
|
|
65.41
|
|
|||||||
Q4 2021
|
266,643
|
|
133,563
|
|
9,379,920
|
|
70.23
|
|
9,856,183
|
|
73.79
|
|
|||||||
Total 2021
|
329,467
|
|
166,471
|
|
11,253,693
|
|
67.60
|
|
11,780,152
|
|
70.76
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
The Company owns 50% of Colorado Center and 55% of Santa Monica Business Park.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
|
Q1 2020
|
Lease expirations - New York region in-service properties
1, 2, 3
|
OFFICE
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
511,786
|
|
427,012
|
|
26,721,733
|
|
62.58
|
|
26,813,126
|
|
62.79
|
|
4
|
||||||
2021
|
331,418
|
|
268,925
|
|
25,141,381
|
|
93.49
|
|
25,170,724
|
|
93.60
|
|
|||||||
2022
|
806,712
|
|
646,862
|
|
60,421,163
|
|
93.41
|
|
59,035,575
|
|
91.26
|
|
|||||||
2023
|
241,134
|
|
194,655
|
|
17,778,072
|
|
91.33
|
|
18,989,563
|
|
97.55
|
|
|||||||
2024
|
1,149,064
|
|
972,435
|
|
68,997,778
|
|
70.95
|
|
69,123,004
|
|
71.08
|
|
|||||||
2025
|
578,197
|
|
503,787
|
|
42,839,807
|
|
85.04
|
|
44,929,355
|
|
89.18
|
|
|||||||
2026
|
696,709
|
|
499,779
|
|
42,157,513
|
|
84.35
|
|
43,908,416
|
|
87.86
|
|
|||||||
2027
|
465,919
|
|
382,366
|
|
26,614,466
|
|
69.60
|
|
28,729,978
|
|
75.14
|
|
|||||||
2028
|
260,250
|
|
238,204
|
|
22,092,420
|
|
92.75
|
|
23,858,665
|
|
100.16
|
|
|||||||
2029
|
630,080
|
|
603,713
|
|
61,524,860
|
|
101.91
|
|
67,424,598
|
|
111.68
|
|
|||||||
Thereafter
|
4,325,673
|
|
3,304,766
|
|
299,264,876
|
|
90.56
|
|
366,459,531
|
|
110.89
|
|
RETAIL
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
1,600
|
|
1,600
|
|
332,996
|
|
208.12
|
|
332,996
|
|
208.12
|
|
4
|
||||||
2021
|
10,925
|
|
10,925
|
|
1,950,851
|
|
178.57
|
|
1,950,851
|
|
178.57
|
|
|||||||
2022
|
37,612
|
|
32,807
|
|
5,348,018
|
|
163.01
|
|
5,348,018
|
|
163.01
|
|
|||||||
2023
|
8,399
|
|
5,039
|
|
5,891,696
|
|
1,169.13
|
|
6,475,130
|
|
1,284.90
|
|
|||||||
2024
|
3,075
|
|
3,075
|
|
883,613
|
|
287.35
|
|
1,002,921
|
|
326.15
|
|
|||||||
2025
|
1,872
|
|
1,030
|
|
362,189
|
|
351.78
|
|
403,954
|
|
392.34
|
|
|||||||
2026
|
40,723
|
|
24,232
|
|
10,789,497
|
|
445.25
|
|
8,299,697
|
|
342.50
|
|
|||||||
2027
|
243
|
|
146
|
|
21,600
|
|
148.15
|
|
21,600
|
|
148.15
|
|
|||||||
2028
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
2029
|
3,135
|
|
3,135
|
|
662,000
|
|
211.16
|
|
826,001
|
|
263.48
|
|
|||||||
Thereafter
|
269,783
|
|
197,897
|
|
46,185,908
|
|
233.38
|
|
61,940,686
|
|
313.00
|
|
TOTAL PROPERTY TYPES
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
513,386
|
|
428,612
|
|
27,054,729
|
|
63.12
|
|
27,146,122
|
|
63.33
|
|
4
|
||||||
2021
|
342,343
|
|
279,850
|
|
27,092,232
|
|
96.81
|
|
27,121,575
|
|
96.91
|
|
|||||||
2022
|
844,324
|
|
679,669
|
|
65,769,181
|
|
96.77
|
|
64,383,593
|
|
94.73
|
|
|||||||
2023
|
249,533
|
|
199,694
|
|
23,669,768
|
|
118.53
|
|
25,464,693
|
|
127.52
|
|
|||||||
2024
|
1,152,139
|
|
975,510
|
|
69,881,391
|
|
71.64
|
|
70,125,925
|
|
71.89
|
|
|||||||
2025
|
580,069
|
|
504,817
|
|
43,201,996
|
|
85.58
|
|
45,333,309
|
|
89.80
|
|
|||||||
2026
|
737,432
|
|
524,011
|
|
52,947,010
|
|
101.04
|
|
52,208,113
|
|
99.63
|
|
|||||||
2027
|
466,162
|
|
382,512
|
|
26,636,066
|
|
69.63
|
|
28,751,578
|
|
75.17
|
|
|||||||
2028
|
260,250
|
|
238,204
|
|
22,092,420
|
|
92.75
|
|
23,858,665
|
|
100.16
|
|
|||||||
2029
|
633,215
|
|
606,848
|
|
62,186,860
|
|
102.48
|
|
68,250,599
|
|
112.47
|
|
|||||||
Thereafter
|
4,595,456
|
|
3,502,663
|
|
345,450,784
|
|
98.63
|
|
428,400,217
|
|
122.31
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
4
|
Includes square feet expiring on the last day of the current quarter.
|
|
Q1 2020
|
Quarterly lease expirations - New York region in-service properties
1, 2, 3
|
OFFICE
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
145,835
|
|
87,241
|
|
11,456,964
|
|
131.33
|
|
11,456,964
|
|
131.33
|
|
4
|
||||||
Q2 2020
|
14,116
|
|
11,675
|
|
687,371
|
|
58.87
|
|
687,371
|
|
58.87
|
|
|||||||
Q3 2020
|
276,858
|
|
276,858
|
|
11,671,794
|
|
42.16
|
|
11,671,794
|
|
42.16
|
|
|||||||
Q4 2020
|
74,977
|
|
51,238
|
|
2,905,604
|
|
56.71
|
|
2,996,997
|
|
58.49
|
|
|||||||
Total 2020
|
511,786
|
|
427,012
|
|
26,721,733
|
|
62.58
|
|
26,813,126
|
|
62.79
|
|
|||||||
Q1 2021
|
85,849
|
|
67,018
|
|
4,133,256
|
|
61.67
|
|
4,177,919
|
|
62.34
|
|
|||||||
Q2 2021
|
28,797
|
|
25,375
|
|
1,835,617
|
|
72.34
|
|
1,841,572
|
|
72.57
|
|
|||||||
Q3 2021
|
161,703
|
|
121,462
|
|
13,747,017
|
|
113.18
|
|
13,719,122
|
|
112.95
|
|
|||||||
Q4 2021
|
55,069
|
|
55,069
|
|
5,425,491
|
|
98.52
|
|
5,432,112
|
|
98.64
|
|
|||||||
Total 2021
|
331,418
|
|
268,925
|
|
25,141,381
|
|
93.49
|
|
25,170,724
|
|
93.60
|
|
RETAIL
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
1,600
|
|
1,600
|
|
332,996
|
|
208.12
|
|
332,996
|
|
208.12
|
|
4
|
||||||
Q2 2020
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q3 2020
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q4 2020
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Total 2020
|
1,600
|
|
1,600
|
|
332,996
|
|
208.12
|
|
332,996
|
|
208.12
|
|
|||||||
Q1 2021
|
715
|
|
715
|
|
141,517
|
|
197.93
|
|
141,517
|
|
197.93
|
|
|||||||
Q2 2021
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q3 2021
|
10,210
|
|
10,210
|
|
1,809,334
|
|
177.21
|
|
1,809,334
|
|
177.21
|
|
|||||||
Q4 2021
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Total 2021
|
10,925
|
|
10,925
|
|
1,950,851
|
|
178.57
|
|
1,950,851
|
|
178.57
|
|
TOTAL PROPERTY TYPES
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
147,435
|
|
88,841
|
|
11,789,960
|
|
132.71
|
|
11,789,960
|
|
132.71
|
|
4
|
||||||
Q2 2020
|
14,116
|
|
11,675
|
|
687,371
|
|
58.88
|
|
687,371
|
|
58.88
|
|
|||||||
Q3 2020
|
276,858
|
|
276,858
|
|
11,671,794
|
|
42.16
|
|
11,671,794
|
|
42.16
|
|
|||||||
Q4 2020
|
74,977
|
|
51,238
|
|
2,905,604
|
|
56.71
|
|
2,996,997
|
|
58.49
|
|
|||||||
Total 2020
|
513,386
|
|
428,612
|
|
27,054,729
|
|
63.12
|
|
27,146,122
|
|
63.33
|
|
|||||||
Q1 2021
|
86,564
|
|
67,733
|
|
4,274,773
|
|
63.11
|
|
4,319,436
|
|
63.77
|
|
|||||||
Q2 2021
|
28,797
|
|
25,375
|
|
1,835,617
|
|
72.34
|
|
1,841,572
|
|
72.57
|
|
|||||||
Q3 2021
|
171,913
|
|
131,672
|
|
15,556,351
|
|
118.14
|
|
15,528,456
|
|
117.93
|
|
|||||||
Q4 2021
|
55,069
|
|
55,069
|
|
5,425,491
|
|
98.52
|
|
5,432,112
|
|
98.64
|
|
|||||||
Total 2021
|
342,343
|
|
279,850
|
|
27,092,232
|
|
96.81
|
|
27,121,575
|
|
96.91
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
4
|
Includes square feet expiring on the last day of the current quarter.
|
|
Q1 2020
|
Lease expirations - San Francisco region in-service properties
1, 2, 3
|
OFFICE
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
339,551
|
|
281,831
|
|
18,579,639
|
|
65.92
|
|
18,592,297
|
|
65.97
|
|
4
|
||||||
2021
|
880,173
|
|
849,903
|
|
42,972,943
|
|
50.56
|
|
43,683,892
|
|
51.40
|
|
|||||||
2022
|
693,687
|
|
570,441
|
|
39,130,910
|
|
68.60
|
|
40,720,918
|
|
71.38
|
|
|||||||
2023
|
591,799
|
|
538,250
|
|
40,413,380
|
|
75.08
|
|
43,418,020
|
|
80.67
|
|
|||||||
2024
|
662,866
|
|
629,116
|
|
44,013,979
|
|
69.96
|
|
46,242,837
|
|
73.50
|
|
|||||||
2025
|
446,458
|
|
440,291
|
|
33,939,303
|
|
77.08
|
|
39,486,026
|
|
89.68
|
|
|||||||
2026
|
503,249
|
|
420,216
|
|
34,092,485
|
|
81.13
|
|
37,943,732
|
|
90.30
|
|
|||||||
2027
|
367,033
|
|
367,033
|
|
32,056,358
|
|
87.34
|
|
36,715,329
|
|
100.03
|
|
|||||||
2028
|
480,059
|
|
467,803
|
|
39,451,183
|
|
84.33
|
|
46,213,091
|
|
98.79
|
|
|||||||
2029
|
259,888
|
|
241,604
|
|
21,866,397
|
|
90.51
|
|
27,341,442
|
|
113.17
|
|
|||||||
Thereafter
|
1,770,942
|
|
1,754,576
|
|
160,189,937
|
|
91.30
|
|
197,574,205
|
|
112.61
|
|
RETAIL
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
16,351
|
|
16,351
|
|
957,495
|
|
58.56
|
|
957,495
|
|
58.56
|
|
4
|
||||||
2021
|
24,366
|
|
24,366
|
|
1,637,904
|
|
67.22
|
|
1,648,788
|
|
67.67
|
|
|||||||
2022
|
38,819
|
|
38,819
|
|
2,112,896
|
|
54.43
|
|
2,150,993
|
|
55.41
|
|
|||||||
2023
|
51,072
|
|
51,072
|
|
3,205,113
|
|
62.76
|
|
3,301,057
|
|
64.64
|
|
|||||||
2024
|
10,225
|
|
10,225
|
|
794,339
|
|
77.69
|
|
857,127
|
|
83.83
|
|
|||||||
2025
|
31,493
|
|
31,493
|
|
2,271,978
|
|
72.14
|
|
2,456,219
|
|
77.99
|
|
|||||||
2026
|
25,598
|
|
25,598
|
|
1,978,266
|
|
77.28
|
|
2,153,706
|
|
84.14
|
|
|||||||
2027
|
5,056
|
|
5,056
|
|
365,695
|
|
72.33
|
|
414,421
|
|
81.97
|
|
|||||||
2028
|
15,811
|
|
15,811
|
|
1,070,837
|
|
67.73
|
|
1,195,682
|
|
75.62
|
|
|||||||
2029
|
8,341
|
|
8,341
|
|
568,524
|
|
68.16
|
|
685,591
|
|
82.20
|
|
|||||||
Thereafter
|
62,200
|
|
60,802
|
|
3,626,108
|
|
59.64
|
|
4,445,496
|
|
73.11
|
|
TOTAL PROPERTY TYPES
|
||||||||||||||||||||
BXP’s Share
|
||||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
|||||||||||||||||
Year of Lease
|
||||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
||||||||||||||||
2020
|
355,902
|
|
298,182
|
|
19,537,134
|
|
$
|
65.52
|
|
19,549,792
|
|
65.56
|
|
4
|
||||||
2021
|
904,539
|
|
874,269
|
|
44,610,847
|
|
51.03
|
|
45,332,680
|
|
51.85
|
|
||||||||
2022
|
732,506
|
|
609,260
|
|
41,243,806
|
|
67.69
|
|
42,871,911
|
|
70.37
|
|
||||||||
2023
|
642,871
|
|
589,322
|
|
43,618,493
|
|
74.01
|
|
46,719,077
|
|
79.28
|
|
||||||||
2024
|
673,091
|
|
639,341
|
|
44,808,318
|
|
70.09
|
|
47,099,964
|
|
73.67
|
|
||||||||
2025
|
477,951
|
|
471,784
|
|
36,211,281
|
|
76.75
|
|
41,942,245
|
|
88.90
|
|
||||||||
2026
|
528,847
|
|
445,814
|
|
36,070,751
|
|
80.91
|
|
40,097,438
|
|
89.94
|
|
||||||||
2027
|
372,089
|
|
372,089
|
|
32,422,053
|
|
87.14
|
|
37,129,750
|
|
99.79
|
|
||||||||
2028
|
495,870
|
|
483,614
|
|
40,522,020
|
|
83.79
|
|
47,408,773
|
|
98.03
|
|
||||||||
2029
|
268,229
|
|
249,945
|
|
22,434,921
|
|
89.76
|
|
28,027,033
|
|
112.13
|
|
||||||||
Thereafter
|
1,833,142
|
|
1,815,378
|
|
163,816,045
|
|
90.24
|
|
202,019,701
|
|
111.28
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
4
|
Includes square feet expiring on the last day of the current quarter.
|
|
Q1 2020
|
Lease expirations - San Francisco region in-service properties
1, 2, 3
|
OFFICE
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
16,120
|
|
16,120
|
|
775,372
|
|
48.10
|
|
775,372
|
|
48.10
|
|
4
|
||||||
Q2 2020
|
78,366
|
|
72,380
|
|
5,089,184
|
|
70.31
|
|
5,089,184
|
|
70.31
|
|
|||||||
Q3 2020
|
171,568
|
|
124,808
|
|
8,028,369
|
|
64.33
|
|
8,039,386
|
|
64.41
|
|
|||||||
Q4 2020
|
73,497
|
|
68,524
|
|
4,686,715
|
|
68.40
|
|
4,688,356
|
|
68.42
|
|
|||||||
Total 2020
|
339,551
|
|
281,831
|
|
18,579,639
|
|
65.92
|
|
18,592,297
|
|
65.97
|
|
|||||||
Q1 2021
|
395,402
|
|
389,546
|
|
18,094,322
|
|
46.45
|
|
18,286,642
|
|
46.94
|
|
|||||||
Q2 2021
|
166,032
|
|
158,177
|
|
9,324,458
|
|
58.95
|
|
9,467,797
|
|
59.86
|
|
|||||||
Q3 2021
|
140,232
|
|
131,934
|
|
6,109,619
|
|
46.31
|
|
6,259,381
|
|
47.44
|
|
|||||||
Q4 2021
|
178,507
|
|
170,248
|
|
9,444,544
|
|
55.48
|
|
9,670,073
|
|
56.80
|
|
|||||||
Total 2021
|
880,173
|
|
849,903
|
|
42,972,943
|
|
50.56
|
|
43,683,892
|
|
51.40
|
|
RETAIL
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
2,482
|
|
2,482
|
|
140,581
|
|
56.64
|
|
140,581
|
|
56.64
|
|
4
|
||||||
Q2 2020
|
3,944
|
|
3,944
|
|
232,452
|
|
58.94
|
|
232,452
|
|
58.94
|
|
|||||||
Q3 2020
|
8,137
|
|
8,137
|
|
448,622
|
|
55.13
|
|
448,622
|
|
55.13
|
|
|||||||
Q4 2020
|
1,788
|
|
1,788
|
|
135,840
|
|
75.97
|
|
135,840
|
|
75.97
|
|
|||||||
Total 2020
|
16,351
|
|
16,351
|
|
957,495
|
|
58.56
|
|
957,495
|
|
58.56
|
|
|||||||
Q1 2021
|
1,964
|
|
1,964
|
|
179,950
|
|
91.62
|
|
183,819
|
|
93.59
|
|
|||||||
Q2 2021
|
14,833
|
|
14,833
|
|
908,932
|
|
61.28
|
|
908,932
|
|
61.28
|
|
|||||||
Q3 2021
|
3,751
|
|
3,751
|
|
265,655
|
|
70.82
|
|
270,935
|
|
72.23
|
|
|||||||
Q4 2021
|
3,818
|
|
3,818
|
|
283,367
|
|
74.22
|
|
285,102
|
|
74.67
|
|
|||||||
Total 2021
|
24,366
|
|
24,366
|
|
1,637,904
|
|
67.22
|
|
1,648,788
|
|
67.67
|
|
TOTAL PROPERTY TYPES
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
18,602
|
|
18,602
|
|
915,953
|
|
49.24
|
|
915,953
|
|
49.24
|
|
4
|
||||||
Q2 2020
|
82,310
|
|
76,324
|
|
5,321,636
|
|
69.72
|
|
5,321,636
|
|
69.72
|
|
|||||||
Q3 2020
|
179,705
|
|
132,945
|
|
8,476,991
|
|
63.76
|
|
8,488,008
|
|
63.85
|
|
|||||||
Q4 2020
|
75,285
|
|
70,312
|
|
4,822,555
|
|
68.59
|
|
4,824,196
|
|
68.61
|
|
|||||||
Total 2020
|
355,902
|
|
298,182
|
|
19,537,134
|
|
65.52
|
|
19,549,792
|
|
65.56
|
|
|||||||
Q1 2021
|
397,366
|
|
391,510
|
|
18,274,272
|
|
46.68
|
|
18,470,461
|
|
47.18
|
|
|||||||
Q2 2021
|
180,865
|
|
173,010
|
|
10,233,390
|
|
59.15
|
|
10,376,729
|
|
59.98
|
|
|||||||
Q3 2021
|
143,983
|
|
135,685
|
|
6,375,274
|
|
46.99
|
|
6,530,316
|
|
48.13
|
|
|||||||
Q4 2021
|
182,325
|
|
174,066
|
|
9,727,911
|
|
55.89
|
|
9,955,175
|
|
57.19
|
|
|||||||
Total 2021
|
904,539
|
|
874,269
|
|
44,610,847
|
|
51.03
|
|
45,332,680
|
|
51.85
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
4
|
Includes square feet expiring on the last day of the current quarter.
|
|
Q1 2020
|
Lease expirations - Washington, DC region in-service properties
1, 2, 3
|
OFFICE
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
747,846
|
|
716,803
|
|
35,462,692
|
|
49.47
|
|
35,633,428
|
|
49.71
|
|
4
|
||||||
2021
|
731,345
|
|
723,207
|
|
38,428,596
|
|
53.14
|
|
39,656,551
|
|
54.83
|
|
|||||||
2022
|
252,449
|
|
228,266
|
|
11,340,778
|
|
49.68
|
|
11,890,455
|
|
52.09
|
|
|||||||
2023
|
334,121
|
|
323,816
|
|
16,900,553
|
|
52.19
|
|
18,213,526
|
|
56.25
|
|
|||||||
2024
|
733,371
|
|
687,797
|
|
38,268,843
|
|
55.64
|
|
41,311,142
|
|
60.06
|
|
|||||||
2025
|
522,913
|
|
361,271
|
|
13,803,014
|
|
38.21
|
|
15,061,005
|
|
41.69
|
|
|||||||
2026
|
424,364
|
|
365,504
|
|
30,994,804
|
|
84.80
|
|
34,612,298
|
|
94.70
|
|
|||||||
2027
|
548,267
|
|
396,250
|
|
22,526,994
|
|
56.85
|
|
25,111,079
|
|
63.37
|
|
|||||||
2028
|
310,171
|
|
290,396
|
|
16,966,677
|
|
58.43
|
|
20,079,370
|
|
69.14
|
|
|||||||
2029
|
808,835
|
|
783,504
|
|
35,045,825
|
|
44.73
|
|
45,180,134
|
|
57.66
|
|
|||||||
Thereafter
|
2,045,400
|
|
1,611,767
|
|
107,231,767
|
|
66.53
|
|
135,964,511
|
|
84.36
|
|
RETAIL
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
44,241
|
|
42,826
|
|
2,974,306
|
|
69.45
|
|
2,974,306
|
|
69.45
|
|
|||||||
2021
|
54,799
|
|
52,572
|
|
3,536,316
|
|
67.27
|
|
3,569,989
|
|
67.91
|
|
|||||||
2022
|
38,438
|
|
35,119
|
|
2,282,480
|
|
64.99
|
|
2,329,907
|
|
66.34
|
|
|||||||
2023
|
89,801
|
|
86,680
|
|
5,463,161
|
|
63.03
|
|
5,634,273
|
|
65.00
|
|
|||||||
2024
|
33,552
|
|
26,476
|
|
2,780,283
|
|
105.01
|
|
2,947,649
|
|
111.33
|
|
|||||||
2025
|
80,817
|
|
80,817
|
|
3,291,511
|
|
40.73
|
|
3,562,653
|
|
44.08
|
|
|||||||
2026
|
36,028
|
|
34,821
|
|
2,593,868
|
|
74.49
|
|
2,788,931
|
|
80.09
|
|
|||||||
2027
|
39,300
|
|
34,130
|
|
2,564,994
|
|
75.15
|
|
2,906,464
|
|
85.16
|
|
|||||||
2028
|
75,419
|
|
60,960
|
|
1,480,953
|
|
24.29
|
|
1,644,718
|
|
26.98
|
|
|||||||
2029
|
26,481
|
|
21,684
|
|
1,278,726
|
|
58.97
|
|
1,434,809
|
|
66.17
|
|
|||||||
Thereafter
|
72,242
|
|
66,234
|
|
3,535,548
|
|
53.38
|
|
3,958,322
|
|
59.76
|
|
TOTAL PROPERTY TYPES
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
792,087
|
|
759,629
|
|
38,436,998
|
|
50.60
|
|
38,607,734
|
|
50.82
|
|
4
|
||||||
2021
|
786,144
|
|
775,779
|
|
41,964,912
|
|
54.09
|
|
43,226,540
|
|
55.72
|
|
|||||||
2022
|
290,887
|
|
263,385
|
|
13,623,258
|
|
51.72
|
|
14,220,362
|
|
53.99
|
|
|||||||
2023
|
423,922
|
|
410,496
|
|
22,363,714
|
|
54.48
|
|
23,847,799
|
|
58.10
|
|
|||||||
2024
|
766,923
|
|
714,273
|
|
41,049,126
|
|
57.47
|
|
44,258,791
|
|
61.96
|
|
|||||||
2025
|
603,730
|
|
442,088
|
|
17,094,525
|
|
38.67
|
|
18,623,658
|
|
42.13
|
|
|||||||
2026
|
460,392
|
|
400,325
|
|
33,588,672
|
|
83.90
|
|
37,401,229
|
|
93.43
|
|
|||||||
2027
|
587,567
|
|
430,380
|
|
25,091,988
|
|
58.30
|
|
28,017,543
|
|
65.10
|
|
|||||||
2028
|
385,590
|
|
351,356
|
|
18,447,630
|
|
52.50
|
|
21,724,088
|
|
61.83
|
|
|||||||
2029
|
835,316
|
|
805,188
|
|
36,324,551
|
|
45.11
|
|
46,614,943
|
|
57.89
|
|
|||||||
Thereafter
|
2,117,642
|
|
1,678,001
|
|
110,767,315
|
|
66.01
|
|
139,922,833
|
|
83.39
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
Does not include residential units.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
4
|
Includes square feet expiring on the last day of the current quarter.
|
|
Q1 2020
|
Quarterly lease expirations - Washington, DC region in-service properties
1, 2, 3
|
OFFICE
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
40,594
|
|
40,594
|
|
2,518,299
|
|
62.04
|
|
2,518,299
|
|
62.04
|
|
4
|
||||||
Q2 2020
|
314,759
|
|
312,972
|
|
17,665,547
|
|
56.44
|
|
17,694,715
|
|
56.54
|
|
|||||||
Q3 2020
|
56,615
|
|
49,246
|
|
2,669,012
|
|
54.20
|
|
2,680,539
|
|
54.43
|
|
|||||||
Q4 2020
|
335,878
|
|
313,992
|
|
12,609,833
|
|
40.16
|
|
12,739,874
|
|
40.57
|
|
|||||||
Total 2020
|
747,846
|
|
716,803
|
|
35,462,692
|
|
49.47
|
|
35,633,428
|
|
49.71
|
|
|||||||
Q1 2021
|
116,205
|
|
116,205
|
|
3,618,502
|
|
31.14
|
|
3,525,441
|
|
30.34
|
|
|||||||
Q2 2021
|
408,569
|
|
403,680
|
|
24,433,341
|
|
60.53
|
|
25,443,239
|
|
63.03
|
|
|||||||
Q3 2021
|
139,329
|
|
136,081
|
|
8,682,541
|
|
63.80
|
|
8,921,427
|
|
65.56
|
|
|||||||
Q4 2021
|
67,242
|
|
67,242
|
|
1,694,212
|
|
25.20
|
|
1,766,443
|
|
26.27
|
|
|||||||
Total 2021
|
731,345
|
|
723,207
|
|
38,428,596
|
|
53.14
|
|
39,656,551
|
|
54.83
|
|
RETAIL
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Q2 2020
|
2,734
|
|
2,734
|
|
247,360
|
|
90.48
|
|
247,360
|
|
90.48
|
|
|||||||
Q3 2020
|
15,366
|
|
13,951
|
|
958,134
|
|
68.68
|
|
958,134
|
|
68.68
|
|
|||||||
Q4 2020
|
26,141
|
|
26,141
|
|
1,768,813
|
|
67.66
|
|
1,768,813
|
|
67.66
|
|
|||||||
Total 2020
|
44,241
|
|
42,826
|
|
2,974,306
|
|
69.45
|
|
2,974,306
|
|
69.45
|
|
|||||||
Q1 2021
|
23,743
|
|
23,743
|
|
1,671,970
|
|
70.42
|
|
1,682,900
|
|
70.88
|
|
|||||||
Q2 2021
|
17,002
|
|
17,002
|
|
1,136,417
|
|
66.84
|
|
1,140,111
|
|
67.06
|
|
|||||||
Q3 2021
|
4,491
|
|
4,491
|
|
283,951
|
|
63.23
|
|
284,886
|
|
63.43
|
|
|||||||
Q4 2021
|
9,563
|
|
7,336
|
|
443,977
|
|
60.52
|
|
462,092
|
|
62.99
|
|
|||||||
Total 2021
|
54,799
|
|
52,572
|
|
3,536,316
|
|
67.27
|
|
3,569,989
|
|
67.91
|
|
TOTAL PROPERTY TYPES
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Lease Expiration
|
|||||||||||||||||||
by Quarter
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
Q1 2020
|
40,594
|
|
40,594
|
|
2,518,299
|
|
62.04
|
|
2,518,299
|
|
62.04
|
|
4
|
||||||
Q2 2020
|
317,493
|
|
315,706
|
|
17,912,907
|
|
56.74
|
|
17,942,075
|
|
56.83
|
|
|||||||
Q3 2020
|
71,981
|
|
63,197
|
|
3,627,146
|
|
57.39
|
|
3,638,673
|
|
57.58
|
|
|||||||
Q4 2020
|
362,019
|
|
340,133
|
|
14,378,646
|
|
42.27
|
|
14,508,687
|
|
42.66
|
|
|||||||
Total 2020
|
792,087
|
|
759,629
|
|
38,436,998
|
|
50.60
|
|
38,607,734
|
|
50.82
|
|
|||||||
Q1 2021
|
139,948
|
|
139,948
|
|
5,290,472
|
|
37.80
|
|
5,208,341
|
|
37.22
|
|
|||||||
Q2 2021
|
425,571
|
|
420,682
|
|
25,569,758
|
|
60.78
|
|
26,583,350
|
|
63.19
|
|
|||||||
Q3 2021
|
143,820
|
|
140,572
|
|
8,966,492
|
|
63.79
|
|
9,206,313
|
|
65.49
|
|
|||||||
Q4 2021
|
76,805
|
|
74,578
|
|
2,138,189
|
|
28.67
|
|
2,228,535
|
|
29.88
|
|
|||||||
Total 2021
|
786,144
|
|
775,779
|
|
41,964,912
|
|
54.09
|
|
43,226,540
|
|
55.72
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
Does not include residential units.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
4
|
Includes square feet expiring on the last day of the current quarter.
|
|
Q1 2020
|
Lease expirations - CBD properties
1, 2, 3
|
Boston
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
221,853
|
|
214,362
|
|
15,353,702
|
|
71.63
|
|
15,599,760
|
|
72.77
|
|
|||||||
2021
|
326,412
|
|
261,847
|
|
16,595,296
|
|
63.38
|
|
16,701,836
|
|
63.78
|
|
|||||||
2022
|
324,400
|
|
259,106
|
|
17,836,624
|
|
68.84
|
|
18,095,660
|
|
69.84
|
|
|||||||
2023
|
494,838
|
|
435,437
|
|
33,951,069
|
|
77.97
|
|
35,160,436
|
|
80.75
|
|
|||||||
2024
|
454,266
|
|
425,063
|
|
28,198,601
|
|
66.34
|
|
29,226,813
|
|
68.76
|
|
|||||||
2025
|
340,497
|
|
323,982
|
|
24,693,178
|
|
76.22
|
|
26,592,564
|
|
82.08
|
|
|||||||
2026
|
1,072,733
|
|
832,809
|
|
62,888,132
|
|
75.51
|
|
69,227,107
|
|
83.12
|
|
|||||||
2027
|
378,086
|
|
378,086
|
|
32,877,354
|
|
86.96
|
|
35,873,502
|
|
94.88
|
|
|||||||
2028
|
1,044,148
|
|
1,042,798
|
|
69,664,636
|
|
66.81
|
|
75,313,883
|
|
72.22
|
|
|||||||
2029
|
501,530
|
|
389,800
|
|
26,508,450
|
|
68.01
|
|
30,094,430
|
|
77.20
|
|
|||||||
Thereafter
|
4,415,123
|
|
3,915,645
|
|
263,244,831
|
|
67.23
|
|
329,760,211
|
|
84.22
|
|
Los Angeles
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
366,833
|
|
195,134
|
|
12,620,132
|
|
64.67
|
|
12,639,966
|
|
64.78
|
|
|||||||
2021
|
329,467
|
|
166,471
|
|
11,253,693
|
|
67.60
|
|
11,780,152
|
|
70.76
|
|
|||||||
2022
|
83,809
|
|
44,124
|
|
2,518,930
|
|
57.09
|
|
2,670,850
|
|
60.53
|
|
|||||||
2023
|
164,960
|
|
87,057
|
|
5,573,356
|
|
64.02
|
|
6,173,358
|
|
70.91
|
|
|||||||
2024
|
133,021
|
|
73,062
|
|
4,417,735
|
|
60.47
|
|
5,187,989
|
|
71.01
|
|
|||||||
2025
|
12,531
|
|
6,892
|
|
548,550
|
|
79.59
|
|
727,222
|
|
105.52
|
|
|||||||
2026
|
436,776
|
|
240,227
|
|
15,248,715
|
|
63.48
|
|
18,428,669
|
|
76.71
|
|
|||||||
2027
|
13,937
|
|
7,665
|
|
401,598
|
|
52.39
|
|
447,130
|
|
58.33
|
|
|||||||
2028
|
262,161
|
|
134,409
|
|
9,345,565
|
|
69.53
|
|
12,889,528
|
|
95.90
|
|
|||||||
2029
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Thereafter
|
369,480
|
|
185,004
|
|
12,140,382
|
|
65.62
|
|
20,280,491
|
|
109.62
|
|
New York
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
243,669
|
|
158,895
|
|
16,964,137
|
|
106.76
|
|
17,051,181
|
|
107.31
|
|
4
|
||||||
2021
|
273,913
|
|
211,420
|
|
24,768,785
|
|
117.15
|
|
24,812,307
|
|
117.36
|
|
|||||||
2022
|
732,865
|
|
568,210
|
|
61,586,090
|
|
108.39
|
|
60,141,799
|
|
105.84
|
|
|||||||
2023
|
196,242
|
|
146,404
|
|
21,746,792
|
|
148.54
|
|
23,463,371
|
|
160.26
|
|
|||||||
2024
|
666,351
|
|
489,722
|
|
51,581,516
|
|
105.33
|
|
51,357,031
|
|
104.87
|
|
|||||||
2025
|
375,300
|
|
300,048
|
|
35,215,967
|
|
117.37
|
|
36,895,314
|
|
122.96
|
|
|||||||
2026
|
522,508
|
|
309,087
|
|
44,148,845
|
|
142.84
|
|
42,790,305
|
|
138.44
|
|
|||||||
2027
|
248,521
|
|
164,871
|
|
18,872,443
|
|
114.47
|
|
20,305,862
|
|
123.16
|
|
|||||||
2028
|
216,656
|
|
194,610
|
|
20,443,958
|
|
105.05
|
|
22,035,827
|
|
113.23
|
|
|||||||
2029
|
586,449
|
|
560,082
|
|
60,470,666
|
|
107.97
|
|
66,323,958
|
|
118.42
|
|
|||||||
Thereafter
|
4,374,849
|
|
3,282,056
|
|
337,107,582
|
|
102.71
|
|
418,877,447
|
|
127.63
|
|
|
Q1 2020
|
Lease expirations - CBD properties (continued)
1, 2, 3
|
San Francisco
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
208,752
|
|
208,752
|
|
15,529,367
|
|
74.39
|
|
15,540,384
|
|
74.44
|
|
4
|
||||||
2021
|
380,293
|
|
380,293
|
|
27,687,043
|
|
72.80
|
|
28,051,506
|
|
73.76
|
|
|||||||
2022
|
429,856
|
|
429,856
|
|
31,659,314
|
|
73.65
|
|
32,848,846
|
|
76.42
|
|
|||||||
2023
|
394,094
|
|
394,094
|
|
30,970,963
|
|
78.59
|
|
33,026,125
|
|
83.80
|
|
|||||||
2024
|
553,063
|
|
553,063
|
|
39,803,116
|
|
71.97
|
|
41,425,851
|
|
74.90
|
|
|||||||
2025
|
295,313
|
|
295,313
|
|
24,042,574
|
|
81.41
|
|
27,340,488
|
|
92.58
|
|
|||||||
2026
|
362,781
|
|
362,781
|
|
29,567,784
|
|
81.50
|
|
32,686,015
|
|
90.10
|
|
|||||||
2027
|
339,829
|
|
339,829
|
|
30,108,429
|
|
88.60
|
|
34,348,935
|
|
101.08
|
|
|||||||
2028
|
471,358
|
|
471,358
|
|
39,933,328
|
|
84.72
|
|
46,642,333
|
|
98.95
|
|
|||||||
2029
|
231,661
|
|
231,661
|
|
21,619,320
|
|
93.32
|
|
26,970,310
|
|
116.42
|
|
|||||||
Thereafter
|
1,797,612
|
|
1,797,612
|
|
163,016,241
|
|
90.68
|
|
200,925,036
|
|
111.77
|
|
Washington, DC
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
128,270
|
|
95,812
|
|
5,962,043
|
|
62.23
|
|
6,003,369
|
|
62.66
|
|
4
|
||||||
2021
|
368,650
|
|
358,285
|
|
24,732,516
|
|
69.03
|
|
25,841,693
|
|
72.13
|
|
|||||||
2022
|
116,556
|
|
89,054
|
|
6,257,889
|
|
70.27
|
|
6,514,948
|
|
73.16
|
|
|||||||
2023
|
51,216
|
|
37,790
|
|
2,676,952
|
|
70.84
|
|
2,967,005
|
|
78.51
|
|
|||||||
2024
|
213,162
|
|
189,682
|
|
14,049,005
|
|
74.07
|
|
15,211,352
|
|
80.19
|
|
|||||||
2025
|
154,572
|
|
56,545
|
|
3,385,254
|
|
59.87
|
|
3,675,523
|
|
65.00
|
|
|||||||
2026
|
337,051
|
|
276,984
|
|
26,607,144
|
|
96.06
|
|
29,667,514
|
|
107.11
|
|
|||||||
2027
|
219,914
|
|
78,430
|
|
6,127,584
|
|
78.13
|
|
6,905,445
|
|
88.05
|
|
|||||||
2028
|
159,015
|
|
124,780
|
|
8,787,294
|
|
70.42
|
|
10,329,776
|
|
82.78
|
|
|||||||
2029
|
58,232
|
|
28,104
|
|
2,020,973
|
|
71.91
|
|
2,454,219
|
|
87.33
|
|
|||||||
Thereafter
|
1,435,766
|
|
996,125
|
|
76,521,925
|
|
76.82
|
|
94,117,743
|
|
94.48
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
Does not include residential units and hotel.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
4
|
Includes square feet expiring on the last day of the current quarter.
|
|
Q1 2020
|
Lease expirations - Suburban properties
1, 2, 3
|
Boston
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
145,745
|
|
145,745
|
|
6,182,620
|
|
42.42
|
|
6,182,620
|
|
42.42
|
|
|||||||
2021
|
524,200
|
|
524,200
|
|
21,072,082
|
|
40.20
|
|
21,331,530
|
|
40.69
|
|
|||||||
2022
|
635,934
|
|
635,934
|
|
25,579,420
|
|
40.22
|
|
26,074,227
|
|
41.00
|
|
|||||||
2023
|
273,974
|
|
273,974
|
|
11,599,499
|
|
42.34
|
|
12,292,478
|
|
44.87
|
|
|||||||
2024
|
532,620
|
|
532,620
|
|
23,780,779
|
|
44.65
|
|
24,905,222
|
|
46.76
|
|
|||||||
2025
|
778,663
|
|
778,663
|
|
37,761,184
|
|
48.49
|
|
41,158,306
|
|
52.86
|
|
|||||||
2026
|
216,647
|
|
216,647
|
|
11,146,541
|
|
51.45
|
|
13,552,578
|
|
62.56
|
|
|||||||
2027
|
330,491
|
|
330,491
|
|
14,113,097
|
|
42.70
|
|
16,047,119
|
|
48.56
|
|
|||||||
2028
|
203,818
|
|
203,818
|
|
9,098,574
|
|
44.64
|
|
10,099,763
|
|
49.55
|
|
|||||||
2029
|
290,572
|
|
290,572
|
|
10,864,046
|
|
37.39
|
|
12,995,162
|
|
44.72
|
|
|||||||
Thereafter
|
644,639
|
|
587,155
|
|
26,348,764
|
|
44.88
|
|
31,828,851
|
|
54.21
|
|
New York
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
269,717
|
|
269,717
|
|
10,090,592
|
|
37.41
|
|
10,094,940
|
|
37.43
|
|
|||||||
2021
|
68,430
|
|
68,430
|
|
2,323,448
|
|
33.95
|
|
2,309,269
|
|
33.75
|
|
|||||||
2022
|
111,459
|
|
111,459
|
|
4,183,091
|
|
37.53
|
|
4,241,793
|
|
38.06
|
|
|||||||
2023
|
53,291
|
|
53,291
|
|
1,922,976
|
|
36.08
|
|
2,001,321
|
|
37.55
|
|
|||||||
2024
|
485,788
|
|
485,788
|
|
18,299,875
|
|
37.67
|
|
18,768,894
|
|
38.64
|
|
|||||||
2025
|
204,769
|
|
204,769
|
|
7,986,029
|
|
39.00
|
|
8,437,996
|
|
41.21
|
|
|||||||
2026
|
214,924
|
|
214,924
|
|
8,798,165
|
|
40.94
|
|
9,417,808
|
|
43.82
|
|
|||||||
2027
|
217,641
|
|
217,641
|
|
7,763,622
|
|
35.67
|
|
8,445,716
|
|
38.81
|
|
|||||||
2028
|
43,594
|
|
43,594
|
|
1,648,461
|
|
37.81
|
|
1,822,838
|
|
41.81
|
|
|||||||
2029
|
46,766
|
|
46,766
|
|
1,716,193
|
|
36.70
|
|
1,926,640
|
|
41.20
|
|
|||||||
Thereafter
|
220,607
|
|
220,607
|
|
8,343,203
|
|
37.82
|
|
9,522,771
|
|
43.17
|
|
San Francisco
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
147,150
|
|
89,430
|
|
4,007,767
|
|
44.81
|
|
4,009,408
|
|
44.83
|
|
4
|
||||||
2021
|
524,246
|
|
493,976
|
|
16,923,804
|
|
34.26
|
|
17,281,173
|
|
34.98
|
|
|||||||
2022
|
302,650
|
|
179,404
|
|
9,584,492
|
|
53.42
|
|
10,023,065
|
|
55.87
|
|
|||||||
2023
|
248,777
|
|
195,228
|
|
12,647,531
|
|
64.78
|
|
13,692,952
|
|
70.14
|
|
|||||||
2024
|
120,028
|
|
86,278
|
|
5,005,202
|
|
58.01
|
|
5,674,113
|
|
65.77
|
|
|||||||
2025
|
182,638
|
|
176,471
|
|
12,168,707
|
|
68.96
|
|
14,601,758
|
|
82.74
|
|
|||||||
2026
|
166,066
|
|
83,033
|
|
6,502,967
|
|
78.32
|
|
7,411,423
|
|
89.26
|
|
|||||||
2027
|
32,260
|
|
32,260
|
|
2,313,624
|
|
71.72
|
|
2,780,815
|
|
86.20
|
|
|||||||
2028
|
24,512
|
|
12,256
|
|
588,692
|
|
48.03
|
|
766,440
|
|
62.54
|
|
|||||||
2029
|
36,568
|
|
18,284
|
|
815,601
|
|
44.61
|
|
1,056,723
|
|
57.79
|
|
|||||||
Thereafter
|
35,530
|
|
17,765
|
|
799,805
|
|
45.02
|
|
1,094,665
|
|
61.62
|
|
|
Q1 2020
|
Lease expirations - Suburban properties (continued)
1, 2, 3
|
Washington, DC
|
|||||||||||||||||||
BXP’s Share
|
|||||||||||||||||||
Rentable Square Footage Subject to Expiring Leases
|
Rentable Square Footage Subject to Expiring Leases
|
Current Annualized Rental Obligations Under Expiring Leases
|
Annualized Rental Obligations Under Expiring Leases with future step-ups
|
||||||||||||||||
Year of Lease
|
|||||||||||||||||||
Expiration
|
$
|
$/PSF
|
$
|
$/PSF
|
|||||||||||||||
2020
|
663,817
|
|
663,817
|
|
32,474,955
|
|
48.92
|
|
32,604,364
|
|
49.12
|
|
4
|
||||||
2021
|
417,494
|
|
417,494
|
|
17,232,396
|
|
41.28
|
|
17,384,847
|
|
41.64
|
|
|||||||
2022
|
174,331
|
|
174,331
|
|
7,365,369
|
|
42.25
|
|
7,705,413
|
|
44.20
|
|
|||||||
2023
|
372,706
|
|
372,706
|
|
19,686,761
|
|
52.82
|
|
20,880,794
|
|
56.02
|
|
|||||||
2024
|
553,761
|
|
524,591
|
|
27,000,121
|
|
51.47
|
|
29,047,439
|
|
55.37
|
|
|||||||
2025
|
449,158
|
|
385,544
|
|
13,709,271
|
|
35.56
|
|
14,948,135
|
|
38.77
|
|
|||||||
2026
|
123,341
|
|
123,341
|
|
6,981,528
|
|
56.60
|
|
7,733,715
|
|
62.70
|
|
|||||||
2027
|
367,653
|
|
351,951
|
|
18,964,405
|
|
53.88
|
|
21,112,099
|
|
59.99
|
|
|||||||
2028
|
226,575
|
|
226,575
|
|
9,660,336
|
|
42.64
|
|
11,394,312
|
|
50.29
|
|
|||||||
2029
|
777,084
|
|
777,084
|
|
34,303,578
|
|
44.14
|
|
44,160,724
|
|
56.83
|
|
|||||||
Thereafter
|
681,876
|
|
681,876
|
|
34,245,390
|
|
50.22
|
|
45,805,090
|
|
67.18
|
|
1
|
For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
|
2
|
Includes partially placed in-service leased space.
Does not include residential units and hotel.
|
3
|
Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
|
4
|
Includes square feet expiring on the last day of the current quarter.
|
|
Q1 2020
|
Research coverage
|
Equity Research Coverage
|
|||
Argus Research Company
|
Jacob Kilstein
|
646.747.5447
|
|
Bank of America Merrill Lynch
|
Jeffrey Spector / Jamie Feldman
|
646.855.1363 / 646.855.5808
|
|
BMO Capital
|
John Kim
|
212.885.4115
|
|
BTIG
|
Tom Catherwood
|
212.738.6140
|
|
Citigroup Global Markets
|
Michael Bilerman / Emmanuel Korchman
|
212.816.1383 / 212.816.1382
|
|
Deutsche Bank Securities
|
Derek Johnston
|
212.250.5683
|
|
Evercore ISI
|
Steve Sakwa / Jason Green
|
212.446.9462
|
|
Goldman Sachs & Company, Inc.
|
Richard Skidmore
|
801.741.5459
|
|
Green Street Advisors
|
Daniel Ismail
|
949.640.8780
|
|
Jefferies & Co.
|
Jonathan Petersen
|
212.284.1705 / 212.336.7076
|
|
J.P. Morgan Securities
|
Anthony Paolone
|
212.622.6682
|
|
KeyBanc Capital Markets
|
Craig Mailman / Jordan Sadler
|
917.368.2316 / 917.368.2280
|
|
Mizuho Securities
|
Zachary Silverberg/Omotayo Okusanya
|
212.205.7855
|
|
Morgan Stanley
|
Vikram Malhotra
|
212.761.7064
|
|
Morningstar
|
Michael Wong
|
312.384.5404
|
|
Piper Sandler Companies
|
Alexander Goldfarb / Daniel Santos
|
212.466.7937 / 212.466.7927
|
|
RBC Capital Markets
|
Mike Carroll
|
440.715.2649
|
|
RW Baird
|
David Rodgers
|
216.737.7341
|
|
Scotia Capital Inc.
|
Nicholas Yulico
|
212.225.6904
|
|
SMBC Nikko Securities Inc.
|
Richard Anderson
|
646.521.2351
|
|
Stifel, Nicolaus & Company
|
John Guinee / Aaron Wolf
|
443.224.1307 / 443.224.1206
|
|
SunTrust Robinson Humphrey
|
Michael Lewis
|
212.319.5659
|
|
Wells Fargo Securities
|
Blaine Heck
|
443.263.6529
|
Debt Research Coverage
|
|||
Bank of America Merrill Lynch
|
Andrew Molloy
|
646.855.6435
|
|
Barclays
|
Peter Troisi
|
212.412.3695
|
|
J.P. Morgan Securities
|
Mark Streeter
|
212.834.5086
|
|
US Bank
|
Bill Stafford
|
877.558.2605
|
|
Wells Fargo
|
Thierry Perrein / Kevin McClure
|
704.715.8455 / 704.410.3252
|
Rating Agencies
|
|||
Moody’s Investors Service
|
Ranjini Venkatesan
|
212.553.3828
|
|
Standard & Poor’s
|
Michael Souers
|
212.438.2508
|
|
Q1 2020
|
Definitions
|
|
Q1 2020
|
Definitions (continued)
|
|
Q1 2020
|
Definitions (continued)
|
|
Q1 2020
|
Definitions (continued)
|
|
Q1 2020
|
Reconciliations
|
BXP’s Share of select items
|
|||||||
Three Months Ended
|
|||||||
31-Mar-20
|
31-Dec-19
|
||||||
Revenue
|
$
|
752,556
|
|
$
|
757,501
|
|
|
Partners’ share of revenue from consolidated joint ventures (JVs)
|
(77,577
|
)
|
(75,000
|
)
|
|||
BXP’s share of revenue from unconsolidated JVs
|
45,408
|
|
40,146
|
|
|||
BXP’s Share of revenue
|
$
|
720,387
|
|
$
|
722,647
|
|
|
Straight-line rent
|
$
|
31,430
|
|
$
|
40,460
|
|
|
Partners’ share of straight-line rent from consolidated JVs
|
(4,971
|
)
|
(3,431
|
)
|
|||
BXP’s share of straight-line rent from unconsolidated JVs
|
4,803
|
|
6,472
|
|
|||
BXP’s Share of straight-line rent
|
$
|
31,262
|
|
$
|
43,501
|
|
|
Fair value lease revenue
1
|
$
|
2,991
|
|
$
|
2,965
|
|
|
Partners’ share of fair value lease revenue from consolidated JVs
1
|
(628
|
)
|
(633
|
)
|
|||
BXP’s share of fair value lease revenue from unconsolidated JVs
1
|
826
|
|
966
|
|
|||
BXP’s Share of fair value lease revenue
2
|
$
|
3,189
|
|
$
|
3,298
|
|
|
Lease termination income
|
$
|
2,399
|
|
$
|
1,397
|
|
|
Partners’ share of termination income from consolidated JVs
|
(238
|
)
|
—
|
|
|||
BXP’s share of termination income from unconsolidated JVs
|
—
|
|
—
|
|
|||
BXP’s Share of termination income
|
$
|
2,161
|
|
$
|
1,397
|
|
|
Non-cash termination income adjustment (fair value lease amounts)
|
$
|
—
|
|
$
|
—
|
|
|
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs
|
—
|
|
—
|
|
|||
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs
|
—
|
|
—
|
|
|||
BXP’s Share of non-cash termination income adjustment (fair value lease amounts)
|
$
|
—
|
|
$
|
—
|
|
|
Hedge amortization
|
$
|
1,579
|
|
$
|
1,579
|
|
|
Partners’ share of hedge amortization from consolidated JVs
|
(144
|
)
|
(144
|
)
|
|||
BXP’s share of hedge amortization from unconsolidated JVs
|
—
|
|
—
|
|
|||
BXP’s Share of hedge amortization
|
$
|
1,435
|
|
$
|
1,435
|
|
|
Straight-line ground rent expense adjustment
|
$
|
976
|
|
$
|
1,016
|
|
|
Partners’ share of straight-line ground rent expense adjustment from consolidated JVs
|
—
|
|
—
|
|
|||
BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs
|
41
|
|
40
|
|
|||
BXP’s Share of straight-line ground rent expense adjustment
|
$
|
1,017
|
|
$
|
1,056
|
|
|
Depreciation and amortization
|
$
|
171,094
|
|
$
|
169,897
|
|
|
Noncontrolling interests in property partnerships’ share of depreciation and amortization
|
(17,627
|
)
|
(18,116
|
)
|
|||
BXP’s share of depreciation and amortization from unconsolidated JVs
|
18,332
|
|
14,458
|
|
|||
BXP’s Share of depreciation and amortization
|
$
|
171,799
|
|
$
|
166,239
|
|
|
Lease transaction costs that qualify as rent inducements
2
|
$
|
2,399
|
|
$
|
2,170
|
|
|
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs
2
|
(226
|
)
|
(168
|
)
|
|||
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs
2
|
1,850
|
|
7,401
|
|
|||
BXP’s Share of lease transaction costs that qualify as rent inducements
2
|
$
|
4,023
|
|
$
|
9,403
|
|
|
2nd generation tenant improvements and leasing commissions
|
$
|
70,386
|
|
$
|
91,627
|
|
|
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs
|
(21,113
|
)
|
(5,609
|
)
|
|||
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs
|
670
|
|
23
|
|
|||
BXP’s Share of 2nd generation tenant improvements and leasing commissions
|
$
|
49,943
|
|
$
|
86,041
|
|
|
|
Q1 2020
|
Reconciliations (continued)
|
BXP’s Share of select items (continued)
|
|||||||
Three Months Ended
|
|||||||
31-Mar-20
|
31-Dec-19
|
||||||
Maintenance capital expenditures
3
|
$
|
20,051
|
|
$
|
25,818
|
|
|
Partners’ share of maintenance capital expenditures from consolidated JVs
3
|
(126
|
)
|
(998
|
)
|
|||
BXP’s share of maintenance capital expenditures from unconsolidated JVs
3
|
319
|
|
637
|
|
|||
BXP’s Share of maintenance capital expenditures
3
|
$
|
20,244
|
|
$
|
25,457
|
|
|
Interest expense
|
$
|
101,591
|
|
$
|
102,880
|
|
|
Partners’ share of interest expense from consolidated JVs
|
(10,776
|
)
|
(10,902
|
)
|
|||
BXP’s share of interest expense from unconsolidated JVs
|
10,923
|
|
10,774
|
|
|||
BXP’s Share of interest expense
|
$
|
101,738
|
|
$
|
102,752
|
|
|
Capitalized interest
|
$
|
14,149
|
|
$
|
13,658
|
|
|
Partners’ share of capitalized interest from consolidated JVs
|
(1,284
|
)
|
(1,264
|
)
|
|||
BXP’s share of capitalized interest from unconsolidated JVs
|
2,339
|
|
2,620
|
|
|||
BXP’s Share of capitalized interest
|
$
|
15,204
|
|
$
|
15,014
|
|
|
Amortization of financing costs
|
$
|
3,279
|
|
$
|
3,300
|
|
|
Partners’ share of amortization of financing costs from consolidated JVs
|
(382
|
)
|
(382
|
)
|
|||
BXP’s share of amortization of financing costs from unconsolidated JVs
|
452
|
|
423
|
|
|||
BXP’s Share of amortization of financing costs
|
$
|
3,349
|
|
$
|
3,341
|
|
|
1
|
Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in place at the property acquisition dates.
|
2
|
Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.
|
3
|
Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures.
|
|
Q1 2020
|
Reconciliations (continued)
|
Norges Joint Ventures
|
||||||||||||
Times Square Tower
|
||||||||||||
601 Lexington Avenue /
One Five Nine East 53rd Street |
||||||||||||
CONSOLIDATED JOINT VENTURES
|
767 Fifth Avenue
|
100 Federal Street
|
Total Consolidated
|
|||||||||
(The GM Building)
|
Atlantic Wharf Office
|
Joint Ventures
|
||||||||||
Revenue
|
||||||||||||
Lease
1
|
$
|
69,133
|
|
$
|
96,613
|
|
$
|
165,746
|
|
|||
Straight-line rent
|
6,927
|
|
4,888
|
|
11,815
|
|
||||||
Fair value lease revenue
|
1,448
|
|
109
|
|
1,557
|
|
||||||
Termination income
|
474
|
|
106
|
|
580
|
|
||||||
Total lease revenue
|
77,982
|
|
|
101,716
|
|
|
179,698
|
|
||||
Parking and other
|
2
|
|
1,357
|
|
1,359
|
|
||||||
Total rental revenue
2
|
77,984
|
|
103,073
|
|
181,057
|
|
||||||
Expenses
|
||||||||||||
Operating
|
30,700
|
|
35,716
|
|
66,416
|
|
||||||
Net Operating Income (NOI)
|
47,284
|
|
67,357
|
|
114,641
|
|
||||||
Other income (expense)
|
||||||||||||
Interest and other income
|
341
|
|
385
|
|
726
|
|
||||||
Interest expense
|
(21,175
|
)
|
(5,130
|
)
|
(26,305
|
)
|
||||||
Depreciation and amortization expense
|
(19,799
|
)
|
(20,613
|
)
|
(40,412
|
)
|
||||||
General and administrative expense
|
(21
|
)
|
(81
|
)
|
(102
|
)
|
||||||
Total other income (expense)
|
(40,654
|
)
|
(25,439
|
)
|
(66,093
|
)
|
||||||
Net income
|
$
|
6,630
|
|
$
|
41,918
|
|
$
|
48,548
|
|
|||
BXP’s nominal ownership percentage
|
60.00%
|
55.00%
|
||||||||||
Partners’ share of NOI (after income allocation to private REIT shareholders)
3
|
$
|
18,236
|
|
$
|
29,425
|
|
$
|
47,661
|
|
|||
BXP’s share of NOI (after income allocation to private REIT shareholders)
|
$
|
29,048
|
|
$
|
37,932
|
|
$
|
66,980
|
|
|||
Unearned portion of capitalized fees
4
|
$
|
(178
|
)
|
$
|
234
|
|
$
|
56
|
|
|||
Partners’ share of select items
3
|
||||||||||||
Partners’ share hedge amortization
|
$
|
144
|
|
$
|
—
|
|
$
|
144
|
|
|||
Partners’ share of amortization of financing costs
|
$
|
346
|
|
$
|
36
|
|
$
|
382
|
|
|||
Partners’ share of depreciation and amortization related to capitalized fees
|
$
|
345
|
|
$
|
298
|
|
$
|
643
|
|
|||
Partners’ share of capitalized interest
|
$
|
—
|
|
$
|
1,284
|
|
$
|
1,284
|
|
|||
Partners’ share of lease transaction costs that qualify as rent inducements
|
$
|
—
|
|
$
|
226
|
|
$
|
226
|
|
|||
Partners’ share of management and other fees
|
$
|
678
|
|
$
|
886
|
|
$
|
1,564
|
|
|||
Partners’ share of basis differential and other adjustments
|
$
|
(29
|
)
|
$
|
(147
|
)
|
$
|
(176
|
)
|
|||
Reconciliation of Partners’ share of EBITDA
re
3
|
||||||||||||
Partners’ NCI
|
$
|
1,660
|
|
$
|
17,826
|
|
$
|
19,486
|
|
|||
Add:
|
|
|
|
|
|
|
||||||
Partners’ share of interest expense after BXP’s basis differential
|
8,467
|
|
2,309
|
|
10,776
|
|
||||||
Partners’ share of depreciation and amortization expense after BXP’s basis differential
|
8,236
|
|
9,391
|
|
17,627
|
|
||||||
Partners’ share of EBITDA
re
|
$
|
18,363
|
|
$
|
29,526
|
|
$
|
47,889
|
|
|||
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI)
3
|
||||||||||||
Rental revenue
2
|
$
|
31,194
|
|
$
|
46,383
|
|
$
|
77,577
|
|
|||
Less: Termination income
|
190
|
|
|
48
|
|
|
238
|
|
||||
Rental revenue (excluding termination income)
2
|
31,004
|
|
|
46,335
|
|
77,339
|
|
|||||
Less: Operating expenses (including partners’ share of management and other fees)
|
12,958
|
|
16,958
|
|
29,916
|
|
||||||
Income allocation to private REIT shareholders
|
—
|
|
—
|
|
—
|
|
||||||
NOI (excluding termination income and after income allocation to private REIT shareholders)
|
$
|
18,046
|
|
$
|
29,377
|
|
$
|
47,423
|
|
|||
Rental revenue (excluding termination income)
2
|
$
|
31,004
|
|
$
|
46,335
|
|
$
|
77,339
|
|
|||
Less: Straight-line rent
|
2,771
|
|
|
2,200
|
|
4,971
|
|
|||||
Fair value lease revenue
|
579
|
|
49
|
|
628
|
|
||||||
Add: Lease transaction costs that qualify as rent inducements
|
—
|
|
226
|
|
226
|
|
||||||
Subtotal
|
27,654
|
|
44,312
|
|
71,966
|
|
||||||
Less: Operating expenses (including partners’ share of management and other fees)
|
12,958
|
|
16,958
|
|
29,916
|
|
||||||
Income allocation to private REIT shareholders
|
—
|
|
—
|
|
—
|
|
||||||
NOI - cash (excluding termination income and after income allocation to private REIT shareholders)
|
$
|
14,696
|
|
$
|
27,354
|
|
$
|
42,050
|
|
|
Q1 2020
|
Reconciliations (continued)
|
CONSOLIDATED JOINT VENTURES
|
||||||||||||
Norges Joint Ventures
|
||||||||||||
Times Square Tower
|
||||||||||||
601 Lexington Avenue /
One Five Nine East 53rd Street |
||||||||||||
767 Fifth Avenue
|
100 Federal Street
|
Total Consolidated
|
||||||||||
Reconciliation of Partners’ share of Revenue
3
|
(The GM Building)
|
Atlantic Wharf Office
|
Joint Ventures
|
|||||||||
Rental revenue
2
|
$
|
31,194
|
|
$
|
46,383
|
|
$
|
77,577
|
|
|||
Add: Development and management services revenue
|
—
|
|
—
|
|
—
|
|
||||||
Revenue
|
$
|
31,194
|
|
$
|
46,383
|
|
$
|
77,577
|
|
1
|
Lease revenue includes recoveries from tenants and service income from tenants.
|
2
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
3
|
Amounts represent the partners’ share based on their respective ownership percentage.
|
4
|
Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income.
|
|
Q1 2020
|
Reconciliations (continued)
|
UNCONSOLIDATED JOINT VENTURES
|
||||||||||||||||||||||||||||||||||||||||||||
Market Square North
|
Metropolitan Square
|
901 New York Avenue
|
Annapolis Junction
1
|
500 North Capitol Street, N.W.
|
Colorado Center
|
Santa Monica Business Park
|
The Hub on Causeway
|
Gateway Commons
2
|
Other Joint Ventures
3
|
Total Unconsolidated Joint Ventures
|
||||||||||||||||||||||||||||||||||
Revenue
|
||||||||||||||||||||||||||||||||||||||||||||
Lease
4
|
$
|
5,281
|
|
$
|
4,360
|
|
$
|
6,187
|
|
$
|
1,938
|
|
$
|
4,334
|
|
$
|
19,113
|
|
$
|
15,409
|
|
$
|
7,550
|
|
$
|
8,467
|
|
$
|
2,058
|
|
$
|
74,697
|
|
|||||||||||
Straight-line rent
|
397
|
|
2,086
|
|
270
|
|
52
|
|
(19
|
)
|
984
|
|
1,254
|
|
1,359
|
|
406
|
|
2,874
|
|
9,663
|
|
||||||||||||||||||||||
Fair value lease revenue
|
|
|
|
|
|
|
|
|
|
|
9
|
|
908
|
|
|
|
40
|
|
—
|
|
957
|
|
||||||||||||||||||||||
Termination income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||||||||||||||||
Total lease revenue
|
5,678
|
|
6,446
|
|
6,457
|
|
1,990
|
|
4,315
|
|
20,106
|
|
17,571
|
|
8,909
|
|
8,913
|
|
4,932
|
|
85,317
|
|
||||||||||||||||||||||
Parking and other
|
209
|
|
480
|
|
330
|
|
—
|
|
123
|
|
2,767
|
|
2,177
|
|
95
|
|
1
|
|
1,137
|
|
7,319
|
|
||||||||||||||||||||||
Total rental revenue
5
|
5,887
|
|
6,926
|
|
6,787
|
|
1,990
|
|
4,438
|
|
22,873
|
|
19,748
|
|
9,004
|
|
8,914
|
|
6,069
|
|
92,636
|
|
||||||||||||||||||||||
Expenses
|
||||||||||||||||||||||||||||||||||||||||||||
Operating
|
2,484
|
|
3,325
|
|
3,112
|
|
756
|
|
1,806
|
|
6,251
|
|
7,497
|
|
3,797
|
|
3,066
|
|
3,043
|
|
6
|
35,137
|
|
|||||||||||||||||||||
Net operating income
|
3,403
|
|
3,601
|
|
3,675
|
|
1,234
|
|
2,632
|
|
16,622
|
|
12,251
|
|
5,207
|
|
5,848
|
|
3,026
|
|
57,499
|
|
||||||||||||||||||||||
Other income/(expense)
|
||||||||||||||||||||||||||||||||||||||||||||
Development and management services revenue
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
6
|
|
—
|
|
5
|
|
||||||||||||||||||||||
Interest and other income
|
56
|
|
—
|
|
98
|
|
51
|
|
18
|
|
172
|
|
1
|
|
49
|
|
—
|
|
117
|
|
562
|
|
||||||||||||||||||||||
Interest expense
|
(1,424
|
)
|
(1,653
|
)
|
(2,072
|
)
|
(473
|
)
|
(1,116
|
)
|
(4,979
|
)
|
(6,972
|
)
|
(2,655
|
)
|
—
|
|
(1,239
|
)
|
(22,583
|
)
|
||||||||||||||||||||||
Depreciation and amortization expense
|
(1,139
|
)
|
(1,776
|
)
|
(1,410
|
)
|
(663
|
)
|
(872
|
)
|
(5,188
|
)
|
(8,969
|
)
|
(3,537
|
)
|
(5,737
|
)
|
(2,744
|
)
|
(32,035
|
)
|
||||||||||||||||||||||
General and administrative expense
|
—
|
|
(14
|
)
|
—
|
|
—
|
|
—
|
|
(26
|
)
|
(152
|
)
|
(56
|
)
|
(14
|
)
|
(2
|
)
|
(264
|
)
|
||||||||||||||||||||||
Total other income/(expense)
|
(2,507
|
)
|
(3,443
|
)
|
(3,384
|
)
|
(1,086
|
)
|
(1,970
|
)
|
(10,021
|
)
|
(16,092
|
)
|
(6,199
|
)
|
(5,745
|
)
|
(3,868
|
)
|
(54,315
|
)
|
||||||||||||||||||||||
Net income/(loss)
|
$
|
896
|
|
$
|
158
|
|
$
|
291
|
|
$
|
148
|
|
$
|
662
|
|
$
|
6,601
|
|
$
|
(3,841
|
)
|
$
|
(992
|
)
|
$
|
103
|
|
$
|
(842
|
)
|
$
|
3,184
|
|
|||||||||||
BXP’s economic ownership percentage
|
50
|
%
|
20
|
%
|
25
|
%
|
50
|
%
|
30
|
%
|
50
|
%
|
55
|
%
|
50
|
%
|
55
|
%
|
|
|
||||||||||||||||||||||||
BXP’s share of amortization of financing costs
|
$
|
10
|
|
$
|
5
|
|
$
|
22
|
|
7
|
$
|
8
|
|
$
|
4
|
|
$
|
13
|
|
$
|
72
|
|
$
|
166
|
|
$
|
—
|
|
$
|
152
|
|
$
|
452
|
|
||||||||||
BXP’s share of capitalized interest
|
$
|
—
|
|
$
|
126
|
|
$
|
—
|
|
7
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
713
|
|
$
|
—
|
|
$
|
1,500
|
|
$
|
2,339
|
|
||||||||||
BXP’s share of non-cash termination income adjustment (fair value lease amounts)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
7
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
||||||||||
Income/(loss) from unconsolidated joint ventures
|
$
|
402
|
|
$
|
35
|
|
$
|
47
|
|
7
|
$
|
70
|
|
$
|
201
|
|
$
|
2,288
|
|
$
|
(2,108
|
)
|
$
|
(515
|
)
|
$
|
(451
|
)
|
$
|
(338
|
)
|
$
|
(369
|
)
|
||||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||
BXP’s share of interest expense
|
712
|
|
331
|
|
1,036
|
|
7
|
237
|
|
335
|
|
2,490
|
|
3,835
|
|
1,328
|
|
—
|
|
619
|
|
10,923
|
|
|||||||||||||||||||||
BXP’s share of depreciation and amortization expense
|
615
|
|
352
|
|
803
|
|
7
|
335
|
|
259
|
|
4,488
|
|
8
|
4,928
|
|
1,788
|
|
3,606
|
|
1,158
|
|
18,332
|
|
||||||||||||||||||||
BXP’s share of EBITDA
re
|
$
|
1,729
|
|
$
|
718
|
|
$
|
1,886
|
|
7
|
$
|
642
|
|
$
|
795
|
|
$
|
9,266
|
|
$
|
6,655
|
|
$
|
2,601
|
|
$
|
3,155
|
|
$
|
1,439
|
|
$
|
28,886
|
|
|
Q1 2020
|
Reconciliations (continued)
|
UNCONSOLIDATED JOINT VENTURES
|
||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of BXP’s share of Net Operating Income/(Loss)
|
Market Square North
|
Metropolitan Square
|
901 New York Avenue
|
Annapolis Junction
1
|
500 North Capitol Street, N.W.
|
Colorado Center
|
Santa Monica Business Park
|
The Hub on Causeway
|
Gateway Commons
2
|
Other Joint Ventures
3
|
Total Unconsolidated Joint Ventures
|
|||||||||||||||||||||||||||||||||
BXP’s share of rental revenue
5
|
$
|
2,944
|
|
$
|
1,385
|
|
$
|
3,394
|
|
7
|
$
|
995
|
|
$
|
1,331
|
|
$
|
12,318
|
|
8
|
$
|
10,861
|
|
$
|
4,502
|
|
$
|
4,853
|
|
$
|
2,823
|
|
$
|
45,406
|
|
|||||||||
BXP’s share of operating expenses
|
1,242
|
|
665
|
|
1,556
|
|
7
|
378
|
|
542
|
|
3,126
|
|
4,123
|
|
1,899
|
|
1,694
|
|
1,423
|
|
16,648
|
|
|||||||||||||||||||||
BXP’s share of net operating income/(loss)
|
1,702
|
|
720
|
|
1,838
|
|
7
|
617
|
|
789
|
|
9,192
|
|
6,738
|
|
2,603
|
|
3,159
|
|
1,400
|
|
28,758
|
|
|||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||||||
BXP’s share of termination income
|
—
|
|
—
|
|
—
|
|
7
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||||||||||||
BXP’s share of net operating income/(loss) (excluding termination income)
|
1,702
|
|
720
|
|
1,838
|
|
7
|
617
|
|
789
|
|
9,192
|
|
6,738
|
|
2,603
|
|
3,159
|
|
1,400
|
|
28,758
|
|
|||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||||||
BXP’s share of straight-line rent
|
199
|
|
417
|
|
135
|
|
7
|
26
|
|
(6
|
)
|
936
|
|
8
|
690
|
|
680
|
|
289
|
|
1,437
|
|
4,803
|
|
||||||||||||||||||||
BXP’s share of fair value lease revenue
|
—
|
|
—
|
|
—
|
|
7
|
—
|
|
—
|
|
442
|
|
8
|
499
|
|
—
|
|
(115
|
)
|
—
|
|
826
|
|
||||||||||||||||||||
Add:
|
|
|||||||||||||||||||||||||||||||||||||||||||
BXP’s share of straight-line ground rent expense adjustment
|
—
|
|
—
|
|
—
|
|
7
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
41
|
|
41
|
|
|||||||||||||||||||||
BXP’s share of lease transaction costs that qualify as rent inducements
|
—
|
|
21
|
|
—
|
|
7
|
—
|
|
—
|
|
524
|
|
37
|
|
261
|
|
(227
|
)
|
1,234
|
|
1,850
|
|
|||||||||||||||||||||
BXP’s share of net operating income/(loss) - cash (excluding termination income)
|
$
|
1,503
|
|
$
|
324
|
|
$
|
1,703
|
|
7
|
$
|
591
|
|
$
|
795
|
|
$
|
8,338
|
|
8
|
$
|
5,586
|
|
$
|
2,184
|
|
$
|
2,758
|
|
$
|
1,238
|
|
$
|
25,020
|
|
|||||||||
Reconciliation of BXP’s share of Revenue
|
||||||||||||||||||||||||||||||||||||||||||||
BXP’s share of rental revenue
5
|
$
|
2,944
|
|
$
|
1,385
|
|
$
|
3,394
|
|
7
|
$
|
995
|
|
$
|
1,331
|
|
$
|
12,318
|
|
8
|
$
|
10,861
|
|
$
|
4,502
|
|
$
|
4,853
|
|
$
|
2,823
|
|
$
|
45,406
|
|
|||||||||
Add:
|
||||||||||||||||||||||||||||||||||||||||||||
BXP’s share of development and management services revenue
|
—
|
|
—
|
|
—
|
|
7
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
3
|
|
—
|
|
2
|
|
|||||||||||||||||||||
BXP’s share of revenue
|
$
|
2,944
|
|
$
|
1,385
|
|
$
|
3,394
|
|
7
|
$
|
994
|
|
$
|
1,331
|
|
$
|
12,318
|
|
8
|
$
|
10,861
|
|
$
|
4,502
|
|
$
|
4,856
|
|
$
|
2,823
|
|
$
|
45,408
|
|
1
|
Annapolis Junction includes three in-service properties and two undeveloped land parcels.
|
2
|
For additional detail see, page
11
.
|
3
|
Includes 1001 6th Street, Dock 72, 7750 Wisconsin Avenue, 1265 Main Street, Wisconsin Place Parking Facility, 3 Hudson Boulevard, 540 Madison Avenue and Platform 16.
|
4
|
Lease revenue includes recoveries from tenants and service income from tenants.
|
5
|
See the Definitions and Reconciliations sections of this Supplemental package starting on page
52
.
|
6
|
Includes approximately $80 of straight-line ground rent expense.
|
7
|
Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement.
|
8
|
The Company’s purchase price allocation under ASC 805 for Colorado Center differs from the historical basis of the venture resulting in the majority of the basis differential for this venture.
|
|
Q1 2020
|
Consolidated Income Statement - prior year
|
Three Months Ended
|
||||
31-Mar-19
|
||||
Revenue
|
||||
Lease
|
$
|
679,251
|
|
|
Parking and other
|
24,906
|
|
||
Hotel revenue
|
8,938
|
|
||
Development and management services
|
9,277
|
|
||
Direct reimbursements of payroll and related costs from management services contracts
|
3,395
|
|
||
Total revenue
|
725,767
|
|
||
Expenses
|
||||
Operating
|
127,857
|
|
||
Real estate taxes
|
129,660
|
|
||
Demolition costs
|
—
|
|
||
Hotel
|
7,863
|
|
||
General and administrative
|
41,762
|
|
||
Payroll and related costs from management services contracts
|
3,395
|
|
||
Transaction costs
|
460
|
|
||
Depreciation and amortization
|
164,594
|
|
||
Total expenses
|
475,591
|
|
||
Other income (expense)
|
||||
Income from unconsolidated joint ventures
|
213
|
|
||
Losses on sales of real estate
|
(905
|
)
|
||
Gains from investments in securities
|
2,969
|
|
||
Interest and other income
|
3,753
|
|
||
Impairment losses
|
(24,038
|
)
|
||
Interest expense
|
(101,009
|
)
|
||
Net income
|
131,159
|
|
||
Net income attributable to noncontrolling interests
|
||||
Noncontrolling interest in property partnerships
|
(18,830
|
)
|
||
Noncontrolling interest - common units of the Operating Partnership
|
(11,599
|
)
|
||
Net income attributable to Boston Properties, Inc.
|
100,730
|
|
||
Preferred dividends
|
(2,625
|
)
|
||
Net income attributable to Boston Properties, Inc. common shareholders
|
$
|
98,105
|
|
|
INCOME PER SHARE OF COMMON STOCK (EPS)
|
||||
Net income attributable to Boston Properties, Inc. per share - basic
|
$
|
0.63
|
|
|
Net income attributable to Boston Properties, Inc. per share - diluted
|
$
|
0.63
|
|
•
|
Revenue grew
4%
to
$752.6 million
as compared to revenue of
$725.8 million
for the
first
quarter ended
March 31, 2019
.
|
•
|
Net income attributable to common shareholders was
$497.5 million
, or
$3.20
per diluted share (EPS), compared to
$98.1 million
, or
$0.63
per diluted share, for the quarter ended
March 31, 2019
, primarily due to $2.37 per diluted share from gains on asset sales in the first quarter of 2020.
|
•
|
Funds from Operations (FFO) was
$284.1 million
, or
$1.83
per diluted share, reflecting growth of
7%
compared to FFO of
$266.0 million
, or
$1.72
per diluted share, for the quarter ended
March 31, 2019
.
|
◦
|
FFO in the first quarter of
$1.83
per diluted share was $0.02 per share greater than the midpoint of the Company’s first quarter guidance provided on January 28, 2020 due primarily to $0.02 per share of greater-than-projected portfolio performance.
|
•
|
The safety of Boston Properties’ tenants and employees remains the Company’s highest priority. The Company has formed a Heath and Security Task Force to prepare buildings for re-occupancy and will implement a number of processes, technologies and communications to provide a safe environment at the Company’s properties.
|
•
|
All office properties throughout the Boston Properties portfolio remain open for tenants, although physical occupancy is low due to shelter-in-place orders.
|
•
|
For the month of April, the Company collected 90% of its total commercial rent payments due April 1 from retail and office tenants. Rent collections from office tenants, excluding retail, were 95% in total.
|
•
|
The Company continues to maintain a strong liquidity position with $2.1 billion of total liquidity as of March 31, 2020 consisting of $661 million of cash, $151 million of cash held in 1031 exchange escrow as well as $1.25 billion available under its unsecured revolving credit facility.
|
•
|
Although the Company’s office rent collections were strong in April, due to the uncertainty of the impacts of the COVID-19 pandemic, including the unknown duration and impact of
|
•
|
Completed and fully placed in-service 17Fifty Presidents Street located in Reston, Virginia on March 26, 2020. 17Fifty Presidents Street is a build-to-suit project with approximately 276,000 net rentable square feet of Class A office space that is 100% leased to an affiliate of Leidos Holdings, Inc.
|
•
|
Completed the sale of New Dominion Technology Park located in Herndon, Virginia on February 20, 2020, for a gross sale price of $256.0 million, resulting in net proceeds of approximately $254.0 million and reported gain on sale of approximately $192.3 million. New Dominion Technology Park is comprised of two Class A office properties aggregating approximately 493,000 net rentable square feet.
|
•
|
Completed the acquisition of the land underlying the ground lease at Platform 16 located in San Jose, California on February 20, 2020, for a purchase price of approximately $74.0 million at BXP’s Share. Platform 16 is a joint venture in which the Company owns 55%. Platform 16 consists of a parcel of land totaling approximately 5.6 acres that is expected to support the development of approximately 1.1 million square feet of commercial office space.
|
•
|
Entered into a joint venture with Alexandria Real Estate Equities to develop, own and operate approximately 1.1 million square feet of existing office and life science lab properties in South San Francisco, California, with the opportunity for approximately 640,000 square feet of additional future development. The Company contributed three office properties totaling approximately 768,000 square feet and development rights resulting in a non-cash gain on sale of real estate of approximately $217.7 million. Upon completion, the joint venture is expected to own an approximately 1.7 million square foot life science campus including a mix of office and lab buildings. Boston Properties will have a 50% ownership interest in the joint venture.
|
BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|||||||
March 31, 2020
|
December 31, 2019
|
||||||
(in thousands, except for share and par value amounts)
|
|||||||
ASSETS
|
|||||||
Real estate, at cost
|
$
|
21,273,137
|
|
$
|
21,458,412
|
|
|
Construction in progress
|
804,179
|
|
789,736
|
|
|||
Land held for future development
|
264,893
|
|
254,828
|
|
|||
Right of use assets - finance leases
|
237,394
|
|
237,394
|
|
|||
Right of use assets - operating leases
|
148,057
|
|
148,640
|
|
|||
Less: accumulated depreciation
|
(5,209,487
|
)
|
(5,266,798
|
)
|
|||
Total real estate
|
17,518,173
|
|
17,622,212
|
|
|||
Cash and cash equivalents
|
660,733
|
|
644,950
|
|
|||
Cash held in escrows
|
197,845
|
|
46,936
|
|
|||
Investments in securities
|
28,101
|
|
36,747
|
|
|||
Tenant and other receivables, net
|
89,431
|
|
112,807
|
|
|||
Related party note receivable, net
|
78,800
|
|
80,000
|
|
|||
Note receivable, net
|
15,794
|
|
15,920
|
|
|||
Accrued rental income, net
|
1,059,677
|
|
1,038,788
|
|
|||
Deferred charges, net
|
667,076
|
|
689,213
|
|
|||
Prepaid expenses and other assets
|
136,730
|
|
41,685
|
|
|||
Investments in unconsolidated joint ventures
|
1,377,338
|
|
955,647
|
|
|||
Total assets
|
$
|
21,829,698
|
|
$
|
21,284,905
|
|
|
LIABILITIES AND EQUITY
|
|||||||
Liabilities:
|
|||||||
Mortgage notes payable, net
|
$
|
2,919,157
|
|
$
|
2,922,408
|
|
|
Unsecured senior notes, net
|
8,393,009
|
|
8,390,459
|
|
|||
Unsecured line of credit
|
250,000
|
|
—
|
|
|||
Unsecured term loan, net
|
499,058
|
|
498,939
|
|
|||
Lease liabilities - finance leases
|
227,067
|
|
224,042
|
|
|||
Lease liabilities - operating leases
|
200,573
|
|
200,180
|
|
|||
Accounts payable and accrued expenses
|
293,831
|
|
377,553
|
|
|||
Dividends and distributions payable
|
171,026
|
|
170,713
|
|
|||
Accrued interest payable
|
82,388
|
|
90,016
|
|
|||
Other liabilities
|
366,852
|
|
387,994
|
|
|||
Total liabilities
|
13,402,961
|
|
13,262,304
|
|
|||
Commitments and contingencies
|
—
|
|
—
|
|
|||
Redeemable deferred stock units
|
5,854
|
|
8,365
|
|
|||
Equity:
|
|||||||
Stockholders’ equity attributable to Boston Properties, Inc.:
|
|||||||
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding
|
—
|
|
—
|
|
|||
Preferred stock, $0.01 par value, 50,000,000 shares authorized; 5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at March 31, 2020 and December 31, 2019
|
200,000
|
|
200,000
|
|
BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|||||||
March 31, 2020
|
December 31, 2019
|
||||||
(in thousands, except for share and par value amounts)
|
|||||||
Common stock, $0.01 par value, 250,000,000 shares authorized, 155,393,455 and 154,869,198 issued and 155,314,555 and 154,790,298 outstanding at March 31, 2020 and December 31, 2019, respectively
|
1,553
|
|
1,548
|
|
|||
Additional paid-in capital
|
6,321,475
|
|
6,294,719
|
|
|||
Dividends in excess of earnings
|
(416,740
|
)
|
(760,523
|
)
|
|||
Treasury common stock at cost, 78,900 shares at March 31, 2020 and December 31, 2019
|
(2,722
|
)
|
(2,722
|
)
|
|||
Accumulated other comprehensive loss
|
(55,700
|
)
|
(48,335
|
)
|
|||
Total stockholders’ equity attributable to Boston Properties, Inc.
|
6,047,866
|
|
5,684,687
|
|
|||
Noncontrolling interests:
|
|||||||
Common units of the Operating Partnership
|
636,572
|
|
600,860
|
|
|||
Property partnerships
|
1,736,445
|
|
1,728,689
|
|
|||
Total equity
|
8,420,883
|
|
8,014,236
|
|
|||
Total liabilities and equity
|
$
|
21,829,698
|
|
$
|
21,284,905
|
|
BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|||||||
Three months ended March 31,
|
|||||||
|
2020
|
2019
|
|||||
|
(in thousands, except for per share amounts)
|
||||||
Revenue
|
|||||||
Lease
|
$
|
710,111
|
|
$
|
679,251
|
|
|
Parking and other
|
24,504
|
|
24,906
|
|
|||
Hotel revenue
|
6,825
|
|
8,938
|
|
|||
Development and management services
|
7,879
|
|
9,277
|
|
|||
Direct reimbursements of payroll and related costs from management services contracts
|
3,237
|
|
3,395
|
|
|||
Total revenue
|
752,556
|
|
725,767
|
|
|||
Expenses
|
|||||||
Operating
|
|||||||
Rental
|
262,966
|
|
257,517
|
|
|||
Hotel
|
6,821
|
|
7,863
|
|
|||
General and administrative
|
36,454
|
|
41,762
|
|
|||
Payroll and related costs from management services contracts
|
3,237
|
|
3,395
|
|
|||
Transaction costs
|
615
|
|
460
|
|
|||
Depreciation and amortization
|
171,094
|
|
164,594
|
|
|||
Total expenses
|
481,187
|
|
475,591
|
|
|||
Other income (expense)
|
|||||||
Income (loss) from unconsolidated joint ventures
|
(369
|
)
|
213
|
|
|||
Gains (losses) on sales of real estate
|
410,165
|
|
(905
|
)
|
|||
Interest and other income
|
3,017
|
|
3,753
|
|
|||
Gains (losses) from investments in securities
|
(5,445
|
)
|
2,969
|
|
|||
Impairment losses
|
—
|
|
(24,038
|
)
|
|||
Interest expense
|
(101,591
|
)
|
(101,009
|
)
|
|||
Net income
|
577,146
|
|
131,159
|
|
|||
Net income attributable to noncontrolling interests
|
|||||||
Noncontrolling interests in property partnerships
|
(19,486
|
)
|
(18,830
|
)
|
|||
Noncontrolling interest—common units of the Operating Partnership
|
(57,539
|
)
|
(11,599
|
)
|
|||
Net income attributable to Boston Properties, Inc.
|
500,121
|
|
100,730
|
|
|||
Preferred dividends
|
(2,625
|
)
|
(2,625
|
)
|
|||
Net income attributable to Boston Properties, Inc. common shareholders
|
$
|
497,496
|
|
$
|
98,105
|
|
|
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
|
|||||||
Net income
|
$
|
3.20
|
|
$
|
0.63
|
|
|
Weighted average number of common shares outstanding
|
155,011
|
|
154,525
|
|
|||
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
|
|||||||
Net income
|
$
|
3.20
|
|
$
|
0.63
|
|
|
Weighted average number of common and common equivalent shares outstanding
|
155,258
|
|
154,844
|
|
BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
|
|||||||
Three months ended March 31,
|
|||||||
2020
|
2019
|
||||||
(in thousands, except for per share amounts)
|
|||||||
Net income attributable to Boston Properties, Inc. common shareholders
|
$
|
497,496
|
|
$
|
98,105
|
|
|
Add:
|
|||||||
Preferred dividends
|
2,625
|
|
2,625
|
|
|||
Noncontrolling interest - common units of the Operating Partnership
|
57,539
|
|
11,599
|
|
|||
Noncontrolling interests in property partnerships
|
19,486
|
|
18,830
|
|
|||
Net income
|
577,146
|
|
131,159
|
|
|||
Add:
|
|||||||
Depreciation and amortization expense
|
171,094
|
|
164,594
|
|
|||
Noncontrolling interests in property partnerships’ share of depreciation and amortization
|
(17,627
|
)
|
(18,002
|
)
|
|||
Company’s share of depreciation and amortization from unconsolidated joint ventures
|
18,332
|
|
15,470
|
|
|||
Corporate-related depreciation and amortization
|
(469
|
)
|
(395
|
)
|
|||
Impairment loss
|
—
|
|
24,038
|
|
|||
Less:
|
|||||||
Gains (losses) on sales of real estate
|
410,165
|
|
(905
|
)
|
|||
Noncontrolling interests in property partnerships
|
19,486
|
|
18,830
|
|
|||
Preferred dividends
|
2,625
|
|
2,625
|
|
|||
Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.)
|
316,200
|
|
296,314
|
|
|||
Less:
|
|||||||
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations
|
32,138
|
|
30,307
|
|
|||
Funds from operations attributable to Boston Properties, Inc. common shareholders
|
$
|
284,062
|
|
$
|
266,007
|
|
|
Boston Properties, Inc.’s percentage share of funds from operations - basic
|
89.84
|
%
|
89.77
|
%
|
|||
Weighted average shares outstanding - basic
|
155,011
|
|
154,525
|
|
|||
FFO per share basic
|
$
|
1.83
|
|
$
|
1.72
|
|
|
Weighted average shares outstanding - diluted
|
155,258
|
|
154,844
|
|
|||
FFO per share diluted
|
$
|
1.83
|
|
$
|
1.72
|
|
(1)
|
Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. common shareholders (computed in accordance with GAAP) for gains (or losses) from sales of properties, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company
’
s real estate across reporting periods and to the operating performance of other companies.
|
BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
|
|||||
% Leased by Location
|
|||||
March 31, 2020
|
December 31, 2019
|
||||
Boston
|
96.5
|
%
|
95.9
|
%
|
|
Los Angeles
|
95.9
|
%
|
96.7
|
%
|
|
New York
|
94.1
|
%
|
92.9
|
%
|
|
San Francisco
|
93.8
|
%
|
93.7
|
%
|
|
Washington, DC
|
84.7
|
%
|
87.6
|
%
|
|
Total Portfolio
|
92.9
|
%
|
93.0
|
%
|