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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission File Number: 1-13087 (Boston Properties, Inc.)
Commission File Number: 0-50209 (Boston Properties Limited Partnership)
BOSTON PROPERTIES, INC.
BOSTON PROPERTIES LIMITED PARTNERSHIP
(Exact name of Registrants as specified in its charter)
Boston Properties, Inc.Delaware04-2473675
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Boston Properties Limited PartnershipDelaware04-3372948
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Prudential Center, 800 Boylston Street, Suite 1900, Boston, Massachusetts 02199-8103
(Address of principal executive offices) (Zip Code)
(617) 236-3300
(Registrants’ telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Boston Properties, Inc.Common Stock, par value $0.01 per shareBXPNew York Stock Exchange
Boston Properties, Inc.Depositary Shares Each Representing 1/100th of a shareBXP PRBNew York Stock Exchange
of 5.25% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share


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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
Boston Properties, Inc.: Yes  x   No     Boston Properties Limited Partnership: Yes  x    No   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Boston Properties, Inc.: Yes  x    No     Boston Properties Limited Partnership: Yes  x    No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Boston Properties, Inc.: 
Large accelerated filer  x      Accelerated filer        Non-accelerated filer        Smaller reporting company        Emerging growth company  

Boston Properties Limited Partnership:
Large accelerated filer        Accelerated filer        Non-accelerated filer  x        Smaller reporting company          Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Boston Properties, Inc.      Boston Properties Limited Partnership 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Boston Properties, Inc.: Yes      No  x  Boston Properties Limited Partnership: Yes      No  x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Boston Properties, Inc.Common Stock, par value $0.01 per share155,633,800
(Registrant)(Class)
(Outstanding on August 3, 2020)


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EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2020 of Boston Properties, Inc. and Boston Properties Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “BXP” mean Boston Properties, Inc., a Delaware corporation and real estate investment trust (“REIT”), and references to “BPLP” and the “Operating Partnership” mean Boston Properties Limited Partnership, a Delaware limited partnership. BPLP is the entity through which BXP conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets. BXP is the sole general partner and also a limited partner of BPLP. As the sole general partner of BPLP, BXP has exclusive control of BPLP’s day-to-day management. Therefore, unless stated otherwise or the context requires, references to the “Company,” “we,” “us” and “our” mean collectively BXP, BPLP and those entities/subsidiaries consolidated by BXP.
As of June 30, 2020, BXP owned an approximate 89.9% ownership interest in BPLP. The remaining approximate 10.1% interest was owned by limited partners. The other limited partners of BPLP are (1) persons who contributed their direct or indirect interests in properties to BPLP in exchange for common units or preferred units of limited partnership interest in BPLP and/or (2) recipients of long-term incentive plan units of BPLP pursuant to BXP’s Stock Option and Incentive Plans. Under the limited partnership agreement of BPLP, unitholders may present their common units of BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time, generally one year from issuance). Upon presentation of a common unit for redemption, BPLP must redeem the unit for cash equal to the then value of a share of BXP’s common stock. In lieu of a cash redemption by BPLP, however, BXP may elect to acquire any common units so tendered by issuing shares of BXP common stock in exchange for the common units. If BXP so elects, its common stock will be exchanged for common units on a one-for-one basis. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. BXP generally expects that it will elect to issue its common stock in connection with each such presentation for redemption rather than having BPLP pay cash. With each such exchange or redemption, BXP’s percentage ownership in BPLP will increase. In addition, whenever BXP issues shares of its common stock other than to acquire common units of BPLP, BXP must contribute any net proceeds it receives to BPLP and BPLP must issue to BXP an equivalent number of common units of BPLP. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the quarterly reports on Form 10-Q of BXP and BPLP into this single report provides the following benefits:
enhances investors’ understanding of BXP and BPLP by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more concise and readable presentation because a substantial portion of the disclosure applies to both BXP and BPLP; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between BXP and BPLP in the context of how BXP and BPLP operate as a consolidated company. The financial results of BPLP are consolidated into the financial statements of BXP. BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving the securities of BXP. BPLP holds substantially all of the assets of BXP, including ownership interests in joint ventures. BPLP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by BXP, which are contributed to the capital of BPLP in exchange for common or preferred units of partnership in BPLP, as applicable, BPLP generates all remaining capital required by the Company’s business. These sources include working capital, net cash provided by operating activities, borrowings under its credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties and interests in joint ventures.
Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of BXP and BPLP. The limited partners of BPLP are accounted for as partners’ capital in BPLP’s financial statements and as noncontrolling interests in BXP’s financial statements. The noncontrolling interests in BPLP’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in BXP’s financial statements include the same


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noncontrolling interests at BPLP’s level and limited partners of BPLP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued at BXP and BPLP levels.
In addition, the consolidated financial statements of BXP and BPLP differ in total real estate assets resulting from previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of BPLP. This accounting resulted in a step-up of the real estate assets at BXP. This resulted in a difference between the net real estate of BXP as compared to BPLP of approximately $274.8 million, or 1.6% at June 30, 2020, and a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of certain properties having an allocation of the real estate step-up. The acquisition accounting was nullified on a prospective basis beginning in 2009 as a result of the Company’s adoption of a new accounting standard requiring any future redemptions to be accounted for solely as an equity transaction.
To help investors better understand the key differences between BXP and BPLP, certain information for BXP and BPLP in this report has been separated, as set forth below:
Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP:
Note 3. Real Estate;
Note 9. Stockholders’ Equity / Partners’ Capital;
Note 10. Earnings Per Share / Common Unit; and
Note 12. Segment Information
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable; and
Item 2. Liquidity and Capital Resources includes separate reconciliations of amounts to each entity’s financial statements, where applicable.
This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections for each of BXP and BPLP, as well as separate Exhibits 31 and 32 certifications for each of BXP and BPLP.




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BOSTON PROPERTIES, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP
FORM 10-Q
for the quarter ended June 30, 2020
TABLE OF CONTENTS
 Page
ITEM 1.
Boston Properties, Inc.
Boston Properties Limited Partnership
Boston Properties, Inc. and Boston Properties Limited Partnership
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
 



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PART I. FINANCIAL INFORMATION
ITEM 1—Financial Statements.

BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except for share and par value amounts)
June 30,
2020
December 31,
2019
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,581,689 and $6,497,031 at June 30, 2020 and December 31, 2019, respectively)
$22,575,903  $22,502,976  
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2020 and December 31, 2019, respectively)
237,394  237,394  
Right of use assets - operating leases
147,512  148,640  
Less: accumulated depreciation (amounts related to VIEs of $(1,112,769) and $(1,058,495) at June 30, 2020 and December 31, 2019, respectively)
(5,292,389) (5,266,798) 
Total real estate17,668,420  17,622,212  
Cash and cash equivalents (amounts related to VIEs of $300,552 and $280,033 at June 30, 2020 and December 31, 2019, respectively)
1,691,047  644,950  
Cash held in escrows
300,608  46,936  
Investments in securities32,848  36,747  
Tenant and other receivables, net (amounts related to VIEs of $11,989 and $28,918 at June 30, 2020 and December 31, 2019, respectively)
82,545  112,807  
Related party note receivable, net78,520  80,000  
Notes receivable, net
25,480  15,920  
Accrued rental income, net (amounts related to VIEs of $304,929 and $298,318 at June 30, 2020 and December 31, 2019, respectively)
1,069,004  1,038,788  
Deferred charges, net (amounts related to VIEs of $190,708 and $214,769 at June 30, 2020 and December 31, 2019, respectively)
655,813  689,213  
Prepaid expenses and other assets (amounts related to VIEs of $18,741 and $20,931 at June 30, 2020 and December 31, 2019, respectively)
56,768  41,685  
Investments in unconsolidated joint ventures1,339,724  955,647  
Total assets$23,000,777  $21,284,905  
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $2,913,287 and $2,918,806 at June 30, 2020 and December 31, 2019, respectively)
$2,915,852  $2,922,408  
Unsecured senior notes, net9,633,577  8,390,459  
Unsecured line of credit    
Unsecured term loan, net499,150  498,939  
Lease liabilities - finance leases (amounts related to VIEs of $20,227 and $20,189 at June 30, 2020 and December 31, 2019, respectively)
230,146  224,042  
Lease liabilities - operating leases 200,979  200,180  
Accounts payable and accrued expenses (amounts related to VIEs of $25,685 and $45,777 at June 30, 2020 and December 31, 2019, respectively)
328,292  377,553  
Dividends and distributions payable171,077  170,713  
Accrued interest payable
95,274  90,016  
Other liabilities (amounts related to VIEs of $132,460 and $140,110 at June 30, 2020 and December 31, 2019, respectively)
373,281  387,994  
Total liabilities14,447,628  13,262,304  
Commitments and contingencies    
Redeemable deferred stock units— 66,424 and 60,676 units outstanding at redemption value at June 30, 2020 and December 31, 2019, respectively
6,003  8,365  
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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except for share and par value amounts)
June 30,
2020
December 31,
2019
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 June 30, 2020 and December 31, 2019
200,000  200,000  
Common stock, $0.01 par value, 250,000,000 shares authorized, 155,701,186 and 154,869,198 issued and 155,622,286 and 154,790,298 outstanding at June 30, 2020 and December 31, 2019, respectively
1,556  1,548  
Additional paid-in capital
6,340,665  6,294,719  
Dividends in excess of earnings(302,511) (760,523) 
Treasury common stock at cost, 78,900 shares at June 30, 2020 and December 31, 2019
(2,722) (2,722) 
Accumulated other comprehensive loss(54,921) (48,335) 
Total stockholders’ equity attributable to Boston Properties, Inc.6,182,067  5,684,687  
Noncontrolling interests:
Common units of Boston Properties Limited Partnership640,491  600,860  
Property partnerships1,724,588  1,728,689  
Total equity8,547,146  8,014,236  
Total liabilities and equity$23,000,777  $21,284,905  

















The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except for per share amounts)
Three months ended June 30,Six months ended June 30,
 2020201920202019
Revenue
Lease$630,119  $680,189  $1,340,230  $1,359,440  
Parking and other13,946  26,319  38,450  51,225  
Hotel99  14,844  6,924  23,782  
Development and management services8,125  9,986  16,004  19,263  
Direct reimbursements of payroll and related costs from management services contracts
2,484  2,403  5,721  5,798  
Total revenue654,773  733,741  1,407,329  1,459,508  
Expenses
Operating
Rental239,787  257,971  502,753  515,488  
Hotel1,973  9,080  8,794  16,943  
General and administrative37,743  35,071  74,197  76,833  
Payroll and related costs from management services contracts2,484  2,403  5,721  5,798  
Transaction costs332  417  947  877  
Depreciation and amortization178,188  177,411  349,282  342,005  
Total expenses460,507  482,353  941,694  957,944  
Other income (expense)
Income from unconsolidated joint ventures1,832  47,964  1,463  48,177  
Gains on sales of real estate203,767  1,686  613,932  781  
Interest and other income (loss)1,305  3,615  4,322  7,368  
Gains (losses) from investments in securities4,552  1,165  (893) 4,134  
Impairment loss      (24,038) 
Interest expense(107,142) (102,357) (208,733) (203,366) 
Net income298,580  203,461  875,726  334,620  
Net (income) loss attributable to noncontrolling interests
Noncontrolling interests in property partnerships767  (17,482) (18,719) (36,312) 
Noncontrolling interest—common units of the Operating Partnership(30,197) (19,036) (87,525) (30,627) 
Net income attributable to Boston Properties, Inc.269,150  166,943  769,482  267,681  
Preferred dividends(2,625) (2,625) (5,250) (5,250) 
Net income attributable to Boston Properties, Inc. common shareholders$266,525  $164,318  $764,232  $262,431  
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$1.71  $1.06  $4.92  $1.70  
Weighted average number of common shares outstanding155,386  154,555  155,199  154,540  
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$1.71  $1.06  $4.91  $1.69  
Weighted average number of common and common equivalent shares outstanding
155,407  154,874  155,333  154,859  








The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited and in thousands)
 
Three months ended June 30,Six months ended June 30,
 2020201920202019
Net income$298,580  $203,461  $875,726  $334,620  
Other comprehensive income (loss):
Effective portion of interest rate contracts(659) (4,426) (10,379) (7,054) 
Amortization of interest rate contracts (1)1,677  1,666  3,343  3,332  
Other comprehensive income (loss)1,018  (2,760) (7,036) (3,722) 
Comprehensive income299,598  200,701  868,690  330,898  
Net income attributable to noncontrolling interests(29,430) (36,518) (106,244) (66,939) 
Other comprehensive (income) loss attributable to noncontrolling interests
(239) 154  450  123  
Comprehensive income attributable to Boston Properties, Inc.$269,929  $164,337  $762,896  $264,082  
_______________
(1)Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties, Inc.’s Consolidated Statements of Operations.
































The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited and in thousands)

 Common StockPreferred StockAdditional Paid-in CapitalDividends in Excess of EarningsTreasury Stock,
at cost
Accumulated Other Comprehensive LossNoncontrolling Interests - Common UnitsNoncontrolling Interests - Property PartnershipsTotal
 SharesAmount
Equity, March 31, 2020155,315  $1,553  $200,000  $6,321,475  $(416,740) $(2,722) $(55,700) $636,572  $1,736,445  $8,420,883  
Redemption of operating partnership units to common stock303  3  —  10,846  —  —  —  (10,849) —    
Allocated net income (loss) for the period—  —  —  —  269,361  —  —  29,986  (767) 298,580  
Dividends/distributions declared—  —  —  —  (155,132) —  —  (17,194) —  (172,326) 
Net activity from stock option and incentive plan4  —  —  873  —  —  —  9,352  —  10,225  
Contributions from noncontrolling interests in property partnerships—  —  —  —  —  —  —  —  2,081  2,081  
Distributions to noncontrolling interests in property partnerships—  —  —  —  —  —  —  —  (13,315) (13,315) 
Effective portion of interest rate contracts—  —  —  —  —  —  (601) (58) —