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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 September 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 share155,659,539
(Registrant)(Class)
(Outstanding on November 2, 2020)


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EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 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 September 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 $273.0 million, or 1.6% at September 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 September 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)
September 30,
2020
December 31,
2019
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,592,925 and $6,497,031 at September 30, 2020 and December 31, 2019, respectively)
$22,770,691 $22,502,976 
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2020 and December 31, 2019, respectively)
237,382 237,394 
Right of use assets - operating leases
146,973 148,640 
Less: accumulated depreciation (amounts related to VIEs of $(1,134,450) and $(1,058,495) at September 30, 2020 and December 31, 2019, respectively)
(5,413,709)(5,266,798)
Total real estate17,741,337 17,622,212 
Cash and cash equivalents (amounts related to VIEs of $267,229 and $280,033 at September 30, 2020 and December 31, 2019, respectively)
1,714,783 644,950 
Cash held in escrows
50,006 46,936 
Investments in securities34,934 36,747 
Tenant and other receivables, net (amounts related to VIEs of $12,968 and $28,918 at September 30, 2020 and December 31, 2019, respectively)
76,330 112,807 
Related party note receivable, net77,592 80,000 
Notes receivable, net
25,304 15,920 
Accrued rental income, net (amounts related to VIEs of $323,220 and $298,318 at September 30, 2020 and December 31, 2019, respectively)
1,111,078 1,038,788 
Deferred charges, net (amounts related to VIEs of $187,025 and $214,769 at September 30, 2020 and December 31, 2019, respectively)
644,036 689,213 
Prepaid expenses and other assets (amounts related to VIEs of $53,529 and $20,931 at September 30, 2020 and December 31, 2019, respectively)
106,524 41,685 
Investments in unconsolidated joint ventures1,377,291 955,647 
Total assets$22,959,215 $21,284,905 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $2,910,460 and $2,918,806 at September 30, 2020 and December 31, 2019, respectively)
$2,912,494 $2,922,408 
Unsecured senior notes, net9,636,397 8,390,459 
Unsecured line of credit  
Unsecured term loan, net499,270 498,939 
Lease liabilities - finance leases (amounts related to VIEs of $20,266 and $20,189 at September 30, 2020 and December 31, 2019, respectively)
233,288 224,042 
Lease liabilities - operating leases 201,337 200,180 
Accounts payable and accrued expenses (amounts related to VIEs of $26,848 and $45,777 at September 30, 2020 and December 31, 2019, respectively)
345,959 377,553 
Dividends and distributions payable171,070 170,713 
Accrued interest payable
88,826 90,016 
Other liabilities (amounts related to VIEs of $128,451 and $140,110 at September 30, 2020 and December 31, 2019, respectively)
369,932 387,994 
Total liabilities14,458,573 13,262,304 
Commitments and contingencies  
Redeemable deferred stock units— 69,787 and 60,676 units outstanding at redemption value at September 30, 2020 and December 31, 2019, respectively
5,604 8,365 
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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except for share and par value amounts)
September 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 September 30, 2020 and December 31, 2019
200,000 200,000 
Common stock, $0.01 par value, 250,000,000 shares authorized, 155,715,200 and 154,869,198 issued and 155,636,300 and 154,790,298 outstanding at September 30, 2020 and December 31, 2019, respectively
1,556 1,548 
Additional paid-in capital
6,348,076 6,294,719 
Dividends in excess of earnings(364,720)(760,523)
Treasury common stock at cost, 78,900 shares at September 30, 2020 and December 31, 2019
(2,722)(2,722)
Accumulated other comprehensive loss(52,622)(48,335)
Total stockholders’ equity attributable to Boston Properties, Inc.6,129,568 5,684,687 
Noncontrolling interests:
Common units of Boston Properties Limited Partnership634,796 600,860 
Property partnerships1,730,674 1,728,689 
Total equity8,495,038 8,014,236 
Total liabilities and equity$22,959,215 $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 September 30,Nine months ended September 30,
 2020201920202019
Revenue
Lease$666,674 $692,225 $2,006,904 $2,051,665 
Parking and other16,327 25,582 54,777 76,807 
Hotel90 13,014 7,014 36,796 
Development and management services7,281 10,303 23,285 29,566 
Direct reimbursements of payroll and related costs from management services contracts
2,896 2,429 8,617 8,227 
Total revenue693,268 743,553 2,100,597 2,203,061 
Expenses
Operating
Rental258,261 265,603 761,014 781,091 
Hotel3,164 8,743 11,958 25,686 
General and administrative27,862 31,147 102,059 107,980 
Payroll and related costs from management services contracts2,896 2,429 8,617 8,227 
Transaction costs307 538 1,254 1,415 
Depreciation and amortization166,456 165,862 515,738 507,867 
Total expenses458,946 474,322 1,400,640 1,432,266 
Other income (expense)
Income (loss) from unconsolidated joint ventures(6,873)(649)(5,410)47,528 
Gains (losses) on sales of real estate(209)(15)613,723 766 
Interest and other income (loss)(45)7,178 4,277 14,546 
Gains from investments in securities1,858 106 965 4,240 
Impairment loss   (24,038)
Loss from early extinguishment of debt (28,010) (28,010)
Interest expense(110,993)(106,471)(319,726)(309,837)
Net income118,060 141,370 993,786 475,990 
Net (income) loss attributable to noncontrolling interests
Noncontrolling interests in property partnerships(15,561)(18,470)(34,280)(54,782)
Noncontrolling interest—common units of the Operating Partnership(10,020)(12,504)(97,090)(43,133)
Net income attributable to Boston Properties, Inc.92,479 110,396 862,416 378,075 
Preferred dividends(2,625)(2,625)(7,875)(7,875)
Net income attributable to Boston Properties, Inc. common shareholders$89,854 $107,771 $854,541 $370,200 
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$0.58 $0.70 $5.49 $2.40 
Weighted average number of common shares outstanding155,645 154,577 155,349 154,553 
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$0.58 $0.70 $5.49 $2.39 
Weighted average number of common and common equivalent shares outstanding
155,670 154,820 155,447 154,847 






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 September 30,Nine months ended September 30,
 2020201920202019
Net income$118,060 $141,370 $993,786 $475,990 
Other comprehensive income (loss):
Effective portion of interest rate contracts1,027 (2,253)(9,352)(9,307)
Amortization of interest rate contracts (1)1,677 1,666 5,020 4,998 
Other comprehensive income (loss)2,704 (587)(4,332)(4,309)
Comprehensive income120,764 140,783 989,454 471,681 
Net income attributable to noncontrolling interests(25,581)(30,974)(131,370)(97,915)
Other comprehensive (income) loss attributable to noncontrolling interests
(405)(69)45 54 
Comprehensive income attributable to Boston Properties, Inc.$94,778 $109,740 $858,129 $373,820 
_______________
(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, June 30, 2020155,622 $1,556 $200,000 $6,340,665 $(302,511)$(2,722)$(54,921)$640,491 $1,724,588 $8,547,146 
Redemption of operating partnership units to common stock9  — 338 — — — (338)—  
Allocated net income for the period— — — — 92,934 — — 9,565 15,561 118,060 
Dividends/distributions declared— — — — (155,143)— — (17,183)— (172,326)
Shares issued pursuant to stock purchase plan5 — — 434 — — — — — 434 
Net activity from stock option and incentive plan — — 1,390 — — — 7,249 — 8,639 
Contributions from noncontrolling interests in property partnerships— — — — — — — — 1,407 1,407 
Distributions to noncontrolling interests in property partnerships— — — — — — — — (11,026)(11,026)
Effective portion of interest rate contracts— — — — — — 917 110 — 1,027 
Amortization of interest rate contracts— — — — — — 1,382 151 144 1,677 
Reallocation of noncontrolling interest— — — 5,249 — — — (5,249)—  
Equity, September 30, 2020
155,636 $1,556 $200,000 $6,348,076 $(364,720)$(2,722)$(52,622)$634,796 $1,730,674 $8,495,038 
Equity, June 30, 2019154,563 $1,546 $200,000 $6,278,961 $(710,592)$(2,722)$(51,340)$608,593 $1,696,221 $8,020,667 
Redemption of operating partnership units to common stock7  — 223 — — — (223)—  
Allocated net income for the period— — — — 110,394 — — 12,506 18,470 141,370 
Dividends/distributions declared— — — — (149,468)— — (17,200)— (166,668)
Shares issued pursuant to stock purchase plan2 — — 315 — — — — — 315 
Net activity from stock option and incentive plan — — (7,219)— — — 6,774 — (445)
Sale of an interest in property partnerships— — — (4,216)— — — — 4,216  
Acquisition of noncontrolling interest in property partnership— — — 43 — — — —  43 
Contributions from noncontrolling interests in property partnerships— — — — — — — — 14,820 14,820 
Distributions to noncontrolling interests in property partnerships— — — — — — — — (13,748)(13,748)
Effective portion of interest rate contracts— — — — — — (2,022)(231)— (2,253)
Amortization of interest rate contracts— — — — — — 1,366 156 144 1,666 
Reallocation of noncontrolling interest— — — 6,685 — — — (6,685)—  
Equity, September 30, 2019
154,572 $1,546 $200,000 $6,274,792 $(749,666)$(2,722)$(51,996)$603,690 $1,720,123 $7,995,767 
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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