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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, 2021
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
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      


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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 share156,206,944
(Registrant)(Class)
(Outstanding on November 2, 2021)


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EXPLANATORY NOTE
This report combines the Quarterly Reports on Form 10-Q for the period ended September 30, 2021 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, 2021, 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:
enhances investors’ understanding of BXP and BPLP by enabling them 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.
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 noncontrolling interests in


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BPLP 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 of BXP at the time of such redemptions. This resulted in a difference between the net real estate of BXP as compared to BPLP of approximately $264.7 million, or 1.5% at September 30, 2021, 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 11. Stockholders’ Equity / Partners’ Capital;
Note 12. Segment Information; and
Note 13. Earnings Per Share / Common Unit
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, 2021
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,
2021
December 31,
2020
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,688,647 and $6,592,019 at September 30, 2021 and December 31, 2020, respectively)
$23,711,400 $22,969,110 
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2021 and December 31, 2020, respectively)
237,845 237,393 
Right of use assets - operating leases
170,085 146,406 
Less: accumulated depreciation (amounts related to VIEs of $(1,266,516) and $(1,158,548) at September 30, 2021 and December 31, 2020, respectively)
(5,850,397)(5,534,102)
Total real estate18,268,933 17,818,807 
Cash and cash equivalents (amounts related to VIEs of $288,186 and $340,642 at September 30, 2021 and December 31, 2020, respectively)
1,002,728 1,668,742 
Cash held in escrows
79,193 50,587 
Investments in securities41,517 39,457 
Tenant and other receivables, net (amounts related to VIEs of $8,598 and $10,911 at September 30, 2021 and December 31, 2020, respectively)
61,269 77,411 
Related party note receivable, net78,144 77,552 
Notes receivable, net
19,297 18,729 
Accrued rental income, net (amounts related to VIEs of $352,291 and $336,594 at September 30, 2021 and December 31, 2020, respectively)
1,203,840 1,122,502 
Deferred charges, net (amounts related to VIEs of $174,172 and $183,306 at September 30, 2021 and December 31, 2020, respectively)
622,807 640,085 
Prepaid expenses and other assets (amounts related to VIEs of $42,051 and $13,137 at September 30, 2021 and December 31, 2020, respectively)
97,560 33,840 
Investments in unconsolidated joint ventures1,373,522 1,310,478 
Total assets$22,848,810 $22,858,190 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $2,898,699 and $2,907,590 at September 30, 2021 and December 31, 2020, respectively)
$2,898,699 $2,909,081 
Unsecured senior notes, net10,479,651 9,639,287 
Unsecured line of credit  
Unsecured term loan, net 499,390 
Lease liabilities - finance leases (amounts related to VIEs of $20,420 and $20,306 at September 30, 2021 and December 31, 2020, respectively)
243,562 236,492 
Lease liabilities - operating leases 204,137 201,713 
Accounts payable and accrued expenses (amounts related to VIEs of $36,967 and $23,128 at September 30, 2021 and December 31, 2020, respectively)
331,687 336,264 
Dividends and distributions payable169,739 171,082 
Accrued interest payable
87,408 106,288 
Other liabilities (amounts related to VIEs of $124,615 and $158,805 at September 30, 2021 and December 31, 2020, respectively)
370,403 412,084 
Total liabilities14,785,286 14,511,681 
Commitments and contingencies (See Note 9)
Redeemable deferred stock units— 80,989 and 72,966 units outstanding at redemption value at September 30, 2021 and December 31, 2020, respectively
8,775 6,897 
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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
September 30,
2021
December 31,
2020
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 December 31, 2020
 200,000 
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,285,391 and 155,797,725 issued and 156,206,491 and 155,718,825 outstanding at September 30, 2021 and December 31, 2020, respectively
1,562 1,557 
Additional paid-in capital
6,415,802 6,356,791 
Dividends in excess of earnings(657,021)(509,653)
Treasury common stock at cost, 78,900 shares at September 30, 2021 and December 31, 2020
(2,722)(2,722)
Accumulated other comprehensive loss(40,803)(49,890)
Total stockholders’ equity attributable to Boston Properties, Inc.5,716,818 5,996,083 
Noncontrolling interests:
Common units of Boston Properties Limited Partnership609,830 616,596 
Property partnerships1,728,101 1,726,933 
Total equity8,054,749 8,339,612 
Total liabilities and equity$22,848,810 $22,858,190 
















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,
 2021202020212020
Revenue
Lease$692,260 $666,674 $2,062,102 $2,006,904 
Parking and other23,507 16,327 58,727 54,777 
Hotel5,189 90 7,382 7,014 
Development and management services6,094 7,281 20,181 23,285 
Direct reimbursements of payroll and related costs from management services contracts
3,006 2,896 9,166 8,617 
Total revenue730,056 693,268 2,157,558 2,100,597 
Expenses
Operating
Rental258,281 258,261 764,373 761,014 
Hotel3,946 3,164 7,993 11,958 
General and administrative34,560 27,862 117,924 102,059 
Payroll and related costs from management services contracts3,006 2,896 9,166 8,617 
Transaction costs1,888 307 2,970 1,254 
Depreciation and amortization179,412 166,456 539,815 515,738 
Total expenses481,093 458,946 1,442,241 1,400,640 
Other income (expense)
Loss from unconsolidated joint ventures(5,597)(6,873)(1,745)(5,410)
Gains (losses) on sales of real estate348 (209)8,104 613,723 
Interest and other income (loss)1,520 (45)4,140 4,277 
Gains (losses) from investments in securities(190)1,858 3,744 965 
Losses from early extinguishment of debt  (898) 
Interest expense(105,794)(110,993)(320,015)(319,726)
Net income139,250 118,060 408,647 993,786 
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships(18,971)(15,561)(52,602)(34,280)
Noncontrolling interest—common units of the Operating Partnership(11,982)(10,020)(35,393)(97,090)
Net income attributable to Boston Properties, Inc.108,297 92,479 320,652 862,416 
Preferred dividends (2,625)(2,560)(7,875)
Preferred stock redemption charge  (6,412) 
Net income attributable to Boston Properties, Inc. common shareholders$108,297 $89,854 $311,680 $854,541 
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$0.69 $0.58 $2.00 $5.49 
Weighted average number of common shares outstanding156,183 155,645 156,062 155,349 
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$0.69 $0.58 $1.99 $5.49 
Weighted average number of common and common equivalent shares outstanding
156,598 155,670 156,394 155,447 

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,
 2021202020212020
Net income$139,250 $118,060 $408,647 $993,786 
Other comprehensive income (loss):
Effective portion of interest rate contracts1,088 1,027 5,482 (9,352)
Amortization of interest rate contracts (1)1,676 1,677 5,028 5,020 
Other comprehensive income (loss)2,764 2,704 10,510 (4,332)
Comprehensive income142,014 120,764 419,157 989,454 
Net income attributable to noncontrolling interests(30,953)(25,581)(87,995)(131,370)
Other comprehensive (income) loss attributable to noncontrolling interests(401)(405)(1,423)45 
Comprehensive income attributable to Boston Properties, Inc.$110,660 $94,778 $329,739 $858,129 
_______________
(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 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, 2021156,136 $1,561 $ $6,405,916 $(612,247)$(2,722)$(43,166)$615,308 $1,725,343 $8,089,993 
Redemption of operating partnership units to common stock50 1 — 1,747 — — — (1,748)—  
Allocated net income for the period— — — — 108,308 — — 11,971 18,971 139,250 
Dividends/distributions declared— — — — (153,082)— — (17,203)— (170,285)
Shares issued pursuant to stock purchase plan4 — — 520 — — — — — 520 
Net activity from stock option and incentive plan16 — — 1,185 — — — 7,679 — 8,864 
Contributions from noncontrolling interests in property partnerships— — — — — — — — 11,318 11,318 
Distributions to noncontrolling interests in property partnerships— — — — — — — — (27,675)(27,675)
Effective portion of interest rate contracts— — — — — — 981 107 — 1,088 
Amortization of interest rate contracts— — — — — — 1,382 150 144 1,676 
Reallocation of noncontrolling interest— — — 6,434 — — — (6,434)—  
Equity, September 30, 2021
156,206 $1,562 $ $6,415,802 $(657,021)$(2,722)$(40,803)$609,830 $1,728,101 $8,054,749 
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 
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF 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, December 31, 2020155,719 $1,557 $200,000 $6,356,791 $(509,653)$(2,722)$(49,890)$616,596 $