bxp-20220125
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 25, 2022
BOSTON PROPERTIES, INC.
BOSTON PROPERTIES LIMITED PARTNERSHIP
(Exact Name of Registrants As Specified in its Charter)
Boston Properties, Inc.Delaware
1-13087
04-2473675
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification No.)
Boston Properties Limited PartnershipDelaware
0-50209
04-3372948
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification No.)
800 Boylston Street, Suite 1900, Boston, Massachusetts 02199
(Address of Principal Executive Offices) (Zip Code)
(617) 236-3300
(Registrants’ telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):
    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:
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Boston Properties, Inc.:
Emerging growth company

Boston Properties Limited Partnership:
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 ☐







Item 2.02.    Results of Operations and Financial Condition.
The information in this Item 2.02 - “Results of Operations and Financial Condition” is being furnished. Such information, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

On January 25, 2022, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the fourth quarter of 2021. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
*99.1
*99.2
*101.SCHInline XBRL Taxonomy Extension Schema Document.
*101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
*101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
*101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
*104Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).
______________
* Filed herewith.







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
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
    

Date: January 25, 2022




Document


                                                    Exhibit 99.1

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Supplemental Operating and Financial Data
for the Quarter Ended December 31, 2021



THE COMPANY
Boston Properties, Inc. (NYSE: BXP) (“Boston Properties,” “BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. Including properties owned by joint ventures, the Company’s complete portfolio totals 52.8 million square feet and 201 properties, including nine properties under construction/redevelopment. The Company’s properties include 182 office properties, 12 retail properties, six residential properties and one hotel. Boston Properties is well-known for its in-house building management expertise and responsiveness to tenants’ needs. The Company holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy tenants. Boston Properties actively works to promote its growth and operations in a sustainable and responsible manner.  The Company has earned a tenth consecutive Global Real Estate Sustainability Benchmark (GRESB) “Green Star” recognition and the highest GRESB 5-star Rating. Boston Properties, an S&P 500 Company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.


FORWARD-LOOKING STATEMENTS
This Supplemental package contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties’ control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statement. These factors include, without limitation, uncertainties and risks related to the impact of the COVID-19 global pandemic, including the duration, scope and severity of the pandemic domestically and internationally; federal, state and local government actions and restrictive measures implemented in response to COVID-19, the effectiveness of such measures and the effect of any relaxation or reimplementation of restrictions, and the direct and indirect impact of such measures on the U.S. and international economy and economic activity generally, the demand for office space and our tenants' businesses, financial condition, results of operation, cash flows and liquidity; the emergence and characteristics of new variants, the speed, effectiveness and distribution of vaccines (including effectiveness against variant strains), whether new or existing actions or measures continue to impact the ability of our residential tenants to generate sufficient income to pay, or make them unwilling to pay rent in a timely manner, in full or at all; the health, continued service and availability of our personnel, including our key personnel and property management teams; and the effectiveness or lack of effectiveness of government relief in providing assistance to individuals and large and small businesses, including our tenants, that have suffered significant adverse effects from COVID-19. In addition to the risks specific to COVID-19, other factors include, without limitation, the Company’s ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance or achievements. Boston Properties does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.


NON-GAAP FINANCIAL MEASURES
This Supplemental package includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company’s financial condition and results of operations, and, if applicable, the other purposes for which management uses the measures, can be found in the Definitions section of this Supplemental starting on page 52.

The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 56.




GENERAL INFORMATION
Corporate HeadquartersTrading SymbolInvestor RelationsInquiries
800 Boylston StreetBXPBoston Properties, Inc.Inquiries should be directed to
Suite 1900800 Boylston Street, Suite 1900Helen Han
Boston, MA 02199Stock Exchange ListingBoston, MA 02199Vice President, Investor Relations
www.bxp.comNew York Stock Exchangeinvestors.bxp.comat 617.236.3429 or
(t) 617.236.3300investorrelations@bxp.comhhan@bxp.com
(t) 617.236.3429
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
at 617.236.3352 or
mlabelle@bxp.com
(Cover photo: Rendering of 360 Park Avenue South, New York, NY)




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Q4 2021
Table of contents
Page
OVERVIEW
Company Profile
Guidance and assumptions
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 EBITDAre
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


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Q4 2021
Company profile
SNAPSHOT
(as of December 31, 2021)
Fiscal Year-EndDecember 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)201
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)52.8 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, 2
174.6 million
Closing Price, at the end of the quarter$115.18 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield3.4%
Consolidated Market Capitalization 2
$33.0 billion
BXP’s Share of Market Capitalization 2, 3
$33.0 billion
Senior Debt RatingsBBB+ (S&P); Baa1 (Moody’s)
STRATEGY
Boston Properties’ primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the key tenets of our business strategy are to:
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, Seattle, 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 ability to make new investments at opportune times; 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.
MANAGEMENT

Board of DirectorsManagement
Joel I. KleinChairman of the BoardOwen D. ThomasChief Executive Officer
Owen D. ThomasChief Executive OfficerDouglas T. LindePresident
Douglas T. LindePresidentRaymond A. RitcheySenior Executive Vice President
Kelly A. AyotteChair of Compensation CommitteeMichael E. LaBelleExecutive Vice President, Chief Financial Officer and Treasurer
Bruce W. DuncanBryan J. KoopExecutive Vice President, Boston Region
Carol B. EinigerRobert E. PesterExecutive Vice President, San Francisco Region
Diane J. HoskinsChair of Sustainability CommitteeHilary SpannExecutive Vice President, New York Region
Mary E. KippPeter V. OtteniExecutive Vice President, Co-Head of the Washington, DC Region
Matthew J. LustigChair of Nominating & Corporate Governance CommitteeJohn J. StromanExecutive Vice President, Co-Head of the Washington, DC Region
David A. TwardockChair of Audit CommitteeJonathan D. LangeSenior Vice President, Los Angeles Region
William H. Walton, IIIFrank D. BurtSenior Vice President, Chief Legal Officer
Donna D. GarescheSenior Vice President, Chief Human Resources Officer
Michael R. WalshSenior Vice President, Chief Accounting Officer
James J. Whalen
Senior Vice President, Chief Information & Technology Officer

____________________
1Common units and LTIP units are units of limited partnership interest in Boston Properties Limited Partnership, the entity through which the Company conducts substantially all of its business.
2For additional detail, see page 26.
3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

1

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Q4 2021
Guidance and assumptions
GUIDANCE
The Company’s guidance for the first quarter 2022 and full year 2022 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. is set forth and reconciled below.  Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, the timing of the lease-up of available space and the earnings impact of the events referenced in the Company’s earnings release issued on January 25, 2022 and those referenced during the Company’s conference call scheduled for January 26, 2022.  Except as otherwise publicly disclosed, the estimates do not include any material (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) possible gains or losses from capital markets activity (including, without limitation, due to the early extinguishment of debt and resulting from hedging activity and derivatives), (3) possible future write-offs or reinstatement of accounts receivable and accrued rent balances or (4) possible future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate and any gains or losses associated with disposition activity. The Company is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains and losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 54. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth below.
First Quarter 2022Full Year 2022
LowHighLowHigh
Projected EPS (diluted)$0.67 $0.69 $3.00 $3.15 
Add:
Projected Company share of real estate depreciation and amortization1.05 1.05 4.30 4.30 
Projected FFO per share (diluted) $1.72 $1.74 $7.30 $7.45 




ASSUMPTIONS
(dollars in thousands)
Full Year 2022
LowHigh
Operating property activity:
Average In-service portfolio occupancy88.00 %90.00 %
Increase in BXP’s Share of Same Property net operating income (excluding termination income)
2.00 %3.00 %
Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income)
5.00 %6.00 %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)
$70,000 $80,000 
BXP’s Share of incremental net operating income related to asset sales over prior year
$(9,000)$(8,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)
$100,000 $120,000 
Termination income$2,000 $4,000 
Other revenue (expense):
Development, management services and other revenue $24,000 $30,000 
General and administrative expense 1
$(157,000)$(151,000)
Net interest expense$(415,000)$(405,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO$(144,000)$(140,000)





_______________
1 Excludes estimated changes in the market value of the Company’s deferred compensation plan and gains (losses) from investments in securities.
2

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Q4 2021
Financial highlights
(unaudited and in thousands, except ratios and per share amounts)
Three Months Ended
31-Dec-2130-Sep-21
Net income attributable to Boston Properties, Inc. $184,537 $108,297 
Net income attributable to Boston Properties, Inc. per share - diluted$1.18 $0.69 
FFO attributable to Boston Properties, Inc. 1
$242,963 $270,477 
Diluted FFO per share 1
$1.55 $1.73 
Dividends per common share$0.98 $0.98 
Funds available for distribution to common shareholders and common unitholders (FAD) 2
$143,195 $236,608 
Selected items:
Revenue$731,063 $730,056 
Recoveries from tenants$104,194 $107,766 
Service income from tenants$2,428 $1,874 
BXP’s Share of revenue 3
$708,519 $696,313 
BXP’s Share of straight-line rent 3
$30,129 $35,811 
BXP’s Share of fair value lease revenue 3, 4
$2,058 $1,793 
BXP’s Share of termination income 3
$76 $1,847 
Losses from early extinguishments of debt$(44,284)$— 
Ground rent expense$3,192 $3,249 
Capitalized interest$13,839 $11,586 
Capitalized wages$3,594 $3,366 
Loss from unconsolidated joint ventures$(825)$(5,597)
BXP’s share of FFO from unconsolidated joint ventures 5
$19,576 $12,206 
Net income attributable to noncontrolling interests in property partnerships$18,204 $18,971 
FFO attributable to noncontrolling interests in property partnerships 6
$35,686 $35,744 
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)$1,457 $1,906 
Below-market rents (included within Other Liabilities)$22,962 $24,823 
Accrued rental income liability (included within Other Liabilities)$129,390 $132,580 
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7
4.00 3.79 
Interest Coverage Ratio (including capitalized interest) 7
3.50 3.37 
Fixed Charge Coverage Ratio 8
2.81 2.94 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8
7.46 7.70 
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 9
17.9 %7.4 %
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 9
10.2 %9.2 %
FAD Payout Ratio 2
119.06 %71.97 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 64.0 %63.9 %
Occupancy of In-Service Properties88.8 %88.4 %
Capitalization:
Consolidated Debt$12,896,609 $13,378,350 
BXP’s Share of Debt 10
$12,923,917 $13,477,453 
Consolidated Market Capitalization$33,006,115 $32,196,903 
Consolidated Debt/Consolidated Market Capitalization39.07 %41.55 %
BXP’s Share of Market Capitalization 10
$33,033,423 $32,296,006 
BXP’s Share of Debt/BXP’s Share of Market Capitalization 10
39.12 %41.73 %
_____________
1For a quantitative reconciliation of FFO attributable to Boston Properties, Inc. and Diluted FFO per share, see page 6.
2For the three months ended December 31, 2021, includes approximately $42.9 million of cash losses related to the early extinguishment of debt in connection with the early redemption of the Company’s $1.0 billion aggregate principal amount of 3.85% unsecured senior notes that were scheduled to mature in February 2023. For a quantitative reconciliation of FAD, see page 7. FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.
3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
4Represents 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.
5For a quantitative reconciliation for the three months ended December 31, 2021, see page 35.
6For a quantitative reconciliation for the three months ended December 31, 2021, see page 32.
7For a quantitative reconciliation for the three months ended December 31, 2021 and September 30, 2021, see page 30.
8For a quantitative reconciliation for the three months ended December 31, 2021 and September 30, 2021, see page 29.
9For a quantitative reconciliation for the three months ended December 31, 2021 and September 30, 2021, see pages 10, 62 and 63.
10For a quantitative reconciliation for December 31, 2021, see page 26.
3

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Q4 2021
Consolidated Balance Sheets
(unaudited and in thousands)
31-Dec-2130-Sep-21
ASSETS
Real estate $22,298,103 $22,088,835 
Construction in progress 894,172 1,054,531 
Land held for future development 560,355 568,034 
Right of use assets - finance leases 237,507 237,845 
Right of use assets - operating leases169,778 170,085 
Less accumulated depreciation(5,883,961)(5,850,397)
Total real estate18,275,954 18,268,933 
Cash and cash equivalents452,692 1,002,728 
Cash held in escrows 48,466 79,193 
Investments in securities43,632 41,517 
Tenant and other receivables, net60,513 61,269 
Related party note receivable, net78,336 78,144 
Notes receivable, net9,641 19,297 
Accrued rental income, net1,226,745 1,203,840 
Deferred charges, net618,798 622,807 
Prepaid expenses and other assets57,811 97,560 
Investments in unconsolidated joint ventures1,482,997 1,373,522 
Total assets$22,355,585 $22,848,810 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$3,267,914 $2,898,699 
Unsecured senior notes, net9,483,695 10,479,651 
Unsecured line of credit145,000 — 
Lease liabilities - finance leases 244,421 243,562 
Lease liabilities - operating leases204,561 204,137 
Accounts payable and accrued expenses312,125 331,687 
Dividends and distributions payable169,859 169,739 
Accrued interest payable94,796 87,408 
Other liabilities 390,418 370,403 
Total liabilities14,312,789 14,785,286 
Commitments and contingencies— — 
Redeemable deferred stock units9,568 8,775 
Equity:
Stockholders’ equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding— — 
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,623,749 and 156,285,391 issued and 156,544,849 and 156,206,491 outstanding at December 31, 2021 and September 30, 2021, respectively
1,565 1,562 
Additional paid-in capital6,497,750 6,415,802 
Dividends in excess of earnings(625,911)(657,021)
Treasury common stock at cost, 78,900 shares at December 31, 2021 and September 30, 2021
(2,722)(2,722)
Accumulated other comprehensive loss(36,662)(40,803)
Total stockholders’ equity attributable to Boston Properties, Inc.5,834,020 5,716,818 
Noncontrolling interests:
Common units of the Operating Partnership642,655 609,830 
Property partnerships1,556,553 1,728,101 
Total equity8,033,228 8,054,749 
Total liabilities and equity$22,355,585 $22,848,810 
4

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Q4 2021
Consolidated Income Statements
(unaudited and in thousands, except per share amounts)
Three Months Ended
31-Dec-2130-Sep-21
Revenue
Lease$690,912 $692,260 
Parking and other22,940 21,266 
Insurance proceeds 1
147 2,241 
Hotel revenue6,227 5,189 
Development and management services 7,516 6,094 
Direct reimbursements of payroll and related costs from management services contracts3,321 3,006 
Total revenue731,063 730,056 
Expenses
Operating129,335 124,153 
Real estate taxes127,125 131,718 
Demolition costs38 169 
Restoration expenses related to insurance claim 1
280 2,241 
Hotel operating5,005 3,946 
General and administrative 2
33,649 34,560 
Payroll and related costs from management services contracts3,321 3,006 
Transaction costs2,066 1,888 
Depreciation and amortization177,521 179,412 
Total expenses478,340 481,093 
Other income (expense)
Loss from unconsolidated joint ventures (825)(5,597)
Gains on sales of real estate115,556 348 
Gains (losses) from investments in securities 2
1,882 (190)
Interest and other income (loss)1,564 1,520 
Losses from early extinguishments of debt(44,284)— 
Interest expense(103,331)(105,794)
Net income223,285 139,250 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(18,204)(18,971)
Noncontrolling interest - common units of the Operating Partnership 3
(20,544)(11,982)
Net income attributable to Boston Properties, Inc.$184,537 $108,297 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$1.18 $0.69 
Net income attributable to Boston Properties, Inc. per share - diluted$1.18 $0.69 















_____________
1Amounts relate to damage at one of the Company’s properties in New York City due to a water main break.
2General and administrative expense includes $1.9 million and $(0.2) million and Gains (losses) from investments in securities include $1.9 million and $(0.2) million for the three months ended December 31, 2021 and September 30, 2021, respectively, related to the Company’s deferred compensation plan.
3For additional detail, see page 6.

5

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Q4 2021
Funds from operations (FFO) 1
(unaudited and dollars in thousands, except per share amounts)
Three Months Ended
31-Dec-2130-Sep-21
Net income attributable to Boston Properties, Inc.$184,537 $108,297 
Add:
Noncontrolling interest - common units of the Operating Partnership20,544 11,982 
Noncontrolling interests in property partnerships18,204 18,971 
Net income223,285 139,250 
Add:
Depreciation and amortization expense177,521 179,412 
Noncontrolling interests in property partnerships' share of depreciation and amortization 2
(17,482)(16,773)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3
20,401 17,803 
Corporate-related depreciation and amortization(426)(443)
Less:
Gains on sales of real estate115,556 348 
Noncontrolling interests in property partnerships18,204 18,971 
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)269,539 299,930 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO26,576 29,453 
FFO attributable to Boston Properties, Inc. $242,963 $270,477 
Boston Properties, Inc.’s percentage share of Basic FFO 90.14 %90.18 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO9.86 %9.82 %
Basic FFO per share$1.55 $1.73 
Weighted average shares outstanding - basic156,297 156,183 
Diluted FFO per share$1.55 $1.73 
Weighted average shares outstanding - diluted156,654 156,598 

RECONCILIATION TO DILUTED FFO
Three Months Ended
31-Dec-2130-Sep-21
Basic FFO$269,539 $299,930 
Add:
Effect of dilutive securities - stock-based compensation— — 
Diluted FFO269,539 299,930 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO29,389 29,393 
Boston Properties, Inc.’s share of Diluted FFO$240,150 $270,537 

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO
Three Months Ended
31-Dec-2130-Sep-21
Shares/units for Basic FFO173,390 173,194 
Add:
Effect of dilutive securities - stock-based compensation (shares/units)357 415 
Shares/units for Diluted FFO173,747 173,609 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)17,093 17,011 
Boston Properties, Inc.’s share of shares/units for Diluted FFO156,654 156,598 
Boston Properties, Inc.’s percentage share of Diluted FFO90.16 %90.20 %



_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2For a quantitative reconciliation for the three months ended December 31, 2021, see page 32.
3For a quantitative reconciliation for the three months ended December 31, 2021, see page 35.
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Q4 2021
Funds available for distributions (FAD) 1
(dollars in thousands)
Three Months Ended
31-Dec-2130-Sep-21
Net income attributable to Boston Properties, Inc.$184,537 $108,297 
Add:
Noncontrolling interest - common units of the Operating Partnership20,544 11,982 
Noncontrolling interests in property partnerships18,204 18,971 
Net income223,285 139,250 
Add:
Depreciation and amortization expense177,521 179,412 
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2
(17,482)(16,773)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3
20,401 17,803 
Corporate-related depreciation and amortization(426)(443)
Less:
Gains on sales of real estate115,556 348 
Noncontrolling interests in property partnerships18,204 18,971 
Basic FFO269,539 299,930 
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4
3,408 3,379 
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of straight-line ground rent expense adjustment 1, 5
877 996 
Stock-based compensation7,466 8,440 
Non-real estate depreciation426 443 
Unearned portion of capitalized fees from consolidated joint ventures 6
1,598 2,207 
Non-cash losses from early extinguishments of debt1,433 — 
Less:
BXP’s Share of straight-line rent 1
30,129 35,811 
BXP’s Share of fair value lease revenue 1, 7
2,058 1,793 
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1
83,011 25,826 
BXP’s Share of maintenance capital expenditures 1, 8
27,743 16,800 
Hotel improvements, equipment upgrades and replacements57 
Funds available for distribution to common shareholders and common unitholders (FAD) (A) 9
$143,195 $236,608 
Distributions to common shareholders and unitholders (excluding any special distributions) (B)
$170,492 $170,286 
FAD Payout Ratio1 (B÷A)
119.06 %71.97 %







_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2For a quantitative reconciliation for the three months ended December 31, 2021, see page 32.
3For a quantitative reconciliation for the three months ended December 31, 2021, see page 35.
4Consists 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.
5Includes 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 3.
6See page 58 for additional information.
7Represents 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.
8Maintenance capital expenditures do not include capital expenditures that are planned at the time of acquisition or capital expenditures incurred in connection with repositioning activities.
9For the three months ended December 31, 2021, includes approximately $42.9 million of cash losses related to the early extinguishment of debt in connection with the early redemption of the Company’s $1.0 billion aggregate principal amount of 3.85% unsecured senior notes that were scheduled to mature in February 2023.
7

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Q4 2021
Reconciliation of net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of same property net operating income (NOI)

(in thousands)
Three Months Ended
31-Dec-2131-Dec-20
Net income attributable to Boston Properties, Inc. common shareholders$184,537 $7,310 
Preferred dividends— 2,625 
Net income attributable to Boston Properties, Inc.184,537 9,935 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership20,544 990 
Noncontrolling interest in property partnerships18,204 13,980 
Net income223,285 24,905 
Add:
Interest expense103,331 111,991 
Losses from early extinguishments of debt44,284 — 
Loss from unconsolidated joint ventures825 79,700 
Depreciation and amortization expense177,521 168,013 
Transaction costs2,066 277 
Payroll and related costs from management services contracts3,321 3,009 
General and administrative expense33,649 31,053 
Less:
Interest and other income (loss)1,564 1,676 
Gains from investments in securities1,882 4,296 
Gains on sales of real estate115,556 5,259 
Direct reimbursements of payroll and related costs from management services contracts3,321 3,009 
Development and management services revenue 7,516 6,356 
Net Operating Income (NOI)458,443 398,352 
Add:
BXP’s share of NOI from unconsolidated joint ventures 1
33,278 13,336 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2
47,841 40,639 
BXP’s Share of NOI 443,880 371,049 
Less:
Termination income(16)551 
BXP’s share of termination income from unconsolidated joint ventures 1
88 771 
Add:
Partners’ share of termination income (loss) from consolidated joint ventures 2
(4)95 
BXP’s Share of NOI (excluding termination income) $443,804 $369,822 
Net Operating Income (NOI)$458,443 $398,352 
Less:
Termination income(16)551 
NOI from non Same Properties (excluding termination income) 3
8,587 5,187 
Same Property NOI (excluding termination income)449,872 392,614 
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2
47,845 40,544 
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3
1,591 (76)
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1
33,190 12,565 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
7,696 649 
BXP’s Share of Same Property NOI (excluding termination income)$429,112 $363,910 

_____________
1For a quantitative reconciliation for the three months ended December 31, 2021, see page 61.
2For a quantitative reconciliation for the three months ended December 31, 2021, see pages 58-59.
3Pages 20-23 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 December 31, 2021 and therefore are no longer a part of the Company’s property portfolio.
8

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Q4 2021
Reconciliation of net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of same property net operating income (NOI) - cash
(in thousands)
Three Months Ended
31-Dec-2131-Dec-20
Net income attributable to Boston Properties, Inc. common shareholders$184,537 $7,310 
Preferred dividends— 2,625 
Net income attributable to Boston Properties, Inc.184,537 9,935 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership20,544 990 
Noncontrolling interest in property partnerships18,204 13,980 
Net income223,285 24,905 
Add:
Interest expense103,331 111,991 
Losses from early extinguishments of debt44,284 — 
Loss from unconsolidated joint ventures825 79,700 
Depreciation and amortization expense177,521 168,013 
Transaction costs2,066 277 
Payroll and related costs from management services contracts3,321 3,009 
General and administrative expense33,649 31,053 
Less:
Interest and other income (loss)1,564 1,676 
Gains from investments in securities1,882 4,296 
Gains on sales of real estate115,556 5,259 
Direct reimbursements of payroll and related costs from management services contracts3,321 3,009 
Development and management services revenue 7,516 6,356 
Net Operating Income (NOI)458,443 398,352 
Less:
Straight-line rent30,619 13,187 
Fair value lease revenue1,412 614 
Termination income(16)551 
Add:
Straight-line ground rent expense adjustment 1
680 799 
Lease transaction costs that qualify as rent inducements 2
3,731 1,333 
NOI - cash (excluding termination income)430,839 386,132 
Less:
NOI - cash from non Same Properties (excluding termination income) 3
5,098 4,749 
Same Property NOI - cash (excluding termination income)425,741 381,383 
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4
45,401 34,966 
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3
1,163 (111)
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5
30,412 21,175 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
7,524 629 
BXP’s Share of Same Property NOI - cash (excluding termination income)$404,391 $366,852 

_____________
1In 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 $52 and $144 for the three months ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the Company has remaining lease payments aggregating approximately $25.4 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.
2Consist 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 7.
3Pages 20-23 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 December 31, 2021 and therefore are no longer a part of the Company’s property portfolio.
4For a quantitative reconciliation for the three months ended December 31, 2021, see page 59.
5For a quantitative reconciliation for the three months ended December 31, 2021, see page 61.
9

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Q4 2021
Same property net operating income (NOI) by reportable segment
(dollars in thousands)
Office 1
Hotel & Residential
Three Months Ended$%Three Months Ended$%
31-Dec-2131-Dec-20ChangeChange31-Dec-2131-Dec-20ChangeChange
Rental Revenue 2
$688,717 $637,648 $19,064 $9,533 
Less: Termination income(16)551 — — 
Rental revenue (excluding termination income) 2
688,733 637,097 $51,636 8.1 %19,064 9,533 $9,531 100.0 %
Less: Operating expenses and real estate taxes246,576 247,084 (508)(0.2)%11,349 6,932 4,417 63.7 %
NOI (excluding termination income) 2, 3
$442,157 $390,013 $52,144 13.4 %$7,715 $2,601 $5,114 196.6 %
Rental revenue (excluding termination income) 2
$688,733 $637,097 $51,636 8.1 %$19,064 $9,533 $9,531 100.0 %
Less: Straight-line rent and fair value lease revenue28,563 13,122 15,441 117.7 %(21)241 (262)(108.7)%
Add: Lease transaction costs that qualify as rent inducements 4
3,731 1,333 2,398 179.9 %— — — — %
Subtotal663,901 625,308 38,593 6.2 %19,085 9,292 9,793 105.4 %
Less: Operating expenses and real estate taxes246,576 247,084 (508)(0.2)%11,349 6,932 4,417 63.7 %
Add: Straight-line ground rent expense 5
680 799 (119)(14.9)%— — — — %
NOI - cash (excluding termination income) 2, 3
$418,005 $379,023 $38,982 10.3 %$7,736 $2,360 $5,376 227.8 %
Consolidated Total 1 (A)
BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended$%Three Months Ended$%
31-Dec-2131-Dec-20ChangeChange31-Dec-2131-Dec-20ChangeChange
Rental Revenue 2
$707,781 $647,181 $43,430 $30,266 
Less: Termination income(16)551 88 771 
Rental revenue (excluding termination income) 2
707,797 646,630 $61,167 9.5 %43,342 29,495 $13,847 46.9 %
Less: Operating expenses and real estate taxes257,925 254,016 3,909 1.5 %17,848 17,579 269 1.5 %
NOI (excluding termination income) 2, 3
$449,872 $392,614 $57,258 14.6 %$25,494 $11,916 $13,578 113.9 %
Rental revenue (excluding termination income) 2
$707,797 $646,630 $61,167 9.5 %$43,342 $29,495 $13,847 46.9 %
Less: Straight-line rent and fair value lease revenue28,542 13,363 15,179 113.6 %3,298 (7,097)10,395 146.5 %
Add: Lease transaction costs that qualify as rent inducements 4
3,731 1,333 2,398 179.9 %547 1,260 (713)(56.6)%
Subtotal$682,986 $634,600 48,386 7.6 %40,591 37,852 2,739 7.2 %
Less: Operating expenses and real estate taxes257,925 254,016 3,909 1.5 %17,848 17,579 269 1.5 %
Add: Straight-line ground rent expense 5
680 799 (119)(14.9)%145 273 (128)(46.9)%
NOI - cash (excluding termination income) 2, 3
$425,741 $381,383 $44,358 11.6 %$22,888 $20,546 $2,342 11.4 %
Partners’ share of Consolidated Joint Ventures (C)
BXP’s Share 3, 6, 7, 8
Three Months Ended$%Three Months Ended$%
31-Dec-2131-Dec-20ChangeChange31-Dec-2131-Dec-20ChangeChange
Rental Revenue 2
$74,709 $70,452 $676,502 $606,995 
Less: Termination income(4)95 76 1,227 
Rental revenue (excluding termination income) 2
74,713 70,357 $4,356 6.2 %676,426 605,768 $70,658 11.7 %
Less: Operating expenses and real estate taxes28,459 29,737 (1,278)(4.3)%247,314 241,858 5,456 2.3 %
NOI (excluding termination income) 2, 3
$46,254 $40,620 $5,634 13.9 %$429,112 $363,910 $65,202 17.9 %
Rental revenue (excluding termination income) 2
$74,713 $70,357 $4,356 6.2 %$676,426 $605,768 $70,658 11.7 %
Less: Straight-line rent and fair value lease revenue2,908 5,555 (2,647)(47.7)%28,932 711 28,221 3,969.2 %
Add: Lease transaction costs that qualify as rent inducements 4
892 12 880 7,333.3 %3,386 2,581 805 31.2 %
Subtotal72,697 64,814 7,883 12.2 %650,880 607,638 43,242 7.1 %
Less: Operating expenses and real estate taxes28,459 29,737 (1,278)(4.3)%247,314 241,858 5,456 2.3 %
Add: Straight-line ground rent expense 5
— — — — %825 1,072 (247)(23.0)%
NOI - cash (excluding termination income) 2, 3
$44,238 $35,077 $9,161 26.1 %$404,391 $366,852 $37,539 10.2 %
___________________
1Includes 100% share of consolidated joint ventures that are a Same Property.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
3For 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 8-9.
4Consist 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 7.
5Excludes the straight-line impact of approximately $52 and $144 for the three months ended December 31, 2021 and 2020, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.
10

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Q4 2021
Same property net operating income (NOI) by reportable segment (continued)
6BXP’s Share equals (A) + (B) - (C).
7BXP’s Share of Same Store NOI (excluding termination income) increased $65,202 compared to Q4 2020. Included in the Q4 2020 comparison are BXP’s Share of $39,741 in write-offs associated with accrued rent, net and $333 in write-offs associated with accounts receivable, net. These items increased BXP’s Share of Same Store NOI (excluding termination income) by $40,074.
8BXP’s Share of Same Store NOI-cash (excluding termination income) increased $37,539 compared to Q4 2020. Included in the Q4 2020 comparison is BXP’s Share of $333 in write-offs associated with accounts receivable, net. Cash rent abatements and deferrals primarily related to COVID-19 decreased approximately $11,926 in Q4 2021 compared to Q4 2020. These items increased BXP’s Share of Same Store NOI-cash (excluding termination income) by $12,259. For additional information, see page 56.
11

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Q4 2021
Capital expenditures, tenant improvement costs and leasing commissions
(dollars in thousands, except PSF amounts)


CAPITAL EXPENDITURES
Three Months Ended
31-Dec-2130-Sep-21
Maintenance capital expenditures$33,919 $17,779 
Planned capital expenditures associated with acquisition properties — — 
Repositioning capital expenditures— — 
Hotel improvements, equipment upgrades and replacements57 
Subtotal33,976 17,782 
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)180 192 
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs1,023 786 
BXP’s share of repositioning capital expenditures from unconsolidated JVs— — 
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs6,356 1,171 
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs— — 
Partners’ share of repositioning capital expenditures from consolidated JVs— — 
BXP’s Share of Capital Expenditures 1
$28,823 $17,589 





2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2
Three Months Ended
31-Dec-2130-Sep-21
Square feet1,422,236 718,572 
Tenant improvements and lease commissions PSF$75.03 $43.95 





















___________________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2Includes 100% of unconsolidated joint ventures.

12

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Q4 2021
Acquisitions and dispositions
For the period from January 1, 2021 through December 31, 2021
(dollars in thousands)

ACQUISITIONS
Investment
PropertyLocationDate AcquiredSquare FeetInitialAnticipated FutureTotalIn-service Leased (%)
153 & 211 Second Avenue Waltham, MAJune 2, 2021136,882 $100,176 $5,000 $105,176 100.0 %
Shady Grove Bio+Tech Campus 1
Rockville, MDAugust 2, 2021233,452 116,500 — 116,500 64.4 %
Safeco Plaza 2
Seattle, WASeptember 1, 2021765,139 465,000 40,000 505,000 90.9 %
360 Park Avenue South 3
New York, NYDecember 14, 2021450,000 300,000 219,286 519,286 N/A
Total Acquisitions1,585,473 $981,676 $264,286 $1,245,962 86.6 %
4

DISPOSITIONS
PropertyLocationDate DisposedSquare FeetGross Sales PriceNet Cash Proceeds
Book Gain
Annapolis Junction Buildings Six and Seven 5
Annapolis, MDMarch 30, 2021246,568 $65,948 $17,600 $10,257 
6595 Springfield Center Drive 6
Springfield, VADecember 13, 2018N/AN/AN/A8,104 
181, 191 and 201 Spring StreetWaltham, MAOctober 25, 2021333,000 191,500 179,887 115,572 
    Total Dispositions579,568 $257,448 $197,487 $133,933 





________________
1Shady Grove Bio+Tech Campus is an approximately 435,000 net rentable square foot, seven-building office park situated on an approximately 31-acre site. The Company intends to reposition three of the buildings, which are currently vacant, to support life sciences uses. These three buildings are not part of the Company’s in-service portfolio and are included within Land Held for Future Development on the Company’s Consolidated Balance Sheet. The Company anticipates it will redevelop or convert the remaining four buildings to lab or life sciences-related uses as each becomes vacant.
2The acquisition was completed through a newly formed joint venture with two institutional partners. Each partner owns approximately one-third of the joint venture. Each of the institutional partners invested approximately $71.9 million of cash for its ownership interest in the joint venture. The Company invested approximately $72.6 million in the joint venture and is providing customary operating, property management and leasing services to the venture. The purchase price was funded with cash and proceeds from a new mortgage loan secured by the property.
3On December 14, 2021, the Company acquired 360 Park Avenue South. The gross purchase price was approximately $300.7 million (including $0.7 million of net closing costs), consisting of (1) the assumption of approximately $200.3 million of mortgage debt collateralized by the property and (2) the issuance of 866,503 common units of limited partnership interest in Boston Properties Limited Partnership (“OPUs”), the Company’s operating partnership. The OPUs issued totaled approximately $99.7 million based on the average closing price per share of BXP common stock for the five trading days immediately preceding the closing date (approximately $115 per share). Following the acquisition, on December 14, 2021, the Company refinanced the mortgage loan with a new lender totaling $220.0 million. On December 15, 2021, the Company entered into a joint venture with two institutional partners as part of the Company’s Strategic Capital Program and contributed the property to the joint venture for its aggregate 42% ownership interest. There was no gain on sale of real estate associated with the contribution of the property to the joint venture. The joint venture has commenced redevelopment activity, including modernizing building systems and creating amenities, collaborative spaces, and client spaces.
4Total percentage leased excludes 360 Park Avenue South, which is in redevelopment.
5Completed the sale of Annapolis Junction Buildings Six and Seven, two Class A office properties in Annapolis, Maryland totaling approximately 247,000 square feet, for a gross sales price of approximately $65.9 million. The Company had a 50% ownership interest in the joint venture that owned the properties. Net cash proceeds to the Company totaled approximately $17.6 million after repayment of the Company's share of debt totaling approximately $15.1 million. With the sale of Annapolis Junction Buildings Six and Seven, the Company no longer has any assets in Annapolis, Maryland.
6The Company sold its 6595 Springfield Center Drive development project located in Springfield, Virginia on December 13, 2018. Concurrently with the sale, the Company agreed to act as development manager and guaranteed the completion of the project. The Company earned a development fee of approximately $7.9 million to develop this building. Upon completion of the project in 2021, the total cost of development was determined to be below the estimated total investment at the time of sale. As a result, the Company recognized a gain on sale of real estate of approximately $8.1 million during the year ended December 31, 2021.


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Q4 2021
Construction in progress
as of December 31, 2021
(dollars in thousands)
CONSTRUCTION IN PROGRESS 1
Actual/EstimatedBXP’s share
Initial OccupancyStabilization DateSquare Feet
Investment to Date 2
Estimated Total Investment 2
Total Financing
Amount Drawn at 12/31/2021
Estimated Future Equity Requirement 2
Percentage Leased 3
Percentage placed in-service 4
Net Operating Income (Loss) 5 (BXP’s share)
Construction PropertiesLocation
Office
325 Main StreetQ3 2022Q3 2022Cambridge, MA420,000 $308,403 $418,400 $— $— $109,997 90 %— %N/A
Reston NextQ4 2021Q4 2023Reston, VA1,062,000 534,847 715,300 — — 180,453 85 %28 %$1,537 
2100 Pennsylvania Avenue
Q3 2022Q3 2024Washington, DC480,000 229,749 356,100 — — 126,351 58 %— %N/A
360 Park Avenue South (42% ownership) 6
Q3 2023Q1 2025New York, NY450,000 192,058 219,000 92,774 84,925 19,093 — %— %N/A
Total Office Properties under Construction2,412,000 1,265,057 1,708,800 92,774 84,925 435,894 65 %12 %$1,537 
Lab/Life Sciences
880 Winter Street (Redevelopment)Q4 2022Q1 2023Waltham, MA224,000 20,345 108,000 — — 87,655 74 %— %N/A
751 Gateway (49% ownership)Q2 2024Q2 2024South San Francisco, CA230,592 41,337 127,600 — — 86,263 100 %— %N/A
103 CityPointQ4 2023Q3 2024Waltham, MA113,000 14,663 115,100 — — 100,437 — %— %N/A
180 CityPointQ4 2023Q4 2024Waltham, MA329,000 50,776 274,700 — — 223,924 — %— %N/A
Total Lab/Life Sciences Properties under Construction896,592 127,121 625,400 — — 498,279 44 %— %— 
Other
View Boston Observatory at The Prudential Center (Redevelopment)Q2 2023N/ABoston, MA59,000 59,699 182,300 — — 122,601 N/A— %N/A
Total Properties Under Construction3,367,592 $1,451,877 $2,516,500 $92,774 $84,925 $1,056,774 59 %
7
%$1,537 
PROJECTS FULLY PLACED IN-SERVICE DURING 2021
Actual/EstimatedBXP’s share
Estimated Total Investment 2
Amount Drawn at 12/31/2021
Estimated Future Equity Requirement 2
Net Operating Income (Loss) 5 (BXP’s Share)
Initial OccupancyStabilization DateSquare feet
Investment to Date 2
Total Financing
Percentage Leased 3
Location
One Five Nine East 53rd (55% Ownership) Q1 2021Q1 2021New York, NY220,000 $146,734 $150,000 $— $— $3,266 96 %$3,536 
100 Causeway Street (50% ownership)Q3 2021Q2 2022Boston, MA633,819 229,303 243,700 200,000 154,717 — 95 %3,180 
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership)Q4 2021Q4 2021Bethesda, MD733,483 172,528 172,600 127,500 107,384 — 100 %2,697 
200 West Street (Redevelopment) 8
Q1 2022Q1 2022Waltham, MA138,444 35,672 46,100 — — 10,428 100 %699 
Total Projects Fully Placed In-Service1,725,746 $584,237 $612,400 $327,500 $262,101 $13,694 98 %

$10,112 
________________
1A 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.
2Includes income (loss) and interest carry on debt and equity investment.
3Represents percentage leased as of January 21, 2022, including leases with future commencement dates.
4Represents the portion of the project that no longer qualifies for capitalization of interest in accordance with GAAP.
5Amounts represent Net Operating Income (Loss) for the three months ended December 31, 2021. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 52.
6Investment to Date includes all related costs incurred prior to the contribution of the property by the Company to the venture on December 15, 2021 totaling approximately $107 million and the Company’s proportionate share of the loan. The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.
7Total percentage leased excludes Other.
8Represents a portion of the property redeveloped for conversion to laboratory space.
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Q4 2021
Land parcels and purchase options
as of December 31, 2021


OWNED LAND PARCELS
Location
Approximate Developable Square Feet 1
Reston, VA 2
2,938,000 
San Jose, CA 3
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, CA850,000 
Santa Clara, CA 632,000 
Washington, DC (50% ownership)520,000 
Springfield, VA422,000 
South San Francisco, CA (50% Ownership)411,000 
Dulles, VA310,000 
Waltham, MA283,000 
El Segundo, CA (50% Ownership) 275,000 
Rockville, MD 3, 4
202,000 
         Total
13,770,000 


VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS
Location
Approximate Developable Square Feet 1
Cambridge, MA 1,400,000 
Boston, MA 1,300,000 
Waltham, MA 5
1,200,000 
         Total3,900,000 

























__________________
1Represents 100% of consolidated and unconsolidated projects.
2During the fourth quarter of 2020, a ground lease commenced with a hotel developer to lease approximately 200,000 square feet from the Company. Construction is contingent on the developer’s ability to obtain construction financing.
3Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on pages 20-23.
4On August 2, 2021, the Company acquired the Shady Grove Bio+Tech Campus in Rockville, Maryland, which includes three buildings that are currently vacant, totaling 202,000 square feet. The Company intends to reposition these three vacant buildings to support life science uses. These three buildings are not included in the Company’s in-service portfolio.
5The Company expects to be a 50% partner in the future development of these sites.


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Q4 2021
Leasing activity
for the three months ended December 31, 2021

ALL IN-SERVICE PROPERTIES
Net (increase)/decrease in available space (SF)Total
Vacant space available at the beginning of the period5,391,690 
Add:
Properties placed (and partially placed) in-service 1
1,302,783 
Leases expiring or terminated during the period1,174,899 
Total space available for lease7,869,372 
1st generation leases1,107,107 
2nd generation leases with new tenants768,346 
2nd generation lease renewals653,890 
Total space leased2,529,343 
Vacant space available for lease at the end of the period5,340,029 
Net (increase)/decrease in available space51,661 
Second generation leasing information: 2
Leases commencing during the period (SF)1,422,236 
Weighted average lease term (months)89 
Weighted average free rent period (days)197 
Total transaction costs per square foot 3
$75.03 
Increase (decrease) in gross rents 4
(0.46)%
Increase (decrease) in net rents 5
(0.77)%


All leases (SF)Incr (decr) in 2nd generation cash rents
Total square feet of leases executed in the quarter 7
1st generation2nd generation
total 6
gross 4
net 5
Boston67,214 206,868 274,082 18.55 %33.57 %414,986 
Los Angeles— 407,745 407,745 0.06 %0.14 %— 
New York— 221,790 221,790 (11.22)%(17.78)%594,292 
San Francisco6,709 184,674 191,383 0.71 %0.82 %405,167 
Seattle— — — — — — 
Washington, DC1,033,184 401,159 1,434,343 (11.56)%(18.06)%379,015 
Total / Weighted Average1,107,107 1,422,236 2,529,343 (0.46)%(0.77)%1,793,460 





_____________
1Total square feet of properties placed (and partially placed) in-service in Q4 2021 consists of 135,350 at 100 Causeway Street, 733,483 at 7750 Wisconsin Avenue, 295,506 at Reston Next and 138,444 at 200 West Street.
2Second generation leases are defined as leases for space that had previously been leased by the Company. Of the 1,422,236 square feet of second generation leases that commenced in Q4 2021, leases for 417,566 square feet were signed in prior periods.
3Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.
4Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 1,066,642 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”).
5Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 1,066,642 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”).
6Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.
7Represents 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 421,761.

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Q4 2021
Portfolio overview
for the three months ended December 31, 2021
(dollars in thousands)


Rentable square footage of in-service properties by location and unit type 1, 2
OfficeRetailResidentialHotelTotal
Boston14,155,295 1,058,249 550,114 330,000 16,093,658 
Los Angeles2,181,224 126,377 — — 2,307,601 
New York11,331,449 417,849 — — 11,749,298 
San Francisco7,287,533 351,186 318,171 — 7,956,890 
Seattle746,105 18,761 — — 764,866 
Washington, DC9,005,248 684,709 822,436 — 10,512,393 
Total44,706,854 2,657,131 1,690,721 330,000 49,384,706 
% of Total90.53 %5.38 %3.42 %0.67 %100.00 %


Rental revenue of in-service properties by unit type 1
OfficeRetailResidential
Hotel 3
Total
Consolidated$652,267 $49,816 $12,015 $6,128 $720,226 
Less:
Partners’ share from consolidated joint ventures 4
67,709 8,750 — — 76,459 
Add:
BXP’s share from unconsolidated joint ventures 5
48,911 2,352 2,316 — 53,579 
BXP’s Share of Rental revenue 1
$633,469 $43,418 $14,331 $6,128 $697,346 
% of Total90.84 %6.22 %2.06 %0.88 %100.00 %


Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6
CBDSuburbanTotal
Boston27.27 %6.97 %34.24 %
Los Angeles2.95 %— %2.95 %
New York25.59 %2.13 %27.72 %
San Francisco16.71 %2.91 %19.62 %
Seattle0.41 %— %0.41 %
Washington, DC4.88 %10.18 %15.06 %
Total77.81 %22.19 %100.00 %










_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2Includes 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 20-23.
3Excludes approximately $99 of revenue from retail tenants that is included in Retail.
4See page 59 for additional information.
5See page 61 for additional information.
6BXP’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. to BXP’s Share of NOI (excluding termination income), see page 8.

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Q4 2021
Residential and hotel performance
(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS
Residential 1
Hotel 2
Three Months EndedThree Months Ended
31-Dec-2130-Sep-2131-Dec-2130-Sep-21
Rental Revenue 3
$12,836 $10,894 $6,227 $5,189 
Less: Operating expenses and real estate taxes6,344 6,045 5,005 3,946 
Net Operating Income (NOI) 3
6,492 4,849 1,222 1,243 
Add: BXP’s share of NOI from unconsolidated joint ventures1,288 882 N/AN/A
BXP’s Share of NOI 3
$7,780 $5,731 $1,222 $1,243 
Rental Revenue 3
$12,836 $10,894 $6,227 $5,189 
Less: Straight line rent and fair value lease revenue(26)(13)
Add: Lease transaction costs that qualify as rent inducements— 48 — — 
Subtotal12,862 10,955 6,222 5,184 
Less: Operating expenses and real estate taxes6,344 6,045 5,005 3,946 
NOI - cash basis 3
6,518 4,910 1,217 1,238 
Add: BXP’s share of NOI-cash from unconsolidated joint ventures1,288 882 N/AN/A
BXP’s Share of NOI - cash basis 3
$7,806 $5,792 $1,217 $1,238 


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
31-Dec-2131-Dec-20
BOSTON
Hub50House (50% ownership), Boston, MA 3
440
Average Monthly Rental Rate $3,809 $3,499 8.86 %
Average Rental Rate Per Occupied Square Foot $5.31 $5.09 4.32 %
Average Physical Occupancy 92.42 %51.89 %78.11 %
Average Economic Occupancy 90.17 %45.58 %97.83 %
Proto Kendall Square, Cambridge, MA 3, 4
280
Average Monthly Rental Rate $2,728 $2,645 3.14 %
Average Rental Rate Per Occupied Square Foot $5.01 $4.88 2.66 %
Average Physical Occupancy 95.48 %89.88 %6.23 %
Average Economic Occupancy 95.22 %87.80 %8.45 %
The Lofts at Atlantic Wharf, Boston, MA 3, 4
86
Average Monthly Rental Rate $3,855 $3,803 1.37 %
Average Rental Rate Per Occupied Square Foot $4.29 $4.26 0.70 %
Average Physical Occupancy 96.51 %86.43 %11.66 %
Average Economic Occupancy 95.58 %85.06 %12.37 %
Boston Marriott Cambridge (437 rooms), Cambridge, MA 2, 4
N/A
Average Occupancy51.10 %

6.30 %711.11 %
Average Daily Rate$241.14 

$138.88 73.63 %
Revenue Per Available Room$152.71 

$9.11 1,576.29 %
SAN FRANCISCO
The Skylyne, Oakland, CA 3, 5
402
Average Monthly Rental Rate$3,387 $2,873 17.89 %
Average Rental Rate Per Occupied Square Foot$4.07 $3.41 19.35 %
Average Physical Occupancy60.61 %6.22 %874.44 %
Average Economic Occupancy58.42 %3.23 %1,708.67 %

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Q4 2021
Residential and hotel performance (continued)


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
31-Dec-2131-Dec-20
WASHINGTON, DC