bxp-20220502
0001037540false0001043121false00010375402022-05-022022-05-020001037540bxp:BostonPropertiesLimitedPartnershipMember2022-05-022022-05-02

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): May 2, 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 May 2, 2022, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the first quarter of 2022. 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: May 2, 2022




Document


Exhibit 99.1                                                    



https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-platform16a.jpg



https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Supplemental Operating and Financial Data
for the Quarter Ended March 31, 2022



THE COMPANY
Boston Properties, Inc. (NYSE: BXP) (“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 53.1 million square feet and 201 properties, including eleven properties under construction/redevelopment. The Company’s properties include 182 office properties, 12 retail properties, six residential properties and one hotel. BXP 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. BXP actively works to promote its growth and operations in a sustainable and responsible manner.  The Company has earned a tenth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating. BXP, 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 BXP’s 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 (1) the COVID-19 global pandemic, including the emergence of additional variants, the effectiveness, availability and distribution of vaccines, including their efficacy against new variant strains and the willingness of individuals to be vaccinated, (2) the impact of geopolitical conflicts, including the ongoing war in Ukraine, and (3) the severity and duration of the indirect economic impacts of the foregoing, such as recession, supply chain disruptions, labor market disruptions, rising inflation, increasing interest rates, dislocation and volatility in capital markets, job losses, potential longer-term changes in consumer and tenant behavior, as well as possible future governmental responses; risks related to volatile or adverse global economic and geopolitical conditions, health crises and dislocations in the credit markets; risks associated with downturns in the national and local economies, increasing interest rates, and volatility in the securities markets; 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 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. BXP 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 Platform 16, San Jose, CA)




 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
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


 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Company profile
SNAPSHOT
(as of March 31, 2022)
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)53.1 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
174.9 million
Closing Price, at the end of the quarter$128.80 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield3.0%
Consolidated Market Capitalization 2
$35.5 billion
BXP’s Share of Market Capitalization 2, 3
$35.6 billion
Senior Debt RatingsBBB+ (S&P); Baa1 (Moody’s)
STRATEGY
BXP’s 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

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Guidance and assumptions
GUIDANCE
The Company’s guidance for the second quarter 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 May 2, 2022 and those referenced during the Company’s conference call scheduled for May 3, 2022.  Except as otherwise publicly disclosed, the estimates do not include the impacts of any potential (1) capital markets activity, (2) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (3) 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 or 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.
Second Quarter 2022Full Year 2022
LowHighLowHigh
Projected EPS (diluted)$0.79 $0.81 $5.32 $5.42 
Add:
Projected Company share of real estate depreciation and amortization1.05 1.05 4.30 4.30 
Projected Company share of (gains)/losses on sales of real estate— — (2.22)(2.22)
Projected FFO per share (diluted) $1.84 $1.86 $7.40 $7.50 




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)
2.75 %3.75 %
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)
$95,000 $105,000 
BXP’s Share of incremental net operating income related to asset sales over prior year
$(33,000)$(27,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)
$120,000 $135,000 
Termination income$3,000 $5,000 
Other revenue (expense):
Development, management services and other revenue $26,000 $33,000 
General and administrative expense 1
$(157,000)$(151,000)
Net interest expense$(420,000)$(410,000)
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

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Financial highlights
(unaudited and in thousands, except ratios and per share amounts)
Three Months Ended
31-Mar-2231-Dec-21
Net income attributable to Boston Properties, Inc. $143,047 $184,537 
Net income attributable to Boston Properties, Inc. per share - diluted$0.91 $1.18 
FFO attributable to Boston Properties, Inc. 1
$286,136 $242,963 
Diluted FFO per share 1
$1.82 $1.55 
Dividends per common share$0.98 $0.98 
Funds available for distribution to common shareholders and common unitholders (FAD) 2
$248,032 $143,195 
Selected items:
Revenue$754,307 $731,063 
Recoveries from tenants$115,910 $104,194 
Service income from tenants$1,787 $2,428 
BXP’s Share of revenue 3
$735,572 $708,519 
BXP’s Share of straight-line rent 3
$35,103 $30,129 
BXP’s Share of fair value lease revenue 3, 4
$2,185 $2,058 
BXP’s Share of termination income 3
$2,463 $76 
Losses from early extinguishments of debt$— $(44,284)
Ground rent expense$3,155 $3,192 
Capitalized interest$13,740 $13,839 
Capitalized wages$4,050 $3,594 
Income (loss) from unconsolidated joint ventures$2,189 $(825)
BXP’s share of FFO from unconsolidated joint ventures 5
$24,233 $19,576 
Net income attributable to noncontrolling interests in property partnerships$17,549 $18,204 
FFO attributable to noncontrolling interests in property partnerships 6
$35,202 $35,686 
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)$1,245 $1,457 
Below-market rents (included within Other Liabilities)$21,095 $22,962 
Accrued rental income liability (included within Other Liabilities)$118,460 $129,390 
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7
4.16 4.00 
Interest Coverage Ratio (including capitalized interest) 7
3.60 3.50 
Fixed Charge Coverage Ratio 8
3.31 2.81 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8
7.50 7.46 
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 9
5.5 %17.9 %
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 9
4.8 %10.2 %
FAD Payout Ratio 2
69.14 %119.06 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 63.5 %64.0 %
Occupancy of In-Service Properties89.1 %88.8 %
Capitalization:
Consolidated Debt$13,010,124 $12,896,609 
BXP’s Share of Debt 10
$13,078,509 $12,923,917 
Consolidated Market Capitalization$35,542,525 $33,006,115 
Consolidated Debt/Consolidated Market Capitalization36.60 %39.07 %
BXP’s Share of Market Capitalization 10
$35,610,910 $33,033,423 
BXP’s Share of Debt/BXP’s Share of Market Capitalization 10
36.73 %39.12 %
_____________
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 March 31, 2022, see page 35.
6For a quantitative reconciliation for the three months ended March 31, 2022, see page 32.
7For a quantitative reconciliation for the three months ended March 31, 2022 and December 31, 2021, see page 30.
8For a quantitative reconciliation for the three months ended March 31, 2022 and December 31, 2021, see page 29.
9For a quantitative reconciliation for the three months ended March 31, 2022 and December 31, 2021, see pages 10, 62 and 63.
10For a quantitative reconciliation for March 31, 2022, see page 26.
3

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Consolidated Balance Sheets
(unaudited and in thousands)
31-Mar-2231-Dec-21
ASSETS
Real estate $22,472,940 $22,298,103 
Construction in progress 846,775 894,172 
Land held for future development 582,511 560,355 
Right of use assets - finance leases 237,501 237,507 
Right of use assets - operating leases169,248 169,778 
Less accumulated depreciation(5,995,760)(5,883,961)
Total real estate18,313,215 18,275,954 
Cash and cash equivalents436,271 452,692 
Cash held in escrows 46,072 48,466 
Investments in securities36,032 43,632 
Tenant and other receivables, net56,132 70,186 
Related party note receivable, net78,544 78,336 
Notes receivable, net9,674 9,641 
Accrued rental income, net1,243,395 1,226,745 
Deferred charges, net609,205 618,798 
Prepaid expenses and other assets128,472 57,811 
Investments in unconsolidated joint ventures1,518,622 1,482,997 
Total assets$22,475,634 $22,365,258 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$3,268,745 $3,267,914 
Unsecured senior notes, net9,486,379 9,483,695 
Unsecured line of credit255,000 145,000 
Lease liabilities - finance leases 245,554 244,421 
Lease liabilities - operating leases204,677 204,561 
Accounts payable and accrued expenses304,576 320,775 
Dividends and distributions payable170,869 169,859 
Accrued interest payable90,861 94,796 
Other liabilities 396,283 391,441 
Total liabilities14,422,944 14,322,462 
Commitments and contingencies— — 
Redeemable deferred stock units11,031 9,568 
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, 156,790,614 and 156,623,749 issued and 156,711,714 and 156,544,849 outstanding at March 31, 2022 and December 31, 2021, respectively
1,567 1,565 
Additional paid-in capital6,509,663 6,497,730 
Dividends in excess of earnings(636,421)(625,891)
Treasury common stock at cost, 78,900 shares at March 31, 2022 and December 31, 2021
(2,722)(2,722)
Accumulated other comprehensive loss(28,485)(36,662)
Total stockholders’ equity attributable to Boston Properties, Inc.5,843,602 5,834,020 
Noncontrolling interests:
Common units of the Operating Partnership649,602 642,655 
Property partnerships1,548,455 1,556,553 
Total equity8,041,659 8,033,228 
Total liabilities and equity$22,475,634 $22,365,258 
4

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Consolidated Income Statements
(unaudited and in thousands, except per share amounts)
Three Months Ended
31-Mar-2231-Dec-21
Revenue
Lease$718,120 $690,912 
Parking and other21,734 23,087 
Hotel revenue4,557 6,227 
Development and management services 5,831 7,516 
Direct reimbursements of payroll and related costs from management services contracts4,065 3,321 
Total revenue754,307 731,063 
Expenses
Operating138,723 129,615 
Real estate taxes131,527 127,125 
Demolition costs38 
Hotel operating4,840 5,005 
General and administrative 1
43,194 33,649 
Payroll and related costs from management services contracts4,065 3,321 
Transaction costs— 2,066 
Depreciation and amortization177,624 177,521 
Total expenses499,978 478,340 
Other income (expense)
Income (loss) from unconsolidated joint ventures 2,189 (825)
Gains on sales of real estate22,701 115,556 
Gains (losses) from investments in securities 1
(2,262)1,882 
Interest and other income (loss)1,228 1,564 
Losses from early extinguishments of debt— (44,284)
Interest expense(101,228)(103,331)
Net income176,957 223,285 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(17,549)(18,204)
Noncontrolling interest - common units of the Operating Partnership 2
(16,361)(20,544)
Net income attributable to Boston Properties, Inc.$143,047 $184,537 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$0.91 $1.18 
Net income attributable to Boston Properties, Inc. per share - diluted$0.91 $1.18 















_____________
1General and administrative expense includes $(2.3) million and $1.9 million and Gains (losses) from investments in securities include $(2.3) million and $1.9 million for the three months ended March 31, 2022 and December 31, 2021, respectively, related to the Company’s deferred compensation plan.
2For additional detail, see page 6.

5

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Funds from operations (FFO) 1
(unaudited and dollars in thousands, except per share amounts)
Three Months Ended
31-Mar-2231-Dec-21
Net income attributable to Boston Properties, Inc.$143,047 $184,537 
Add:
Noncontrolling interest - common units of the Operating Partnership16,361 20,544 
Noncontrolling interests in property partnerships17,549 18,204 
Net income176,957 223,285 
Add:
Depreciation and amortization expense177,624 177,521 
Noncontrolling interests in property partnerships' share of depreciation and amortization 2
(17,653)(17,482)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3
22,044 20,401 
Corporate-related depreciation and amortization(404)(426)
Less:
Gains on sales of real estate22,701 115,556 
Noncontrolling interests in property partnerships17,549 18,204 
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)318,318 269,539 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO32,182 26,576 
FFO attributable to Boston Properties, Inc. $286,136 $242,963 
Boston Properties, Inc.’s percentage share of Basic FFO 89.89 %90.14 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO10.11 %9.86 %
Basic FFO per share$1.83 $1.55 
Weighted average shares outstanding - basic156,650 156,297 
Diluted FFO per share$1.82 $1.55 
Weighted average shares outstanding - diluted157,004 156,654 

RECONCILIATION TO DILUTED FFO
Three Months Ended
31-Mar-2231-Dec-21
Basic FFO$318,318 $269,539 
Add:
Effect of dilutive securities - stock-based compensation— — 
Diluted FFO318,318 269,539 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO32,118 29,389 
Boston Properties, Inc.’s share of Diluted FFO$286,200 $240,150 

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO
Three Months Ended
31-Mar-2231-Dec-21
Shares/units for Basic FFO174,276 173,390 
Add:
Effect of dilutive securities - stock-based compensation (shares/units)354 357 
Shares/units for Diluted FFO174,630 173,747 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)17,626 17,093 
Boston Properties, Inc.’s share of shares/units for Diluted FFO157,004 156,654 
Boston Properties, Inc.’s percentage share of Diluted FFO89.91 %90.16 %



_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2For a quantitative reconciliation for the three months ended March 31, 2022, see page 32.
3For a quantitative reconciliation for the three months ended March 31, 2022, see page 35.
6

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Funds available for distributions (FAD) 1
(dollars in thousands)
Three Months Ended
31-Mar-2231-Dec-21
Net income attributable to Boston Properties, Inc.$143,047 $184,537 
Add:
Noncontrolling interest - common units of the Operating Partnership16,361 20,544 
Noncontrolling interests in property partnerships17,549 18,204 
Net income176,957 223,285 
Add:
Depreciation and amortization expense177,624 177,521 
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2
(17,653)(17,482)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3
22,044 20,401 
Corporate-related depreciation and amortization(404)(426)
Less:
Gains on sales of real estate22,701 115,556 
Noncontrolling interests in property partnerships17,549 18,204 
Basic FFO318,318 269,539 
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4
(1,769)3,408 
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of straight-line ground rent expense adjustment 1, 5
889 877 
Stock-based compensation20,914 7,466 
Non-real estate depreciation404 426 
Unearned portion of capitalized fees from consolidated joint ventures 6
593 1,598 
Non-cash losses from early extinguishments of debt— 1,433 
Less:
BXP’s Share of straight-line rent 1
35,103 30,129 
BXP’s Share of fair value lease revenue 1, 7
2,185 2,058 
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1
45,591 83,011 
BXP’s Share of maintenance capital expenditures 1, 8
9,848 27,743 
Hotel improvements, equipment upgrades and replacements36 57 
Funds available for distribution to common shareholders and common unitholders (FAD) (A) 9
$248,032 $143,195 
Distributions to common shareholders and unitholders (excluding any special distributions) (B)
$171,497 $170,492 
FAD Payout Ratio1 (B÷A)
69.14 %119.06 %







_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2For a quantitative reconciliation for the three months ended March 31, 2022, see page 32.
3For a quantitative reconciliation for the three months ended March 31, 2022, 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 2024 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

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
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-Mar-2231-Mar-21
Net income attributable to Boston Properties, Inc. common shareholders$143,047 $91,624 
Preferred stock redemption charge— 6,412 
Preferred dividends— 2,560 
Net income attributable to Boston Properties, Inc.143,047 100,596 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership16,361 11,084 
Noncontrolling interest in property partnerships17,549 16,467 
Net income176,957 128,147 
Add:
Interest expense101,228 107,902 
Losses from early extinguishments of debt— 898 
Depreciation and amortization expense177,624 176,565 
Transaction costs— 331 
Payroll and related costs from management services contracts4,065 3,505 
General and administrative expense43,194 44,959 
Less:
Interest and other income (loss)1,228 1,168 
Gains (losses) from investments in securities(2,262)1,659 
Gains on sales of real estate22,701 — 
Income from unconsolidated joint ventures2,189 5,225 
Direct reimbursements of payroll and related costs from management services contracts4,065 3,505 
Development and management services revenue 5,831 6,803 
Net Operating Income (NOI)469,316 443,947 
Add:
BXP’s share of NOI from unconsolidated joint ventures 1
37,321 24,795 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2
47,055 44,376 
BXP’s Share of NOI 459,582 424,366 
Less:
Termination income2,078 4,269 
BXP’s share of termination income from unconsolidated joint ventures 1
606 — 
Add:
Partners’ share of termination income (loss) from consolidated joint ventures 2
221 (6)
BXP’s Share of NOI (excluding termination income) $457,119 $420,091 
Net Operating Income (NOI)$469,316 $443,947 
Less:
Termination income2,078 4,269 
NOI from non Same Properties (excluding termination income) 3
13,396 7,273 
Same Property NOI (excluding termination income)453,842 432,405 
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2
46,834 44,382 
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
1,590 880 
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1
36,715 24,795 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
10,155 1,173 
BXP’s Share of Same Property NOI (excluding termination income)$435,158 $412,525 
_____________
1For a quantitative reconciliation for the three months ended March 31, 2022, see page 61.
2For a quantitative reconciliation for the three months ended March 31, 2022, 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 March 31, 2022 and therefore are no longer a part of the Company’s property portfolio.
8

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
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-Mar-2231-Mar-21
Net income attributable to Boston Properties, Inc. common shareholders$143,047 $91,624 
Preferred stock redemption charge— 6,412 
Preferred dividends— 2,560 
Net income attributable to Boston Properties, Inc.143,047 100,596 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership16,361 11,084 
Noncontrolling interest in property partnerships17,549 16,467 
Net income176,957 128,147 
Add:
Interest expense101,228 107,902 
Losses from early extinguishments of debt— 898 
Depreciation and amortization expense177,624 176,565 
Transaction costs— 331 
Payroll and related costs from management services contracts4,065 3,505 
General and administrative expense43,194 44,959 
Less:
Interest and other income (loss)1,228 1,168 
Gains (losses) from investments in securities(2,262)1,659 
Gains on sales of real estate22,701 — 
Income from unconsolidated joint ventures2,189 5,225 
Direct reimbursements of payroll and related costs from management services contracts4,065 3,505 
Development and management services revenue 5,831 6,803 
Net Operating Income (NOI)469,316 443,947 
Less:
Straight-line rent22,186 7,730 
Fair value lease revenue1,655 653 
Termination income2,078 4,269 
Add:
Straight-line ground rent expense adjustment 1
576 765 
Lease transaction costs that qualify as rent inducements 2
(4,583)1,859 
NOI - cash (excluding termination income)439,390 433,919 
Less:
NOI - cash from non Same Properties (excluding termination income) 3
5,827 23,829 
Same Property NOI - cash (excluding termination income)433,563 410,090 
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4
43,366 49,973 
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
1,161 8,517 
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5
22,759 25,363 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
2,227 1,121 
BXP’s Share of Same Property NOI - cash (excluding termination income)$411,890 $392,876 

_____________
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 $168 and $167 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company has remaining lease payments aggregating approximately $25.4 million, all of which it expects to incur by the end of 2024 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 2024 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 March 31, 2022 and therefore are no longer a part of the Company’s property portfolio.
4For a quantitative reconciliation for the three months ended March 31, 2022, see page 59.
5For a quantitative reconciliation for the three months ended March 31, 2022, see page 61.
9

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Same property net operating income (NOI) by reportable segment
(dollars in thousands)
Office 1
Hotel & Residential
Three Months Ended$%Three Months Ended$%
31-Mar-2231-Mar-21ChangeChange31-Mar-2231-Mar-21ChangeChange
Rental Revenue 2
$708,288 $682,889 $17,523 $9,807 
Less: Termination income2,078 4,269 — — 
Rental revenue (excluding termination income) 2
706,210 678,620 $27,590 4.1 %17,523 9,807 $7,716 78.7 %
Less: Operating expenses and real estate taxes258,619 247,844 10,775 4.3 %11,272 8,178 3,094 37.8 %
NOI (excluding termination income) 2, 3
$447,591 $430,776 $16,815 3.9 %$6,251 $1,629 $4,622 283.7 %
Rental revenue (excluding termination income) 2
$706,210 $678,620 $27,590 4.1 %$17,523 $9,807 $7,716 78.7 %
Less: Straight-line rent and fair value lease revenue16,216 24,907 (8,691)(34.9)%56 33 23 69.7 %
Add: Lease transaction costs that qualify as rent inducements 4
(4,583)1,859 (6,442)(346.5)%— — — — %
Subtotal685,411 655,572 29,839 4.6 %17,467 9,774 7,693 78.7 %
Less: Operating expenses and real estate taxes258,619 247,844 10,775 4.3 %11,272 8,178 3,094 37.8 %
Add: Straight-line ground rent expense 5
576 766 (190)(24.8)%— — — — %
NOI - cash (excluding termination income) 2, 3
$427,368 $408,494 $18,874 4.6 %$6,195 $1,596 $4,599 288.2 %
Consolidated Total 1 (A)
BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended$%Three Months Ended$%
31-Mar-2231-Mar-21ChangeChange31-Mar-2231-Mar-21ChangeChange
Rental Revenue 2
$725,811 $692,696 $44,541 $39,985 
Less: Termination income2,078 4,269 606 — 
Rental revenue (excluding termination income) 2
723,733 688,427 $35,306 5.1 %43,935 39,985 $3,950 9.9 %
Less: Operating expenses and real estate taxes269,891 256,022 13,869 5.4 %17,375 16,363 1,012 6.2 %
NOI (excluding termination income) 2, 3
$453,842 $432,405 $21,437 5.0 %$26,560 $23,622 $2,938 12.4 %
Rental revenue (excluding termination income) 2
$723,733 $688,427 $35,306 5.1 %$43,935 $39,985 $3,950 9.9 %
Less: Straight-line rent and fair value lease revenue16,272 24,940 (8,668)(34.8)%6,531 1,033 5,498 532.2 %
Add: Lease transaction costs that qualify as rent inducements 4
(4,583)1,859 (6,442)(346.5)%358 1,419 (1,061)(74.8)%
Subtotal$702,878 $665,346 37,532 5.6 %37,762 40,371 (2,609)(6.5)%
Less: Operating expenses and real estate taxes269,891 256,022 13,869 5.4 %17,375 16,363 1,012 6.2 %
Add: Straight-line ground rent expense 5
576 766 (190)(24.8)%145 234 (89)(38.0)%
NOI - cash (excluding termination income) 2, 3
$433,563 $410,090 $23,473 5.7 %$20,532 $24,242 $(3,710)(15.3)%
Partners’ share of Consolidated Joint Ventures (C)
BXP’s Share 3, 6, 7, 8
Three Months Ended$%Three Months Ended$%
31-Mar-2231-Mar-21ChangeChange31-Mar-2231-Mar-21ChangeChange
Rental Revenue 2
$75,130 $74,072 $695,222 $658,609 
Less: Termination income221 (6)2,463 4,275 
Rental revenue (excluding termination income) 2
74,909 74,078 $831 1.1 %692,759 654,334 $38,425 5.9 %
Less: Operating expenses and real estate taxes29,665 30,576 (911)(3.0)%257,601 241,809 15,792 6.5 %
NOI (excluding termination income) 2, 3
$45,244 $43,502 $1,742 4.0 %$435,158 $412,525 $22,633 5.5 %
Rental revenue (excluding termination income) 2
$74,909 $74,078 $831 1.1 %$692,759 $654,334 $38,425 5.9 %
Less: Straight-line rent and fair value lease revenue596 2,297 (1,701)(74.1)%22,207 23,676 (1,469)(6.2)%
Add: Lease transaction costs that qualify as rent inducements 4
(2,443)251 (2,694)(1,073.3)%(1,782)3,027 (4,809)(158.9)%
Subtotal71,870 72,032 (162)(0.2)%668,770 633,685 35,085 5.5 %
Less: Operating expenses and real estate taxes29,665 30,576 (911)(3.0)%257,601 241,809 15,792 6.5 %
Add: Straight-line ground rent expense 5
— — — — %721 1,000 (279)(27.9)%
NOI - cash (excluding termination income) 2, 3
$42,205 $41,456 $749 1.8 %$411,890 $392,876 $19,014 4.8 %
___________________
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 $168 and $167 for the three months ended March 31, 2022 and 2021, 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

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
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 $22,633, compared to Q1 2021. Included in Q1 2022 is BXP’s Share of approximately $2,249 associated with the reinstatement of accrued rent balances that the Company determined were probable of collection. Included in the Q1 2021 comparison are approximately $693 in write-offs associated with accrued rent, net and $(200) in write-offs associated with associated with accounts receivable, net. These items increased BXP’s Share of Same Store NOI (excluding termination income) by $2,742. For additional information, see page 56.
8BXP’s Share of Same Store NOI-cash (excluding termination income) increased $19,014, compared to Q1 2021. Included in Q1 2021 is BXP’s Share of $(200) of write-offs associated with accounts receivable, net. Cash rent abatements and deferrals primarily related to COVID-19 decreased approximately $7,489 in Q1 2022 compared to Q1 2021. These items increased BXP’s Share of Same Store NOI-cash (excluding termination income) by $7,289. For additional information, see page 56.
11

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Capital expenditures, tenant improvement costs and leasing commissions
(dollars in thousands, except PSF amounts)


CAPITAL EXPENDITURES
Three Months Ended
31-Mar-2231-Dec-21
Maintenance capital expenditures$10,652 $33,919 
Planned capital expenditures associated with acquisition properties — — 
Repositioning capital expenditures6,243 — 
Hotel improvements, equipment upgrades and replacements36 57 
Subtotal16,931 33,976 
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)719 180 
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs— 1,023 
BXP’s share of repositioning capital expenditures from unconsolidated JVs— — 
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs1,523 6,356 
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs— — 
Partners’ share of repositioning capital expenditures from consolidated JVs2,223 — 
BXP’s Share of Capital Expenditures 1
$13,904 $28,823 





2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2
Three Months Ended
31-Mar-2231-Dec-21
Square feet1,057,074 1,422,236 
Tenant improvements and lease commissions PSF$54.99 $75.03 





















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

12

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Acquisitions and dispositions
For the period from January 1, 2022 through March 31, 2022
(dollars in thousands)

ACQUISITIONS
Investment
PropertyLocationDate AcquiredSquare FeetInitialAnticipated FutureTotalIn-service Leased (%)
N/A— $— $— $— — %
Total Acquisitions— $— $— $— — %

DISPOSITIONS
PropertyLocationDate DisposedSquare FeetGross Sales PriceNet Cash Proceeds
Book Gain
195 West StreetWaltham, MAMarch 31, 202263,500 $37,700 $35,397 $22,701 
    Total Dispositions63,500 $37,700 $35,397 $22,701 








13

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Construction in progress
as of March 31, 2022
(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 3/31/2022
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 $328,547 $418,400 $— $— $89,853 90 %— %N/A
Reston NextQ4 2021Q4 2023Reston, VA1,062,000 538,075 715,300 — — 177,225 87 %67 %$4,776 
2100 Pennsylvania Avenue
Q3 2022Q3 2024Washington, DC480,000 252,049 356,100 — — 104,051 61 %— %N/A
360 Park Avenue South (42% ownership) 6
Q3 2023Q1 2025New York, NY450,000 195,333 219,000 92,774 85,588 16,481 — %— %N/A
Platform16 Building A (55% ownership) 7
Q2 2025Q4 2026San Jose, CA389,500 65,199 231,900 — — 166,701 — %— %N/A
Total Office Properties under Construction2,801,500 1,379,203 1,940,700 92,774 85,588 554,311 57 %25 %$4,776 
Lab/Life Sciences
880 Winter Street (Redevelopment)Q4 2022Q1 2023Waltham, MA244,000 47,522 108,000 — — 60,478 85 %— %N/A
751 Gateway (49% ownership)Q2 2024Q2 2024South San Francisco, CA231,000 55,892 127,600 — — 71,708 100 %— %N/A
103 CityPointQ4 2023Q3 2024Waltham, MA113,000 16,156 115,100 — — 98,944 — %— %N/A
180 CityPointQ4 2023Q4 2024Waltham, MA329,000 66,272 274,700 — — 208,428 43 %— %N/A
651 Gateway (50% ownership) Q4 2023Q4 2025South San Francisco, CA327,000 5,227 146,500 — — 141,273 — %— %N/A
Total Lab/Life Sciences Properties under Construction1,244,000 191,069 771,900 — — 580,831 47 %— %— 
Other
View Boston Observatory at The Prudential Center (Redevelopment)Q2 2023N/ABoston, MA59,000 81,617 182,300 — — 100,683 N/A— %N/A
Total Properties Under Construction4,104,500 $1,651,889 $2,894,900 $92,774 $85,588 $1,235,825 54 %
8
17 %$4,776 



________________
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 April 29, 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 March 31, 2022. 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 joint venture on December 15, 2021 totaling approximately $107 million and the Company’s proportionate share of the loan. The Company’s joint venture partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the joint venture partners will fund required capital according to their percentage interests.
7Estimated total investment represents the costs to complete Building A, a 389,500 square foot building, and Building A’s proportionate share of land and garage costs. In conjunction with the construction of Building A, garage and site work will be completed for Phase II, which will support approximately 700,000 square feet of development in two office buildings, budgeted to be an incremental $141 million.
8Total percentage leased excludes Other.

14

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Land parcels and purchase options
as of March 31, 2022


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 Francisco, CA850,000 
San Jose, CA (55% Ownership) 698,000 
Santa Clara, CA 632,000 
Washington, DC (50% ownership)520,000 
South San Francisco, CA (50% Ownership)451,000 
Springfield, VA422,000 
Waltham, MA365,000 
Dulles, VA310,000 
El Segundo, CA (50% Ownership) 275,000 
Rockville, MD 3, 4
202,000 
         Total
13,512,000 


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.
4Includes three buildings that are currently vacant at Shady Grove Innovation District in Rockville, Maryland. The Company intends to reposition these three vacant buildings, totaling 202,000 square feet, 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.


15

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Leasing activity
for the three months ended March 31, 2022

ALL IN-SERVICE PROPERTIES
Net (increase)/decrease in available space (SF)Total
Vacant space available at the beginning of the period5,340,029 
Less:
Property dispositions/properties taken out of service 1
95,180 
Add:
Properties placed (and partially placed) in-service 2
410,690 
Leases expiring or terminated during the period1,097,803 
Total space available for lease6,753,342 
1st generation leases552,730 
2nd generation leases with new tenants687,656 
2nd generation lease renewals369,418 
Total space leased1,609,804 
Vacant space available for lease at the end of the period5,143,538 
Net (increase)/decrease in available space196,491 
Second generation leasing information: 3
Leases commencing during the period (SF)1,057,074 
Weighted average lease term (months)71 
Weighted average free rent period (days)135 
Total transaction costs per square foot 4
$54.99 
Increase (decrease) in gross rents 5
(2.36)%
Increase (decrease) in net rents 6
(4.34)%


All leases (SF)Incr (decr) in 2nd generation cash rents
Total square feet of leases executed in the quarter 8
1st generation2nd generation
total 7
gross 5
net 6
Boston140,944 227,829 368,773 5.53 %7.72 %350,767 
Los Angeles— 79,996 79,996 0.69 %1.04 %12,306 
New York— 267,169 267,169 (10.14)%(20.12)%434,340 
San Francisco— 181,943 181,943 6.07 %8.18 %199,268 
Seattle— 3,397 3,397 — — — 
Washington, DC411,786 296,740 708,526 (1.98)%(2.19)%182,911 
Total / Weighted Average552,730 1,057,074 1,609,804 (2.36)%(4.34)%1,179,592 





_____________
1Total square feet of properties taken out of service in Q1 2022 consists of 95,180 at 651 Gateway.
2Total square feet of properties placed (and partially placed) in-service in Q1 2022 consists of 410,690 at Reston Next.
3Second generation leases are defined as leases for space that had previously been leased by the Company. Of the 1,057,074 square feet of second generation leases that commenced in Q1 2022, leases for 735,157 square feet were signed in prior periods.
4Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.
5Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 734,025 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.
6Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 734,025 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.
7Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.
8Represents 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 321,917.

16

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Portfolio overview
for the three months ended March 31, 2022
(dollars in thousands)


Rentable square footage of in-service properties by location and unit type 1, 2
OfficeRetailResidentialHotelTotal
Boston14,099,481 1,056,365 550,114 330,000 16,035,960 
Los Angeles2,183,318 126,377 — — 2,309,695 
New York11,334,521 417,849 — — 11,752,370 
San Francisco6,994,229 351,284 318,171 — 7,663,684 
Seattle748,462 18,761 — — 767,223 
Washington, DC9,016,767 672,330 822,436 — 10,511,533 
Total44,376,778 2,642,966 1,690,721 330,000 49,040,465 
% of Total90.49 %5.39 %3.45 %0.67 %100.00 %


Rental revenue of in-service properties by unit type 1
OfficeRetailResidential
Hotel 3
Total
Consolidated$674,058 $53,573 $12,323 $4,457 $744,411 
Less:
Partners’ share from consolidated joint ventures 4
68,293 8,856 — — 77,149 
Add:
BXP’s share from unconsolidated joint ventures 5
52,200 3,410 2,444 — 58,054 
BXP’s Share of Rental revenue 1
$657,965 $48,127 $14,767 $4,457 $725,316 
% of Total90.71 %6.64 %2.04 %0.61 %100.00 %


Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6
CBDSuburbanTotal
Boston25.90 %7.06 %32.96 %
Los Angeles3.00 %— %3.00 %
New York24.99 %2.24 %27.23 %
San Francisco17.79 %2.33 %20.12 %
Seattle0.43 %— %0.43 %
Washington, DC4.81 %11.45 %16.26 %
Total76.92 %23.08 %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 $100 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.

17

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Residential and hotel performance
(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS
Residential 1
Hotel
Three Months EndedThree Months Ended
31-Mar-2231-Dec-2131-Mar-2231-Dec-21
Rental Revenue 2
$12,966 $12,836 $4,557 $6,227 
Less: Operating expenses and real estate taxes6,432 6,344 4,840 5,005 
Net Operating Income (NOI) 2
6,534 6,492 (283)1,222 
Add: BXP’s share of NOI from unconsolidated joint ventures1,647 1,288 N/AN/A
BXP’s Share of NOI 2
$8,181 $7,780 $(283)$1,222 
Rental Revenue 2
$12,966 $12,836 $4,557 $6,227 
Less: Straight line rent and fair value lease revenue54 (26)
Add: Lease transaction costs that qualify as rent inducements— — — — 
Subtotal12,912 12,862 4,555 6,222 
Less: Operating expenses and real estate taxes6,432 6,344 4,840 5,005 
NOI - cash basis 2
6,480 6,518 (285)1,217 
Add: BXP’s share of NOI-cash from unconsolidated joint ventures1,647 1,288 N/AN/A
BXP’s Share of NOI - cash basis 2
$8,127 $7,806 $(285)$1,217 


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
31-Mar-2231-Mar-21
BOSTON
Hub50House (50% ownership), Boston, MA 2
440
Average Monthly Rental Rate $3,890 $3,260 19.33 %
Average Rental Rate Per Occupied Square Foot $5.42 $4.52 19.91 %
Average Physical Occupancy 94.09 %56.82 %65.59 %
Average Economic Occupancy 92.20 %49.78 %85.21 %
Proto Kendall Square, Cambridge, MA 2, 3
280
Average Monthly Rental Rate $2,743 $2,585 6.11 %
Average Rental Rate Per Occupied Square Foot $5.04 $4.78 5.44 %
Average Physical Occupancy 93.57 %90.36 %3.55 %
Average Economic Occupancy 93.14 %88.81 %4.88 %
The Lofts at Atlantic Wharf, Boston, MA 2, 3
86
Average Monthly Rental Rate $3,933 $3,474 13.21 %
Average Rental Rate Per Occupied Square Foot $4.36 $3.99 9.27 %
Average Physical Occupancy 96.12 %87.60 %9.73 %
Average Economic Occupancy 95.61 %84.00 %13.82 %
Boston Marriott Cambridge (437 rooms), Cambridge, MA 3
N/A
Average Occupancy40.40 %

10.90 %270.64 %
Average Daily Rate$266.10 

$123.11 116.15 %
Revenue Per Available Room$91.38 

$13.43 580.42 %
SAN FRANCISCO
The Skylyne, Oakland, CA 2, 4
402
Average Monthly Rental Rate$3,342 $2,953 13.17 %
Average Rental Rate Per Occupied Square Foot$4.03 $3.55 13.52 %
Average Physical Occupancy71.48 %15.84 %351.26 %
Average Economic Occupancy68.59 %9.08 %655.40 %

18

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Residential and hotel performance (continued)


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
31-Mar-2231-Mar-21
WASHINGTON, DC
Signature at Reston, Reston, VA 2, 3
508
Average Monthly Rental Rate $2,580 $2,265 13.91 %
Average Rental Rate Per Occupied Square Foot $2.66 $2.36 12.71 %
Average Physical Occupancy 94.16 %80.05 %17.63 %
Average Economic Occupancy 93.50 %75.56 %23.74 %
The Avant at Reston Town Center, Reston, VA 2, 3
359
Average Monthly Rental Rate $2,340 $2,287 2.32 %
Average Rental Rate Per Occupied Square Foot $2.55 $2.51 1.59 %
Average Physical Occupancy 94.15 %91.36 %3.05 %
Average Economic Occupancy 94.02 %90.17 %4.27 %
Total In-Service Residential Units2,075 































_____________
1Includes retail space.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
3Excludes retail space.
4This property was completed and fully placed in-service on August 15, 2020 and is in its initial lease-up period with expected stabilization in the third quarter of 2022.


19

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
In-service property listing
as of March 31, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
BOSTON
Office
200 Clarendon StreetCBD Boston MA11,768,775 97.2 %$76.50 
100 Federal Street (55% ownership)CBD Boston MA11,236,649 98.1 %68.12
800 Boylston Street - The Prudential CenterCBD Boston MA11,197,745 90.9 %69.44
111 Huntington Avenue - The Prudential CenterCBD Boston MA1860,456 93.4 %74.25
Atlantic Wharf Office (55% ownership)CBD Boston MA1793,819 99.8 %83.02
100 Causeway Street (50% ownership) 3, 4
CBD Boston MA1633,819 89.2 %70.69
Prudential Center (retail shops) 5, 6
CBD Boston MA1597,478 76.3 %98.49
101 Huntington Avenue - The Prudential CenterCBD Boston MA1506,476 100.0 %58.09
The Hub on Causeway - Podium (50% ownership) 3
CBD Boston MA1382,497 80.3 %72.56
888 Boylston Street - The Prudential CenterCBD Boston MA1363,320 100.0 %78.90
Star Market at the Prudential Center 5
CBD Boston MA157,236 100.0 %61.36
Subtotal118,398,270 93.7 %$74.23 
145 BroadwayEast Cambridge MA1490,086 99.1 %$87.81 
355 Main StreetEast Cambridge MA1259,640 99.3 %79.85
90 BroadwayEast Cambridge MA1223,771 98.1 %75.34
255 Main StreetEast Cambridge MA1215,394 97.5 %91.35
300 Binney StreetEast Cambridge MA1195,191 100.0 %60.03
150 BroadwayEast Cambridge MA1177,226 100.0 %84.14
105 BroadwayEast Cambridge MA1152,664 100.0 %71.33
250 Binney StreetEast Cambridge MA167,362 100.0 %48.55
University PlaceMid-Cambridge MA1195,282 100.0 %55.47
Subtotal91,976,616 99.2 %$76.79 
Bay Colony Corporate CenterRoute 128 Mass Turnpike MA4993,110 72.0 %$45.53 
Reservoir PlaceRoute 128 Mass Turnpike MA1527,029 79.1 %39.31 
140 Kendrick Street Route 128 Mass Turnpike MA3388,193 87.9 %43.89 
Weston Corporate CenterRoute 128 Mass Turnpike MA1356,995 100.0 %57.64 
Waltham Weston Corporate CenterRoute 128 Mass Turnpike MA1301,611 88.1 %40.28 
230 CityPoint Route 128 Mass Turnpike MA1296,720 95.6 %43.73 
200 West Street 4
Route 128 Mass Turnpike MA1273,365 84.1 %67.49 
10 CityPointRoute 128 Mass Turnpike MA1241,203 98.1 %53.39 
20 CityPointRoute 128 Mass Turnpike MA1211,476 98.9 %54.64 
77 CityPointRoute 128 Mass Turnpike MA1209,711 98.3 %54.72 
890 Winter StreetRoute 128 Mass Turnpike MA1177,902 58.0 %45.68 
153 & 211 Second Avenue 4
Route 128 Mass Turnpike MA2136,882 100.0 %55.56 
1265 Main Street (50% ownership) 3
Route 128 Mass Turnpike MA1114,969 100.0 %44.52 
Reservoir Place NorthRoute 128 Mass Turnpike MA173,258 100.0 %46.12 
The Point 5
Route 128 Mass Turnpike MA116,300 100.0 %57.18 
Lexington Office Park 7
Route 128 Northwest MA2166,779 51.9 %29.49 
33 Hayden AvenueRoute 128 Northwest MA180,876 100.0 %67.45 
32 Hartwell AvenueRoute 128 Northwest MA169,154 100.0 %28.71 
100 Hayden AvenueRoute 128 Northwest MA155,924 100.0 %63.75 
92 Hayden AvenueRoute 128 Northwest MA131,100 100.0 %46.46 
17 Hartwell AvenueRoute 128 Northwest MA130,000 100.0 %50.30 
Subtotal284,752,557 85.4 %$48.48 
Boston Office Total:4815,127,443 91.8 %$67.03 
Residential
Hub50House (440 units) (50% ownership) 3
CBD Boston MA1320,444 
The Lofts at Atlantic Wharf (86 units)CBD Boston MA187,096 
Proto Kendall Square (280 units) East Cambridge MA1166,717 
Boston Residential Total:3574,257 
20

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
In-service property listing (continued)
as of March 31, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
BOSTON (continued)
Hotel
Boston Marriott Cambridge (437 rooms)East Cambridge MA1334,260 
Boston Hotel Total:1334,260 
Boston Total:5216,035,960 
LOS ANGELES
Office
Colorado Center (50% ownership) 3
West Los Angeles CA61,130,605 87.8 %$69.81 
Santa Monica Business Park (55% ownership) 3
West Los Angeles CA141,104,686 89.0 %67.36 
Santa Monica Business Park Retail (55% ownership) 3, 5
West Los Angeles CA774,404 90.1 %73.56 
Subtotal272,309,695 88.4 %$68.76 
Los Angeles Total:272,309,695 88.4 %$68.76 
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY11,962,118 90.0 %$159.81 
601 Lexington Avenue (55% ownership) 4
Park Avenue NY11,671,749 95.8 %100.23 
399 Park AvenuePark Avenue NY11,577,544 96.8 %98.62 
599 Lexington AvenuePark Avenue NY11,062,708 100.0 %93.37 
Times Square Tower (55% ownership)Times Square NY11,225,448 85.7 %80.02 
250 West 55th StreetTimes Square / West Side NY1966,979 98.7 %101.13 
Dock 72 (50% ownership) 3
Brooklyn NY1668,625 33.1 %60.83 
510 Madison Avenue Fifth/Madison Avenue NY1353,800 93.8 %135.92 
Subtotal89,488,971 89.7 %$109.42 
510 Carnegie CenterPrinceton NJ1234,160 10.2 %$37.53 
206 Carnegie CenterPrinceton NJ1161,763 100.0 %35.33 
210 Carnegie CenterPrinceton NJ1159,468 79.2 %37.74 
212 Carnegie CenterPrinceton NJ1151,355 78.0 %39.30 
214 Carnegie CenterPrinceton NJ1146,799 65.9 %36.36 
506 Carnegie CenterPrinceton NJ1138,616 68.4 %38.12 
508 Carnegie CenterPrinceton NJ1134,433 100.0 %41.39 
202 Carnegie CenterPrinceton NJ1134,068 88.5 %40.66 
804 Carnegie CenterPrinceton NJ1130,000 100.0 %41.19 
504 Carnegie CenterPrinceton NJ1121,990 100.0 %34.32 
101 Carnegie CenterPrinceton NJ1121,620 95.3 %38.54 
502 Carnegie CenterPrinceton NJ1121,460 96.2 %39.06 
701 Carnegie CenterPrinceton NJ1120,000 100.0 %43.27 
104 Carnegie CenterPrinceton NJ1102,930 63.6 %38.89 
103 Carnegie CenterPrinceton NJ196,331 73.5 %35.27 
105 Carnegie CenterPrinceton NJ169,955 50.2 %35.42 
302 Carnegie CenterPrinceton NJ164,926 100.0 %35.37 
211 Carnegie CenterPrinceton NJ147,025 100.0 %36.96 
201 Carnegie CenterPrinceton NJ6,500 100.0 %33.44 
Subtotal182,263,399 78.2 %$38.34 
New York Total:2611,752,370 87.5 %$97.19 
SAN FRANCISCO
Office
Salesforce TowerCBD San Francisco CA11,420,682 100.0 %$107.67 
Embarcadero Center FourCBD San Francisco CA1940,667 91.8 %87.16 
Embarcadero Center OneCBD San Francisco CA1831,925 79.4 %83.30 
Embarcadero Center TwoCBD San Francisco CA1801,378 87.0 %81.86 
Embarcadero Center ThreeCBD San Francisco CA1786,864 86.6 %85.66 
680 Folsom StreetCBD San Francisco CA2524,793 99.1 %72.97 
21

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
In-service property listing (continued)
as of March 31, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
SAN FRANCISCO (continued)
535 Mission StreetCBD San Francisco CA1307,235 90.1 %89.78 
690 Folsom StreetCBD San Francisco CA126,080 100.0 %66.89 
Subtotal95,639,624 91.2 %$90.04 
Gateway Commons (50% ownership) 3, 8
South San Francisco CA5787,755 80.2 %$61.35 
Mountain View Research ParkMountain View CA15542,264 71.0 %70.34 
2440 West El Camino RealMountain View CA1142,789 100.0 %88.49 
453 Ravendale DriveMountain View CA129,620 75.0 %49.66 
North First Business Park 7
San Jose CA5190,636 58.3 %22.68 
Subtotal271,693,064 76.4 %$63.54 
San Francisco Office Total:367,332,688 87.8 %$84.70 
Residential
The Skylyne (402 units)CBD Oakland CA1330,996 
San Francisco Residential Total:1330,996 
San Francisco Total:377,663,684 
SEATTLE
Office
Safeco Plaza (33.67% ownership) 3, 4
CBD Seattle WA1767,223 87.7 %$44.15 
Subtotal1767,223 87.7 %$44.15 
Seattle Total:1767,223 87.7 %$44.15 
WASHINGTON, DC
Office
Metropolitan Square (20% ownership) 3
East End Washington DC1657,481 65.6 %$69.05 
901 New York Avenue (25% ownership) 3
East End Washington DC1541,743 73.5 %68.15 
601 Massachusetts AvenueEast End Washington DC1478,667 98.9 %85.83 
Market Square North (50% ownership) 3
East End Washington DC1417,982 76.1 %70.85 
2200 Pennsylvania AvenueCBD Washington DC1459,667 97.3 %95.55 
1330 Connecticut AvenueCBD Washington DC1253,579 91.5 %71.01 
Sumner SquareCBD Washington DC1209,556 94.8 %55.54 
500 North Capitol Street, N.W. (30% ownership) 3
Capitol Hill Washington DC1230,900 98.5 %81.25 
Capital GallerySouthwest Washington DC1176,809 97.1 %53.26 
Subtotal93,426,384 84.6 %$75.05 
South of MarketReston VA3623,250 99.6 %$54.60 
Fountain SquareReston VA2525,073 83.6 %49.89 
One Freedom SquareReston VA1428,401 83.8 %45.15 
Two Freedom SquareReston VA1423,222 100.0 %48.15 
One and Two Discovery Square Reston VA2366,989 99.0 %52.49 
One Reston OverlookReston VA1319,519 97.8 %46.76 
17Fifty Presidents StreetReston VA1275,809 100.0 %67.18 
Reston Corporate CenterReston VA1261,046 100.0 %47.20 
Democracy TowerReston VA2259,441 97.7 %63.07 
Fountain Square Retail 5
Reston VA1198,573 79.5 %45.10 
Two Reston OverlookReston VA1134,615 100.0 %49.84 
Subtotal163,815,938 94.3 %$51.86 
7750 Wisconsin Avenue (50% ownership) 3, 4
Bethesda/Chevy Chase MD 1733,483 100.0 %$38.00 
Wisconsin Place OfficeMontgomery County MD1299,248 87.6 %57.95 
Shady Grove Innovation District 4, 7
North Rockville MD4232,278 65.2 %18.07 
Kingstowne Two Springfield VA1155,995 83.7 %39.08 
Kingstowne One Springfield VA1153,401 53.5 %39.11 
7601 Boston BoulevardSpringfield VA1108,286 100.0 %33.15 
22

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
In-service property listing (continued)
as of March 31, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
WASHINGTON, DC (continued)
7435 Boston BoulevardSpringfield VA1103,557 43.7 %22.93 
8000 Grainger CourtSpringfield VA188,775 81.0 %13.25 
Kingstowne Retail 5
Springfield VA188,228 96.9 %47.17 
7500 Boston BoulevardSpringfield VA179,971 100.0 %19.08 
7501 Boston BoulevardSpringfield VA175,756 — %— 
7450 Boston BoulevardSpringfield VA162,402 100.0 %18.33 
7374 Boston BoulevardSpringfield VA157,321 100.0 %19.00 
8000 Corporate CourtSpringfield VA152,539 100.0 %16.87 
7451 Boston BoulevardSpringfield VA145,949 65.3 %21.60 
7300 Boston BoulevardSpringfield VA132,000 100.0 %24.14 
7375 Boston BoulevardSpringfield VA126,865 31.5 %25.20 
Subtotal202,396,054 83.2 %$35.13 
Washington, DC Office Total:459,638,376 88.1 %$55.80 
Residential
Signature at Reston (508 units)Reston VA1517,783 
The Avant at Reston Town Center (359 units)Reston VA1355,374 
Washington, DC Residential Total:2873,157 
Washington, DC Total:4710,511,533 
Total In-Service Properties:19049,040,465 89.1 %
9
$74.61 
9

















_____________
1Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
3This is an unconsolidated joint venture property.
4Not included in the Same Property analysis. The Company’s One Five Nine East 53rd Street development project, the low-rise portion of 601 Lexington Avenue, was fully placed in-service in February 2021 and excluded from the Company’s Same Property analysis.
5This is a retail property.
6Includes 145,849 square feet at Prudential Center (retail shops) of leases terminated by the Company where the tenant still occupies the space.
7Property held for redevelopment.
8In January 2022, 651 Gateway was taken out of service and placed in redevelopment. For additional detail, see page 14.
9Excludes Hotel and Residential properties. For additional detail, see pages 18-19.





23

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Top 20 tenants listing and portfolio tenant diversification
as of March 31, 2022
TOP 20 TENANTS
No.Tenant
BXP’s Share of Annualized Rental Obligations 1
Weighted Average Remaining Lease Term (years) 2
salesforce.com3.56 %9.8
Arnold & Porter Kaye Scholer2.55 %12.1
Akamai Technologies2.19 %12.6
Biogen1.77 %4.6
Shearman & Sterling1.57 %11.7
Kirkland & Ellis1.52 %15.6
Ropes & Gray1.51 %8.1
Google1.38 %15.4
WeWork1.38 %11.4
10 Microsoft1.30 %10.0
11 Millennium Management1.20 %8.8
12 Weil Gotshal & Manges1.16 %12.1
13 Wellington Management1.14 %11.0
14 Aramis (Estee Lauder)1.00 %15.4
15 Fannie Mae0.98 %15.4
16 Morrison & Foerster0.90 %8.5
17 Snap0.86 %3.8
18 O'Melveny & Myers0.86 %2.7
19 Mass Financial Services0.86 %5.9
20 Bank of America0.86 %13.3
BXP’s Share of Annualized Rental Obligations28.56 %
BXP’s Share of Square Feet 1
23.18 %
Weighted Average Remaining Lease Term (years)10.6

NOTABLE SIGNED DEALS 3
TenantPropertySquare Feet
AstraZeneca 4
290 Binney Street 4
570,000 
Google325 Main Street379,000 
Wilmer Cutler Pickering Hale2100 Pennsylvania Avenue268,000 
Genentech751 Gateway229,000 
Volkswagen Group of AmericaReston Next196,000 
TENANT DIVERSIFICATION 2
https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-chart-b457c9b03f7b4d4ea8f.jpg


_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2Based on BXP’s Share of Annualized Rental Obligations.
3Represents leases signed with occupancy commencing in the future. The number of square feet is an estimate.
4As of April 27, 2022. 290 Binney Street is a future development project in Cambridge, MA. The lease and the commencement of development are subject to various conditions, some of which are not within BXP’s control.

24

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Occupancy by location
as of March 31, 2022

TOTAL IN-SERVICE OFFICE PROPERTIES 1 - Quarter-over-Quarter
CBDSuburbanTotal
Location31-Mar-2231-Dec-2131-Mar-2231-Dec-2131-Mar-2231-Dec-21
Boston94.8 %94.7 %85.4 %84.1 %91.8 %91.4 %
Los Angeles88.4 %88.8 %— %— %88.4 %88.8 %
New York89.7 %89.9 %78.2 %78.1 %87.5 %87.6 %
San Francisco91.2 %92.1 %76.4 %73.5 %87.8 %87.3 %
Seattle87.7 %90.9 %— %— %87.7 %90.9 %
Washington, DC84.6 %84.8 %90.0 %88.5 %88.1 %87.2 %
   Total Portfolio90.9 %91.2 %85.2 %83.6 %89.1 %88.8 %
https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-chart-66a70bb7f5ca40b6a63.jpg

SAME PROPERTY OFFICE PROPERTIES 1, 2 - Year-over-Year
CBDSuburbanTotal
Location31-Mar-2231-Mar-2131-Mar-2231-Mar-2131-Mar-2231-Mar-21
Boston95.1 %96.1 %84.5 %87.6 %91.8 %93.4 %
Los Angeles88.4 %82.2 %— %— %88.4 %82.2 %
New York89.7 %89.5 %78.2 %75.8 %87.4 %86.8 %
San Francisco91.2 %93.0 %76.4 %76.7 %87.8 %89.2 %
Seattle— %— %— %— %— %— %
Washington, DC84.6 %83.4 %89.8 %87.2 %87.7 %85.7 %
   Total Portfolio91.0 %91.0 %84.5 %84.1 %89.0 %88.9 %
https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-chart-6aba57c2482c43e681f.jpg


_____________
1Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential units and hotel.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

25

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Capital structure
(in thousands, except percentages)

CONSOLIDATED DEBT
Aggregate Principal
Mortgage Notes Payable $3,300,000 
Unsecured Line of Credit255,000 
Unsecured Senior Notes, at face value9,550,000 
Outstanding Principal13,105,000 
Discount on Unsecured Senior Notes(15,835)
Deferred Financing Costs, Net(79,041)
Consolidated Debt$13,010,124 
MORTGAGE NOTES PAYABLE
Interest Rate
PropertyMaturity DateGAAPStatedOutstanding Principal
601 Lexington Avenue (55% ownership)January 9, 20322.93%2.79%$1,000,000 
767 Fifth Avenue (The GM Building) (60% ownership)June 9, 20273.64%3.43%2,300,000 
Total$3,300,000 
BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 1
Maturity DateEffective Yield (on issue date)CouponOutstanding Principal
10.5 Year Unsecured Senior NotesSeptember 1, 20233.28%3.13%$500,000 
10.5 Year Unsecured Senior NotesFebruary 1, 20243.92%3.80%700,000 
7 Year Unsecured Senior NotesJanuary 15, 20253.35%3.20%850,000 
10 Year Unsecured Senior NotesFebruary 1, 20263.77%3.65%1,000,000 
10 Year Unsecured Senior NotesOctober 1, 20263.50%2.75%1,000,000 
10 Year Unsecured Senior Notes (“green bonds”)
December 1, 20284.63%4.50%1,000,000 
10 Year Unsecured Senior Notes (“green bonds”)
June 21, 20293.51%3.40%850,000 
10.5 Year Unsecured Senior Notes
March 15, 20302.98%2.90%700,000 
10.75 Year Unsecured Senior Notes
January 30, 20313.34%3.25%1,250,000 
11 Year Unsecured Senior Notes (“green bonds”)April 1, 20322.67%2.55%850,000 
12 Year Unsecured Senior Notes (“green bonds”)October 1, 20332.52%2.45%850,000 
$9,550,000 
CAPITALIZATION
Shares/UnitsCommon Stock
OutstandingEquivalents
Equivalent Value 2
Common Stock156,712 156,712 $20,184,506 
Common Operating Partnership Units18,229 18,229 2,347,895 
Total Equity174,941 $22,532,401 
Consolidated Debt (A)
$13,010,124 
Add: BXP’s share of unconsolidated joint venture debt 3
1,425,290 
Less: Partners’ share of consolidated debt 4
1,356,905 
BXP’s Share of Debt 5 (B)
$13,078,509 
Consolidated Market Capitalization (C)
$35,542,525 
BXP’s Share of Market Capitalization 5 (D)
$35,610,910 
Consolidated Debt/Consolidated Market Capitalization (A÷C)
36.60 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 5 (B÷D)
36.73 %


_____________
1All unsecured senior notes are rated BBB+ (stable), and Baa1 (stable) by S&P and Moody’s, respectively.
2Values are based on the March 31, 2022 closing price of $128.80 per share of BXP common stock.
3Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 33.
4Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 31.
5See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
26

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Debt analysis 1
as of March 31, 2022
(dollars in thousands)


https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-chart-6aae2786bc3848ceb0e.jpg



UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026
 FacilityOutstanding at March 31, 2022Letters of CreditRemaining Capacity at March 31, 2022
Unsecured Line of Credit$1,500,000 $255,000 $6,348 $1,238,652 

UNSECURED AND SECURED DEBT ANALYSIS
Weighted Average
 % of Total Debt Stated Rates
 GAAP Rates 2
 Maturity (years)
Unsecured Debt74.88 %3.29 %3.37 %6.3 
Secured Debt25.12 %3.24 %3.42 %6.6 
Consolidated Debt100.00 %3.28 %3.39 %6.3 

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total Debt Stated Rates
 GAAP Rates 2
 Maturity (years)
Floating Rate Debt1.96 %1.02 %1.13 %4.2 
Fixed Rate Debt98.04 %3.32 %3.43 %6.4 
Consolidated Debt100.00 %3.28 %3.39 %6.3 















_____________
1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 33.
2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges and the effects of hedging transactions.

27

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Senior unsecured debt covenant compliance ratios
In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the Indenture.
This section presents such ratios as of March 31, 2022 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.


COVENANT RATIOS AND RELATED DATA
Senior Notes Issued Prior to December 4, 2017Senior Notes Issued On or After December 4, 2017
TestActual
Total Outstanding Debt/Total Assets 1
Less than 60%46.3 %43.0 %
Secured Debt/Total AssetsLess than 50%15.6 %14.5 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)Greater than 1.50x4.35 4.35 
Unencumbered Assets/ Unsecured DebtGreater than 150%247.4 %271.4 %


































_____________
1Capitalized Property Value for senior notes issued prior to December 4, 2017 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized property value for senior notes issued on or after December 4, 2017 is determined for each property and is the greater of (x) annualized EBITDA capitalized at 7.0% and (y) the undepreciated book value as determined under GAAP.
28

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Net Debt to EBITDAre
(dollars in thousands)

Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDArecash 1
Three Months Ended
31-Mar-2231-Dec-21
Net income attributable to Boston Properties, Inc.$143,047 $184,537 
Add:
Noncontrolling interest - common units of the Operating Partnership16,361 20,544 
Noncontrolling interest in property partnerships17,549 18,204 
Net income176,957 223,285 
Add:
Interest expense101,228 103,331 
Losses from early extinguishments of debt— 44,284 
Depreciation and amortization expense177,624 177,521 
Less:
Gains on sales of real estate22,701 115,556 
Income (loss) from unconsolidated joint ventures2,189 (825)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2
37,744 32,724 
EBITDAre 1
468,663 466,414 
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3
46,946 47,673 
BXP’s Share of EBITDAre 1 (A)
421,717 418,741 
Add:
Stock-based compensation expense20,914 7,466 
BXP’s Share of straight-line ground rent expense adjustment 1
889 877 
BXP’s Share of lease transaction costs that qualify as rent inducements 1
(1,769)3,408 
Less:
BXP’s Share of straight-line rent 1
35,103 30,129 
BXP’s Share of fair value lease revenue 1
2,185 2,058 
Non-cash losses from early extinguishments of debt— 1,433 
BXP’s Share of EBITDAre cash 1
$404,463 $396,872 
BXP’s Share of EBITDAre (Annualized) 4 (A x 4)
$1,686,868 $1,674,964 

Reconciliation of BXP’s Share of Net Debt 1
31-Mar-2231-Dec-21
Consolidated debt$13,010,124 $12,896,609 
Add:
Special dividend payable— — 
Less:
Cash and cash equivalents436,271 452,692 
Cash held in escrow for 1031 exchange— — 
Net debt 1
12,573,853 12,443,917 
Add:
BXP’s share of unconsolidated joint venture debt 2
1,425,290 1,383,887 
Partners’ share of cash and cash equivalents from consolidated joint ventures113,172 127,413 
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures99,379 102,942 
Partners’ share of consolidated joint venture debt 3
1,356,905 1,356,579 
BXP’s Share of Net Debt 1 (B)
$12,656,031 $12,495,696 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]
7.50 7.46 

_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended March 31, 2022, see pages 33 and 60.
3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended March 31, 2022, see pages 31 and 58.
4BXP’s Share of EBITDAre (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4).
29

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Debt ratios
(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1
Three Months Ended
31-Mar-2231-Dec-21
BXP’s Share of interest expense 1
$102,730 $104,492 
Less:
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of amortization of financing costs 1
3,952 3,805 
Adjusted interest expense excluding capitalized interest (A)
97,332 99,241 
Add:
BXP’s Share of capitalized interest 1
15,009 14,246 
Adjusted interest expense including capitalized interest (B)
$112,341 $113,487 
BXP’s Share of EBITDAre cash 1, 2 (C)
$404,463 $396,872 
Interest Coverage Ratio (excluding capitalized interest) (C÷A)
4.16 4.00 
Interest Coverage Ratio (including capitalized interest) (C÷B)
3.60 3.50 


FIXED CHARGE COVERAGE RATIO 1
Three Months Ended
31-Mar-2231-Dec-21
BXP’s Share of interest expense 1
$102,730 $104,492 
Less:
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of amortization of financing costs 1
3,952 3,805 
Add:
BXP’s Share of capitalized interest 1
15,009 14,246 
BXP’s Share of maintenance capital expenditures 1
9,848 27,743 
Hotel improvements, equipment upgrades and replacements36 57 
Total Fixed Charges (A)
$122,225 $141,287 
BXP’s Share of EBITDAre cash 1, 2 (B)
$404,463 $396,872 
Fixed Charge Coverage Ratio (B÷A)
3.31 2.81 






















_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2For a qualitative reconciliation of BXP’s Share of EBITDAre – cash, see page 29.
30

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Consolidated joint ventures
d
as of March 31, 2022
(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION
Norges Joint Ventures 1
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
ASSETS
(The GM Building) 1
Atlantic Wharf OfficeJoint Ventures
Real estate, net$3,191,090 $2,264,006 $5,455,096 
Cash and cash equivalents135,891 130,702 266,593 
Other assets290,297 365,602 655,899 
Total assets$3,617,278 $2,760,310 $6,377,588 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$2,281,859 $986,855 $3,268,714 
Other liabilities95,889 93,709 189,598 
Total liabilities2,377,748 1,080,564 3,458,312 
Equity:
   Boston Properties, Inc.745,277 625,422 1,370,699 
   Noncontrolling interests494,253 1,054,324 1,548,577 
2
Total equity1,239,530 1,679,746 2,919,276 
Total liabilities and equity$3,617,278 $2,760,310 $6,377,588 
BXP’s nominal ownership percentage60%55%
Partners’ share of cash and cash equivalents 3
$54,356 $58,816 $113,172 
Partners’ share of consolidated debt 3
$912,820 
4
$444,085 $1,356,905 




















_____________
1Certain balances contain amounts that eliminate in consolidation.
2Amount excludes preferred shareholders’ capital of approximately $0.1 million.
3Amounts represent the partners’ share based on their respective ownership percentages.
4Amount adjusted for basis differentials.

31

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Consolidated joint ventures (continued)
for the three months ended March 31, 2022
(unaudited and dollars in thousands)

RESULTS OF OPERATIONS
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Revenue
Lease 1
$73,915 $101,768 $175,683 
Straight-line rent2,619 (315)2,304 
Fair value lease revenue208 81 289 
Termination income— 492 492 
Total lease revenue76,742 102,026 178,768 
Parking and other— 1,200 1,200 
Total rental revenue 2
76,742 103,226 179,968 
Expenses
Operating28,829 37,888 66,717 
Net Operating Income (NOI)47,913 65,338 113,251 
Other income (expense)
Development and management services revenue— 
Interest and other income92 93 
Interest expense(20,841)(7,577)(28,418)
Depreciation and amortization expense(16,901)(22,867)(39,768)
General and administrative expense(138)(108)(246)
Total other income (expense)(37,879)(30,457)(68,336)
Net income$10,034 $34,881 $44,915 

FUNDS FROM OPERATIONS (FFO)
BXP’s nominal ownership percentage60%55%
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
Reconciliation of Partners’ share of FFO(The GM Building)Atlantic Wharf OfficeJoint Ventures
Net income$10,034 $34,881 $44,915 
Add: Depreciation and amortization expense16,901 22,867 39,768 
Entity FFO$26,935 $57,748 $84,683 
Partners’ NCI 3
$3,037 $14,512 $17,549 
Partners’ share of depreciation and amortization expense after BXP’s basis differential 3
7,101 10,552 17,653 
Partners’ share FFO 3
$10,138 $25,064 $35,202 
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI
$6,997 $20,369 $27,366 
Depreciation and amortization expense - BXP’s basis difference
43 399 442 
BXP’s share of depreciation and amortization expense
9,757 11,916 21,673 
BXP’s share of FFO$16,797 $32,684 $49,481 
_____________
1 Lease revenue includes recoveries from tenants and service income from tenants.
2 See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
3 Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.
32

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Unconsolidated joint ventures 1

as of March 31, 2022
(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION
BXP’s Nominal OwnershipMortgage/Mezzanine/Construction Loans Payable, Net Interest Rate
Property Net EquityMaturity DateStated
GAAP 2
Boston
The Hub on Causeway50.00 %$— $— — — %— %
100 Causeway Street50.00 %58,908 165,369 September 5, 20231.65 %1.86 %
Podium50.00 %49,741 86,957 September 6, 20232.49 %2.65 %
Hub50House 3
50.00 %47,977 88,213 April 19, 20222.22 %2.51 %
Hotel Air Rights50.00 %11,801 — — — %— %
1265 Main Street50.00 %3,256 17,993 January 1, 20323.77 %3.84 %
Los Angeles
Santa Monica Business Park 55.00 %162,987 164,042 July 19, 20254.06 %4.24 %
Colorado Center50.00 %232,384 274,725 August 9, 20273.56 %3.58 %
Beach Cities Media Center50.00 %27,078 — — — %— %
New York
Dock 72 4
50.00 %26,852 98,715 December 18, 20233.17 %3.39 %
360 Park Avenue South 5
42.21 %109,318 84,526 December 14, 20242.64 %3.09 %
3 Hudson Boulevard 6
25.00 %116,059 19,980 July 13, 20233.68 %3.76 %
San Francisco
Platform 1655.00 %117,806 — — — %— %
Gateway Commons 50.00 %342,021 — — — %— %
Seattle
Safeco Plaza33.67 %72,362 83,669 September 1, 20262.38 %2.51 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters)50.00 %63,944 111,033 April 26, 20231.38 %1.93 %
1001 6th Street50.00 %42,777 — — — %— %
Market Square North50.00 %(5,514)62,128 November 10, 20252.80 %2.96 %
Wisconsin Place Parking Facility33.33 %33,351 — — — %— %
500 North Capitol Street, N.W.30.00 %(8,477)31,479 June 6, 20234.15 %4.20 %
901 New York Avenue25.00 %(12,596)53,782 January 5, 20253.61 %3.69 %
Metropolitan Square 20.00 %(36,485)82,679 April 9, 20243.06 %3.84 %
1,455,550 
Investments with deficit balances reflected within Other Liabilities
63,072 
Investments in Unconsolidated Joint Ventures$1,518,622 
Mortgage/Mezzanine/Construction Loans Payable, Net$1,425,290 
https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-chart-1df893f5511944a8929.jpg
33

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total DebtStated Rate
GAAP Rate 2
Maturity (years)
Floating Rate Debt61.97 %2.35 %2.67 %1.9 
Fixed Rate Debt38.03 %3.76 %3.84 %4.4 
Total Debt100.00 %2.88 %3.11 %2.8 

_____________
1Amounts represent BXP’s share based on its ownership percentage.
2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, which includes mortgage recording fees.
3 On April 18, 2022, the joint venture extended the loan maturity to June 19, 2022.
4 The property includes net equity balances from the amenity joint venture.
5 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.
6 The Company has provided $80.0 million of mortgage financing to the joint venture. The loan has been reflected as Related Party Note Receivable, Net on the Company’s Consolidated Balance Sheets.

34

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Unconsolidated joint ventures (continued)
for the three months ended March 31, 2022
(unaudited and dollars in thousands)

RESULTS OF OPERATIONS 1
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
Revenue
Lease 2
$18,986 $25,228 $3,599 $9,599 $7,212 $24,873 $89,497 
Straight-line rent5,826 9,796 54 1,503 550 7,270 24,999 
Reinstatement of straight-line rent2,004 307 — — — 207 2,518 
Fair value lease revenue — 289 — 38 1,156 — 1,483 
Termination income1,134 77 — — — — 1,211 
Total lease revenue27,950 35,697 3,653 11,140 8,918 32,350 119,708 
Parking and other29 1,969 — 45 509 1,506 4,058 
Total rental revenue 3
27,979 37,666 3,653 11,185 9,427 33,856 123,766 
Expenses
Operating 8,595 12,146 4,328 4,399 3,623 12,305 45,396 
Net operating income/(loss)19,384 25,520 (675)6,786 5,804 21,551 78,370 
Other income/(expense)
Development and management services revenue— — 575 145 — — 720 
Interest and other income— — — — — 
Interest expense(4,096)(11,742)(2,558)(3)(1,571)(10,403)(30,373)
Depreciation and amortization expense(9,618)(12,664)(2,756)(5,310)(4,773)(9,543)(44,664)
General and administrative expense(30)(13)(159)(7)(2)(34)(245)
Loss from early extinguishment of debt— — — — — (1,327)(1,327)
Total other income/(expense)(13,744)(24,414)(4,898)(5,175)(6,346)(21,307)(75,884)
Net income/(loss)$5,640 $1,106 $(5,573)$1,611 $(542)$244 $2,486 
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss) $2,818 $446 $(2,339)$904 $(182)$1,747 
4
$3,394 
Basis differential
Straight-line rent$— $91 
5
$— $
6
$— $— $98 
Fair value lease revenue— 301 
5
— (219)
6
— — 82 
Termination income— — — — — — — 
Depreciation and amortization expense(113)(1,076)
5
374 (455)
6
— (115)(1,385)
Total basis differential 7
(113)(684)
5
374 (667)
6
— (115)(1,205)
Income/(loss) from unconsolidated joint ventures2,705 (238)(1,965)237 (182)1,632 
4
2,189 
Add:
BXP’s share of depreciation and amortization expense4,922 7,778 1,004 3,145 1,607 3,588 
4
22,044 
BXP’s share of FFO$7,627 $7,540 $(961)$3,382 $1,425 $5,220 $24,233 





_____________
1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 20-23.
2 Lease revenue includes recoveries from tenants and service income from tenants.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
4 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement of 901 New York Avenue.
5 The Company’s purchase price allocation under ASC 805 for Colorado Center differs from the historical basis of the venture resulting in the majority of the basis differential for this region.
6 The Company’s purchase price allocation under ASC 805 for Gateway Commons differs from the historical basis of the venture resulting in the majority of the basis differential for this region.
7 Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.
35

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Lease expirations - All in-service properties1, 2, 3

as of March 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
20221,978,046 1,821,213 111,170,183 61.04 111,874,926 61.43 4.76 %
4
20232,311,845 1,963,690 131,079,407 66.75 133,344,794 67.91 5.14 %

20243,717,469 3,299,929 211,626,490 64.13 214,608,169 65.03 8.63 %
20252,660,958 2,454,089 161,138,079 65.66 167,284,544 68.17 6.42 %
20263,210,115 2,665,884 199,061,060 74.67 213,097,560 79.94 6.97 %
20272,129,266 1,880,260 130,513,509 69.41 140,738,325 74.85 4.92 %
20283,032,996 2,381,694 179,351,059 75.30 198,128,474 83.19 6.23 %
20292,902,069 2,525,602 173,286,591 68.61 198,520,545 78.60 6.61 %
20302,426,366 2,318,215 173,818,214 74.98 193,532,631 83.48 6.07 %
20311,881,135 1,752,754 141,162,383 80.54 160,268,429 91.44 4.59 %
Thereafter13,833,156 10,865,238 829,177,012 76.31 1,026,928,264 94.52 28.43 %

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
2022181,508 180,803 5,652,231 31.26 5,760,708 31.86 7.93 %
4
2023119,497 117,265 8,497,543 72.46 8,642,348 73.70 5.14 %

2024176,009 165,300 15,254,922 92.29 16,014,558 96.88 7.25 %
2025104,139 91,043 7,163,994 78.69 7,410,901 81.40 3.99 %
2026110,564 99,667 17,115,625 171.73 19,004,562 190.68 4.37 %
2027128,469 118,053 14,536,120 123.13 15,209,079 128.83 5.18 %
202871,871 68,595 8,440,543 123.05 9,444,552 137.69 3.01 %
2029131,224 107,924 11,057,602 102.46 12,377,245 114.68 4.73 %
2030196,925 159,036 12,117,567 76.19 12,599,960 79.23 6.97 %
203151,763 43,399 4,138,188 95.35 4,543,996 104.70 1.90 %
Thereafter653,943 516,754 62,880,166 121.68 79,751,971 154.33 22.66 %

IN-SERVICE PROPERTIES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
20222,159,554 2,002,016 116,822,414 58.35 117,635,634 58.76 4.94 %
4
20232,431,342 2,080,955 139,576,950 67.07 141,987,142 68.23 5.14 %

20243,893,478 3,465,229 226,881,412 65.47 230,622,727 66.55 8.56 %
20252,765,097 2,545,132 168,302,073 66.13 174,695,445 68.64 6.28 %
20263,320,679 2,765,551 216,176,685 78.17 232,102,122 83.93 6.83 %
20272,257,735 1,998,313 145,049,629 72.59 155,947,404 78.04 4.93 %
20283,104,867 2,450,289 187,791,602 76.64 207,573,026 84.71 6.05 %
20293,033,293 2,633,526 184,344,193 70.00 210,897,790 80.08 6.50 %
20302,623,291 2,477,251 185,935,781 75.06 206,132,591 83.21 6.12 %
20311,932,898 1,796,153 145,300,571 80.90 164,812,425 91.76 4.43 %
Thereafter14,487,099 11,381,992 892,057,178 78.37 1,106,680,235 97.23 28.10 %
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. Does not include residential units and hotel. Total includes Seattle region.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

36

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Lease expirations - Boston region in-service properties 1, 2, 3
as of March 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022742,233 716,718 36,009,135 50.24 38,175,995 53.27 
4
2023977,069 841,732 52,141,718 61.95 52,778,795 62.70 
2024855,908 823,521 47,601,635 57.80 48,861,650 59.33 
20251,098,557 1,079,444 63,338,890 58.68 65,422,346 60.61 
2026841,332 810,021 53,878,539 66.51 57,359,260 70.81 
2027497,620 489,820 32,225,142 65.79 34,773,253 70.99 
20281,035,186 1,035,186 69,795,031 67.42 74,327,391 71.80 
2029906,072 776,486 39,978,641 51.49 46,084,493 59.35 
20301,329,605 1,322,932 85,456,298 64.60 94,318,924 71.30 
2031553,166 488,586 27,631,735 56.55 31,461,862 64.39 
Thereafter4,129,483 3,274,971 250,457,460 76.48 312,975,169 95.57 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022138,066 138,066 3,501,723 25.36 3,501,723 25.36 
202345,536 45,221 2,927,175 64.73 2,935,356 64.91 

202490,541 90,541 5,856,297 64.68 5,860,533 64.73 
202538,874 38,874 3,220,229 82.84 3,312,753 85.22 
202626,512 26,512 5,173,943 195.15 5,471,758 206.39 
202773,941 67,627 10,925,706 161.56 11,598,007 171.50 
202845,229 45,229 6,558,116 145.00 7,434,207 164.37 
202956,791 55,441 7,386,993 133.24 8,010,020 144.48 
203088,800 54,405 5,717,718 105.10 5,843,128 107.40 
20314,266 4,266 743,925 174.38 653,493 153.19 
Thereafter181,453 141,343 10,165,697 71.92 12,002,643 84.92 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022880,299 854,784 39,510,858 46.22 41,677,718 48.76 
4
20231,022,605 886,953 55,068,893 62.09 55,714,151 62.82 

2024946,449 914,062 53,457,932 58.48 54,722,183 59.87 
20251,137,431 1,118,318 66,559,119 59.52 68,735,099 61.46 
2026867,844 836,533 59,052,482 70.59 62,831,018 75.11 
2027571,561 557,447 43,150,848 77.41 46,371,260 83.19 
20281,080,415 1,080,415 76,353,147 70.67 81,761,598 75.68 
2029962,863 831,927 47,365,634 56.93 54,094,513 65.02 
20301,418,405 1,377,337 91,174,016 66.20 100,162,052 72.72 
2031557,432 492,852 28,375,660 57.57 32,115,355 65.16 
Thereafter4,310,936 3,416,314 260,623,157 76.29 324,977,812 95.13 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
37

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Quarterly lease expirations - Boston region in-service properties 1, 2, 3
as of March 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 202284,538 77,749 4,909,930 63.15 4,909,930 63.15 
4
Q2 2022124,372 124,341 5,738,514 46.15 5,739,099 46.16 
Q3 2022195,213 192,481 9,565,588 49.70 9,369,348 48.68 
Q4 2022338,110 322,147 15,795,103 49.03 18,157,617 56.36 
Total 2022742,233 716,718 36,009,135 50.24 38,175,995 53.27 
Q1 2023275,468 204,983 12,563,132 61.29 12,618,183 61.56 
Q2 2023185,461 179,826 9,550,177 53.11 9,797,359 54.48 
Q3 2023152,791 137,640 7,836,320 56.93 7,971,428 57.91 
Q4 2023363,349 319,283 22,192,089 69.51 22,391,826 70.13 
Total 2023977,069 841,732 52,141,718 61.95 52,778,795 62.70 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— 

— 

— — — — 
Q2 2022126,316 126,316 2,357,570 18.66 2,357,570 18.66 
Q3 202211,511 11,511 1,041,372 90.47 1,041,372 90.47 
Q4 2022239 239 102,781 430.05 102,781 430.05 
Total 2022138,066 138,066 3,501,723 25.36 3,501,723 25.36 
Q1 20231,224 909 193,701 213.09 193,701 213.09 

Q2 202335,817 35,817 1,832,026 51.15 1,832,026 51.15 
Q3 20232,328 2,328 382,987 164.51 382,987 164.51 
Q4 20236,167 6,167 518,461 84.07 526,642 85.40 
Total 202345,536 45,221 2,927,175 64.73 2,935,356 64.91 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 202284,538 77,749 4,909,930 63.15 4,909,930 63.15 
4
Q2 2022250,688 250,657 8,096,084 32.30 8,096,669 32.30 
Q3 2022206,724 203,992 10,606,960 52.00 10,410,720 51.03 
Q4 2022338,349 322,386 15,897,884 49.31 18,260,398 56.64 
Total 2022880,299 854,784 39,510,858 46.22 41,677,718 48.76 
Q1 2023276,692 205,892 12,756,833 61.96 12,811,884 62.23 

Q2 2023221,278 215,643 11,382,203 52.78 11,629,385 53.93 
Q3 2023155,119 139,968 8,219,307 58.72 8,354,415 59.69 
Q4 2023369,516 325,450 22,710,550 69.78 22,918,468 70.42 
Total 20231,022,605 886,953 55,068,893 62.09 55,714,151 62.82 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
38

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Lease expirations - Los Angeles region in-service properties 1, 2, 3
as of March 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202250,395 27,717 2,046,817 73.85 2,049,804 73.95 
202394,806 52,143 3,238,628 62.11 3,284,135 62.98 
2024132,131 72,672 4,856,502 66.83 5,163,844 71.06 
202512,255 6,740 481,287 71.40 543,703 80.67 
2026579,440 318,692 21,488,314 67.43 24,436,052 76.68 
2027— — — — — — 
2028303,413 157,097 11,841,307 75.38 14,423,359 91.81 
2029349,913 174,957 11,862,051 67.80 14,588,826 83.39 
2030— — — — — — 
2031— — — — — — 
Thereafter423,921 211,961 14,927,359 70.43 23,212,051 109.51 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022— — — — — — 
20231,405 703 48,584 69.16 48,584 69.16 
20244,333 2,283 124,099 54.35 133,568 58.50 
202517,218 9,381 524,718 55.93 559,348 59.62 
20265,827 3,205 329,666 102.86 365,473 114.04 
2027— — — — — — 
2028— — — — — — 
202938,118 20,965 1,290,585 61.56 1,401,899 66.87 
20305,283 2,906 334,316 115.06 405,506 139.56 
2031— — — — — — 
Thereafter— — — — — — 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202250,395 27,717 2,046,817 73.85 2,049,804 73.95 
202396,211 52,846 3,287,212 62.20 3,332,719 63.06 
2024136,464 74,955 4,980,601 66.45 5,297,412 70.67 
202529,473 16,121 1,006,005 62.40 1,103,051 68.42 
2026585,267 321,897 21,817,980 67.78 24,801,525 77.05 
2027— — — — — — 
2028303,413 157,097 11,841,307 75.38 14,423,359 91.81 
2029388,031 195,922 13,152,636 67.13 15,990,725 81.62 
20305,283 2,906 334,316 115.04 405,506 139.54 
2031— — — — — — 
Thereafter423,921 211,961 14,927,359 70.43 23,212,051 109.51 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. The Company owns 50% of Colorado Center and 55% of Santa Monica Business Park.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.



39

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3
as of March 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202225,055 13,780 999,073 72.50 999,073 72.50 
Q3 2022— — — — — — 
Q4 202225,340 13,937 1,047,744 75.18 1,050,731 75.39 
Total 202250,395 27,717 2,046,817 73.85 2,049,804 73.95 
Q1 202390,064 49,535 3,040,336 61.38 3,081,909 62.22 
Q2 2023— — — — — — 
Q3 20234,742 2,608 198,292 76.03 202,227 77.54 
Q4 2023— — — — — — 
Total 202394,806 52,143 3,238,628 62.11 3,284,135 62.98 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 2022— — — — — — 
Total 2022— — — — — — 
Q1 20231,405 703 48,584 69.16 48,584 69.16 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 2023— — — — — — 
Total 20231,405 703 48,584 69.16 48,584 69.16 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202225,055 13,780 999,073 72.50 999,073 72.50 
Q3 2022— — — — — — 
Q4 202225,340 13,937 1,047,744 75.18 1,050,731 75.39 
Total 202250,395 27,717 2,046,817 73.85 2,049,804 73.95 
Q1 202391,469 50,238 3,088,920 61.49 3,130,493 62.31 
Q2 2023— — — — — — 
Q3 20234,742 2,608 198,292 76.03 202,227 77.54 
Q4 2023— — — — — — 
Total 202396,211 52,846 3,287,212 62.20 3,332,719 63.06 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. The Company owns 50% of Colorado Center and 55% of Santa Monica Business Park.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

40

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Lease expirations - New York region in-service properties 1, 2, 3
as of March 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022521,658 468,660 35,707,333 76.19 34,160,184 72.89 
2023311,671 222,311 19,939,819 89.69 20,061,223 90.24 
20241,304,196 1,060,183 72,681,290 68.56 71,969,526 67.88 
2025545,906 502,661 40,875,775 81.32 40,921,229 81.41 
2026524,363 425,301 35,595,025 83.69 36,232,866 85.19 
2027518,572 423,309 30,508,218 72.07 31,514,601 74.45 
2028437,120 323,177 33,050,448 102.27 35,030,427 108.39 
2029659,075 632,708 63,730,877 100.73 69,226,196 109.41 
2030665,936 623,394 56,595,324 90.79 61,258,920 98.27 
2031376,287 340,492 25,252,172 74.16 27,103,466 79.60 
Thereafter4,022,894 2,957,869 284,933,032 96.33 344,198,320 116.37 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20225,072 5,001 633,346 126.65 639,346 127.85 

20231,847 1,108 1,279,867 1,154.91 1,356,811 1,224.34 

202411,244 8,623 5,770,354 669.17 6,292,022 729.66 
2025— — — — — — 
202620,470 17,664 7,717,485 436.91 8,272,196 468.32 
2027— — — — — — 
2028— — — — — — 
20293,135 3,135 695,362 221.81 826,001 263.48 
20302,895 2,053 800,746 390.11 950,729 463.18 
203113,633 10,123 1,563,841 154.48 1,791,493 176.97 
Thereafter307,618 230,731 48,264,380 209.18 61,281,011 265.60 


TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022526,730 473,661 36,340,679 76.72 34,799,530 73.47 
2023313,518 223,419 21,219,686 94.98 21,418,034 95.86 
20241,315,440 1,068,806 78,451,644 73.40 78,261,548 73.22 
2025545,906 502,661 40,875,775 81.32 40,921,229 81.41 
2026544,833 442,965 43,312,510 97.78 44,505,062 100.47 
2027518,572 423,309 30,508,218 72.07 31,514,601 74.45 
2028437,120 323,177 33,050,448 102.27 35,030,427 108.39 
2029662,210 635,843 64,426,239 101.32 70,052,197 110.17 
2030668,831 625,447 57,396,070 91.77 62,209,649 99.46 
2031389,920 350,615 26,816,013 76.48 28,894,959 82.41 
Thereafter4,330,512 3,188,600 333,197,412 104.50 405,479,331 127.17 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.


41

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Quarterly lease expirations - New York region in-service properties 1, 2, 3
as of March 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202247,787 46,272 4,137,243 89.41 4,137,519 89.42 
Q3 2022272,675 221,193 19,976,323 90.31 19,976,323 90.31 
Q4 2022201,196 201,196 11,593,767 57.62 10,046,342 49.93 
Total 2022521,658 468,660 35,707,333 76.19 34,160,184 72.89 
Q1 202325,445 23,785 2,014,321 84.69 2,016,171 84.77 

Q2 202346,076 44,524 2,996,509 67.30 3,047,718 68.45 
Q3 2023111,063 77,929 6,666,639 85.55 6,734,545 86.42 
Q4 2023129,087 76,074 8,262,351 108.61 8,262,789 108.62 
Total 2023311,671 222,311 19,939,819 89.69 20,061,223 90.24 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 20224,894 4,894 632,806 129.30 638,806 130.53 
Q4 2022178 107 540 5.06 540 5.06 
Total 20225,072 5,001 633,346 126.65 639,346 127.85 
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 20231,847 1,108 1,279,867 1,154.91 1,356,811 1,224.34 
Total 20231,847 1,108 1,279,867 1,154.91 1,356,811 1,224.34 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202247,787 46,272 4,137,243 89.41 4,137,519 89.42 
Q3 2022277,569 226,087 20,609,129 91.16 20,615,129 91.18 
Q4 2022201,374 201,303 11,594,307 57.60 10,046,882 49.91 
Total 2022526,730 473,661 36,340,679 76.72 34,799,530 73.47 
Q1 202325,445 23,785 2,014,321 84.69 2,016,171 84.77 

Q2 202346,076 44,524 2,996,509 67.30 3,047,718 68.45 
Q3 2023111,063 77,929 6,666,639 85.55 6,734,545 86.42 
Q4 2023130,934 77,182 9,542,218 123.63 9,619,600 124.64 
Total 2023313,518 223,419 21,219,686 94.98 21,418,034 95.86 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.


42

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Lease expirations - San Francisco region in-service properties 1, 2, 3
as of March 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022326,084 310,194 22,800,665 73.50 22,825,705 73.59 
4
2023611,557 553,351 41,921,062 75.76 42,985,528 77.68 

2024725,300 681,700 48,050,135 70.49 48,690,584 71.43 
2025563,308 545,800 43,422,109 79.56 46,474,216 85.15 
2026645,462 558,013 50,316,124 90.17 54,261,900 97.24 
2027466,122 461,081 42,070,129 91.24 47,014,416 101.97 
2028524,953 512,697 45,515,220 88.78 52,744,010 102.88 
2029264,489 246,205 24,042,697 97.65 28,515,001 115.82 
2030269,363 267,319 25,858,016 96.73 30,830,502 115.33 
2031816,495 802,173 82,057,666 102.29 94,011,272 117.20 
Thereafter928,124 897,607 85,987,984 95.80 101,507,019 113.09 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20223,080 3,080 138,555 44.99 241,032 78.26 
4
202332,507 32,507 2,003,051 61.62 2,036,523 62.65 
20247,115 7,115 18,367 2.58 261,844 36.80 
202526,629 26,629 2,114,726 79.41 2,208,052 82.92 
20269,230 9,230 784,423 84.99 839,770 90.98 
202712,951 12,951 983,146 75.91 1,037,227 80.09 
20289,722 9,722 674,425 69.37 732,262 75.32 
20299,944 9,944 793,479 79.79 973,512 97.90 
20304,590 4,590 578,986 126.14 695,017 151.42 
20316,709 3,355 80,508 24.00 105,045 31.31 
Thereafter33,898 33,898 1,692,996 49.94 2,159,208 63.70 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022329,164 313,274 22,939,220 $73.22 23,066,737 73.63 
4
2023644,064 585,858 43,924,113 74.97 45,022,051 76.85 

2024732,415 688,815 48,068,502 69.78 48,952,428 71.07 
2025589,937 572,429 45,536,835 79.55 48,682,268 85.05 
2026654,692 567,243 51,100,547 90.09 55,101,670 97.14 
2027479,073 474,032 43,053,275 90.82 48,051,643 101.37 
2028534,675 522,419 46,189,645 88.41 53,476,272 102.36 
2029274,433 256,149 24,836,176 96.96 29,488,513 115.12 
2030273,953 271,909 26,437,002 97.23 31,525,519 115.94 
2031823,204 805,528 82,138,174 101.97 94,116,317 116.84 
Thereafter962,022 931,505 87,680,980 94.13 103,666,227 111.29 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

43

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3
as of March 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 202220,178 20,178 1,141,767 56.58 1,141,767 56.58 
4
Q2 2022107,091 101,881 8,007,454 78.60 8,015,230 78.67 
Q3 2022128,903 125,395 9,704,420 77.39 9,709,396 77.43 
Q4 202269,912 62,741 3,947,024 62.91 3,959,312 63.11 
Total 2022326,084 310,194 22,800,665 73.50 22,825,705 73.59 
Q1 202395,459 85,590 5,635,257 65.84 5,736,193 67.02 
Q2 202337,053 20,842 1,305,430 62.64 1,349,168 64.73 
Q3 2023337,157 335,068 25,981,141 77.54 26,605,763 79.40 
Q4 2023141,888 111,852 8,999,234 80.46 9,294,405 83.10 
Total 2023611,557 553,351 41,921,062 75.76 42,985,528 77.68 


RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 202230 30 16,883 562.76 16,883 562.76 
4
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 20223,050 3,050 121,672 39.89 224,149 73.49 
Total 20223,080 3,080 138,555 44.99 241,032 78.26 
Q1 202310,957 10,957 791,640 72.25 791,640 72.25 
Q2 20231,218 1,218 116,485 95.64 116,485 95.64 
Q3 202312,640 12,640 845,887 66.92 845,887 66.92 
Q4 20237,692 7,692 249,039 32.38 282,511 36.73 
Total 202332,507 32,507 2,003,051 61.62 2,036,523 62.65 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 202220,208 20,208 1,158,650 57.34 1,158,650 57.34 
4
Q2 2022107,091 101,881 8,007,454 78.60 8,015,230 78.67 
Q3 2022128,903 125,395 9,704,420 77.39 9,709,396 77.43 
Q4 202272,962 65,791 4,068,696 61.84 4,183,461 63.59 
Total 2022329,164 313,274 22,939,220 73.22 23,066,737 73.63 
Q1 2023106,416 96,547 6,426,897 66.57 6,527,833 67.61 
Q2 202338,271 22,060 1,421,915 64.46 1,465,653 66.44 
Q3 2023349,797 347,708 26,827,028 77.15 27,451,650 78.95 
Q4 2023149,580 119,544 9,248,273 77.36 9,576,916 80.11 
Total 2023644,064 585,858 43,924,113 74.97 45,022,051 76.85 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


44

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Lease expirations - Washington, DC region in-service properties 1, 2, 3
as of March 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022284,511 280,023 13,733,225 49.04 13,790,230 49.25 
4
2023296,256 287,255 13,518,201 47.06 13,905,905 48.41 
2024664,931 650,067 38,272,873 58.88 39,751,365 61.15 
2025421,078 312,759 12,713,886 40.65 13,592,518 43.46 
2026619,518 553,857 37,783,058 68.22 40,807,482 73.68 
2027646,952 506,050 25,710,020 50.81 27,436,055 54.22 
2028224,965 182,709 11,302,212 61.86 12,731,397 69.68 
2029722,520 695,246 33,672,325 48.43 40,106,029 57.69 
2030161,462 104,570 5,908,576 56.50 7,124,285 68.13 
2031130,445 119,906 6,134,232 51.16 7,585,485 63.26 
Thereafter4,311,884 3,517,157 192,603,536 54.76 244,644,074 69.56 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202235,290 34,656 1,378,607 39.78 1,378,607 39.78 
202338,202 37,726 2,238,866 59.35 2,265,074 60.04 
202461,736 56,388 3,479,502 61.71 3,460,288 61.37 
202521,418 16,159 1,304,321 80.72 1,330,748 82.35 
202644,839 41,815 3,015,199 72.11 3,960,456 94.71 
202741,577 37,475 2,627,268 70.11 2,573,845 68.68 
202816,920 13,644 1,208,002 88.54 1,278,083 93.67 
202923,236 18,439 891,183 48.33 1,165,813 63.22 
203095,357 95,082 4,685,801 49.28 4,705,580 49.49 
203127,155 25,655 1,749,914 68.21 1,993,965 77.72 
Thereafter130,974 110,782 2,757,093 24.89 4,309,109 38.90 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022319,801 314,679 15,111,832 48.02 15,168,837 48.20 
4
2023334,458 324,981 15,757,067 48.49 16,170,979 49.76 
2024726,667 706,455 41,752,375 59.10 43,211,653 61.17 
2025442,496 328,918 14,018,207 42.62 14,923,266 45.37 
2026664,357 595,672 40,798,257 68.49 44,767,938 75.16 
2027688,529 543,525 28,337,288 52.14 30,009,900 55.21 
2028241,885 196,353 12,510,214 63.71 14,009,480 71.35 
2029745,756 713,685 34,563,508 48.43 41,271,842 57.83 
2030256,819 199,652 10,594,377 53.06 11,829,865 59.25 
2031157,600 145,561 7,884,146 54.16 9,579,450 65.81 
Thereafter4,442,858 3,627,939 195,360,629 53.85 248,953,183 68.62 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


45

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3
as of March 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 20223,203 3,203 202,721 63.29 202,721 63.29 
4
Q2 2022111,152 111,152 5,081,779 45.72 5,081,779 45.72 
Q3 202269,459 64,971 3,855,316 59.34 3,869,174 59.55 
Q4 2022100,697 100,697 4,593,409 45.62 4,636,557 46.04 
Total 2022284,511 280,023 13,733,225 49.04 13,790,230 49.25 
Q1 202325,855 25,855 630,066 24.37 644,041 24.91 
Q2 202358,223 58,223 3,821,315 65.63 3,920,086 67.33 
Q3 2023148,010 140,479 6,600,467 46.99 6,755,105 48.09 
Q4 202364,168 62,697 2,466,353 39.34 2,586,672 41.26 
Total 2023296,256 287,255 13,518,201 47.06 13,905,905 48.41 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202210,890 10,890 226,065 20.76 226,065 20.76 
Q3 2022— — — — — — 
Q4 202224,400 23,766 1,152,543 48.49 1,152,543 48.49 
Total 202235,290 34,656 1,378,607 39.78 1,378,607 39.78 
Q1 20237,775 7,775 295,634 38.02 295,634 38.02 
Q2 20235,008 4,532 307,322 67.82 316,744 69.89 
Q3 202312,905 12,905 736,721 57.09 738,474 57.22 
Q4 202312,514 12,514 899,189 71.85 914,223 73.06 
Total 202338,202 37,726 2,238,866 59.35 2,265,074 60.04 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 20223,203 3,203 202,721 63.29 202,721 63.29 
4
Q2 2022122,042 122,042 5,307,844 43.49 5,307,844 43.49 
Q3 202269,459 64,971 3,855,316 59.34 3,869,174 59.55 
Q4 2022125,097 124,463 5,745,952 46.17 5,789,100 46.51 
Total 2022319,801 314,679 15,111,832 48.02 15,168,837 48.20 
Q1 202333,630 33,630 925,700 27.53 939,675 27.94 
Q2 202363,231 62,755 4,128,637 65.79 4,236,830 67.51 
Q3 2023160,915 153,384 7,337,188 47.84 7,493,579 48.86 
Q4 202376,682 75,211 3,365,542 44.75 3,500,895 46.55 
Total 2023334,458 324,981 15,757,067 48.49 16,170,979 49.76 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

46

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Lease expirations - CBD properties 1, 2, 3
as of March 31, 2022


Boston
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022287,890 262,375 13,457,889 51.29 13,457,889 51.29 
4
2023682,811 547,159 39,082,139 71.43 39,348,176 71.91 

2024473,240 440,853 29,999,904 68.05 30,458,019 69.09 
2025334,064 314,951 25,537,188 81.08 26,603,767 84.47 
2026629,597 598,286 46,682,650 78.03 48,330,558 80.78 
2027429,485 415,370 37,127,461 89.38 39,457,310 94.99 
2028960,444 960,444 70,259,151 73.15 74,994,074 78.08 
2029570,463 439,527 32,543,518 74.04 36,556,618 83.17 
20301,291,272 1,250,204 85,379,036 68.29 93,458,202 74.75 
203128,779 21,683 2,204,717 101.68 2,291,464 105.68 
Thereafter4,016,732 3,122,110 246,022,744 78.80 307,862,806 98.61 

Los Angeles
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202250,395 27,717 2,046,817 73.85 2,049,804 73.95 
202396,211 52,846 3,287,212 62.20 3,332,719 63.06 
2024136,464 74,955 4,980,601 66.45 5,297,413 70.67 
202529,473 16,122 1,006,005 62.4 1,103,050 68.42 
2026585,267 321,897 21,817,980 67.78 24,801,525 77.05 
2027— — — — — — 
2028303,413 157,097 11,841,307 75.38 14,423,359 91.81 
2029388,031 195,921 13,152,635 67.13 15,990,726 81.62 
20305,283 2,906 334,316 115.06 405,506 139.56 
2031— — — — — — 
Thereafter423,921 211,961 14,927,359 70.43 23,212,051 109.51 

New York
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022371,679 318,610 30,417,682 95.47 28,848,982 90.55 
2023266,999 176,901 19,490,324 110.18 19,673,062 111.21 

2024819,817 573,183 59,543,969 103.88 59,236,549 103.35 
2025312,749 269,504 31,792,000 117.96 31,566,536 117.13 
2026307,867 205,999 33,695,567 163.57 34,441,258 167.19 
2027280,197 184,934 21,830,234 118.04 22,339,343 120.80 
2028434,915 320,972 32,961,385 102.69 34,935,852 108.84 
2029597,949 571,582 62,007,699 108.48 67,365,865 117.86 
2030621,657 578,273 55,802,865 96.5 60,271,523 104.23 
2031228,644 189,339 20,272,503 107.07 21,983,206 116.11 
Thereafter4,196,738 3,054,826 328,257,182 107.46 399,760,319 130.86 
47

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Lease expirations - CBD properties (continued) 1, 2, 3
as of March 31, 2022


San Francisco
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022249,558 249,558 19,313,242 77.39 19,430,889 77.86 
4
2023337,983 337,983 27,602,675 81.67 28,235,840 83.54 
2024538,426 538,426 40,604,728 75.41 40,990,069 76.13 
2025327,684 327,684 28,674,434 87.51 30,565,144 93.28 
2026479,793 479,793 43,009,435 89.64 46,375,004 96.66 
2027386,650 386,650 36,747,234 95.04 40,900,751 105.78 
2028510,163 510,163 45,549,061 89.28 52,693,458 103.29 
2029237,865 237,865 23,947,139 100.68 28,406,535 119.42 
2030269,865 269,865 26,328,960 97.56 31,390,522 116.32 
2031787,850 787,850 81,356,782 103.26 93,101,994 118.17 
Thereafter900,987 900,987 86,673,903 96.20 102,352,220 113.60 

Washington, DC
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202285,383 80,261 5,367,475 66.88 5,402,083 67.31 
202344,785 35,307 2,681,980 75.96 2,756,929 78.08 
2024183,933 163,721 13,233,581 80.83 13,711,867 83.75 
2025172,792 59,214 3,430,545 57.93 3,659,422 61.80 
2026357,804 289,119 27,833,493 96.27 29,947,017 103.58 
2027224,369 79,364 5,960,221 75.10 6,400,819 80.65 
2028170,409 124,877 9,084,664 72.75 10,281,198 82.33 
202987,384 55,313 3,562,257 64.40 4,320,013 78.10 
203083,718 26,551 1,919,005 72.28 2,323,266 87.50 
203186,357 74,318 3,901,385 52.50 4,816,746 64.81 
Thereafter1,371,824 923,647 70,373,863 76.19 86,014,088 93.12 














_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.



48

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Lease expirations - Suburban properties 1, 2, 3
as of March 31, 2022


Boston
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022592,409 592,409 26,052,969 43.98 28,219,829 47.64 
4
2023339,794 339,794 15,986,753 47.05 16,365,975 48.16 
2024473,209 473,209 23,458,028 49.57 24,264,165 51.28 
2025803,367 803,367 41,021,931 51.06 42,131,333 52.44 
2026238,247 238,247 12,369,832 51.92 14,500,460 60.86 
2027142,076 142,076 6,023,386 42.40 6,913,951 48.66 
2028119,971 119,971 6,093,996 50.80 6,767,524 56.41 
2029392,400 392,400 14,822,115 37.77 17,537,895 44.69 
2030127,133 127,133 5,794,980 45.58 6,703,851 52.73 
2031528,653 471,169 26,170,944 55.54 29,823,891 63.30 
Thereafter294,204 294,204 14,600,412 49.63 17,115,006 58.17 

New York
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022155,051 155,051 5,922,997 38.20 5,950,548 38.38 
202346,519 46,519 1,729,362 37.18 1,744,972 37.51 
2024495,623 495,623 18,907,676 38.15 19,025,000 38.39 
2025233,157 233,157 9,083,775 38.96 9,354,692 40.12 
2026236,966 236,966 9,616,943 40.58 10,063,804 42.47 
2027238,375 238,375 8,677,984 36.40 9,175,258 38.49 
20282,205 2,205 89,062 40.39 94,575 42.89 
202964,261 64,261 2,418,540 37.64 2,686,332 41.80 
203047,174 47,174 1,593,205 33.77 1,938,126 41.08 
2031161,276 161,276 6,543,511 40.57 6,911,753 42.86 
Thereafter133,774 133,774 4,940,231 36.93 5,719,012 42.75 

San Francisco
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202279,606 63,716 3,625,977 56.91 3,635,848 57.06 
2023306,081 247,875 16,321,437 65.85 16,786,211 67.72 
2024193,989 150,389 7,463,774 49.63 7,962,359 52.95 
2025262,253 244,745 16,862,401 68.90 18,117,124 74.02 
2026174,899 87,450 8,091,112 92.52 8,726,666 99.79 
202792,423 87,382 6,306,041 72.17 7,150,892 81.84 
202824,512 12,256 640,584 52.27 782,814 63.87 
202936,568 18,284 889,038 48.62 1,081,979 59.18 
20304,088 2,044 108,042 52.86 134,997 66.05 
203135,354 17,677 781,392 44.20 1,014,322 57.38 
Thereafter61,035 30,518 1,007,078 33.00 1,314,008 43.06 
49

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Lease expirations - Suburban properties (continued) 1, 2, 3
as of March 31, 2022


Washington, DC
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022234,418 234,418 9,744,357 41.57 9,766,755 41.66 
4
2023289,673 289,673 13,075,087 45.14 13,414,050 46.31 
2024542,734 542,734 28,518,794 52.55 29,499,786 54.35 
2025269,704 269,704 10,587,662 39.26 11,263,843 41.76 
2026306,553 306,553 12,964,765 42.29 14,820,921 48.35 
2027464,160 464,160 22,377,067 48.21 23,609,081 50.86 
202871,476 71,476 3,425,549 47.93 3,728,282 52.16 
2029658,372 658,372 31,001,252 47.09 36,951,828 56.13 
2030173,101 173,101 8,675,371 50.12 9,506,598 54.92 
203171,243 71,243 3,982,760 55.90 4,762,704 66.85 
Thereafter3,071,034 2,704,293 124,986,766 46.22 162,939,095 60.25 







































_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

50

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Research coverage
With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by the analysts listed below do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference below imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.
Equity Research Coverage
Argus Research CompanyAngus Kelleher646.747.5447
Bank of America Merrill LynchJeffrey Spector / Jamie Feldman646.855.1363 / 646.855.5808
BarclaysAnthony Powell212.526.8768
BMO CapitalJohn Kim212.885.4115
BTIGTom Catherwood212.738.6140
CitiMichael Bilerman / Emmanuel Korchman212.816.1383 / 212.816.1382
Deutsche Bank SecuritiesDerek Johnston 212.250.5683
Evercore ISISteve Sakwa212.446.9462
Goldman Sachs & Company, Inc.Caitlin Burrows801.741.5459
Green Street AdvisorsDaniel Ismail949.640.8780
Jefferies & Co.Peter Abramowitz / Jonathan Peterson212.284.1705 / 212.336.7076
J.P. Morgan SecuritiesAnthony Paolone212.622.6682
KeyBanc Capital MarketsTodd Thomas917.368.2286
Mizuho SecuritiesVikram Malhotra212.209.9300
Morgan StanleyRonald Kamden212.296.8319
MorningstarMichael Wong312.384.5404
Piper Sandler CompaniesAlexander Goldfarb 212.466.7937
RW Baird & Co., Inc.David Rodgers 216.737.7341
Scotiabank GBMNicholas Yulico212.225.6904
SMBC Nikko Securities Inc.Richard Anderson646.521.2351
Truist SecuritiesMichael Lewis212.319.5659
UBS US Equity Research
Michael Goldsmith212.713.2951
Wells Fargo SecuritiesBlaine Heck443.263.6529
Wolfe ResearchAndrew Rosivach646.582.9250
Debt Research Coverage
Bank of America Merrill LynchAndrew Molloy646.855.6435
BarclaysPeter Troisi212.412.3695
J.P. Morgan SecuritiesMark Streeter212.834.5086
US BankBill Stafford877.558.2605
Wells FargoKevin McClure704.715.8455 / 704.410.3252
Rating Agencies
Moody’s Investors ServiceRanjini Venkatesan212.553.3828
Standard & Poor’sMichael Souers212.438.2508


51

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Definitions
This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents the Company files or furnishes to the SEC from time to time.
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.
Annualized Rental Obligations
Annualized Rental Obligations is defined as monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12).
Average Economic Occupancy
Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.
Average Monthly Rental Rates
Average Monthly Rental Rates are calculated by the Company as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP by (B) the number of occupied units for each month within the applicable fiscal period.
Average Physical Occupancy
Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.
Debt to Market Capitalization Ratio
Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, (5) common units issuable upon conversion of 2013 MYLTIP Units that were issued in the form of LTIP Units, (6) common units issuable upon conversion of 2014 MYLTIP Units that were issued in the form of LTIP Units, (7) common units issuable upon conversion of 2015 MYLTIP Units that were issued in the form of LTIP Units, (8) common units issuable upon conversion of 2016 MYLTIP Units that were issued in the form of LTIP Units, (9) on and after February 6, 2020, which was the end of the performance period for 2017 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2017 MYLTIP Units that were issued in the form of LTIP Units, (10) on and after February 5, 2021, which was the end of the performance period for 2018 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2018 MYLTIP Units that were issued in the form of LTIP Units and (11) on and after February 4, 2022, which was the end of the performance period for 2019 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2019 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2020, 2021 and 2022 MYLTIP Units are not included.
The Company also presents BXP’s Share of Market Capitalization, which is calculated in a similar manner, except that BXP’s Share of Debt is utilized instead of the Company’s Consolidated Debt in both the numerator and the denominator. The Company presents these ratios because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and do not necessarily reflect the Company’s capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like Boston Properties, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness.
52

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Definitions (continued)

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), the Company calculates EBITDAre as net income, the most directly comparable GAAP financial measure, plus preferred stock redemption charge, net income attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment loss and adjustments to reflect the Company’s share of EBITDAre from unconsolidated joint ventures less gains (losses) on sales of real estate. EBITDAre is a non-GAAP financial measure. The Company uses EBITDAre internally as a performance measure and believes EBITDAre provides useful information to investors regarding its financial condition and results of operations at the corporate level because, when compared across periods, EBITDAre reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and acquisition and development activities on an unleveraged basis, providing perspective not immediately apparent from net (loss) income attributable to Boston Properties, Inc.
In some cases the Company also presents (A) BXP’s Share of EBITDAre – cash, which is BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a tenant), fair value lease revenue, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements, and (B) Annualized EBITDAre, which is EBITDAre for the applicable fiscal quarter ended multiplied by four (4). Presenting BXP’s Share of EBITDAre – cash allows investors to compare EBITDAre across periods without taking into account the effect of certain non-cash rental revenues, ground rent expense and stock based compensation expense. Similar to depreciation and amortization, because of historical cost accounting, fair value lease revenue may distort operating performance measures at the property level. Additionally, presenting EBITDAre excluding the impact of straight-line rent provides investors with an alternative view of operating performance at the property level that more closely reflects rental revenue generated at the property level without regard to future contractual increases in rental rates. In addition, the Company’s management believes that the presentation of Annualized EBITDAre provides useful information to investors regarding the Company’s results of operations because it enables investors to more easily compare quarterly EBITDAre to EBITDAre from full fiscal years.
The Company’s computation of EBITDAre may not be comparable to EBITDAre reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  The Company believes that in order to facilitate a clear understanding of its operating results, EBITDAre should be examined in conjunction with net income attributable to Boston Properties, Inc. as presented in the Company’s consolidated financial statements. EBITDAre should not be considered a substitute to net income attributable to Boston Properties, Inc. in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
Fixed Charge Coverage Ratio
Fixed Charge Coverage Ratio equals BXP’s Share of EBITDAre – cash divided by Total Fixed Charges. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a tenant), fair value lease revenue, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense, stock-based compensation expense and lease transaction costs that qualify as rent inducements. Total Fixed Charges is also a non-GAAP financial measure equal to the sum of BXP’s Share of interest expense, capitalized interest, maintenance capital expenditures, hotel improvements, equipment upgrades and replacements and preferred dividends/distributions less hedge amortization and amortization of financing costs. The Company believes that the presentation of its Fixed Charge Coverage Ratio provides investors with useful information about the Company’s financial performance as it relates to overall financial flexibility and balance sheet management. Furthermore, the Company believes that the Fixed Charge Coverage Ratio is frequently used by analysts, rating agencies and other interested parties in the evaluation of the Company’s performance as a REIT and, as a result, by presenting the Fixed Charge Coverage Ratio the Company assists these parties in their evaluations.  The Company’s calculation of its Fixed Charge Coverage Ratio may not be comparable to the ratios reported by other REITs or real estate companies that define the term differently and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.
Funds Available for Distribution (FAD) and FAD Payout Ratio
In addition to FFO, which is defined on the following page, the Company presents Funds Available for Distribution to common shareholders and common unitholders (FAD), which is a non-GAAP financial measure that is calculated by (1) adding to FFO lease transaction costs that qualify as rent inducements, non-real estate depreciation, non-cash losses (gains) from early extinguishments of debt, stock-based compensation expense, partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences) and unearned portion of capitalized fees, (2) eliminating the effects of straight-line rent, straight-line ground rent expense adjustment (excluding prepaid ground rent expense), hedge amortization and fair value lease revenue, and (3) subtracting maintenance capital expenditures, hotel improvements, equipment upgrades and replacements, 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences), non-cash termination income adjustment (fair value lease amounts) and impairments of non-depreciable real estate. The Company believes that the presentation of FAD provides useful information to investors regarding the Company’s results of operations because FAD provides supplemental information regarding the Company’s operating performance that would not otherwise be available and may be useful to investors in assessing the Company’s operating performance. Additionally, although the Company does not consider FAD to be a liquidity measure, as it does not make adjustments to reflect changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, the Company believes that FAD may provide investors with useful supplemental information regarding the Company’s ability to generate cash from its operating performance and the impact of the Company’s operating performance on its ability to make distributions to its shareholders. Furthermore, the Company believes that FAD is frequently used by analysts, investors and other interested parties in the evaluation of its performance as a REIT and, as a result, by presenting FAD the Company is assisting these parties in their evaluation. FAD should not be considered as a substitute for net income attributable to Boston Properties, Inc.’s co determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.




53

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Definitions (continued)

Funds from Operations (FFO)
Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, impairment losses on depreciable real estate consolidated on the Company’s balance sheet, impairment losses on its investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but the Company believes the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing the Company’s operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.
The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to Boston Properties, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to Boston Properties, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
In-Service Properties
The Company treats a property as being “in-service” upon the earlier of (1) lease-up and completion of tenant improvements or (2) one year after cessation of major construction activity as determined under GAAP. The determination as to when an entire property should be treated as “in-service” involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics, the Company specifies a single date for treating a property as “in-service,” which is generally later than the date the property is partially placed in-service under GAAP. Under GAAP, a property may be placed in-service in stages as construction is completed and the property is held available for occupancy. In addition, under GAAP, when a portion of a property has been substantially completed and either occupied or held available for occupancy, the Company ceases capitalizing costs on that portion, even though it may not treat the property as being “in-service,” and continues to capitalize only those costs associated with the portion still under construction. In-service properties include properties held by the Company’s unconsolidated joint ventures.
Interest Coverage Ratio
Interest Coverage Ratio, calculated including and excluding capitalized interest, is a non-GAAP financial measure equal to BXP’s Share of EBITDAre cash divided by Adjusted interest expense. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a tenant), fair value lease revenue, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements. Adjusted interest expense excluding capitalized interest is equal to BXP’s Share of interest expense less (1) BXP’s Share of hedge amortization and (2) BXP’s Share of amortization of financing costs. Adjusted interest expense including capitalized interest is calculated in the same manner but adds back BXP’s Share of capitalized interest. The Company believes that the presentation of its Interest Coverage Ratio provides useful information about the Company’s financial condition because it provides investors additional information on the Company’s ability to meet its debt obligations and incur additional indebtedness. In addition, by analyzing interest coverage ratios over a period of time, trends may emerge that provide investors a better sense of whether a company’s financial condition is improving or declining. The ratios may also be used to compare the financial condition of different companies, which can help when making an investment decision. The Company presents its Interest Coverage Ratio in two ways - including capitalized interest and excluding capitalized interest. GAAP requires the capitalization of interest expense during development. Therefore, for a company like Boston Properties, Inc. that is an active developer of real estate, presenting the Interest Coverage Ratio (excluding capitalized interest) provides an alternative measure of financial condition that may be more indicative of the Company’s ability to meet its interest expense obligations and therefore its overall financial condition. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.
Market Rents
Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could therefore vary materially. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.
Net Debt
Net Debt is equal to (A) the Company’s consolidated debt plus special dividends payable (if any) less (B) cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s). The Company believes that the presentation of Net Debt provides useful information to investors because the Company reviews Net Debt as part of the management of its overall financial flexibility, capital structure and leverage. In particular, Net Debt is an important component of the Company’s ratio of BXP’s Share of Net Debt to BXP’s Share of EBITDAreBXP’s Share of Net Debt is calculated in a similar manner to Net Debt, except that BXP’s Share of Debt and BXP’s Share of cash are utilized instead of the Company’s consolidated debt and cash in the calculation. The Company believes BXP’s Share of Net Debt to BXP’s Share of EBITDAre is useful to investors because it provides an alternative measure of the Company’s financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company’s Net Debt as part of their assessments of its business. The Company may utilize a considerable portion of its cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) may not be solely controlled by the Company. The deduction of these items from consolidated debt in the calculation of Net Debt therefore should not be understood to mean that these items are available exclusively for debt reduction at any given time.





54

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Definitions (continued)

Net Operating Income/(Loss) (NOI)
Net operating income/(loss) (NOI) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders, the most directly comparable GAAP financial measure, plus (1) preferred stock redemption charge, preferred dividends, net income attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, impairment losses, depreciation and amortization expense, losses from early extinguishments of debt and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate, gains (losses) from investments in securities and interest and other income (loss). In some cases, the Company also presents (1) NOI – cash, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a tenant), fair value lease revenue, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) NOI and NOI – cash, in each case excluding termination income.
The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company’s results of operations and financial condition because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s properties.
Rental Obligations
Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from tenants under existing leases. These amounts exclude rent abatements.
Rental Revenue
Rental Revenue is equal to Total revenue, the most directly comparable GAAP financial measure, less development and management services revenue and direct reimbursements of payroll and related costs from management services contracts. The Company uses Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods. The Company also presents Rental Revenue (excluding termination income) because termination income can distort the results for any given period because it generally represents multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and does not reflect the core ongoing operating performance of the Company’s properties.
Same Properties
In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired, repositioned or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” Pages 20 - 23 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

55

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Reconciliations
(unaudited and in thousands)
BXP’s Share of select items
Three Months Ended
31-Mar-2231-Dec-21
Revenue$754,307 $731,063 
Partners’ share of revenue from consolidated joint ventures (JVs)(77,150)(76,463)
BXP’s share of revenue from unconsolidated JVs58,415 53,919 
BXP’s Share of revenue$735,572 $708,519 
Straight-line rent$22,186 $30,619 
Partners’ share of straight-line rent from consolidated JVs(906)(3,311)
BXP’s share of straight-line rent from unconsolidated JVs13,823 2,821 
BXP’s Share of straight-line rent$35,103 $30,129 
Reinstatements associated with accrued rent (all of which was included within straight-line rent) 1
$974 $— 
Partners’ share of reinstatements associated with accrued rent from consolidated JVs (all of which was included within straight-line rent) 1
— — 
BXP’s share of reinstatements associated with accrued rent from unconsolidated JVs (all of which was included within straight-line rent) 1
1,275 — 
BXP’s Share of reinstatements associated with accrued rent (all of which was included within straight-line rent), net 1
$2,249 $— 
Fair value lease revenue 2
$1,655 $1,412 
Partners’ share of fair value lease revenue from consolidated JVs 2
(119)(25)
BXP’s share of fair value lease revenue from unconsolidated JVs 2
649 671 
BXP’s Share of fair value lease revenue 2
$2,185 $2,058 
Lease termination income$2,078 $(16)
Partners’ share of termination income from consolidated JVs(221)
BXP’s share of termination income from unconsolidated JVs606 88 
BXP’s Share of termination income$2,463 $76 
Non-cash termination income adjustment (fair value lease amounts)$— $— 
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs— — 
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs— — 
BXP’s Share of non-cash termination income adjustment (fair value lease amounts)$— $— 
Parking and other revenue$21,734 $23,087 
Partners’ share of parking and other revenue from consolidated JVs(540)(552)
BXP’s share of parking and other revenue from unconsolidated JVs1,766 1,837 
BXP’s Share of parking and other revenue $22,960 $24,372 
Cash rent abatements and deferrals related to COVID-19$1,553 $7,196 
Partners’ share of cash rent abatements and deferrals related to COVID-19 from consolidated JVs20 
BXP’s share of cash rent abatements and deferrals related to COVID-19 from unconsolidated JVs87 
BXP’s Share of cash rent abatements and deferrals related to COVID-19$1,646 $7,225 
Hedge amortization$1,590 $1,590 
Partners’ share of hedge amortization from consolidated JVs(144)(144)
BXP’s share of hedge amortization from unconsolidated JVs— — 
BXP’s Share of hedge amortization$1,446 $1,446 
Straight-line ground rent expense adjustment$744 $732 
Partners’ share of straight-line ground rent expense adjustment from consolidated JVs— — 
BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs145 145 
BXP’s Share of straight-line ground rent expense adjustment$889 $877 
56

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Reconciliations (continued)
BXP’s Share of select items
Three Months Ended
31-Mar-2231-Dec-21
Depreciation and amortization$177,624 $177,521 
Noncontrolling interests in property partnerships’ share of depreciation and amortization(17,653)(17,482)
BXP’s share of depreciation and amortization from unconsolidated JVs22,044 20,401 
BXP’s Share of depreciation and amortization$182,015 $180,440 
Lease transaction costs that qualify as rent inducements 3
$(4,583)$3,731 
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 3
2,443 (892)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 3
371 569 
BXP’s Share of lease transaction costs that qualify as rent inducements 3
$(1,769)$3,408 
2nd generation tenant improvements and leasing commissions$36,993 $68,989 
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs
(1,441)(5,245)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs
10,039 19,267 
BXP’s Share of 2nd generation tenant improvements and leasing commissions$45,591 $83,011 
Maintenance capital expenditures 4
$10,652 $33,919 
Partners’ share of maintenance capital expenditures from consolidated JVs 4
(1,523)(6,356)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 4
719 180 
BXP’s Share of maintenance capital expenditures 4
$9,848 $27,743 
Interest expense$101,228 $103,331 
Partners’ share of interest expense from consolidated JVs(11,744)(11,987)
BXP’s share of interest expense from unconsolidated JVs13,246 13,148 
BXP’s Share of interest expense$102,730 $104,492 
Capitalized interest$13,740 $13,839 
Partners’ share of capitalized interest from consolidated JVs(46)(43)
BXP’s share of capitalized interest from unconsolidated JVs1,315 450 
BXP’s Share of capitalized interest$15,009 $14,246 
Amortization of financing costs$3,568 $3,399 
Partners’ share of amortization of financing costs from consolidated JVs(497)(408)
BXP’s share of amortization of financing costs from unconsolidated JVs881 814 
BXP’s Share of amortization of financing costs$3,952 $3,805 





_____________
1Represents the reinstatement of accrued rent balances related to tenants that the Company determined are now probable of collection.
2Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in place at the property acquisition dates.
3Consists 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.
4Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures.

57

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Reconciliations (continued)
for the three months ended March 31, 2022
(unaudited and dollars in thousands)
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
CONSOLIDATED JOINT VENTURES767 Fifth Avenue100 Federal StreetTotal Consolidated
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Revenue
Lease 1
$73,915 $101,768 $175,683 
Straight-line rent2,619 (315)2,304 
Fair value lease revenue208 81 289 
Termination income— 492 492 
Total lease revenue76,742 102,026 178,768 
Parking and other— 1,200 1,200 
Total rental revenue 2
76,742 103,226 179,968 
Expenses
Operating28,829 37,888 66,717 
Net Operating Income (NOI)47,913 65,338 113,251 
Other income (expense)
Development and management services revenue— 
Interest and other income92 93 
Interest expense(20,841)(7,577)(28,418)
Depreciation and amortization expense(16,901)(22,867)(39,768)
General and administrative expense(138)(108)(246)
Total other income (expense)(37,879)(30,457)(68,336)
Net income$10,034 $34,881 $44,915 
BXP’s nominal ownership percentage60.00%55.00%
Partners’ share of NOI (after income allocation to private REIT shareholders) 3
$18,529 $28,526 $47,055 
BXP’s share of NOI (after income allocation to private REIT shareholders)$29,384 $36,812 $66,196 
Unearned portion of capitalized fees 4
$(164)$757 $593 
Partners’ share of select items 3
Partners’ share of parking and other revenue$— $540 $540 
Partners’ share of hedge amortization$144 $— $144 
Partners’ share of amortization of financing costs$346 $151 $497 
Partners’ share of depreciation and amortization related to capitalized fees$358 $441 $799 
Partners’ share of capitalized interest$46 $— $46 
Partners’ share of lease transaction costs that qualify as rent inducements$— $2,443 $2,443 
Partners’ share of management and other fees $638 $883 $1,521 
Partners’ share of basis differential depreciation and amortization expense$(17)$(180)$(197)
Partners’ share of basis differential interest and other adjustments$(4)$40 $36 
Reconciliation of Partners’ share of EBITDAre 5
Partners’ NCI$3,037 $14,512 $17,549 
Add:
Partners’ share of interest expense after BXP’s basis differential8,334 3,410 11,744 
Partners’ share of depreciation and amortization expense after BXP’s basis differential 7,101 10,552 17,653 
Partners’ share of EBITDAre
$18,472 $28,474 $46,946 

58

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Reconciliations (continued)
for the three months ended March 31, 2022
(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 3
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Rental revenue 2
$30,697 $46,452 $77,149 
Less: Termination income— 221 221 
Rental revenue (excluding termination income) 2
30,697 46,231 76,928 
Less: Operating expenses (including partners’ share of management and other fees)12,168 17,926 30,094 
Income allocation to private REIT shareholders— — — 
NOI (excluding termination income and after income allocation to private REIT shareholders) $18,529 $28,305 $46,834 
Rental revenue (excluding termination income) 2
$30,697 $46,231 $76,928 
Less: Straight-line rent1,048 (142)
2
906 
 Fair value lease revenue83 36 119 
Add: Lease transaction costs that qualify as rent inducements— (2,443)(2,443)
Subtotal29,566 43,894 73,460 
Less: Operating expenses (including partners’ share of management and other fees) 12,168 17,926 30,094 
Income allocation to private REIT shareholders— — — 
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $17,398 $25,968 $43,366 
Reconciliation of Partners’ share of Revenue 3
Rental revenue 2
$30,697 $46,452 $77,149 
Add: Development and management services revenue— 
Revenue$30,697 $46,453 $77,150 


















_________
1Lease revenue includes recoveries from tenants and service income from tenants.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
3Amounts represent the partners’ share based on their respective ownership percentage.
4Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income.
5Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.

59

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Reconciliations (continued)
for the three months ended March 31, 2022
(unaudited and dollars in thousands)

UNCONSOLIDATED JOINT VENTURES 1
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
Revenue
Lease 2
$18,986 $25,228 $3,599 $9,599 $7,212 $24,873 $89,497 
Straight-line rent5,826 9,796 54 1,503 550 7,270 24,999 
Reinstatement of straight-line rent2,004 307 — — — 207 2,518 
Fair value lease revenue — 289 — 38 1,156 — 1,483 
Termination income1,134 77 — — — — 1,211 
Total lease revenue27,950 35,697 3,653 11,140 8,918 32,350 119,708 
Parking and other29 1,969 — 45 509 1,506 4,058 
Total rental revenue 3
27,979 37,666 3,653 11,185 9,427 33,856 123,766 
Expenses
Operating 8,595 12,146 4,328 
4
4,399 3,623 12,305 45,396 
Net operating income/(loss)19,384 25,520 (675)6,786 5,804 21,551 78,370 
Other income/(expense)
Development and management services revenue— — 575 145 — — 720 
Interest and other income— — — — — 
Interest expense(4,096)(11,742)(2,558)(3)(1,571)(10,403)(30,373)
Depreciation and amortization expense(9,618)(12,664)(2,756)(5,310)(4,773)(9,543)(44,664)
General and administrative expense(30)(13)(159)(7)(2)(34)(245)
Loss from early extinguishment of debt— — — — — (1,327)(1,327)
Total other income/(expense)(13,744)(24,414)(4,898)(5,175)(6,346)(21,307)(75,884)
Net income/(loss)$5,640 $1,106 $(5,573)$1,611 $(542)$244 $2,486 
BXP’s share of reinstatement of straight-line rent$1,002 $169 $— $— $— $104 $1,275 
BXP’s share of parking and other revenue$15 $1,044 $— $23 $171 $513 
5
$1,766 
BXP’s share of amortization of financing costs$209 $85 $79 $— $29 $479 
5
$881 
BXP’s share of capitalized interest$— $— $1,315 $— $— $— 
5
$1,315 
BXP’s share of non-cash termination income adjustment (fair value lease amounts)$— $— $— $— $— $— $— 
Income/(loss) from unconsolidated joint ventures$2,705 $(238)$(1,965)$237 $(182)$1,632 
5
$2,189 
Add:
BXP’s share of interest expense2,049 6,212 1,060 529 3,394 
5
13,246 
BXP’s share of depreciation and amortization expense4,922 7,778 
6
1,004 3,145 
7
1,607 3,588 
5
22,044 
BXP’s share of loss from early extinguishment of debt— — — — — 265 265 
BXP’s share of EBITDAre
$9,676 $13,752 
6
$99 $3,384 
7
$1,954 $8,879 
5
$37,744 
60

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Reconciliations (continued)
UNCONSOLIDATED JOINT VENTURES 1
Reconciliation of BXP’s share of Net Operating Income/(Loss)BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
BXP’s share of rental revenue 3
$13,990 $20,172 
6
$1,827 $5,381 
7
$3,174 $13,510 
5
$58,054 
BXP’s share of operating expenses4,297 6,415 1,983 2,200 1,219 4,619 
5
20,733 
BXP’s share of net operating income/(loss) 9,693 13,757 
6
(156)3,181 
7
1,955 8,891 
5
37,321 
Less:
BXP’s share of termination income567 39 — — — — 606 
BXP’s share of net operating income/(loss) (excluding termination income) 9,126 13,718 (156)3,181 1,955 8,891 
5
36,715 
Less:
BXP’s share of straight-line rent3,915 5,278 
6
27 759 
7
184 3,660 
5
13,823 
BXP’s share of fair value lease revenue— 460 
6
— (200)
7
389 — 649 
Add:
 BXP’s share of straight-line ground rent expense adjustment— — 145 — — — 145 
BXP’s share of lease transaction costs that qualify as rent inducements— 185 — — 12 174 
5
371 
BXP’s share of net operating income/(loss) - cash (excluding termination income) $5,211 $8,165 
6
$(38)$2,622 
7
$1,394 $5,405 
5
$22,759 
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3
$13,990 $20,172 
6
$1,827 $5,381 
7
$3,174 $13,510 
5
$58,054 
Add:
BXP’s share of development and management services revenue— — 288 73 — — 361 
BXP’s share of revenue$13,990 $20,172 
6
$2,115 $5,454 
7
$3,174 $13,510 
5
$58,415 




















_____________
1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 20-23.
2 Lease revenue includes recoveries from tenants and service income from tenants.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
4 Includes approximately $290 of straight-line ground rent expense.
5 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement of 901 New York Avenue.
6 The Company’s purchase price allocation under ASC 805 for Colorado Center differs from the historical basis of the venture resulting in the majority of the basis differential for this region.
7 The Company’s purchase price allocation under ASC 805 for Gateway Commons differs from the historical basis of the venture resulting in the majority of the basis differential for this region.

61

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Reconciliations (continued)
Reconciliation of Net income attributable to Boston Properties, Inc. common shareholders to
BXP’s Share of same property net operating income (NOI)
(dollars 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 ventures33,278 13,336 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)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 ventures88 771 
Add:
Partners’ share of termination income from consolidated joint ventures(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)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)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)1,591 (76)
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)33,190 12,565 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)7,696 649 
BXP’s Share of Same Property NOI (excluding termination income)$429,112 $363,910 
Change in BXP’s Share of Same Property NOI (excluding termination income)$65,202 
Change in BXP’s Share of Same Property NOI (excluding termination income)17.9 %


62

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Reconciliations (continued)
Reconciliation of Net income attributable to Boston Properties, Inc. common shareholders to
BXP’s Share of same property net operating income (NOI) - cash
(dollars 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)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)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)1,163 (111)
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)30,412 21,175 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)7,524 629 
BXP’s Share of Same Property NOI - cash (excluding termination income)$404,391 $366,852 
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)$37,539 
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)10.2 %
_____________
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 2024 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 2024 may vary significantly.
2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP.
63

 https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-colorb.gif
Q1 2022
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)
Three Months Ended
31-Mar-2131-Dec-20
Revenue
Lease$685,817 $639,357 
Parking and other14,494 15,903 
Insurance proceeds2,444 — 
Hotel revenue632 464 
Development and management services6,803 6,356 
Direct reimbursements of payroll and related costs from management services contracts3,505 3,009 
Total revenue713,695 665,089 
Expenses
Operating118,516 117,891 
Real estate taxes136,395 138,308 
Demolition costs18 (5)
Restoration expenses related to insurance claim2,460 — 
Hotel2,051 1,178 
General and administrative44,959 31,053 
Payroll and related costs from management services contracts3,505 3,009 
Transaction costs331 277 
Depreciation and amortization176,565 168,013 
Total expenses484,800 459,724 
Other income (expense)
Income (loss) from unconsolidated joint ventures5,225 (79,700)
Gains (losses) on sales of real estate— 5,259 
Gains from investments in securities1,659 4,296 
Interest and other income (loss)1,168 1,676 
Losses from early extinguishments of debt(898)— 
Interest expense(107,902)(111,991)
Net income128,147 24,905 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(16,467)(13,980)
Noncontrolling interest - common units of the Operating Partnership (11,084)(990)
Net income attributable to Boston Properties, Inc.100,596 9,935 
Preferred dividends(2,560)(2,625)
Preferred stock redemption charge(6,412)— 
Net income attributable to Boston Properties, Inc. common shareholders$91,624 $7,310 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$0.59 $0.05 
Net income attributable to Boston Properties, Inc. per share - diluted$0.59 $0.05 

64
Document

Exhibit 99.2
https://cdn.kscope.io/484be18c6bc9b56950b226020bed2e49-bxp-color.gif
BXP ANNOUNCES 1st QUARTER 2022 RESULTS; REPORTS Q1 EPS OF $0.91 AND FFO PER SHARE OF $1.82

Exceeds Q1 2022 Guidance for EPS and FFO; Executes 1.2 Million SF of Leases in Q1, and Agrees to 2nd Acquisition in Seattle, WA in Q2 2022
    
BOSTON, MA, May 2, 2022 - Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, reported results today for the first quarter ended March 31, 2022.
Financial highlights for the first quarter include:
Revenue grew approximately 6% to $754.3 million for the quarter ended March 31, 2022, as compared to $713.7 million for the quarter ended March 31, 2021.
Net income attributable to common shareholders of $143.0 million, or $0.91 per diluted share (EPS), compared to $91.6 million, or $0.59 per diluted share, for the quarter ended March 31, 2021.
Funds from Operations (FFO) of $286.1 million, or $1.82 per diluted share for the quarter ended March 31, 2022, compared to FFO of $243.8 million, or $1.56 per diluted share, for the quarter ended March 31, 2021.
EPS and FFO per share exceeded the mid-point of BXP’s guidance due primarily to $0.07 per share of improvement in portfolio performance, $0.01 per share of the impact of reinstating accrual basis accounting for certain tenants that were previously reclassified to cash basis accounting and $0.01 per share of lower general and administrative expenses. Additionally, Q1 2022 EPS included a gain on sale of $0.13 per share.
BXP provided guidance for (1) second quarter 2022 EPS of $0.79 - $0.81 and FFO of $1.84 - $1.86 per diluted share and (2) full year 2022 EPS of $5.32 - $5.42 and FFO of $7.40 - $7.50 per diluted share. See “EPS and FFO per Share Guidance” below.
First quarter and recent business highlights include:
Executed approximately 1.2 million square feet of leases in the first quarter having a weighted-average lease term of 7.3 years. Executed leases for the quarter included an approximately 330,000 square foot renewal and expansion with a financial services firm at 601 Lexington Avenue in New York City, NY. The leasing volume achieved in Q1 of 2022 is in line with BXP’s 10-year first quarter leasing average, and double the volume from Q1 2021.
In April 2022, executed an agreement to purchase Madison Centre, an approximately 760,000 square foot, 37-story Class A office building in Seattle, WA, for a gross purchase price of approximately $730 million. As one of the newest commercial high rises in the city with one of the most generous amenity offerings in the market, Madison Centre will serve as

–more–


a showpiece and foundational asset for BXP’s expansion in the Seattle market. There can be no assurance that this acquisition will occur on the terms currently contemplated or at all.
In April 2022, signed an approximately 570,000 rentable square foot lease with AstraZeneca to lease the first phase of a future life sciences development at 290 Binney Street in Cambridge, MA. This future development site is located in the heart of Kendall Square, and when complete, will include two buildings totaling approximately 1.1 million rentable square feet of life sciences space as well as an approximately 400,000 square foot residential building. The lease and the commencement of development are subject to various conditions, some of which are not within BXP’s control.
Commenced two development projects:
the redevelopment of 651 Gateway in South San Francisco, CA. 651 Gateway is an office building that is being converted to an approximately 327,000 net rentable square foot life sciences space. This property is owned by a joint venture in which BXP has a 50% interest.
the development of the first phase of Platform 16 in San Jose, CA. Platform 16 is a Class A office project that, after completion of all phases, is expected to be approximately 1.1 million square feet. The first phase is approximately 390,000 net rentable square feet. This property is owned by a joint venture in which BXP has a 55% interest.
Disposed of 195 West Street, an approximately 63,500 square foot office building in Waltham, MA for a gross sales price of $37.7 million and net proceeds of $35.4 million. BXP recognized a gain on sale of approximately $22.7 million.
Refinanced the mortgage loan collateralized by Metropolitan Square located in Washington, DC. The new loans aggregate approximately $420.0 million and mature on April 9, 2024. The previous mortgage loan had an outstanding balance of approximately $294.1 million and was scheduled to mature on July 7, 2022. This property is owned by a joint venture in which BXP has a 20% interest.
In April 2022, released BXP’s 2021 ESG Report, which provides details on BXP’s ESG approach, goals, key performance indicators, leadership, and reporting methodologies related to environmental impact, social impact, and governance.

Named to Barron’s 10 Most Sustainable REITs in the U.S. BXP improved from 8th place to 3rd place in the 2nd year that Barron’s produced a REIT ranking.

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended March 31, 2022. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

EPS and FFO per Share Guidance:
BXP’s guidance for the second quarter and full year 2022 for EPS (diluted) and FFO per share (diluted) 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 this release and those referenced during the related conference call. Except as otherwise publicly disclosed, the estimates do not include the impacts

–more–


of any potential (1) capital markets activity, (2) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (3) 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. BXP 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 or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Second Quarter 2022Full Year 2022
LowHighLowHigh
Projected EPS (diluted)$0.79 $0.81 $5.32 $5.42 
Add:
Projected Company share of real estate depreciation and amortization1.05 1.05 4.30 4.30 
Projected Company share of (gains)/losses on sales of real estate— — (2.22)(2.22)
Projected FFO per share (diluted)$1.84 $1.86 $7.40 $7.50 


BXP will host a conference call on Tuesday, May 3, 2022 at 11:00 AM Eastern Time, open to the general public, to discuss the first quarter 2022 results, provide a business update, and discuss other business matters that may be of interest to investors. The number to call for this interactive teleconference is (877) 796-3880 (Domestic) or (443) 961-9013 (International) and entering the passcode 7770877. A replay of the conference call will be available by dialing (855) 859-2056 (Domestic) or (404) 537-3406 (International) and entering the passcode 7770877. There will also be a live audio webcast of the call, which may be accessed in the Investors section of BXP’s website at investors.bxp.com. Shortly after the call, a replay of the webcast will be available in the Investors section of BXP’s website and archived for up to twelve months following the call.
Additionally, a copy of BXP’s first quarter 2022 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

Boston Properties (NYSE: BXP) 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. BXP 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 unconsolidated joint ventures, the Company’s portfolio totals 53.1 million square feet and 201 properties, including eleven properties under construction/redevelopment. For more information about BXP, please visit our website at www.bxp.com or follow us on LinkedIn or Instagram.

This press release 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

–more–


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, the risks and uncertainties related to the impact of the COVID-19 global pandemic, including the emergence of additional variants, the effectiveness, availability and distribution of vaccines, including their efficacy against new variant strains and the willingness of individuals to be vaccinated, the impact of geopolitical conflicts, including the ongoing war in Ukraine, and the severity and duration of the indirect economic impacts of the foregoing, such as recession, supply chain disruptions, labor market disruptions, rising inflation, increasing interest rates, dislocation and volatility in capital markets, job losses, potential longer-term changes in consumer and tenant behavior, as well as possible future governmental responses, risks related to volatile or adverse global economic and geopolitical conditions, health crises and dislocations in the credit markets, risks associated with downturns in the national and local economies, increasing interest rates, and volatility in the securities markets, 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, the uncertainties of costs to comply with regulatory changes (including potential costs to comply with the Securities and Exchange Commission’s proposed rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in the Company’s filings with the SEC. 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.

Financial tables follow.

–more–


BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

March 31, 2022December 31, 2021
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost$22,472,940 $22,298,103 
Construction in progress846,775 894,172 
Land held for future development582,511 560,355 
Right of use assets - finance leases237,501 237,507 
Right of use assets - operating leases169,248 169,778 
Less: accumulated depreciation(5,995,760)(5,883,961)
Total real estate18,313,215 18,275,954 
Cash and cash equivalents436,271 452,692 
Cash held in escrows46,072 48,466 
Investments in securities36,032 43,632 
Tenant and other receivables, net56,132 70,186 
Related party note receivable, net78,544 78,336 
Note receivables, net9,674 9,641 
Accrued rental income, net1,243,395 1,226,745 
Deferred charges, net609,205 618,798 
Prepaid expenses and other assets128,472 57,811 
Investments in unconsolidated joint ventures1,518,622 1,482,997 
Total assets$22,475,634 $22,365,258 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$3,268,745 $3,267,914 
Unsecured senior notes, net9,486,379 9,483,695 
Unsecured line of credit255,000 145,000 
Unsecured term loan, net— — 
Lease liabilities - finance leases245,554 244,421 
Lease liabilities - operating leases204,677 204,561 
Accounts payable and accrued expenses304,576 320,775 
Dividends and distributions payable170,869 169,859 
Accrued interest payable90,861 94,796 
Other liabilities396,283 391,441 
Total liabilities14,422,944 14,322,462 
Commitments and contingencies— — 
Redeemable deferred stock units11,031 9,568 
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; none issued or outstanding— — 
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,790,614 and 156,623,749 issued and 156,711,714 and 156,544,849 outstanding at March 31, 2022 and December 31, 2021, respectively
1,567 1,565 
Additional paid-in capital6,509,663 6,497,730 
Dividends in excess of earnings(636,421)(625,891)
Treasury common stock at cost, 78,900 shares at March 31, 2022 and December 31, 2021
(2,722)(2,722)
Accumulated other comprehensive loss(28,485)(36,662)
Total stockholders’ equity attributable to Boston Properties, Inc.5,843,602 5,834,020 
Noncontrolling interests:
Common units of the Operating Partnership649,602 642,655 
Property partnerships1,548,455 1,556,553 
Total equity8,041,659 8,033,228 
Total liabilities and equity$22,475,634 $22,365,258 








BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended March 31,
 20222021
 (in thousands, except for per share amounts)
Revenue
Lease$718,120 $685,817 
Parking and other21,734 16,938 
Hotel revenue4,557 632 
Development and management services5,831 6,803 
Direct reimbursements of payroll and related costs from management services contracts
4,065 3,505 
Total revenue754,307 713,695 
Expenses
Operating
Rental270,255 257,389 
Hotel4,840 2,051 
General and administrative43,194 44,959 
Payroll and related costs from management services contracts4,065 3,505 
Transaction costs— 331 
Depreciation and amortization177,624 176,565 
Total expenses499,978 484,800 
Other income (expense)
Income from unconsolidated joint ventures2,189 5,225 
Gains on sales of real estate22,701 — 
Interest and other income (loss)1,228 1,168 
Gains (losses) from investments in securities(2,262)1,659 
Losses from early extinguishment of debt— (898)
Interest expense(101,228)(107,902)
Net income176,957 128,147 
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships(17,549)(16,467)
Noncontrolling interest—common units of the Operating Partnership
(16,361)(11,084)
Net income attributable to Boston Properties, Inc.143,047 100,596 
Preferred dividends— (2,560)
Preferred stock redemption charge— (6,412)
Net income attributable to Boston Properties, Inc. common shareholders
$143,047 $91,624 
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$0.91 $0.59 
Weighted average number of common shares outstanding156,650 155,928 
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$0.91 $0.59 
Weighted average number of common and common equivalent shares outstanding
157,004 156,099 








BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
Three months ended March 31,
20222021
(in thousands, except for per share amounts)
Net income attributable to Boston Properties, Inc. common shareholders
$143,047 $91,624 
Add:
Preferred stock redemption charge— 6,412 
Preferred dividends
— 2,560 
Noncontrolling interest - common units of the Operating Partnership
16,361 11,084 
Noncontrolling interests in property partnerships
17,549 16,467 
Net income176,957 128,147 
Add:
Depreciation and amortization expense
177,624 176,565 
Noncontrolling interests in property partnerships’ share of depreciation and amortization
(17,653)(16,457)
Company’s share of depreciation and amortization from unconsolidated joint ventures
22,044 18,412 
Corporate-related depreciation and amortization
(404)(440)
Less:
Gains on sale of investment included within income from unconsolidated joint ventures— 10,257 
Gains on sales of real estate22,701 — 
Noncontrolling interests in property partnerships
17,549 16,467 
Preferred dividends
— 2,560 
Preferred stock redemption charge— 6,412 
Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.)
318,318 270,531 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations
32,182 26,728 
Funds from operations attributable to Boston Properties, Inc. common shareholders
$286,136 $243,803 
Boston Properties, Inc.’s percentage share of funds from operations - basic
89.89 %90.12 %
Weighted average shares outstanding - basic156,650 155,928 
FFO per share basic
$1.83 $1.56 
Weighted average shares outstanding - diluted157,004 156,099 
FFO per share diluted
$1.82 $1.56 








(1)Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. common shareholders (computed in accordance with GAAP) for gains (or losses) from sales of properties, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a companys real estate across reporting periods and to the operating performance of other companies.
Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.
In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to Boston Properties, Inc. common shareholders as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to Boston Properties, Inc. common shareholders (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.










BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
% Leased by Location
March 31, 2022December 31, 2021
Boston91.8 %91.4 %
Los Angeles88.4 %88.8 %
New York87.5 %87.6 %
San Francisco87.8 %87.3 %
Seattle 87.7 %90.9 %
Washington, DC88.1 %87.2 %
Total Portfolio89.1 %88.8 %







AT BXP        
Michael LaBelle            
Executive Vice President,
Chief Financial Officer and Treasurer            
mlabelle@bxp.com

Helen Han
Vice President, Investor Relations
hhan@bxp.com
















# # #