Boston Properties, Inc. | |||||||||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
Boston Properties Limited Partnership | |||||||||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||
Boston Properties, Inc. |
Exhibit No. | Description | |||||||
*99.1 | ||||||||
*99.2 | ||||||||
*101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
*101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
*101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
*101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
*104 | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*). |
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 |
Corporate Headquarters | Trading Symbol | Investor Relations | Inquiries | ||||||||
800 Boylston Street | BXP | Boston Properties, Inc. | Inquiries should be directed to | ||||||||
Suite 1900 | 800 Boylston Street, Suite 1900 | Helen Han | |||||||||
Boston, MA 02199 | Stock Exchange Listing | Boston, MA 02199 | Vice President, Investor Relations | ||||||||
www.bxp.com | New York Stock Exchange | investors.bxp.com | at 617.236.3429 or | ||||||||
(t) 617.236.3300 | investorrelations@bxp.com | hhan@bxp.com | |||||||||
(t) 617.236.3429 | |||||||||||
Michael E. LaBelle | |||||||||||
Executive Vice President, Chief Financial Officer | |||||||||||
at 617.236.3352 or | |||||||||||
mlabelle@bxp.com |
![]() | 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 | |||||
![]() | Q1 2022 | ||||
Company profile |
Fiscal Year-End | December 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 Yield | 3.0% | ||||
Consolidated Market Capitalization 2 | $35.5 billion | ||||
BXP’s Share of Market Capitalization 2, 3 | $35.6 billion | ||||
Senior Debt Ratings | BBB+ (S&P); Baa1 (Moody’s) |
Board of Directors | Management | |||||||||||||
Joel I. Klein | Chairman of the Board | Owen D. Thomas | Chief Executive Officer | |||||||||||
Owen D. Thomas | Chief Executive Officer | Douglas T. Linde | President | |||||||||||
Douglas T. Linde | President | Raymond A. Ritchey | Senior Executive Vice President | |||||||||||
Kelly A. Ayotte | Chair of Compensation Committee | Michael E. LaBelle | Executive Vice President, Chief Financial Officer and Treasurer | |||||||||||
Bruce W. Duncan | Bryan J. Koop | Executive Vice President, Boston Region | ||||||||||||
Carol B. Einiger | Robert E. Pester | Executive Vice President, San Francisco Region | ||||||||||||
Diane J. Hoskins | Chair of Sustainability Committee | Hilary Spann | Executive Vice President, New York Region | |||||||||||
Mary E. Kipp | Peter V. Otteni | Executive Vice President, Co-Head of the Washington, DC Region | ||||||||||||
Matthew J. Lustig | Chair of Nominating & Corporate Governance Committee | John J. Stroman | Executive Vice President, Co-Head of the Washington, DC Region | |||||||||||
David A. Twardock | Chair of Audit Committee | Jonathan D. Lange | Senior Vice President, Los Angeles Region | |||||||||||
William H. Walton, III | Frank D. Burt | Senior Vice President, Chief Legal Officer | ||||||||||||
Donna D. Garesche | Senior Vice President, Chief Human Resources Officer | |||||||||||||
Michael R. Walsh | Senior Vice President, Chief Accounting Officer | |||||||||||||
James J. Whalen | Senior Vice President, Chief Information & Technology Officer |
![]() | Q1 2022 | ||||
Guidance and assumptions |
Second Quarter 2022 | Full Year 2022 | |||||||||||||||||||||||||||||||
Low | High | Low | High | |||||||||||||||||||||||||||||
Projected EPS (diluted) | $ | 0.79 | $ | 0.81 | $ | 5.32 | $ | 5.42 | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||
Projected Company share of real estate depreciation and amortization | 1.05 | 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 |
Full Year 2022 | |||||||||||||||||
Low | High | ||||||||||||||||
Operating property activity: | |||||||||||||||||
Average In-service portfolio occupancy | 88.00 | % | 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) |
![]() | Q1 2022 | ||||
Financial highlights |
Three Months Ended | ||||||||||||||
31-Mar-22 | 31-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 Properties | 89.1 | % | 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 Capitalization | 36.60 | % | 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 | % |
![]() | Q1 2022 | ||||
Consolidated Balance Sheets |
31-Mar-22 | 31-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 leases | 169,248 | 169,778 | ||||||||||||
Less accumulated depreciation | (5,995,760) | (5,883,961) | ||||||||||||
Total real estate | 18,313,215 | 18,275,954 | ||||||||||||
Cash and cash equivalents | 436,271 | 452,692 | ||||||||||||
Cash held in escrows | 46,072 | 48,466 | ||||||||||||
Investments in securities | 36,032 | 43,632 | ||||||||||||
Tenant and other receivables, net | 56,132 | 70,186 | ||||||||||||
Related party note receivable, net | 78,544 | 78,336 | ||||||||||||
Notes receivable, net | 9,674 | 9,641 | ||||||||||||
Accrued rental income, net | 1,243,395 | 1,226,745 | ||||||||||||
Deferred charges, net | 609,205 | 618,798 | ||||||||||||
Prepaid expenses and other assets | 128,472 | 57,811 | ||||||||||||
Investments in unconsolidated joint ventures | 1,518,622 | 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, net | 9,486,379 | 9,483,695 | ||||||||||||
Unsecured line of credit | 255,000 | 145,000 | ||||||||||||
Lease liabilities - finance leases | 245,554 | 244,421 | ||||||||||||
Lease liabilities - operating leases | 204,677 | 204,561 | ||||||||||||
Accounts payable and accrued expenses | 304,576 | 320,775 | ||||||||||||
Dividends and distributions payable | 170,869 | 169,859 | ||||||||||||
Accrued interest payable | 90,861 | 94,796 | ||||||||||||
Other liabilities | 396,283 | 391,441 | ||||||||||||
Total liabilities | 14,422,944 | 14,322,462 | ||||||||||||
Commitments and contingencies | — | — | ||||||||||||
Redeemable deferred stock units | 11,031 | 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 capital | 6,509,663 | 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 Partnership | 649,602 | 642,655 | ||||||||||||
Property partnerships | 1,548,455 | 1,556,553 | ||||||||||||
Total equity | 8,041,659 | 8,033,228 | ||||||||||||
Total liabilities and equity | $ | 22,475,634 | $ | 22,365,258 |
![]() | Q1 2022 | ||||
Consolidated Income Statements |
Three Months Ended | ||||||||||||||
31-Mar-22 | 31-Dec-21 | |||||||||||||
Revenue | ||||||||||||||
Lease | $ | 718,120 | $ | 690,912 | ||||||||||
Parking and other | 21,734 | 23,087 | ||||||||||||
Hotel revenue | 4,557 | 6,227 | ||||||||||||
Development and management services | 5,831 | 7,516 | ||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 4,065 | 3,321 | ||||||||||||
Total revenue | 754,307 | 731,063 | ||||||||||||
Expenses | ||||||||||||||
Operating | 138,723 | 129,615 | ||||||||||||
Real estate taxes | 131,527 | 127,125 | ||||||||||||
Demolition costs | 5 | 38 | ||||||||||||
Hotel operating | 4,840 | 5,005 | ||||||||||||
General and administrative 1 | 43,194 | 33,649 | ||||||||||||
Payroll and related costs from management services contracts | 4,065 | 3,321 | ||||||||||||
Transaction costs | — | 2,066 | ||||||||||||
Depreciation and amortization | 177,624 | 177,521 | ||||||||||||
Total expenses | 499,978 | 478,340 | ||||||||||||
Other income (expense) | ||||||||||||||
Income (loss) from unconsolidated joint ventures | 2,189 | (825) | ||||||||||||
Gains on sales of real estate | 22,701 | 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 income | 176,957 | 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 |
![]() | Q1 2022 | ||||
Funds from operations (FFO) 1 |
Three Months Ended | ||||||||||||||
31-Mar-22 | 31-Dec-21 | |||||||||||||
Net income attributable to Boston Properties, Inc. | $ | 143,047 | $ | 184,537 | ||||||||||
Add: | ||||||||||||||
Noncontrolling interest - common units of the Operating Partnership | 16,361 | 20,544 | ||||||||||||
Noncontrolling interests in property partnerships | 17,549 | 18,204 | ||||||||||||
Net income | 176,957 | 223,285 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization expense | 177,624 | 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 estate | 22,701 | 115,556 | ||||||||||||
Noncontrolling interests in property partnerships | 17,549 | 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 FFO | 32,182 | 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 FFO | 10.11 | % | 9.86 | % | ||||||||||
Basic FFO per share | $ | 1.83 | $ | 1.55 | ||||||||||
Weighted average shares outstanding - basic | 156,650 | 156,297 | ||||||||||||
Diluted FFO per share | $ | 1.82 | $ | 1.55 | ||||||||||
Weighted average shares outstanding - diluted | 157,004 | 156,654 |
Three Months Ended | ||||||||||||||
31-Mar-22 | 31-Dec-21 | |||||||||||||
Basic FFO | $ | 318,318 | $ | 269,539 | ||||||||||
Add: | ||||||||||||||
Effect of dilutive securities - stock-based compensation | — | — | ||||||||||||
Diluted FFO | 318,318 | 269,539 | ||||||||||||
Less: | ||||||||||||||
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO | 32,118 | 29,389 | ||||||||||||
Boston Properties, Inc.’s share of Diluted FFO | $ | 286,200 | $ | 240,150 |
Three Months Ended | ||||||||||||||
31-Mar-22 | 31-Dec-21 | |||||||||||||
Shares/units for Basic FFO | 174,276 | 173,390 | ||||||||||||
Add: | ||||||||||||||
Effect of dilutive securities - stock-based compensation (shares/units) | 354 | 357 | ||||||||||||
Shares/units for Diluted FFO | 174,630 | 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 FFO | 157,004 | 156,654 | ||||||||||||
Boston Properties, Inc.’s percentage share of Diluted FFO | 89.91 | % | 90.16 | % |
![]() | Q1 2022 | ||||
Funds available for distributions (FAD) 1 |
Three Months Ended | ||||||||||||||
31-Mar-22 | 31-Dec-21 | |||||||||||||
Net income attributable to Boston Properties, Inc. | $ | 143,047 | $ | 184,537 | ||||||||||
Add: | ||||||||||||||
Noncontrolling interest - common units of the Operating Partnership | 16,361 | 20,544 | ||||||||||||
Noncontrolling interests in property partnerships | 17,549 | 18,204 | ||||||||||||
Net income | 176,957 | 223,285 | ||||||||||||
Add: | ||||||||||||||
Depreciation and amortization expense | 177,624 | 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 estate | 22,701 | 115,556 | ||||||||||||
Noncontrolling interests in property partnerships | 17,549 | 18,204 | ||||||||||||
Basic FFO | 318,318 | 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 compensation | 20,914 | 7,466 | ||||||||||||
Non-real estate depreciation | 404 | 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 replacements | 36 | 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 | % |
![]() | Q1 2022 | ||||
Reconciliation of net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of same property net operating income (NOI) |
Three Months Ended | ||||||||||||||
31-Mar-22 | 31-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 Partnership | 16,361 | 11,084 | ||||||||||||
Noncontrolling interest in property partnerships | 17,549 | 16,467 | ||||||||||||
Net income | 176,957 | 128,147 | ||||||||||||
Add: | ||||||||||||||
Interest expense | 101,228 | 107,902 | ||||||||||||
Losses from early extinguishments of debt | — | 898 | ||||||||||||
Depreciation and amortization expense | 177,624 | 176,565 | ||||||||||||
Transaction costs | — | 331 | ||||||||||||
Payroll and related costs from management services contracts | 4,065 | 3,505 | ||||||||||||
General and administrative expense | 43,194 | 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 estate | 22,701 | — | ||||||||||||
Income from unconsolidated joint ventures | 2,189 | 5,225 | ||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 4,065 | 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 income | 2,078 | 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 income | 2,078 | 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 |
![]() | 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 |
Three Months Ended | ||||||||||||||
31-Mar-22 | 31-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 Partnership | 16,361 | 11,084 | ||||||||||||
Noncontrolling interest in property partnerships | 17,549 | 16,467 | ||||||||||||
Net income | 176,957 | 128,147 | ||||||||||||
Add: | ||||||||||||||
Interest expense | 101,228 | 107,902 | ||||||||||||
Losses from early extinguishments of debt | — | 898 | ||||||||||||
Depreciation and amortization expense | 177,624 | 176,565 | ||||||||||||
Transaction costs | — | 331 | ||||||||||||
Payroll and related costs from management services contracts | 4,065 | 3,505 | ||||||||||||
General and administrative expense | 43,194 | 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 estate | 22,701 | — | ||||||||||||
Income from unconsolidated joint ventures | 2,189 | 5,225 | ||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 4,065 | 3,505 | ||||||||||||
Development and management services revenue | 5,831 | 6,803 | ||||||||||||
Net Operating Income (NOI) | 469,316 | 443,947 | ||||||||||||
Less: | ||||||||||||||
Straight-line rent | 22,186 | 7,730 | ||||||||||||
Fair value lease revenue | 1,655 | 653 | ||||||||||||
Termination income | 2,078 | 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 |
![]() | Q1 2022 | ||||
Same property net operating income (NOI) by reportable segment |
Office 1 | Hotel & Residential | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | $ | % | Three Months Ended | $ | % | ||||||||||||||||||||||||||||||||||||||||||
31-Mar-22 | 31-Mar-21 | Change | Change | 31-Mar-22 | 31-Mar-21 | Change | Change | ||||||||||||||||||||||||||||||||||||||||
Rental Revenue 2 | $ | 708,288 | $ | 682,889 | $ | 17,523 | $ | 9,807 | |||||||||||||||||||||||||||||||||||||||
Less: Termination income | 2,078 | 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 taxes | 258,619 | 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 revenue | 16,216 | 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) | % | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||
Subtotal | 685,411 | 655,572 | 29,839 | 4.6 | % | 17,467 | 9,774 | 7,693 | 78.7 | % | |||||||||||||||||||||||||||||||||||||
Less: Operating expenses and real estate taxes | 258,619 | 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-22 | 31-Mar-21 | Change | Change | 31-Mar-22 | 31-Mar-21 | Change | Change | ||||||||||||||||||||||||||||||||||||||||
Rental Revenue 2 | $ | 725,811 | $ | 692,696 | $ | 44,541 | $ | 39,985 | |||||||||||||||||||||||||||||||||||||||
Less: Termination income | 2,078 | 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 taxes | 269,891 | 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 revenue | 16,272 | 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 taxes | 269,891 | 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-22 | 31-Mar-21 | Change | Change | 31-Mar-22 | 31-Mar-21 | Change | Change | ||||||||||||||||||||||||||||||||||||||||
Rental Revenue 2 | $ | 75,130 | $ | 74,072 | $ | 695,222 | $ | 658,609 | |||||||||||||||||||||||||||||||||||||||
Less: Termination income | 221 | (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 taxes | 29,665 | 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 revenue | 596 | 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) | % | |||||||||||||||||||||||||||||||||||||
Subtotal | 71,870 | 72,032 | (162) | (0.2) | % | 668,770 | 633,685 | 35,085 | 5.5 | % | |||||||||||||||||||||||||||||||||||||
Less: Operating expenses and real estate taxes | 29,665 | 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 | % |
![]() | Q1 2022 | ||||
Same property net operating income (NOI) by reportable segment (continued) |
![]() | Q1 2022 | ||||
Capital expenditures, tenant improvement costs and leasing commissions |
Three Months Ended | ||||||||||||||
31-Mar-22 | 31-Dec-21 | |||||||||||||
Maintenance capital expenditures | $ | 10,652 | $ | 33,919 | ||||||||||
Planned capital expenditures associated with acquisition properties | — | — | ||||||||||||
Repositioning capital expenditures | 6,243 | — | ||||||||||||
Hotel improvements, equipment upgrades and replacements | 36 | 57 | ||||||||||||
Subtotal | 16,931 | 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 JVs | 1,523 | 6,356 | ||||||||||||
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs | — | — | ||||||||||||
Partners’ share of repositioning capital expenditures from consolidated JVs | 2,223 | — | ||||||||||||
BXP’s Share of Capital Expenditures 1 | $ | 13,904 | $ | 28,823 |
Three Months Ended | ||||||||||||||
31-Mar-22 | 31-Dec-21 | |||||||||||||
Square feet | 1,057,074 | 1,422,236 | ||||||||||||
Tenant improvements and lease commissions PSF | $ | 54.99 | $ | 75.03 |
![]() | Q1 2022 | ||||
Acquisitions and dispositions |
Investment | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Date Acquired | Square Feet | Initial | Anticipated Future | Total | In-service Leased (%) | ||||||||||||||||||||||||||||||||||||||||
N/A | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||
Total Acquisitions | — | $ | — | $ | — | $ | — | — | % |
Property | Location | Date Disposed | Square Feet | Gross Sales Price | Net Cash Proceeds | Book Gain | ||||||||||||||||||||||||||||||||||||||
195 West Street | Waltham, MA | March 31, 2022 | 63,500 | $ | 37,700 | $ | 35,397 | $ | 22,701 | |||||||||||||||||||||||||||||||||||
Total Dispositions | 63,500 | $ | 37,700 | $ | 35,397 | $ | 22,701 |
![]() | Q1 2022 | ||||
Construction in progress |
Actual/Estimated | BXP’s share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Occupancy | Stabilization Date | Square 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 Properties | Location | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
325 Main Street | Q3 2022 | Q3 2022 | Cambridge, MA | 420,000 | $ | 328,547 | $ | 418,400 | $ | — | $ | — | $ | 89,853 | 90 | % | — | % | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reston Next | Q4 2021 | Q4 2023 | Reston, VA | 1,062,000 | 538,075 | 715,300 | — | — | 177,225 | 87 | % | 67 | % | $ | 4,776 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2100 Pennsylvania Avenue | Q3 2022 | Q3 2024 | Washington, DC | 480,000 | 252,049 | 356,100 | — | — | 104,051 | 61 | % | — | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
360 Park Avenue South (42% ownership) 6 | Q3 2023 | Q1 2025 | New York, NY | 450,000 | 195,333 | 219,000 | 92,774 | 85,588 | 16,481 | — | % | — | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Platform16 Building A (55% ownership) 7 | Q2 2025 | Q4 2026 | San Jose, CA | 389,500 | 65,199 | 231,900 | — | — | 166,701 | — | % | — | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Office Properties under Construction | 2,801,500 | 1,379,203 | 1,940,700 | 92,774 | 85,588 | 554,311 | 57 | % | 25 | % | $ | 4,776 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lab/Life Sciences | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
880 Winter Street (Redevelopment) | Q4 2022 | Q1 2023 | Waltham, MA | 244,000 | 47,522 | 108,000 | — | — | 60,478 | 85 | % | — | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
751 Gateway (49% ownership) | Q2 2024 | Q2 2024 | South San Francisco, CA | 231,000 | 55,892 | 127,600 | — | — | 71,708 | 100 | % | — | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
103 CityPoint | Q4 2023 | Q3 2024 | Waltham, MA | 113,000 | 16,156 | 115,100 | — | — | 98,944 | — | % | — | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
180 CityPoint | Q4 2023 | Q4 2024 | Waltham, MA | 329,000 | 66,272 | 274,700 | — | — | 208,428 | 43 | % | — | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
651 Gateway (50% ownership) | Q4 2023 | Q4 2025 | South San Francisco, CA | 327,000 | 5,227 | 146,500 | — | — | 141,273 | — | % | — | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Lab/Life Sciences Properties under Construction | 1,244,000 | 191,069 | 771,900 | — | — | 580,831 | 47 | % | — | % | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
View Boston Observatory at The Prudential Center (Redevelopment) | Q2 2023 | N/A | Boston, MA | 59,000 | 81,617 | 182,300 | — | — | 100,683 | N/A | — | % | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Properties Under Construction | 4,104,500 | $ | 1,651,889 | $ | 2,894,900 | $ | 92,774 | $ | 85,588 | $ | 1,235,825 | 54 | % | 8 | 17 | % | $ | 4,776 |
![]() | Q1 2022 | ||||
Land parcels and purchase options |
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, CA | 850,000 | |||||||
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, VA | 422,000 | |||||||
Waltham, MA | 365,000 | |||||||
Dulles, VA | 310,000 | |||||||
El Segundo, CA (50% Ownership) | 275,000 | |||||||
Rockville, MD 3, 4 | 202,000 | |||||||
Total | 13,512,000 |
Location | Approximate Developable Square Feet 1 | |||||||
Cambridge, MA | 1,400,000 | |||||||
Boston, MA | 1,300,000 | |||||||
Waltham, MA 5 | 1,200,000 | |||||||
Total | 3,900,000 |
![]() | Q1 2022 | ||||
Leasing activity |
Net (increase)/decrease in available space (SF) | Total | ||||
Vacant space available at the beginning of the period | 5,340,029 | ||||
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 period | 1,097,803 | ||||
Total space available for lease | 6,753,342 | ||||
1st generation leases | 552,730 | ||||
2nd generation leases with new tenants | 687,656 | ||||
2nd generation lease renewals | 369,418 | ||||
Total space leased | 1,609,804 | ||||
Vacant space available for lease at the end of the period | 5,143,538 | ||||
Net (increase)/decrease in available space | 196,491 | ||||
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 generation | 2nd generation | total 7 | gross 5 | net 6 | |||||||||||||||||||||||||||||||
Boston | 140,944 | 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, DC | 411,786 | 296,740 | 708,526 | (1.98) | % | (2.19) | % | 182,911 | |||||||||||||||||||||||||||
Total / Weighted Average | 552,730 | 1,057,074 | 1,609,804 | (2.36) | % | (4.34) | % | 1,179,592 |
![]() | Q1 2022 | ||||
Portfolio overview |
Office | Retail | Residential | Hotel | Total | ||||||||||||||||||||||||||||
Boston | 14,099,481 | 1,056,365 | 550,114 | 330,000 | 16,035,960 | |||||||||||||||||||||||||||
Los Angeles | 2,183,318 | 126,377 | — | — | 2,309,695 | |||||||||||||||||||||||||||
New York | 11,334,521 | 417,849 | — | — | 11,752,370 | |||||||||||||||||||||||||||
San Francisco | 6,994,229 | 351,284 | 318,171 | — | 7,663,684 | |||||||||||||||||||||||||||
Seattle | 748,462 | 18,761 | — | — | 767,223 | |||||||||||||||||||||||||||
Washington, DC | 9,016,767 | 672,330 | 822,436 | — | 10,511,533 | |||||||||||||||||||||||||||
Total | 44,376,778 | 2,642,966 | 1,690,721 | 330,000 | 49,040,465 | |||||||||||||||||||||||||||
% of Total | 90.49 | % | 5.39 | % | 3.45 | % | 0.67 | % | 100.00 | % |
Office | Retail | Residential | 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 Total | 90.71 | % | 6.64 | % | 2.04 | % | 0.61 | % | 100.00 | % |
CBD | Suburban | Total | |||||||||||||||
Boston | 25.90 | % | 7.06 | % | 32.96 | % | |||||||||||
Los Angeles | 3.00 | % | — | % | 3.00 | % | |||||||||||
New York | 24.99 | % | 2.24 | % | 27.23 | % | |||||||||||
San Francisco | 17.79 | % | 2.33 | % | 20.12 | % | |||||||||||
Seattle | 0.43 | % | — | % | 0.43 | % | |||||||||||
Washington, DC | 4.81 | % | 11.45 | % | 16.26 | % | |||||||||||
Total | 76.92 | % | 23.08 | % | 100.00 | % |
![]() | Q1 2022 | ||||
Residential and hotel performance |
Residential 1 | Hotel | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
31-Mar-22 | 31-Dec-21 | 31-Mar-22 | 31-Dec-21 | ||||||||||||||||||||
Rental Revenue 2 | $ | 12,966 | $ | 12,836 | $ | 4,557 | $ | 6,227 | |||||||||||||||
Less: Operating expenses and real estate taxes | 6,432 | 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 ventures | 1,647 | 1,288 | N/A | N/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 revenue | 54 | (26) | 2 | 5 | |||||||||||||||||||
Add: Lease transaction costs that qualify as rent inducements | — | — | — | — | |||||||||||||||||||
Subtotal | 12,912 | 12,862 | 4,555 | 6,222 | |||||||||||||||||||
Less: Operating expenses and real estate taxes | 6,432 | 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 ventures | 1,647 | 1,288 | N/A | N/A | |||||||||||||||||||
BXP’s Share of NOI - cash basis 2 | $ | 8,127 | $ | 7,806 | $ | (285) | $ | 1,217 |
Residential Units | Three Months Ended | Percent Change | |||||||||||||||||||||
31-Mar-22 | 31-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 Occupancy | 40.40 | % | 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 Occupancy | 71.48 | % | 15.84 | % | 351.26 | % | |||||||||||||||||
Average Economic Occupancy | 68.59 | % | 9.08 | % | 655.40 | % |
![]() | Q1 2022 | ||||
Residential and hotel performance (continued) |
Residential Units | Three Months Ended | Percent Change | |||||||||||||||||||||
31-Mar-22 | 31-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 Units | 2,075 |
![]() | Q1 2022 | ||||
In-service property listing |
as of March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Sub Market | Number of Buildings | Square Feet | Leased % 1 | Annualized Rental Obligations Per Leased SF 2 | ||||||||||||||||||||||||||||||||||
BOSTON | ||||||||||||||||||||||||||||||||||||||
Office | ||||||||||||||||||||||||||||||||||||||
200 Clarendon Street | CBD Boston MA | 1 | 1,768,775 | 97.2 | % | $ | 76.50 |