bxp-20220502
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): 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                                                    



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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)




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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


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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

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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

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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

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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

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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

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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

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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

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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.
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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 $(87) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2024 may vary significantly.
2Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 7.
3Pages 20-23 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to March 31, 2022 and therefore are no longer a part of the Company’s property portfolio.
4For a quantitative reconciliation for the three months ended March 31, 2022, see page 59.
5For a quantitative reconciliation for the three months ended March 31, 2022, see page 61.
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Q1 2022
Same property net operating income (NOI) by reportable segment
(dollars in thousands)
Office 1
Hotel & Residential
Three Months Ended$%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

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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

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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.

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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 








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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.

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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.


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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.

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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.

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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 %

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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