bxp-20220726
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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): July 26, 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 July 26, 2022, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the second 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: July 26, 2022




Document


Exhibit 99.1                                                    

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Supplemental Operating and Financial Data
for the Quarter Ended June 30, 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 53.7 million square feet and 193 properties, including twelve properties under construction/redevelopment. The Company’s properties include 173 office properties, 12 retail properties, seven residential properties (including one residential property under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients’ 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 clients. 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 client 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; BXP’s ability to enter into new leases or renew leases on favorable terms, dependence on clients’ 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 55.

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 59.




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: Madison Centre, Seattle, WA)




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Q2 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 Clients Listing and Portfolio Client 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
Seattle
Washington, DC
CBD
Suburban
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage
Definitions
Reconciliations
Consolidated Income Statement - Prior Year


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Q2 2022
Company profile
SNAPSHOT
(as of June 30, 2022)
Fiscal Year-EndDecember 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)193
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)53.7 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
175.0 million
Closing Price, at the end of the quarter$88.98 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield4.4%
Consolidated Market Capitalization 2
$29.2 billion
BXP’s Share of Market Capitalization 2, 3
$29.3 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 clients 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 clients, as well as the counterparty of choice for real estate industry participants.
MANAGEMENT

Board of DirectorsManagement
Owen D. ThomasChairman of the BoardOwen D. ThomasChief Executive Officer
Douglas T. LindeDouglas T. LindePresident
Kelly A. AyotteLead Independent DirectorRaymond A. RitcheySenior Executive Vice President
Bruce W. DuncanMichael E. LaBelleExecutive Vice President, Chief Financial Officer and Treasurer
Carol B. EinigerBryan J. KoopExecutive Vice President, Boston Region
Diane J. HoskinsChair of Sustainability CommitteeRobert E. PesterExecutive Vice President, San Francisco Region
Mary E. KippHilary SpannExecutive Vice President, New York Region
Joel I. KleinChair of Compensation CommitteePeter V. OtteniExecutive Vice President, Co-Head of the Washington, DC Region
Matthew J. LustigChair of Nominating & Corporate Governance Committee
John J. StromanExecutive Vice President, Co-Head of the Washington, DC Region
David A. TwardockChair of Audit Committee
William H. Walton, IIIJonathan D. LangeSenior Vice President, Los Angeles Region
Donna D. GarescheSenior Vice President, Chief Human Resources Officer
Eric G. KevorkianSenior Vice President, Chief Legal Officer and Secretary
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 27.
3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

1

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Q2 2022
Guidance and assumptions
GUIDANCE
BXP’s guidance for the third 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 July 26, 2022 and those referenced during the Company’s conference call scheduled for July 27, 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. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 57. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.
Third Quarter 2022Full Year 2022
LowHighLowHigh
Projected EPS (diluted)$0.74 $0.76 $5.40 $5.45 
Add:
Projected Company share of real estate depreciation and amortization1.12 1.12 4.37 4.37 
Projected Company share of (gains)/losses on sales of real estate— — (2.29)(2.29)
Projected FFO per share (diluted) $1.86 $1.88 $7.48 $7.53 




ASSUMPTIONS
(dollars in thousands)
Full Year 2022
LowHigh
Operating property activity:
Average In-service portfolio occupancy88.50 %89.50 %
Increase in BXP’s Share of Same Property net operating income (excluding termination income)
3.50 %4.50 %
Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income)
5.50 %6.50 %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)
$100,000 $107,000 
BXP’s Share of incremental net operating income related to asset sales over prior year
$(30,000)$(25,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)
$130,000 $140,000 
Termination income$4,000 $6,000 
Other revenue (expense):
Development, management services and other revenue $28,000 $34,000 
General and administrative expense 1
$(155,000)$(150,000)
Net interest expense$(425,000)$(415,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO$(146,000)$(142,000)







_______________
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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Q2 2022
Financial highlights
(unaudited and in thousands, except ratios and per share amounts)
Three Months Ended
30-Jun-2231-Mar-22
Net income attributable to Boston Properties, Inc. $222,989 $143,047 
Net income attributable to Boston Properties, Inc. per share - diluted$1.42 $0.91 
FFO attributable to Boston Properties, Inc. 1
$304,560 $286,136 
Diluted FFO per share 1
$1.94 $1.82 
Dividends per common share$0.98 $0.98 
Funds available for distribution to common shareholders and common unitholders (FAD) 2
$222,114 $248,032 
Selected items:
Revenue$773,927 $754,307 
Recoveries from clients$116,666 $115,910 
Service income from clients$2,452 $1,787 
BXP’s Share of revenue 3
$753,433 $735,572 
BXP’s Share of straight-line rent 3
$30,401 $35,103 
BXP’s Share of fair value lease revenue 3, 4
$2,411 $2,185 
BXP’s Share of termination income 3
$1,280 $2,463 
Ground rent expense$3,442 $3,155 
Capitalized interest$14,079 $13,740 
Capitalized wages$4,061 $4,050 
Income (loss) from unconsolidated joint ventures$(54)$2,189 
BXP’s share of FFO from unconsolidated joint ventures 5
$21,066 $24,233 
Net income attributable to noncontrolling interests in property partnerships$18,546 $17,549 
FFO attributable to noncontrolling interests in property partnerships 6
$35,960 $35,202 
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)$4,868 $1,245 
Below-market rents (included within Other Liabilities)$42,119 $21,095 
Accrued rental income liability (included within Other Liabilities)$123,137 $118,460 
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7
4.30 4.16 
Interest Coverage Ratio (including capitalized interest) 7
3.75 3.60 
Fixed Charge Coverage Ratio 7
3.30 3.31 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8
7.46 7.50 
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 9
6.1 %5.5 %
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 9
9.5 %4.8 %
FAD Payout Ratio 2
77.23 %69.14 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 63.6 %63.5 %
Occupancy of In-Service Properties89.5 %89.1 %
Capitalization:
Consolidated Debt$13,652,773 $13,010,124 
BXP’s Share of Debt 10
$13,741,991 $13,078,509 
Consolidated Market Capitalization$29,219,913 $35,542,525 
Consolidated Debt/Consolidated Market Capitalization46.72 %36.60 %
BXP’s Share of Market Capitalization 10
$29,309,131 $35,610,910 
BXP’s Share of Debt/BXP’s Share of Market Capitalization 10
46.89 %36.73 %
_____________
1For a quantitative reconciliation of FFO attributable to Boston Properties, Inc. and Diluted FFO per share, see page 6.
2For 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 55.
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 June 30, 2022, see page 36.
6For a quantitative reconciliation for the three months ended June 30, 2022, see page 33.
7For a quantitative reconciliation for the three months ended June 30, 2022 and March 31, 2022, see page 31.
8For a quantitative reconciliation for the three months ended June 30, 2022 and March 31, 2022, see page 30.
9For a quantitative reconciliation for the three months ended June 30, 2022 and March 31, 2022, see pages 10, 65 and 66.
10For a quantitative reconciliation for June 30, 2022, see page 27.
3

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Q2 2022
Consolidated Balance Sheets
(unaudited and in thousands)
30-Jun-2231-Mar-22
ASSETS
Real estate $23,522,913 $22,472,940 
Construction in progress 593,958 846,775 
Land held for future development 583,700 582,511 
Right of use assets - finance leases 237,488 237,501 
Right of use assets - operating leases168,370 169,248 
Less accumulated depreciation(6,077,270)(5,995,760)
Total real estate19,029,159 18,313,215 
Cash and cash equivalents456,491 436,271 
Cash held in escrows 46,359 46,072 
Investments in securities31,457 36,032 
Tenant and other receivables, net64,607 56,132 
Related party note receivable, net78,576 78,544 
Notes receivable, net— 9,674 
Accrued rental income, net1,265,480 1,243,395 
Deferred charges, net684,078 609,205 
Prepaid expenses and other assets55,232 128,472 
Investments in unconsolidated joint ventures1,554,994 1,518,622 
Total assets$23,266,433 $22,475,634 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$3,269,948 $3,268,745 
Unsecured senior notes, net9,489,030 9,486,379 
Unsecured line of credit165,000 255,000 
Unsecured term loan, net728,795 — 
Lease liabilities - finance leases 246,832 245,554 
Lease liabilities - operating leases204,643 204,677 
Accounts payable and accrued expenses342,467 304,576 
Dividends and distributions payable170,937 170,869 
Accrued interest payable96,821 90,861 
Other liabilities 401,360 396,283 
Total liabilities15,115,833 14,422,944 
Commitments and contingencies— — 
Redeemable deferred stock units7,931 11,031 
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, 156,805,330 and 156,790,614 issued and 156,726,430 and 156,711,714 outstanding at June 30, 2022 and March 31, 2022, respectively
1,567 1,567 
Additional paid-in capital6,524,997 6,509,663 
Dividends in excess of earnings(567,016)(636,421)
Treasury common stock at cost, 78,900 shares at June 30, 2022 and March 31, 2022
(2,722)(2,722)
Accumulated other comprehensive loss(27,077)(28,485)
Total stockholders’ equity attributable to Boston Properties, Inc.5,929,749 5,843,602 
Noncontrolling interests:
Common units of the Operating Partnership660,214 649,602 
Property partnerships1,552,706 1,548,455 
Total equity8,142,669 8,041,659 
Total liabilities and equity$23,266,433 $22,475,634 
4

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Q2 2022
Consolidated Income Statements
(unaudited and in thousands, except per share amounts)
Three Months Ended
30-Jun-2231-Mar-22
Revenue
Lease$721,899 $718,120 
Parking and other26,474 20,931 
Insurance proceeds3,872 803 
Hotel revenue12,089 4,557 
Development and management services 6,354 5,831 
Direct reimbursements of payroll and related costs from management services contracts3,239 4,065 
Total revenue773,927 754,307 
Expenses
Operating137,531 137,088 
Real estate taxes132,056 131,527 
Demolition costs— 
Restoration expenses related to insurance claims4,261 1,635 
Hotel operating6,444 4,840 
General and administrative 1
34,665 43,194 
Payroll and related costs from management services contracts3,239 4,065 
Transaction costs496 — 
Depreciation and amortization183,146 177,624 
Total expenses501,838 499,978 
Other income (expense)
Income (loss) from unconsolidated joint ventures (54)2,189 
Gains on sales of real estate96,247 22,701 
Losses from investments in securities 1
(4,716)(2,262)
Interest and other income (loss)1,195 1,228 
Other income - assignment fee 2
6,624 — 
Interest expense(104,142)(101,228)
Net income267,243 176,957 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(18,546)(17,549)
Noncontrolling interest - common units of the Operating Partnership 3
(25,708)(16,361)
Net income attributable to Boston Properties, Inc.$222,989 $143,047 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$1.42 $0.91 
Net income attributable to Boston Properties, Inc. per share - diluted$1.42 $0.91 
















_____________
1General and administrative expense includes $(4.7) million and $(2.3) million and Losses from investments in securities include $(4.7) million and $(2.3) million for the three months ended June 30, 2022 and March 31, 2022, respectively, related to the Company’s deferred compensation plan.
2On April 7, 2022, the Company executed an agreement to assign its right to acquire 11251 Roger Bacon Drive to a third party for an assignment fee.
3For additional detail, see page 6.

5

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Q2 2022
Funds from operations (FFO) 1
(unaudited and dollars in thousands, except per share amounts)
Three Months Ended
30-Jun-2231-Mar-22
Net income attributable to Boston Properties, Inc.$222,989 $143,047 
Add:
Noncontrolling interest - common units of the Operating Partnership25,708 16,361 
Noncontrolling interests in property partnerships18,546 17,549 
Net income267,243 176,957 
Add:
Depreciation and amortization expense183,146 177,624 
Noncontrolling interests in property partnerships' share of depreciation and amortization 2
(17,414)(17,653)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3
21,120 22,044 
Corporate-related depreciation and amortization(413)(404)
Less:
Gains on sales of real estate96,247 22,701 
Noncontrolling interests in property partnerships18,546 17,549 
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)338,889 318,318 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO34,329 32,182 
FFO attributable to Boston Properties, Inc. $304,560 $286,136 
Boston Properties, Inc.’s percentage share of Basic FFO 89.87 %89.89 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO10.13 %10.11 %
Basic FFO per share$1.94 $1.83 
Weighted average shares outstanding - basic156,720 156,650 
Diluted FFO per share$1.94 $1.82 
Weighted average shares outstanding - diluted157,192 157,004 

RECONCILIATION TO DILUTED FFO
Three Months Ended
30-Jun-2231-Mar-22
Basic FFO$338,889 $318,318 
Add:
Effect of dilutive securities - stock-based compensation— — 
Diluted FFO338,889 318,318 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO34,262 32,118 
Boston Properties, Inc.’s share of Diluted FFO$304,627 $286,200 

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO
Three Months Ended
30-Jun-2231-Mar-22
Shares/units for Basic FFO174,392 174,276 
Add:
Effect of dilutive securities - stock-based compensation (shares/units)472 354 
Shares/units for Diluted FFO174,864 174,630 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)17,672 17,626 
Boston Properties, Inc.’s share of shares/units for Diluted FFO157,192 157,004 
Boston Properties, Inc.’s percentage share of Diluted FFO89.89 %89.91 %



_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2For a quantitative reconciliation for the three months ended June 30, 2022, see page 33.
3For a quantitative reconciliation for the three months ended June 30, 2022, see page 36.
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Q2 2022
Funds available for distributions (FAD) 1
(dollars in thousands)
Three Months Ended
30-Jun-2231-Mar-22
Net income attributable to Boston Properties, Inc.$222,989 $143,047 
Add:
Noncontrolling interest - common units of the Operating Partnership25,708 16,361 
Noncontrolling interests in property partnerships18,546 17,549 
Net income267,243 176,957 
Add:
Depreciation and amortization expense183,146 177,624 
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2
(17,414)(17,653)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3
21,120 22,044 
Corporate-related depreciation and amortization(413)(404)
Less:
Gains on sales of real estate96,247 22,701 
Noncontrolling interests in property partnerships18,546 17,549 
Basic FFO338,889 318,318 
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4
4,539 (1,769)
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of straight-line ground rent expense adjustment 1, 5
891 889 
Stock-based compensation14,630 20,914 
Non-real estate depreciation413 404 
Unearned portion of capitalized fees from consolidated joint ventures 6
1,013 593 
Less:
BXP’s Share of straight-line rent 1
30,401 35,103 
BXP’s Share of fair value lease revenue 1, 7
2,411 2,185 
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1
90,989 45,591 
BXP’s Share of maintenance capital expenditures 1, 8
15,818 9,848 
Hotel improvements, equipment upgrades and replacements88 36 
Funds available for distribution to common shareholders and common unitholders (FAD) (A)
$222,114 $248,032 
Distributions to common shareholders and unitholders (excluding any special distributions) (B)
$171,531 $171,497 
FAD Payout Ratio1 (B÷A)
77.23 %69.14 %








_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2For a quantitative reconciliation for the three months ended June 30, 2022, see page 33.
3For a quantitative reconciliation for the three months ended June 30, 2022, see page 36.
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 61 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.

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Q2 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
30-Jun-2230-Jun-21
Net income attributable to Boston Properties, Inc.$222,989 $111,703 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership25,708 12,383 
Noncontrolling interest in property partnerships18,546 17,164 
Net income267,243 141,250 
Add:
Interest expense104,142 106,319 
Depreciation and amortization expense183,146 183,838 
Transaction costs496 751 
Payroll and related costs from management services contracts3,239 2,655 
General and administrative expense34,665 38,405 
Less:
Other income - assignment fee6,624 — 
Interest and other income (loss)1,195 1,452 
Gains (losses) from investments in securities(4,716)2,275 
Gains on sales of real estate96,247 7,756 
Loss from unconsolidated joint ventures(54)(1,373)
Direct reimbursements of payroll and related costs from management services contracts3,239 2,655 
Development and management services revenue 6,354 7,284 
Net Operating Income (NOI)484,042 453,169 
Add:
BXP’s share of NOI from unconsolidated joint ventures 1
35,710 25,417 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2
47,862 46,287 
BXP’s Share of NOI 471,890 432,299 
Less:
Termination income1,922 5,355 
BXP’s share of termination income from unconsolidated joint ventures 1
(1)709 
Add:
Partners’ share of termination income (loss) from consolidated joint ventures 2
641 (3)
BXP’s Share of NOI (excluding termination income) $470,610 $426,232 
Net Operating Income (NOI)$484,042 $453,169 
Less:
Termination income1,922 5,355 
NOI from non Same Properties (excluding termination income) 3
17,390 7,539 
Same Property NOI (excluding termination income)464,730 440,275 
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2
47,221 46,290 
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
— — 
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1
35,711 24,708 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
10,015 901 
BXP’s Share of Same Property NOI (excluding termination income)$443,205 $417,792 
_____________
1For a quantitative reconciliation for the three months ended June 30, 2022, see page 64.
2For a quantitative reconciliation for the three months ended June 30, 2022, see pages 61-62.
3Pages 21-24 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 June 30, 2022 and therefore are no longer a part of the Company’s property portfolio.
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Q2 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
30-Jun-2230-Jun-21
Net income attributable to Boston Properties, Inc.$222,989 $111,703 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership25,708 12,383 
Noncontrolling interest in property partnerships18,546 17,164 
Net income267,243 141,250 
Add:
Interest expense104,142 106,319 
Depreciation and amortization expense183,146 183,838 
Transaction costs496 751 
Payroll and related costs from management services contracts3,239 2,655 
General and administrative expense34,665 38,405 
Less:
Other income - assignment fee6,624 — 
Interest and other income (loss)1,195 1,452 
Gains (losses) from investments in securities(4,716)2,275 
Gains on sales of real estate96,247 7,756 
Loss from unconsolidated joint ventures(54)(1,373)
Direct reimbursements of payroll and related costs from management services contracts3,239 2,655 
Development and management services revenue 6,354 7,284 
Net Operating Income (NOI)484,042 453,169 
Less:
Straight-line rent21,601 31,267 
Fair value lease revenue1,919 731 
Termination income1,922 5,355 
Add:
Straight-line ground rent expense adjustment 1
631 567 
Lease transaction costs that qualify as rent inducements 2
4,452 826 
NOI - cash (excluding termination income)463,683 417,209 
Less:
NOI - cash from non Same Properties (excluding termination income) 3
12,800 7,134 
Same Property NOI - cash (excluding termination income)450,883 410,075 
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4
46,996 43,833 
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
— — 
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5
26,426 21,477 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
6,666 799 
BXP’s Share of Same Property NOI - cash (excluding termination income)$423,647 $386,920 
_____________
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 $115 and $(103) for the three months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, the Company has remaining lease payments aggregating approximately $25.3 million, all of which it expects to incur by the end of 2024 with no payments thereafter. Under GAAP, the Company recognizes expense of $(87) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2024 may vary significantly.
2Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 7.
3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to June 30, 2022 and therefore are no longer a part of the Company’s property portfolio.
4For a quantitative reconciliation for the three months ended June 30, 2022, see page 62.
5For a quantitative reconciliation for the three months ended June 30, 2022, see page 64.
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Q2 2022
Same property net operating income (NOI) by reportable segment
(dollars in thousands)
Office 1
Hotel & Residential
Three Months Ended$%Three Months Ended$%
30-Jun-2230-Jun-21ChangeChange30-Jun-2230-Jun-21ChangeChange
Rental Revenue 2
$710,306 $680,990 $29,001 $11,324 
Less: Termination income1,789 5,355 — — 
Rental revenue (excluding termination income) 2
708,517 675,635 $32,882 4.9 %29,001 11,324 $17,677 156.1 %
Less: Operating expenses and real estate taxes256,526 238,760 17,766 7.4 %16,262 7,924 8,338 105.2 %
NOI (excluding termination income) 2, 3
$451,991 $436,875 $15,116 3.5 %$12,739 $3,400 $9,339 274.7 %
Rental revenue (excluding termination income) 2
$708,517 $675,635 $32,882 4.9 %$29,001 $11,324 $17,677 156.1 %
Less: Straight-line rent and fair value lease revenue18,869 31,573 (12,704)(40.2)%61 20 41 205.0 %
Add: Lease transaction costs that qualify as rent inducements 4
4,493 826 3,667 443.9 %(41)— (41)(100.0)%
Subtotal694,141 644,888 49,253 7.6 %28,899 11,304 17,595 155.7 %
Less: Operating expenses and real estate taxes256,526 238,760 17,766 7.4 %16,262 7,924 8,338 105.2 %
Add: Straight-line ground rent expense 5
631 567 64 11.3 %— — — — %
NOI - cash (excluding termination income) 2, 3
$438,246 $406,695 $31,551 7.8 %$12,637 $3,380 $9,257 273.9 %
Consolidated Total 1 (A)
BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended$%Three Months Ended$%
30-Jun-2230-Jun-21ChangeChange30-Jun-2230-Jun-21ChangeChange
Rental Revenue 2
$739,307 $692,314 $43,647 $41,517 
Less: Termination income1,789 5,355 — 709 
Rental revenue (excluding termination income) 2
737,518 686,959 $50,559 7.4 %43,647 40,808 $2,839 7.0 %
Less: Operating expenses and real estate taxes272,788 246,684 26,104 10.6 %17,951 17,001 950 5.6 %
NOI (excluding termination income) 2, 3
$464,730 $440,275 $24,455 5.6 %$25,696 $23,807 $1,889 7.9 %
Rental revenue (excluding termination income) 2
$737,518 $686,959 $50,559 7.4 %$43,647 $40,808 $2,839 7.0 %
Less: Straight-line rent and fair value lease revenue18,930 31,593 (12,663)(40.1)%6,202 2,732 3,470 127.0 %
Add: Lease transaction costs that qualify as rent inducements 4
4,452 826 3,626 439.0 %121 (631)752 119.2 %
Subtotal$723,040 $656,192 66,848 10.2 %37,566 37,445 121 0.3 %
Less: Operating expenses and real estate taxes272,788 246,684 26,104 10.6 %17,951 17,001 950 5.6 %
Add: Straight-line ground rent expense 5
631 567 64 11.3 %145 234 (89)(38.0)%
NOI - cash (excluding termination income) 2, 3
$450,883 $410,075 $40,808 10.0 %$19,760 $20,678 $(918)(4.4)%
Partners’ share of Consolidated Joint Ventures (C)
BXP’s Share 3, 6, 7
Three Months Ended$%Three Months Ended$%
30-Jun-2230-Jun-21ChangeChange30-Jun-2230-Jun-21ChangeChange
Rental Revenue 2
$77,142 $73,473 $705,812 $660,358 
Less: Termination income641 (3)1,148 6,067 
Rental revenue (excluding termination income) 2
76,501 73,476 $3,025 4.1 %704,664 654,291 $50,373 7.7 %
Less: Operating expenses and real estate taxes29,280 27,186 2,094 7.7 %261,459 236,499 24,960 10.6 %
NOI (excluding termination income) 2, 3
$47,221 $46,290 $931 2.0 %$443,205 $417,792 $25,413 6.1 %
Rental revenue (excluding termination income) 2
$76,501 $73,476 $3,025 4.1 %$704,664 $654,291 $50,373 7.7 %
Less: Straight-line rent and fair value lease revenue225 2,784 (2,559)(91.9)%24,907 31,541 (6,634)(21.0)%
Add: Lease transaction costs that qualify as rent inducements 4
— 327 (327)(100.0)%4,573 (132)4,705 3,564.4 %
Subtotal76,276 71,019 5,257 7.4 %684,330 622,618 61,712 9.9 %
Less: Operating expenses and real estate taxes29,280 27,186 2,094 7.7 %261,459 236,499 24,960 10.6 %
Add: Straight-line ground rent expense 5
— — — — %776 801 (25)(3.1)%
NOI - cash (excluding termination income) 2, 3
$46,996 $43,833 $3,163 7.2 %$423,647 $386,920 $36,727 9.5 %
___________________
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 55.
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 $115 and $(103) for the three months ended June 30, 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.
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Q2 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-cash (excluding termination income) increased $36,727, compared to Q2 2021. Included in Q2 2021 is BXP’s Share of $319 of write-offs associated with accounts receivable, net. Cash rent abatements and deferrals primarily related to COVID-19 decreased approximately $6,116 in Q2 2022 compared to Q2 2021. These items increased BXP’s Share of Same Store NOI-cash (excluding termination income) by $6,435.
11

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Q2 2022
Capital expenditures, tenant improvement costs and leasing commissions
(dollars in thousands, except PSF amounts)


CAPITAL EXPENDITURES
Three Months Ended
30-Jun-2231-Mar-22
Maintenance capital expenditures$16,256 $10,652 
Planned capital expenditures associated with acquisition properties — — 
Repositioning capital expenditures17,779 6,243 
Hotel improvements, equipment upgrades and replacements88 36 
Subtotal34,123 16,931 
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)1,022 719 
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs425 — 
BXP’s share of repositioning capital expenditures from unconsolidated JVs— — 
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs1,460 1,523 
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs— — 
Partners’ share of repositioning capital expenditures from consolidated JVs6,438 2,223 
BXP’s Share of Capital Expenditures 1
$27,672 $13,904 





2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2
Three Months Ended
30-Jun-2231-Mar-22
Square feet1,932,249 1,057,074 
Tenant improvements and lease commissions PSF$71.73 $54.99 





















___________________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2Includes 100% of unconsolidated joint ventures.

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Q2 2022
Acquisitions and dispositions
For the period from January 1, 2022 through June 30, 2022
(dollars in thousands)

ACQUISITIONS
Investment
PropertyLocationDate AcquiredSquare FeetInitialAnticipated FutureTotalIn-service Leased (%)
Madison CentreSeattle, WAMay 17, 2022754,988 $730,000 $— $730,000 92.7 %
Total Acquisitions754,988 $730,000 $— $730,000 92.7 %

DISPOSITIONS
PropertyLocationDate DisposedSquare FeetGross Sales PriceNet Cash Proceeds
Book Gain 1
195 West StreetWaltham, MAMarch 31, 202263,500 $37,700 $35,397 $22,701 
Virginia 95 Office ParkSpringfield, VAJune 15, 2022733,421 127,000 121,948 96,160 
    Total Dispositions796,921 $164,700 $157,345 $118,861 





















___________________
1Excludes approximately $0.1 million of gains on sales of real estate recognized during the six months ended June 30, 2022 related to gain amounts from sales of real estate occurring in prior periods.
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Q2 2022
Construction in progress
as of June 30, 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 6/30/2022
Estimated Future Equity Requirement 2
Percentage Leased 3
Percentage placed in-service 4
Net Operating Income (Loss) 5 (BXP’s share)
Construction PropertiesLocation
Office
Reston NextQ4 2021Q4 2023Reston, VA1,062,000 $554,408 $715,300 $— $— $160,892 87 %69 %$5,171 
2100 Pennsylvania Avenue
Q2 2022Q3 2024Washington, DC480,000 273,011 356,100 — — 83,089 61 %%(8)
360 Park Avenue South (42% ownership) 6
Q3 2023Q1 2025New York, NY450,000 197,862 219,000 92,774 86,245 14,609 — %— %N/A
Reston Next Office Phase IIQ2 2024Q2 2025Reston, VA90,000 7,185 61,000 — — 53,815 — %— %N/A
Platform16 Building A (55% ownership) 7
Q2 2025Q4 2026San Jose, CA389,500 71,672 231,900 — — 160,228 — %— %N/A
Total Office Properties under Construction2,471,500 1,104,138 1,583,300 92,774 86,245 472,633 49 %30 %5,163 
Lab/Life Sciences
880 Winter Street (Redevelopment)Q4 2022Q1 2023Waltham, MA244,000 78,560 108,000 — — 29,440 97 %— %N/A
751 Gateway (49% ownership)Q2 2024Q2 2024South San Francisco, CA231,000 67,168 127,600 — — 60,432 100 %— %N/A
103 CityPointQ4 2023Q3 2024Waltham, MA113,000 21,588 115,100 — — 93,512 — %— %N/A
180 CityPointQ4 2023Q4 2024Waltham, MA329,000 91,255 274,700 — — 183,445 43 %— %N/A
651 Gateway (50% ownership) (Redevelopment)Q4 2023Q4 2025South San Francisco, CA327,000 12,782 146,500 — — 133,718 — %— %N/A
Total Lab/Life Sciences Properties under Construction1,244,000 271,353 771,900 — — 500,547 49 %— %— 
Residential
Reston Next Residential (508 units) (20% ownership)Q2 2024Q2 2026Reston, VA417,000 11,368 47,700 28,000 — 8,332 — %— %N/A
Total Residential Property under Construction417,000 11,368 47,700 28,000 — 8,332 — %— %N/A
Other
View Boston Observatory at The Prudential Center (Redevelopment)Q2 2023N/ABoston, MA59,000 109,624 182,300 — — 72,676 N/A— %N/A
Total Properties Under Construction4,191,500 $1,496,483 $2,585,200 $120,774 $86,245 $1,054,188 49 %
8
18 %$5,163 
PROJECTS FULLY PLACED IN-SERVICE DURING 2022
Actual/EstimatedBXP’s share
Estimated Total Investment 2
Amount Drawn at 6/30/2022
Estimated Future Equity Requirement 2
Net Operating Income (Loss) 5 (BXP’s Share)
Initial OccupancyStabilization DateSquare feet
Investment to Date 2
Total Financing
Percentage Leased 3
Location
325 Main StreetQ2 2022Q2 2022Cambridge, MA414,008 $343,587 $418,400 $— $— $74,813 92 %$203 
Total Projects Fully Placed In-Service414,008 $343,587 $418,400 $— $— $74,813 92 %

$203 
________________
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 July 22, 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 June 30, 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 55.
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Q2 2022
Construction in progress (continued)
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 Residential and Other.

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Q2 2022
Land parcels and purchase options
as of June 30, 2022


OWNED LAND PARCELS
Location
Approximate Developable Square Feet 1
Reston, VA 2
2,229,400 
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 
Lexington, MA 3
259,000 
Rockville, MD 3, 4
202,000 
         Total
13,062,400 


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 21-24.
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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Q2 2022
Leasing activity
for the three months ended June 30, 2022

ALL IN-SERVICE PROPERTIES
Net (increase)/decrease in available space (SF)Total
Vacant space available at the beginning of the period5,143,538 
Less:
Property dispositions/properties taken out of service 1
185,298 
Add:
Properties acquired vacant space 2
77,581 
Properties placed (and partially placed) in-service 3
420,553 
Leases expiring or terminated during the period1,918,961 
Total space available for lease7,375,335 
1st generation leases423,150 
2nd generation leases with new clients887,859 
2nd generation lease renewals1,044,390 
Total space leased2,355,399 
Vacant space available for lease at the end of the period5,019,936 
Net (increase)/decrease in available space123,602 
Second generation leasing information: 4
Leases commencing during the period (SF)1,932,249 
Weighted average lease term (months)111 
Weighted average free rent period (days)92 
Total transaction costs per square foot 5
$71.73 
Increase (decrease) in gross rents 6
9.62 %
Increase (decrease) in net rents 7
14.73 %


All leases (SF)Incr (decr) in 2nd generation cash rents
Total square feet of leases executed in the quarter 9
1st generation2nd generation
total 8
gross 6
net 6
Boston416,605 1,160,847 1,577,452 14.59 %23.70 %1,310,383 
Los Angeles— 113,758 113,758 24.83 %24.89 %5,599 
New York— 165,627 165,627 (11.48)%(17.26)%293,590 
San Francisco— 136,226 136,226 14.93 %21.05 %175,340 
Seattle— 66,324 66,324 41.84 %53.73 %66,483 
Washington, DC6,545 289,467 296,012 (11.05)%(16.03)%81,484 
Total / Weighted Average423,150 1,932,249 2,355,399 9.62 %14.73 %1,932,879 



_____________
1Total vacant square feet of properties taken out of service in Q2 2022 consists of 185,298 at Virginia 95 Office Park.
2Total vacant square feet of properties acquired in Q2 2022 consists of 77,581 at Madison Centre.
3Total square feet of properties placed (and partially placed) in-service in Q2 2022 consists of 6,545 at 2100 Pennsylvania Avenue and 414,008 at 325 Main Street.
4Second generation leases are defined as leases for space that have previously been leased. Of the 1,932,249 square feet of second generation leases that commenced in Q2 2022, leases for 1,689,245 square feet were signed in prior periods.
5Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.
6Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 1,565,183 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.
7Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 1,565,183 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.
8Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.
9Represents 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 243,004.

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Q2 2022
Portfolio overview
for the three months ended June 30, 2022
(dollars in thousands)


Rentable square footage of in-service properties by location and unit type 1, 2
OfficeRetailResidentialHotelTotal
Boston14,480,717 1,093,512 550,114 330,000 16,454,343 
Los Angeles2,186,511 126,377 — — 2,312,888 
New York11,336,578 417,849 — — 11,754,427 
San Francisco6,995,157 351,284 318,171 — 7,664,612 
Seattle1,506,503 26,472 — — 1,532,975 
Washington, DC8,292,309 666,375 822,436 — 9,781,120 
Total44,797,775 2,681,869 1,690,721 330,000 49,500,365 
% of Total90.50 %5.42 %3.41 %0.67 %100.00 %


Rental revenue of in-service properties by unit type 1
OfficeRetailResidential
Hotel 3
Total
Consolidated$682,686 $53,474 $16,178 $11,996 $764,334 
Less:
Partners’ share from consolidated joint ventures 4
67,854 9,288 — — 77,142 
Add:
BXP’s share from unconsolidated joint ventures 5
51,659 2,205 2,496 — 56,360 
BXP’s Share of Rental revenue 1
$666,491 $46,391 $18,674 $11,996 $743,552 
% of Total89.64 %6.24 %2.51 %1.61 %100.00 %


Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6
CBDSuburbanTotal
Boston27.91 %6.62 %34.53 %
Los Angeles2.81 %— %2.81 %
New York23.72 %2.08 %25.80 %
San Francisco17.31 %2.32 %19.63 %
Seattle1.40 %— %1.40 %
Washington, DC4.82 %11.01 %15.83 %
Total77.97 %22.03 %100.00 %










_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
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 21-24.
3Excludes approximately $93 of revenue from retail clients that is included in Retail.
4See page 62 for additional information.
5See page 64 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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Q2 2022
Residential and hotel performance
(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS
Residential 1
Hotel
Three Months EndedThree Months Ended
30-Jun-2231-Mar-2230-Jun-2231-Mar-22
Rental Revenue 2
$16,912 $12,966 $12,089 $4,557 
Less: Operating expenses and real estate taxes9,818 6,432 6,444 4,840 
Net Operating Income (NOI) 2
7,094 6,534 5,645 (283)
Add: BXP’s share of NOI from unconsolidated joint ventures1,590 1,647 N/AN/A
BXP’s Share of NOI 2
$8,684 $8,181 $5,645 $(283)
Rental Revenue 2
$16,912 $12,966 $12,089 $4,557 
Less: Straight line rent and fair value lease revenue59 54 
Add: Lease transaction costs that qualify as rent inducements(41)— — — 
Subtotal16,812 12,912 12,087 4,555 
Less: Operating expenses and real estate taxes9,818 6,432 6,444 4,840 
NOI - cash basis 2
6,994 6,480 5,643 (285)
Add: BXP’s share of NOI-cash from unconsolidated joint ventures1,590 1,647 N/AN/A
BXP’s Share of NOI - cash basis 2
$8,584 $8,127 $5,643 $(285)


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
30-Jun-2230-Jun-21
BOSTON
Hub50House (50% ownership), Boston, MA 2
440
Average Monthly Rental Rate $3,957 $3,039 30.21 %
Average Rental Rate Per Occupied Square Foot $5.45 $4.25 28.24 %
Average Physical Occupancy 95.61 %71.74 %33.27 %
Average Economic Occupancy 94.81 %63.50 %49.31 %
Proto Kendall Square, Cambridge, MA 2, 3
280
Average Monthly Rental Rate $2,774 $2,504 10.78 %
Average Rental Rate Per Occupied Square Foot $5.11 $4.60 11.09 %
Average Physical Occupancy 95.24 %91.67 %3.89 %
Average Economic Occupancy 94.28 %90.21 %4.51 %
The Lofts at Atlantic Wharf, Boston, MA 2, 3
86
Average Monthly Rental Rate $4,097 $3,156 29.82 %
Average Rental Rate Per Occupied Square Foot $4.57 $3.51 30.20 %
Average Physical Occupancy 97.67 %96.12 %1.61 %
Average Economic Occupancy 97.10 %93.67 %3.66 %
Boston Marriott Cambridge (437 rooms), Cambridge, MA 3
N/A
Average Occupancy69.60 %

21.70 %220.74 %
Average Daily Rate$368.52 

$160.96 128.95 %
Revenue Per Available Room$256.47 

$34.86 635.71 %
SAN FRANCISCO
The Skylyne, Oakland, CA 2, 4
402
Average Monthly Rental Rate$3,391 $3,183 6.53 %
Average Rental Rate Per Occupied Square Foot$4.15 $3.79 9.50 %
Average Physical Occupancy83.83 %26.53 %215.98 %
Average Economic Occupancy81.73 %18.71 %336.83 %

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Q2 2022
Residential and hotel performance (continued)


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
30-Jun-2230-Jun-21
WASHINGTON, DC
Signature at Reston, Reston, VA 2, 3
508
Average Monthly Rental Rate $2,683 $2,143 25.20 %
Average Rental Rate Per Occupied Square Foot $2.77 $2.22 24.77 %
Average Physical Occupancy 95.14 %87.20 %9.11 %
Average Economic Occupancy 94.78 %83.13 %14.01 %
The Avant at Reston Town Center, Reston, VA 2, 3
359
Average Monthly Rental Rate $2,411 $2,180 10.60 %
Average Rental Rate Per Occupied Square Foot $2.61 $2.38 9.66 %
Average Physical Occupancy 96.01 %94.99 %1.07 %
Average Economic Occupancy 96.40 %94.26 %2.27 %
Total In-Service Residential Units2,075 































_____________
1Includes retail space.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
3Excludes retail space.
4This property was completed and fully placed in-service on August 15, 2020 and is in its initial lease-up period with expected stabilization in the third quarter of 2022.


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Q2 2022
In-service property listing
as of June 30, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
BOSTON
Office
200 Clarendon StreetCBD Boston MA11,768,775 94.8 %$78.21 
100 Federal Street (55% ownership)CBD Boston MA11,238,821 97.1 %73.20
800 Boylston Street - The Prudential CenterCBD Boston MA11,197,798 90.6 %70.30
111 Huntington Avenue - The Prudential CenterCBD Boston MA1860,456 95.2 %74.22
Atlantic Wharf Office (55% ownership)CBD Boston MA1793,819 99.8 %82.71
100 Causeway Street (50% ownership) 3, 4
CBD Boston MA1633,819 94.6 %75.05
Prudential Center (retail shops) 5, 6
CBD Boston MA1597,478 76.3 %98.32
101 Huntington Avenue - The Prudential CenterCBD Boston MA1506,476 100.0 %58.13
The Hub on Causeway - Podium (50% ownership) 3
CBD Boston MA1382,497 80.8 %72.88
888 Boylston Street - The Prudential CenterCBD Boston MA1363,320 100.0 %78.95
Star Market at the Prudential Center 5
CBD Boston MA157,236 100.0 %61.36
Subtotal118,400,495 93.7 %$75.79 
145 BroadwayEast Cambridge MA1490,086 99.8 %$87.82 
325 Main Street 4
East Cambridge MA1414,008 91.6 %101.40
355 Main StreetEast Cambridge MA1259,640 99.3 %79.85
90 BroadwayEast Cambridge MA1223,771 98.1 %75.72
255 Main StreetEast Cambridge MA1215,394 97.5 %91.56
300 Binney StreetEast Cambridge MA1195,191 100.0 %60.03
150 BroadwayEast Cambridge MA1177,226 100.0 %84.14
105 BroadwayEast Cambridge MA1152,664 100.0 %71.33
250 Binney StreetEast Cambridge MA167,362 100.0 %48.55
University PlaceMid-Cambridge MA1195,282 100.0 %55.47
Subtotal102,390,624 98.0 %$80.85 
Bay Colony Corporate CenterRoute 128 Mass Turnpike MA4989,548 65.7 %$44.65 
Reservoir PlaceRoute 128 Mass Turnpike MA1527,029 79.1 %39.75 
140 Kendrick Street Route 128 Mass Turnpike MA3388,193 99.4 %45.27 
Weston Corporate CenterRoute 128 Mass Turnpike MA1356,995 100.0 %57.64 
Waltham Weston Corporate CenterRoute 128 Mass Turnpike MA1301,611 86.7 %38.83 
230 CityPoint Route 128 Mass Turnpike MA1296,720 95.6 %43.88 
200 West Street 4
Route 128 Mass Turnpike MA1273,365 83.9 %67.89 
10 CityPointRoute 128 Mass Turnpike MA1241,203 98.1 %53.48 
20 CityPointRoute 128 Mass Turnpike MA1211,476 98.9 %54.64 
77 CityPointRoute 128 Mass Turnpike MA1209,711 98.3 %45.62 
890 Winter StreetRoute 128 Mass Turnpike MA1177,902 43.8 %45.84 
153 & 211 Second Avenue 4
Route 128 Mass Turnpike MA2136,882 100.0 %55.56 
1265 Main Street (50% ownership) 3
Route 128 Mass Turnpike MA1120,681 100.0 %40.00 
Reservoir Place NorthRoute 128 Mass Turnpike MA173,258 100.0 %46.12 
The Point 5
Route 128 Mass Turnpike MA116,300 100.0 %57.18 
Lexington Office Park 7
Route 128 Northwest MA2166,779 50.6 %29.42 
33 Hayden AvenueRoute 128 Northwest MA180,876 100.0 %67.45 
32 Hartwell AvenueRoute 128 Northwest MA169,154 100.0 %28.71 
100 Hayden AvenueRoute 128 Northwest MA155,924 100.0 %63.75 
92 Hayden AvenueRoute 128 Northwest MA131,100 100.0 %46.46 
17 Hartwell AvenueRoute 128 Northwest MA130,000 100.0 %51.30 
Subtotal284,754,707 84.4 %$47.89 
Boston Office Total:4915,545,826 91.5 %$68.71 
Residential
Hub50House (440 units) (50% ownership) 3
CBD Boston MA1320,444 
The Lofts at Atlantic Wharf (86 units)CBD Boston MA187,096 
Proto Kendall Square (280 units) East Cambridge MA1166,717 
Boston Residential Total:3574,257 
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Q2 2022
In-service property listing (continued)
as of June 30, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
BOSTON (continued)
Hotel
Boston Marriott Cambridge (437 rooms)East Cambridge MA1334,260 
Boston Hotel Total:1334,260 
Boston Total:5316,454,343 
LOS ANGELES
Office
Colorado Center (50% ownership) 3
West Los Angeles CA61,131,511 89.5 %$68.54 
Santa Monica Business Park (55% ownership) 3
West Los Angeles CA141,106,973 97.2 %63.72 
Santa Monica Business Park Retail (55% ownership) 3, 5
West Los Angeles CA774,404 97.7 %69.20 
Subtotal272,312,888 93.4 %$66.17 
Los Angeles Total:272,312,888 93.4 %$66.17 
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY11,962,886 90.9 %$160.19 
601 Lexington Avenue (55% ownership)Park Avenue NY11,671,749 95.8 %98.52 
399 Park AvenuePark Avenue NY11,577,544 96.8 %98.54 
599 Lexington AvenuePark Avenue NY11,062,708 99.8 %93.51 
Times Square Tower (55% ownership)Times Square NY11,225,448 85.7 %80.00 
250 West 55th StreetTimes Square / West Side NY1966,979 100.0 %100.61 
Dock 72 (50% ownership) 3
Brooklyn NY1668,625 33.1 %60.83 
510 Madison Avenue Fifth/Madison Avenue NY1355,089 91.9 %137.27 
Subtotal89,491,028 90.0 %$109.25 
510 Carnegie CenterPrinceton NJ1234,160 33.5 %$37.53 
206 Carnegie CenterPrinceton NJ1161,763 100.0 %35.33 
210 Carnegie CenterPrinceton NJ1159,468 79.2 %37.74 
212 Carnegie CenterPrinceton NJ1151,355 41.9 %38.52 
214 Carnegie CenterPrinceton NJ1146,799 65.9 %36.28 
506 Carnegie CenterPrinceton NJ1138,616 68.4 %38.18 
508 Carnegie CenterPrinceton NJ1134,433 100.0 %41.39 
202 Carnegie CenterPrinceton NJ1134,068 91.2 %39.29 
804 Carnegie CenterPrinceton NJ1130,000 100.0 %41.19 
504 Carnegie CenterPrinceton NJ1121,990 100.0 %34.32 
101 Carnegie CenterPrinceton NJ1121,620 95.3 %38.61 
502 Carnegie CenterPrinceton NJ1121,460 96.2 %39.11 
701 Carnegie CenterPrinceton NJ1120,000 100.0 %43.27 
104 Carnegie CenterPrinceton NJ1102,930 63.6 %39.03 
103 Carnegie CenterPrinceton NJ196,331 78.3 %35.28 
105 Carnegie CenterPrinceton NJ169,955 50.2 %35.42 
302 Carnegie CenterPrinceton NJ164,926 100.0 %35.37 
211 Carnegie CenterPrinceton NJ147,025 100.0 %36.96 
201 Carnegie CenterPrinceton NJ6,500 100.0 %33.44 
Subtotal182,263,399 78.5 %$38.18 
New York Total:2611,754,427 87.8 %$97.00 
SAN FRANCISCO
Office
Salesforce TowerCBD San Francisco CA11,420,682 100.0 %$107.81 
Embarcadero Center FourCBD San Francisco CA1940,874 92.7 %86.46 
Embarcadero Center OneCBD San Francisco CA1832,420 70.1 %86.01 
Embarcadero Center TwoCBD San Francisco CA1801,378 87.0 %82.48 
Embarcadero Center ThreeCBD San Francisco CA1786,864 85.8 %85.98 
680 Folsom StreetCBD San Francisco CA2524,793 99.1 %72.36 
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Q2 2022
In-service property listing (continued)
as of June 30, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
SAN FRANCISCO (continued)
535 Mission StreetCBD San Francisco CA1307,235 90.1 %90.02 
690 Folsom StreetCBD San Francisco CA126,080 100.0 %66.89 
Subtotal95,640,326 89.9 %$90.45 
Gateway Commons (50% ownership) 3
South San Francisco CA5787,981 78.8 %$62.88 
Mountain View Research ParkMountain View CA15542,264 74.0 %70.59 
2440 West El Camino RealMountain View CA1142,789 100.0 %88.49 
453 Ravendale DriveMountain View CA129,620 75.0 %51.69 
North First Business Park 7
San Jose CA5190,636 58.3 %24.14 
Subtotal271,693,290 76.7 %$64.60 
San Francisco Office Total:367,333,616 86.9 %$85.17 
Residential
The Skylyne (402 units)CBD Oakland CA1330,996 
San Francisco Residential Total:1330,996 
San Francisco Total:377,664,612 
SEATTLE
Office
Safeco Plaza (33.67% ownership) 3, 4
CBD Seattle WA1777,987 85.6 %$42.99 
Madison Centre 4
CBD Seattle WA1754,988 92.7 %59.23 
Subtotal21,532,975 89.1 %$51.33 
Seattle Total:21,532,975 89.1 %$51.33 
WASHINGTON, DC
Office
Metropolitan Square (20% ownership) 3
East End Washington DC1657,481 67.8 %$69.25 
901 New York Avenue (25% ownership) 3
East End Washington DC1543,017 73.7 %68.04 
601 Massachusetts AvenueEast End Washington DC1478,667 98.9 %85.85 
Market Square North (50% ownership) 3
East End Washington DC1417,982 76.1 %71.18 
2200 Pennsylvania AvenueCBD Washington DC1459,667 97.3 %95.93 
1330 Connecticut AvenueCBD Washington DC1253,579 92.1 %71.02 
Sumner SquareCBD Washington DC1209,556 98.1 %55.41 
500 North Capitol Street, N.W. (30% ownership) 3
Capitol Hill Washington DC1230,900 98.5 %80.97 
Capital GallerySouthwest Washington DC1176,809 97.1 %54.74 
Subtotal93,427,658 85.3 %$75.13 
South of MarketReston VA3623,250 99.6 %$54.97 
Fountain SquareReston VA2525,073 88.7 %49.73 
One Freedom SquareReston VA1428,400 80.2 %45.89 
Two Freedom SquareReston VA1423,222 100.0 %49.25 
One and Two Discovery Square Reston VA2366,989 99.0 %50.12 
One Reston OverlookReston VA1319,519 97.8 %47.19 
17Fifty Presidents StreetReston VA1275,809 100.0 %68.27 
Reston Corporate CenterReston VA2261,046 100.0 %47.20 
Democracy TowerReston VA1259,441 99.3 %62.61 
Fountain Square Retail 5
Reston VA1198,158 79.4 %44.86 
Two Reston OverlookReston VA1134,615 100.0 %49.84 
Subtotal163,815,522 94.8 %$51.97 
7750 Wisconsin Avenue (50% ownership) 3, 4
Bethesda/Chevy Chase MD 1735,573 100.0 %$38.00 
Wisconsin Place OfficeMontgomery County MD1299,248 89.9 %60.11 
Shady Grove Innovation District 4, 7
North Rockville MD4232,278 65.2 %18.11 
Kingstowne Two Springfield VA1155,995 83.7 %39.00 
Kingstowne One Springfield VA1153,401 36.9 %40.31 
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Q2 2022
In-service property listing (continued)
as of June 30, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
WASHINGTON, DC (continued)
Kingstowne Retail 5
Springfield VA188,288 96.8 %46.68 
Subtotal91,664,783 85.8 %$40.76 
Washington, DC Office Total:348,907,963 89.4 %$58.41 
Residential
Signature at Reston (508 units)Reston VA1517,783 
The Avant at Reston Town Center (359 units)Reston VA1355,374 
Washington, DC Residential Total:2873,157 
Washington, DC Total:369,781,120 
Total In-Service Properties:18149,500,365 89.5 %
8
$75.44 
8




























_____________
1Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
3This is an unconsolidated joint venture property.
4Not included in the Same Property analysis.
5This is a retail property.
6Includes 145,849 square feet at Prudential Center (retail shops) of leases terminated by the Company where the clients still occupy the space.
7Property held for redevelopment.
8Excludes Hotel and Residential properties. For additional detail, see pages 19-20.





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Q2 2022
Top 20 clients listing and portfolio client diversification
as of June 30, 2022
TOP 20 CLIENTS
No.Client
BXP’s Share of Annualized Rental Obligations 1
Weighted Average Remaining Lease Term (years) 2
salesforce.com3.46 %9.6
Google2.77 %15.0
Arnold & Porter Kaye Scholer2.48 %11.8
Akamai Technologies2.13 %12.3
Biogen1.72 %4.4
Shearman & Sterling1.53 %11.4
WeWork1.53 %11.0
Kirkland & Ellis1.48 %15.4
Ropes & Gray1.47 %7.9
10 Microsoft1.28 %9.8
11 Millennium Management1.16 %8.5
12 Wellington Management1.15 %10.9
13 Weil Gotshal & Manges1.13 %11.9
14 Aramis (Estee Lauder)0.98 %15.2
15 Fannie Mae0.95 %15.2
16 Bank of America0.94 %13.6
17 Morrison & Foerster0.88 %8.2
18 Snap0.88 %3.6
19 O'Melveny & Myers0.84 %2.4
20 Mass Financial Services0.84 %5.7
BXP’s Share of Annualized Rental Obligations29.61 %
BXP’s Share of Square Feet 1
24.65 %
Weighted Average Remaining Lease Term (years)10.6

NOTABLE SIGNED DEALS 3
ClientPropertySquare Feet
AstraZeneca 4
290 Binney Street 4
570,000 
Wilmer Cutler Pickering Hale2100 Pennsylvania Avenue268,000 
Genentech751 Gateway229,000 
Volkswagen Group of AmericaReston Next196,000 
CLIENT DIVERSIFICATION 2
https://cdn.kscope.io/fca056481f94b19c461923eb56b46b15-chart-60ace2d1f32148869d0.jpg


_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2Based on BXP’s Share of Annualized Rental Obligations.
3Represents leases signed with occupancy commencing in the future. The number of square feet is an estimate.
4290 Binney Street is a future development project in Cambridge, MA. The lease and the commencement of development are subject to various conditions, some of which are not within BXP’s control.

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Q2 2022
Occupancy by location
as of June 30, 2022

TOTAL IN-SERVICE OFFICE PROPERTIES 1 - Quarter-over-Quarter
CBDSuburbanTotal
Location30-Jun-2231-Mar-2230-Jun-2231-Mar-2230-Jun-2231-Mar-22
Boston94.6 %94.8 %84.4 %85.4 %91.5 %91.8 %
Los Angeles93.4 %88.4 %— %— %93.4 %88.4 %
New York90.0 %89.7 %78.5 %78.2 %87.8 %87.5 %
San Francisco89.9 %91.2 %76.7 %76.4 %86.9 %87.8 %
Seattle89.1 %87.7 %— %— %89.1 %87.7 %
Washington, DC85.3 %84.6 %92.0 %90.0 %89.4 %88.1 %
   Total Portfolio91.2 %90.9 %85.5 %85.2 %89.5 %89.1 %
https://cdn.kscope.io/fca056481f94b19c461923eb56b46b15-chart-ce0e50fb0511448c894.jpg

SAME PROPERTY OFFICE PROPERTIES 1, 2 - Year-over-Year
CBDSuburbanTotal
Location30-Jun-2230-Jun-2130-Jun-2230-Jun-2130-Jun-2230-Jun-21
Boston94.8 %95.5 %83.4 %86.4 %91.2 %92.6 %
Los Angeles93.4 %83.9 %— %— %93.4 %83.9 %
New York90.0 %89.7 %78.5 %76.7 %87.8 %87.2 %
San Francisco89.9 %92.5 %76.7 %74.4 %86.9 %88.4 %
Seattle— %— %— %— %— %— %
Washington, DC85.3 %83.6 %92.1 %88.0 %89.2 %86.1 %
   Total Portfolio91.2 %90.9 %84.7 %83.7 %89.3 %88.8 %
https://cdn.kscope.io/fca056481f94b19c461923eb56b46b15-chart-3f4e5c8deaf94bb8b73.jpg


_____________
1Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential units and hotel.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.

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Q2 2022
Capital structure
(in thousands, except percentages)

CONSOLIDATED DEBT
Aggregate Principal
Mortgage Notes Payable $3,300,000 
Unsecured Line of Credit165,000 
Unsecured Term Loan730,000 
Unsecured Senior Notes, at face value9,550,000 
Outstanding Principal13,745,000 
Discount on Unsecured Senior Notes(15,116)
Deferred Financing Costs, Net(77,111)
Consolidated Debt$13,652,773 
MORTGAGE NOTES PAYABLE
Interest Rate
PropertyMaturity DateGAAPStatedOutstanding Principal
601 Lexington Avenue (55% ownership)January 9, 20322.93%2.79%$1,000,000 
767 Fifth Avenue (The GM Building) (60% ownership)June 9, 20273.64%3.43%2,300,000 
Total$3,300,000 
BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 1
Maturity DateEffective Yield (on issue date)CouponOutstanding Principal
10.5 Year Unsecured Senior NotesSeptember 1, 20233.28%3.13%$500,000 
10.5 Year Unsecured Senior NotesFebruary 1, 20243.92%3.80%700,000 
7 Year Unsecured Senior NotesJanuary 15, 20253.35%3.20%850,000 
10 Year Unsecured Senior NotesFebruary 1, 20263.77%3.65%1,000,000 
10 Year Unsecured Senior NotesOctober 1, 20263.50%2.75%1,000,000 
10 Year Unsecured Senior Notes (“green bonds”)
December 1, 20284.63%4.50%1,000,000 
10 Year Unsecured Senior Notes (“green bonds”)
June 21, 20293.51%3.40%850,000 
10.5 Year Unsecured Senior Notes
March 15, 20302.98%2.90%700,000 
10.75 Year Unsecured Senior Notes
January 30, 20313.34%3.25%1,250,000 
11 Year Unsecured Senior Notes (“green bonds”)April 1, 20322.67%2.55%850,000 
12 Year Unsecured Senior Notes (“green bonds”)October 1, 20332.52%2.45%850,000 
$9,550,000 
CAPITALIZATION
Shares/UnitsCommon Stock
OutstandingEquivalents
Equivalent Value 2
Common Stock156,726 156,726 $13,945,479 
Common Operating Partnership Units18,225 18,225 1,621,661 
Total Equity174,951 $15,567,140 
Consolidated Debt (A)
$13,652,773 
Add: BXP’s share of unconsolidated joint venture debt 3
1,446,617 
Less: Partners’ share of consolidated debt 4
1,357,399 
BXP’s Share of Debt 5 (B)
$13,741,991 
Consolidated Market Capitalization (C)
$29,219,913 
BXP’s Share of Market Capitalization 5 (D)
$29,309,131 
Consolidated Debt/Consolidated Market Capitalization (A÷C)
46.72 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 5 (B÷D)
46.89 %


_____________
1All unsecured senior notes are rated BBB+ (stable), and Baa1 (stable) by S&P and Moody’s, respectively.
2Values are based on the June 30, 2022 closing price of $88.98 per share of BXP common stock.
3Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 34.
4Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 32.
5See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
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Q2 2022
Debt analysis 1
as of June 30, 2022
(dollars in thousands)


https://cdn.kscope.io/fca056481f94b19c461923eb56b46b15-chart-c26449c876d5432ab80.jpg



UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026
 FacilityOutstanding at June 30, 2022Letters of CreditRemaining Capacity at June 30, 2022
Unsecured Line of Credit$1,500,000 $165,000 $6,348 $1,328,652 

UNSECURED TERM LOAN - MATURES MAY 16, 2023
 FacilityOutstanding at June 30, 2022
Unsecured Term Loan$730,000 $730,000 

UNSECURED AND SECURED DEBT ANALYSIS
Weighted Average
 % of Total Debt Stated Rates
 GAAP Rates 2
 Maturity (years)
Unsecured Debt76.05 %3.23 %3.36 %5.7 
Secured Debt23.95 %3.24 %3.42 %6.3 
Consolidated Debt100.00 %3.23 %3.37 %5.8 

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total Debt Stated Rates
 GAAP Rates 2
 Maturity (years)
Floating Rate Debt6.55 %1.96 %2.53 %1.4 
Fixed Rate Debt93.45 %3.32 %3.43 %6.1 
Consolidated Debt100.00 %3.23 %3.37 %5.8 










_____________
1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 34.
2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges and the effects of hedging transactions.

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Q2 2022
Senior unsecured debt covenant compliance ratios
In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the Indenture.
This section presents such ratios as of June 30, 2022 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.


COVENANT RATIOS AND RELATED DATA
Senior Notes Issued Prior to December 4, 2017Senior Notes Issued On or After December 4, 2017
TestActual
Total Outstanding Debt/Total Assets 1
Less than 60%46.5 %42.9 %
Secured Debt/Total AssetsLess than 50%15.1 %13.9 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)Greater than 1.50x4.38 4.38 
Unencumbered Assets/ Unsecured DebtGreater than 150%244.2 %268.8 %


































_____________
1Capitalized Property Value for senior notes issued prior to December 4, 2017 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized property value for senior notes issued on or after December 4, 2017 is determined for each property and is the greater of (x) annualized EBITDA capitalized at 7.0% and (y) the undepreciated book value as determined under GAAP.
29

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Q2 2022
Net Debt to EBITDAre
(dollars in thousands)

Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDArecash 1
Three Months Ended
30-Jun-2231-Mar-22
Net income attributable to Boston Properties, Inc.$222,989 $143,047 
Add:
Noncontrolling interest - common units of the Operating Partnership25,708 16,361 
Noncontrolling interest in property partnerships18,546 17,549 
Net income267,243 176,957 
Add:
Interest expense104,142 101,228 
Losses from early extinguishments of debt— — 
Depreciation and amortization expense183,146 177,624 
Less:
Gains on sales of real estate96,247 22,701 
Income (loss) from unconsolidated joint ventures(54)2,189 
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2
35,401 37,744 
EBITDAre 1
493,739 468,663 
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3
47,810 46,946 
BXP’s Share of EBITDAre 1 (A)
445,929 421,717 
Add:
Stock-based compensation expense14,630 20,914 
BXP’s Share of straight-line ground rent expense adjustment 1
891 889 
BXP’s Share of lease transaction costs that qualify as rent inducements 1
4,539 (1,769)
Less:
BXP’s Share of straight-line rent 1
30,401 35,103 
BXP’s Share of fair value lease revenue 1
2,411 2,185 
Non-cash losses from early extinguishments of debt— — 
BXP’s Share of EBITDAre cash 1
$433,177 $404,463 
BXP’s Share of EBITDAre (Annualized) 4 (A x 4)
$1,783,716 $1,686,868 

Reconciliation of BXP’s Share of Net Debt 1
30-Jun-2231-Mar-22
Consolidated debt$13,652,773 $13,010,124 
Add:
Special dividend payable— — 
Less:
Cash and cash equivalents456,491 436,271 
Cash held in escrow for 1031 exchange— — 
Net debt 1
13,196,282 12,573,853 
Add:
BXP’s share of unconsolidated joint venture debt 2
1,446,617 1,425,290 
Partners’ share of cash and cash equivalents from consolidated joint ventures126,387 113,172 
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures110,006 99,379 
Partners’ share of consolidated joint venture debt 3
1,357,399 1,356,905 
BXP’s Share of Net Debt 1 (B)
$13,301,881 $12,656,031 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]
7.46 7.50 

_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended June 30, 2022, see pages 34 and 63.
3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended June 30, 2022, see pages 32 and 61.
4BXP’s Share of EBITDAre (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4).
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Q2 2022
Debt ratios
(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1
Three Months Ended
30-Jun-2231-Mar-22
BXP’s Share of interest expense 1
$106,627 $102,730 
Less:
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of amortization of financing costs 1
4,419 3,952 
Adjusted interest expense excluding capitalized interest (A)
100,762 97,332 
Add:
BXP’s Share of capitalized interest 1
14,679 15,009 
Adjusted interest expense including capitalized interest (B)
$115,441 $112,341 
BXP’s Share of EBITDAre cash 1, 2 (C)
$433,177 $404,463 
Interest Coverage Ratio (excluding capitalized interest) (C÷A)
4.30 4.16 
Interest Coverage Ratio (including capitalized interest) (C÷B)
3.75 3.60 


FIXED CHARGE COVERAGE RATIO 1
Three Months Ended
30-Jun-2231-Mar-22
BXP’s Share of interest expense 1
$106,627 $102,730 
Less:
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of amortization of financing costs 1
4,419 3,952 
Add:
BXP’s Share of capitalized interest 1
14,679 15,009 
BXP’s Share of maintenance capital expenditures 1
15,818 9,848 
Hotel improvements, equipment upgrades and replacements88 36 
Total Fixed Charges (A)
$131,347 $122,225 
BXP’s Share of EBITDAre cash 1, 2 (B)
$433,177 $404,463 
Fixed Charge Coverage Ratio (B÷A)
3.30 3.31 






















_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2For a qualitative reconciliation of BXP’s Share of EBITDAre – cash, see page 30.
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Q2 2022
Consolidated joint ventures
d
as of June 30, 2022
(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION
Norges Joint Ventures 1
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
ASSETS
(The GM Building) 1
Atlantic Wharf OfficeJoint Ventures
Real estate, net$3,199,396 $2,253,376 $5,452,772 
Cash and cash equivalents150,735 146,873 297,608 
Other assets279,264 353,226 632,490 
Total assets$3,629,395 $2,753,475 $6,382,870 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$2,282,734 $987,185 $3,269,919 
Other liabilities99,207 84,608 183,815 
Total liabilities2,381,941 1,071,793 3,453,734 
Equity:
   Boston Properties, Inc.750,046 626,263 1,376,309 
   Noncontrolling interests497,408 1,055,419 1,552,827 
2
Total equity1,247,454 1,681,682 2,929,136 
Total liabilities and equity$3,629,395 $2,753,475 $6,382,870 
BXP’s nominal ownership percentage60%55%
Partners’ share of cash and cash equivalents 3
$60,294 $66,093 $126,387 
Partners’ share of consolidated debt 3
$913,166 
4
$444,233 $1,357,399 




















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

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Q2 2022
Consolidated joint ventures (continued)
for the three months ended June 30, 2022
(unaudited and dollars in thousands)

RESULTS OF OPERATIONS
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Revenue
Lease 1
$75,997 $100,569 $176,566 
Straight-line rent(1,875)1,852 (23)
Fair value lease revenue327 24 351 
Termination income1,603 — 1,603 
Total lease revenue76,052 102,445 178,497 
Parking and other— 1,380 1,380 
Total rental revenue 2
76,052 103,825 179,877 
Expenses
Operating28,837 36,044 64,881 
Net Operating Income (NOI)47,215 67,781 114,996 
Other income (expense)
Interest and other income22 (91)(69)
Interest expense(21,018)(7,658)(28,676)
Depreciation and amortization expense(16,057)(22,998)(39,055)
General and administrative expense(34)(119)(153)
Total other income (expense)(37,087)(30,866)(67,953)
Net income$10,128 $36,915 $47,043 

FUNDS FROM OPERATIONS (FFO)
BXP’s nominal ownership percentage60%55%
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
Reconciliation of Partners’ share of FFO(The GM Building)Atlantic Wharf OfficeJoint Ventures
Net income$10,128 $36,915 $47,043 
Add: Depreciation and amortization expense16,057 22,998 39,055 
Entity FFO$26,185 $59,913 $86,098 
Partners’ NCI 3
$3,011 $15,535 $18,546 
Partners’ share of depreciation and amortization expense after BXP’s basis differential 3
6,771 10,643 17,414 
Partners’ share FFO 3
$9,782 $26,178 $35,960 
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI
$7,117 $21,380 $28,497 
Depreciation and amortization expense - BXP’s basis difference
42 394 436 
BXP’s share of depreciation and amortization expense
9,244 11,961 21,205 
BXP’s share of FFO$16,403 $33,735 $50,138 
_____________
1 Lease revenue includes recoveries from clients and service income from clients.
2 See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
3 Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.
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Q2 2022
Unconsolidated joint ventures 1

as of June 30, 2022
(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION
BXP’s Nominal OwnershipMortgage/Mezzanine/Construction Loans Payable, Net Interest Rate
Property Net EquityMaturity DateStated
GAAP 2
Boston
The Hub on Causeway50.00 %$— $— — — %— %
100 Causeway Street50.00 %59,425 168,308 September 5, 20232.27 %2.48 %
Podium50.00 %49,403 86,991 September 6, 20233.28 %3.44 %
Hub50House 50.00 %42,019 91,818 June 17, 20324.43 %4.51 %
Hotel Air Rights50.00 %11,974 — — — %— %
1265 Main Street50.00 %3,234 17,885 January 1, 20323.77 %3.84 %
Los Angeles
Santa Monica Business Park 55.00 %163,888 164,114 July 19, 20254.06 %4.24 %
Colorado Center50.00 %233,026 274,554 August 9, 20273.56 %3.59 %
Beach Cities Media Center50.00 %27,045 — — — %— %
New York
Dock 72 3
50.00 %29,795 98,789 December 18, 20233.76 %3.98 %
360 Park Avenue South 4
42.21 %111,209 85,295 December 14, 20243.11 %3.57 %
3 Hudson Boulevard 5
25.00 %116,388 19,984 July 13, 20234.31 %4.39 %
San Francisco
Platform 1655.00 %132,845 — — — %— %
Gateway Commons 50.00 %305,236 — — — %— %
751 Gateway49.00 %56,477 — — — %— %
Seattle
Safeco Plaza33.67 %71,630 83,698 September 1, 20262.97 %3.11 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters)50.00 %54,589 125,191 April 26, 20231.96 %2.51 %
1001 6th Street50.00 %42,691 — — — %— %
Market Square North50.00 %(4,801)62,153 November 10, 20253.15 %3.31 %
Wisconsin Place Parking Facility33.33 %32,980 — — — %— %
500 North Capitol Street, N.W.30.00 %(9,015)31,484 June 6, 20234.15 %4.20 %
901 New York Avenue25.00 %(12,542)53,511 January 5, 20253.61 %3.69 %
Reston Next Residential 6, 7
20.00 %11,140 — May 13, 2026N/AN/A
Metropolitan Square 20.00 %(38,503)82,842 April 9, 20243.61 %4.38 %
1,490,133 
Investments with deficit balances reflected within Other Liabilities
64,861 
Investments in Unconsolidated Joint Ventures$1,554,994 
Mortgage/Mezzanine/Construction Loans Payable, Net$1,446,617 
https://cdn.kscope.io/fca056481f94b19c461923eb56b46b15-chart-e8ac3597e3c44a408af.jpg
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Q2 2022
Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total DebtStated Rate
GAAP Rate 2
Maturity (years)
Floating Rate Debt56.22 %2.93 %3.25 %1.8 
Fixed Rate Debt43.78 %3.86 %3.94 %5.0 
Total Debt100.00 %3.33 %3.55 %3.2 

_____________
1Amounts represent BXP’s share based on its ownership percentage.
2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, which includes mortgage recording fees.
3 The property includes net equity balances from the amenity joint venture.
4 The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.
5 The Company has provided $80.0 million of mortgage financing to the joint venture. The loan has been reflected as Related Party Note Receivable, Net on the Company’s Consolidated Balance Sheets.
6 The Company’s partner will fund required capital until their aggregate investment is approximately 80% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.
7 No amounts have been drawn under the $140.0 million construction facility.
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Q2 2022
Unconsolidated joint ventures (continued)
for the three months ended June 30, 2022
(unaudited and dollars in thousands)

RESULTS OF OPERATIONS 1
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
Revenue
Lease 2
$21,648 $25,628 $3,680 $10,426 $6,990 $28,120 $96,492 
Straight-line rent3,266 9,349 54 235 512 4,338 17,754 
Fair value lease revenue — 257 — 28 1,183 — 1,468 
Termination income— — — — (5)— (5)
Total lease revenue24,914 35,234 3,734 10,689 8,680 32,458 115,709 
Parking and other— 2,292 69 174 396 1,645 4,576 
Total rental revenue 3
24,914 37,526 3,803 10,863 9,076 34,103 120,285 
Expenses
Operating 8,644 12,954 4,128 4,071 3,304 11,787 44,888 
Net operating income/(loss)16,270 24,572 (325)6,792 5,772 22,316 75,397 
Other income/(expense)
Development and management services revenue— — 459 55 55 575 
Interest and other income— — — 10 
Interest expense(5,339)(11,886)(3,004)(5)(1,964)(10,021)(32,219)
Transaction costs(175)— — (325)— (311)(811)
Depreciation and amortization expense(8,043)(12,626)(2,759)(4,494)(5,826)(9,545)(43,293)
General and administrative expense(21)(105)(231)(14)(63)(31)(465)
Total other income/(expense)(13,575)(24,613)(5,535)(4,780)(7,847)(19,853)(76,203)
Net income/(loss)$2,695 $(41)$(5,860)$2,012 $(2,075)$2,463 $(806)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss) $1,348 $(167)$(2,450)$1,091 $(702)$1,962 
4
$1,082 
Basis differential
Straight-line rent$— $91 
5
$— $
6
$— $— $98 
Fair value lease revenue— 301 
5
— (219)
6
— — 82 
Depreciation and amortization expense16 (1,103)
5
374 (506)
6
15 (112)(1,316)
Total basis differential 7
16 (711)
5
374 (718)
6
15 (112)(1,136)
Income/(loss) from unconsolidated joint ventures1,364 (878)(2,076)373 (687)1,850 
4
(54)
Add:
BXP’s share of depreciation and amortization expense4,006 7,779 1,006 2,739 1,947 3,643 
4
21,120 
BXP’s share of FFO$5,370 $6,901 $(1,070)$3,112 $1,260 $5,493 $21,066 





_____________
1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.
2 Lease revenue includes recoveries from clients and service income from clients.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
4 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement of 901 New York Avenue.
5 The Company’s purchase price allocation under ASC 805 for Colorado Center differs from the historical basis of the venture resulting in the majority of the basis differential for this region.
6 The Company’s purchase price allocation under ASC 805 for Gateway Commons differs from the historical basis of the venture resulting in the majority of the basis differential for this region.
7 Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.
36

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Q2 2022
Lease expirations - All in-service properties1, 2, 3

as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
20221,491,438 1,346,410 77,342,989 57.44 78,511,455 58.31 3.56 %
4
20232,203,438 1,839,682 121,302,605 65.94 123,129,195 66.93 4.87 %

20243,678,642 3,265,087 212,406,948 65.05 214,523,318 65.70 8.64 %
20252,577,909 2,371,854 162,175,450 68.37 168,602,753 71.08 6.28 %
20263,112,698 2,557,980 195,346,586 76.37 208,933,323 81.68 6.77 %
20272,305,028 2,082,358 146,414,890 70.31 162,743,758 78.15 5.51 %
20283,303,078 2,611,291 194,004,320 74.29 214,056,572 81.97 6.91 %
20292,905,627 2,529,160 179,262,436 70.88 205,587,113 81.29 6.69 %
20302,517,042 2,408,891 178,184,609 73.97 198,826,208 82.54 6.37 %
20311,988,282 1,847,899 146,613,523 79.34 165,736,065 89.69 4.89 %
Thereafter14,600,618 11,602,399 902,705,391 77.80 1,114,417,177 96.05 30.70 %

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
2022178,848 175,580 5,556,285 31.65 5,558,146 31.66 7.61 %
4
202364,960 62,728 5,385,927 85.86 5,483,413 87.42 2.72 %

2024175,217 167,629 15,168,331 90.49 16,105,521 96.08 7.26 %
2025125,912 100,101 7,102,320 70.95 7,351,690 73.44 4.34 %
2026106,965 96,068 16,736,965 174.22 17,736,705 184.63 4.16 %
2027122,436 112,020 12,934,502 115.47 13,482,912 120.36 4.85 %
2028121,234 117,958 11,367,814 96.37 12,409,322 105.20 5.11 %
2029125,624 102,324 11,182,170 109.28 12,310,649 120.31 4.43 %
2030196,925 159,036 11,743,448 73.84 12,601,261 79.24 6.89 %
203154,811 46,447 4,167,276 89.72 4,767,623 102.65 2.01 %
Thereafter681,293 536,751 66,489,475 123.87 82,629,943 153.94 23.26 %

IN-SERVICE PROPERTIES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
20221,670,286 1,521,990 82,899,274 54.47 84,069,601 55.24 3.80 %
4
20232,268,398 1,902,410 126,688,532 66.59 128,612,608 67.61 4.74 %

20243,853,859 3,432,716 227,575,279 66.30 230,628,839 67.19 8.56 %
20252,703,821 2,471,955 169,277,770 68.48 175,954,443 71.18 6.16 %
20263,219,663 2,654,048 212,083,551 79.91 226,670,028 85.41 6.62 %
20272,427,464 2,194,378 159,349,392 72.62 176,226,670 80.31 5.47 %
20283,424,312 2,729,249 205,372,134 75.25 226,465,894 82.98 6.81 %
20293,031,251 2,631,484 190,444,606 72.37 217,897,762 82.80 6.56 %
20302,713,967 2,567,927 189,928,057 73.96 211,427,469 82.33 6.40 %
20312,043,093 1,894,346 150,780,799 79.60 170,503,688 90.01 4.72 %
Thereafter15,281,911 12,139,150 969,194,866 79.84 1,197,047,120 98.61 30.27 %
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units and hotel. Total includes Seattle region.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

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Q2 2022
Lease expirations - Boston region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022512,914 493,105 23,961,700 48.59 26,654,763 54.05 
4
2023863,637 726,836 42,839,887 58.94 43,211,701 59.45 
2024837,407 805,020 46,880,314 58.23 48,393,685 60.11 
20251,045,222 1,026,078 61,400,097 59.84 63,371,376 61.76 
2026772,357 741,046 48,773,413 65.82 52,328,576 70.61 
2027623,902 616,102 41,745,871 67.76 47,384,864 76.91 
20281,038,056 1,038,056 70,030,137 67.46 74,584,295 71.85 
2029926,773 797,187 42,527,828 53.35 49,051,526 61.53 
20301,358,493 1,351,820 86,224,962 63.78 95,480,250 70.63 
2031558,878 491,442 27,533,307 56.03 30,986,746 63.05 
Thereafter4,767,373 3,895,827 309,759,130 79.51 382,207,289 98.11 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022137,319 137,319 3,190,833 23.24 3,190,833 23.24 
4
202315,320 15,005 1,339,877 89.30 1,348,058 89.84 

202490,541 90,541 5,815,871 64.23 5,860,107 64.72 
202537,421 37,421 3,073,625 82.14 3,149,145 84.15 
202626,512 26,512 5,173,943 195.15 5,471,758 206.39 
202767,908 61,594 9,537,495 154.85 10,028,794 162.82 
202875,560 75,560 8,320,926 110.12 9,169,494 121.35 
202956,791 55,441 7,396,860 133.42 8,019,887 144.66 
203088,800 54,405 5,722,876 105.19 5,843,128 107.40 
20314,266 4,266 582,290 136.50 654,817 153.50 
Thereafter196,954 155,866 12,627,566 81.02 14,818,345 95.07 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022650,233 630,424 27,152,533 43.07 29,845,596 47.34 
4
2023878,957 741,841 44,179,764 59.55 44,559,759 60.07 

2024927,948 895,561 52,696,185 58.84 54,253,792 60.58 
20251,082,643 1,063,499 64,473,722 60.62 66,520,521 62.55 
2026798,869 767,558 53,947,356 70.28 57,800,334 75.30 
2027691,810 677,696 51,283,366 75.67 57,413,658 84.72 
20281,113,616 1,113,616 78,351,063 70.36 83,753,789 75.21 
2029983,564 852,628 49,924,688 58.55 57,071,413 66.94 
20301,447,293 1,406,225 91,947,838 65.39 101,323,378 72.05 
2031563,144 495,708 28,115,597 56.72 31,641,563 63.83 
Thereafter4,964,327 4,051,693 322,386,696 79.57 397,025,634 97.99 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
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Q2 2022
Quarterly lease expirations - Boston region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202228,058 25,440 1,505,954 59.20 1,505,954 59.20 
4
Q3 2022176,138 172,292 7,976,595 46.30 7,976,595 46.30 
Q4 2022308,718 295,374 14,479,151 49.02 17,172,214 58.14 
Total 2022512,914 493,105 23,961,700 48.59 26,654,763 54.05 
Q1 2023245,878 175,393 10,462,232 59.65 10,490,814 59.81 
Q2 2023166,836 159,736 8,749,522 54.77 8,762,621 54.86 
Q3 2023148,173 133,022 7,477,670 56.21 7,595,230 57.10 
Q4 2023302,750 258,684 16,150,462 62.43 16,363,036 63.25 
Total 2023863,637 726,836 42,839,887 58.94 43,211,701 59.45 

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

— 

— — — — 
Q2 20228,655 8,655 836,814 96.69 836,814 96.69 
4
Q3 2022128,424 128,424 2,212,610 17.23 2,212,610 17.23 
Q4 2022240 240 141,409 589.20 141,409 589.20 
Total 2022137,319 137,319 3,190,833 23.24 3,190,833 23.24 
Q1 20231,224 909 193,701 213.09 193,701 213.09 

Q2 20235,486 5,486 242,328 44.17 242,328 44.17 
Q3 20232,443 2,443 385,387 157.75 385,387 157.75 
Q4 20236,167 6,167 518,461 84.07 526,642 85.40 
Total 202315,320 15,005 1,339,877 89.30 1,348,058 89.84 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202236,713 34,095 2,342,768 68.71 2,342,768 68.71 
4
Q3 2022304,562 300,716 10,189,205 33.88 10,189,205 33.88 
Q4 2022308,958 295,614 14,620,560 49.46 17,313,623 58.57 
Total 2022650,233 630,424 27,152,533 43.07 29,845,596 47.34 
Q1 2023247,102 176,302 10,655,933 60.44 10,684,515 60.60 

Q2 2023172,322 165,222 8,991,850 54.42 9,004,949 54.50 
Q3 2023150,616 135,465 7,863,057 58.04 7,980,617 58.91 
Q4 2023308,917 264,851 16,668,923 62.94 16,889,678 63.77 
Total 2023878,957 741,841 44,179,764 59.55 44,559,759 60.07 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
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Q2 2022
Lease expirations - Los Angeles region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022114,910 63,201 2,135,103 33.78 2,135,103 33.78 
4
202394,066 51,736 3,215,654 62.15 3,254,381 62.90 
2024132,131 72,672 4,857,496 66.84 5,163,844 71.06 
202512,255 6,740 490,111 72.71 543,703 80.67 
2026602,745 331,510 22,492,254 67.85 25,476,974 76.85 
20271,860 1,023 64,449 63.00 72,538 70.91 
2028303,413 157,097 11,861,093 75.50 14,423,359 91.81 
2029349,913 174,957 11,862,051 67.80 14,588,826 83.39 
2030— — — — — — 
2031— — — — — — 
Thereafter428,566 214,470 15,056,057 70.20 23,375,203 108.99 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20225,695 3,132 56,041 17.89 57,902 18.49 
20231,405 703 48,584 69.16 48,584 69.16 
20244,333 2,283 124,099 54.35 133,568 58.50 
202536,406 18,975 585,793 30.87 619,348 32.64 
20265,827 3,205 329,666 102.86 365,473 114.04 
2027— — — — — — 
2028— — — — — — 
202938,118 20,965 1,290,585 61.56 1,401,899 66.87 
20305,283 2,906 334,316 115.06 405,506 139.56 
2031— — — — — — 
Thereafter— — — — — — 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022120,605 66,333 2,191,144 33.03 2,193,005 33.06 
4
202395,471 52,439 3,264,238 62.25 3,302,965 62.99 
2024136,464 74,955 4,981,595 66.46 5,297,412 70.67 
202548,661 25,715 1,075,904 41.84 1,163,051 45.23 
2026608,572 334,715 22,821,920 68.18 25,842,447 77.21 
20271,860 1,023 64,449 63.00 72,538 70.91 
2028303,413 157,097 11,861,093 75.50 14,423,359 91.81 
2029388,031 195,922 13,152,636 67.13 15,990,725 81.62 
20305,283 2,906 334,316 115.04 405,506 139.54 
2031— — — — — — 
Thereafter428,566 214,470 15,056,057 70.20 23,375,203 108.99 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. The Company owns 50% of Colorado Center and 55% of Santa Monica Business Park.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


40

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Q2 2022
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202218,785 10,332 754,372 73.01 754,372 73.01 
4
Q3 202270,785 38,932 330,000 8.48 330,000 8.48 
Q4 202225,340 13,937 1,050,731 75.39 1,050,731 75.39 
Total 2022114,910 63,201 2,135,103 33.78 2,135,103 33.78 
Q1 202390,064 49,535 3,042,809 61.43 3,081,909 62.22 
Q2 2023— — — — — — 
Q3 20234,002 2,201 172,845 78.53 172,472 78.36 
Q4 2023— — — — — — 
Total 202394,066 51,736 3,215,654 62.15 3,254,381 62.90 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 20225,695 3,132 56,041 17.89 57,902 18.49 
Q4 2022— — — — — — 
Total 20225,695 3,132 56,041 17.89 57,902 18.49 
Q1 20231,405 703 48,584 69.16 48,584 69.16 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 2023— — — — — — 
Total 20231,405 703 48,584 69.16 48,584 69.16 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202218,785 10,332 754,372 73.01 754,372 73.01 
4
Q3 202276,480 42,064 386,041 9.18 387,902 9.22 
Q4 202225,340 13,937 1,050,731 75.39 1,050,731 75.39 
Total 2022120,605 66,333 2,191,144 33.03 2,193,005 33.06 
Q1 202391,469 50,238 3,091,393 61.53 3,130,493 62.31 
Q2 2023— — — — — — 
Q3 20234,002 2,201 172,845 78.53 172,472 78.36 
Q4 2023— — — — — — 
Total 202395,471 52,439 3,264,238 62.25 3,302,965 62.99 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. The Company owns 50% of Colorado Center and 55% of Santa Monica Business Park.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

41

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Q2 2022
Lease expirations - New York region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022429,535 390,162 29,856,514 76.52 28,281,814 72.49 
4
2023302,118 200,649 18,512,994 92.27 18,582,136 92.61 
20241,339,522 1,095,509 76,232,928 69.59 75,502,591 68.92 
2025560,508 515,748 41,243,769 79.97 41,794,976 81.04 
2026525,390 426,328 35,112,798 82.36 35,751,188 83.86 
2027435,823 378,158 26,208,608 69.31 27,209,440 71.95 
2028547,256 392,828 37,753,919 96.11 40,138,283 102.18 
2029663,129 636,762 63,871,753 100.31 69,383,937 108.96 
2030665,936 623,394 56,598,830 90.79 61,262,426 98.27 
2031376,287 340,492 25,259,316 74.18 27,103,466 79.60 
Thereafter4,079,277 3,006,338 288,656,243 96.02 349,949,826 116.40 

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

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

202411,244 8,623 5,770,354 669.17 6,292,022 729.66 
2025— — — — — — 
202620,470 17,664 7,784,838 440.73 8,272,196 468.32 
2027— — — — — — 
2028— — — — — — 
20293,135 3,135 695,362 221.81 826,001 263.48 
20302,895 2,053 812,352 395.77 950,729 463.18 
203113,633 10,123 1,563,914 154.49 1,791,566 176.98 
Thereafter309,267 226,005 48,241,495 213.45 60,952,004 269.69 


TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022434,607 395,163 30,495,860 77.17 28,921,160 73.19 
4
2023303,965 201,757 19,792,861 98.10 19,938,947 98.83 
20241,350,766 1,104,132 82,003,282 74.27 81,794,613 74.08 
2025560,508 515,748 41,243,769 79.97 41,794,976 81.04 
2026545,860 443,992 42,897,636 96.62 44,023,384 99.15 
2027435,823 378,158 26,208,608 69.31 27,209,440 71.95 
2028547,256 392,828 37,753,919 96.11 40,138,283 102.18 
2029666,264 639,897 64,567,115 100.90 70,209,938 109.72 
2030668,831 625,447 57,411,182 91.79 62,213,155 99.47 
2031389,920 350,615 26,823,230 76.50 28,895,032 82.41 
Thereafter4,388,544 3,232,343 336,897,738 104.23 410,901,830 127.12 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


42

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Q2 2022
Quarterly lease expirations - New York region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202239,385 24,525 2,710,570 110.52 2,710,570 110.52 
4
Q3 2022208,510 183,997 15,963,810 86.76 15,963,810 86.76 
Q4 2022181,640 181,640 11,182,133 61.56 9,607,433 52.89 
Total 2022429,535 390,162 29,856,514 76.52 28,281,814 72.49 
Q1 202385,378 56,748 5,549,615 97.79 5,549,615 97.79 

Q2 202346,552 29,760 2,847,869 95.69 2,848,667 95.72 
Q3 2023113,634 80,500 6,763,956 84.02 6,831,862 84.87 
Q4 202356,554 33,641 3,351,554 99.63 3,351,992 99.64 
Total 2023302,118 200,649 18,512,994 92.27 18,582,136 92.61 

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

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202239,385 24,525 2,710,570 110.52 2,710,570 110.52 
4
Q3 2022213,404 188,891 16,602,616 87.90 16,602,616 87.90 
Q4 2022181,818 181,747 11,182,673 61.53 9,607,973 52.86 
Total 2022434,607 395,163 30,495,860 77.17 28,921,160 73.19 
Q1 202385,378 56,748 5,549,615 97.79 5,549,615 97.79 

Q2 202346,552 29,760 2,847,869 95.69 2,848,667 95.72 
Q3 2023113,634 80,500 6,763,956 84.02 6,831,862 84.87 
Q4 202358,401 34,749 4,631,421 133.28 4,708,803 135.51 
Total 2023303,965 201,757 19,792,861 98.10 19,938,947 98.83 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


43

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Q2 2022
Lease expirations - San Francisco region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022157,242 146,562 9,090,355 62.02 9,095,251 62.06 
4
2023611,557 553,351 42,005,385 75.91 42,985,528 77.68 

2024691,361 647,761 45,948,023 70.93 45,845,936 70.78 
2025616,732 599,224 47,560,035 79.37 50,670,888 84.56 
2026645,462 558,013 50,850,846 91.13 54,280,506 97.27 
2027502,370 491,406 43,927,995 89.39 49,893,877 101.53 
2028524,953 512,697 45,559,331 88.86 52,744,010 102.88 
2029272,084 253,800 24,792,045 97.68 29,371,480 115.73 
2030269,363 267,319 25,935,684 97.02 30,831,030 115.33 
2031816,495 802,173 82,493,580 102.84 94,011,272 117.20 
Thereafter981,079 950,562 91,776,102 96.55 109,227,239 114.91 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20225,437 5,437 497,801 91.56 497,801 91.56 
202328,620 28,620 1,778,588 62.14 1,780,068 62.20 
20249,080 9,080 58,491 6.44 360,390 39.69 
202526,208 26,208 2,030,303 77.47 2,144,172 81.81 
20266,955 6,955 559,286 80.41 651,913 93.73 
202712,951 12,951 811,308 62.64 880,187 67.96 
202813,314 13,314 933,759 70.13 994,164 74.67 
20299,944 9,944 795,301 79.98 973,512 97.90 
20304,590 4,590 592,034 128.98 695,017 151.42 
20316,709 3,355 80,508 24.00 105,045 31.31 
Thereafter27,911 27,911 1,239,688 44.42 1,565,907 56.10 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022162,679 151,999 9,588,156 $63.08 9,593,052 63.11 
4
2023640,177 581,971 43,783,973 75.23 44,765,596 76.92 

2024700,441 656,841 46,006,514 70.04 46,206,326 70.35 
2025642,940 625,432 49,590,338 79.29 52,815,060 84.45 
2026652,417 564,968 51,410,132 91.00 54,932,419 97.23 
2027515,321 504,357 44,739,303 88.71 50,774,064 100.67 
2028538,267 526,011 46,493,090 88.39 53,738,174 102.16 
2029282,028 263,744 25,587,346 97.02 30,344,992 115.05 
2030273,953 271,909 26,527,718 97.56 31,526,047 115.94 
2031823,204 805,528 82,574,088 102.51 94,116,317 116.84 
Thereafter1,008,990 978,473 93,015,790 95.06 110,793,146 113.23 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

44

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Q2 2022
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 20229,780 9,780 873,312 89.30 873,312 89.30 
4
Q3 202296,279 92,771 5,210,522 56.17 5,210,522 56.17 
Q4 202251,183 44,012 3,006,521 68.31 3,011,417 68.42 
Total 2022157,242 146,562 9,090,355 62.02 9,095,251 62.06 
Q1 202395,459 85,590 5,688,672 66.46 5,736,193 67.02 
Q2 202337,053 20,842 1,320,236 63.35 1,349,168 64.73 
Q3 2023337,157 335,068 25,981,141 77.54 26,605,763 79.40 
Q4 2023141,888 111,852 9,015,336 80.60 9,294,405 83.10 
Total 2023611,557 553,351 42,005,385 75.91 42,985,528 77.68 


RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 20222,387 2,387 201,953 84.61 201,953 84.61 
Q4 20223,050 3,050 295,848 97.00 295,848 97.00 
Total 20225,437 5,437 497,801 91.56 497,801 91.56 
Q1 20237,365 7,365 532,305 72.28 532,305 72.28 
Q2 20231,218 1,218 116,485 95.64 116,485 95.64 
Q3 202312,345 12,345 814,134 65.95 814,134 65.95 
Q4 20237,692 7,692 315,664 41.04 317,143 41.23 
Total 202328,620 28,620 1,778,588 62.14 1,780,068 62.20 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 20229,780 9,780 873,312 89.30 873,312 89.30 
4
Q3 202298,666 95,158 5,412,475 56.88 5,412,475 56.88 
Q4 202254,233 47,062 3,302,369 70.17 3,307,265 70.27 
Total 2022162,679 151,999 9,588,156 63.08 9,593,052 63.11 
Q1 2023102,824 92,955 6,220,977 66.92 6,268,498 67.44 
Q2 202338,271 22,060 1,436,721 65.13 1,465,653 66.44 
Q3 2023349,502 347,413 26,795,275 77.13 27,419,897 78.93 
Q4 2023149,580 119,544 9,331,000 78.05 9,611,548 80.40 
Total 2023640,177 581,971 43,783,973 75.23 44,765,596 76.92 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


45

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Q2 2022
Lease expirations - Seattle region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202228,598 9,629 487,016 50.58 487,016 50.58 
4
202329,198 15,610 866,418 55.51 887,321 56.84 
202431,366 12,134 206,399 17.01 212,974 17.55 
202519,854 6,685 314,087 46.99 330,532 49.45 
202633,201 33,201 1,859,317 56.00 2,005,084 60.39 
2027184,533 184,533 10,712,134 58.05 12,022,876 65.15 
2028669,079 332,548 17,748,591 53.37 19,720,784 59.30 
2029111,494 111,494 6,517,772 58.46 7,576,023 67.95 
203055,243 55,243 3,148,979 57.00 3,685,635 66.72 
203194,744 91,599 5,046,935 55.10 5,874,995 64.14 
Thereafter64,737 51,388 3,646,403 70.96 4,511,717 87.80 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022— — — — — — 
2023— — — — — — 
20241,040 350 6,303 18.00 6,303 18.00 
2025— — — — — — 
20263,686 1,241 94,909 76.47 94,909 76.47 
2027— — — — — — 
20284,663 4,663 197,254 42.30 220,806 47.35 
2029— — — — — — 
2030— — — — — — 
20313,048 3,048 185,379 60.82 222,230 72.91 
Thereafter— — — — — — 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202228,598 9,629 487,016 50.58 487,016 50.58 
4
202329,198 15,610 866,418 55.50 887,321 56.84 
202432,406 12,484 212,702 17.04 219,277 17.56 
202519,854 6,685 314,087 46.98 330,532 49.44 
202636,887 34,442 1,954,226 56.74 2,099,993 60.97 
2027184,533 184,533 10,712,134 58.05 12,022,876 65.15 
2028673,742 337,211 17,945,845 53.22 19,941,590 59.14 
2029111,494 111,494 6,517,772 58.46 7,576,023 67.95 
203055,243 55,243 3,148,979 57.00 3,685,635 66.72 
203197,792 94,647 5,232,314 55.28 6,097,225 64.42 
Thereafter64,737 51,388 3,646,403 70.96 4,511,717 87.80 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
46

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Q2 2022
Quarterly lease expirations - Seattle region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 20226,009 2,023 99,969 49.41 99,969 49.41 
4
Q3 202217,231 5,802 291,903 50.31 291,903 50.31 
Q4 20225,358 1,804 95,145 52.74 95,145 52.74 
Total 202228,598 9,629 487,016 50.58 487,016 50.58 
Q1 20232,214 745 36,427 48.87 36,427 48.87 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202326,984 14,864 829,991 55.84 850,894 57.24 
Total 202329,198 15,610 866,418 55.51 887,321 56.84 

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

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 20226,009 2,023 99,969 49.42 99,969 49.42 
4
Q3 202217,231 5,802 291,903 50.31 291,903 50.31 
Q4 20225,358 1,804 95,145 52.74 95,145 52.74 
Total 202228,598 9,629 487,016 50.58 487,016 50.58 
Q1 20232,214 745 36,427 48.90 36,427 48.90 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202326,984 14,864 829,991 55.84 850,894 57.25 
Total 202329,198 15,610 866,418 55.50 887,321 56.84 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

47

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Q2 2022
Lease expirations - Washington, DC region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022248,239 243,751 11,812,301 48.46 11,857,508 48.65 
4
2023302,862 291,500 13,862,267 47.55 14,208,128 48.74 
2024646,855 631,991 38,281,788 60.57 39,404,288 62.35 
2025323,338 217,379 11,167,351 51.37 11,891,278 54.70 
2026533,543 467,882 36,257,958 77.49 39,090,995 83.55 
2027556,540 411,136 23,755,833 57.78 26,160,163 63.63 
2028220,321 178,065 11,051,249 62.06 12,445,841 69.89 
2029582,234 554,960 29,690,987 53.50 35,615,321 64.18 
2030168,007 111,115 6,276,154 56.48 7,566,867 68.10 
2031141,878 122,193 6,280,385 51.40 7,759,586 63.50 
Thereafter4,279,586 3,483,814 193,811,456 55.63 245,145,903 70.37 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202225,325 24,691 1,172,264 47.48 1,172,264 47.48 
202317,768 17,292 939,011 54.30 949,892 54.93 
202458,979 56,752 3,393,213 59.79 3,453,131 60.85 
202525,877 17,497 1,412,599 80.74 1,439,025 82.25 
202643,515 40,491 2,794,323 69.01 2,880,456 71.14 
202741,577 37,475 2,585,699 69.00 2,573,931 68.68 
202827,697 24,421 1,915,875 78.45 2,024,858 82.91 
202917,636 12,839 1,004,062 78.20 1,089,350 84.85 
203095,357 95,082 4,281,870 45.03 4,706,881 49.50 
203127,155 25,655 1,755,185 68.41 1,993,965 77.72 
Thereafter147,161 126,969 4,380,726 34.50 5,293,687 41.69 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022273,564 268,442 12,984,565 48.37 13,029,772 48.54 
4
2023320,630 308,792 14,801,278 47.93 15,158,020 49.09 
2024705,834 688,743 41,675,001 60.51 42,857,419 62.23 
2025349,215 234,876 12,579,950 53.56 13,330,303 56.75 
2026577,058 508,373 39,052,281 76.82 41,971,451 82.56 
2027598,117 448,611 26,341,532 58.72 28,734,094 64.05 
2028248,018 202,486 12,967,124 64.04 14,470,699 71.47 
2029599,870 567,799 30,695,049 54.06 36,704,671 64.64 
2030263,364 206,197 10,558,024 51.20 12,273,748 59.52 
2031169,033 147,848 8,035,570 54.35 9,753,551 65.97 
Thereafter4,426,747 3,610,783 198,192,182 54.89 250,439,590 69.36 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


48

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Q2 2022
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3
as of June 30, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202267,592 67,592 3,218,346 47.61 3,218,346 47.61 
4
Q3 202284,179 79,691 4,094,588 51.38 4,100,588 51.46 
Q4 202296,468 96,468 4,499,367 46.64 4,538,574 47.05 
Total 2022248,239 243,751 11,812,301 48.46 11,857,508 48.65 
Q1 202348,461 48,461 1,832,394 37.81 1,846,370 38.10 
Q2 202338,989 36,629 2,676,655 73.08 2,748,152 75.03 
Q3 2023151,244 143,713 6,877,239 47.85 7,026,935 48.90 
Q4 202364,168 62,697 2,475,978 39.49 2,586,672 41.26 
Total 2023302,862 291,500 13,862,267 47.55 14,208,128 48.74 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 202225,325 24,691 1,172,264 47.48 1,172,264 47.48 
Total 202225,325 24,691 1,172,264 47.48 1,172,264 47.48 
Q1 20237,775 7,775 295,634 38.02 295,634 38.02 
Q2 20235,008 4,532 313,221 69.12 318,666 70.32 
Q3 20232,128 2,128 47,126 22.15 48,879 22.97 
Q4 20232,857 2,857 283,031 99.07 286,713 100.35 
Total 202317,768 17,292 939,011 54.30 949,892 54.93 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 202267,592 67,592 3,218,346 47.61 3,218,346 47.61 
4
Q3 202284,179 79,691 4,094,588 51.38 4,100,588 51.46 
Q4 2022121,793 121,159 5,671,631 46.81 5,710,838 47.14 
Total 2022273,564 268,442 12,984,565 48.37 13,029,772 48.54 
Q1 202356,236 56,236 2,128,028 37.84 2,142,004 38.09 
Q2 202343,997 41,161 2,989,876 72.64 3,066,818 74.51 
Q3 2023153,372 145,841 6,924,365 47.48 7,075,814 48.52 
Q4 202367,025 65,554 2,759,009 42.09 2,873,385 43.83 
Total 2023320,630 308,792 14,801,278 47.93 15,158,020 49.09 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

49

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Q2 2022
Lease expirations - CBD properties 1, 2, 3
as of June 30, 2022


Boston
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022224,007 204,198 8,507,659 41.66 8,513,282 41.69 
4
2023538,648 401,532 28,137,086 70.07 28,381,999 70.68 

2024457,306 424,919 28,958,217 68.15 29,410,110 69.21 
2025333,282 314,138 25,536,981 81.29 26,489,698 84.33 
2026560,622 529,311 41,560,391 78.52 43,299,875 81.80 
2027521,923 507,808 44,041,234 86.73 49,159,508 96.81 
2028993,645 993,645 72,214,255 72.68 76,986,265 77.48 
2029591,164 460,228 35,082,669 76.23 39,533,518 85.90 
20301,291,272 1,250,204 85,403,446 68.31 93,458,202 74.75 
203128,779 21,683 2,043,081 94.22 2,292,788 105.74 
Thereafter4,561,924 3,649,290 303,135,964 83.07 371,711,744 101.86 

Los Angeles
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022120,605 66,333 2,191,144 33.03 2,193,005 33.06 
4
202395,471 52,439 3,264,238 62.25 3,302,965 62.99 
2024136,464 74,955 4,981,595 66.46 5,297,413 70.67 
202548,661 25,716 1,075,904 41.84 1,163,050 45.23 
2026608,572 334,715 22,821,920 68.18 25,842,447 77.21 
20271,860 1,023 64,449 63.00 72,538 70.91 
2028303,413 157,097 11,861,093 75.5 14,423,359 91.81 
2029388,031 195,921 13,152,635 67.13 15,990,726 81.62 
20305,283 2,906 334,316 115.06 405,506 139.56 
2031— — — — — — 
Thereafter428,566 214,470 15,056,057 70.2 23,375,203 108.99 

New York
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022309,950 270,506 25,633,820 94.76 24,059,120 88.94 
4
2023255,902 153,694 18,000,729 117.12 18,135,273 118.00 

2024851,743 605,109 62,946,747 104.03 62,634,565 103.51 
2025322,474 277,714 31,945,084 115.03 32,232,584 116.06 
2026307,867 205,999 33,241,600 161.37 33,919,937 164.66 
2027197,448 139,783 17,572,879 125.72 18,066,858 129.25 
2028524,882 370,454 36,979,462 99.82 39,167,412 105.73 
2029597,949 571,582 62,007,699 108.48 67,365,865 117.86 
2030621,657 578,273 55,817,977 96.53 60,275,029 104.23 
2031228,644 189,339 20,272,576 107.07 21,983,279 116.11 
Thereafter4,254,770 3,098,569 331,957,507 107.13 405,182,818 130.76 
50

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Q2 2022
Lease expirations - CBD properties (continued) 1, 2, 3
as of June 30, 2022


San Francisco
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022122,979 122,979 8,345,556 67.86 8,345,556 67.86 
4
2023334,096 334,096 27,458,178 82.19 27,979,384 83.75 
2024506,452 506,452 38,434,787 75.89 38,243,966 75.51 
2025330,907 330,907 29,050,357 87.79 30,866,649 93.28 
2026477,518 477,518 43,296,309 90.67 46,205,753 96.76 
2027411,052 411,052 38,137,132 92.78 43,281,905 105.30 
2028513,755 513,755 45,852,507 89.25 52,955,361 103.08 
2029245,460 245,460 24,690,250 100.59 29,263,013 119.22 
2030269,865 269,865 26,416,645 97.89 31,391,050 116.32 
2031787,850 787,850 81,792,696 103.82 93,101,994 118.17 
Thereafter947,955 947,955 91,687,334 96.72 109,157,763 115.15 

Seattle, WA
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202228,598 9,629 487,016 50.58 487,016 50.58 
4
202329,198 15,610 866,418 55.51 887,321 56.84 
202432,406 12,484 212,702 17.04 219,277 17.56 
202519,854 6,685 314,087 46.99 330,532 49.45 
202636,887 34,442 1,954,226 56.74 2,099,993 60.97 
2027184,533 184,533 10,712,134 58.05 12,022,876 65.15 
2028673,742 337,211 17,945,845 53.22 19,941,589 59.14 
2029111,494 111,494 6,517,772 58.46 7,576,023 67.95 
203055,243 55,243 3,148,979 57.00 3,685,635 66.72 
203197,792 94,647 5,232,314 55.28 6,097,225 64.42 
Thereafter64,737 51,388 3,646,403 70.96 4,511,717 87.80 

Washington, DC
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202289,103 83,981 5,417,084 64.50 5,447,498 64.87 
202351,391 39,553 3,012,398 76.16 3,089,119 78.10 
2024181,176 164,085 13,338,430 81.29 13,704,710 83.52 
2025173,879 59,540 3,501,635 58.81 3,716,160 62.41 
2026357,804 289,119 27,833,493 96.27 29,947,017 103.58 
2027229,996 80,490 6,030,521 74.92 6,480,436 80.51 
2028170,409 124,877 9,141,723 73.21 10,286,216 82.37 
202987,384 55,313 3,848,055 69.57 4,405,405 79.64 
203090,263 33,096 2,287,885 69.13 2,767,149 83.61 
203197,790 76,605 4,047,539 52.84 4,990,847 65.15 
Thereafter1,371,824 923,647 70,440,467 76.26 86,125,417 93.24 

_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
51

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Q2 2022
Lease expirations - Suburban properties 1, 2, 3
as of June 30, 2022


Boston
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022426,226 426,226 18,644,875 43.74 21,332,314 50.05 
4
2023340,309 340,309 16,042,677 47.14 16,177,760 47.54 
2024470,642 470,642 23,737,968 50.44 24,843,681 52.79 
2025749,361 749,361 38,936,741 51.96 40,030,823 53.42 
2026238,247 238,247 12,386,964 51.99 14,500,460 60.86 
2027169,887 169,887 7,242,132 42.63 8,254,150 48.59 
2028119,971 119,971 6,136,808 51.15 6,767,524 56.41 
2029392,400 392,400 14,842,019 37.82 17,537,895 44.69 
2030156,021 156,021 6,544,391 41.95 7,865,177 50.41 
2031534,365 474,025 26,072,515 55.00 29,348,775 61.91 
Thereafter402,403 402,403 19,250,732 47.84 25,313,890 62.91 

New York
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022124,657 124,657 4,862,039 39.00 4,862,039 39.00 
4
202348,063 48,063 1,792,132 37.29 1,803,674 37.53 
2024499,023 499,023 19,056,536 38.19 19,160,048 38.40 
2025238,034 238,034 9,298,686 39.06 9,562,392 40.17 
2026237,993 237,993 9,656,036 40.57 10,103,447 42.45 
2027238,375 238,375 8,635,729 36.23 9,142,582 38.35 
202822,374 22,374 774,457 34.61 970,871 43.39 
202968,315 68,315 2,559,416 37.46 2,844,073 41.63 
203047,174 47,174 1,593,205 33.77 1,938,126 41.08 
2031161,276 161,276 6,550,655 40.62 6,911,753 42.86 
Thereafter133,774 133,774 4,940,231 36.93 5,719,012 42.75 

San Francisco
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202239,700 29,020 1,242,601 42.82 1,247,496 42.99 
2023306,081 247,875 16,325,795 65.86 16,786,211 67.72 
2024193,989 150,389 7,571,727 50.35 7,962,359 52.95 
2025312,033 294,525 20,539,981 69.74 21,948,412 74.52 
2026174,899 87,450 8,113,823 92.78 8,726,666 99.79 
2027104,269 93,305 6,602,170 70.76 7,492,159 80.30 
202824,512 12,256 640,584 52.27 782,814 63.87 
202936,568 18,284 897,096 49.06 1,081,979 59.18 
20304,088 2,044 111,073 54.34 134,997 66.05 
203135,354 17,677 781,392 44.20 1,014,322 57.38 
Thereafter61,035 30,518 1,328,456 43.53 1,635,383 53.59 
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Q2 2022
Lease expirations - Suburban properties (continued) 1, 2, 3
as of June 30, 2022


Washington, DC
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022184,461 184,461 7,567,481 41.02 7,582,274 41.11 
4
2023269,239 269,239 11,788,879 43.79 12,068,901 44.83 
2024524,658 524,658 28,336,571 54.01 29,152,709 55.57 
2025175,336 175,336 9,078,315 51.78 9,614,143 54.83 
2026219,254 219,254 11,218,789 51.17 12,024,434 54.84 
2027368,121 368,121 20,311,011 55.17 22,253,658 60.45 
202877,609 77,609 3,825,400 49.29 4,184,483 53.92 
2029512,486 512,486 26,846,994 52.39 32,299,266 63.02 
2030173,101 173,101 8,270,139 47.78 9,506,598 54.92 
203171,243 71,243 3,988,031 55.98 4,762,704 66.85 
Thereafter3,054,923 2,687,137 127,751,715 47.54 164,314,173 61.15 







































_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

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Q2 2022
Research coverage
With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by the analysts listed below do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference below imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.
Equity Research Coverage
Argus Research CompanyMarie Ferguson646.747.5447
Bank of America Merrill LynchJeffrey Spector / Jamie Feldman646.855.1363 / 646.855.5808
BarclaysAnthony Powell 212.526.8768
BMO CapitalJohn Kim212.885.4115
BTIGTom Catherwood212.738.6140
CitiMichael Bilerman / Michael Griffin212.816.1383 / 212.816.5871
Credit SuisseTayo Okusanya212.325.1402
Deutsche Bank SecuritiesDerek Johnston 212.250.5683
Evercore ISISteve Sakwa212.446.9462
Green Street AdvisorsDaniel Ismail949.640.8780
Jefferies & Co.Peter Abramowitz / Jonathan Peterson212.284.1705 / 212.336.7076
J.P. Morgan SecuritiesAnthony Paolone212.622.6682
KeyBanc Capital MarketsTodd Thomas917.368.2286
Mizuho SecuritiesVikram Malhotra212.209.9300
Morgan StanleyRonald Kamdem212.296.8319
Piper Sandler CompaniesAlexander Goldfarb 212.466.7937
RW Baird & Co., Inc.David Rodgers 216.737.7341
Scotiabank GBMNicholas Yulico212.225.6904
SMBC Nikko Securities Inc.Richard Anderson646.521.2351
Truist SecuritiesMichael Lewis212.319.5659
UBS US Equity Research
Michael Goldsmith212.713.2951
Wells Fargo SecuritiesBlaine Heck443.263.6529
Wolfe ResearchAndrew Rosivach646.582.9250
Debt Research Coverage
BarclaysSrinjoy Banerjee212.526.3521
J.P. Morgan SecuritiesMark Streeter212.834.5086
US BankBill Stafford877.558.2605
Rating Agencies
Moody’s Investors ServiceRanjini Venkatesan212.553.3828
Standard & Poor’sMichael Souers212.438.2508


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Q2 2022
Definitions
This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents the Company files or furnishes to the SEC from time to time.
The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 59.
Annualized Rental Obligations
Annualized Rental Obligations is defined as monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12).
Average Economic Occupancy
Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.
Average Monthly Rental Rates
Average Monthly Rental Rates are calculated by the Company as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP by (B) the number of occupied units for each month within the applicable fiscal period.
Average Physical Occupancy
Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.
Debt to Market Capitalization Ratio
Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, (5) common units issuable upon conversion of 2013 MYLTIP Units that were issued in the form of LTIP Units, (6) common units issuable upon conversion of 2014 MYLTIP Units that were issued in the form of LTIP Units, (7) common units issuable upon conversion of 2015 MYLTIP Units that were issued in the form of LTIP Units, (8) common units issuable upon conversion of 2016 MYLTIP Units that were issued in the form of LTIP Units, (9) on and after February 6, 2020, which was the end of the performance period for 2017 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2017 MYLTIP Units that were issued in the form of LTIP Units, (10) on and after February 5, 2021, which was the end of the performance period for 2018 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2018 MYLTIP Units that were issued in the form of LTIP Units and (11) on and after February 4, 2022, which was the end of the performance period for 2019 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2019 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2020, 2021 and 2022 MYLTIP Units are not included.
The Company also presents BXP’s Share of Market Capitalization, which is calculated in a similar manner, except that BXP’s Share of Debt is utilized instead of the Company’s Consolidated Debt in both the numerator and the denominator. The Company presents these ratios because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and do not necessarily reflect the Company’s capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like Boston Properties, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness.
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Q2 2022
Definitions (continued)

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




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Q2 2022
Definitions (continued)

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





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Q2 2022
Definitions (continued)

Net Operating Income/(Loss) (NOI)
Net operating income/(loss) (NOI) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders, the most directly comparable GAAP financial measure, plus (1) preferred stock redemption charge, preferred dividends, net income attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, impairment losses, depreciation and amortization expense, losses from early extinguishments of debt and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate, gains (losses) from investments in securities, interest and other income (loss) and other income - assignment fee. In some cases, the Company also presents (1) NOI – cash, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) NOI and NOI – cash, in each case excluding termination income.
The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company’s results of operations and financial condition because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and are not reflective of the core ongoing operating performance of the Company’s properties.
Rental Obligations
Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements.
Rental Revenue
Rental Revenue is equal to Total revenue, the most directly comparable GAAP financial measure, less development and management services revenue and direct reimbursements of payroll and related costs from management services contracts. The Company uses Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods. The Company also presents Rental Revenue (excluding termination income) because termination income can distort the results for any given period because it generally represents multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and does not reflect the core ongoing operating performance of the Company’s properties.
Same Properties
In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired, repositioned or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” Pages 21 - 24 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

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Q2 2022
Reconciliations
(unaudited and in thousands)
BXP’s Share of select items
Three Months Ended
30-Jun-2231-Mar-22
Revenue$773,927 $754,307 
Partners’ share of revenue from consolidated joint ventures (JVs)(77,142)(77,150)
BXP’s share of revenue from unconsolidated JVs56,648 58,415 
BXP’s Share of revenue$753,433 $735,572 
Straight-line rent$21,601 $22,186 
Partners’ share of straight-line rent from consolidated JVs(83)(906)
BXP’s share of straight-line rent from unconsolidated JVs8,883 13,823 
BXP’s Share of straight-line rent$30,401 $35,103 
Reinstatements associated with accrued rent (all of which was included within straight-line rent) 1
$483 $974 
Partners’ share of reinstatements associated with accrued rent from consolidated JVs (all of which was included within straight-line rent) 1
— — 
BXP’s share of reinstatements associated with accrued rent from unconsolidated JVs (all of which was included within straight-line rent) 1
— 1,275 
BXP’s Share of reinstatements associated with accrued rent (all of which was included within straight-line rent), net 1
$483 $2,249 
Fair value lease revenue 2
$1,919 $1,655 
Partners’ share of fair value lease revenue from consolidated JVs 2
(142)(119)
BXP’s share of fair value lease revenue from unconsolidated JVs 2
634 649 
BXP’s Share of fair value lease revenue 2
$2,411 $2,185 
Lease termination income$1,922 $2,078 
Partners’ share of termination income from consolidated JVs(641)(221)
BXP’s share of termination income from unconsolidated JVs(1)606 
BXP’s Share of termination income$1,280 $2,463 
Non-cash termination income adjustment (fair value lease amounts)$— $— 
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs— — 
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs— — 
BXP’s Share of non-cash termination income adjustment (fair value lease amounts)$— $— 
Parking and other revenue$26,474 $21,734 
Partners’ share of parking and other revenue from consolidated JVs(621)(540)
BXP’s share of parking and other revenue from unconsolidated JVs2,026 1,766 
BXP’s Share of parking and other revenue $27,879 $22,960 
Cash rent abatements and deferrals related to COVID-19$1,682 $1,553 
Partners’ share of cash rent abatements and deferrals related to COVID-19 from consolidated JVs97 
BXP’s share of cash rent abatements and deferrals related to COVID-19 from unconsolidated JVs(39)87 
BXP’s Share of cash rent abatements and deferrals related to COVID-19$1,740 $1,646 
Hedge amortization$1,590 $1,590 
Partners’ share of hedge amortization from consolidated JVs(144)(144)
BXP’s share of hedge amortization from unconsolidated JVs— — 
BXP’s Share of hedge amortization$1,446 $1,446 
Straight-line ground rent expense adjustment$746 $744 
Partners’ share of straight-line ground rent expense adjustment from consolidated JVs— — 
BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs145 145 
BXP’s Share of straight-line ground rent expense adjustment$891 $889 
59

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Q2 2022
Reconciliations (continued)
BXP’s Share of select items
Three Months Ended
30-Jun-2231-Mar-22
Depreciation and amortization$183,146 $177,624 
Noncontrolling interests in property partnerships’ share of depreciation and amortization(17,414)(17,653)
BXP’s share of depreciation and amortization from unconsolidated JVs21,120 22,044 
BXP’s Share of depreciation and amortization$186,852 $182,015 
Lease transaction costs that qualify as rent inducements 3
$4,452 $(4,583)
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 3
— 2,443 
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 3
87 371 
BXP’s Share of lease transaction costs that qualify as rent inducements 3
$4,539 $(1,769)
2nd generation tenant improvements and leasing commissions$128,465 $36,993 
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs
(41,402)(1,441)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs
3,926 10,039 
BXP’s Share of 2nd generation tenant improvements and leasing commissions$90,989 $45,591 
Maintenance capital expenditures 4
$16,256 $10,652 
Partners’ share of maintenance capital expenditures from consolidated JVs 4
(1,460)(1,523)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 4
1,022 719 
BXP’s Share of maintenance capital expenditures 4
$15,818 $9,848 
Interest expense$104,142 $101,228 
Partners’ share of interest expense from consolidated JVs(11,850)(11,744)
BXP’s share of interest expense from unconsolidated JVs14,335 13,246 
BXP’s Share of interest expense$106,627 $102,730 
Capitalized interest$14,079 $13,740 
Partners’ share of capitalized interest from consolidated JVs(63)(46)
BXP’s share of capitalized interest from unconsolidated JVs663 1,315 
BXP’s Share of capitalized interest$14,679 $15,009 
Amortization of financing costs$4,169 $3,568 
Partners’ share of amortization of financing costs from consolidated JVs(499)(497)
BXP’s share of amortization of financing costs from unconsolidated JVs749 881 
BXP’s Share of amortization of financing costs$4,419 $3,952 





_____________
1Represents the reinstatement of accrued rent balances related to clients that the Company determined are now probable of collection.
2Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in place at the property acquisition dates.
3Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.
4Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures.

60

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Q2 2022
Reconciliations (continued)
for the three months ended June 30, 2022
(unaudited and dollars in thousands)
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
CONSOLIDATED JOINT VENTURES767 Fifth Avenue100 Federal StreetTotal Consolidated
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Revenue
Lease 1
$75,997 $100,569 $176,566 
Straight-line rent(1,875)1,852 (23)
Fair value lease revenue327 24 351 
Termination income1,603 — 1,603 
Total lease revenue76,052 102,445 178,497 
Parking and other— 1,380 1,380 
Total rental revenue 2
76,052 103,825 179,877 
Expenses
Operating28,837 36,044 64,881 
Net Operating Income (NOI)47,215 67,781 114,996 
Other income (expense)
Interest and other income22 (91)(69)
Interest expense(21,018)(7,658)(28,676)
Depreciation and amortization expense(16,057)(22,998)(39,055)
General and administrative expense(34)(119)(153)
Total other income (expense)(37,087)(30,866)(67,953)
Net income$10,128 $36,915 $47,043 
BXP’s nominal ownership percentage60.00%55.00%
Partners’ share of NOI (after income allocation to private REIT shareholders) 3
$18,196 $29,666 $47,862 
BXP’s share of NOI (after income allocation to private REIT shareholders)$29,019 $38,115 $67,134 
Unearned portion of capitalized fees 4
$890 $123 $1,013 
Partners’ share of select items 3
Partners’ share of parking and other revenue$— $621 $621 
Partners’ share of hedge amortization$144 $— $144 
Partners’ share of amortization of financing costs$346 $153 $499 
Partners’ share of depreciation and amortization related to capitalized fees$365 $471 $836 
Partners’ share of capitalized interest$63 $— $63 
Partners’ share of management and other fees $696 $862 $1,558 
Partners’ share of basis differential depreciation and amortization expense$(17)$(177)$(194)
Partners’ share of basis differential interest and other adjustments$(4)$(78)$(82)
Reconciliation of Partners’ share of EBITDAre 5
Partners’ NCI$3,011 $15,535 $18,546 
Add:
Partners’ share of interest expense after BXP’s basis differential8,404 3,446 11,850 
Partners’ share of depreciation and amortization expense after BXP’s basis differential 6,771 10,643 17,414 
Partners’ share of EBITDAre
$18,186 $29,624 $47,810 

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Q2 2022
Reconciliations (continued)
for the three months ended June 30, 2022
(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 3
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Rental revenue 2
$30,421 $46,721 $77,142 
Less: Termination income641 — 641 
Rental revenue (excluding termination income) 2
29,780 46,721 76,501 
Less: Operating expenses (including partners’ share of management and other fees)12,225 17,076 29,301 
Income allocation to private REIT shareholders— (21)(21)
NOI (excluding termination income and after income allocation to private REIT shareholders) $17,555 $29,666 $47,221 
Rental revenue (excluding termination income) 2
$29,780 $46,721 $76,501 
Less: Straight-line rent(750)833 
2
83 
 Fair value lease revenue131 11 142 
Subtotal30,399 45,877 76,276 
Less: Operating expenses (including partners’ share of management and other fees) 12,225 17,076 29,301 
Income allocation to private REIT shareholders— (21)(21)
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $18,174 $28,822 $46,996 
Reconciliation of Partners’ share of Revenue 3
Rental revenue 2
$30,421 $46,721 $77,142 
Add: Development and management services revenue— — — 
Revenue$30,421 $46,721 $77,142 


















_________
1Lease revenue includes recoveries from clients and service income from clients.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
3Amounts represent the partners’ share based on their respective ownership percentage.
4Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income.
5Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.

62

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Q2 2022
Reconciliations (continued)
for the three months ended June 30, 2022
(unaudited and dollars in thousands)

UNCONSOLIDATED JOINT VENTURES 1
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
Revenue
Lease 2
$21,648 $25,628 $3,680 $10,426 $6,990 $28,120 $96,492 
Straight-line rent3,266 9,349 54 235 512 4,338 17,754 
Fair value lease revenue — 257 — 28 1,183 — 1,468 
Termination income— — — — (5)— (5)
Total lease revenue24,914 35,234 3,734 10,689 8,680 32,458 115,709 
Parking and other— 2,292 69 174 396 1,645 4,576 
Total rental revenue 3
24,914 37,526 3,803 10,863 9,076 34,103 120,285 
Expenses
Operating 8,644 12,954 4,128 
4
4,071 3,304 11,787 44,888 
Net operating income/(loss)16,270 24,572 (325)6,792 5,772 22,316 75,397 
Other income/(expense)
Development and management services revenue— — 459 55 55 575 
Interest and other income— — — 10 
Interest expense(5,339)(11,886)(3,004)(5)(1,964)(10,021)(32,219)
Transaction costs(175)— — (325)— (311)(811)
Depreciation and amortization expense(8,043)(12,626)(2,759)(4,494)(5,826)(9,545)(43,293)
General and administrative expense(21)(105)(231)(14)(63)(31)(465)
Total other income/(expense)(13,575)(24,613)(5,535)(4,780)(7,847)(19,853)(76,203)
Net income/(loss)$2,695 $(41)$(5,860)$2,012 $(2,075)$2,463 $(806)
BXP’s share of parking and other revenue$$1,215 $35 $87 $133 $554 
5
$2,026 
BXP’s share of amortization of financing costs$167 $85 $79 $— $29 $389 
5
$749 
BXP’s share of capitalized interest$— $— $663 $— $— $— 
5
$663 
BXP’s share of non-cash termination income adjustment (fair value lease amounts)$— $— $— $— $— $— $— 
Income/(loss) from unconsolidated joint ventures$1,364 $(878)$(2,076)$373 $(687)$1,850 
5
$(54)
Add:
BXP’s share of interest expense2,670 6,289 1,242 661 3,470 
5
14,335 
BXP’s share of depreciation and amortization expense4,006 7,779 
6
1,006 2,739 
7
1,947 3,643 
5
21,120 
BXP’s share of EBITDAre
$8,040 $13,190 
6
$172 $3,115 
7
$1,921 $8,963 
5
$35,401 
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Q2 2022
Reconciliations (continued)
UNCONSOLIDATED JOINT VENTURES 1
Reconciliation of BXP’s share of Net Operating Income/(Loss)BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
BXP’s share of rental revenue 3
$12,457 $20,096 
6
$1,902 $5,219 
7
$3,056 $13,630 
5
$56,360 
BXP’s share of operating expenses4,323 6,849 1,884 2,036 1,112 4,446 
5
20,650 
BXP’s share of net operating income/(loss) 8,134 13,247 
6
18 3,183 
7
1,944 9,184 
5
35,710 
Less:
BXP’s share of termination income— — — — (1)— (1)
BXP’s share of net operating income/(loss) (excluding termination income) 8,134 13,247 18 3,183 1,945 9,184 
5
35,711 
Less:
BXP’s share of straight-line rent1,632 4,860 
6
27 125 
7
172 2,067 
5
8,883 
BXP’s share of fair value lease revenue— 442 
6
— (205)
7
397 — 634 
Add:
 BXP’s share of straight-line ground rent expense adjustment— — 145 — — — 145 
BXP’s share of lease transaction costs that qualify as rent inducements— 105 — — (33)15 
5
87 
BXP’s share of net operating income/(loss) - cash (excluding termination income) $6,502 $8,050 
6
$136 $3,263 
7
$1,343 $7,132 
5
$26,426 
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3
$12,457 $20,096 
6
$1,902 $5,219 
7
$3,056 $13,630 
5
$56,360 
Add:
BXP’s share of development and management services revenue— — 230 28 28 288 
BXP’s share of revenue$12,457 $20,096 
6
$2,132 $5,247 
7
$3,058 $13,658 
5
$56,648 




















_____________
1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.
2 Lease revenue includes recoveries from clients and service income from clients.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
4 Includes approximately $290 of straight-line ground rent expense.
5 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement of 901 New York Avenue.
6 The Company’s purchase price allocation under ASC 805 for Colorado Center differs from the historical basis of the venture resulting in the majority of the basis differential for this region.
7 The Company’s purchase price allocation under ASC 805 for Gateway Commons differs from the historical basis of the venture resulting in the majority of the basis differential for this region.

64

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Q2 2022
Reconciliations (continued)
Reconciliation of Net income attributable to Boston Properties, Inc. common shareholders to
BXP’s Share of same property net operating income (NOI)
(dollars in thousands)
Three Months Ended
31-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 ventures37,321 24,795 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)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 ventures606 — 
Add:
Partners’ share of termination income from consolidated joint ventures221 (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)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)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)1,590 880 
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)36,715 24,795 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)10,155 1,173 
BXP’s Share of Same Property NOI (excluding termination income)$435,158 $412,525 
Change in BXP’s Share of Same Property NOI (excluding termination income)$22,633 
Change in BXP’s Share of Same Property NOI (excluding termination income)5.5 %


65

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Q2 2022
Reconciliations (continued)
Reconciliation of Net income attributable to Boston Properties, Inc. common shareholders to
BXP’s Share of same property net operating income (NOI) - cash
(dollars in thousands)
Three Months Ended
31-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)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)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)1,161 8,517 
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)22,759 25,363 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)2,227 1,121 
BXP’s Share of Same Property NOI - cash (excluding termination income)$411,890 $392,876 
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)$19,014 
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)4.8 %
_____________
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.
2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP.
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Q2 2022
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)
Three Months Ended
30-Jun-2131-Mar-21
Revenue
Lease$684,025 $685,817 
Parking and other17,864 14,494 
Insurance proceeds418 2,444 
Hotel revenue1,561 632 
Development and management services7,284 6,803 
Direct reimbursements of payroll and related costs from management services contracts2,655 3,505 
Total revenue713,807 713,695 
Expenses
Operating117,769 118,516 
Real estate taxes130,440 136,395 
Demolition costs92 18 
Restoration expenses related to insurance claim402 2,460 
Hotel operating1,996 2,051 
General and administrative38,405 44,959 
Payroll and related costs from management services contracts2,655 3,505 
Transaction costs751 331 
Depreciation and amortization183,838 176,565 
Total expenses476,348 484,800 
Other income (expense)
Income (loss) from unconsolidated joint ventures(1,373)5,225 
Gains on sales of real estate7,756 — 
Gains from investments in securities2,275 1,659 
Interest and other income (loss)1,452 1,168 
Losses from early extinguishments of debt— (898)
Interest expense(106,319)(107,902)
Net income141,250 128,147 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(17,164)(16,467)
Noncontrolling interest - common units of the Operating Partnership (12,383)(11,084)
Net income attributable to Boston Properties, Inc.111,703 100,596 
Preferred dividends— (2,560)
Preferred stock redemption charge— (6,412)
Net income attributable to Boston Properties, Inc. common shareholders$111,703 $91,624 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$0.72 $0.59 
Net income attributable to Boston Properties, Inc. per share - diluted$0.71 $0.59 

67
Document

Exhibit 99.2
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BXP ANNOUNCES 2nd QUARTER 2022 RESULTS; REPORTS Q2 EPS OF $1.42 AND FFO PER SHARE OF $1.94

Exceeded Q2 2022 Guidance for EPS and FFO; Increased Full Year 2022 Guidance for EPS and FFO; Executed 1.9 Million SF of Leases in Q2; and Expanded Presence in the Seattle Market
    
BOSTON, MA, July 26, 2022 - Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, reported results today for the second quarter ended June 30, 2022.
Financial highlights for the second quarter include:
Revenue grew more than 8% to $773.9 million for the quarter ended June 30, 2022, as compared to $713.8 million for the quarter ended June 30, 2021.
Net income attributable to common shareholders of $223.0 million, or $1.42 per diluted share (EPS) for the quarter ended June 30, 2022, compared to $111.7 million, or $0.71 per diluted share, for the quarter ended June 30, 2021.
Funds from Operations (FFO) of $304.6 million, or $1.94 per diluted share for the quarter ended June 30, 2022, compared to FFO of $268.6 million, or $1.72 per diluted share, for the quarter ended June 30, 2021.
EPS and FFO per share exceeded the mid-points of BXP’s guidance by $0.62 and $0.09 per share, respectively. EPS included a gain on sale of $0.55 per share, and each of EPS and FFO included $0.09 per share of better-than-projected portfolio performance. The portfolio outperformance was partially due to lower-than-projected operating expenses of $0.05 per share resulting from the deferral of certain maintenance expenses. We expect to recognize a majority of those Q2 expense savings in the second half of 2022.
BXP provided guidance for (1) third quarter 2022 EPS of $0.74 - $0.76 and FFO of $1.86 - $1.88 per diluted share, and (2) full year 2022 EPS of $5.40 - $5.45 and FFO of $7.48 - $7.53 per diluted share. See “EPS and FFO per Share Guidance” below.
Second quarter and recent business highlights include:
Executed approximately 1.9 million square feet of leases, the strongest leasing quarter since Q3 2019 and approximately 140% of our historical 10-year average for the quarter. Notable leases include:
A 570,000 square foot lease for the first phase of a future life sciences development at 290 Binney Street in Cambridge, MA. The lease and the commencement of development are subject to various conditions, some of which are not within BXP’s control
A 125,000 square foot lease at 767 Fifth Avenue (The GM Building) in New York City, New York

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A 112,000 square foot lease with a life sciences client at 180 CityPoint in Waltham, Massachusetts
A 104,000 square foot lease at 140 Kendrick Street in Needham, Massachusetts
Completed the acquisition of Madison Centre in Seattle, Washington, for a gross purchase price of approximately $730.0 million. Madison Centre is an approximately 755,000 square foot, 37-story, LEED-Platinum certified, Class A office property. Madison Centre was constructed in 2017, is approximately 93% leased, and is considered one of the highest quality buildings in Seattle. The acquisition was completed with a $730.0 million unsecured term loan that matures on May 16, 2023. As of June 30, 2022, the term loan bears interest at a variable rate equal to Term SOFR plus 0.95% per annum.
Commenced two development projects within Reston Town Center in Reston, Virginia:
A residential property that is expected to consist of 508 units across a five-story low-rise building and an iconic 39-story tower, which will be one of the tallest buildings in Northern Virginia. The fifth floor of the tower will serve as a full-floor amenity level with a large co-working space, fitness center, sports bar/game area, communal kitchen, and numerous seating areas. A pool and a collection of fire pit areas will sit above a structured garage. The property is owned by a newly formed joint venture with an institutional partner in which BXP has a 20% interest. The joint venture obtained a $140.0 million construction loan that bears interest at a variable rate equal to SOFR plus 2.00% per annum and matures on May 13, 2026, with two, one-year extension options, subject to certain conditions.
Adjacent to the residential property, a Class A office and retail project that, when completed, will consist of approximately 90,000 square feet of boutique commercial space with highly efficient floor plates. Premium amenities will include a large rooftop terrace and indoor amenity space with a catering kitchen.
In June 2022, completed and fully placed in-service 325 Main Street, a Class A office building with approximately 414,000 square feet of office and retail space located in Cambridge, Massachusetts. The office component, comprising approximately 380,000 square feet, is 100% leased.
In June 2022, completed the sale of a portfolio of eleven suburban office properties aggregating approximately 733,000 net rentable square feet, located in Springfield, Virginia, for an aggregate gross sales price of $127.0 million. Net cash proceeds totaled approximately $121.9 million, and BXP recognized a gain on sale of real estate totaling approximately $96.2 million.
In June 2022, refinanced the mortgage loan collateralized by Hub50House located in Boston, Massachusetts. The new mortgage loan has a principal balance of $185.0 million, bears interest at a variable rate equal to SOFR plus 1.35% per annum and matures on June 17, 2032. The property is owned by a joint venture in which BXP has a 50% interest. At closing, the joint venture entered into interest rate swap contracts with notional amounts aggregating $185.0 million effective through April 10, 2032, resulting in a fixed rate of approximately 4.432% per annum through the expiration of the interest rate swap contracts. The previous construction loan had an outstanding balance of approximately $176.7 million and matured in June 2022.
Continued leadership and ongoing commitment to ESG and sustainability performance:

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In April 2022, released BXP’s 2021 ESG Report, which highlights that BXP remains on track to achieve carbon-neutral operations by 2025. Following the report’s release, BXP hosted its first ESG Investor Webcast in June 2022.
In May 2022, received the 2022 ENERGY STAR® Partner of the Year - Sustained Excellence Award from the U.S. Environmental Protection Agency and the U.S. Department of Energy for the second consecutive year.
In May 2022, BXP’s ESG rating was upgraded from ‘A’ to ‘AA’ by MSCI ESG Research. MSCI is a leading provider of in-depth research, ratings and analysis of environmental, social and governance-related business activities for the global investment community.

In June 2022, celebrated the 25th Anniversary of BXP’s listing on the New York Stock Exchange. Representatives from BXP across the U.S. rang the closing bell on June 24th in recognition of this milestone.

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended June 30, 2022. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

EPS and FFO per Share Guidance:
BXP’s guidance for the third quarter and full year 2022 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, the timing of the lease-up of available space, and the earnings impact of the events referenced in this release and those referenced during the related conference call. Except as otherwise publicly disclosed, the estimates do not include the impacts of any potential (1) capital markets activity, (2) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (3) future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Third Quarter 2022Full Year 2022
LowHighLowHigh
Projected EPS (diluted)$0.74 $0.76 $5.40 $5.45 
Add:
Projected Company share of real estate depreciation and amortization1.12 1.12 4.37 4.37 
Projected Company share of (gains)/losses on sales of real estate— — (2.29)(2.29)
Projected FFO per share (diluted)$1.86 $1.88 $7.48 $7.53 



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BXP will host a conference call on Wednesday, July 27, 2022 at 10:00 AM Eastern Time, open to the general public, to discuss the second quarter 2022 results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register.vevent.com/register/BIb368dd8ce4f440c5b320e7828f6f17f6 to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.
Additionally, a copy of BXP’s second quarter 2022 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

Boston Properties (NYSE: BXP) is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires, and owns a diverse portfolio of primarily Class A office space. Including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 53.7 million square feet and 193 properties, including twelve properties under construction/redevelopment. For more information about BXP, please visit our website at www.bxp.com or follow us on LinkedIn or Instagram.

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which 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, the risks and uncertainties related to the impact of the COVID-19 global pandemic, including the emergence of additional variants, the effectiveness, availability and distribution of vaccines, including their efficacy against new variant strains and the willingness of individuals to be vaccinated, the impact of geopolitical conflicts, including the ongoing war in Ukraine, and the severity and duration of the indirect economic impacts of the foregoing, such as recession, supply chain disruptions, labor market disruptions, rising inflation, increasing interest rates, dislocation and volatility in capital markets, job losses, potential longer-term changes in consumer and client 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, BXP’s ability to enter into new leases or renew leases on favorable terms, dependence on clients’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes (including potential costs to comply with the Securities and Exchange Commission’s proposed rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in BXP’s filings with the SEC. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. 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.

Financial tables follow.

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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

June 30, 2022December 31, 2021
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost$23,522,913 $22,298,103 
Construction in progress593,958 894,172 
Land held for future development583,700 560,355 
Right of use assets - finance leases237,488 237,507 
Right of use assets - operating leases168,370 169,778 
Less: accumulated depreciation(6,077,270)(5,883,961)
Total real estate19,029,159 18,275,954 
Cash and cash equivalents456,491 452,692 
Cash held in escrows46,359 48,466 
Investments in securities31,457 43,632 
Tenant and other receivables, net64,607 70,186 
Related party note receivable, net78,576 78,336 
Note receivables, net— 9,641 
Accrued rental income, net1,265,480 1,226,745 
Deferred charges, net684,078 618,798 
Prepaid expenses and other assets55,232 57,811 
Investments in unconsolidated joint ventures1,554,994 1,482,997 
Total assets$23,266,433 $22,365,258 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$3,269,948 $3,267,914 
Unsecured senior notes, net9,489,030 9,483,695 
Unsecured line of credit165,000 145,000 
Unsecured term loan, net728,795 — 
Lease liabilities - finance leases246,832 244,421 
Lease liabilities - operating leases204,643 204,561 
Accounts payable and accrued expenses342,467 320,775 
Dividends and distributions payable170,937 169,859 
Accrued interest payable96,821 94,796 
Other liabilities401,360 391,441 
Total liabilities15,115,833 14,322,462 
Commitments and contingencies— — 
Redeemable deferred stock units7,931 9,568 
Equity:
Stockholders’ equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding
— — 
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding— — 
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,805,330 and 156,623,749 issued and 156,726,430 and 156,544,849 outstanding at June 30, 2022 and December 31, 2021, respectively
1,567 1,565 
Additional paid-in capital6,524,997 6,497,730 
Dividends in excess of earnings(567,016)(625,891)
Treasury common stock at cost, 78,900 shares at June 30, 2022 and December 31, 2021
(2,722)(2,722)
Accumulated other comprehensive loss(27,077)(36,662)
Total stockholders’ equity attributable to Boston Properties, Inc.5,929,749 5,834,020 
Noncontrolling interests:
Common units of the Operating Partnership660,214 642,655 
Property partnerships1,552,706 1,556,553 
Total equity8,142,669 8,033,228 
Total liabilities and equity$23,266,433 $22,365,258 








BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended June 30,Six months ended June 30,
 2022202120222021
 (in thousands, except for per share amounts)
Revenue
Lease$721,899 $684,025 $1,440,019 $1,369,842 
Parking and other30,346 18,282 52,080 35,220 
Hotel revenue12,089 1,561 16,646 2,193 
Development and management services6,354 7,284 12,185 14,087 
Direct reimbursements of payroll and related costs from management services contracts
3,239 2,655 7,304 6,160 
Total revenue773,927 713,807 1,528,234 1,427,502 
Expenses
Operating
Rental273,848 248,703 544,103 506,092 
Hotel6,444 1,996 11,284 4,047 
General and administrative34,665 38,405 77,859 83,364 
Payroll and related costs from management services contracts3,239 2,655 7,304 6,160 
Transaction costs496 751 496 1,082 
Depreciation and amortization183,146 183,838 360,770 360,403 
Total expenses501,838 476,348 1,001,816 961,148 
Other income (expense)
Income (loss) from unconsolidated joint ventures(54)(1,373)2,135 3,852 
Gains on sales of real estate96,247 7,756 118,948 7,756 
Interest and other income (loss)1,195 1,452 2,423 2,620 
Other income - assignment fee6,624 — 6,624 — 
Gains (losses) from investments in securities(4,716)2,275 (6,978)3,934 
Losses from early extinguishment of debt— — — (898)
Interest expense(104,142)(106,319)(205,370)(214,221)
Net income267,243 141,250 444,200 269,397 
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships(18,546)(17,164)(36,095)(33,631)
Noncontrolling interest—common units of the Operating Partnership
(25,708)(12,383)(42,061)(23,422)
Net income attributable to Boston Properties, Inc.222,989 111,703 366,044 212,344 
Preferred dividends— — — (2,560)
Preferred stock redemption charge— — — (6,412)
Net income attributable to Boston Properties, Inc. common shareholders
$222,989 $111,703 $366,044 $203,372 
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$1.42 $0.72 $2.33 $1.30 
Weighted average number of common shares outstanding156,720 156,107 156,685 156,016 
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$1.42 $0.71 $2.33 $1.30 
Weighted average number of common and common equivalent shares outstanding
157,192 156,519 157,098 156,307 








BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
Three months ended June 30,Six months ended June 30,
2022202120222021
(in thousands, except for per share amounts)
Net income attributable to Boston Properties, Inc. common shareholders
$222,989 $111,703 $366,044 $203,372 
Add:
Preferred stock redemption charge— — — 6,412 
Preferred dividends
— — — 2,560 
Noncontrolling interest - common units of the Operating Partnership
25,708 12,383 42,061 23,422 
Noncontrolling interests in property partnerships
18,546 17,164 36,095 33,631 
Net income267,243 141,250 444,200 269,397 
Add:
Depreciation and amortization expense
183,146 183,838 360,770 360,403 
Noncontrolling interests in property partnerships’ share of depreciation and amortization
(17,414)(17,113)(35,067)(33,570)
Company’s share of depreciation and amortization from unconsolidated joint ventures
21,120 15,350 43,164 33,762 
Corporate-related depreciation and amortization
(413)(444)(817)(884)
Less:
Gains on sale of investment included within income from unconsolidated joint ventures— — — 10,257 
Gains on sales of real estate96,247 7,756 118,948 7,756 
Noncontrolling interests in property partnerships
18,546 17,164 36,095 33,631 
Preferred dividends
— — — 2,560 
Preferred stock redemption charge— — — 6,412 
Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.)
338,889 297,961 657,207 568,492 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations
34,329 29,319 66,509 55,940 
Funds from operations attributable to Boston Properties, Inc. common shareholders
$304,560 $268,642 $590,698 $512,552 
Boston Properties, Inc.’s percentage share of funds from operations - basic
89.87 %90.16 %89.88 %90.16 %
Weighted average shares outstanding - basic156,720 156,107 156,685 156,016 
FFO per share basic
$1.94 $1.72 $3.77 $3.29 
Weighted average shares outstanding - diluted157,192 156,519 157,098 156,307 
FFO per share diluted
$1.94 $1.72 $3.76 $3.28 








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










BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
% Leased by Location
June 30, 2022December 31, 2021
Boston91.5 %91.4 %
Los Angeles93.4 %88.8 %
New York87.8 %87.6 %
San Francisco86.9 %87.3 %
Seattle 89.1 %90.9 %
Washington, DC89.4 %87.2 %
Total Portfolio89.5 %88.8 %







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

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
















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