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