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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission File Number: 1-13087 (Boston Properties, Inc.)
Commission File Number: 0-50209 (Boston Properties Limited Partnership)

BOSTON PROPERTIES, INC.
BOSTON PROPERTIES LIMITED PARTNERSHIP
(Exact name of Registrants as specified in its charter)
Boston Properties, Inc.Delaware04-2473675
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Boston Properties Limited PartnershipDelaware04-3372948
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Prudential Center, 800 Boylston Street, Suite 1900, Boston, Massachusetts 02199-8103
(Address of principal executive offices) (Zip Code)
(617) 236-3300
(Registrants’ telephone number, including area code)
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
Boston Properties, Inc.:    Yes  x   No           Boston Properties Limited Partnership:    Yes  x    No      


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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Boston Properties, Inc.:    Yes  x    No           Boston Properties Limited Partnership:    Yes  x    No      
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Boston Properties, Inc.:    
Large accelerated filer  x         Accelerated filer           Non-accelerated filer           Smaller reporting company           Emerging growth company  

Boston Properties Limited Partnership:
Large accelerated filer           Accelerated filer           Non-accelerated filer  x           Smaller reporting company             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 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Boston Properties, Inc.:    Yes      No  x        Boston Properties Limited Partnership:    Yes      No  x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Boston Properties, Inc.Common Stock, par value $0.01 per share156,734,680
(Registrant)(Class)
(Outstanding on August 2, 2022)


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EXPLANATORY NOTE
This report combines the Quarterly Reports on Form 10-Q for the period ended June 30, 2022 of Boston Properties, Inc. and Boston Properties Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “BXP” mean Boston Properties, Inc., a Delaware corporation and real estate investment trust (“REIT”), and references to “BPLP” and the “Operating Partnership” mean Boston Properties Limited Partnership, a Delaware limited partnership. BPLP is the entity through which BXP conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets. BXP is the sole general partner and also a limited partner of BPLP. As the sole general partner of BPLP, BXP has exclusive control of BPLP’s day-to-day management. Therefore, unless stated otherwise or the context requires, references to the “Company,” “we,” “us” and “our” mean collectively BXP, BPLP and those entities/subsidiaries consolidated by BXP.
As of June 30, 2022, BXP owned an approximate 89.6% ownership interest in BPLP. The remaining approximate 10.4% interest was owned by limited partners. The other limited partners of BPLP either (1) contributed their direct or indirect interests in properties to BPLP in exchange for common units or preferred units of limited partnership interest in BPLP or (2) received long-term incentive plan units of BPLP pursuant to BXP’s Stock Option and Incentive Plans, or both. Under the limited partnership agreement of BPLP, unitholders may present their common units of BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time, generally one year from issuance). Upon presentation of a common unit for redemption, BPLP must redeem the unit for cash equal to the then value of a share of BXP’s common stock. In lieu of a cash redemption by BPLP, however, BXP may elect to acquire any common units so tendered by issuing shares of BXP common stock in exchange for the common units. If BXP so elects, its common stock will be exchanged for common units on a one-for-one basis. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. BXP generally expects that it will elect to issue its common stock in connection with each such presentation for redemption rather than having BPLP pay cash. With each such exchange or redemption, BXP’s percentage ownership in BPLP will increase. In addition, whenever BXP issues shares of its common stock other than to acquire common units of BPLP, BXP must contribute any net proceeds it receives to BPLP and BPLP must issue to BXP an equivalent number of common units of BPLP. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the Quarterly Reports on Form 10-Q of BXP and BPLP into this single report:
enhances investors’ understanding of BXP and BPLP by enabling them to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more concise and readable presentation because a substantial portion of the disclosure applies to both BXP and BPLP; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between BXP and BPLP in the context of how BXP and BPLP operate as a consolidated company. The financial results of BPLP are consolidated into the financial statements of BXP. BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving the securities of BXP. BPLP holds substantially all of the assets of BXP, including ownership interests in joint ventures. BPLP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by BXP, which are contributed to the capital of BPLP in exchange for common or preferred units of partnership in BPLP, as applicable, BPLP generates all remaining capital required by the Company’s business. These sources include working capital, net cash provided by operating activities, borrowings under its credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties and interests in joint ventures.
Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of BXP and BPLP. The limited partners of BPLP are accounted for as partners’ capital in BPLP’s financial statements and as noncontrolling interests in BXP’s financial statements. The noncontrolling interests in BPLP’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in BXP’s financial statements include the same


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noncontrolling interests in BPLP and limited partners of BPLP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued at BXP and BPLP levels.
In addition, the consolidated financial statements of BXP and BPLP differ in total real estate assets resulting from previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of BPLP. This accounting resulted in a step-up of the real estate assets of BXP at the time of such redemptions, resulting in a difference between the net real estate of BXP as compared to BPLP of approximately $253.9 million, or 1.4% at June 30, 2022, and a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of these properties having an allocation of the real estate step-up. The acquisition accounting was nullified on a prospective basis beginning in 2009 as a result of the Company’s adoption of a new accounting standard requiring any subsequent redemptions to be accounted for solely as an equity transaction.
To help investors better understand the key differences between BXP and BPLP, the following items in this report present information separately for BXP and BPLP:
Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP:
Note 3. Real Estate;
Note 9. Stockholders’ Equity / Partners’ Capital;
Note 10. Segment Information; and
Note 11. Earnings Per Share / Common Unit
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable; and
Item 2. Liquidity and Capital Resources includes separate reconciliations of amounts to each entity’s financial statements, where applicable.
This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections for each of BXP and BPLP, as well as separate Exhibits 31 and 32 certifications for each of BXP and BPLP.




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BOSTON PROPERTIES, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP
FORM 10-Q
for the quarter ended June 30, 2022
TABLE OF CONTENTS
 Page
ITEM 1.
Boston Properties, Inc.
Boston Properties Limited Partnership
Boston Properties, Inc. and Boston Properties Limited Partnership
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
 



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PART I. FINANCIAL INFORMATION
ITEM 1—Financial Statements.

BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
June 30, 2022December 31, 2021
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,736,095 and $6,702,830 at June 30, 2022 and December 31, 2021, respectively)
$24,700,571 $23,752,630 
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at June 30, 2022 and December 31, 2021, respectively)
237,488 237,507 
Right of use assets - operating leases
168,370 169,778 
Less: accumulated depreciation (amounts related to VIEs of $(1,328,099) and $(1,283,060) at June 30, 2022 and December 31, 2021, respectively)
(6,077,270)(5,883,961)
Total real estate19,029,159 18,275,954 
Cash and cash equivalents (amounts related to VIEs of $297,608 and $300,937 at June 30, 2022 and December 31, 2021, respectively)
456,491 452,692 
Cash held in escrows
46,359 48,466 
Investments in securities31,457 43,632 
Tenant and other receivables, net (amounts related to VIEs of $11,008 and $6,824 at June 30, 2022 and December 31, 2021, respectively)
64,607 70,186 
Related party note receivable, net78,576 78,336 
Notes receivable, net
 9,641 
Accrued rental income, net (amounts related to VIEs of $357,000 and $357,395 at June 30, 2022 and December 31, 2021, respectively)
1,265,480 1,226,745 
Deferred charges, net (amounts related to VIEs of $178,001 and $174,637 at June 30, 2022 and December 31, 2021, respectively)
684,078 618,798 
Prepaid expenses and other assets (amounts related to VIEs of $8,866 and $29,668 at June 30, 2022 and December 31, 2021, respectively)
55,232 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 (amounts related to VIEs of $3,269,948 and $3,267,914 at June 30, 2022 and December 31, 2021, respectively)
$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 leases (amounts related to VIEs of $20,532 and $20,458 at June 30, 2022 and December 31, 2021, respectively)
246,832 244,421 
Lease liabilities - operating leases 204,643 204,561 
Accounts payable and accrued expenses (amounts related to VIEs of $41,409 and $29,464 at June 30, 2022 and December 31, 2021, respectively)
342,467 320,775 
Dividends and distributions payable170,937 169,859 
Accrued interest payable
96,821 94,796 
Other liabilities (amounts related to VIEs of $113,103 and $150,131 at June 30, 2022 and December 31, 2021, respectively)
401,360 391,441 
Total liabilities15,115,833 14,322,462 
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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
June 30, 2022December 31, 2021
Commitments and contingencies (See Note 7)
Redeemable deferred stock units— 89,132 and 83,073 units outstanding at redemption value at June 30, 2022 and December 31, 2021, respectively
7,931 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 capital
6,524,997 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 Boston Properties Limited 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 
















The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except for per share amounts)
Three months ended June 30,Six months ended June 30,
 2022202120222021
Revenue
Lease$721,899 $684,025 $1,440,019 $1,369,842 
Parking and other30,346 18,282 52,080 35,220 
Hotel12,089 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 
The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)
 
Three months ended June 30,Six months ended June 30,
 2022202120222021
Net income$267,243 $141,250 $444,200 $269,397 
Other comprehensive income:
Effective portion of interest rate contracts35 654 7,600 4,394 
Amortization of interest rate contracts (1)1,677 1,676 3,353 3,352 
Other comprehensive income1,712 2,330 10,953 7,746 
Comprehensive income268,955 143,580 455,153 277,143 
Net income attributable to noncontrolling interests(44,254)(29,547)(78,156)(57,053)
Other comprehensive income attributable to noncontrolling interests(304)(357)(1,368)(1,022)
Comprehensive income attributable to Boston Properties, Inc.$224,397 $113,676 $375,629 $219,068 
_______________
(1)Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties, Inc.’s Consolidated Statements of Operations.































The accompanying notes are an integral part of these consolidated financial statements.
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
 (unaudited and in thousands)
 Common StockAdditional Paid-in CapitalDividends in Excess of EarningsTreasury Stock,
at cost
Accumulated Other Comprehensive LossNoncontrolling Interests - Common UnitsNoncontrolling Interests - Property PartnershipsTotal
 SharesAmount
Equity, March 31, 2022156,712 $1,567 $6,509,663 $(636,421)$(2,722)$(28,485)$649,602 $1,548,455 $8,041,659 
Redemption of operating partnership units to common stock11  401 — — — (401)—  
Allocated net income for the period— — — 222,997 — — 25,700 18,546 267,243 
Dividends/distributions declared— — — (153,592)— — (17,939)— (171,531)
Net activity from stock option and incentive plan3 — 4,420 — — — 13,605 — 18,025 
Distributions to noncontrolling interests in property partnerships— — — — — — — (14,439)(14,439)
Effective portion of interest rate contracts— — — — — 31 4 — 35 
Amortization of interest rate contracts— — — — — 1,377 156 144 1,677 
Reallocation of noncontrolling interest— — 10,513 — — — (10,513)—  
Equity, June 30, 2022
156,726 $1,567 $6,524,997 $(567,016)$(2,722)$(27,077)$660,214 $1,552,706 $8,142,669 
Equity, March 31, 2021156,074 $1,561 $6,392,923 $(570,982)$(2,722)$(45,139)$620,106 $1,725,600 $8,121,347 
Redemption of operating partnership units to common stock59  2,087 — — — (2,087)—  
Allocated net income for the period— — — 111,748 — — 12,338 17,164 141,250 
Dividends/distributions declared— — — (153,013)— — (17,253)— (170,266)
Net activity from stock option and incentive plan3  (294)— — — 13,191 — 12,897 
Contributions from noncontrolling interests in property partnerships— — — — — — — 2,139 2,139 
Distributions to noncontrolling interests in property partnerships— — — — — — — (19,704)(19,704)
Effective portion of interest rate contracts— — — — — 593 61 — 654 
Amortization of interest rate contracts— — — — — 1,380 152 144 1,676 
Reallocation of noncontrolling interest— — 11,200 — — — (11,200)—  
Equity, June 30, 2021
156,136 $1,561 $6,405,916 $(612,247)$(2,722)$(43,166)$615,308 $1,725,343 $8,089,993 
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
 (unaudited and in thousands)
Common StockPreferred StockAdditional Paid-in CapitalDividends in Excess of EarningsTreasury Stock,
at cost
Accumulated Other Comprehensive LossNoncontrolling Interests - Common UnitsNoncontrolling Interests - Property PartnershipsTotal
SharesAmount
Equity, December 31, 2021156,545 $1,565 $ $6,497,730 $(625,891)$(2,722)$(36,662)$642,655 $1,556,553 $8,033,228 
Redemption of operating partnership units to common stock152 2 — 5,427 — — — (5,429)—  
Allocated net income for the period— — — — 366,044 — — 42,061 36,095 444,200 
Dividends/distributions declared— — — — (307,169)— — (35,859)— (343,028)
Shares issued pursuant to stock purchase plan5 — — 600 — — — — — 600 
Net activity from stock option and incentive plan24 — — 4,287 — — — 32,659 — 36,946 
Contributions from noncontrolling interests in property partnerships— — — — — — — — 849 849 
Distributions to noncontrolling interests in property partnerships— — — — — — — — (