bxp-20221025
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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): October 25, 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 October 25, 2022, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the third 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: October 25, 2022




Document


Exhibit 99.1                                                    

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Supplemental Operating and Financial Data
for the Quarter Ended September 30, 2022



THE COMPANY
Boston Properties, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces 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), with more than 50 years of experience developing, owning, managing, and acquiring exceptional properties in dynamic gateway markets. Including properties owned by joint ventures, BXP’s portfolio totals 53.5 million square feet and 193 properties, including fourteen properties under construction/redevelopment. BXP’s properties include 173 office properties, 12 retail properties (including 1 retail property under redevelopment), 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. BXP 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.  BXP has earned an eleventh 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 statements. 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, 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, 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 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: 125 Broadway, Cambridge, MA)




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Q3 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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Q3 2022
Company profile
SNAPSHOT
(as of September 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)53.5 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$74.97 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield5.2%
Consolidated Market Capitalization 2
$27.0 billion
BXP’s Share of Market Capitalization 2, 3
$27.0 billion
Unsecured 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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Q3 2022
Guidance and assumptions
GUIDANCE
BXP’s guidance for the full year 2022 and full year 2023 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, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company’s earnings release issued on October 25, 2022 and those referenced during the Company’s conference call scheduled for October 26, 2022.  The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may be subject to more 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.
Full Year 2022Full Year 2023
LowHighLowHigh
Projected EPS (diluted)$5.55 $5.57 $2.27 $2.42 
Add:
Projected Company share of real estate depreciation and amortization4.39 4.39 4.88 4.88 
Projected Company share of (gains)/losses on sales of real estate(2.43)(2.43)— — 
Projected FFO per share (diluted) $7.51 $7.53 $7.15 $7.30 




ASSUMPTIONS
(dollars in thousands)
Full Year 2022Full Year 2023
LowHighLowHigh
Operating property activity:
Average In-service portfolio occupancy88.50 %89.50 %88.00 %89.50 %
Increase in BXP’s Share of Same Property net operating income (excluding termination income)
3.50 %4.00 %(0.50)%0.50 %
Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income)
5.75 %6.25 %1.00 %2.50 %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)
$107,000 $112,000 $100,000 $115,000 
BXP’s Share of incremental net operating income related to asset sales over prior year
$(27,000)$(25,000)$(30,000)$(28,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)
$140,000 $145,000 $95,000 $115,000 
Termination income$5,000 $7,000 $3,000 $5,000 
Other revenue (expense):
Development, management services and other revenue $33,000 $36,000 $28,000 $33,000 
General and administrative expense 1
$(155,000)$(150,000)$(164,000)$(157,000)
Consolidated net interest expense 2
$(430,000)$(420,000)$(520,000)$(510,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO$(146,000)$(144,000)$(150,000)$(145,000)


_______________
1 Excludes estimated changes in the market value of the Company’s deferred compensation plan and gains (losses) from investments in securities.
2 Excludes $(66M) - $(64M) for full year 2022 and $(100M) - $(95M) for full year 2023 of BXP’s share of projected interest expense from unconsolidated joint ventures.
2

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Q3 2022
Financial highlights
(unaudited and in thousands, except ratios and per share amounts)
Three Months Ended
30-Sep-2230-Jun-22
Net income attributable to Boston Properties, Inc. $360,977 $222,989 
Net income attributable to Boston Properties, Inc. per share - diluted$2.29 $1.42 
FFO attributable to Boston Properties, Inc. 1
$299,751 $304,560 
Diluted FFO per share 1
$1.91 $1.94 
Dividends per common share$0.98 $0.98 
Funds available for distribution to common shareholders and common unitholders (FAD) 2
$127,771 $222,114 
Selected items:
Revenue$790,523 $773,927 
Recoveries from clients$123,665 $116,666 
Service income from clients$2,933 $2,452 
BXP’s Share of revenue 3
$771,125 $753,433 
BXP’s Share of straight-line rent 3
$33,817 $30,401 
BXP’s Share of fair value lease revenue 3, 4
$2,933 $2,411 
BXP’s Share of termination income 3
$2,424 $1,280 
Ground rent expense$3,309 $3,442 
Capitalized interest$12,230 $14,079 
Capitalized wages$3,921 $4,061 
Loss from unconsolidated joint ventures$(3,524)$(54)
BXP’s share of FFO from unconsolidated joint ventures 5
$17,961 $21,066 
Net income attributable to noncontrolling interests in property partnerships$18,801 $18,546 
FFO attributable to noncontrolling interests in property partnerships 6
$36,507 $35,960 
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)$4,524 $4,868 
Below-market rents (included within Other Liabilities)$56,058 $42,119 
Accrued rental income liability (included within Other Liabilities)$119,839 $123,137 
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7
3.82 4.30 
Interest Coverage Ratio (including capitalized interest) 7
3.41 3.75 
Fixed Charge Coverage Ratio 7
3.04 3.30 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8
7.49 7.46 
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 9
3.2 %6.1 %
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 9
6.7 %9.5 %
FAD Payout Ratio 2
134.26 %77.23 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 63.3 %63.6 %
Occupancy of In-Service Properties88.9 %89.5 %
Capitalization:
Consolidated Debt$13,832,871 $13,652,773 
BXP’s Share of Debt 10
$13,925,599 $13,741,991 
Consolidated Market Capitalization$26,950,372 $29,219,913 
Consolidated Debt/Consolidated Market Capitalization51.33 %46.72 %
BXP’s Share of Market Capitalization 10
$27,043,100 $29,309,131 
BXP’s Share of Debt/BXP’s Share of Market Capitalization 10
51.49 %46.89 %
_____________
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 September 30, 2022, see page 36.
6For a quantitative reconciliation for the three months ended September 30, 2022, see page 33.
7For a quantitative reconciliation for the three months ended September 30, 2022 and June 30, 2022, see page 31.
8For a quantitative reconciliation for the three months ended September 30, 2022 and June 30, 2022, see page 30.
9For a quantitative reconciliation for the three months ended September 30, 2022 and June 30, 2022, see pages 10, 65 and 66.
10For a quantitative reconciliation for September 30, 2022, see page 27.
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Q3 2022
Consolidated Balance Sheets
(unaudited and in thousands)
30-Sep-2230-Jun-22
ASSETS
Real estate $23,920,533 $23,522,913 
Construction in progress 670,167 593,958 
Land held for future development 601,676 583,700 
Right of use assets - finance leases 237,505 237,488 
Right of use assets - operating leases167,935 168,370 
Less accumulated depreciation(6,170,472)(6,077,270)
Total real estate19,427,344 19,029,159 
Cash and cash equivalents375,774 456,491 
Cash held in escrows 73,112 46,359 
Investments in securities30,040 31,457 
Tenant and other receivables, net69,633 64,607 
Related party note receivable, net78,592 78,576 
Accrued rental income, net1,250,176 1,265,480 
Deferred charges, net720,648 684,078 
Prepaid expenses and other assets107,538 55,232 
Investments in unconsolidated joint ventures1,593,834 1,554,994 
Total assets$23,726,691 $23,266,433 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$3,271,157 $3,269,948 
Unsecured senior notes, net9,491,714 9,489,030 
Unsecured line of credit340,000 165,000 
Unsecured term loan, net730,000 728,795 
Lease liabilities - finance leases 248,092 246,832 
Lease liabilities - operating leases205,008 204,643 
Accounts payable and accrued expenses360,572 342,467 
Dividends and distributions payable170,952 170,937 
Accrued interest payable91,885 96,821 
Other liabilities 417,255 401,360 
Total liabilities15,326,635 15,115,833 
Commitments and contingencies— — 
Redeemable deferred stock units6,985 7,931 
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, 156,833,612 and 156,805,330 issued and 156,754,712 and 156,726,430 outstanding at September 30, 2022 and June 30, 2022, respectively
1,568 1,567 
Additional paid-in capital6,532,299 6,524,997 
Dividends in excess of earnings(359,536)(567,016)
Treasury common stock at cost, 78,900 shares at September 30, 2022 and June 30, 2022
(2,722)(2,722)
Accumulated other comprehensive loss(15,991)(27,077)
Total stockholders’ equity attributable to Boston Properties, Inc.6,155,618 5,929,749 
Noncontrolling interests:
Common units of the Operating Partnership685,952 660,214 
Property partnerships1,551,501 1,552,706 
Total equity8,393,071 8,142,669 
Total liabilities and equity$23,726,691 $23,266,433 
4

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Q3 2022
Consolidated Income Statements
(unaudited and in thousands, except per share amounts)
Three Months Ended
30-Sep-2230-Jun-22
Revenue
Lease$739,255 $721,899 
Parking and other26,259 26,474 
Insurance proceeds1,895 3,872 
Hotel revenue11,749 12,089 
Development and management services 7,465 6,354 
Direct reimbursements of payroll and related costs from management services contracts3,900 3,239 
Total revenue790,523 773,927 
Expenses
Operating145,083 137,531 
Real estate taxes135,670 132,056 
Demolition costs— — 
Restoration expenses related to insurance claims949 4,261 
Hotel operating8,548 6,444 
General and administrative 1
32,519 34,665 
Payroll and related costs from management services contracts3,900 3,239 
Transaction costs1,650 496 
Depreciation and amortization190,675 183,146 
Total expenses518,994 501,838 
Other income (expense)
Loss from unconsolidated joint ventures (3,524)(54)
Gains on sales of real estate262,345 96,247 
Losses from investments in securities 1
(1,571)(4,716)
Interest and other income (loss)3,728 1,195 
Other income - assignment fee 2
— 6,624 
Interest expense(111,846)(104,142)
Net income420,661 267,243 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(18,801)(18,546)
Noncontrolling interest - common units of the Operating Partnership 3
(40,883)(25,708)
Net income attributable to Boston Properties, Inc.$360,977 $222,989 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$2.30 $1.42 
Net income attributable to Boston Properties, Inc. per share - diluted$2.29 $1.42 
















_____________
1General and administrative expense includes $(1.6) million and $(4.7) million and Losses from investments in securities include $(1.6) million and $(4.7) million for the three months ended September 30, 2022 and June 30, 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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Q3 2022
Funds from operations (FFO) 1
(unaudited and dollars in thousands, except per share amounts)
Three Months Ended
30-Sep-2230-Jun-22
Net income attributable to Boston Properties, Inc.$360,977 $222,989 
Add:
Noncontrolling interest - common units of the Operating Partnership40,883 25,708 
Noncontrolling interests in property partnerships18,801 18,546 
Net income420,661 267,243 
Add:
Depreciation and amortization expense190,675 183,146 
Noncontrolling interests in property partnerships' share of depreciation and amortization 2
(17,706)(17,414)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3
21,485 21,120 
Corporate-related depreciation and amortization(431)(413)
Less:
Gains on sales of real estate262,345 96,247 
Noncontrolling interests in property partnerships18,801 18,546 
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)333,538 338,889 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO33,787 34,329 
FFO attributable to Boston Properties, Inc. $299,751 $304,560 
Boston Properties, Inc.’s percentage share of Basic FFO 89.87 %89.87 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO10.13 %10.13 %
Basic FFO per share$1.91 $1.94 
Weighted average shares outstanding - basic156,754 156,720 
Diluted FFO per share$1.91 $1.94 
Weighted average shares outstanding - diluted157,133 157,192 

RECONCILIATION TO DILUTED FFO
Three Months Ended
30-Sep-2230-Jun-22
Basic FFO$333,538 $338,889 
Add:
Effect of dilutive securities - stock-based compensation— — 
Diluted FFO333,538 338,889 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO33,687 34,262 
Boston Properties, Inc.’s share of Diluted FFO$299,851 $304,627 

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO
Three Months Ended
30-Sep-2230-Jun-22
Shares/units for Basic FFO174,416 174,392 
Add:
Effect of dilutive securities - stock-based compensation (shares/units)379 472 
Shares/units for Diluted FFO174,795 174,864 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)17,662 17,672 
Boston Properties, Inc.’s share of shares/units for Diluted FFO157,133 157,192 
Boston Properties, Inc.’s percentage share of Diluted FFO89.90 %89.89 %



_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2For a quantitative reconciliation for the three months ended September 30, 2022, see page 33.
3For a quantitative reconciliation for the three months ended September 30, 2022, see page 36.
6

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Q3 2022
Funds available for distributions (FAD) 1
(dollars in thousands)
Three Months Ended
30-Sep-2230-Jun-22
Net income attributable to Boston Properties, Inc.$360,977 $222,989 
Add:
Noncontrolling interest - common units of the Operating Partnership40,883 25,708 
Noncontrolling interests in property partnerships18,801 18,546 
Net income420,661 267,243 
Add:
Depreciation and amortization expense190,675 183,146 
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2
(17,706)(17,414)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3
21,485 21,120 
Corporate-related depreciation and amortization(431)(413)
Less:
Gains on sales of real estate262,345 96,247 
Noncontrolling interests in property partnerships18,801 18,546 
Basic FFO333,538 338,889 
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4
6,047 4,539 
BXP’s Share of hedge amortization, net of costs 1
200 1,446 
BXP’s Share of straight-line ground rent expense adjustment 1, 5
944 891 
Stock-based compensation7,695 14,630 
Non-real estate depreciation431 413 
Unearned portion of capitalized fees from consolidated joint ventures 6
1,093 1,013 
Less:
BXP’s Share of straight-line rent 1
33,817 30,401 
BXP’s Share of fair value lease revenue 1, 7
2,933 2,411 
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1
169,759 90,989 
BXP’s Share of maintenance capital expenditures 1, 8
15,520 15,818 
Hotel improvements, equipment upgrades and replacements148 88 
Funds available for distribution to common shareholders and common unitholders (FAD) (A)
$127,771 $222,114 
Distributions to common shareholders and unitholders (excluding any special distributions) (B)
$171,550 $171,531 
FAD Payout Ratio1 (B÷A)
134.26 %77.23 %








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

7

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Q3 2022
Reconciliation of net income attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)
Three Months Ended
30-Sep-2230-Sep-21
Net income attributable to Boston Properties, Inc.$360,977 $108,297 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership40,883 11,982 
Noncontrolling interest in property partnerships18,801 18,971 
Net income420,661 139,250 
Add:
Interest expense111,846 105,794 
Losses from investments in securities1,571 190 
Loss from unconsolidated joint ventures3,524 5,597 
Depreciation and amortization expense190,675 179,412 
Transaction costs1,650 1,888 
Payroll and related costs from management services contracts3,900 3,006 
General and administrative expense32,519 34,560 
Less:
Interest and other income (loss)3,728 1,520 
Gains on sales of real estate262,345 348 
Direct reimbursements of payroll and related costs from management services contracts3,900 3,006 
Development and management services revenue 7,465 6,094 
Net Operating Income (NOI)488,908 458,729 
Add:
BXP’s share of NOI from unconsolidated joint ventures 1
35,316 24,266 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2
48,306 47,800 
BXP’s Share of NOI 475,918 435,195 
Less:
Termination income1,981 1,874 
BXP’s share of termination income from unconsolidated joint ventures 1
500 (17)
Add:
Partners’ share of termination income from consolidated joint ventures 2
57 10 
BXP’s Share of NOI (excluding termination income) $473,494 $433,348 
Net Operating Income (NOI)$488,908 $458,729 
Less:
Termination income1,981 1,874 
NOI from non Same Properties (excluding termination income) 3
33,576 14,697 
Same Property NOI (excluding termination income)453,351 442,158 
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2
48,249 47,790 
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
34,816 24,283 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
9,648 1,669 
BXP’s Share of Same Property NOI (excluding termination income)$430,270 $416,982 
_____________
1For a quantitative reconciliation for the three months ended September 30, 2022, see page 64.
2For a quantitative reconciliation for the three months ended September 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 September 30, 2022 and therefore are no longer a part of the Company’s property portfolio.
8

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Q3 2022
Reconciliation of net income attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI) - cash
(in thousands)
Three Months Ended
30-Sep-2230-Sep-21
Net income attributable to Boston Properties, Inc.$360,977 $108,297 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership40,883 11,982 
Noncontrolling interest in property partnerships18,801 18,971 
Net income420,661 139,250 
Add:
Interest expense111,846 105,794 
Losses from investments in securities1,571 190 
Loss from unconsolidated joint ventures3,524 5,597 
Depreciation and amortization expense190,675 179,412 
Transaction costs1,650 1,888 
Payroll and related costs from management services contracts3,900 3,006 
General and administrative expense32,519 34,560 
Less:
Interest and other income (loss)3,728 1,520 
Gains on sales of real estate262,345 348 
Direct reimbursements of payroll and related costs from management services contracts3,900 3,006 
Development and management services revenue 7,465 6,094 
Net Operating Income (NOI)488,908 458,729 
Less:
Straight-line rent32,140 36,675 
Fair value lease revenue2,442 1,408 
Termination income1,981 1,874 
Add:
Straight-line ground rent expense adjustment 1
631 748 
Lease transaction costs that qualify as rent inducements 2
4,667 4,090 
NOI - cash (excluding termination income)457,643 423,610 
Less:
NOI - cash from non Same Properties (excluding termination income) 3
23,983 13,308 
Same Property NOI - cash (excluding termination income)433,660 410,302 
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4
45,046 45,150 
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
30,969 21,619 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
8,181 1,248 
BXP’s Share of Same Property NOI - cash (excluding termination income)$411,402 $385,523 
_____________
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 $169 and $40 for the three months ended September 30, 2022 and 2021, respectively. As of September 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. For the three months ended September 30, 2021, amount excludes $(23.0) million of prepaid ground rent expense in connection with the ground lease at Sumner Square located in Washington, DC.
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 September 30, 2022 and therefore are no longer a part of the Company’s property portfolio.
4For a quantitative reconciliation for the three months ended September 30, 2022, see page 62.
5For a quantitative reconciliation for the three months ended September 30, 2022, see page 64.
9

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Q3 2022
Same property net operating income (NOI) by reportable segment
(dollars in thousands)
Office 1
Hotel & Residential
Three Months Ended$%Three Months Ended$%
30-Sep-2230-Sep-21ChangeChange30-Sep-2230-Sep-21ChangeChange
Rental Revenue 2
$706,621 $682,223 $26,089 $16,082 
Less: Termination income1,711 1,874 — — 
Rental revenue (excluding termination income) 2
704,910 680,349 $24,561 3.6 %26,089 16,082 $10,007 62.2 %
Less: Operating expenses and real estate taxes262,076 244,283 17,793 7.3 %15,572 9,990 5,582 55.9 %
NOI (excluding termination income) 2, 3
$442,834 $436,066 $6,768 1.6 %$10,517 $6,092 $4,425 72.6 %
Rental revenue (excluding termination income) 2
$704,910 $680,349 $24,561 3.6 %$26,089 $16,082 $10,007 62.2 %
Less: Straight-line rent and fair value lease revenue23,504 36,702 (13,198)(36.0)%21 (8)29 362.5 %
Add: Lease transaction costs that qualify as rent inducements 4
3,203 4,042 (839)(20.8)%— 48 (48)(100.0)%
Subtotal684,609 647,689 36,920 5.7 %26,068 16,138 9,930 61.5 %
Less: Operating expenses and real estate taxes262,076 244,283 17,793 7.3 %15,572 9,990 5,582 55.9 %
Add: Straight-line ground rent expense 5
631 748 (117)(15.6)%— — — — %
NOI - cash (excluding termination income) 2, 3
$423,164 $404,154 $19,010 4.7 %$10,496 $6,148 $4,348 70.7 %
Consolidated Total 1 (A)
BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended$%Three Months Ended$%
30-Sep-2230-Sep-21ChangeChange30-Sep-2230-Sep-21ChangeChange
Rental Revenue 2
$732,710 $698,305 $45,210 $40,420 
Less: Termination income1,711 1,874 500 (17)
Rental revenue (excluding termination income) 2
730,999 696,431 $34,568 5.0 %44,710 40,437 $4,273 10.6 %
Less: Operating expenses and real estate taxes277,648 254,273 23,375 9.2 %19,542 17,823 1,719 9.6 %
NOI (excluding termination income) 2, 3
$453,351 $442,158 $11,193 2.5 %$25,168 $22,614 $2,554 11.3 %
Rental revenue (excluding termination income) 2
$730,999 $696,431 $34,568 5.0 %$44,710 $40,437 $4,273 10.6 %
Less: Straight-line rent and fair value lease revenue23,525 36,694 (13,169)(35.9)%3,904 2,818 1,086 38.5 %
Add: Lease transaction costs that qualify as rent inducements 4
3,203 4,090 (887)(21.7)%1,380 367 1,013 276.0 %
Subtotal$710,677 $663,827 46,850 7.1 %42,186 37,986 4,200 11.1 %
Less: Operating expenses and real estate taxes277,648 254,273 23,375 9.2 %19,542 17,823 1,719 9.6 %
Add: Straight-line ground rent expense 5
631 748 (117)(15.6)%144 208 (64)(30.8)%
NOI - cash (excluding termination income) 2, 3
$433,660 $410,302 $23,358 5.7 %$22,788 $20,371 $2,417 11.9 %
Partners’ share of Consolidated Joint Ventures (C)
BXP’s Share 3, 6, 7
Three Months Ended$%Three Months Ended$%
30-Sep-2230-Sep-21ChangeChange30-Sep-2230-Sep-21ChangeChange
Rental Revenue 2
$79,336 $76,951 $698,584 $661,774 
Less: Termination income57 10 2,154 1,847 
Rental revenue (excluding termination income) 2
79,279 76,941 $2,338 3.0 %696,430 659,927 $36,503 5.5 %
Less: Operating expenses and real estate taxes31,030 29,151 1,879 6.4 %266,160 242,945 23,215 9.6 %
NOI (excluding termination income) 2, 3
$48,249 $47,790 $459 1.0 %$430,270 $416,982 $13,288 3.2 %
Rental revenue (excluding termination income) 2
$79,279 $76,941 $2,338 3.0 %$696,430 $659,927 $36,503 5.5 %
Less: Straight-line rent and fair value lease revenue3,203 3,718 (515)(13.9)%24,226 35,794 (11,568)(32.3)%
Add: Lease transaction costs that qualify as rent inducements 4
— 1,078 (1,078)(100.0)%4,583 3,379 1,204 35.6 %
Subtotal76,076 74,301 1,775 2.4 %676,787 627,512 49,275 7.9 %
Less: Operating expenses and real estate taxes31,030 29,151 1,879 6.4 %266,160 242,945 23,215 9.6 %
Add: Straight-line ground rent expense 5
— — — — %775 956 (181)(18.9)%
NOI - cash (excluding termination income) 2, 3
$45,046 $45,150 $(104)(0.2)%$411,402 $385,523 $25,879 6.7 %
___________________
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. 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 $169 and $40 for the three months ended September 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.
10

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Q3 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 $25,879, compared to Q3 2021. Included in Q3 2021 is BXP’s Share of $8,063 of cash rent abatements and deferrals primarily related to COVID-19.
11

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Q3 2022
Capital expenditures, tenant improvement costs and leasing commissions
(dollars in thousands, except PSF amounts)


CAPITAL EXPENDITURES
Three Months Ended
30-Sep-2230-Jun-22
Maintenance capital expenditures$16,808 $16,256 
Planned capital expenditures associated with acquisition properties — — 
Repositioning capital expenditures8,969 17,779 
Hotel improvements, equipment upgrades and replacements148 88 
Subtotal25,925 34,123 
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)601 1,022 
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs462 425 
BXP’s share of repositioning capital expenditures from unconsolidated JVs— — 
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs1,889 1,460 
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs— — 
Partners’ share of repositioning capital expenditures from consolidated JVs2,372 6,438 
BXP’s Share of Capital Expenditures 1
$22,727 $27,672 





2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2
Three Months Ended
30-Sep-2230-Jun-22
Square feet1,680,341 1,932,249 
Tenant improvements and lease commissions PSF$116.42 $71.73 





















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

12

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Q3 2022
Acquisitions and dispositions
For the period from January 1, 2022 through September 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 %
125 Broadway Cambridge, MASeptember 16, 2022271,000 592,438 2,500 594,938 100.0 %
Total Acquisitions1,025,988 $1,322,438 $2,500 $1,324,938 94.6 %

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, 2022733,421 127,500 121,948 96,160 
601 Massachusetts AvenueWashington, DCAugust 30, 2022478,667 531,000 514,506 237,433 
Broadrun Land ParcelLoudoun County, VASeptember 15, 2022N/A27,000 26,865 24,380 
    Total Dispositions1,275,588 $723,200 $698,716 $380,674 
















___________________
1 Excludes approximately $0.6 million of gains on sales of real estate recognized during the nine months ended September 30, 2022 related to gain amounts from sales of real estate occurring in prior periods.
13

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Q3 2022
Construction in progress
as of September 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 9/30/2022
Estimated Future Equity Requirement 2
Percentage Leased 3
Percentage placed in-service 4
Net Operating Income (Loss) 5 (BXP’s share)
Construction PropertiesLocation
Office
140 Kendrick - Building AQ3 2023Q3 2023Needham, MA104,000 $4,163 $26,600 $— $— $22,437 100 %— %N/A
Reston NextQ4 2021Q4 2023Reston, VA1,062,000 560,445 715,300 — — 154,855 87 %69 %6,221 
2100 Pennsylvania Avenue
Q2 2022Q3 2024Washington, DC480,000 301,118 356,100 — — 54,982 61 %%(128)
360 Park Avenue South (42% ownership) 6
Q4 2023Q1 2025New York, NY450,000 200,474 219,000 92,774 87,299 13,051 — %— %N/A
Reston Next Office Phase IIQ2 2024Q2 2025Reston, VA90,000 15,321 61,000 — — 45,679 — %— %N/A
Platform16 Building A (55% ownership) 7
Q2 2025Q4 2026San Jose, CA389,500 78,343 231,900 — — 153,557 — %— %N/A
Total Office Properties under Construction2,575,500 1,159,864 1,609,900 92,774 87,299 444,561 51 %30 %6,093 
Lab/Life Sciences
880 Winter Street (Redevelopment)Q3 2022Q1 2023Waltham, MA244,000 100,112 108,000 — — 7,888 97 %25 %308 
751 Gateway (49% ownership)Q2 2024Q2 2024South San Francisco, CA231,000 81,235 127,600 — — 46,365 100 %— %N/A
103 CityPointQ4 2023Q3 2024Waltham, MA113,000 33,288 115,100 — — 81,812 — %— %N/A
180 CityPointQ4 2023Q4 2024Waltham, MA329,000 119,190 274,700 — — 155,510 43 %— %N/A
651 Gateway (50% ownership) (Redevelopment)Q4 2023Q4 2025South San Francisco, CA327,000 33,738 146,500 — — 112,762 — %— %N/A
Total Lab/Life Sciences Properties under Construction1,244,000 367,563 771,900 — — 404,337 49 %%308 
Residential
Reston Next Residential (508 units) (20% ownership)Q2 2024Q2 2026Reston, VA417,000 11,394 47,700 28,000 4,116 12,422 — %— %N/A
Total Residential Property under Construction417,000 11,394 47,700 28,000 4,116 12,422 — %— %N/A
Retail
760 Boylston Street (Redevelopment)Q2 2024Q2 2024Boston, MA118,000 2,355 43,800 — — 41,445 100 %— %N/A
Total Retail Property under Construction118,000 2,355 43,800 — — 41,445 100 %— %— 
Other
View Boston Observatory at The Prudential Center (Redevelopment)Q2 2023N/ABoston, MA59,000 136,896 182,300 — — 45,404 N/A— %N/A
Total Properties Under Construction 8
4,413,500 $1,678,072 $2,655,600 $120,774 $91,415 $948,169 52 %
9
18 %$6,401 

PROJECTS FULLY PLACED IN-SERVICE DURING 2022
Actual/EstimatedBXP’s share
Estimated Total Investment 2
Amount Drawn at 9/30/2022
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 $350,770 $418,400 $— $— $67,630 92 %$9,262 
Total Projects Fully Placed In-Service414,008 $350,770 $418,400 $— $— $67,630 92 %

$9,262 


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Q3 2022
Construction in progress (continued)



________________
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 October 21, 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 September 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.
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.
8Estimated total investment excludes approximately $210 million related to the redevelopment of 300 Binney Street which is currently in-service. The Company and Biogen terminated their existing lease agreement at 300 Binney Street to facilitate the conversion and expansion of the property, which is expected to begin in early 2023. Biogen will be vacating the property in phases through early 2023. The redeveloped property is 100% pre-leased. The commencement of construction are subject to various conditions. There can be no assurance that the Company will commence the redevelopment on the terms and schedule currently contemplated or at all.
9Total percentage leased excludes Residential and Other.

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Q3 2022
Land parcels and purchase options
as of September 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 
El Segundo, CA (50% Ownership) 275,000 
Lexington, MA 3
259,000 
Rockville, MD 3
202,000 
Dulles, VA 4
150,000 
         Total
12,902,400 


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.
4On September 15, 2022, the Company completed the sale of a parcel of land within its Broad Run Business Park property located in Loudoun County, Virginia for a gross sale price of $27.0 million, resulting in a gain on sale of real estate totaling approximately $24.4 million.
5The Company expects to be a 50% partner in the future development of these sites.


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Q3 2022
Leasing activity
for the three months ended September 30, 2022

ALL IN-SERVICE PROPERTIES
Net (increase)/decrease in available space (SF)Total
Vacant space available at the beginning of the period5,019,936 
Less:
Property dispositions/properties taken out of service 1
5,270 
Add:
Properties placed (and partially placed) in-service 2
62,933 
Leases expiring or terminated during the period1,920,658 
Total space available for lease6,998,257 
1st generation leases67,007 
2nd generation leases with new clients595,133 
2nd generation lease renewals1,085,208 
Total space leased1,747,348 
Vacant space available for lease at the end of the period5,250,909 
Net (increase)/decrease in available space(230,973)
Second generation leasing information: 3
Leases commencing during the period (SF)1,680,341 
Weighted average lease term (months)114 
Weighted average free rent period (days)77 
Total transaction costs per square foot 4
$116.42 
Increase (decrease) in gross rents 5
1.41 %
Increase (decrease) in net rents 6
0.21 %


All leases (SF)Incr (decr) in 2nd generation cash rents
Total square feet of leases executed in the quarter 8
1st generation2nd generation
total 7
gross 5
net 5
Boston51,195 186,422 237,617 18.89 %28.17 %799,713 
Los Angeles— — — — %— %28,602 
New York4,074 699,947 704,021 0.45 %(3.68)%289,692 
San Francisco— 270,657 270,657 2.67 %3.19 %165,345 
Seattle— 8,961 8,961 — %— %— 
Washington, DC11,738 514,354 526,092 (6.26)%(8.78)%162,932 
Total / Weighted Average67,007 1,680,341 1,747,348 1.41 %0.21 %1,446,284 



_____________
1Total vacant square feet of properties taken out of service in Q3 2022 consists of 5,270 at 601 Massachusetts Avenue.
2Total square feet of properties placed (and partially placed) in-service in Q3 2022 consists of 4,207 at 2100 Pennsylvania Avenue, 7,531 at Reston Next and 51,195 at 880 Winter Street.
3Second generation leases are defined as leases for space that have previously been leased. Of the 1,680,341 square feet of second generation leases that commenced in Q3 2022, leases for 1,498,628 square feet were signed in prior periods.
4Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.
5Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 1,382,469 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.
6Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 1,382,469 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 leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.
8Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 193,318.

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Q3 2022
Portfolio overview
for the three months ended September 30, 2022
(dollars in thousands)


Rentable square footage of in-service properties by location and unit type 1, 2
OfficeRetailResidentialHotelTotal
Boston14,663,662 967,152 550,114 330,000 16,510,928 
Los Angeles2,186,511 126,377 — — 2,312,888 
New York11,370,884 417,849 — — 11,788,733 
San Francisco6,996,895 355,928 318,171 — 7,670,994 
Seattle1,506,632 26,472 — — 1,533,104 
Washington, DC7,832,515 648,564 822,436 — 9,303,515 
Total44,557,099 2,542,342 1,690,721 330,000 49,120,162 
% of Total90.71 %5.18 %3.44 %0.67 %100.00 %


Rental revenue of in-service properties by unit type 1
OfficeRetailResidential
Hotel 3
Total
Consolidated$699,331 $54,537 $13,639 $11,651 $779,158 
Less:
Partners’ share from consolidated joint ventures 4
69,847 9,489 — — 79,336 
Add:
BXP’s share from unconsolidated joint ventures 5
54,823 2,267 2,531 — 59,621 
BXP’s Share of Rental revenue 1
$684,307 $47,315 $16,170 $11,651 $759,443 
% of Total90.11 %6.23 %2.13 %1.53 %100.00 %


Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6
CBDSuburbanTotal
Boston28.77 %6.38 %35.15 %
Los Angeles2.68 %— %2.68 %
New York24.10 %2.00 %26.10 %
San Francisco16.93 %2.32 %19.25 %
Seattle2.30 %— %2.30 %
Washington, DC4.10 %10.42 %14.52 %
Total78.88 %21.12 %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 $98 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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Q3 2022
Residential and hotel performance
(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS
Residential 1
Hotel
Three Months EndedThree Months Ended
30-Sep-2230-Jun-2230-Sep-2230-Jun-22
Rental Revenue 2
$14,340 $16,912 $11,749 $12,089 
Less: Operating expenses and real estate taxes7,024 9,818 8,548 6,444 
Net Operating Income (NOI) 2
7,316 7,094 3,201 5,645 
Add: BXP’s share of NOI from unconsolidated joint ventures1,539 1,590 N/AN/A
BXP’s Share of NOI 2
$8,855 $8,684 $3,201 $5,645 
Rental Revenue 2
$14,340 $16,912 $11,749 $12,089 
Less: Straight line rent and fair value lease revenue24 59 (2)
Add: Lease transaction costs that qualify as rent inducements— (41)— — 
Subtotal14,316 16,812 11,751 12,087 
Less: Operating expenses and real estate taxes7,024 9,818 8,548 6,444 
NOI - cash basis 2
7,292 6,994 3,203 5,643 
Add: BXP’s share of NOI-cash from unconsolidated joint ventures1,539 1,590 N/AN/A
BXP’s Share of NOI - cash basis 2