bxp-20230131
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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): January 31, 2023
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 January 31, 2023, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the fourth 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: January 31, 2023




Document


Exhibit 99.1                                                    

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Supplemental Operating and Financial Data
for the Quarter Ended December 31, 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 dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by joint ventures, BXP’s portfolio totals 54.1 million square feet and 194 properties, including thirteen properties under construction/redevelopment. BXP’s properties include 173 office properties, 14 retail properties (including 2 retail properties under construction/redevelopment), six 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, the risks and uncertainties related to the impact of changes in general economic and capital market conditions, including continued inflation, increasing interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, job losses and potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy; the impact of geopolitical conflicts, including the ongoing war in Ukraine; the impact of the COVID-19 global pandemic on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the pandemic or mitigate its impact, the direct and indirect economic effects of the pandemic and containment measures on our clients, and the ability of our clients to successfully operate their businesses); the impact of possible future health crises; BXP’s ability to enter into new leases or renew leases on favorable terms, dependence on clients’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on 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 otherwise 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 StreetBXPBXPInquiries 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: 200 Fifth Avenue, New York, NY)




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Q4 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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Q4 2022
Company profile
SNAPSHOT
(as of December 31, 2022)
Fiscal Year-EndDecember 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)194
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)54.1 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2
175.0 million
Closing Price, at the end of the quarter$67.58 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield5.8%
Consolidated Market Capitalization 2
$26.1 billion
BXP’s Share of Market Capitalization 2, 3
$26.3 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 premier workplaces) 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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Q4 2022
Guidance and assumptions
GUIDANCE
BXP’s guidance for the first quarter 2023 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, interest rates, 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 January 31, 2023 and those referenced during the related conference call.  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 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.
First Quarter 2023Full Year 2023
LowHighLowHigh
Projected EPS (diluted)$0.52 $0.54 $2.36 $2.46 
Add:
Projected Company share of real estate depreciation and amortization1.14 1.14 4.72 4.72 
Projected FFO per share (diluted) $1.66 $1.68 $7.08 $7.18 




ASSUMPTIONS
(dollars in thousands)
Full Year 2023
LowHigh
Operating property activity:
Average In-service portfolio occupancy88.00 %89.50 %
Increase in BXP’s Share of Same Property net operating income (excluding termination income)
(0.50)%0.50 %
Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income)
1.00 %2.50 %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)
$98,000 $108,000 
BXP’s Share of incremental net operating income related to asset sales over prior year
$(30,000)$(28,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)
$100,000 $120,000 
Termination income$3,000 $5,000 
Other revenue (expense):
Development, management services and other revenue $30,000 $35,000 
General and administrative expense 1
$(164,000)$(157,000)
Consolidated net interest expense 2
$(525,000)$(515,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO$(152,000)$(147,000)


_______________
1 Excludes estimated changes in the market value of the Company’s deferred compensation plan and gains (losses) from investments in securities.
2 Excludes $(100M) - $(95M) for full year 2023 of BXP’s share of projected interest expense from unconsolidated joint ventures.
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Q4 2022
Financial highlights
(unaudited and in thousands, except ratios and per share amounts)
Three Months Ended
31-Dec-2230-Sep-22
Net income attributable to Boston Properties, Inc. $121,790 $360,977 
Net income attributable to Boston Properties, Inc. per share - diluted$0.78 $2.29 
FFO attributable to Boston Properties, Inc. 1
$292,940 $299,751 
Diluted FFO per share 1
$1.86 $1.91 
Dividends per common share$0.98 $0.98 
Funds available for distribution to common shareholders and common unitholders (FAD) 2
$236,218 $127,771 
Selected items:
Revenue$789,824 $790,523 
Recoveries from clients$121,750 $123,665 
Service income from clients$3,044 $2,933 
BXP’s Share of revenue 3
$772,897 $771,125 
BXP’s Share of straight-line rent 3
$31,029 $33,817 
BXP’s Share of fair value lease revenue 3, 4
$3,841 $2,933 
BXP’s Share of termination income 3
$2,320 $2,424 
Ground rent expense$2,794 $3,309 
Capitalized interest$12,082 $12,230 
Capitalized wages$4,054 $3,921 
Loss from unconsolidated joint ventures$(58,451)$(3,524)
BXP’s share of FFO from unconsolidated joint ventures 5
$16,880 $17,961 
Net income attributable to noncontrolling interests in property partnerships$19,961 $18,801 
FFO attributable to noncontrolling interests in property partnerships 6
$37,396 $36,507 
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)$4,182 $4,524 
Below-market rents (included within Other Liabilities)$52,628 $56,058 
Accrued rental income liability (included within Other Liabilities)$124,436 $119,839 
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7
3.57 3.82 
Interest Coverage Ratio (including capitalized interest) 7
3.22 3.41 
Fixed Charge Coverage Ratio 7
2.77 3.04 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8
7.57 7.49 
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 9
0.1 %3.2 %
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 9
2.6 %6.7 %
FAD Payout Ratio 2
72.62 %134.26 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 63.2 %63.3 %
Occupancy of In-Service Properties88.6 %88.9 %
Capitalization:
Consolidated Debt$14,240,336 $13,832,871 
BXP’s Share of Debt 10
$14,482,308 $13,925,599 
Consolidated Market Capitalization$26,064,674 $26,950,372 
Consolidated Debt/Consolidated Market Capitalization54.63 %51.33 %
BXP’s Share of Market Capitalization 10
$26,306,646 $27,043,100 
BXP’s Share of Debt/BXP’s Share of Market Capitalization 10
55.05 %51.49 %
_____________
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 December 31, 2022, see page 36.
6For a quantitative reconciliation for the three months ended December 31, 2022, see page 33.
7For a quantitative reconciliation for the three months ended December 31, 2022 and September 30, 2022, see page 31.
8For a quantitative reconciliation for the three months ended December 31, 2022 and September 30, 2022, see page 30.
9For a quantitative reconciliation for the three months ended December 31, 2022 and September 30, 2022, see pages 10, 65 and 66.
10For a quantitative reconciliation for December 31, 2022, see page 27.
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Q4 2022
Consolidated Balance Sheets
(unaudited and in thousands)
31-Dec-2230-Sep-22
ASSETS
Real estate $24,261,588 $23,920,533 
Construction in progress 406,574 670,167 
Land held for future development 721,501 601,676 
Right of use assets - finance leases 237,510 237,505 
Right of use assets - operating leases167,351 167,935 
Less accumulated depreciation(6,298,082)(6,170,472)
Total real estate19,496,442 19,427,344 
Cash and cash equivalents690,333 375,774 
Cash held in escrows 46,479 73,112 
Investments in securities32,277 30,040 
Tenant and other receivables, net81,389 69,633 
Related party note receivable, net78,576 78,592 
Sales-type lease receivable, net12,811 — 
Accrued rental income, net1,276,580 1,250,176 
Deferred charges, net733,282 720,648 
Prepaid expenses and other assets43,589 107,538 
Investments in unconsolidated joint ventures1,715,911 1,593,834 
Total assets$24,207,669 $23,726,691 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$3,272,368 $3,271,157 
Unsecured senior notes, net10,237,968 9,491,714 
Unsecured line of credit— 340,000 
Unsecured term loan, net730,000 730,000 
Lease liabilities - finance leases 249,335 248,092 
Lease liabilities - operating leases204,686 205,008 
Accounts payable and accrued expenses417,545 360,572 
Dividends and distributions payable170,643 170,952 
Accrued interest payable103,774 91,885 
Other liabilities 450,918 417,255 
Total liabilities15,837,237 15,326,635 
Commitments and contingencies— — 
Redeemable deferred stock units6,613 6,985 
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, 156,836,767 and 156,833,612 issued and 156,757,867 and 156,754,712 outstanding at December 31, 2022 and September 30, 2022, respectively
1,568 1,568 
Additional paid-in capital6,539,147 6,532,299 
Dividends in excess of earnings(391,356)(359,536)
Treasury common stock at cost, 78,900 shares at December 31, 2022 and September 30, 2022
(2,722)(2,722)
Accumulated other comprehensive loss(13,718)(15,991)
Total stockholders’ equity attributable to Boston Properties, Inc.6,132,919 6,155,618 
Noncontrolling interests:
Common units of the Operating Partnership683,583 685,952 
Property partnerships1,547,317 1,551,501 
Total equity8,363,819 8,393,071 
Total liabilities and equity$24,207,669 $23,726,691 
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Q4 2022
Consolidated Income Statements
(unaudited and in thousands, except per share amounts)
Three Months Ended
31-Dec-2230-Sep-22
Revenue
Lease$739,094 $739,255 
Parking and other26,088 26,259 
Insurance proceeds903 1,895 
Hotel revenue11,087 11,749 
Development and management services 8,406 7,465 
Direct reimbursements of payroll and related costs from management services contracts4,246 3,900 
Total revenue789,824 790,523 
Expenses
Operating144,668 145,083 
Real estate taxes135,529 135,670 
Demolition costs203 — 
Restoration expenses related to insurance claims1,865 949 
Hotel operating7,646 8,548 
General and administrative 1
36,000 32,519 
Payroll and related costs from management services contracts4,246 3,900 
Transaction costs759 1,650 
Depreciation and amortization198,330 190,675 
Total expenses529,246 518,994 
Other income (expense)
Loss from unconsolidated joint ventures 2
(58,451)(3,524)
Gains on sales of real estate55,726 262,345 
Gain on sales-type lease 3
10,058 — 
Gains (losses) from investments in securities 1
2,096 (1,571)
Unrealized loss on non-real estate investment(150)— 
Interest and other income (loss)5,789 3,728 
Interest expense(119,923)(111,846)
Net income155,723 420,661 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(19,961)(18,801)
Noncontrolling interest - common units of the Operating Partnership 4
(13,972)(40,883)
Net income attributable to Boston Properties, Inc.$121,790 $360,977 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$0.78 $2.30 
Net income attributable to Boston Properties, Inc. per share - diluted$0.78 $2.29 











_____________
1General and administrative expense includes $2.1 million and $(1.6) million and Gains (losses) from investments in securities include $2.1 million and $(1.6) million for the three months ended December 31, 2022 and September 30, 2022, respectively, related to the Company’s deferred compensation plan.
2Includes a $50.7 million non-cash impairment charge related to the Company’s investment in Dock 72, an unconsolidated joint venture property in Brooklyn, New York in which the Company has a 50% interest.
3The Company amended and modified a ground lease with a hotel developer that originally was classified and accounted for as an operating lease, due to certain termination provisions. Upon modification, the 99-year ground lease, of which approximately 97 years remain, was reclassified as a sales-type lease. As a result, the Company derecognized the underlying asset resulting in a gain on sales-type lease of approximately $10.1 million. The hotel developer will be constructing a 267-room hotel.
4For additional detail, see page 6.
5

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Q4 2022
Funds from operations (FFO) 1
(unaudited and dollars in thousands, except per share amounts)
Three Months Ended
31-Dec-2230-Sep-22
Net income attributable to Boston Properties, Inc.$121,790 $360,977 
Add:
Noncontrolling interest - common units of the Operating Partnership13,972 40,883 
Noncontrolling interests in property partnerships19,961 18,801 
Net income155,723 420,661 
Add:
Depreciation and amortization expense198,330 190,675 
Noncontrolling interests in property partnerships' share of depreciation and amortization 2
(17,435)(17,706)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3
24,626 21,485 
Corporate-related depreciation and amortization(431)(431)
Impairment loss included within loss from unconsolidated joint ventures50,705 — 
Less:
Gains on sales of real estate55,726 262,345 
Gain on sales-type lease10,058 — 
Unrealized loss on non-real estate investment(150)— 
Noncontrolling interests in property partnerships19,961 18,801 
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)325,923 333,538 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO32,983 33,787 
FFO attributable to Boston Properties, Inc. $292,940 $299,751 
Boston Properties, Inc.’s percentage share of Basic FFO 89.88 %89.87 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO10.12 %10.13 %
Basic FFO per share$1.87 $1.91 
Weighted average shares outstanding - basic156,773 156,754 
Diluted FFO per share$1.86 $1.91 
Weighted average shares outstanding - diluted157,112 157,133 

RECONCILIATION TO DILUTED FFO
Three Months Ended
31-Dec-2230-Sep-22
Basic FFO$325,923 $333,538 
Add:
Effect of dilutive securities - stock-based compensation— — 
Diluted FFO325,923 333,538 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO33,687 33,687 
Boston Properties, Inc.’s share of Diluted FFO$292,236 $299,851 

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO
Three Months Ended
31-Dec-2230-Sep-22
Shares/units for Basic FFO174,423 174,416 
Add:
Effect of dilutive securities - stock-based compensation (shares/units)339 379 
Shares/units for Diluted FFO174,762 174,795 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)17,650 17,662 
Boston Properties, Inc.’s share of shares/units for Diluted FFO157,112 157,133 
Boston Properties, Inc.’s percentage share of Diluted FFO89.90 %89.90 %

_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2For a quantitative reconciliation for the three months ended December 31, 2022, see page 33.
3For a quantitative reconciliation for the three months ended December 31, 2022, see page 36.
6

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Q4 2022
Funds available for distributions (FAD) 1
(dollars in thousands)
Three Months Ended
31-Dec-2230-Sep-22
Net income attributable to Boston Properties, Inc.$121,790 $360,977 
Add:
Noncontrolling interest - common units of the Operating Partnership13,972 40,883 
Noncontrolling interests in property partnerships19,961 18,801 
Net income155,723 420,661 
Add:
Depreciation and amortization expense198,330 190,675 
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2
(17,435)(17,706)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3
24,626 21,485 
Corporate-related depreciation and amortization(431)(431)
Impairment loss included within loss from unconsolidated joint ventures50,705 — 
Less:
Gains on sales of real estate55,726 262,345 
Gain on sales-type lease10,058 — 
Unrealized loss on non-real estate investment(150)— 
Noncontrolling interests in property partnerships19,961 18,801 
Basic FFO325,923 333,538 
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4
11,711 6,047 
BXP’s Share of hedge amortization, net of costs 1
1,751 200 
BXP’s share of fair value interest adjustment 1
250 — 
BXP’s Share of straight-line ground rent expense adjustment 1, 5
404 944 
Stock-based compensation7,496 7,695 
Non-real estate depreciation431 431 
Unearned portion of capitalized fees from consolidated joint ventures 6
1,135 1,093 
Less:
BXP’s Share of straight-line rent 1
31,029 33,817 
BXP’s Share of fair value lease revenue 1, 7
3,841 2,933 
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1
55,613 169,759 
BXP’s Share of maintenance capital expenditures 1, 8
22,229 15,520 
Hotel improvements, equipment upgrades and replacements171 148 
Funds available for distribution to common shareholders and common unitholders (FAD) (A)
$236,218 $127,771 
Distributions to common shareholders and unitholders (excluding any special distributions) (B)
$171,548 $171,550 
FAD Payout Ratio1 (B÷A)
72.62 %134.26 %








_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2For a quantitative reconciliation for the three months ended December 31, 2022, see page 33.
3For a quantitative reconciliation for the three months ended December 31, 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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Q4 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
31-Dec-2231-Dec-21
Net income attributable to Boston Properties, Inc.$121,790 $184,537 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership13,972 20,544 
Noncontrolling interest in property partnerships19,961 18,204 
Net income155,723 223,285 
Add:
Interest expense119,923 103,331 
Losses from early extinguishments of debt— 44,284 
Unrealized loss on non-real estate investment150 — 
Loss from unconsolidated joint ventures58,451 825 
Depreciation and amortization expense198,330 177,521 
Transaction costs759 2,066 
Payroll and related costs from management services contracts4,246 3,321 
General and administrative expense36,000 33,649 
Less:
Gains from investments in securities2,096 1,882 
Interest and other income (loss)5,789 1,564 
Gain on sales-type lease10,058 — 
Gains on sales of real estate55,726 115,556 
Direct reimbursements of payroll and related costs from management services contracts4,246 3,321 
Development and management services revenue 8,406 7,516 
Net Operating Income (NOI)487,261 458,443 
Add:
BXP’s share of NOI from unconsolidated joint ventures 1
37,734 33,278 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2
48,589 47,841 
BXP’s Share of NOI 476,406 443,880 
Less:
Termination income1,723 (16)
BXP’s share of termination income from unconsolidated joint ventures 1
803 88 
Add:
Partners’ share of termination income from consolidated joint ventures 2
206 (4)
BXP’s Share of NOI (excluding termination income) $474,086 $443,804 
Net Operating Income (NOI)$487,261 $458,443 
Less:
Termination income1,723 (16)
NOI from non Same Properties (excluding termination income) 3
41,487 14,845 
Same Property NOI (excluding termination income)444,051 443,614 
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2
48,383 47,845 
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
36,931 33,190 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
10,220 6,828 
BXP’s Share of Same Property NOI (excluding termination income)$422,379 $422,131 
_____________
1For a quantitative reconciliation for the three months ended December 31, 2022, see page 64.
2For a quantitative reconciliation for the three months ended December 31, 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 December 31, 2022 and therefore are no longer a part of the Company’s property portfolio.
8

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Q4 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
31-Dec-2231-Dec-21
Net income attributable to Boston Properties, Inc.$121,790 $184,537 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership13,972 20,544 
Noncontrolling interest in property partnerships19,961 18,204 
Net income155,723 223,285 
Add:
Interest expense119,923 103,331 
Losses from early extinguishments of debt— 44,284 
Unrealized loss on non-real estate investment150 — 
Loss from unconsolidated joint ventures58,451 825 
Depreciation and amortization expense198,330 177,521 
Transaction costs759 2,066 
Payroll and related costs from management services contracts4,246 3,321 
General and administrative expense36,000 33,649 
Less:
Gains from investments in securities2,096 1,882 
Interest and other income (loss)5,789 1,564 
Gain on sales-type lease10,058 — 
Gains on sales of real estate55,726 115,556 
Direct reimbursements of payroll and related costs from management services contracts4,246 3,321 
Development and management services revenue 8,406 7,516 
Net Operating Income (NOI)487,261 458,443 
Less:
Straight-line rent32,038 30,619 
Fair value lease revenue3,088 1,412 
Termination income1,723 (16)
Add:
Straight-line ground rent expense adjustment 1
631 680 
Lease transaction costs that qualify as rent inducements 2
11,212 3,731 
NOI - cash (excluding termination income)462,255 430,839 
Less:
NOI - cash from non Same Properties (excluding termination income) 3
34,311 10,745 
Same Property NOI - cash (excluding termination income)427,944 420,094 
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4
43,709 45,401 
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
33,154 30,412 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
9,021 7,158 
BXP’s Share of Same Property NOI - cash (excluding termination income)$408,368 $397,947 
_____________
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 $(369) and $52 for the three months ended December 31, 2022 and 2021, respectively. As of December 31, 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 December 31, 2022 and therefore are no longer a part of the Company’s property portfolio.
4For a quantitative reconciliation for the three months ended December 31, 2022, see page 62.
5For a quantitative reconciliation for the three months ended December 31, 2022, see page 64.
9

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Q4 2022
Same property net operating income (NOI) by reportable segment
(dollars in thousands)
Office 1
Hotel & Residential
Three Months Ended$%Three Months Ended$%
31-Dec-2231-Dec-21ChangeChange31-Dec-2231-Dec-21ChangeChange
Rental Revenue 2
$698,986 $680,178 $22,569 $16,166 
Less: Termination income1,723 (16)— — 
Rental revenue (excluding termination income) 2
697,263 680,194 $17,069 2.5 %22,569 16,166 $6,403 39.6 %
Less: Operating expenses and real estate taxes262,470 242,597 19,873 8.2 %13,311 10,149 3,162 31.2 %
NOI (excluding termination income) 2, 3
$434,793 $437,597 $(2,804)(0.6)%$9,258 $6,017 $3,241 53.9 %
Rental revenue (excluding termination income) 2
$697,263 $680,194 $17,069 2.5 %$22,569 $16,166 $6,403 39.6 %
Less: Straight-line rent and fair value lease revenue19,674 27,721 (8,047)(29.0)%22 23 (1)4.3 %
Add: Lease transaction costs that qualify as rent inducements 4
2,958 3,544 (586)(16.5)%— — — — %
Subtotal680,547 656,017 24,530 3.7 %22,547 16,143 6,404 39.7 %
Less: Operating expenses and real estate taxes262,470 242,597 19,873 8.2 %13,311 10,149 3,162 31.2 %
Add: Straight-line ground rent expense 5
631 680 (49)(7.2)%— — — — %
NOI - cash (excluding termination income) 2, 3
$418,708 $414,100 $4,608 1.1 %$9,236 $5,994 $3,242 54.1 %
Consolidated Total 1 (A)
BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended$%Three Months Ended$%
31-Dec-2231-Dec-21ChangeChange31-Dec-2231-Dec-21ChangeChange
Rental Revenue 2
$721,555 $696,344 $47,932 $45,026 
Less: Termination income1,723 (16)802 88 
Rental revenue (excluding termination income) 2
719,832 696,360 $23,472 3.4 %47,130 44,938 $2,192 4.9 %
Less: Operating expenses and real estate taxes275,781 252,746 23,035 9.1 %20,419 18,576 1,843 9.9 %
NOI (excluding termination income) 2, 3
$444,051 $443,614 $437 0.1 %$26,711 $26,362 $349 1.3 %
Rental revenue (excluding termination income) 2
$719,832 $696,360 $23,472 3.4 %$47,130 $44,938 $2,192 4.9 %
Less: Straight-line rent and fair value lease revenue19,696 27,744 (8,048)(29.0)%3,320 3,822 (502)(13.1)%
Add: Lease transaction costs that qualify as rent inducements 4
2,958 3,544 (586)(16.5)%600 569 31 5.4 %
Subtotal$703,094 $672,160 30,934 4.6 %44,410 41,685 2,725 6.5 %
Less: Operating expenses and real estate taxes275,781 252,746 23,035 9.1 %20,419 18,576 1,843 9.9 %
Add: Straight-line ground rent expense 5
631 680 (49)(7.2)%142 145 (3)(2.1)%
NOI - cash (excluding termination income) 2, 3
$427,944 $420,094 $7,850 1.9 %$24,133 $23,254 $879 3.8 %
Partners’ share of Consolidated Joint Ventures (C)
BXP’s Share 3, 6, 7
Three Months Ended$%Three Months Ended$%
31-Dec-2231-Dec-21ChangeChange31-Dec-2231-Dec-21ChangeChange
Rental Revenue 2
$78,912 $76,459 $690,575 $664,911 
Less: Termination income206 (4)2,319 76 
Rental revenue (excluding termination income) 2
78,706 76,463 $2,243 2.9 %688,256 664,835 $23,421 3.5 %
Less: Operating expenses and real estate taxes30,323 28,618 1,705 6.0 %265,877 242,704 23,173 9.5 %
NOI (excluding termination income) 2, 3
$48,383 $47,845 $538 1.1 %$422,379 $422,131 $248 0.1 %
Rental revenue (excluding termination income) 2
$78,706 $76,463 $2,243 2.9 %$688,256 $664,835 $23,421 3.5 %
Less: Straight-line rent and fair value lease revenue4,775 3,336 1,439 43.1 %18,241 28,230 (9,989)(35.4)%
Add: Lease transaction costs that qualify as rent inducements 4
101 892 (791)(88.7)%3,457 3,221 236 7.3 %
Subtotal74,032 74,019 13 — %673,472 639,826 33,646 5.3 %
Less: Operating expenses and real estate taxes30,323 28,618 1,705 6.0 %265,877 242,704 23,173 9.5 %
Add: Straight-line ground rent expense 5
— — — — %773 825 (52)(6.3)%
NOI - cash (excluding termination income) 2, 3
$43,709 $45,401 $(1,692)(3.7)%$408,368 $397,947 $10,421 2.6 %
___________________
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 $(369) and $52 for the three months ended December 31, 2022 and 2021, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.
10

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Q4 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 $10,421, compared to Q4 2021. Included in Q4 2021 is BXP’s Share of $7,225 of cash rent abatements and deferrals primarily related to COVID-19.
11

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Q4 2022
Capital expenditures, tenant improvement costs and leasing commissions
(dollars in thousands, except PSF amounts)


CAPITAL EXPENDITURES
Three Months Ended
31-Dec-2230-Sep-22
Maintenance capital expenditures$25,813 $16,808 
Planned capital expenditures associated with acquisition properties — — 
Repositioning capital expenditures6,127 8,969 
Hotel improvements, equipment upgrades and replacements171 148 
Subtotal32,111 25,925 
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)784 601 
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs444 462 
BXP’s share of repositioning capital expenditures from unconsolidated JVs— — 
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs4,368 1,889 
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs— — 
Partners’ share of repositioning capital expenditures from consolidated JVs1,688 2,372 
BXP’s Share of Capital Expenditures 1
$27,283 $22,727 





2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2
Three Months Ended
31-Dec-2230-Sep-22
Square feet1,038,282 1,680,341 
Tenant improvements and lease commissions PSF$82.25 $116.42 





















___________________
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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Q4 2022
Acquisitions and dispositions
For the period from January 1, 2022 through December 31, 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 %
200 Fifth Avenue (26.69% ownership interest) 1
New York, NYNovember 17, 2022854,737 280,100 2,667 282,767 92.5 %
Total Acquisitions1,880,725 $1,602,538 $5,167 $1,607,705 93.6 %
DISPOSITIONS
PropertyLocationDate DisposedSquare FeetGross Sales PriceNet Cash Proceeds
Book Gain 2
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, 2022478,667 531,000 512,270 237,433 
Broadrun Land ParcelLoudoun County, VASeptember 15, 2022N/A27,000 25,605 24,380 
The Avant at Reston Town Center 3
Reston, VANovember 8, 2022329,195 141,000 139,591 55,608 
    Total Dispositions1,604,783 $864,200 $834,811 $436,282 
















___________________
1Initial purchase price includes $120.1 million of cash and BXP’s pro rata share of the outstanding loan secured by the property of $160.0 million.
2Excludes approximately $0.7 million of gains on sales of real estate recognized during the year ended December 31, 2022 related to gain amounts from sales of real estate occurring in prior periods.
3The Company only disposed of the residential component and retains ownership of the approximately 26,000 square foot ground-level retail space.

13

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Q4 2022
Construction in progress
as of December 31, 2022
(dollars in thousands)
CONSTRUCTION IN PROGRESS 1
Actual/EstimatedBXP’s share
Initial OccupancyStabilization DateSquare Feet
Investment to Date 2
Estimated Total Investment 2
Total Financing
Amount Drawn at 12/31/2022
Estimated Future Equity Requirement 2
Percentage Leased 3
Percentage placed in-service 4
Net Operating Income (Loss) 5 (BXP’s share)
Construction PropertiesLocation
Office
140 Kendrick - Building AQ3 2023Q3 2023Needham, MA104,000 $7,995 $26,600 $— $— $18,605 100 %— %N/A
2100 Pennsylvania Avenue
Q2 2022Q3 2024Washington, DC480,000 315,966 356,100 — — 40,134 81 %64 %$120 
360 Park Avenue South (42% ownership) 6
Q4 2023Q1 2025New York, NY450,000 203,545 219,000 92,774 88,164 10,845 — %— %N/A
Reston Next Office Phase IIQ2 2024Q2 2025Reston, VA90,000 22,954 61,000 — — 38,046 — %— %N/A
Platform16 Building A (55% ownership) 7
Q2 2025Q4 2026San Jose, CA389,500 85,471 231,900 — — 146,429 — %— %N/A
Total Office Properties under Construction1,513,500 635,931 894,600 92,774 88,164 254,059 33 %20 %120 
Lab/Life Sciences
751 Gateway (49% ownership)Q2 2024Q2 2024South San Francisco, CA231,000 87,847 127,600 — — 39,753 100 %— %N/A
103 CityPointQ1 2024Q3 2024Waltham, MA113,000 44,678 115,100 — — 70,422 — %— %N/A
190 CityPoint (formerly 180 CityPoint)Q1 2024Q4 2024Waltham, MA329,000 143,389 274,700 — — 131,311 43 %— %N/A
105 Carnegie Center RedevelopmentQ1 2024Q1 2025Princeton, NJ73,000 631 40,600 — — 39,969 — %— %N/A
651 Gateway (50% ownership) Q4 2023Q4 2025South San Francisco, CA327,000 44,648 146,500 — — 101,852 %— %N/A
Total Lab/Life Sciences Properties under Construction1,073,000 321,193 704,500 — — 383,307 37 %— %N/A
Residential
Reston Next Residential (508 units) (20% ownership)Q2 2024Q2 2026Reston, VA417,000 11,451 47,700 28,000 3,037 11,286 — %— %N/A
Total Residential Property under Construction417,000 11,451 47,700 28,000 3,037 11,286 — %— %N/A
Retail
760 Boylston Street (Redevelopment)Q2 2024Q2 2024Boston, MA118,000 3,071 43,800 — — 40,729 100 %— %N/A
Reston Next Retail 10
Q2 2025Q4 2025Reston, VA33,000 17,198 26,600 — — 9,402 — %— %N/A
Total Retail Property under Construction151,000 20,269 70,400 — — 50,131 78 %— N/A
Other
View Boston Observatory at The Prudential Center (Redevelopment)Q2 2023N/ABoston, MA59,000 151,999 182,300 — — 30,301 N/A— %N/A
Total Properties Under Construction 8
3,213,500 $1,140,843 $1,899,500 $120,774 $91,201 $729,084 37 %
9
%$120 
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Q4 2022
Construction in progress (continued)

PROJECTS FULLY PLACED IN-SERVICE DURING 2022
Actual/EstimatedBXP’s share
Estimated Total Investment 2
Amount Drawn at 12/31/2022
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 $356,361 $410,500 $— $— $54,139 92 %$9,179 
880 Winter StreetQ3 2022Q1 2023Waltham, MA243,618 115,034 122,100 — — 7,066 97 %1,912 
Reston NextQ4 2021Q4 2023Reston, VA1,063,236 546,381 611,800 — — 65,419 90 %7,249 
Total Projects Fully Placed In-Service1,720,862 $1,017,776 $1,144,400 $— $— $126,624 91 %

$18,340 










________________
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 January 27, 2023, 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 December 31, 2022. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 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.
10 Reston Next Retail was previously included within the Reston Next project.

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Q4 2022
Land parcels and purchase options
as of December 31, 2022


OWNED LAND PARCELS
Location
Approximate Developable Square Feet 1
Reston, VA 2,229,000 
San Jose, CA 2
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 2
259,000 
Rockville, MD 2
252,000 
Dulles, VA 3
150,000 
         Total
12,952,000 


VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS
Location
Approximate Developable Square Feet 1
Cambridge, MA 3
1,400,000 
Boston, MA 1,300,000 
Waltham, MA 4
1,200,000 
         Total3,900,000 























__________________
1Represents 100% of consolidated and unconsolidated projects.
2Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on pages 21-24.
3In January 2023, the Company commenced the development of 290 Binney Street, an approximately 570,000 net rentable square feet laboratory/life sciences project in Cambridge, Massachusetts. 290 Binney Street is 100% pre-leased to AstraZeneca.
4The Company expects to be a 50% partner in the future development of these sites.


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Q4 2022
Leasing activity
for the three months ended December 31, 2022

ALL IN-SERVICE PROPERTIES
Net (increase)/decrease in available space (SF)Total
Vacant space available at the beginning of the period5,250,909 
Less:
Property dispositions/properties taken out of service 1
126,452 
Add:
Properties acquired vacant space 2
64,437 
Properties placed (and partially placed) in-service 3
819,190 
Leases expiring or terminated during the period1,103,402 
Total space available for lease7,111,486 
1st generation leases462,427 
2nd generation leases with new clients794,622 
2nd generation lease renewals243,660 
Total space leased1,500,709 
Vacant space available for lease at the end of the period5,610,777 
Net (increase)/decrease in available space(359,868)
Second generation leasing information: 4
Leases commencing during the period (SF)1,038,282 
Weighted average lease term (months)78 
Weighted average free rent period (days)229 
Total transaction costs per square foot 5
$82.25 
Increase (decrease) in gross rents 6
4.28 %
Increase (decrease) in net rents 7
6.29 %


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 7
Boston156,778 319,128 475,906 14.76 %21.85 %286,541 
Los Angeles— — — — %— %6,417 
New York4,657 143,140 147,797 (10.35)%(16.52)%304,102 
San Francisco— 224,824 224,824 20.14 %28.09 %213,115 
Seattle— 4,393 4,393 11.00 %15.79 %6,607 
Washington, DC300,992 346,797 647,789 (7.26)%(11.23)%321,140 
Total / Weighted Average462,427 1,038,282 1,500,709 4.28 %6.29 %1,137,922 


_____________
1Total vacant square feet of property dispositions/properties taken out of service in Q4 2022 consists of 69,995 square feet at 105 Carnegie Center and 56,457 square feet at 2096 Gaither Road.
2Total vacant square feet of properties acquired in Q4 2022 consists of 64,437 square feet at 200 Fifth Avenue.
3Total square feet of properties placed in-service in Q4 2022 consists of 192,419 square feet at 880 Winter Street and 343,271 square feet at Reston Next, and total square feet of properties partially placed in-service consists of 283,500 square feet at 2100 Pennsylvania Avenue.
4Second generation leases are defined as leases for space that have previously been leased. Of the 1,038,282 square feet of second generation leases that commenced in Q4 2022, leases for 794,368 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 527,684 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 527,684 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 243,914.
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Q4 2022
Portfolio overview
for the three months ended December 31, 2022
(dollars in thousands)


Rentable square footage of in-service properties by location and unit type 1, 2
OfficeRetailResidentialHotelTotal
Boston14,915,310 967,107 550,114 330,000 16,762,531 
Los Angeles2,185,937 126,377 — — 2,312,314 
New York12,094,252 486,390 — — 12,580,642 
San Francisco6,997,199 355,934 318,171 — 7,671,304 
Seattle1,506,632 26,472 — — 1,533,104 
Washington, DC8,830,034 664,662 493,241 — 9,987,937 
Total46,529,364 2,626,942 1,361,526 330,000 50,847,832 
% of Total91.50 %5.17 %2.68 %0.65 %100.00 %


Rental revenue of in-service properties by unit type 1
OfficeRetailResidential
Hotel 3
Total
Consolidated$699,932 $53,919 $12,333 $10,988 $777,172 
Less:
Partners’ share from consolidated joint ventures 4
69,157 9,755 — — 78,912 
Add:
BXP’s share from unconsolidated joint ventures 5
56,817 2,312 2,656 — 61,785 
BXP’s Share of Rental revenue 1
$687,592 $46,476 $14,989 $10,988 $760,045 
% of Total90.47 %6.11 %1.97 %1.45 %100.00 %


Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6
CBDSuburbanTotal
Boston29.78 %6.76 %36.54 %
Los Angeles2.72 %— %2.72 %
New York23.78 %2.11 %25.89 %
San Francisco16.52 %2.45 %18.97 %
Seattle2.41 %— %2.41 %
Washington, DC3.12 %10.35 %13.47 %
Total78.33 %21.67 %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 $99 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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Q4 2022
Residential and hotel performance
(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS
Residential 1
Hotel
Three Months EndedThree Months Ended
31-Dec-2230-Sep-2231-Dec-2230-Sep-22
Rental Revenue 2
$12,963 $14,340 $11,087 $11,749 
Less: Operating expenses and real estate taxes6,309 7,024 7,646 8,548 
Net Operating Income (NOI) 2
6,654 7,316 3,441 3,201 
Add: BXP’s share of NOI from unconsolidated joint ventures1,648 1,539 N/AN/A
BXP’s Share of NOI 2
$8,302 $8,855 $3,441 $3,201 
Rental Revenue 2
$12,963 $14,340 $11,087 $11,749 
Less: Straight line rent and fair value lease revenue11 24 (2)(2)
Add: Lease transaction costs that qualify as rent inducements— — — — 
Subtotal12,952 14,316 11,089 11,751 
Less: Operating expenses and real estate taxes6,309 7,024 7,646 8,548 
NOI - cash basis 2
6,643 7,292 3,443 3,203 
Add: BXP’s share of NOI-cash from unconsolidated joint ventures1,648 1,539 N/AN/A
BXP’s Share of NOI - cash basis 2
$8,291 $8,831 $3,443 $3,203 


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
31-Dec-2231-Dec-21
BOSTON
Hub50House (50% ownership), Boston, MA 2
440
Average Monthly Rental Rate $4,182 $3,809 9.79 %
Average Rental Rate Per Occupied Square Foot $5.76 $5.31 8.47 %
Average Physical Occupancy 94.39 %92.42 %2.13 %
Average Economic Occupancy 93.93 %90.17 %4.17 %
Proto Kendall Square, Cambridge, MA 2, 3
280
Average Monthly Rental Rate $2,964 $2,728 8.65 %
Average Rental Rate Per Occupied Square Foot $5.47 $5.01 9.18 %
Average Physical Occupancy 95.24 %95.48 %(0.25)%
Average Economic Occupancy 94.39 %95.22 %(0.87)%
The Lofts at Atlantic Wharf, Boston, MA 2, 3
86
Average Monthly Rental Rate $4,381 $3,855 13.64 %
Average Rental Rate Per Occupied Square Foot $4.85 $4.29 13.05 %
Average Physical Occupancy 97.67 %96.51 %1.20 %
Average Economic Occupancy 97.54 %95.58 %2.05 %
Boston Marriott Cambridge (437 rooms), Cambridge, MA 3
N/A
Average Occupancy68.20 %

51.10 %33.46 %
Average Daily Rate$316.40 

$241.14 31.21 %
Revenue Per Available Room$273.13 

$152.71 78.86 %
SAN FRANCISCO
The Skylyne, Oakland, CA 2, 3
402
Average Monthly Rental Rate$3,432 $3,387 1.33 %
Average Rental Rate Per Occupied Square Foot$4.35 $4.07 6.88 %
Average Physical Occupancy90.96 %60.61 %50.07 %
Average Economic Occupancy88.76 %58.42 %51.93 %

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Q4 2022
Residential and hotel performance (continued)


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
31-Dec-2231-Dec-21
WASHINGTON, DC
Signature at Reston, Reston, VA 2, 3
508
Average Monthly Rental Rate $2,679 $2,596 3.20 %
Average Rental Rate Per Occupied Square Foot $2.76 $2.68 2.99 %
Average Physical Occupancy 93.90 %93.83 %0.07 %
Average Economic Occupancy 93.65 %93.22 %0.46 %
Total In-Service Residential Units1,716 

































_____________
1Includes retail space.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
3Excludes retail space.



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Q4 2022
In-service property listing
as of December 31, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
BOSTON
Office
200 Clarendon StreetCBD Boston MA11,769,077 95.0 %$78.02 
100 Federal Street (55% ownership)CBD Boston MA11,238,821 89.7 %74.40
800 Boylston Street - The Prudential CenterCBD Boston MA11,197,798 91.7 %68.87
111 Huntington Avenue - The Prudential CenterCBD Boston MA1860,446 95.2 %73.81
Atlantic Wharf Office (55% ownership)CBD Boston MA1793,769 99.8 %82.99
100 Causeway Street (50% ownership) 3, 4
CBD Boston MA1633,819 94.6 %75.24
101 Huntington Avenue - The Prudential CenterCBD Boston MA1506,476 99.2 %58.20
Prudential Center (retail shops) 5, 6
CBD Boston MA475,899 95.9 %97.50
The Hub on Causeway - Podium (50% ownership) 3
CBD Boston MA1382,497 75.3 %70.54
888 Boylston Street - The Prudential CenterCBD Boston MA1363,320 100.0 %79.97
Star Market at the Prudential Center 5
CBD Boston MA157,236 100.0 %60.05
Subtotal108,279,158 93.8 %$75.68 
145 BroadwayEast Cambridge MA1490,086 99.6 %$88.83 
325 Main Street 4
East Cambridge MA1414,008 91.6 %98.42
125 Broadway 4
East Cambridge MA1271,000 100.0 %132.75
355 Main StreetEast Cambridge MA1259,640 99.3 %79.69
90 BroadwayEast Cambridge MA1223,771 98.1 %75.79
255 Main StreetEast Cambridge MA1215,394 97.5 %98.80
300 Binney Street 7
East Cambridge MA1195,191 64.2 %
150 BroadwayEast Cambridge MA1177,226 100.0 %85.43
105 BroadwayEast Cambridge MA1152,664 100.0 %72.85
250 Binney StreetEast Cambridge MA167,362 100.0 %49.55
University PlaceMid-Cambridge MA1195,282 100.0 %55.47
Subtotal112,661,624 95.6 %$84.54 
Bay Colony Corporate CenterRoute 128 Mass Turnpike MA4989,548 62.8 %$45.36 
Reservoir PlaceRoute 128 Mass Turnpike MA1527,029 58.0 %43.04 
Weston Corporate CenterRoute 128 Mass Turnpike MA1356,995 100.0 %57.56 
140 Kendrick Street 6
Route 128 Mass Turnpike MA2306,323 85.9 %50.14 
Waltham Weston Corporate CenterRoute 128 Mass Turnpike MA1301,611 97.1 %39.65 
230 CityPoint Route 128 Mass Turnpike MA1296,720 97.4 %45.12 
200 West Street 4
Route 128 Mass Turnpike MA1273,365 83.9 %69.03 
880 Winter Street 4
Route 128 Mass Turnpike MA1243,618 85.4 %94.42 
10 CityPointRoute 128 Mass Turnpike MA1236,570 95.8 %52.71 
20 CityPointRoute 128 Mass Turnpike MA1211,476 98.9 %55.82 
77 CityPointRoute 128 Mass Turnpike MA1209,711 98.3 %47.53 
890 Winter StreetRoute 128 Mass Turnpike MA1179,312 54.0 %47.41 
153 & 211 Second AvenueRoute 128 Mass Turnpike MA2136,882 100.0 %79.92 
1265 Main Street (50% ownership) 3
Route 128 Mass Turnpike MA1120,681 100.0 %51.48 
Reservoir Place NorthRoute 128 Mass Turnpike MA173,258 100.0 %46.18 
The Point 5
Route 128 Mass Turnpike MA116,300 100.0 %60.55 
Lexington Office Park 8
Route 128 Northwest MA2166,779 43.0 %29.11 
33 Hayden AvenueRoute 128 Northwest MA180,876 100.0 %71.34 
32 Hartwell AvenueRoute 128 Northwest MA169,154 100.0 %28.49 
100 Hayden AvenueRoute 128 Northwest MA155,924 100.0 %60.18 
92 Hayden AvenueRoute 128 Northwest MA131,100 100.0 %47.38 
17 Hartwell AvenueRoute 128 Northwest MA130,000 100.0 %52.01 
Subtotal284,913,232 81.2 %$52.89 
Boston Office Total:4915,854,014 90.2 %$70.87 
Residential
Hub50House (440 units) (50% ownership) 3
CBD Boston MA1320,444 
The Lofts at Atlantic Wharf (86 units)CBD Boston MA187,096 
Proto Kendall Square (280 units) East Cambridge MA1166,717 
Boston Residential Total:3574,257 
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Q4 2022
In-service property listing (continued)
as of December 31, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
BOSTON (continued)
Hotel
Boston Marriott Cambridge (437 rooms)East Cambridge MA1334,260 
Boston Hotel Total:1334,260 
Boston Total:5316,762,531 
LOS ANGELES
Office
Colorado Center (50% ownership) 3
West Los Angeles CA61,131,511 89.5 %$71.25 
Santa Monica Business Park (55% ownership) 3
West Los Angeles CA141,106,399 87.1 %69.09 
Santa Monica Business Park Retail (55% ownership) 3, 5
West Los Angeles CA774,404 90.1 %74.16 
Subtotal272,312,314 88.3 %$70.33 
Los Angeles Total:272,312,314 88.3 %$70.33 
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY11,965,003 86.6 %$162.15 
601 Lexington Avenue (55% ownership)Park Avenue NY11,670,790 98.9 %98.63 
399 Park AvenuePark Avenue NY11,577,544 99.2 %98.40 
599 Lexington AvenuePark Avenue NY11,106,351 85.4 %88.62 
Times Square Tower (55% ownership)Times Square NY11,225,472 84.8 %78.58 
250 West 55th StreetTimes Square / West Side NY1966,979 99.4 %94.39 
200 Fifth Avenue (26.69% ownership) 3, 4
Flatiron District NY1854,737 92.5 %86.21 
Dock 72 (50% ownership) 3
Brooklyn NY1668,625 25.5 %49.10 
510 Madison Avenue Fifth/Madison Avenue NY1355,089 97.1 %137.61 
Subtotal910,390,590 88.3 %$106.10 
510 Carnegie CenterPrinceton NJ1234,160 33.5 %$39.95 
206 Carnegie CenterPrinceton NJ1161,763 100.0 %35.33 
210 Carnegie CenterPrinceton NJ1159,468 79.2 %37.74 
212 Carnegie CenterPrinceton NJ1147,530 40.1 %38.54 
214 Carnegie CenterPrinceton NJ1146,799 65.9 %36.63 
506 Carnegie CenterPrinceton NJ1139,050 68.2 %38.38 
508 Carnegie CenterPrinceton NJ1134,433 100.0 %41.39 
202 Carnegie CenterPrinceton NJ1134,068 87.0 %39.13 
804 Carnegie CenterPrinceton NJ1130,000 100.0 %41.19 
504 Carnegie CenterPrinceton NJ1121,990 100.0 %34.37 
101 Carnegie CenterPrinceton NJ1121,619 95.3 %38.74 
502 Carnegie CenterPrinceton NJ1121,460 96.2 %39.18 
701 Carnegie CenterPrinceton NJ1120,000 100.0 %43.27 
104 Carnegie CenterPrinceton NJ1102,930 75.2 %33.19 
103 Carnegie CenterPrinceton NJ196,331 78.6 %35.37 
302 Carnegie CenterPrinceton NJ164,926 100.0 %35.65 
211 Carnegie CenterPrinceton NJ147,025 100.0 %37.46 
201 Carnegie CenterPrinceton NJ6,500 100.0 %33.44 
Subtotal172,190,052 79.7 %$38.15 
New York Total:2612,580,642 86.8 %$95.25 
SAN FRANCISCO
Office
Salesforce TowerCBD San Francisco CA11,420,682 100.0 %$108.32 
Embarcadero Center FourCBD San Francisco CA1941,205 93.7 %91.35 
Embarcadero Center OneCBD San Francisco CA1837,309 68.4 %86.79 
Embarcadero Center TwoCBD San Francisco CA1802,472 86.3 %85.36 
Embarcadero Center ThreeCBD San Francisco CA1787,377 82.5 %88.14 
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Q4 2022
In-service property listing (continued)
as of December 31, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
SAN FRANCISCO (continued)
680 Folsom StreetCBD San Francisco CA2524,793 98.7 %72.73 
535 Mission StreetCBD San Francisco CA1307,235 87.6 %91.00 
690 Folsom StreetCBD San Francisco CA126,080 100.0 %104.03 
Subtotal95,647,153 89.1 %$92.53 
Gateway Commons (50% ownership) 3
South San Francisco CA5787,846 89.7 %$60.79 
Mountain View Research ParkMountain View CA15542,264 79.2 %69.43 
2440 West El Camino RealMountain View CA1142,789 100.0 %89.85 
453 Ravendale DriveMountain View CA129,620 75.0 %51.98 
North First Business Park 8
San Jose CA5190,636 87.6 %23.65 
Subtotal271,693,155 86.7 %$61.81 
San Francisco Office Total:367,340,308 88.5 %$85.57 
Residential
The Skylyne (402 units)CBD Oakland CA1330,996 
San Francisco Residential Total:1330,996 
San Francisco Total:377,671,304 
SEATTLE
Office
Safeco Plaza (33.67% ownership) 3
CBD Seattle WA1778,116 83.6 %$44.64 
Madison Centre 4
CBD Seattle WA1754,988 93.1 %60.05 
Subtotal21,533,104 88.3 %$52.64 
Seattle Total:21,533,104 88.3 %$52.64 
WASHINGTON, DC
Office
Metropolitan Square (20% ownership) 3
East End Washington DC1657,580 85.7 %$71.43 
901 New York Avenue (25% ownership) 3
East End Washington DC1544,256 83.1 %66.01 
Market Square North (50% ownership) 3
East End Washington DC1418,539 75.3 %70.68 
2200 Pennsylvania AvenueCBD Washington DC1459,745 93.6 %98.51 
1330 Connecticut AvenueCBD Washington DC1253,579 94.6 %71.81 
Sumner SquareCBD Washington DC1209,556 98.1 %56.35 
500 North Capitol Street, N.W. (30% ownership) 3
Capitol Hill Washington DC1230,900 98.5 %82.70 
Capital GallerySouthwest Washington DC1176,809 97.1 %54.34 
Subtotal82,950,964 88.3 %$73.35 
Reston Next 4
Reston VA21,063,236 69.4 %$56.96 
South of MarketReston VA3623,250 99.6 %54.36 
Fountain SquareReston VA2524,785 89.7 %49.88 
One Freedom SquareReston VA1427,956 85.0 %50.78 
Two Freedom SquareReston VA1423,222 100.0 %49.25 
One and Two Discovery Square Reston VA2366,989 99.0 %50.57 
One Reston OverlookReston VA1319,519 89.0 %46.45 
17Fifty Presidents StreetReston VA1275,809 100.0 %68.27 
Reston Corporate CenterReston VA2261,046 100.0 %47.20 
Democracy TowerReston VA1259,441 99.3 %62.63 
Fountain Square Retail 5
Reston VA1198,158 83.2 %50.01 
Two Reston OverlookReston VA1134,615 100.0 %49.84 
Avant Retail 4, 5
Reston VA126,179 100.0 %57.91 
Subtotal194,904,205 89.4 %$53.36 
7750 Wisconsin Avenue (50% ownership) 3, 4
Bethesda/Chevy Chase MD 1735,573 100.0 %$38.00 
Wisconsin Place OfficeMontgomery County MD1299,428 88.9 %58.33 
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Q4 2022
In-service property listing (continued)
as of December 31, 2022
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
WASHINGTON, DC (continued)
Shady Grove Innovation District 9
North Rockville MD3182,290 75.1 %18.27 
Kingstowne Two Springfield VA1156,005 83.7 %39.35 
Kingstowne One Springfield VA1153,401 36.9 %40.65 
Kingstowne Retail 5
Springfield VA188,288 96.8 %46.29 
Subtotal81,614,985 87.4 %$40.66 
Washington, DC Office Total:359,470,154 88.7 %$57.39 
Residential
Signature at Reston (508 units)Reston VA1517,783 
Washington, DC Residential Total:1517,783 
Washington, DC Total:369,987,937 
Total In-Service Properties:18150,847,832 88.6 %
10
$75.99 
10

























_____________
1Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
3This is an unconsolidated joint venture property.
4Not included in the Same Property analysis.
5This is a retail property.
6Excludes a portion of the property that was placed in redevelopment during the three months ended September 30, 2022, including 760 Boylston Street, the stand-alone building consisting of approximately 118,000 square feet at Prudential Center (retail shops), and one building consisting of approximately 90,000 square feet at 140 Kendrick Street. For additional detail, see page 14.
7This property is held for redevelopment which is expected to commence upon the last lease expiration in 2023. To facilitate the redevelopment of the property, there is no rental obligation from the client.
8Property held for redevelopment.
9Excludes 2096 Gaither Road which was taken out of service following the expiration of the last leases on November 30, 2022. 2096 Gaither Road consisted of approximately 50,000 net rentable square feet of office space. The property is held for future redevelopment.
10 Excludes Hotel and Residential properties. For additional detail, see pages 19-20.





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Q4 2022
Top 20 clients listing and portfolio client diversification
as of December 31, 2022
TOP 20 CLIENTS
No.Client
BXP’s Share of Annualized Rental Obligations 1
Weighted Average Remaining Lease Term (years) 2
Salesforce3.42 %9.1
Google2.69 %14.5
Biogen2.60 %4.4
Akamai Technologies2.12 %11.8
Fannie Mae1.49 %14.7
Kirkland & Ellis1.49 %14.9
Ropes & Gray1.43 %7.3
WeWork1.41 %10.1
Microsoft1.27 %9.3
10 Millennium Management1.26 %8.0
11 Arnold & Porter Kaye Scholer1.17 %9.1
12 Weil Gotshal & Manges1.11 %11.4
13 Shearman & Sterling1.08 %17.6
14 Wellington Management1.04 %12.0
15 Bank of America0.93 %12.5
16 Morrison & Foerster0.86 %7.7
17 Snap0.85 %3.2
18 O'Melveny & Myers0.83 %1.9
19 Aramis (Estee Lauder)0.82 %17.3
20 Mass Financial Services0.82 %5.2
BXP’s Share of Annualized Rental Obligations28.70 %
BXP’s Share of Square Feet 1
22.80 %
Weighted Average Remaining Lease Term (years)10.2

NOTABLE SIGNED DEALS 3
ClientPropertySquare Feet
AstraZeneca
290 Binney Street 4
570,000 
Genentech751 Gateway229,000 
The Broad Institute300 Binney Street 225,000 
Volkswagen Group of AmericaReston Next196,000 
CLIENT DIVERSIFICATION 2
https://cdn.kscope.io/82c319881605e2295a8b46aa5c0f02d9-chart-0ca71ed34feb4349a1c.jpg

_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2Based on BXP’s Share of Annualized Rental Obligations.
3Represents leases signed with occupancy commencing in the future. The number of square feet is an estimate.
4290 Binney Street is a 570,000 square foot lab development in Cambridge, MA which commenced development in the first quarter of 2023.

25

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Q4 2022
Occupancy by location
as of December 31, 2022

TOTAL IN-SERVICE OFFICE PROPERTIES 1 - Quarter-over-Quarter
CBDSuburbanTotal
Location31-Dec-2230-Sep-2231-Dec-2230-Sep-2231-Dec-2230-Sep-22
Boston94.2 %94.8 %81.2 %83.4 %90.2 %91.4 %
Los Angeles88.3 %90.0 %— %— %88.3 %90.0 %
New York88.3 %89.0 %79.7 %78.0 %86.8 %86.9 %
San Francisco89.1 %89.3 %86.7 %80.6 %88.5 %87.3 %
Seattle88.3 %89.1 %— %— %88.3 %89.1 %
Washington, DC88.3 %83.9 %88.9 %90.3 %88.7 %88.1 %
   Total Portfolio90.3 %90.6 %84.9 %84.9 %88.6 %88.9 %
https://cdn.kscope.io/82c319881605e2295a8b46aa5c0f02d9-chart-fd57da18984c426ea5a.jpg

SAME PROPERTY OFFICE PROPERTIES 1, 2 - Year-over-Year
CBDSuburbanTotal
Location31-Dec-2231-Dec-2131-Dec-2231-Dec-2131-Dec-2231-Dec-21
Boston94.2 %96.2 %80.4 %86.2 %89.8 %93.0 %
Los Angeles88.3 %88.8 %— %— %88.3 %88.8 %
New York87.9 %89.9 %79.7 %78.9 %86.3 %87.9 %
San Francisco89.1 %92.1 %86.7 %74.5 %88.5 %88.0 %
Seattle83.6 %90.9 %— %— %83.6 %90.9 %
Washington, DC88.3 %82.5 %91.5 %91.0 %90.3 %87.7 %
   Total Portfolio90.0 %91.5 %85.1 %85.2 %88.6 %89.6 %
https://cdn.kscope.io/82c319881605e2295a8b46aa5c0f02d9-chart-4d5031a3024b4b978bf.jpg


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

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Q4 2022
Capital structure
(in thousands, except percentages)

CONSOLIDATED DEBT
Aggregate Principal
Mortgage Notes Payable $3,300,000 
Unsecured Line of Credit— 
Unsecured Term Loan730,000 
Unsecured Senior Notes, at face value10,300,000 
Outstanding Principal14,330,000 
Discount on Unsecured Senior Notes(14,094)
Deferred Financing Costs, Net(75,570)
Consolidated Debt$14,240,336 
MORTGAGE NOTES PAYABLE
Interest Rate
PropertyMaturity DateGAAPStatedOutstanding Principal
601 Lexington Avenue (55% ownership)January 9, 20322.93%2.79%$1,000,000 
767 Fifth Avenue (The GM Building) (60% ownership)June 9, 20273.64%3.43%2,300,000 
Total$3,300,000 
BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 1
Maturity DateEffective Yield (on issue date)CouponOutstanding Principal
10.5 Year Unsecured Senior NotesSeptember 1, 20233.28%3.13%$500,000 
10.5 Year Unsecured Senior NotesFebruary 1, 20243.92%3.80%700,000 
7 Year Unsecured Senior NotesJanuary 15, 20253.35%3.20%850,000 
10 Year Unsecured Senior NotesFebruary 1, 20263.77%3.65%1,000,000 
10 Year Unsecured Senior NotesOctober 1, 20263.50%2.75%1,000,000 
5 Year Unsecured Senior Notes (“green bonds”)December 1, 20276.92%6.75%750,000 
10 Year Unsecured Senior Notes (“green bonds”)
December 1, 20284.63%4.50%1,000,000 
10 Year Unsecured Senior Notes (“green bonds”)
June 21, 20293.51%3.40%850,000 
10.5 Year Unsecured Senior Notes
March 15, 20302.98%2.90%700,000 
10.75 Year Unsecured Senior Notes
January 30, 20313.34%3.25%1,250,000 
11 Year Unsecured Senior Notes (“green bonds”)April 1, 20322.67%2.55%850,000 
12 Year Unsecured Senior Notes (“green bonds”)October 1, 20332.52%2.45%850,000 
$10,300,000 
CAPITALIZATION
Shares/UnitsCommon Stock
OutstandingEquivalents
Equivalent Value 2
Common Stock156,758 156,758 $10,593,706 
Common Operating Partnership Units18,210 18,210 1,230,632 
Total Equity174,968 $11,824,338 
Consolidated Debt (A)
$14,240,336 
Add: BXP’s share of unconsolidated joint venture debt 3
1,600,367 
Less: Partners’ share of consolidated debt 4
1,358,395 
BXP’s Share of Debt 5 (B)
$14,482,308 
Consolidated Market Capitalization (C)
$26,064,674 
BXP’s Share of Market Capitalization 5 (D)
$26,306,646 
Consolidated Debt/Consolidated Market Capitalization (A÷C)
54.63 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 5 (B÷D)
55.05 %


_____________
1All unsecured senior notes are rated BBB+ (stable), and Baa1 (stable) by S&P and Moody’s, respectively.
2Values are based on the December 30, 2022 closing price of $67.58 per share of BXP common stock.
3Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 34.
4Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 32.
5See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
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Q4 2022
Debt analysis 1
as of December 31, 2022
(dollars in thousands)


https://cdn.kscope.io/82c319881605e2295a8b46aa5c0f02d9-chart-75488f5b2efa487288b.jpg
2023 2
2024202520262027202820292030203120322033


UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026
 FacilityOutstanding at December 31, 2022Letters of CreditRemaining Capacity at December 31, 2022
Unsecured Line of Credit$1,500,000 $— $6,425 $1,493,575 

UNSECURED TERM LOAN - MATURES MAY 16, 2023 2
 FacilityOutstanding at December 31, 2022
Unsecured Term Loan$730,000 $730,000 

UNSECURED AND SECURED DEBT ANALYSIS
Weighted Average
 % of Total Debt Stated Rates
 GAAP Rates 3
 Maturity (years)
Unsecured Debt77.02 %3.68 %3.76 %5.2 
Secured Debt22.98 %3.24 %3.42 %5.8 
Consolidated Debt100.00 %3.58 %3.69 %5.3 

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total Debt Stated Rates
 GAAP Rates 3
 Maturity (years)
Floating Rate Debt5.13 %4.85 %4.85 %0.4 
Fixed Rate Debt94.87 %3.51 %3.62 %5.6 
Consolidated Debt100.00 %3.58 %3.69 %5.3 







_____________
1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 34.
2On January 4, 2023, BPLP entered into a credit agreement (the “Credit Agreement”) that provides for a $1.2 billion unsecured term loan facility that matures in May 16, 2024. Upon entry into the Credit Agreement, BPLP borrowed $1.2 billion under the Term Loan, a portion of which was used to repay in full BPLP’s $730.0 million unsecured term loan, which was scheduled to mature on May 16, 2023.
3The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges and the effects of hedging transactions.
28

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Q4 2022
Senior unsecured debt covenant compliance ratios
In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the Indenture.
This section presents such ratios as of December 31, 2022 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.


COVENANT RATIOS AND RELATED DATA
Senior Notes Issued Prior to December 4, 2017Senior Notes Issued On or After December 4, 2017
TestActual
Total Outstanding Debt/Total Assets 1
Less than 60%47.2 %43.7 %
Secured Debt/Total AssetsLess than 50%15.1 %14.0 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)Greater than 1.50x3.67 3.67 
Unencumbered Assets/ Unsecured DebtGreater than 150%237.6 %259.5 %


































_____________
1Capitalized Property Value for senior notes issued prior to December 4, 2017 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized property value for senior notes issued on or after December 4, 2017 is determined for each property and is the greater of (x) annualized EBITDA capitalized at 7.0% and (y) the undepreciated book value as determined under GAAP.
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Q4 2022
Net Debt to EBITDAre
(dollars in thousands)

Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDArecash 1
Three Months Ended
31-Dec-2230-Sep-22
Net income attributable to Boston Properties, Inc.$121,790 $360,977 
Add:
Noncontrolling interest - common units of the Operating Partnership13,972 40,883 
Noncontrolling interest in property partnerships19,961 18,801 
Net income155,723 420,661 
Add:
Interest expense119,923 111,846 
Losses from early extinguishments of debt— — 
Depreciation and amortization expense198,330 190,675 
Less:
Gains on sales of real estate55,726 262,345 
Gain on sales-type lease10,058 — 
Loss from unconsolidated joint ventures(58,451)(3,524)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2
38,315 35,709 
EBITDAre 1
504,958 500,070 
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3
49,350 48,478 
BXP’s Share of EBITDAre 1 (A)
455,608 451,592 
Add:
Stock-based compensation expense7,496 7,695 
BXP’s Share of straight-line ground rent expense adjustment 1
404 944 
BXP’s Share of lease transaction costs that qualify as rent inducements 1
11,711 6,047 
Less:
BXP’s Share of straight-line rent 1
31,029 33,817 
BXP’s Share of fair value lease revenue 1
3,841 2,933 
Non-cash losses from early extinguishments of debt— — 
BXP’s Share of EBITDAre cash 1
$440,349 $429,528 
BXP’s Share of EBITDAre (Annualized) 4 (A x 4)
$1,822,432 $1,806,368 

Reconciliation of BXP’s Share of Net Debt 1
31-Dec-2230-Sep-22
Consolidated debt$14,240,336 $13,832,871 
Add:
Special dividend payable— — 
Less:
Cash and cash equivalents690,333 375,774 
Cash held in escrow for 1031 exchange— 26,729 
Net debt 1
13,550,003 13,430,368 
Add:
BXP’s share of unconsolidated joint venture debt 2
1,600,367 1,450,624 
Partners’ share of cash and cash equivalents from consolidated joint ventures111,116 107,080 
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures106,389 99,081 
Partners’ share of consolidated joint venture debt 3
1,358,395 1,357,896 
BXP’s Share of Net Debt 1 (B)
$13,796,702 $13,531,095 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]
7.57 7.49 

_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended December 31, 2022, see pages 34 and 63.
3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended December 31, 2022, see pages 32 and 61.
4BXP’s Share of EBITDAre (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4).
30

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Q4 2022
Debt ratios
(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1
Three Months Ended
31-Dec-2230-Sep-22
BXP’s Share of interest expense 1
$129,404 $117,623 
Less:
BXP’s Share of hedge amortization, net of costs 1
1,751 200 
BXP’s share of fair value interest adjustment 1
250 — 
BXP’s Share of amortization of financing costs 1
3,978 5,028 
Adjusted interest expense excluding capitalized interest (A)
123,425 112,395 
Add:
BXP’s Share of capitalized interest 1
13,404 13,404 
Adjusted interest expense including capitalized interest (B)
$136,829 $125,799 
BXP’s Share of EBITDAre cash 1, 2 (C)
$440,349 $429,528 
Interest Coverage Ratio (excluding capitalized interest) (C÷A)
3.57 3.82 
Interest Coverage Ratio (including capitalized interest) (C÷B)
3.22 3.41 


FIXED CHARGE COVERAGE RATIO 1
Three Months Ended
31-Dec-2230-Sep-22
BXP’s Share of interest expense 1
$129,404 $117,623 
Less:
BXP’s Share of hedge amortization, net of costs 1
1,751 200 
BXP’s share of fair value interest adjustment 1
250 — 
BXP’s Share of amortization of financing costs 1
3,978 5,028 
Add:
BXP’s Share of capitalized interest 1
13,404 13,404 
BXP’s Share of maintenance capital expenditures 1
22,229 15,520 
Hotel improvements, equipment upgrades and replacements171 148 
Total Fixed Charges (A)
$159,229 $141,467 
BXP’s Share of EBITDAre cash 1, 2 (B)
$440,349 $429,528 
Fixed Charge Coverage Ratio (B÷A)
2.77 3.04 






















_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2For a qualitative reconciliation of BXP’s Share of EBITDAre – cash, see page 30.
31

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Q4 2022
Consolidated joint ventures
d
as of December 31, 2022
(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION
Norges Joint Ventures 1
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
ASSETS
(The GM Building) 1
Atlantic Wharf OfficeJoint Ventures
Real estate, net$3,210,759 $2,243,328 $5,454,087 
Cash and cash equivalents114,620 145,039 259,659 
Other assets281,140 367,319 648,459 
Total assets$3,606,519 $2,755,686 $6,362,205 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$2,284,484 $987,858 $3,272,342 
Other liabilities88,824 85,938 174,762 
Total liabilities2,373,308 1,073,796 3,447,104 
Equity:
   Boston Properties, Inc.741,532 626,131 1,367,663 
   Noncontrolling interests491,679 1,055,759 1,547,438 
2
Total equity1,233,211 1,681,890 2,915,101 
Total liabilities and equity$3,606,519 $2,755,686 $6,362,205 
BXP’s nominal ownership percentage60%55%
Partners’ share of cash and cash equivalents 3
$45,848 $65,268 $111,116 
Partners’ share of consolidated debt 3
$913,859 
4
$444,536 $1,358,395 




















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

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Q4 2022
Consolidated joint ventures (continued)
for the three months ended December 31, 2022
(unaudited and dollars in thousands)

RESULTS OF OPERATIONS
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Revenue
Lease 1
$71,215 $99,348 $170,563 
Straight-line rent3,659 7,047 10,706 
Fair value lease revenue327 21 348 
Termination income193 287 480 
Total lease revenue75,394 106,703 182,097 
Parking and other— 1,639 1,639 
Total rental revenue 2
75,394 108,342 183,736 
Expenses
Operating29,932 37,634 67,566 
Net Operating Income (NOI)45,462 70,708 116,170 
Other income (expense)
Development and management services revenue— 
Interest and other income835 1,132 1,967 
Interest expense(21,194)(7,734)(28,928)
Depreciation and amortization expense(15,934)(23,120)(39,054)
General and administrative expense(42)(50)(92)
Total other income (expense)(36,335)(29,765)(66,100)
Net income$9,127 $40,943 $50,070 

FUNDS FROM OPERATIONS (FFO)
BXP’s nominal ownership percentage60%55%
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
Reconciliation of Partners’ share of FFO(The GM Building)Atlantic Wharf OfficeJoint Ventures
Net income$9,127 $40,943 $50,070 
Add: Depreciation and amortization expense15,934 23,120 39,054 
Entity FFO$25,061 $64,063 $89,124 
Partners’ NCI 3
$2,694 $17,267 $19,961 
Partners’ share of depreciation and amortization expense after BXP’s basis differential 3
6,701 10,734 17,435 
Partners’ share FFO 3
$9,395 $28,001 $37,396 
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI
$6,433 $23,676 $30,109 
Depreciation and amortization expense - BXP’s basis difference
46 399 445 
BXP’s share of depreciation and amortization expense
9,187 11,987 21,174 
BXP’s share of FFO$15,666 $36,062 $51,728 
_____________
1 Lease revenue includes recoveries from clients and service income from clients.
2 See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
3 Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.
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Q4 2022
Unconsolidated joint ventures 1

as of December 31, 2022
(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION
BXP’s Nominal OwnershipMortgage/Mezzanine/Construction Loans Payable, Net Interest Rate
Property Net EquityMaturity DateStated
GAAP 2
Boston
The Hub on Causeway50.00 %$— $— — — %— %
100 Causeway Street50.00 %59,716 168,512 September 5, 20235.17 %5.38 %
Podium50.00 %46,839 87,058 September 6, 20236.18 %6.35 %
Hub50House 50.00 %45,414 91,854 June 17, 20324.43 %4.51 %
Hotel Air Rights50.00 %12,366 — — — %— %
1265 Main Street50.00 %3,465 17,668 January 1, 20323.77 %3.84 %
Los Angeles
Santa Monica Business Park 55.00 %164,735 164,258 July 19, 20254.06 %4.24 %
Colorado Center50.00 %233,862 274,587 August 9, 20273.56 %3.59 %
Beach Cities Media Center50.00 %27,000 — — — %— %
New York
Dock 72 3, 4
50.00 %(19,921)98,490 December 18, 20256.93 %7.19 %
360 Park Avenue South 5
42.21 %114,992 87,427 December 14, 20246.31 %6.77 %
200 Fifth Avenue 26.69 %120,083 148,697 November 24, 20284.34 %5.60 %
3 Hudson Boulevard 6
25.00 %116,397 19,992 July 13, 20237.29 %7.37 %
San Francisco
Platform 1655.00 %158,109 — — — %— %
Gateway Commons 50.00 %324,038 — — — %— %
751 Gateway49.00 %80,714 — — — %— %
Seattle
Safeco Plaza 7
33.67 %69,785 83,755 September 1, 20264.82 %4.96 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters)50.00 %52,152 125,539 April 26, 20234.90 %5.44 %
1001 6th Street50.00 %42,922 — — — %— %
Market Square North50.00 %(6,198)62,173 November 10, 20256.11 %6.29 %
Wisconsin Place Parking Facility33.33 %31,971 — — — %— %
500 North Capitol Street, N.W.30.00 %(9,185)31,493 June 6, 20234.15 %4.20 %
901 New York Avenue25.00 %(12,493)52,961 January 5, 20253.61 %3.69 %
Reston Next Residential 8
20.00 %11,351 2,735 May 13, 20265.74 %6.06 %
Metropolitan Square 7
20.00 %(37,629)83,168 April 9, 20246.59 %7.36 %
1,630,485 
Investments with deficit balances reflected within Other Liabilities
85,426 
Investments in Unconsolidated Joint Ventures$1,715,911 
Mortgage/Mezzanine/Construction Loans Payable, Net$1,600,367 
https://cdn.kscope.io/82c319881605e2295a8b46aa5c0f02d9-chart-3c76d4b7527b4eefa5e.jpg
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Q4 2022
Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total DebtStated Rate
GAAP Rate 2
Maturity (years)
Floating Rate Debt51.17 %5.80 %6.14 %1.6 
Fixed Rate Debt48.83 %3.95 %4.25 %7.8 
Total Debt100.00 %4.90 %5.22 %4.6 

_____________
1Amounts represent BXP’s share based on its ownership percentage.
2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, which includes mortgage recording fees and the effects of hedging transactions (if any).
3 The property includes net equity balances from the amenity joint venture.
4 The Company recognized a $50.7 million non-cash impairment charge in Q4 2022.
5The Company’s partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.
6 The Company has provided $80.0 million of mortgage financing to the joint venture. The loan has been reflected as Related Party Note Receivable, Net on the Company’s Consolidated Balance Sheets.
7 Safeco Plaza and Metropolitan Square entered into interest rate cap agreements during Q3 2022 which capped SOFR to 2.50% and 4.50% per annum, respectively.
8 The Company’s partner will fund required capital until their aggregate investment is approximately 80% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.

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Q4 2022
Unconsolidated joint ventures (continued)
for the three months ended December 31, 2022
(unaudited and dollars in thousands)

RESULTS OF OPERATIONS 1
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
Revenue
Lease 2
$24,465 $31,251 $12,413 $10,969 $6,578 $33,237 $118,913 
Straight-line rent1,074 2,607 141 347 710 3,150 8,029 
Fair value lease revenue — 278 752 23 1,144 — 2,197 
Termination income— (69)1,673 — — — 1,604 
Total lease revenue25,539 34,067 14,979 11,339 8,432 36,387 130,743 
Parking and other(28)3,557 54 207 584 2,039 6,413 
Total rental revenue 3
25,511 37,624 15,033 11,546 9,016 38,426 137,156 
Expenses
Operating 9,039 13,765 8,867 4,745 3,648 14,268 54,332 
Net operating income/(loss)16,472 23,859 6,166 6,801 5,368 24,158 82,824 
Other income/(expense)
Development and management services revenue— — 373 — 39 413 
Interest and other income231 232 172 20 60 436 1,151 
Interest expense(9,630)(11,956)(8,927)(3)(4,007)(16,272)(50,795)
Unrealized gain on derivative instruments— — 1,681 — — — 1,681 
Transaction costs(3)— — — (24)(64)(91)
Depreciation and amortization expense(8,257)(13,672)(5,638)(4,800)(5,461)(11,124)(48,952)
General and administrative expense(34)(25)(310)(4)(8)(39)(420)
Total other income/(expense)(17,693)(25,421)(12,649)(4,786)(9,440)(27,024)(97,013)
Net income/(loss)$(1,221)$(1,562)$(6,483)$2,015 $(4,072)$(2,866)$(14,189)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss) $(611)$(941)$(3,015)$1,003 $(1,368)$156 
4
$(4,776)
Basis differential
Straight-line rent$— $91 
5
$149 $
5
$— $— $247 
Fair value lease revenue— 301 
5
63 (219)
5
— — 145 
Fair value interest adjustment— — (250)— — — (250)
Amortization of financing costs— — 55 — — — 55 
 Unrealized gain on derivative instruments— — (449)— — — (449)
Transaction costs— — — 13 
5
— — 13 
Depreciation and amortization expense34 (1,073)
5
(1,055)(506)
5
(132)(2,731)
Impairment loss on investment 6
— — (50,705)— — — (50,705)
Total basis differential 7
34 (681)
5
(52,192)(705)
5
(132)(53,675)
Income/(loss) from unconsolidated joint ventures(577)(1,622)(55,207)298 (1,367)24 
4
(58,451)
Add:
BXP’s share of depreciation and amortization expense4,095 8,273 3,260 2,953 1,838 4,207 
4
24,626 
BXP’s share of impairment loss on investment— — 50,705 — — — 50,705 
BXP’s share of FFO$3,518 $6,651 $(1,242)$3,251 $471 $4,231 $16,880 


_____________
1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.
2 Lease revenue includes recoveries from clients and service income from clients.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
4 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement of 901 New York Avenue.
5 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.
6 Represents the other-than-temporary decline in the fair values below the carrying values of certain of the Company’s investments in unconsolidated joint ventures.
7 Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.
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Q4 2022
Lease expirations - All in-service properties1, 2, 3

as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
2022130,930 127,376 7,678,908 60.29 7,678,908 60.29 0.32 %
4
20232,162,332 1,886,395 122,126,050 64.74 123,730,515 65.59 4.81 %

20243,377,272 2,992,709 189,939,793 63.47 192,009,578 64.16 7.63 %
20253,012,839 2,536,634 175,017,981 69.00 180,113,096 71.00 6.47 %
20263,325,568 2,685,498 201,817,496 75.15 213,340,671 79.44 6.85 %
20272,411,802 2,177,972 154,113,922 70.76 168,258,077 77.25 5.55 %
20283,497,670 2,761,788 223,941,583 81.09 246,220,058 89.15 7.04 %
20293,157,918 2,776,358 200,104,415 72.07 229,289,447 82.59 7.08 %
20302,695,454 2,569,834 191,798,873 74.63 212,161,937 82.56 6.55 %
20311,994,110 1,841,343 147,745,043 80.24 165,931,930 90.11 4.70 %
Thereafter15,456,070 12,074,900 948,681,601 78.57 1,156,419,074 95.77 30.79 %

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
202211,317 11,317 876,989 77.49 876,989 77.49 0.50 %
4
2023202,939 198,859 7,699,821 38.72 7,717,954 38.81 8.78 %

2024107,564 102,597 6,757,515 65.86 6,937,862 67.62 4.53 %
2025140,863 115,052 9,007,101 78.29 9,687,259 84.20 5.08 %
2026101,251 86,259 20,940,712 242.77 23,368,337 270.91 3.81 %
2027124,387 113,993 13,267,137 116.39 13,837,035 121.38 5.04 %
2028115,771 112,495 10,987,052 97.67 12,050,672 107.12 4.97 %
2029119,699 92,493 11,169,099 120.76 12,275,900 132.72 4.09 %
2030246,586 177,903 13,039,656 73.30 14,195,777 79.80 7.86 %
203156,698 46,919 4,179,231 89.07 4,815,230 102.63 2.07 %
Thereafter743,437 593,348 66,676,380 112.37 82,019,694 138.23 26.21 %

IN-SERVICE PROPERTIES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
2022142,247 138,693 8,555,897 61.69 8,555,897 61.69 0.33 %
4
20232,365,271 2,085,254 129,825,871 62.26 131,448,469 63.04 5.03 %

20243,484,836 3,095,306 196,697,308 63.55 198,947,440 64.27 7.46 %
20253,153,702 2,651,686 184,025,082 69.40 189,800,355 71.58 6.39 %
20263,426,819 2,771,757 222,758,208 80.37 236,709,008 85.40 6.68 %
20272,536,189 2,291,965 167,381,059 73.03 182,095,112 79.45 5.53 %
20283,613,441 2,874,283 234,928,635 81.73 258,270,730 89.86 6.93 %
20293,277,617 2,868,851 211,273,514 73.64 241,565,347 84.20 6.92 %
20302,942,040 2,747,737 204,838,529 74.55 226,357,714 82.38 6.62 %
20312,050,808 1,888,262 151,924,274 80.46 170,747,160 90.43 4.55 %
Thereafter16,199,507 12,668,248 1,015,357,981 80.15 1,238,438,768 97.76 30.54 %
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units and hotel. Total includes Seattle region.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

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Q4 2022
Lease expirations - Boston region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202250,323 50,323 2,140,690 42.54 2,140,690 42.54 
4
2023867,873 781,186 46,981,585 60.14 47,150,957 60.36 
2024837,876 790,300 44,861,870 56.77 46,404,988 58.72 
20251,017,727 998,583 60,447,252 60.53 61,862,959 61.95 
2026777,131 745,820 49,336,350 66.15 52,258,956 70.07 
2027667,605 659,805 44,502,591 67.45 49,241,922 74.63 
20281,147,791 1,147,791 96,613,324 84.17 105,195,981 91.65 
20291,125,239 992,029 59,091,984 59.57 69,551,972 70.11 
20301,390,992 1,384,319 89,591,275 64.72 97,553,273 70.47 
2031558,878 491,442 28,326,714 57.64 31,525,618 64.15 
Thereafter4,829,491 3,958,555 320,585,700 80.99 389,055,340 98.28 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022— — — — — — 
2023135,567 135,252 2,937,015 21.72 2,912,754 21.54 

202433,306 33,306 2,318,880 69.62 2,320,014 69.66 
202541,203 41,203 3,691,701 89.60 3,769,620 91.49 
202626,512 26,512 5,171,171 195.05 5,430,023 204.81 
202767,859 61,567 9,457,411 153.61 9,985,313 162.19 
202875,560 75,560 8,452,075 111.86 9,236,474 122.24 
202951,277 49,927 7,039,893 141.00 7,580,290 151.83 
203091,335 56,940 5,680,625 99.77 5,753,258 101.04 
20314,266 4,266 606,633 142.20 675,901 158.44 
Thereafter261,547 220,459 16,612,125 75.35 19,586,961 88.85 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202250,323 50,323 2,140,690 42.54 2,140,690 42.54 
4
20231,003,440 916,438 49,918,600 54.47 50,063,711 54.63 

2024871,182 823,606 47,180,750 57.29 48,725,002 59.16 
20251,058,930 1,039,786 64,138,953 61.68 65,632,579 63.12 
2026803,643 772,332 54,507,521 70.58 57,688,979 74.69 
2027735,464 721,372 53,960,002 74.80 59,227,235 82.10 
20281,223,351 1,223,351 105,065,399 85.88 114,432,455 93.54 
20291,176,516 1,041,956 66,131,877 63.47 77,132,262 74.03 
20301,482,327 1,441,259 95,271,900 66.10 103,306,531 71.68 
2031563,144 495,708 28,933,347 58.37 32,201,519 64.96 
Thereafter5,091,038 4,179,014 337,197,825 80.69 408,642,301 97.78 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
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Q4 2022
Quarterly lease expirations - Boston region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 202250,323 50,323 2,140,690 42.54 2,140,690 42.54 
4
Total 202250,323 50,323 2,140,690 42.54 2,140,690 42.54 
Q1 2023174,107 155,480 8,428,011 54.21 8,456,593 54.39 
Q2 2023117,425 110,325 6,393,228 57.95 6,399,951 58.01 
Q3 2023250,601 233,706 16,651,393 71.25 16,664,243 71.30 
Q4 2023325,740 281,674 15,508,954 55.06 15,630,171 55.49 
Total 2023867,873 781,186 46,981,585 60.14 47,150,957 60.36 

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

— 

— — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 2022— — — — — — 
Total 2022— — — — — — 
Q1 2023117,998 117,683 1,320,796 11.22 1,320,796 11.22 

Q2 20238,721 8,721 692,007 79.35 662,559 75.97 
Q3 20232,443 2,443 377,623 154.57 377,623 154.57 
Q4 20236,405 6,405 546,590 85.34 551,776 86.15 
Total 2023135,567 135,252 2,937,015 21.72 2,912,754 21.54 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 202250,323 50,323 2,140,690 42.54 2,140,690 42.54 
4
Total 202250,323 50,323 2,140,690 42.54 2,140,690 42.54 
Q1 2023292,105 273,163 9,748,807 35.69 9,777,389 35.79 

Q2 2023126,146 119,046 7,085,235 59.52 7,062,510 59.33 
Q3 2023253,044 236,149 17,029,016 72.11 17,041,866 72.17 
Q4 2023332,145 288,079 16,055,544 55.73 16,181,947 56.17 
Total 20231,003,440 916,438 49,918,600 54.47 50,063,711 54.63 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
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Q4 2022
Lease expirations - Los Angeles region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022— — — — — — 
202367,860 37,323 2,499,198 66.96 2,498,399 66.94 
2024132,131 72,672 4,976,663 68.48 5,167,250 71.10 
202512,255 6,740 497,290 73.78 543,703 80.67 
2026602,745 331,510 23,021,219 69.44 25,383,356 76.57 
202727,999 15,399 808,205 52.48 1,230,774 79.92 
2028305,943 158,489 12,254,652 77.32 14,538,931 91.73 
2029349,913 174,957 12,217,912 69.83 14,588,826 83.39 
2030— — — — — — 
2031— — — — — — 
Thereafter428,566 214,470 15,315,014 71.41 23,375,203 108.99 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022— — — — — — 
20231,405 703 48,584 69.16 48,584 69.16 
20244,333 2,283 127,619 55.90 127,619 55.90 
202536,406 18,975 1,527,406 80.49 1,550,927 81.73 
20265,827 3,205 338,161 105.52 365,473 114.04 
2027— — — — — — 
2028— — — — — — 
202938,118 20,965 1,290,585 61.56 1,401,899 66.87 
20305,283 2,906 334,316 115.06 405,506 139.56 
2031— — — — — — 
Thereafter17,993 8,997 493,141 54.81 608,117 67.59 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022— — — — — — 
202369,265 38,026 2,547,782 67.00 2,546,983 66.98 
2024136,464 74,955 5,104,282 68.10 5,294,869 70.64 
202548,661 25,715 2,024,696 78.74 2,094,630 81.46 
2026608,572 334,715 23,359,380 69.79 25,748,829 76.93 
202727,999 15,399 808,205 52.48 1,230,774 79.93 
2028305,943 158,489 12,254,652 77.32 14,538,931 91.73 
2029388,031 195,922 13,508,497 68.95 15,990,725 81.62 
20305,283 2,906 334,316 115.04 405,506 139.54 
2031— — — — — — 
Thereafter446,559 223,467 15,808,155 70.74 23,983,320 107.32 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.



40

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Q4 2022
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 2022— — — — — — 
Total 2022— — — — — — 
Q1 202361,395 33,767 2,238,023 66.28 2,238,023 66.28 
Q2 2023— — — — — — 
Q3 20234,002 2,201 172,845 78.53 172,472 78.36 
Q4 20232,463 1,355 88,330 65.19 87,903 64.87 
Total 202367,860 37,323 2,499,198 66.96 2,498,399 66.94 

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

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 2022— — — — — — 
Total 2022— — — — — — 
Q1 202362,800 34,470 2,286,607 66.34 2,286,607 66.34 
Q2 2023— — — — — — 
Q3 20234,002 2,201 172,845 78.53 172,472 78.36 
Q4 20232,463 1,355 88,330 65.19 87,903 64.87 
Total 202369,265 38,026 2,547,782 67.00 2,546,983 66.98 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.


41

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Q4 2022
Lease expirations - New York region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202213,261 13,261 1,430,521 107.87 1,430,521 107.87 
4
2023328,742 244,173 19,670,873 80.56 19,910,543 81.54 
20241,215,389 1,023,520 70,449,095 68.83 71,102,453 69.47 
2025924,662 624,110 50,551,314 81.00 50,781,467 81.37 
2026679,792 496,246 37,343,984 75.25 38,016,459 76.61 
2027443,166 385,501 26,695,359 69.25 27,680,335 71.80 
2028605,043 409,017 38,356,239 93.78 40,514,892 99.05 
2029665,717 639,350 63,871,753 99.90 69,383,937 108.52 
2030733,334 682,892 61,977,946 90.76 67,122,709 98.29 
2031376,287 340,492 25,267,810 74.21 27,103,466 79.60 
Thereafter4,496,610 3,203,893 305,175,965 95.25 365,807,943 114.18 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20221,350 1,350 283,500 210.00 283,500 210.00 
4
20235,164 2,577 1,704,840 661.57 1,743,881 676.72 

20243,342 3,342 679,275 203.25 741,801 221.96 
20254,179 4,179 360,000 86.15 480,000 114.86 
202629,032 22,131 12,941,353 584.75 14,175,420 640.52 
2027— — — — — — 
2028— — — — — — 
20298,463 4,557 1,420,074 311.62 1,670,272 366.53 
203044,899 13,263 1,977,796 149.12 2,296,550 173.15 
203113,633 10,123 1,515,371 149.70 1,791,859 177.01 
Thereafter244,133 164,320 40,780,468 248.18 51,425,487 312.96 


TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202214,611 14,611 1,714,021 117.31 1,714,021 117.31 
4
2023333,906 246,750 21,375,713 86.63 21,654,424 87.76 
20241,218,731 1,026,862 71,128,370 69.27 71,844,254 69.96 
2025928,841 628,289 50,911,314 81.03 51,261,467 81.59 
2026708,824 518,377 50,285,337 97.01 52,191,879 100.68 
2027443,166 385,501 26,695,359 69.25 27,680,335 71.80 
2028605,043 409,017 38,356,239 93.78 40,514,892 99.05 
2029674,180 643,907 65,291,827 101.40 71,054,209 110.35 
2030778,233 696,155 63,955,742 91.87 69,419,259 99.72 
2031389,920 350,615 26,783,181 76.39 28,895,325 82.41 
Thereafter4,740,743 3,368,213 345,956,433 102.71 417,233,430 123.87 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


42

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Q4 2022
Quarterly lease expirations - New York region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 202213,261 13,261 1,430,521 107.87 1,430,521 107.87 
4
Total 202213,261 13,261 1,430,521 107.87 1,430,521 107.87 
Q1 2023119,752 92,782 5,777,825 62.27 5,777,825 62.27 

Q2 202343,145 26,353 2,712,038 102.91 2,712,038 102.91 
Q3 202372,963 55,069 4,031,744 73.21 4,031,744 73.21 
Q4 202392,882 69,969 7,149,266 102.18 7,388,936 105.60 
Total 2023328,742 244,173 19,670,873 80.56 19,910,543 81.54 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 20221,350 1,350 283,500 210.00 283,500 210.00 
4
Total 20221,350 1,350 283,500 210.00 283,500 210.00 
Q1 20233,317 1,469 387,070 263.53 387,070 263.53 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 20231,847 1,108 1,317,771 1,189.11 1,356,811 1,224.34 
Total 20235,164 2,577 1,704,840 661.57 1,743,881 676.72 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 202214,611 14,611 1,714,021 117.31 1,714,021 117.31 
4
Total 202214,611 14,611 1,714,021 117.31 1,714,021 117.31 
Q1 2023123,069 94,251 6,164,895 65.41 6,164,895 65.41 

Q2 202343,145 26,353 2,712,038 102.91 2,712,038 102.91 
Q3 202372,963 55,069 4,031,744 73.21 4,031,744 73.21 
Q4 202394,729 71,077 8,467,037 119.12 8,745,747 123.05 
Total 2023333,906 246,750 21,375,713 86.63 21,654,424 87.76 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


43

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Q4 2022
Lease expirations - San Francisco region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022— — — — — — 
2023464,655 417,514 33,055,687 79.17 34,416,344 82.43 

2024680,794 629,231 44,164,787 70.19 43,567,588 69.24 
2025712,865 683,913 52,170,383 76.28 54,860,863 80.22 
2026692,565 605,116 53,332,083 88.14 56,439,075 93.27 
2027522,695 511,731 47,439,139 92.70 51,823,431 101.27 
2028589,239 562,500 49,618,999 88.21 55,970,791 99.50 
2029303,177 284,893 27,572,277 96.78 32,320,995 113.45 
2030347,878 336,265 30,730,310 91.39 36,233,453 107.75 
2031841,263 814,557 83,563,565 102.59 94,802,202 116.39 
Thereafter1,053,059 1,022,542 99,160,070 96.97 117,867,623 115.27 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20221,229 1,229 95,328 77.57 95,328 77.57 
4
202332,444 32,444 2,005,866 61.83 2,007,346 61.87 
20246,564 6,564 206,847 31.51 287,884 43.86 
202533,198 33,198 1,997,831 60.18 2,446,351 73.69 
20266,955 6,955 585,772 84.22 677,312 97.38 
202712,951 12,951 990,185 76.46 1,058,151 81.70 
20289,338 9,338 663,348 71.04 695,920 74.53 
20296,216 6,216 608,761 97.93 687,438 110.59 
20305,267 5,267 669,479 127.11 781,200 148.32 
20316,709 3,355 82,923 24.72 105,045 31.31 
Thereafter39,591 39,591 2,172,690 54.88 2,686,156 67.85 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20221,229 1,229 95,328 $77.57 95,328 77.57 
4
2023497,099 449,958 35,061,553 77.92 36,423,690 80.95 

2024687,358 635,795 44,371,634 69.79 43,855,472 68.98 
2025746,063 717,111 54,168,214 75.54 57,307,214 79.91 
2026699,520 612,071 53,917,855 88.09 57,116,387 93.32 
2027535,646 524,682 48,429,324 92.30 52,881,582 100.79 
2028598,577 571,838 50,282,347 87.93 56,666,711 99.10 
2029309,393 291,109 28,181,038 96.81 33,008,433 113.39 
2030353,145 341,532 31,399,789 91.94 37,014,653 108.38 
2031847,972 817,912 83,646,488 102.27 94,907,247 116.04 
Thereafter1,092,650 1,062,133 101,332,760 95.40 120,553,779 113.50 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

44

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Q4 2022
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 2022— — — — — — 
Total 2022— — — — — — 
Q1 202331,927 26,244 1,847,872 70.41 1,981,375 75.50 
Q2 202350,892 43,031 2,972,980 69.09 3,801,413 88.34 
Q3 2023255,591 253,502 20,856,204 82.27 21,141,249 83.40 
Q4 2023126,245 94,738 7,378,632 77.89 7,492,307 79.08 
Total 2023464,655 417,514 33,055,687 79.17 34,416,344 82.43 


RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 20221,229 1,229 95,328 77.57 95,328 77.57 
4
Total 20221,229 1,229 95,328 77.57 95,328 77.57 
Q1 20235,392 5,392 314,624 58.35 314,624 58.35 
Q2 20233,039 3,039 290,661 95.64 290,661 95.64 
Q3 202312,345 12,345 814,506 65.98 814,506 65.98 
Q4 202311,668 11,668 586,076 50.23 587,555 50.36 
Total 202332,444 32,444 2,005,866 61.83 2,007,346 61.87 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 20221,229 1,229 95,328 77.57 95,328 77.57 
4
Total 20221,229 1,229 95,328 77.57 95,328 77.57 
Q1 202337,319 31,636 2,162,496 68.36 2,295,999 72.58 
Q2 202353,931 46,070 3,263,641 70.84 4,092,074 88.82 
Q3 2023267,936 265,847 21,670,710 81.52 21,955,755 82.59 
Q4 2023137,913 106,406 7,964,708 74.85 8,079,862 75.93 
Total 2023497,099 449,958 35,061,553 77.92 36,423,690 80.95 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


45

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Q4 2022
Lease expirations - Seattle region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20225,358 1,804 95,145 52.74 95,145 52.74 
4
202351,527 39,407 2,066,562 52.44 2,082,850 52.85 
202431,366 12,134 208,972 17.22 212,974 17.55 
202524,247 8,164 379,169 46.44 399,578 48.94 
202634,510 33,642 1,905,563 56.64 2,027,238 60.26 
2027189,746 186,827 10,947,355 58.60 12,143,333 65.00 
2028646,975 310,444 16,915,579 54.49 18,563,864 59.80 
2029113,708 112,239 6,644,568 59.20 7,611,513 67.81 
203055,243 55,243 3,201,569 57.95 3,685,635 66.72 
203194,744 91,599 5,136,937 56.08 5,874,995 64.14 
Thereafter85,034 58,222 3,994,937 68.62 4,994,170 85.78 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022— — — — — — 
20233,718 3,718 145,523 39.14 145,523 39.14 
20241,040 350 6,303 18.00 6,303 18.00 
2025— — — — — — 
20263,686 1,241 94,909 76.47 94,909 76.47 
2027— — — — — — 
2028945 945 51,731 54.74 56,173 59.44 
2029— — — — — — 
2030— — — — — — 
20313,048 3,048 185,379 60.82 222,230 72.91 
Thereafter— — — — — — 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20225,358 1,804 95,145 52.74 95,145 52.74 
4
202355,245 43,125 2,212,085 51.29 2,228,373 51.67 
202432,406 12,484 215,275 17.24 219,277 17.56 
202524,247 8,164 379,169 46.44 399,578 48.94 
202638,196 34,883 2,000,472 57.35 2,122,147 60.84 
2027189,746 186,827 10,947,355 58.60 12,143,333 65.00 
2028647,920 311,389 16,967,310 54.49 18,620,037 59.80 
2029113,708 112,239 6,644,568 59.20 7,611,513 67.82 
203055,243 55,243 3,201,569 57.95 3,685,635 66.72 
203197,792 94,647 5,322,316 56.23 6,097,225 64.42 
Thereafter85,034 58,222 3,994,937 68.62 4,994,170 85.78 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
46

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Q4 2022
Quarterly lease expirations - Seattle region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 20225,358 1,804 95,145 52.74 95,145 52.74 
4
Total 20225,358 1,804 95,145 52.74 95,145 52.74 
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202351,527 39,407 2,066,562 52.44 2,082,850 52.85 
Total 202351,527 39,407 2,066,562 52.44 2,082,850 52.85 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 2022— — — — — — 
Total 2022— — — — — — 
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 20233,718 3,718 145,523 39.14 145,523 39.14 
Q4 2023— — — — — — 
Total 20233,718 3,718 145,523 39.14 145,523 39.14 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 20225,358 1,804 95,145 52.74 95,145 52.74 
4
Total 20225,358 1,804 95,145 52.74 95,145 52.74 
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 20233,718 3,718 145,523 39.14 145,523 39.14 
Q4 202351,527 39,407 2,066,562 52.44 2,082,850 52.85 
Total 202355,245 43,125 2,212,085 51.29 2,228,373 51.67 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

47

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Q4 2022
Lease expirations - Washington, DC region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202261,988 61,988 4,012,552 64.73 4,012,552 64.73 
4
2023381,675 366,792 17,852,145 48.67 17,671,422 48.18 
2024479,716 464,852 25,278,406 54.38 25,554,325 54.97 
2025321,083 215,124 10,972,573 51.01 11,664,526 54.22 
2026538,825 473,164 36,878,297 77.94 39,215,587 82.88 
2027560,591 418,709 23,721,273 56.65 26,138,282 62.43 
2028202,679 173,547 10,182,790 58.67 11,435,599 65.89 
2029600,164 572,890 30,705,921 53.60 35,832,204 62.55 
2030168,007 111,115 6,297,773 56.68 7,566,867 68.10 
2031122,938 103,253 5,450,017 52.78 6,625,649 64.17 
Thereafter4,563,310 3,617,218 204,449,915 56.52 255,318,795 70.58 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20228,738 8,738 498,161 57.01 498,161 57.01 
4
202324,641 24,165 857,993 35.51 859,866 35.58 
202458,979 56,752 3,418,591 60.24 3,454,241 60.87 
202525,877 17,497 1,430,163 81.74 1,440,361 82.32 
202629,239 26,215 1,809,346 69.02 2,625,200 100.14 
202743,577 39,475 2,819,541 71.43 2,793,571 70.77 
202829,928 26,652 1,819,898 68.28 2,062,105 77.37 
202915,625 10,828 809,786 74.78 936,001 86.44 
203099,802 99,527 4,377,440 43.98 4,959,263 49.83 
203129,042 26,127 1,788,925 68.47 2,020,195 77.32 
Thereafter180,173 159,981 6,617,956 41.37 7,712,973 48.21 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202270,726 70,726 4,510,713 63.78 4,510,713 63.78 
4
2023406,316 390,957 18,710,138 47.86 18,531,288 47.40 
2024538,695 521,604 28,696,997 55.02 29,008,566 55.61 
2025346,960 232,621 12,402,736 53.32 13,104,887 56.34 
2026568,064 499,379 38,687,643 77.47 41,840,787 83.79 
2027604,168 458,184 26,540,814 57.93 28,931,853 63.14 
2028232,607 200,199 12,002,688 59.95 13,497,704 67.42 
2029615,789 583,718 31,515,707 53.99 36,768,205 62.99 
2030267,809 210,642 10,675,213 50.68 12,526,130 59.47 
2031151,980 129,380 7,238,942 55.95 8,645,844 66.83 
Thereafter4,743,483 3,777,199 211,067,871 55.88 263,031,768 69.64 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


48

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Q4 2022
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3
as of December 31, 2022


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 202261,988 61,988 4,012,552 64.73 4,012,552 64.73 
4
Total 202261,988 61,988 4,012,552 64.73 4,012,552 64.73 
Q1 202372,354 68,833 2,143,011 31.13 1,825,113 26.52 
Q2 202392,462 90,102 6,426,454 71.32 6,438,891 71.46 
Q3 2023148,010 140,479 6,693,145 47.65 6,755,105 48.09 
Q4 202368,849 67,378 2,589,535 38.43 2,652,313 39.36 
Total 2023381,675 366,792 17,852,145 48.67 17,671,422 48.18 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 20228,738 8,738 498,161 57.01 498,161 57.01 
4
Total 20228,738 8,738 498,161 57.01 498,161 57.01 
Q1 202310,518 10,518 310,034 29.48 310,034 29.48 
Q2 20234,373 4,373 311,932 71.33 311,932 71.33 
Q3 20236,655 6,655 123,019 18.49 123,024 18.49 
Q4 20233,095 2,619 113,008 43.15 114,877 43.87 
Total 202324,641 24,165 857,993 35.51 859,866 35.58 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 202270,726 70,726 4,510,713 63.78 4,510,713 63.78 
4
Total 202270,726 70,726 4,510,713 63.78 4,510,713 63.78 
Q1 202382,872 79,351 2,453,045 30.91 2,135,147 26.91 
Q2 202396,835 94,475 6,738,386 71.32 6,750,823 71.46 
Q3 2023154,665 147,134 6,816,164 46.33 6,878,129 46.75 
Q4 202371,944 69,997 2,702,543 38.61 2,767,190 39.53 
Total 2023406,316 390,957 18,710,138 47.86 18,531,288 47.40 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 55.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

49

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Q4 2022
Lease expirations - CBD properties 1, 2, 3
as of December 31, 2022


Boston
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202212,880 12,880 825,368 64.08 825,368 64.08 
4
2023539,644 452,642 25,265,443 55.82 25,410,553 56.14 

2024335,169 287,593 19,330,129 67.21 19,897,813 69.19 
2025334,994 315,850 25,966,785 82.21 26,707,319 84.56 
2026560,622 529,311 41,060,243 77.57 42,716,110 80.70 
2027525,223 511,131 44,259,267 86.59 49,054,153 95.97 
20281,081,055 1,081,055 97,842,403 90.51 106,558,998 98.57 
2029709,734 575,174 44,382,276 77.16 51,783,179 90.03 
20301,316,313 1,275,245 87,755,662 68.81 94,650,746 74.22 
203128,779 21,683 2,056,799 94.86 2,303,246 106.22 
Thereafter4,625,160 3,713,136 306,361,531 82.51 372,374,281 100.29 

Los Angeles
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022— — — — — — 
202369,265 38,026 2,547,782 67.00 2,546,982 66.98 
2024136,464 74,955 5,104,282 68.10 5,294,869 70.64 
202548,661 25,716 2,024,696 78.73 2,094,629 81.45 
2026608,572 334,715 23,359,380 69.79 25,748,829 76.93 
202727,999 15,399 808,205 52.48 1,230,774 79.92 
2028305,943 158,489 12,254,652 77.32 14,538,931 91.73 
2029388,031 195,921 13,508,497 68.95 15,990,726 81.62 
20305,283 2,906 334,316 115.06 405,506 139.56 
2031— — — — — — 
Thereafter446,559 223,466 15,808,155 70.74 23,983,320 107.32 

New York
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202212,850 12,850 1,645,836 128.08 1,645,836 128.08 
4
2023242,126 154,970 17,915,466 115.61 18,194,177 117.40 

2024719,708 527,839 52,043,559 98.60 52,684,206 99.81 
2025680,476 379,924 41,183,980 108.40 41,310,556 108.73 
2026467,424 276,978 40,465,176 146.10 41,951,355 151.46 
2027197,448 139,783 17,737,127 126.89 18,099,695 129.48 
2028576,798 380,772 37,363,523 98.13 39,396,958 103.47 
2029605,865 575,592 62,732,411 108.99 68,210,136 118.50 
2030731,059 648,981 62,359,082 96.09 67,481,133 103.98 
2031228,644 189,339 20,224,032 106.81 21,983,572 116.11 
Thereafter4,596,012 3,223,482 340,365,097 105.59 410,861,268 127.46 
50

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Q4 2022
Lease expirations - CBD properties (continued) 1, 2, 3
as of December 31, 2022


San Francisco
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20221,229 1,229 95,328 77.57 95,328 77.57 
4
2023254,335 254,335 21,390,310 84.10 21,924,150 86.20 
2024519,302 519,302 39,761,222 76.57 39,106,489 75.31 
2025337,897 337,897 29,468,273 87.21 31,158,848 92.21 
2026493,225 493,225 45,071,939 91.38 47,749,243 96.81 
2027431,377 431,377 41,670,342 96.60 45,389,422 105.22 
2028517,029 517,029 47,403,038 91.68 53,330,944 103.15 
2029272,825 272,825 27,283,942 100.01 31,926,454 117.02 
2030277,390 277,390 27,488,395 99.10 32,323,865 116.53 
2031787,850 787,850 82,225,445 104.37 93,111,678 118.18 
Thereafter1,031,615 1,031,615 100,004,304 96.94 118,918,396 115.27 

Seattle, WA
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20225,358 1,804 95,145 52.74 95,145 52.74 
4
202355,245 43,125 2,212,085 51.29 2,228,373 51.67 
202432,406 12,484 215,275 17.24 219,277 17.56 
202524,247 8,164 379,169 46.44 399,578 48.94 
202638,196 34,883 2,000,472 57.35 2,122,147 60.84 
2027189,746 186,827 10,947,355 58.60 12,143,333 65.00 
2028647,920 311,389 16,967,310 54.49 18,620,036 59.80 
2029113,708 112,239 6,644,568 59.20 7,611,513 67.81 
203055,243 55,243 3,201,569 57.95 3,685,635 66.72 
203197,792 94,647 5,322,316 56.23 6,097,225 64.42 
Thereafter85,034 58,222 3,994,937 68.62 4,994,170 85.78 

Washington, DC
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202237,436 37,436 2,550,364 68.13 2,550,364 68.13 
4
202364,084 48,725 3,648,469 74.88 3,667,315 75.27 
2024126,139 109,048 7,553,057 69.26 7,672,957 70.36 
2025173,879 59,540 3,532,259 59.33 3,716,160 62.41 
2026338,009 269,324 26,689,160 99.10 28,273,686 104.98 
2027222,953 76,968 6,028,174 78.32 6,426,533 83.50 
2028130,440 98,032 6,901,971 70.41 7,724,915 78.80 
202984,277 52,206 3,610,153 69.15 4,165,954 79.80 
203094,708 37,541 2,382,930 63.48 3,019,531 80.43 
203180,737 58,136 3,210,238 55.22 3,883,139 66.79 
Thereafter1,504,478 905,980 61,846,978 68.27 76,385,419 84.31 

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

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Q4 2022
Lease expirations - Suburban properties 1, 2, 3
as of December 31, 2022


Boston
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202237,443 37,443 1,315,322 35.13 1,315,322 35.13 
4
2023463,796 463,796 24,653,157 53.16 24,653,157 53.16 
2024536,013 536,013 27,850,620 51.96 28,827,190 53.78 
2025723,936 723,936 38,172,167 52.73 38,925,260 53.77 
2026243,021 243,021 13,447,279 55.33 14,972,869 61.61 
2027210,241 210,241 9,700,735 46.14 10,173,082 48.39 
2028142,296 142,296 7,222,997 50.76 7,873,457 55.33 
2029466,782 466,782 21,749,601 46.59 25,349,082 54.31 
2030166,014 166,014 7,516,238 45.27 8,655,785 52.14 
2031534,365 474,025 26,876,548 56.70 29,898,273 63.07 
Thereafter465,878 465,878 30,836,294 66.19 36,268,020 77.85 

New York
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20221,761 1,761 68,185 38.72 68,185 38.72 
4
202391,780 91,780 3,460,246 37.70 3,460,246 37.70 
2024499,023 499,023 19,084,811 38.24 19,160,048 38.40 
2025248,365 248,365 9,727,334 39.17 9,950,912 40.07 
2026241,400 241,400 9,820,161 40.68 10,240,524 42.42 
2027245,718 245,718 8,958,232 36.46 9,580,640 38.99 
202828,245 28,245 992,716 35.15 1,117,934 39.58 
202968,315 68,315 2,559,416 37.46 2,844,073 41.63 
203047,174 47,174 1,596,660 33.85 1,938,126 41.08 
2031161,276 161,276 6,559,149 40.67 6,911,753 42.86 
Thereafter144,731 144,731 5,591,336 38.63 6,372,162 44.03 

San Francisco
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2022— — — — — — 
2023242,764 195,623 13,671,244 69.89 14,499,541 74.12 
2024168,056 116,493 4,610,412 39.58 4,748,983 40.77 
2025408,166 379,214 24,699,941 65.13 26,148,367 68.95 
2026206,295 118,846 8,845,916 74.43 9,367,145 78.82 
2027104,269 93,305 6,758,981 72.44 7,492,159 80.30 
202881,548 54,809 2,879,309 52.53 3,335,768 60.86 
202936,568 18,284 897,096 49.06 1,081,979 59.18 
203075,755 64,142 3,911,394 60.98 4,690,788 73.13 
203160,122 30,061 1,421,044 47.27 1,795,568 59.73 
Thereafter61,035 30,518 1,328,456 43.53 1,635,383 53.59 
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Q4 2022
Lease expirations - Suburban properties (continued) 1, 2, 3
as of December 31, 2022


Washington, DC
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202233,290 33,290 1,960,349 58.89 1,960,349 58.89 
4
2023342,232 342,232 15,061,668 44.01 14,863,974 43.43 
2024412,556 412,556 21,143,939 51.25 21,335,609 51.72 
2025173,081 173,081 8,870,477 51.25 9,388,728 54.24 
2026230,055 230,055 11,998,483 52.15 13,567,101 58.97 
2027381,215 381,215 20,512,640 53.81 22,505,320 59.04 
2028102,167 102,167 5,100,717 49.93 5,772,789 56.50 
2029531,512 531,512 27,905,554 52.50 32,602,250 61.34 
2030173,101 173,101 8,292,284 47.90 9,506,598 54.92 
203171,243 71,243 4,028,703 56.55 4,762,704 66.85 
Thereafter3,239,005 2,871,219 149,220,893 51.97 186,646,349 65.01 







































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

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Q4 2022
Research coverage
With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by the analysts listed below do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference below imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.
Equity Research Coverage
Argus Research CompanyMarie Ferguson646.747.5447
Bank of America Merrill LynchJeffrey Spector / Camille Bonnel646.855.1363 / 416.369.2140
BarclaysAnthony Powell 212.526.8768
BMO CapitalJohn Kim212.885.4115
BTIGTom Catherwood212.738.6140
CitiNicholas Joseph / Michael Griffin212.816.1909 / 212.816.5871
Credit SuisseTayo Okusanya212.325.1402
Deutsche Bank SecuritiesDerek Johnston 212.250.5683
Evercore ISISteve Sakwa212.446.9462
Green Street AdvisorsDylan Burzinski949.640.8780
Jefferies & Co.Jonathan Peterson212.336.7076
J.P. Morgan SecuritiesAnthony Paolone212.622.6682
KeyBanc Capital MarketsTodd Thomas917.368.2286
Mizuho SecuritiesVikram Malhotra212.209.9300
Morgan StanleyRonald Kamdem212.296.8319
Piper Sandler CompaniesAlexander Goldfarb 212.466.7937
RW Baird & Co., Inc.David Rodgers 216.737.7341
Scotiabank GBMNicholas Yulico212.225.6904
SMBC Nikko Securities Inc.Richard Anderson646.521.2351
Truist SecuritiesMichael Lewis212.319.5659
UBS US Equity Research
Michael Goldsmith212.713.2951
Wells Fargo SecuritiesBlaine Heck443.263.6529
Wolfe ResearchAndrew Rosivach646.582.9250
Debt Research Coverage
BarclaysSrinjoy Banerjee212.526.3521
J.P. Morgan SecuritiesMark Streeter212.834.5086
US BankBill Stafford877.558.2605
Rating Agencies
Moody’s Investors ServiceRanjini Venkatesan212.553.3828
Standard & Poor’sMichael Souers212.438.2508


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Q4 2022
Definitions
This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents the Company files or furnishes to the SEC from time to time.
The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 59.
Annualized Rental Obligations
Annualized Rental Obligations is defined as monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12).
Average Economic Occupancy
Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.
Average Monthly Rental Rates
Average Monthly Rental Rates are calculated by the Company as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP by (B) the number of occupied units for each month within the applicable fiscal period.
Average Physical Occupancy
Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.
Debt to Market Capitalization Ratio
Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, (5) common units issuable upon conversion of 2013 MYLTIP Units that were issued in the form of LTIP Units, (6) common units issuable upon conversion of 2014 MYLTIP Units that were issued in the form of LTIP Units, (7) common units issuable upon conversion of 2015 MYLTIP Units that were issued in the form of LTIP Units, (8) common units issuable upon conversion of 2016 MYLTIP Units that were issued in the form of LTIP Units, (9) on and after February 6, 2020, which was the end of the performance period for 2017 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2017 MYLTIP Units that were issued in the form of LTIP Units, (10) on and after February 5, 2021, which was the end of the performance period for 2018 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2018 MYLTIP Units that were issued in the form of LTIP Units and (11) on and after February 4, 2022, which was the end of the performance period for 2019 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2019 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2020, 2021 and 2022 MYLTIP Units are not included.
The Company also presents BXP’s Share of Market Capitalization, which is calculated in a similar manner, except that BXP’s Share of Debt is utilized instead of the Company’s Consolidated Debt in both the numerator and the denominator. The Company presents these ratios because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and do not necessarily reflect the Company’s capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like Boston Properties, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness.
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Q4 2022
Definitions (continued)

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




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Q4 2022
Definitions (continued)

Funds from Operations (FFO)
Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, impairment losses on depreciable real estate consolidated on the Company’s balance sheet, impairment losses on its investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but the Company believes the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing the Company’s operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.
The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to Boston Properties, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to Boston Properties, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
In-Service Properties
The Company treats a property as being “in-service” upon the earlier of (1) lease-up and completion of tenant improvements or (2) one year after cessation of major construction activity as determined under GAAP. The determination as to when an entire property should be treated as “in-service” involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics, the Company specifies a single date for treating a property as “in-service,” which is generally later than the date the property is partially placed in-service under GAAP. Under GAAP, a property may be placed in-service in stages as construction is completed and the property is held available for occupancy. In addition, under GAAP, when a portion of a property has been substantially completed and either occupied or held available for occupancy, the Company ceases capitalizing costs on that portion, even though it may not treat the property as being “in-service,” and continues to capitalize only those costs associated with the portion still under construction. In-service properties include properties held by the Company’s unconsolidated joint ventures.
Interest Coverage Ratio
Interest Coverage Ratio, calculated including and excluding capitalized interest, is a non-GAAP financial measure equal to BXP’s Share of EBITDAre cash divided by Adjusted interest expense. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements. Adjusted interest expense excluding capitalized interest is equal to BXP’s Share of interest expense less (1) BXP’s Share of hedge amortization, (2) BXP’s Share of fair value interest adjustment and (3) BXP’s Share of amortization of financing costs. Adjusted interest expense including capitalized interest is calculated in the same manner but adds back BXP’s Share of capitalized interest. The Company believes that the presentation of its Interest Coverage Ratio provides useful information about the Company’s financial condition because it provides investors additional information on the Company’s ability to meet its debt obligations and incur additional indebtedness. In addition, by analyzing interest coverage ratios over a period of time, trends may emerge that provide investors a better sense of whether a company’s financial condition is improving or declining. The ratios may also be used to compare the financial condition of different companies, which can help when making an investment decision. The Company presents its Interest Coverage Ratio in two ways - including capitalized interest and excluding capitalized interest. GAAP requires the capitalization of interest expense during development. Therefore, for a company like Boston Properties, Inc. that is an active developer of real estate, presenting the Interest Coverage Ratio (excluding capitalized interest) provides an alternative measure of financial condition that may be more indicative of the Company’s ability to meet its interest expense obligations and therefore its overall financial condition. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.
Market Rents
Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could therefore vary materially. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.
Net Debt
Net Debt is equal to (A) the Company’s consolidated debt plus special dividends payable (if any) less (B) cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s). The Company believes that the presentation of Net Debt provides useful information to investors because the Company reviews Net Debt as part of the management of its overall financial flexibility, capital structure and leverage. In particular, Net Debt is an important component of the Company’s ratio of BXP’s Share of Net Debt to BXP’s Share of EBITDAreBXP’s Share of Net Debt is calculated in a similar manner to Net Debt, except that BXP’s Share of Debt and BXP’s Share of cash are utilized instead of the Company’s consolidated debt and cash in the calculation. The Company believes BXP’s Share of Net Debt to BXP’s Share of EBITDAre is useful to investors because it provides an alternative measure of the Company’s financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company’s Net Debt as part of their assessments of its business. The Company may utilize a considerable portion of its cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) may not be solely controlled by the Company. The deduction of these items from consolidated debt in the calculation of Net Debt therefore should not be understood to mean that these items are available exclusively for debt reduction at any given time.





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Q4 2022
Definitions (continued)

Net Operating Income/(Loss) (NOI)
Net operating income/(loss) (NOI) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc., the most directly comparable GAAP financial measure, plus (1) net income attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, losses from early extinguishments of debt, unrealized loss on non-real estate investment and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate, gains (losses) from investments in securities, interest and other income (loss), gain on sales-type lease and other income - assignment fee. In some cases, the Company also presents (1) NOI – cash, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) NOI and NOI – cash, in each case excluding termination income.

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

58

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Q4 2022
Reconciliations
(unaudited and in thousands)
BXP’s Share of select items
Three Months Ended
31-Dec-2230-Sep-22
Revenue$789,824 $790,523 
Partners’ share of revenue from consolidated joint ventures (JVs)(78,915)(79,336)
BXP’s share of revenue from unconsolidated JVs61,988 59,938 
BXP’s Share of revenue$772,897 $771,125 
Straight-line rent$32,038 $32,140 
Partners’ share of straight-line rent from consolidated JVs(4,635)(3,063)
BXP’s share of straight-line rent from unconsolidated JVs3,626 4,740 
BXP’s Share of straight-line rent$31,029 $33,817 
Fair value lease revenue 2
$3,088 $2,442 
Partners’ share of fair value lease revenue from consolidated JVs 2
(140)(140)
BXP’s share of fair value lease revenue from unconsolidated JVs 2
893 631 
BXP’s Share of fair value lease revenue 2
$3,841 $2,933 
Lease termination income$1,723 $1,981 
Partners’ share of termination income from consolidated JVs(206)(57)
BXP’s share of termination income from unconsolidated JVs803 500 
BXP’s Share of termination income$2,320 $2,424 
Non-cash termination income adjustment (fair value lease amounts)$— $— 
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs— — 
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs— — 
BXP’s Share of non-cash termination income adjustment (fair value lease amounts)$— $— 
Parking and other revenue$26,088 $26,259 
Partners’ share of parking and other revenue from consolidated JVs(738)(688)
BXP’s share of parking and other revenue from unconsolidated JVs2,834 2,789 
BXP’s Share of parking and other revenue $28,184 $28,360 
Hedge amortization, net of costs$1,590 $1,590 
Partners’ share of hedge amortization, net of costs from consolidated JVs(144)(144)
BXP’s share of hedge amortization, net of costs from unconsolidated JVs305 (1,246)
BXP’s Share of hedge amortization, net of costs$1,751 $200 
Straight-line ground rent expense adjustment$262 $800 
Partners’ share of straight-line ground rent expense adjustment from consolidated JVs— — 
BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs142 144 
BXP’s Share of straight-line ground rent expense adjustment$404 $944 
Depreciation and amortization$198,330 $190,675 
Noncontrolling interests in property partnerships’ share of depreciation and amortization(17,435)(17,706)
BXP’s share of depreciation and amortization from unconsolidated JVs24,626 21,485 
BXP’s Share of depreciation and amortization$205,521 $194,454 
Lease transaction costs that qualify as rent inducements 3
$11,212 $4,667 
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 3
(101)— 
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 3
600 1,380 
BXP’s Share of lease transaction costs that qualify as rent inducements 3
$11,711 $6,047 
2nd generation tenant improvements and leasing commissions$50,638 $184,826 
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs
(3,733)(18,615)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs
8,708 3,548 
BXP’s Share of 2nd generation tenant improvements and leasing commissions$55,613 $169,759 
59

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Q4 2022
Reconciliations (continued)
Maintenance capital expenditures 4
$25,813 $16,808 
Partners’ share of maintenance capital expenditures from consolidated JVs 4
(4,368)(1,889)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 4
784 601 
BXP’s Share of maintenance capital expenditures 4
$22,229 $15,520 
Interest expense$119,923 $111,846 
Partners’ share of interest expense from consolidated JVs(11,954)(11,971)
BXP’s share of interest expense from unconsolidated JVs21,435 17,748 
BXP’s Share of interest expense$129,404 $117,623 
Capitalized interest$12,082 $12,230 
Partners’ share of capitalized interest from consolidated JVs(80)(64)
BXP’s share of capitalized interest from unconsolidated JVs1,402 1,238 
BXP’s Share of capitalized interest$13,404 $13,404 
Amortization of financing costs$3,716 $4,772 
Partners’ share of amortization of financing costs from consolidated JVs(497)(497)
BXP’s share of amortization of financing costs from unconsolidated JVs759 753 
BXP’s Share of amortization of financing costs$3,978 $5,028 
Fair value interest adjustment$— $— 
Partners’ share of fair value of interest adjustment from consolidated JVs— — 
BXP’s share off fair value interest adjustment from unconsolidated JVs250 — 
BXP’s Share of fair value interest adjustment$250 $— 








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

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Q4 2022
Reconciliations (continued)
for the three months ended December 31, 2022
(unaudited and dollars in thousands)
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
CONSOLIDATED JOINT VENTURES767 Fifth Avenue100 Federal StreetTotal Consolidated
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Revenue
Lease 1
$71,215 $99,348 $170,563 
Straight-line rent3,659 7,047 10,706 
Fair value lease revenue327 21 348 
Termination income193 287 480 
Total lease revenue75,394 106,703 182,097 
Parking and other— 1,639 1,639 
Total rental revenue 2
75,394 108,342 183,736 
Expenses
Operating29,932 37,634 67,566 
Net Operating Income (NOI)45,462 70,708 116,170 
Other income (expense)
Development and management services revenue— 
Interest and other income835 1,132 1,967 
Interest expense(21,194)(7,734)(28,928)
Depreciation and amortization expense(15,934)(23,120)(39,054)
General and administrative expense(42)(50)(92)
Total other income (expense)(36,335)(29,765)(66,100)
Net income$9,127 $40,943 $50,070 
BXP’s nominal ownership percentage60.00%55.00%
Partners’ share of NOI (after income allocation to private REIT shareholders) 3
$17,555 $31,034 $48,589 
BXP’s share of NOI (after income allocation to private REIT shareholders)$27,907 $39,674 $67,581 
Unearned portion of capitalized fees 4
$605 $530 $1,135 
Partners’ share of select items 3
Partners’ share of parking and other revenue$— $738 $738 
Partners’ share of hedge amortization$144 $— $144 
Partners’ share of amortization of financing costs$346 $151 $497 
Partners’ share of depreciation and amortization related to capitalized fees$346 $510 $856 
Partners’ share of capitalized interest$80 $— $80 
Partners’ share of lease transaction costs that qualify as rent inducements$— $(101)$(101)
Partners’ share of management and other fees $633 $809 $1,442 
Partners’ share of basis differential depreciation and amortization expense$(18)$(180)$(198)
Partners’ share of basis differential interest and other adjustments$(4)$18 $14 
Reconciliation of Partners’ share of EBITDAre 5
Partners’ NCI$2,694 $17,267 $19,961 
Add:
Partners’ share of interest expense after BXP’s basis differential8,474 3,480 11,954 
Partners’ share of depreciation and amortization expense after BXP’s basis differential 6,701 10,734 17,435 
Partners’ share of EBITDAre
$17,869 $31,481 $49,350 

61

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Q4 2022
Reconciliations (continued)
for the three months ended December 31, 2022
(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 3
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Rental revenue 2
$30,158 $48,754 $78,912 
Less: Termination income77 129 206 
Rental revenue (excluding termination income) 2
30,081 48,625 78,706 
Less: Operating expenses (including partners’ share of management and other fees)12,603 17,741 30,344 
Income allocation to private REIT shareholders— (21)(21)
NOI (excluding termination income and after income allocation to private REIT shareholders) $17,478 $30,905 $48,383 
Rental revenue (excluding termination income) 2
$30,081 $48,625 $78,706 
Less: Straight-line rent1,464 3,171 
2
4,635 
 Fair value lease revenue131 140 
Add: Lease transaction costs that qualify as rent inducements— 101 101 
Subtotal28,486 45,546 74,032 
Less: Operating expenses (including partners’ share of management and other fees) 12,603 17,741 30,344 
Income allocation to private REIT shareholders— (21)(21)
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $15,883 $27,826 $43,709 
Reconciliation of Partners’ share of Revenue 3
Rental revenue 2
$30,158 $48,754 $78,912 
Add: Development and management services revenue— 
Revenue$30,158 $48,757 $78,915 


















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

62

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Q4 2022
Reconciliations (continued)
for the three months ended December 31, 2022
(unaudited and dollars in thousands)

UNCONSOLIDATED JOINT VENTURES 1
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
Revenue
Lease 2
$24,465 $31,251 $12,413 $10,969 $6,578 $33,237 $118,913 
Straight-line rent1,074 2,607 141 347 710 3,150 8,029 
Fair value lease revenue — 278 752 23 1,144 — 2,197 
Termination income— (69)1,673 — — — 1,604 
Total lease revenue25,539 34,067 14,979 11,339 8,432 36,387 130,743 
Parking and other(28)3,557 54 207 584 2,039 6,413 
Total rental revenue 3
25,511 37,624 15,033 11,546 9,016 38,426 137,156 
Expenses
Operating 9,039 13,765 8,867 
4
4,745 3,648 14,268 54,332 
Net operating income/(loss)16,472 23,859 6,166 6,801 5,368 24,158 82,824 
Other income/(expense)
Development and management services revenue— — 373 — 39 413 
Interest and other income231 232 172 20 60 436 1,151 
Interest expense(9,630)(11,956)(8,927)(3)(4,007)(16,272)(50,795)
Unrealized gain on derivative instruments— — 1,681 — — — 1,681 
Transaction costs(3)— — — (24)(64)(91)
Depreciation and amortization expense(8,257)(13,672)(5,638)(4,800)(5,461)(11,124)(48,952)
General and administrative expense(34)(25)(310)(4)(8)(39)(420)
Total other income/(expense)(17,693)(25,421)(12,649)(4,786)(9,440)(27,024)(97,013)
Net income/(loss)$(1,221)$(1,562)$(6,483)$2,015 $(4,072)$(2,866)$(14,189)
BXP’s share of select items:
BXP’s share of parking and other revenue$(14)$1,858 $26 $104 $197 $663 
5
$2,834 
BXP’s share of amortization of financing costs$162 $95 $84 $— $28 $390 
5
$759 
BXP’s share of hedge amortization, net of costs$— $— $— $— $253 $52 $305 
BXP’s share of fair value interest adjustment$— $— $250 $— $— $— $250 
BXP’s share of capitalized interest$— $— $1,367 $— $— $35 
5
$1,402 
Income/(loss) from unconsolidated joint ventures$(577)$(1,622)$(55,207)$298 $(1,367)$24 
5
$(58,451)
Add: 
BXP’s share of interest expense4,816 6,323 3,376 1,349 5,569 
5
21,435 
BXP’s share of depreciation and amortization expense4,095 8,273 
6
3,260 2,953 
6
1,838 4,207 
5
24,626 
BXP’s share of impairment loss on investment 7
— — 50,705 — — — 50,705 
BXP’s share of EBITDAre
$8,334 $12,974 
6
$2,134 $3,253 
6
$1,820 $9,800 
5
$38,315 
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Q4 2022
Reconciliations (continued)
UNCONSOLIDATED JOINT VENTURES 1
Reconciliation of BXP’s share of Net Operating Income/(Loss)BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
BXP’s share of rental revenue 3
$12,756 $20,096 
6
$5,215 $5,560 
6
$3,035 $15,123 
5
$61,785 
BXP’s share of operating expenses4,519 7,220 3,224 2,372 1,222 5,494 
5
24,051 
BXP’s share of net operating income/(loss) 8,237 12,876 
6
1,991 3,188 
6
1,813 9,629 
5
37,734 
Less:
BXP’s share of termination income— (35)838 — — — 803 
BXP’s share of net operating income/(loss) (excluding termination income) 8,237 12,911 1,153 3,188 1,813 9,629 
5
36,931 
Less:
BXP’s share of straight-line rent537 1,449 
6
212 181 
6
239 1,008 
5
3,626 
BXP’s share of fair value lease revenue— 453 
6
263 (207)
6
384 — 893 
Add:
 BXP’s share of straight-line ground rent expense adjustment— — 142 — — — 142 
BXP’s share of lease transaction costs that qualify as rent inducements— 1,097 — — — (497)
5
600 
BXP’s share of net operating income/(loss) - cash (excluding termination income) $7,700 $12,106 
6
$820 $3,214 
6
$1,190 $8,124 
5
$33,154 
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3
$12,756 $20,096 
6
$5,215 $5,560 
6
$3,035 $15,123 
5
$61,785 
Add:
BXP’s share of development and management services revenue— — 187 — 15 203 
BXP’s share of revenue$12,756 $20,096 
6
$5,402 $5,561 
6
$3,035 $15,138 
5
$61,988 




















_____________
1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.
2 Lease revenue includes recoveries from clients and service income from clients.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
4 Includes approximately $284 of straight-line ground rent expense.
5 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement of 901 New York Avenue.
6 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.
7 Represents the other-than-temporary decline in the fair values below the carrying values of certain of the Company’s investments in unconsolidated joint ventures.


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Q4 2022
Reconciliations (continued)
Reconciliation of Net income attributable to Boston Properties, Inc. to
BXP’s Share of same property net operating income (NOI)
(dollars 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 ventures35,316 24,266 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)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 ventures500 (17)
Add:
Partners’ share of termination income from consolidated joint ventures57 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)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)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)— — 
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)34,816 24,283 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)9,648 1,669 
BXP’s Share of Same Property NOI (excluding termination income)$430,270 $416,982 
Change in BXP’s Share of Same Property NOI (excluding termination income)$13,288 
Change in BXP’s Share of Same Property NOI (excluding termination income)3.2 %


65

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Q4 2022
Reconciliations (continued)
Reconciliation of Net income attributable to Boston Properties, Inc. to
BXP’s Share of same property net operating income (NOI) - cash
(dollars 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)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)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)— — 
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)30,969 21,619 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)8,181 1,248 
BXP’s Share of Same Property NOI - cash (excluding termination income)$411,402 $385,523 
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)$25,879 
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)6.7 %
_____________
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.
2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP.
66

 https://cdn.kscope.io/82c319881605e2295a8b46aa5c0f02d9-bxp-colorb.gif
Q4 2022
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)
Three Months Ended
31-Dec-2130-Sep-21
Revenue
Lease$690,912 $692,260 
Parking and other22,940 21,266 
Insurance proceeds147 2,241 
Hotel revenue6,227 5,189 
Development and management services7,516 6,094 
Direct reimbursements of payroll and related costs from management services contracts3,321 3,006 
Total revenue731,063 730,056 
Expenses
Operating129,335 124,153 
Real estate taxes127,125 131,718 
Demolition costs38 169 
Restoration expenses related to insurance claim280 2,241 
Hotel operating5,005 3,946 
General and administrative33,649 34,560 
Payroll and related costs from management services contracts3,321 3,006 
Transaction costs2,066 1,888 
Depreciation and amortization177,521 179,412 
Total expenses478,340 481,093 
Other income (expense)
Loss from unconsolidated joint ventures(825)(5,597)
Gains on sales of real estate115,556 348 
Gains (losses) from investments in securities1,882 (190)
Interest and other income (loss)1,564 1,520 
Losses from early extinguishments of debt(44,284)— 
Interest expense(103,331)(105,794)
Net income223,285 139,250 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(18,204)(18,971)
Noncontrolling interest - common units of the Operating Partnership (20,544)(11,982)
Net income attributable to Boston Properties, Inc.$184,537 $108,297 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$1.18 $0.69 
Net income attributable to Boston Properties, Inc. per share - diluted$1.18 $0.69 

67
Document

Exhibit 99.2
https://cdn.kscope.io/82c319881605e2295a8b46aa5c0f02d9-bxp-colora.gif
BXP ANNOUNCES 4TH QUARTER AND FULL YEAR 2022 RESULTS; REPORTS Q4 EPS OF $0.78 AND FFO PER SHARE OF $1.86

Executes 1.1 Million SF of Leases in Q4 for a Total of 5.7 Million SF Leased in 2022
    
BOSTON, MA, January 31, 2023 - BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the fourth quarter and full year ended December 31, 2022.
Financial highlights for the fourth quarter include:
Revenue increased 8.0% to $789.8 million for the quarter ended December 31, 2022, as compared to $731.1 million for the quarter ended December 31, 2021.
Net income attributable to common shareholders of $121.8 million, or $0.78 per diluted share (EPS), for the quarter ended December 31, 2022, compared to $184.5 million, or $1.18 per diluted share, for the quarter ended December 31, 2021.
Funds from Operations (FFO) of $292.9 million, or $1.86 per diluted share, for the quarter ended December 31, 2022, compared to FFO of $243.0 million, or $1.55 per diluted share, for the quarter ended December 31, 2021.
EPS for the fourth quarter fell short of the mid-point of BXP’s guidance by $0.16 primarily due to a $0.29 per diluted share non-cash impairment charge related to BXP’s investment in Dock 72 in Brooklyn, New York, in which BXP has a 50% interest.
FFO per diluted share exceeded the mid-point of BXP’s guidance by $0.01 due to portfolio outperformance.
BXP also provided updated guidance for first quarter 2023 EPS of $0.52 - $0.54 and FFO of $1.66 - $1.68 per diluted share, and full year 2023 EPS of $2.36 - $2.46 and FFO of $7.08 - $7.18 per diluted share.
The mid-point of the updated guidance for full year 2023 EPS is projected to be $0.07 per share greater than the guidance provided on October 25, 2022, primarily due to decreased depreciation and amortization expense. The mid-point of the updated guidance for full year 2023 FFO per diluted share is projected to be $0.09 per share lower on a net basis than the guidance provided on October 25, 2022.
The items that positively impact BXP’s updated 2023 guidance range include:
Greater projected contributions from acquisitions and development activities;
Lower net interest expense from greater earnings on cash balances and greater capitalized interest; and
Additional projected development and management services income.

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These three items aggregate $0.06 per share of greater EPS and FFO per diluted share than in BXP’s October 25, 2022 guidance for full year 2023.
This is offset by $0.15 per share of lower projected EPS and FFO per diluted share, which was not originally included in BXP’s October 25, 2022 full year 2023 guidance, as a result of:
the closure and demolition of a 1,132 space parking facility to allow for the commencement of development of 290 Binney Street in Cambridge, Massachusetts, which is 100% pre-leased to AstraZeneca and
the incremental net interest expense associated with BXP’s operating partnership’s -Boston Properties Limited Partnership (“BPLP”) $750 million senior unsecured notes offering, which closed on November 7, 2022.
See “EPS and FFO per Share Guidance” below.
Fourth quarter and recent business highlights include:
Executed approximately 1.1 million square feet of leases having a weighted-average lease term of 7.8 years.
Fully placed in-service two projects:
Reston Next, a premier workplace project consisting of two buildings totaling approximately 1.1 million square feet, located in Reston, Virginia. Including leases that have not yet commenced, this project is 90% leased.
880 Winter Street, an approximately 244,000 square foot laboratory/life sciences project located in Waltham, Massachusetts. Including leases that have not yet commenced, this project is currently 97% leased.
BXP’s occupancy declined by 30 basis points in the fourth quarter of 2022 to 88.6%, primarily due to fully placing in-service Reston Next and 880 Winter Street, which have leases for which revenue recognition has not commenced in accordance with GAAP. Excluding the impact of placing these two properties in-service, occupancy would have increased in the fourth quarter of 2022 by 20 basis points to 89.1%.
Commenced the redevelopment of 105 Carnegie Center, located in Princeton, New Jersey. 105 Carnegie Center is currently a 70,000 square foot property that will be redeveloped into an approximately 73,000 square foot laboratory/life sciences space.
Completed the acquisition of an approximate 27% interest in the joint venture that owns 200 Fifth Avenue for a gross purchase price of approximately $280.1 million, which includes $120.1 million of cash and BXP’s pro rata share of the outstanding loan secured by the property of $160.0 million. 200 Fifth Avenue is a 14-story, approximately 855,000 square-foot, LEED Gold certified, premier workplace located in the Midtown South submarket of Manhattan, New York that is approximately 93% leased. BXP serves as the managing member and provides customary leasing and property management services for the joint venture.

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Completed the disposition of the residential component of The Avant at Reston Town Center, located in Reston, Virginia, for a gross sale price of $141.0 million. Net cash proceeds totaled approximately $139.6 million, resulting in a gain on sale of real estate of approximately $55.6 million. The Avant is a 15-story, approximately 329,000 square foot, 359-unit, luxury multifamily building. BXP retained ownership of the approximately 26,000 square foot ground-level retail space.
BPLP completed a green bond offering of $750.0 million of 6.750% unsecured senior notes due December 2027. The aggregate net proceeds from the offering were approximately $743.5 million after deducting underwriting discounts and transaction expenses.
On January 4, 2023, BPLP closed on a $1.2 billion unsecured term loan facility that matures in May 2024, with one, twelve-month extension option subject to the satisfaction of customary conditions. As of January 4, 2023, the term loan bore interest at a variable rate equal to adjusted Term SOFR plus 0.85% per annum. A portion of the proceeds were used to repay in full BPLP’s $730.0 million term loan that was scheduled to mature in May 2023, resulting in incremental proceeds of approximately $466.0 million.
In January 2023, BXP commenced the development of 290 Binney Street, an approximately 570,000 net rentable square foot laboratory/life sciences project in Cambridge, Massachusetts. Concurrently with the commencement of this project, BXP removed from service and began demolition of the existing Kendall Center Blue Parking Garage to support the development of this project. 290 Binney Street is 100% pre-leased to AstraZeneca.
Earned national recognition as an industry leader and furthered BXP’s commitments to ESG and sustainability performance:
Awarded Nareit’s 2022 Leader in the Light Award in the office property sector. This award is the highest achievement for Office REITs and acknowledges BXP’s leadership in demonstrating outstanding sustainability practices throughout the year.
Named to Newsweek’s list of America’s Most Responsible Companies for 2023. BXP ranked first in the Real Estate & Housing industry with an increased ranking of 29th overall out of the 500 companies included and had the third highest environmental score.
Named to the Dow Jones Sustainability Index (DJSI) North America for 2022, its second consecutive year in the highly selective index. BXP was one of eight real estate companies that qualified.
Financial highlights for the year ended December 31, 2022 include:
Net income attributable to common shareholders of $848.9 million, or $5.40 per diluted share (EPS) for the year ended December 31, 2022, compared to $496.2 million, or $3.17 per diluted share, for the year ended December 31, 2021.

Funds from Operations (FFO) of $1.2 billion, or $7.53 per diluted share for the year ended December 31, 2022, compared to FFO of $1.0 billion , or $6.56 per diluted share, for the year ended December 31, 2021.

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Full year 2022 business highlights include:
Executed a total of approximately 5.7 million square feet of leases. Notables leases include:
An approximately 570,000 rentable square foot lease with AstraZeneca to lease the first phase of a life sciences development at 290 Binney Street in Cambridge, Massachusetts.
An approximately 330,000 square foot renewal and expansion with a financial services firm at 601 Lexington Avenue in New York City, NY.
An approximately 225,000 square foot lease with the Broad Institute for the planned office-to-lab conversion at 300 Binney Street located in Cambridge, Massachusetts.
Fully placed in-service three development projects and commenced development and redevelopment of seven projects. In addition to the projects highlighted for the fourth quarter above, these projects include:
Completed and fully placed in-service 325 Main Street, a premier workplace with approximately 414,000 square feet of office and retail space located in Cambridge, Massachusetts. The office component, comprising approximately 380,000 square feet, is 100% leased.
Commenced redevelopment of 651 Gateway in South San Francisco, California. 651 Gateway is an office building that is being converted to an approximately 327,000 net rentable square foot life sciences space. This property is owned by a joint venture in which BXP has a 50% interest.
Commenced development of the first phase of Platform 16 in San Jose, California. Platform 16 is a premier workplace project that, after completion of all phases, is expected to be approximately 1.1 million square feet. The first phase is approximately 390,000 net rentable square feet. This property is owned by a joint venture in which BXP has a 55% interest.
Commenced two development projects within Reston Town Center in Reston, Virginia:
A luxury residential property that is expected to consist of 508 units across a five-story low-rise building and an iconic 39-story tower, which will be one of the tallest buildings in Northern Virginia. The residential property is owned by a newly formed joint venture with an institutional partner in which BXP has a 20% interest. The joint venture obtained a $140.0 million construction loan that bears interest at a variable rate equal to SOFR plus 2.00% per annum and matures on May 13, 2026, with two, one-year extension options, subject to certain conditions.
Adjacent to the residential property, a premier workplace and retail project that, when completed, will consist of approximately 90,000 square feet of boutique commercial space with highly efficient floor plates.

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Commenced redevelopment of 140 Kendrick Street - Building A in Needham, Massachusetts. When completed, the property will consist of approximately 104,000 square feet and will be the first Net Zero, Carbon Neutral office repositioning of this scale in Massachusetts. This property is 100% pre-leased.
Commenced redevelopment of 760 Boylston Street at the Prudential Center located in Boston, Massachusetts. The redevelopment is a modernization of the space consisting of approximately 118,000 rentable square feet. This property is 100% pre-leased.
Including the sale of the residential component of The Avant at Reston Town Center highlighted in the fourth quarter above, completed the disposition of 15 properties, for a gross aggregate sale price of $864.2 million. The other dispositions included:
195 West Street, an approximately 63,500 square foot office building in Waltham, Massachusetts for a gross sales price of $37.7 million and net proceeds of $35.4 million. BXP recognized a gain on sale of approximately $22.7 million.
A portfolio of eleven suburban office properties aggregating approximately 733,000 square feet, located in Springfield, Virginia, for an aggregate gross sales price of $127.5 million. Net cash proceeds totaled approximately $121.9 million, and BXP recognized a gain on sale of real estate totaling approximately $96.2 million.
601 Massachusetts Avenue located in Washington, DC for a gross sale price of $531.0 million. Net cash proceeds totaled approximately $512.3 million resulting in a gain on sale of real estate totaling approximately $237.4 million. 601 Massachusetts Avenue is an 11-story, approximately 479,000 square foot premier workplace originally developed by BXP in 2013 and currently 98% leased. BXP continues to provide property management services to the new owner.
Land parcels located in Loudoun County, Virginia for a gross sale price of $27.0 million. Net cash proceeds totaled approximately $25.6 million resulting in a gain on sale of real estate totaling approximately $24.4 million.
Including the purchase of a 27% interest in 200 Fifth Avenue highlighted in the fourth quarter above, completed the acquisition of three premier workplaces for a gross aggregate purchase price of $1.6 billion. The other acquisitions include:
125 Broadway, a six-story, 271,000 square foot laboratory/life sciences premier workplace that is 100% leased in the heart of Kendall Square in Cambridge, Massachusetts, further expanding BXP’s life sciences portfolio in what is considered to be the largest and most important cluster of life sciences companies and research space in the United States. This property was acquired for a purchase price, including transaction costs, of approximately $592.4 million.
Madison Centre, an approximately 755,000 square foot, 37-story, LEED-Platinum certified, premier workplace in Seattle, Washington that is 93% leased. The property was acquired for a gross purchase price of approximately $730.0 million.
In June 2022, celebrated the 25th Anniversary of BXP’s listing on the New York Stock Exchange. Representatives from BXP across the U.S. rang the closing bell on June 24th in recognition of this milestone.

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Earned a top ESG rating in the 2022 GRESB® assessment. BXP earned its 11th consecutive “Green Star” recognition and the highest GRESB 5-star rating, as well as an “A” disclosure score. BXP also achieved the highest scores in several categories, including Data Monitoring & Review, Targets, Policies, Reporting, and Leadership.

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter and year ended December 31, 2022. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

EPS and FFO per Share Guidance:
BXP’s guidance for the first quarter 2023 and full year 2023 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, 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 this release and those referenced during the related conference call. 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 fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

First Quarter 2023Full Year 2023
LowHighLowHigh
Projected EPS (diluted)$0.52 $0.54 $2.36 $2.46 
Add:
Projected Company share of real estate depreciation and amortization1.14 1.14 4.72 4.72 
Projected FFO per share (diluted)$1.66 $1.68 $7.08 $7.18 


BXP will host a conference call on Wednesday, February 1, 2023 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter and full year 2022 results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register.vevent.com/register/BId05af3319e564ec8be027c89ab07667a to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

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Additionally, a copy of BXP’s fourth quarter 2022 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

BXP (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 54.1 million square feet and 194 properties, including 13 properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to the impact of changes in general economic and capital market conditions, including continued inflation, increasing interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, job losses and potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, the impact of geopolitical conflicts, including the ongoing war in Ukraine, the impact of the COVID-19 global pandemic on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the pandemic or mitigate its impact, the direct and indirect economic effects of the pandemic and containment measures on our clients, and the ability of our clients to successfully operate their businesses); the impact of possible future health crises, BXP’s ability to enter into new leases or renew leases on favorable terms, dependence on clients’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes (including potential costs to comply with the Securities and Exchange Commission’s proposed rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in BXP’s filings with the SEC. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law.

Financial tables follow.

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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

December 31, 2022December 31, 2021
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost$24,261,588 $22,298,103 
Construction in progress406,574 894,172 
Land held for future development721,501 560,355 
Right of use assets - finance leases237,510 237,507 
Right of use assets - operating leases167,351 169,778 
Less: accumulated depreciation(6,298,082)(5,883,961)
Total real estate19,496,442 18,275,954 
Cash and cash equivalents690,333 452,692 
Cash held in escrows46,479 48,466 
Investments in securities32,277 43,632 
Tenant and other receivables, net81,389 70,186 
Related party note receivable, net78,576 78,336 
Note receivables, net— 9,641 
Sales-type lease receivable, net12,811 — 
Accrued rental income, net1,276,580 1,226,745 
Deferred charges, net733,282 618,798 
Prepaid expenses and other assets43,589 57,811 
Investments in unconsolidated joint ventures1,715,911 1,482,997 
Total assets$24,207,669 $22,365,258 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$3,272,368 $3,267,914 
Unsecured senior notes, net10,237,968 9,483,695 
Unsecured line of credit— 145,000 
Unsecured term loan, net730,000 — 
Lease liabilities - finance leases249,335 244,421 
Lease liabilities - operating leases204,686 204,561 
Accounts payable and accrued expenses417,545 320,775 
Dividends and distributions payable170,643 169,859 
Accrued interest payable103,774 94,796 
Other liabilities450,918 391,441 
Total liabilities15,837,237 14,322,462 
Commitments and contingencies— — 
Redeemable deferred stock units6,613 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, 156,836,767 and 156,623,749 issued and 156,757,867 and 156,544,849 outstanding at December 31, 2022 and December 31, 2021, respectively
1,568 1,565 
Additional paid-in capital6,539,147 6,497,730 
Dividends in excess of earnings(391,356)(625,891)
Treasury common stock at cost, 78,900 shares at December 31, 2022 and December 31, 2021
(2,722)(2,722)
Accumulated other comprehensive loss(13,718)(36,662)
Total stockholders’ equity attributable to Boston Properties, Inc.6,132,919 5,834,020 
Noncontrolling interests:
Common units of the Operating Partnership683,583 642,655 
Property partnerships1,547,317 1,556,553 
Total equity8,363,819 8,033,228 
Total liabilities and equity$24,207,669 $22,365,258 







BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended December 31,Year ended December 31,
 2022202120222021
 (in thousands, except for per share amounts)
Revenue
Lease$739,094 $690,912 $2,918,368 $2,753,014 
Parking and other26,991 23,087 107,225 81,814 
Hotel revenue11,087 6,227 39,482 13,609 
Development and management services8,406 7,516 28,056 27,697 
Direct reimbursements of payroll and related costs from management services contracts
4,246 3,321 15,450 12,487 
Total revenue789,824 731,063 3,108,581 2,888,621 
Expenses
Operating
Rental282,265 256,778 1,108,070 1,021,151 
Hotel7,646 5,005 27,478 12,998 
General and administrative36,000 33,649 146,378 151,573 
Payroll and related costs from management services contracts4,246 3,321 15,450 12,487 
Transaction costs759 2,066 2,905 5,036 
Depreciation and amortization198,330 177,521 749,775 717,336 
Total expenses529,246 478,340 2,050,056 1,920,581 
Other income (expense)
Loss from unconsolidated joint ventures(58,451)(825)(59,840)(2,570)
Gains on sales of real estate55,726 115,556 437,019 123,660 
Gain on sales-type lease10,058 — 10,058 — 
Interest and other income (loss)5,789 1,564 11,940 5,704 
Other income - assignment fee— — 6,624 — 
Gains (losses) from investments in securities2,096 1,882 (6,453)5,626 
Unrealized loss on non-real estate investment(150)— (150)— 
Losses from early extinguishment of debt— (44,284)— (45,182)
Interest expense(119,923)(103,331)(437,139)(423,346)
Net income155,723 223,285 1,020,584 631,932 
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships(19,961)(18,204)(74,857)(70,806)
Noncontrolling interest—common units of the Operating Partnership
(13,972)(20,544)(96,780)(55,931)
Net income attributable to Boston Properties, Inc.121,790 184,537 848,947 505,195 
Preferred dividends— — — (2,560)
Preferred stock redemption charge— — — (6,412)
Net income attributable to Boston Properties, Inc. common shareholders
$121,790 $184,537 $848,947 $496,223 
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$0.78 $1.18 $5.41 $3.18 
Weighted average number of common shares outstanding156,773 156,297 156,726 156,116 
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$0.78 $1.18 $5.40 $3.17 
Weighted average number of common and common equivalent shares outstanding
157,112 156,654 157,137 156,376 








BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
Three months ended December 31,Year ended December 31,
2022202120222021
(in thousands, except for per share amounts)
Net income attributable to Boston Properties, Inc. common shareholders
$121,790 $184,537 $848,947 $496,223 
Add:
Preferred stock redemption charge— — — 6,412 
Preferred dividends
— — — 2,560 
Noncontrolling interest - common units of the Operating Partnership
13,972 20,544 96,780 55,931 
Noncontrolling interests in property partnerships
19,961 18,204 74,857 70,806 
Net income155,723 223,285 1,020,584 631,932 
Add:
Depreciation and amortization expense
198,330 177,521 749,775 717,336 
Noncontrolling interests in property partnerships’ share of depreciation and amortization
(17,435)(17,482)(70,208)(67,825)
Company’s share of depreciation and amortization from unconsolidated joint ventures
24,626 20,401 89,275 71,966 
Corporate-related depreciation and amortization
(431)(426)(1,679)(1,753)
Impairment loss included within loss from unconsolidated joint ventures50,705 — 50,705 — 
Less:
Gains on sale of investment included within loss from unconsolidated joint ventures— — — 10,257 
Gains on sales of real estate55,726 115,556 437,019 123,660 
Gain on sales-type lease10,058 — 10,058 — 
Unrealized loss on non-real estate investment(150)— (150)— 
Noncontrolling interests in property partnerships19,961 18,204 74,857 70,806 
Preferred dividends— — — 2,560 
Preferred stock redemption charge— — — 6,412 
Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.)
325,923 269,539 1,316,668 1,137,961 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations
32,983 26,576 133,115 111,975 
Funds from operations attributable to Boston Properties, Inc. common shareholders
$292,940 $242,963 $1,183,553 $1,025,986 
Boston Properties, Inc.’s percentage share of funds from operations - basic
89.88 %90.14 %89.89 %90.16 %
Weighted average shares outstanding - basic156,773 156,297 156,726 156,116 
FFO per share basic
$1.87 $1.55 $7.55 $6.57 
Weighted average shares outstanding - diluted157,112 156,654 157,137 156,376 
FFO per share diluted
$1.86 $1.55 $7.53 $6.56 








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










BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
% Leased by Location
December 31, 2022December 31, 2021
Boston90.2 %91.4 %
Los Angeles88.3 %88.8 %
New York86.8 %87.6 %
San Francisco88.5 %87.3 %
Seattle 88.3 %90.9 %
Washington, DC88.7 %87.2 %
Total Portfolio88.6 %88.8 %







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

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
















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