bxp-20230425
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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): April 25, 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 April 25, 2023, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the first quarter of 2023. 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: April 25, 2023




Document


Exhibit 99.1                                                    

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Supplemental Operating and Financial Data
for the Quarter Ended March 31, 2023



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 54.5 million square feet and 192 properties, including 15 properties under construction/redevelopment. BXP’s properties include 171 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, 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, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of geopolitical conflicts, including the ongoing war in Ukraine, the immediate and long-term impact of the outbreak of a highly infectious or contagious disease, such as 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 outbreak or mitigate its impact, the direct and indirect economic effects of the outbreak and containment measures on our clients, and the ability of our clients to successfully operate their businesses), 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 54.

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 58.




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: Rendering of 290 Binney Street, Cambridge, MA)




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Q1 2023
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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Q1 2023
Company profile
SNAPSHOT
(as of March 31, 2023)
Fiscal Year-EndDecember 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)192
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)54.5 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2
175.5 million
Closing Price, at the end of the quarter$54.12 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield7.2%
Consolidated Market Capitalization 2
$24.2 billion
BXP’s Share of Market Capitalization 2, 3
$24.5 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:
continue to embrace our leadership position in the premier workplace segment and leverage our strength in portfolio quality, client relationships, development skills, market penetration, and sustainability to profitably build market share;
maintain a keen focus on select dynamic gateway 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, marketing, legal, 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;
pursue attractive asset class adjacencies where we have a track record of success, such as life sciences and residential development;
maintain a leadership position in sustainability innovation to minimize emissions from BXP’s development and in-service portfolio, as well as to provide clients sustainable solutions for their space use needs;
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 Directors
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. EinigerDonna D. GarescheExecutive Vice President, Chief Human Resources Officer
Diane J. HoskinsChair of Sustainability CommitteeBryan J. KoopExecutive Vice President, Boston Region
Mary E. KippRobert E. PesterExecutive Vice President, San Francisco Region
Joel I. KleinChair of Compensation CommitteeHilary SpannExecutive Vice President, New York Region
Matthew J. LustigChair of Nominating & Corporate Governance CommitteePeter V. OtteniExecutive Vice President, Co-Head of the Washington, DC Region
David A. TwardockChair of Audit CommitteeJohn J. StromanExecutive Vice President, Co-Head of the Washington, DC Region
William H. Walton, III
Jonathan D. LangeSenior Vice President, Los Angeles Region
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 26.
3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 54.
1

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Q1 2023
Guidance and assumptions
GUIDANCE
BXP’s guidance for the second 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 April 25, 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 56. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.
Second Quarter 2023Full Year 2023
LowHighLowHigh
Projected EPS (diluted)$0.59 $0.61 $2.30 $2.36 
Add:
Projected Company share of real estate depreciation and amortization1.20 1.20 4.84 4.84 
Projected FFO per share (diluted) $1.79 $1.81 $7.14 $7.20 




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)
$100,000 $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)
$110,000 $125,000 
Termination income$3,000 $5,000 
Other revenue (expense):
Development, management services and other revenue $32,000 $36,000 
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$(153,000)$(148,000)


_______________
1 Excludes estimated changes in the market value of the Company’s deferred compensation plan and gains (losses) from investments in securities.
2 Excludes $(97M) - $(94M) for full year 2023 of BXP’s share of projected interest expense from unconsolidated joint ventures.
2

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Q1 2023
Financial highlights
(unaudited and in thousands, except ratios and per share amounts)
Three Months Ended
31-Mar-2331-Dec-22
Net income attributable to Boston Properties, Inc. $77,890 $121,790 
Net income attributable to Boston Properties, Inc. per share - diluted$0.50 $0.78 
FFO attributable to Boston Properties, Inc. 1
$271,951 $292,940 
Diluted FFO per share 1
$1.73 $1.86 
Dividends per common share$0.98 $0.98 
Funds available for distribution to common shareholders and common unitholders (FAD) 2
$245,861 $236,218 
Selected items:
Revenue$803,200 $789,824 
Recoveries from clients$134,010 $121,750 
Service income from clients$2,227 $3,044 
BXP’s Share of revenue 3
$789,411 $772,897 
BXP’s Share of straight-line rent 3
$23,863 $31,029 
BXP’s Share of fair value lease revenue 3, 4
$4,579 $3,841 
BXP’s Share of termination income 3
$900 $2,320 
Ground rent expense$3,810 $2,794 
Capitalized interest$10,589 $12,082 
Capitalized wages$4,491 $4,054 
Loss from unconsolidated joint ventures$(7,569)$(58,451)
BXP’s share of FFO from unconsolidated joint ventures 5
$18,076 $16,880 
Net income attributable to noncontrolling interests in property partnerships$18,660 $19,961 
FFO attributable to noncontrolling interests in property partnerships 6
$36,371 $37,396 
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)$3,844 $4,182 
Below-market rents (included within Other Liabilities)$48,694 $52,628 
Accrued rental income liability (included within Other Liabilities)$127,005 $124,436 
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7
3.27 3.57 
Interest Coverage Ratio (including capitalized interest) 7
3.00 3.22 
Fixed Charge Coverage Ratio 7
2.67 2.77 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8
7.78 7.56 
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 9
0.4 %0.1 %
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 9
4.8 %2.6 %
FAD Payout Ratio 2
69.98 %72.62 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 62.7 %63.2 %
Occupancy % of In-Service Properties 10
88.6 %88.6 %
Leased % of In-Service Properties 11
91.0 %91.5 %
Capitalization:
Consolidated Debt$14,709,436 $14,240,336 
BXP’s Share of Debt 12
$14,955,407 $14,482,308 
Consolidated Market Capitalization$24,206,901 $26,064,674 
Consolidated Debt/Consolidated Market Capitalization60.77 %54.63 %
BXP’s Share of Market Capitalization 12
$24,452,872 $26,306,646 
BXP’s Share of Debt/BXP’s Share of Market Capitalization 12
61.16 %55.05 %
_____________
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 54.
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 March 31, 2023, see page 35.
6For a quantitative reconciliation for the three months ended March 31, 2023, see page 32.
7For a quantitative reconciliation for the three months ended March 31, 2023 and December 31, 2022, see page 30.
8For a quantitative reconciliation for the three months ended March 31, 2023 and December 31, 2022, see page 29.
9For a quantitative reconciliation for the three months ended March 31, 2023 and December 31, 2022, see pages 10, 64 and 65.
10Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
11Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates.
12For a quantitative reconciliation for March 31, 2023, see page 26.
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Q1 2023
Consolidated Balance Sheets
(unaudited and in thousands)
31-Mar-2331-Dec-22
ASSETS
Real estate $24,314,813 $24,261,588 
Construction in progress 618,770 406,574 
Land held for future development 626,137 721,501 
Right of use assets - finance leases 237,503 237,510 
Right of use assets - operating leases166,699 167,351 
Less accumulated depreciation(6,424,547)(6,298,082)
Total real estate19,539,375 19,496,442 
Cash and cash equivalents918,952 690,333 
Cash held in escrows 45,330 46,479 
Investments in securities32,099 32,277 
Tenant and other receivables, net85,603 81,389 
Related party note receivable, net78,544 78,576 
Sales-type lease receivable, net13,028 12,811 
Accrued rental income, net1,297,767 1,276,580 
Deferred charges, net720,174 733,282 
Prepaid expenses and other assets141,933 43,589 
Investments in unconsolidated joint ventures1,752,617 1,715,911 
Total assets$24,625,422 $24,207,669 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$3,273,553 $3,272,368 
Unsecured senior notes, net10,240,967 10,237,968 
Unsecured line of credit— — 
Unsecured term loan, net1,194,916 730,000 
Lease liabilities - finance leases 250,567 249,335 
Lease liabilities - operating leases204,435 204,686 
Accounts payable and accrued expenses397,798 417,545 
Dividends and distributions payable171,427 170,643 
Accrued interest payable114,400 103,774 
Other liabilities 465,276 450,918 
Total liabilities16,313,339 15,837,237 
Commitments and contingencies— — 
Redeemable deferred stock units5,599 6,613 
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, 156,908,693 and 156,836,767 issued and 156,829,793 and 156,757,867 outstanding at March 31, 2023 and December 31, 2022, respectively
1,568 1,568 
Additional paid-in capital6,549,314 6,539,147 
Dividends in excess of earnings(467,159)(391,356)
Treasury common stock at cost, 78,900 shares at March 31, 2023 and December 31, 2022
(2,722)(2,722)
Accumulated other comprehensive loss(18,214)(13,718)
Total stockholders’ equity attributable to Boston Properties, Inc.6,062,787 6,132,919 
Noncontrolling interests:
Common units of the Operating Partnership691,627 683,583 
Property partnerships1,552,070 1,547,317 
Total equity8,306,484 8,363,819 
Total liabilities and equity$24,625,422 $24,207,669 
4

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Q1 2023
Consolidated Income Statements
(unaudited and in thousands, except per share amounts)
Three Months Ended
31-Mar-2331-Dec-22
Revenue
Lease$756,875 $739,094 
Parking and other23,064 26,088 
Insurance proceeds945 903 
Hotel revenue8,101 11,087 
Development and management services 8,980 8,406 
Direct reimbursements of payroll and related costs from management services contracts5,235 4,246 
Total revenue803,200 789,824 
Expenses
Operating147,182 144,668 
Real estate taxes139,432 135,529 
Demolition costs2,275 203 
Restoration expenses related to insurance claims2,419 1,865 
Hotel operating6,671 7,646 
General and administrative 1
55,802 36,000 
Payroll and related costs from management services contracts5,235 4,246 
Transaction costs911 759 
Depreciation and amortization208,734 198,330 
Total expenses568,661 529,246 
Other income (expense)
Loss from unconsolidated joint ventures 2
(7,569)(58,451)
Gains on sales of real estate— 55,726 
Gain on sales-type lease 3
— 10,058 
Gains from investments in securities 1
1,665 2,096 
Unrealized gain (loss) on non-real estate investment259 (150)
Interest and other income (loss)10,941 5,789 
Interest expense(134,207)(119,923)
Net income105,628 155,723 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(18,660)(19,961)
Noncontrolling interest - common units of the Operating Partnership 4
(9,078)(13,972)
Net income attributable to Boston Properties, Inc.$77,890 $121,790 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$0.50 $0.78 
Net income attributable to Boston Properties, Inc. per share - diluted$0.50 $0.78 










_____________
1General and administrative expense includes $1.7 million and $2.1 million and Gains from investments in securities include $1.7 million and $2.1 million for the three months ended March 31, 2023 and December 31, 2022, respectively, related to the Company’s deferred compensation plan.
2For the three months ended December 31, 2022, includes 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, during the three months ended December 31, 2022, the Company derecognized the underlying asset resulting in a gain on sales-type lease of approximately $10.1 million. The hotel developer intends to construct a 267-room hotel on the land.
4For additional detail, see page 6.
5

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Q1 2023
Funds from operations (FFO) 1
(unaudited and dollars in thousands, except per share amounts)
Three Months Ended
31-Mar-2331-Dec-22
Net income attributable to Boston Properties, Inc.$77,890 $121,790 
Add:
Noncontrolling interest - common units of the Operating Partnership9,078 13,972 
Noncontrolling interests in property partnerships18,660 19,961 
Net income105,628 155,723 
Add:
Depreciation and amortization expense208,734 198,330 
Noncontrolling interests in property partnerships' share of depreciation and amortization 2
(17,711)(17,435)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3
25,645 24,626 
Corporate-related depreciation and amortization(469)(431)
Impairment loss included within loss from unconsolidated joint ventures— 50,705 
Less:
Gains on sales of real estate— 55,726 
Gain on sales-type lease— 10,058 
Unrealized gain (loss) on non-real estate investment259 (150)
Noncontrolling interests in property partnerships18,660 19,961 
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)302,908 325,923 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO30,957 32,983 
FFO attributable to Boston Properties, Inc. $271,951 $292,940 
Boston Properties, Inc.’s percentage share of Basic FFO 89.78 %89.88 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO10.22 %10.12 %
Basic FFO per share$1.73 $1.87 
Weighted average shares outstanding - basic156,803 156,773 
Diluted FFO per share$1.73 $1.86 
Weighted average shares outstanding - diluted157,043 157,112 

RECONCILIATION TO DILUTED FFO
Three Months Ended
31-Mar-2331-Dec-22
Basic FFO$302,908 $325,923 
Add:
Effect of dilutive securities - stock-based compensation— — 
Diluted FFO302,908 325,923 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO30,927 33,687 
Boston Properties, Inc.’s share of Diluted FFO$271,981 $292,236 

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO
Three Months Ended
31-Mar-2331-Dec-22
Shares/units for Basic FFO174,652 174,423 
Add:
Effect of dilutive securities - stock-based compensation (shares/units)240 339 
Shares/units for Diluted FFO174,892 174,762 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)17,849 17,650 
Boston Properties, Inc.’s share of shares/units for Diluted FFO157,043 157,112 
Boston Properties, Inc.’s percentage share of Diluted FFO89.79 %89.90 %

_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.
2For a quantitative reconciliation for the three months ended March 31, 2023, see page 32.
3For a quantitative reconciliation for the three months ended March 31, 2023, see page 35.
6

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Q1 2023
Funds available for distributions (FAD) 1
(dollars in thousands)
Three Months Ended
31-Mar-2331-Dec-22
Net income attributable to Boston Properties, Inc.$77,890 $121,790 
Add:
Noncontrolling interest - common units of the Operating Partnership9,078 13,972 
Noncontrolling interests in property partnerships18,660 19,961 
Net income105,628 155,723 
Add:
Depreciation and amortization expense208,734 198,330 
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2
(17,711)(17,435)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3
25,645 24,626 
Corporate-related depreciation and amortization(469)(431)
Impairment loss included within loss from unconsolidated joint ventures— 50,705 
Less:
Gains on sales of real estate— 55,726 
Gain on sales-type lease— 10,058 
Unrealized gain (loss) on non-real estate investment259 (150)
Noncontrolling interests in property partnerships18,660 19,961 
Basic FFO302,908 325,923 
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4
5,519 11,711 
BXP’s Share of hedge amortization, net of costs 1
1,750 1,751 
BXP’s share of fair value interest adjustment 1
499 250 
BXP’s Share of straight-line ground rent expense adjustment 1, 5
543 404 
Stock-based compensation25,935 7,496 
Non-real estate depreciation469 431 
Unearned portion of capitalized fees from consolidated joint ventures 6
622 1,135 
Less:
BXP’s Share of straight-line rent 1
23,863 31,029 
BXP’s Share of fair value lease revenue 1, 7
4,579 3,841 
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1
45,155 55,613 
BXP’s Share of maintenance capital expenditures 1, 8
18,508 22,229 
Amortization and accretion related to sales type lease226 — 
Hotel improvements, equipment upgrades and replacements53 171 
Funds available for distribution to common shareholders and common unitholders (FAD) (A)
$245,861 $236,218 
Distributions to common shareholders and unitholders (excluding any special distributions) (B)
$172,054 $171,548 
FAD Payout Ratio1 (B÷A)
69.98 %72.62 %







_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.
2For a quantitative reconciliation for the three months ended March 31, 2023, see page 32.
3For a quantitative reconciliation for the three months ended March 31, 2023, see page 35.
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 60 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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Q1 2023
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-Mar-2331-Mar-22
Net income attributable to Boston Properties, Inc.$77,890 $143,047 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership9,078 16,361 
Noncontrolling interest in property partnerships18,660 17,549 
Net income105,628 176,957 
Add:
Interest expense134,207 101,228 
Depreciation and amortization expense208,734 177,624 
Transaction costs911 — 
Payroll and related costs from management services contracts5,235 4,065 
General and administrative expense55,802 43,194 
Less:
Interest and other income (loss)10,941 1,228 
Unrealized gain on non-real estate investment259 — 
Gains (losses) from investments in securities1,665 (2,262)
Income (loss) from unconsolidated joint ventures(7,569)2,189 
Gains on sales of real estate— 22,701 
Direct reimbursements of payroll and related costs from management services contracts5,235 4,065 
Development and management services revenue 8,980 5,831 
Net Operating Income (NOI)491,006 469,316 
Add:
BXP’s share of NOI from unconsolidated joint ventures 1
40,756 37,321 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2
47,097 47,055 
BXP’s Share of NOI 484,665 459,582 
Less:
Termination income195 2,078 
BXP’s share of termination income from unconsolidated joint ventures 1
877 606 
Add:
Partners’ share of termination income from consolidated joint ventures 2
172 221 
BXP’s Share of NOI (excluding termination income) $483,765 $457,119 
Net Operating Income (NOI)$491,006 $469,316 
Less:
Termination income195 2,078 
NOI from non Same Properties (excluding termination income) 3
42,921 21,598 
Same Property NOI (excluding termination income)447,890 445,640 
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2
46,925 46,834 
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
39,879 36,715 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
3,849 448 
BXP’s Share of Same Property NOI (excluding termination income)$436,995 $435,073 

_____________
1For a quantitative reconciliation for the three months ended March 31, 2023, see page 63.
2For a quantitative reconciliation for the three months ended March 31, 2023, see pages 60-61.
3Pages 20-23 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 March 31, 2023 and therefore are no longer a part of the Company’s property portfolio.
8

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Q1 2023
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-Mar-2331-Mar-22
Net income attributable to Boston Properties, Inc.$77,890 $143,047 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership9,078 16,361 
Noncontrolling interest in property partnerships18,660 17,549 
Net income105,628 176,957 
Add:
Interest expense134,207 101,228 
Depreciation and amortization expense208,734 177,624 
Transaction costs911 — 
Payroll and related costs from management services contracts5,235 4,065 
General and administrative expense55,802 43,194 
Less:
Interest and other income (loss)10,941 1,228 
Unrealized gain on non-real estate investment259 — 
Gains (losses) from investments in securities1,665 (2,262)
Income (loss) from unconsolidated joint ventures(7,569)2,189 
Gains on sales of real estate— 22,701 
Direct reimbursements of payroll and related costs from management services contracts5,235 4,065 
Development and management services revenue 8,980 5,831 
Net Operating Income (NOI)491,006 469,316 
Less:
Straight-line rent24,806 22,186 
Fair value lease revenue3,596 1,655 
Amortization and accretion related to sales type lease226 — 
Termination income195 2,078 
Add:
Straight-line ground rent expense adjustment 1
591 576 
Lease transaction costs that qualify as rent inducements 2
5,386 (4,583)
NOI - cash (excluding termination income)468,160 439,390 
Less:
NOI - cash from non Same Properties (excluding termination income) 3
33,115 13,269 
Same Property NOI - cash (excluding termination income)435,045 426,121 
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4
43,321 43,366 
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
36,510 22,759 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
3,067 (243)
BXP’s Share of Same Property NOI - cash (excluding termination income)$425,167 $405,757 

_____________
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 $(190) and $168 for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the Company has remaining lease payments aggregating approximately $24.7 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 20-23 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 March 31, 2023 and therefore are no longer a part of the Company’s property portfolio.
4For a quantitative reconciliation for the three months ended March 31, 2023, see page 61.
5For a quantitative reconciliation for the three months ended March 31, 2023, see page 63.
9

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Q1 2023
Same property net operating income (NOI) by reportable segment
(dollars in thousands)
Office 1
Hotel & Residential
Three Months Ended$%Three Months Ended$%
31-Mar-2331-Mar-22ChangeChange31-Mar-2331-Mar-22ChangeChange
Rental Revenue 2
$710,263 $698,322 $19,827 $14,585 
Less: Termination income195 2,078 — — 
Rental revenue (excluding termination income) 2
710,068 696,244 $13,824 2.0 %19,827 14,585 $5,242 35.9 %
Less: Operating expenses and real estate taxes269,871 255,164 14,707 5.8 %12,134 10,025 2,109 21.0 %
NOI (excluding termination income) 2, 3
$440,197 $441,080 $(883)(0.2)%$7,693 $4,560 $3,133 68.7 %
Rental revenue (excluding termination income) 2
$710,068 $696,244 $13,824 2.0 %$19,827 $14,585 $5,242 35.9 %
Less: Straight-line rent and fair value lease revenue17,455 15,475 1,980 12.8 %12 16 (4)(25.0)%
Add: Lease transaction costs that qualify as rent inducements 4
4,031 (4,604)8,635 187.6 %— — — — %
Subtotal696,644 676,165 20,479 3.0 %19,815 14,569 5,246 36.0 %
Less: Operating expenses and real estate taxes269,871 255,164 14,707 5.8 %12,134 10,025 2,109 21.0 %
Add: Straight-line ground rent expense 5
591 576 15 2.6 %— — — — %
NOI - cash (excluding termination income) 2, 3
$427,364 $421,577 $5,787 1.4 %$7,681 $4,544 $3,137 69.0 %
Consolidated Total 1 (A)
BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended$%Three Months Ended$%
31-Mar-2331-Mar-22ChangeChange31-Mar-2331-Mar-22ChangeChange
Rental Revenue 2
$730,090 $712,907 $59,108 $57,363 
Less: Termination income195 2,078 866 606 
Rental revenue (excluding termination income) 2
729,895 710,829 $19,066 2.7 %58,242 56,757 $1,485 2.6 %
Less: Operating expenses and real estate taxes282,005 265,189 16,816 6.3 %22,212 20,490 1,722 8.4 %
NOI (excluding termination income) 2, 3
$447,890 $445,640 $2,250 0.5 %$36,030 $36,267 $(237)(0.7)%
Rental revenue (excluding termination income) 2
$729,895 $710,829 $19,066 2.7 %$58,242 $56,757 $1,485 2.6 %
Less: Straight-line rent and fair value lease revenue17,467 15,491 1,976 12.8 %3,047 13,780 (10,733)(77.9)%
Add: Lease transaction costs that qualify as rent inducements 4
4,031 (4,604)8,635 187.6 %318 370 (52)(14.1)%
Subtotal$716,459 $690,734 25,725 3.7 %55,513 43,347 12,166 28.1 %
Less: Operating expenses and real estate taxes282,005 265,189 16,816 6.3 %22,212 20,490 1,722 8.4 %
Add: Straight-line ground rent expense 5
591 576 15 2.6 %142 145 (3)(2.1)%
NOI - cash (excluding termination income) 2, 3
$435,045 $426,121 $8,924 2.1 %$33,443 $23,002 $10,441 45.4 %
Partners’ share of Consolidated Joint Ventures (C)
BXP’s Share 2, 6
Three Months Ended$%Three Months Ended$%
31-Mar-2331-Mar-22ChangeChange31-Mar-2331-Mar-22ChangeChange
Rental Revenue 2
$79,243 $77,149 $709,955 $693,121 
Less: Termination income172 221 889 2,463 
Rental revenue (excluding termination income) 2
79,071 76,928 $2,143 2.8 %709,066 690,658 $18,408 2.7 %
Less: Operating expenses and real estate taxes32,146 30,094 2,052 6.8 %272,071 255,585 16,486 6.5 %
NOI (excluding termination income) 2, 3
$46,925 $46,834 $91 0.2 %$436,995 $435,073 $1,922 0.4 %
Rental revenue (excluding termination income) 2
$79,071 $76,928 $2,143 2.8 %$709,066 $690,658 $18,408 2.7 %
Less: Straight-line rent and fair value lease revenue3,789 1,025 2,764 269.7 %16,725 28,246 (11,521)(40.8)%
Add: Lease transaction costs that qualify as rent inducements 4
185 (2,443)2,628 107.6 %4,164 (1,791)5,955 332.5 %
Subtotal75,467 73,460 2,007 2.7 %696,505 660,621 35,884 5.4 %
Less: Operating expenses and real estate taxes32,146 30,094 2,052 6.8 %272,071 255,585 16,486 6.5 %
Add: Straight-line ground rent expense 5
— — — — %733 721 12 1.7 %
NOI - cash (excluding termination income) 2, 3
$43,321 $43,366 $(45)(0.1)%$425,167 $405,757 $19,410 4.8 %
___________________
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 54.
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 $(190) and $168 for the three months ended March 31, 2023 and 2022, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.
6BXP’s Share equals (A) + (B) - (C).
10

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Q1 2023
Capital expenditures, tenant improvement costs and leasing commissions
(dollars in thousands, except PSF amounts)


CAPITAL EXPENDITURES
Three Months Ended
31-Mar-2331-Dec-22
Maintenance capital expenditures$21,455 $25,813 
Planned capital expenditures associated with acquisition properties 38 — 
Repositioning capital expenditures3,455 6,127 
Hotel improvements, equipment upgrades and replacements53 171 
Subtotal25,001 32,111 
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)269 784 
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs1,718 444 
BXP’s share of repositioning capital expenditures from unconsolidated JVs— — 
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs3,216 4,368 
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs— — 
Partners’ share of repositioning capital expenditures from consolidated JVs301 1,688 
BXP’s Share of Capital Expenditures 1
$23,471 $27,283 





2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2
Three Months Ended
31-Mar-2331-Dec-22
Square feet775,445 1,038,282 
Tenant improvements and lease commissions PSF$72.81 $82.25 





















___________________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.
2Includes 100% of unconsolidated joint ventures.

11

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Q1 2023
Acquisitions and dispositions
For the period from January 1, 2023 through March 31, 2023
(dollars in thousands)

ACQUISITIONS
Investment
PropertyLocationDate AcquiredSquare FeetInitialAnticipated FutureTotalIn-service Leased (%)
13100 and 13150 Worldgate Drive (50% ownership) 1
Herndon, VAJanuary 31, 2023N/A$17,000 $— $17,000 N/A
Total Acquisitions— $17,000 $— $17,000 — %
DISPOSITIONS
PropertyLocationDate DisposedSquare FeetGross Sales PriceNet Cash ProceedsBook Gain
N/A— $— $— $— 
    Total Dispositions— $— $— $— 








________________
1Consists of two vacant office buildings aggregating approximately 350,000 rentable square feet and a 1,200-space structured parking deck situated on a 10-acre site. The joint venture intends to redevelop the property for residential use and the vacant properties are not reflected in the Company’s in-service property listing. There can be no assurance that the joint venture will commence the development as currently contemplated or at all.
12

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Q1 2023
Construction in progress
as of March 31, 2023
(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 3/31/2023
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 $19,133 $26,600 $— $— $7,467 100 %— %N/A
2100 Pennsylvania Avenue
Q2 2022Q3 2024Washington, DC480,000 334,638 375,900 — — 41,262 84 %64 %$3,414 
360 Park Avenue South (42% ownership) 6
Q1 2024Q4 2025New York, NY450,000 206,950 248,000 92,774 89,677 37,953 — %— %N/A
Reston Next Office Phase IIQ2 2024Q2 2025Reston, VA90,000 29,578 61,000 — — 31,422 — %— %N/A
Platform16 Building A (55% ownership) 7
Q2 2025Q4 2026San Jose, CA389,500 93,161 231,900 — — 138,739 — %— %N/A
Total Office Properties under Construction1,513,500 683,460 943,400 92,774 89,677 256,843 34 %20 %3,414 
Lab/Life Sciences
751 Gateway (49% ownership)Q2 2024Q2 2024South San Francisco, CA231,000 95,636 127,600 — — 31,964 100 %— % N/A
103 CityPointQ1 2024Q3 2024Waltham, MA113,000 60,312 115,100 — — 54,788 — %— % N/A
180 CityPointQ1 2024Q4 2024Waltham, MA329,000 168,668 274,700 — — 106,032 43 %— % N/A
300 Binney StreetQ1 2025Q1 2025Cambridge, MA236,000 14,914 210,200 — — 195,286 100 %— % N/A
105 Carnegie Center RedevelopmentQ4 2024Q2 2025Princeton, NJ73,000 1,030 40,600 — — 39,570 — %— % N/A
651 Gateway (50% ownership) Q1 2024Q4 2025South San Francisco, CA327,000 46,074 146,500 — — 100,426 %— % N/A
290 Binney Street Q2 2026Q2 2026Cambridge, MA566,000 124,026 1,185,200 — — 1,061,174 100 %— % N/A
Total Lab/Life Sciences Properties under Construction1,875,000 510,660 2,099,900 — — 1,589,240 64 %— %N/A
Residential
Reston Next Residential (508 units) (20% ownership)Q2 2024Q2 2026Reston, VA417,000 11,509 47,700 28,000 5,045 13,236 — %— %N/A
Total Residential Property under Construction417,000 11,509 47,700 28,000 5,045 13,236 — %— %N/A
Retail
760 Boylston Street (Redevelopment)Q2 2024Q2 2024Boston, MA118,000 4,047 43,800 — — 39,753 100 %— %N/A
Reston Next RetailQ2 2025Q4 2025Reston, VA33,000 18,495 26,600 — — 8,105 — %— %N/A
Total Retail Property under Construction151,000 22,542 70,400 — — 47,858 78 %— N/A
Other
View Boston Observatory at The Prudential Center (Redevelopment)Q2 2023N/ABoston, MA59,000 161,945 182,300 — — 20,355 N/A— %N/A
Total Properties Under Construction4,015,500 $1,390,116 $3,343,700 $120,774 $94,722 $1,927,532 52 %
8
%$3,414 
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Q1 2023
Construction in progress (continued)

PROJECTS FULLY PLACED IN-SERVICE DURING 2023
Actual/EstimatedBXP’s share
Estimated Total Investment 2
Amount Drawn at 3/31/2023
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
N/A— $— $— $— $— $— — %N/A
Total Projects Fully Placed In-Service— $— $— $— $— $— — %

$— 













________________
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 April 21, 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 March 31, 2023. 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 54.
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 $118 million remaining to spend.
8Total percentage leased excludes Residential and Other.

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Q1 2023
Land parcels and purchase options
as of March 31, 2023


OWNED LAND PARCELS
Location
Approximate Developable Square Feet 1
Reston, VA 1
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 
Herndon, VA (50% ownership) 3
350,000 
El Segundo, CA (50% ownership) 275,000 
Lexington, MA 2
259,000 
Rockville, MD 2
252,000 
Dulles, VA 150,000 
         Total13,302,000 


VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS
Location
Approximate Developable Square Feet 1
Cambridge, MA 4
887,000 
Boston, MA 1,300,000 
Waltham, MA 5
1,200,000 
         Total3,387,000 


















__________________
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 20-23.
3On January 31, 2023, The Company acquired a 50% share of available land that consists of two vacant office buildings aggregating approximately 350,000 rentable square feet and a 1,200-space structured parking deck situated on a 10-acre site. The joint venture intends to redevelop the property for residential use. There can be no assurance that the joint venture will commence the development as currently contemplated or at all.
4In January 2023, the Company commenced the development of 290 Binney Street, an approximately 566,000 net rentable square feet laboratory/life sciences project in Cambridge, Massachusetts. 290 Binney Street is 100% pre-leased to AstraZeneca.
5The Company expects to be a 50% partner in the future development of these sites.


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Q1 2023
Leasing activity
for the three months ended March 31, 2023

ALL IN-SERVICE PROPERTIES
Net (increase)/decrease in available space (SF)Total
Vacant space available at the beginning of the period5,610,777 
Less:
Property dispositions/properties taken out of service 1
333,277 
Add:
Leases expiring or terminated during the period1,067,880 
Total space available for lease6,345,380 
1st generation leases— 
2nd generation leases with new clients432,003 
2nd generation lease renewals343,442 
Total space leased775,445 
Vacant space available for lease at the end of the period5,569,935 
Net (increase)/decrease in available space40,842 
Second generation leasing information: 2
Leases commencing during the period (SF)775,445 
Weighted average lease term (months)90 
Weighted average free rent period (days)175 
Total transaction costs per square foot 3
$72.81 
Increase (decrease) in gross rents 4
0.60 %
Increase (decrease) in net rents 5
0.81 %


All leases (SF)Incr (decr) in 2nd generation cash rents
Total square feet of leases executed in the quarter 8
1st generation2nd generation
total 7
gross 4, 6
net 5, 6
Boston— 289,565 289,565 20.53 %36.22 %182,039 
Los Angeles— 55,042 55,042 11.73 %19.18 %25,910 
New York— 249,331 249,331 (5.04)%(8.63)%120,109 
San Francisco— 61,348 61,348 5.09 %6.38 %83,684 
Seattle— 2,214 2,214 10.79 %16.32 %— 
Washington, DC— 117,945 117,945 (34.11)%(46.58)%248,738 
Total / Weighted Average— 775,445 775,445 0.60 %0.81 %660,480 


_____________
1Total vacant square feet of properties taken out of service in Q1 2023 consists of 195,191 at 300 Binney Street, 55,852 at 420 Bedford Street, 57,045 at 430 Bedford Street and 25,189 at 2098 Gaither Road.
2Second generation leases are defined as leases for space that has previously been leased. Of the 775,445 square feet of second generation leases that commenced in Q1 2023, leases for 588,547 square feet were signed in prior periods.
3Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.
4Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 505,482 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.
5Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 505,482 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.
6Includes the renewal of a 68,950 square foot theater client. Excluding this renewal, the increase/(decrease) in second generation gross and net rent is (6.17)% and (8.82)% for Washington, DC and 3.87% and 6.37% for the total portfolio, respectively.
7Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.
8Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 186,898.
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Q1 2023
Portfolio overview
for the three months ended March 31, 2023
(dollars in thousands)


Rentable square footage of in-service properties by location and unit type 1, 2
OfficeRetailResidentialHotelTotal
Boston14,563,494 968,604 550,114 330,000 16,412,212 
Los Angeles2,186,700 126,377 — — 2,313,077 
New York12,107,184 486,390 — — 12,593,574 
San Francisco6,997,935 356,406 318,171 — 7,672,512 
Seattle1,507,450 26,472 — — 1,533,922 
Washington, DC8,780,164 664,676 493,241 — 9,938,081 
Total46,142,927 2,628,925 1,361,526 330,000 50,463,378 
% of Total91.44 %5.21 %2.70 %0.65 %100.00 %


Rental revenue of in-service properties by unit type 1
OfficeRetailResidential
Hotel 3
Total
Consolidated$716,948 $52,910 $11,126 $8,001 $788,985 
Less:
Partners’ share from consolidated joint ventures 4
69,797 9,446 — — 79,243 
Add:
BXP’s share from unconsolidated joint ventures 5
59,686 2,943 2,631 — 65,260 
BXP’s Share of Rental revenue 1
$706,837 $46,407 $13,757 $8,001 $775,002 
% of Total91.20 %5.99 %1.78 %1.03 %100.00 %


Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6
CBDSuburbanTotal
Boston28.32 %7.20 %35.52 %
Los Angeles2.73 %— %2.73 %
New York23.18 %2.03 %25.21 %
San Francisco17.10 %2.53 %19.63 %
Seattle2.72 %— %2.72 %
Washington, DC3.86 %10.33 %14.19 %
Total77.91 %22.09 %100.00 %










_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 54.
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 20-23.
3Excludes approximately $100 of revenue from retail clients that is included in Retail.
4See page 61 for additional information.
5See page 63 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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Q1 2023
Residential and hotel performance
(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS
Residential 1
Hotel
Three Months EndedThree Months Ended
31-Mar-2331-Dec-2231-Mar-2331-Dec-22
Rental Revenue 2
$11,726 $12,963 $8,101 $11,087 
Less: Operating expenses and real estate taxes5,463 6,309 6,671 7,646 
Net Operating Income (NOI) 2
6,263 6,654 1,430 3,441 
Add: BXP’s share of NOI from unconsolidated joint ventures1,751 1,648 N/AN/A
BXP’s Share of NOI 2
$8,014 $8,302 $1,430 $3,441 
Rental Revenue 2
$11,726 $12,963 $8,101 $11,087 
Less: Straight line rent and fair value lease revenue15 11 (2)(2)
Add: Lease transaction costs that qualify as rent inducements— — — — 
Subtotal11,711 12,952 8,103 11,089 
Less: Operating expenses and real estate taxes5,463 6,309 6,671 7,646