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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): November 1, 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 November 1, 2023, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the third quarter of 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: November 1, 2023




Document


Exhibit 99.1                                                    




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Supplemental Operating and Financial Data
for the Quarter Ended September 30, 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 53.5 million square feet and 190 properties, including 11 properties under construction/redevelopment. BXP’s properties include 169 office properties, 14 retail properties (including two 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 a twelfth 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, the immediate and long-term impact of the outbreak of a highly infectious or contagious disease 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 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: 751 Gateway, South San Francisco, CA)




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Q3 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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Q3 2023
Company profile
SNAPSHOT
(as of September 30, 2023)
Fiscal Year-EndDecember 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)190
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)53.5 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2
175.5 million
Closing Price, at the end of the quarter$59.48 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield6.6%
Consolidated Market Capitalization 2
$25.4 billion
BXP’s Share of Market Capitalization 2, 3
$25.6 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
Joel I. KleinLead Independent DirectorRaymond A. RitcheySenior Executive Vice President
Michael E. LaBelleExecutive Vice President, Chief Financial Officer and Treasurer
Kelly A. AyotteDonna D. GarescheExecutive Vice President, Chief Human Resources Officer
Bruce W. DuncanChair of Compensation CommitteeBryan J. KoopExecutive Vice President, Boston Region
Carol B. EinigerRobert E. PesterExecutive Vice President, San Francisco Region
Diane J. HoskinsChair of Sustainability CommitteeHilary SpannExecutive Vice President, New York Region
Mary E. KippChair of Audit CommitteePeter V. OtteniExecutive Vice President, Co-Head of the Washington, DC
Matthew J. LustigChair of Nominating & CorporateRegion
Governance CommitteeJohn J. StromanExecutive Vice President, Co-Head of the Washington, DC
William H. Walton, IIIRegion
Derek A. (Tony) WestRodney C. DiehlSenior Vice President, Co-Head of the West Coast Regions
Eric G. KevorkianSenior Vice President, Chief Legal Officer and Secretary
Michael R. WalshSenior Vice President, Chief Accounting Officer
James J. Whalen
Senior Vice President, Chief Information & Technology Officer
___________________
1Common units and LTIP units are units of limited partnership interest in Boston Properties Limited Partnership, the entity through which the Company conducts substantially all of its business.
2For additional detail, see page 27.
3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
1

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Q3 2023
Guidance and assumptions
GUIDANCE
BXP’s guidance for the 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 November 1, 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.
Full Year 2023
LowHigh
Projected EPS (diluted)$1.05 $1.07 
Add:
Projected Company share of real estate depreciation and amortization4.85 4.85 
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments1.35 1.35 
Projected FFO per share (diluted) $7.25 $7.27 




ASSUMPTIONS
(dollars in thousands)
Full Year 2023
LowHigh
Operating property activity:
Average In-service portfolio occupancy88.00 %89.00 %
Increase in BXP’s Share of Same Property net operating income (excluding termination income)
— %0.50 %
Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income)
1.50 %2.50 %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)
$100,000 $105,000 
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)
$115,000 $125,000 
Termination income$9,000 $11,000 
Other revenue (expense):
Development, management services and other revenue $36,000 $38,000 
General and administrative expense 1
$(164,000)$(157,000)
Consolidated net interest expense 2
$(520,000)$(510,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO$(154,000)$(151,000)




_______________
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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Q3 2023
Financial highlights
(unaudited and in thousands, except ratios and per share amounts)
Three Months Ended
30-Sep-2330-Jun-23
Net income (loss) attributable to Boston Properties, Inc. $(111,826)$104,299 
Net income (loss) attributable to Boston Properties, Inc. per share - diluted$(0.71)$0.66 
FFO attributable to Boston Properties, Inc. 1
$292,822 $292,844 
Diluted FFO per share 1
$1.86 $1.86 
Dividends per common share$0.98 $0.98 
Funds available for distribution to common shareholders and common unitholders (FAD) 2
$210,044 $248,588 
Selected items:
Revenue$824,283 $817,153 
Recoveries from clients$134,599 $129,528 
Service income from clients$2,870 $2,846 
BXP’s Share of revenue 3
$808,803 $805,187 
BXP’s Share of straight-line rent 3
$16,647 $24,927 
BXP’s Share of fair value lease revenue 3, 4
$3,907 $6,776 
BXP’s Share of termination income 3
$2,935 $3,225 
Ground rent expense$3,589 $3,441 
Capitalized interest$9,676 $10,564 
Capitalized wages$4,416 $4,580 
Loss from unconsolidated joint ventures 5
$(247,556)$(6,668)
BXP’s share of FFO from unconsolidated joint ventures 6
$14,957 $19,088 
Net income attributable to noncontrolling interests in property partnerships$20,909 $19,768 
FFO attributable to noncontrolling interests in property partnerships 7
$39,083 $37,626 
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)$3,196 $3,516 
Below-market rents (included within Other Liabilities)$38,049 $42,516 
Accrued rental income liability (included within Other Liabilities)$107,462 $123,212 
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 8
3.00 3.18 
Interest Coverage Ratio (including capitalized interest) 8
2.79 2.93 
Fixed Charge Coverage Ratio 8
2.53 2.54 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9
7.28 7.31 
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 10
(0.3)%0.0 %
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 10
1.7 %2.2 %
FAD Payout Ratio 2
81.94 %69.23 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 62.4 %63.1 %
Occupancy % of In-Service Properties 11
88.8 %88.3 %
Leased % of In-Service Properties 12
90.4 %90.4 %
Capitalization:
Consolidated Debt$14,961,715 $15,456,205 
BXP’s Share of Debt 13
$15,120,033 $15,706,496 
Consolidated Market Capitalization$25,401,704 $25,563,883 
Consolidated Debt/Consolidated Market Capitalization58.90 %60.46 %
BXP’s Share of Market Capitalization 13
$25,560,022 $25,814,174 
BXP’s Share of Debt/BXP’s Share of Market Capitalization 13
59.16 %60.84 %
_____________
1For a quantitative reconciliation of FFO attributable to Boston Properties, Inc. and Diluted FFO per share, see page 7.
2For a quantitative reconciliation of FAD, see page 8. 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 the three months ended September 30, 2023, includes an impairment charge totaling approximately $272.6 million related to the Company’s investment in four unconsolidated joint ventures, partially offset by a gain of approximately $35.8 million related to the Company’s investment in Metropolitan Square, see page 34.
6For a quantitative reconciliation for the three months ended September 30, 2023, see page 36.
7For a quantitative reconciliation for the three months ended September 30, 2023, see page 33.
8For a quantitative reconciliation for the three months ended September 30, 2023 and June 30, 2023, see page 31.
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Q3 2023
Financial highlights (continued)
9For a quantitative reconciliation for the three months ended September 30, 2023 and June 30, 2023, see page 30.
10For a quantitative reconciliation for the three months ended September 30, 2023 and June 30, 2023, see pages 11, 65 and 66.
11Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Excludes hotel and residential properties.
12Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Excludes hotel and residential properties.
13For a quantitative reconciliation for September 30, 2023, see page 27.
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Q3 2023
Consolidated Balance Sheets
(unaudited and in thousands)
30-Sep-2330-Jun-23
ASSETS
Real estate $24,809,369 $24,642,681 
Construction in progress 551,330 482,850 
Land held for future development 670,691 637,191 
Right of use assets - finance leases 237,532 237,526 
Right of use assets - operating leases 1
322,790 166,421 
Less accumulated depreciation(6,723,616)(6,568,568)
Total real estate19,868,096 19,598,101 
Cash and cash equivalents882,647 1,581,575 
Cash held in escrows 47,741 46,915 
Investments in securities32,809 33,481 
Tenant and other receivables, net123,138 91,968 
Related party note receivable, net88,807 88,834 
Sales-type lease receivable, net13,475 13,250 
Accrued rental income, net1,331,796 1,318,320 
Deferred charges, net692,386 710,820 
Prepaid expenses and other assets121,431 77,457 
Investments in unconsolidated joint ventures1,536,822 1,780,959 
Total assets$24,739,148 $25,341,680 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$3,275,974 $3,274,764 
Unsecured senior notes, net10,488,568 10,985,395 
Unsecured line of credit— — 
Unsecured term loan, net1,197,173 1,196,046 
Lease liabilities - finance leases 253,178 251,874 
Lease liabilities - operating leases 1
341,299 204,826 
Accounts payable and accrued expenses462,240 434,574 
Dividends and distributions payable171,916 171,465 
Accrued interest payable128,422 111,088 
Other liabilities 380,014 418,813 
Total liabilities16,698,784 17,048,845 
Commitments and contingencies— — 
Redeemable deferred stock units6,788 6,292 
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, 157,018,080 and 156,932,300 issued and 156,939,180 and 156,853,400 outstanding at September 30, 2023 and June 30, 2023, respectively
1,569 1,569 
Additional paid-in capital6,568,645 6,561,161 
Dividends in excess of earnings(782,275)(516,550)
Treasury common stock at cost, 78,900 shares at September 30, 2023 and June 30, 2023
(2,722)(2,722)
Accumulated other comprehensive income (loss)2,866 (3,406)
Total stockholders’ equity attributable to Boston Properties, Inc.5,788,083 6,040,052 
Noncontrolling interests:
Common units of the Operating Partnership656,587 689,123 
Property partnerships1,588,906 1,557,368 
Total equity8,033,576 8,286,543 
Total liabilities and equity$24,739,148 $25,341,680 

_____________
1On August 1, 2023, the Company recorded approximately $160.1 million and $134.5 million of Right of Use Assets – Operating Leases and Lease Liabilities – Operating Leases, respectively, related to the 99-year ground lease in New York City with the Metropolitan Square Transportation Authority. For additional details, see page 16.
5

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Q3 2023
Consolidated Income Statements
(unaudited and in thousands, except per share amounts)
Three Months Ended
30-Sep-2330-Jun-23
Revenue
Lease$767,181 $761,733 
Parking and other29,649 26,054 
Insurance proceeds779 930 
Hotel revenue13,484 13,969 
Development and management services 9,284 9,858 
Direct reimbursements of payroll and related costs from management services contracts3,906 4,609 
Total revenue824,283 817,153 
Expenses
Operating159,923 150,735 
Real estate taxes140,368 137,566 
Demolition costs(619)738 
Restoration expenses related to insurance claims520 1,997 
Hotel operating9,020 8,161 
General and administrative 1
31,410 44,175 
Payroll and related costs from management services contracts3,906 4,609 
Transaction costs751 308 
Depreciation and amortization207,435 202,577 
Total expenses552,714 550,866 
Other income (expense)
Loss from unconsolidated joint ventures 2
(247,556)(6,668)
Gains on sales of real estate517 — 
Gains (losses) from investments in securities 1
(925)1,571 
Unrealized gain (loss) on non-real estate investment(51)124 
Interest and other income (loss)20,715 17,343 
Interest expense(147,812)(142,473)
Net income (loss)(103,543)136,184 
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in property partnerships(20,909)(19,768)
Noncontrolling interest - common units of the Operating Partnership 3
12,626 (12,117)
Net income (loss) attributable to Boston Properties, Inc.$(111,826)$104,299 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income (loss) attributable to Boston Properties, Inc. per share - basic$(0.71)$0.67 
Net income (loss) attributable to Boston Properties, Inc. per share - diluted$(0.71)$0.66 












_____________
1Includes $(0.9) million and $1.6 million for the three months ended September 30, 2023 and June 30, 2023, respectively, related to the Company’s deferred compensation plan.
2For the three months ended September 30, 2023, includes an impairment charge totaling approximately $272.6 million related to the Company’s investment in four unconsolidated joint ventures, partially offset by a gain of approximately $35.8 million related to the Company’s investment in Metropolitan Square, see page 34.
3For additional detail, see page 7.
6

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Q3 2023
Funds from operations (FFO) 1
(unaudited and dollars in thousands, except per share amounts)
Three Months Ended
30-Sep-2330-Jun-23
Net income (loss) attributable to Boston Properties, Inc.$(111,826)$104,299 
Add:
Noncontrolling interest - common units of the Operating Partnership(12,626)12,117 
Noncontrolling interests in property partnerships20,909 19,768 
Net income (loss)(103,543)136,184 
Add:
Depreciation and amortization expense207,435 202,577 
Noncontrolling interests in property partnerships' share of depreciation and amortization 2
(18,174)(17,858)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3
25,666 25,756 
Corporate-related depreciation and amortization(446)(442)
Impairment losses included within loss from unconsolidated joint ventures 4
272,603 — 
Less:
Gains on sales of real estate517 — 
Gain on investment included within loss from unconsolidated joint ventures 4
35,756 — 
Unrealized gain (loss) on non-real estate investment(51)124 
Noncontrolling interests in property partnerships20,909 19,768 
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)326,410 326,325 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO33,588 33,481 
FFO attributable to Boston Properties, Inc. $292,822 $292,844 
Boston Properties, Inc.’s percentage share of Basic FFO 89.71 %89.74 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO10.29 %10.26 %
Basic FFO per share$1.87 $1.87 
Weighted average shares outstanding - basic156,880 156,826 
Diluted FFO per share$1.86 $1.86 
Weighted average shares outstanding - diluted157,269 157,218 

RECONCILIATION TO DILUTED FFO
Three Months Ended
30-Sep-2330-Jun-23
Basic FFO$326,410 $326,325 
Add:
Effect of dilutive securities - stock-based compensation— — 
Diluted FFO326,410 326,325 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO33,522 33,383 
Boston Properties, Inc.’s share of Diluted FFO$292,888 $292,942 

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO
Three Months Ended
30-Sep-2330-Jun-23
Shares/units for Basic FFO174,882 174,748 
Add:
Effect of dilutive securities - stock-based compensation (shares/units)389 392 
Shares/units for Diluted FFO175,271 175,140 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)18,002 17,922 
Boston Properties, Inc.’s share of shares/units for Diluted FFO157,269 157,218 
Boston Properties, Inc.’s percentage share of Diluted FFO89.73 %89.77 %
_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2For a quantitative reconciliation for the three months ended September 30, 2023, see page 33.
3For a quantitative reconciliation for the three months ended September 30, 2023, see page 36.
4For additional information for the three months ended September 30, 2023, see page 34.
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Q3 2023
Funds available for distributions (FAD) 1
(dollars in thousands)
Three Months Ended
30-Sep-2330-Jun-23
Net income (loss) attributable to Boston Properties, Inc.$(111,826)$104,299 
Add:
Noncontrolling interest - common units of the Operating Partnership(12,626)12,117 
Noncontrolling interests in property partnerships20,909 19,768 
Net income (loss)(103,543)136,184 
Add:
Depreciation and amortization expense207,435 202,577 
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2
(18,174)(17,858)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3
25,666 25,756 
Corporate-related depreciation and amortization(446)(442)
Impairment losses included within loss from unconsolidated joint ventures 4
272,603 — 
Less:
Gains on sales of real estate517 — 
Gain on investment included within loss from unconsolidated joint ventures 4
35,756 — 
Unrealized gain (loss) on non-real estate investment(51)124 
Noncontrolling interests in property partnerships20,909 19,768 
Basic FFO326,410 326,325 
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 5
(5,963)3,231 
BXP’s Share of hedge amortization, net of costs 1
(473)1,750 
BXP’s share of fair value interest adjustment 1
499 499 
BXP’s Share of straight-line ground rent expense adjustment 1, 6
854 811 
Stock-based compensation4,843 14,935 
Non-real estate depreciation446 442 
Unearned portion of capitalized fees from consolidated joint ventures 7
1,283 957 
Less:
BXP’s Share of straight-line rent 1
16,647 24,927 
BXP’s Share of fair value lease revenue 1, 8
3,907 6,776 
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1
79,932 43,992 
BXP’s Share of maintenance capital expenditures 1, 9
16,995 24,132 
Amortization and accretion related to sales type lease233 229 
Hotel improvements, equipment upgrades and replacements141 306 
Funds available for distribution to common shareholders and common unitholders (FAD) (A)
$210,044 $248,588 
Distributions to common shareholders and unitholders (excluding any special distributions) (B)
$172,101 $172,092 
FAD Payout Ratio1 (B÷A)
81.94 %69.23 %







_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
2For a quantitative reconciliation for the three months ended September 30, 2023, see page 33.
3For a quantitative reconciliation for the three months ended September 30, 2023, see page 36.
4 For additional information for the three months ended September 30, 2023, see page 34.
5Consists 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.
6Includes 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 2025 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.
7See page 61 for additional information.
8Represents 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.
9Maintenance capital expenditures do not include capital expenditures that are planned at the time of acquisition or capital expenditures incurred in connection with repositioning activities.

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Q3 2023
Reconciliation of net income (loss) attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)
Three Months Ended
30-Sep-2330-Sep-22
Net income (loss) attributable to Boston Properties, Inc.$(111,826)$360,977 
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership(12,626)40,883 
Noncontrolling interest in property partnerships20,909 18,801 
Net income (loss)(103,543)420,661 
Add:
Interest expense147,812 111,846 
Losses from investments in securities925 1,571 
Loss from unconsolidated joint ventures247,556 3,524 
Depreciation and amortization expense207,435 190,675 
Transaction costs751 1,650 
Payroll and related costs from management services contracts3,906 3,900 
General and administrative expense31,410 32,519 
Less:
Interest and other income (loss)20,715 3,728 
Unrealized loss on non-real estate investment(51)— 
Gains on sales of real estate517 262,345 
Direct reimbursements of payroll and related costs from management services contracts3,906 3,900 
Development and management services revenue 9,284 7,465 
Net Operating Income (NOI)501,881 488,908 
Add:
BXP’s share of NOI from unconsolidated joint ventures 1
39,165 35,316 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2
50,047 48,306 
BXP’s Share of NOI 490,999 475,918 
Less:
Termination income2,564 1,980 
BXP’s share of termination income from unconsolidated joint ventures 1
500 500 
Add:
Partners’ share of termination income from consolidated joint ventures 2
129 57 
BXP’s Share of NOI (excluding termination income) $488,064 $473,495 
Net Operating Income (NOI)$501,881 $488,908 
Less:
Termination income2,564 1,980 
NOI from non Same Properties (excluding termination income) 3
26,144 14,621 
Same Property NOI (excluding termination income)473,173 472,307 
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2
49,918 48,249 
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
38,665 34,816 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
5,094 796 
BXP’s Share of Same Property NOI (excluding termination income)$456,826 $458,078 

_____________
1For a quantitative reconciliation for the three months ended September 30, 2023, see page 64.
2For a quantitative reconciliation for the three months ended September 30, 2023, 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 Metropolitan Square and properties that were sold prior to September 30, 2023 and therefore are no longer a part of the Company’s property portfolio. For details related to Metropolitan Square, see page 34.
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Q3 2023
Reconciliation of net income (loss) attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI) - cash
(in thousands)
Three Months Ended
30-Sep-2330-Sep-22
Net income (loss) attributable to Boston Properties, Inc.$(111,826)$360,977 
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership(12,626)40,883 
Noncontrolling interest in property partnerships20,909 18,801 
Net income (loss)(103,543)420,661 
Add:
Interest expense147,812 111,846 
Losses from investments in securities925 1,571 
Loss from unconsolidated joint ventures247,556 3,524 
Depreciation and amortization expense207,435 190,675 
Transaction costs751 1,650 
Payroll and related costs from management services contracts3,906 3,900 
General and administrative expense31,410 32,519 
Less:
Interest and other income (loss)20,715 3,728 
Unrealized loss on non-real estate investment(51)— 
Gains on sales of real estate517 262,345 
Direct reimbursements of payroll and related costs from management services contracts3,906 3,900 
Development and management services revenue 9,284 7,465 
Net Operating Income (NOI)501,881 488,908 
Less:
Straight-line rent19,139 32,140 
Fair value lease revenue2,981 2,442 
Amortization and accretion related to sales type lease233 — 
Termination income2,564 1,980 
Add:
Straight-line ground rent expense adjustment 1
578 631 
Lease transaction costs that qualify as rent inducements 2
(5,943)4,667 
NOI - cash (excluding termination income)471,599 457,644 
Less:
NOI - cash from non Same Properties (excluding termination income) 3
18,721 9,868 
Same Property NOI - cash (excluding termination income)452,878 447,776 
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4
44,090 45,046 
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
34,524 30,969 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
3,175 730 
BXP’s Share of Same Property NOI - cash (excluding termination income)$440,137 $432,969 

_____________
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 $135 and $169 for the three months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the Company has remaining lease payments aggregating approximately $24.3 million, all of which it expects to incur by the end of 2025 with no payments thereafter. Under GAAP, the Company recognizes expense of $(87) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2025 may vary significantly.
2Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 8.
3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude Metropolitan Square and properties that were sold prior to September 30, 2023 and therefore are no longer a part of the Company’s property portfolio. For details related to Metropolitan Square, see page 34.
4For a quantitative reconciliation for the three months ended September 30, 2023, see page 62.
5For a quantitative reconciliation for the three months ended September 30, 2023, see page 64.
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Q3 2023
Same property net operating income (NOI) by reportable segment
(dollars in thousands)
Office 1
Hotel & Residential
Three Months Ended$%Three Months Ended$%
30-Sep-2330-Sep-22ChangeChange30-Sep-2330-Sep-22ChangeChange
Rental Revenue 2
$749,488 $732,126 $25,273 $23,016 
Less: Termination income2,347 1,980 — — 
Rental revenue (excluding termination income) 2
747,141 730,146 $16,995 2.3 %25,273 23,016 $2,257 9.8 %
Less: Operating expenses and real estate taxes284,483 266,517 17,966 6.7 %14,758 14,338 420 2.9 %
NOI (excluding termination income) 2, 3
$462,658 $463,629 $(971)(0.2)%$10,515 $8,678 $1,837 21.2 %
Rental revenue (excluding termination income) 2
$747,141 $730,146 $16,995 2.3 %$25,273 $23,016 $2,257 9.8 %
Less: Straight-line rent and fair value lease revenue14,862 28,305 (13,443)(47.5)%68 60 13.3 %
Add: Lease transaction costs that qualify as rent inducements 4
(5,943)3,203 (9,146)(285.5)%— — — — %
Subtotal726,336 705,044 21,292 3.0 %25,205 22,956 2,249 9.8 %
Less: Operating expenses and real estate taxes284,483 266,517 17,966 6.7 %14,758 14,338 420 2.9 %
Add: Straight-line ground rent expense 5
578 631 (53)(8.4)%— — — — %
NOI - cash (excluding termination income) 2, 3
$442,431 $439,158 $3,273 0.7 %$10,447 $8,618 $1,829 21.2 %
Consolidated Total 1 (A)
BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended$%Three Months Ended$%
30-Sep-2330-Sep-22ChangeChange30-Sep-2330-Sep-22ChangeChange
Rental Revenue 2
$774,761 $755,142 $59,104 $58,027 
Less: Termination income2,347 1,980 500 500 
Rental revenue (excluding termination income) 2
772,414 753,162 $19,252 2.6 %58,604 57,527 $1,077 1.9 %
Less: Operating expenses and real estate taxes299,241 280,855 18,386 6.5 %25,033 23,507 1,526 6.5 %
NOI (excluding termination income) 2, 3
$473,173 $472,307 $866 0.2 %$33,571 $34,020 $(449)(1.3)%
Rental revenue (excluding termination income) 2
$772,414 $753,162 $19,252 2.6 %$58,604 $57,527 $1,077 1.9 %
Less: Straight-line rent and fair value lease revenue14,930 28,365 (13,435)(47.4)%2,553 5,293 (2,740)(51.8)%
Add: Lease transaction costs that qualify as rent inducements 4
(5,943)3,203 (9,146)(285.5)%190 1,368 (1,178)(86.1)%
Subtotal751,541 728,000 23,541 3.2 %56,241 53,602 2,639 4.9 %
Less: Operating expenses and real estate taxes299,241 280,855 18,386 6.5 %25,033 23,507 1,526 6.5 %
Add: Straight-line ground rent expense 5
578 631 (53)(8.4)%141 144 (3)(2.1)%
NOI - cash (excluding termination income) 2, 3
$452,878 $447,776 $5,102 1.1 %$31,349 $30,239 $1,110 3.7 %
Partners’ share of Consolidated Joint Ventures (C)
BXP’s Share 2, 6
Three Months Ended$%Three Months Ended$%
30-Sep-2330-Sep-22ChangeChange30-Sep-2330-Sep-22ChangeChange
Rental Revenue 2
$83,203 $79,336 $750,662 $733,833 
Less: Termination income129 57 2,718 2,423 
Rental revenue (excluding termination income) 2
83,074 79,279 $3,795 4.8 %747,944 731,410 $16,534 2.3 %
Less: Operating expenses and real estate taxes33,156 31,030 2,126 6.9 %291,118 273,332 17,786 6.5 %
NOI (excluding termination income) 2, 3
$49,918 $48,249 $1,669 3.5 %$456,826 $458,078 $(1,252)(0.3)%
Rental revenue (excluding termination income) 2
$83,074 $79,279 $3,795 4.8 %$747,944 $731,410 $16,534 2.3 %
Less: Straight-line rent and fair value lease revenue6,131 3,203 2,928 91.4 %11,352 30,455 (19,103)(62.7)%
Add: Lease transaction costs that qualify as rent inducements 4
303 — 303 100.0 %(6,056)4,571 (10,627)(232.5)%
Subtotal77,246 76,076 1,170 1.5 %730,536 705,526 25,010 3.5 %
Less: Operating expenses and real estate taxes33,156 31,030 2,126 6.9 %291,118 273,332 17,786 6.5 %
Add: Straight-line ground rent expense 5
— — — — %719 775 (56)(7.2)%
NOI - cash (excluding termination income) 2, 3
$44,090 $45,046 $(956)(2.1)%$440,137 $432,969 $7,168 1.7 %
___________________
1Includes 100% share of consolidated joint ventures that are a Same Property.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 55.
3For a quantitative reconciliation of net income (loss) attributable to Boston Properties, Inc. to net operating income (NOI) (excluding termination income) and NOI - cash (excluding termination income), see pages 9-10.
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 8.
5Excludes the straight-line impact of approximately $135 and $169 for the three months ended September 30, 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).
11

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Q3 2023
Capital expenditures, tenant improvement costs and leasing commissions
(dollars in thousands, except PSF amounts)


CAPITAL EXPENDITURES
Three Months Ended
30-Sep-2330-Jun-23
Maintenance capital expenditures$19,599 $29,015 
Planned capital expenditures associated with acquisition properties 32 33 
Repositioning capital expenditures10,575 7,252 
Hotel improvements, equipment upgrades and replacements141 306 
Subtotal30,347 36,606 
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)91 338 
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs2,908 1,498 
BXP’s share of repositioning capital expenditures from unconsolidated JVs— — 
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs2,695 5,221 
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs— — 
Partners’ share of repositioning capital expenditures from consolidated JVs622 925 
BXP’s Share of Capital Expenditures 1
$30,029 $32,296 





2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2
Three Months Ended
30-Sep-2330-Jun-23
Square feet1,184,449 891,347 
Tenant improvements and lease commissions PSF$89.81 $60.70 





















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

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Q3 2023
Acquisitions and dispositions
For the period from January 1, 2023 through September 30, 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 Proceeds
Book Gain 2
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.
2Excludes approximately $0.5 million of gains on sales of real estate recognized during the nine months ended September 30, 2023 related to gain amounts from sales of real estate occurring in prior periods.
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Q3 2023
Construction in progress
as of September 30, 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 9/30/2023
Estimated Future Equity Requirement 2
Percentage Leased 3
Percentage placed in-service 4
Net Operating Income 5 (BXP’s share)
Construction PropertiesLocation
Office
360 Park Avenue South (42% ownership) 6
Q3 2024Q4 2025New York, NY450,000 $207,253 $248,000 $92,774 $92,768 $40,741 18 %— %N/A
Reston Next Office Phase IIQ2 2024Q2 2025Reston, VA90,000 38,910 61,000 — — 22,090 — %— %N/A
Total Office Properties under Construction540,000 246,163 309,000 92,774 92,768 62,831 15 %— %— 
Lab/Life Sciences
103 CityPointQ4 2024Q3 2025Waltham, MA113,000 84,873 115,100 — — 30,227 — %— % N/A
180 CityPointQ1 2024Q3 2025Waltham, MA329,000 207,941 290,500 — — 82,559 43 %%$— 
300 Binney Street (Redevelopment)Q1 2025Q1 2025Cambridge, MA236,000 39,049 205,300 — — 166,251 100 %— % N/A
105 Carnegie Center (Redevelopment)Q4 2024Q2 2025Princeton, NJ73,000 2,062 40,600 — — 38,538 — %— % N/A
651 Gateway (50% ownership) Q1 2024Q4 2025South San Francisco, CA327,000 94,241 167,100 — — 72,859 21 %— % N/A
290 Binney Street Q2 2026Q2 2026Cambridge, MA566,000 210,885 1,116,300 — — 905,415 100 %— % N/A
Total Lab/Life Sciences Properties under Construction1,644,000 639,051 1,934,900 — — 1,295,849 62 %%— 
Residential
Skymark - Reston Next Residential (508 units) (20% ownership)Q2 2024Q2 2026Reston, VA417,000 28,815 47,700 28,000 10,733 1,618 — %— %N/A
Total Residential Property under Construction417,000 28,815 47,700 28,000 10,733 1,618 — %— %N/A
Retail
760 Boylston Street (Redevelopment)Q2 2024Q2 2024Boston, MA118,000 14,742 43,800 — — 29,058 100 %— %N/A
Reston Next RetailQ2 2025Q4 2025Reston, VA33,000 21,978 26,600 — — 4,622 — %— %N/A
Total Retail Properties under Construction151,000 36,720 70,400 — — 33,680 78 %— N/A
Total Properties Under Construction2,752,000 $950,749 $2,362,000 $120,774 $103,501 $1,393,978 52 %
7
%$— 

PROJECTS FULLY PLACED IN-SERVICE DURING 2023
Actual/EstimatedBXP’s share
Estimated Total Investment 2
Amount Drawn at 9/30/2023
Estimated Future Equity Requirement 2
Net Operating Income 5 (BXP’s share)
Initial OccupancyStabilization Date
Investment to Date 2
Total Financing
Percentage Leased 3
LocationSquare Feet
2100 Pennsylvania Avenue
Q2 2022Q3 2024Washington, DC475,849 $360,136 $375,900 $— $— $15,764 93 %$2,738 
View Boston observatory at The Prudential Center (Redevelopment)Q2 2023N/ABoston, MA63,000 178,182 182,300 — — 4,118 N/A
N/A 8
140 Kendrick - Building A (Redevelopment)Q3 2023Q3 2023Needham, MA104,166 22,189 26,600 — — 4,411 100 %960 
751 Gateway (49% ownership)Q3 2023Q3 2023South San Francisco, CA230,592 117,098 127,600 — — 10,502 100 %716 
Total Projects Fully Placed In-Service873,607 $677,605 $712,400 $— $— $34,795 96 %
9
$4,414 


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Q3 2023
Construction in progress (continued)




________________
1A project is classified as Construction in Progress when (1) construction or supply contracts have been signed, physical improvements have commenced or a lease has been signed and (2) capitalized interest has commenced.
2Includes income (loss) and interest carry on debt and equity investment.
3Represents percentage leased as of October 30, 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 for the three months ended September 30, 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 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. Investment to date excludes approximately $54 million of an impairment charge.
7Total percentage leased excludes Residential.
8 Result of operations from the View Boston observatory is included within the result of operations from 800 Boylston Street - The Prudential Center.
9Total percentage leased excludes View Boston observatory at The Prudential Center.

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Q3 2023
Land parcels and purchase options
as of September 30, 2023


OWNED LAND PARCELS
Location
Approximate Developable Square Feet 1
Reston, VA2,229,000 
San Jose, CA 2
2,199,000 
New York, NY (25% ownership)2,000,000 
Princeton, NJ 1,650,000 
San Jose, CA (55% ownership) 1,088,000 
New York, NY (55% ownership) 3
895,000 
San Francisco, CA850,000 
Santa Clara, CA 632,000 
Washington, DC (50% ownership)520,000 
South San Francisco, CA (50% ownership)451,000 
Springfield, VA422,000 
Lexington, MA 420,000 
Waltham, MA365,000 
Herndon, VA (50% ownership)350,000 
Rockville, MD 2
302,000 
El Segundo, CA (50% ownership) 275,000 
Dulles, VA 150,000 
         Total14,798,000 


VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS
Location
Approximate Developable Square Feet 1
Boston, MA 1,300,000 
Waltham, MA 4
1,200,000 
Cambridge, MA887,000 
         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 21-24.
3On July 28, 2023, BXP entered into a joint venture agreement with an institutional investor for the future development of 343 Madison Avenue. Subsequently, on August 1, 2023, the joint venture executed a 99-year ground lease with the Metropolitan Transportation Authority for the approximately 25,000 square foot site. The ground lease requires the joint venture to construct the direct access to Grand Central Madison as Phase 1 of the development project.
4The Company expects to be a 50% partner in the future development of these sites.


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Q3 2023
Leasing activity
for the three months ended September 30, 2023

ALL IN-SERVICE PROPERTIES
Net (increase)/decrease in available space (SF)Total
Vacant space available at the beginning of the period5,802,761 
Less:
Property dispositions/properties taken out of service 1
289,204 
Add:
Properties placed (and partially placed) in-service 2
334,758 
Leases expiring or terminated during the period1,205,603 
Total space available for lease7,053,918 
1st generation leases380,519 
2nd generation leases with new clients632,026 
2nd generation lease renewals552,423 
Total space leased1,564,968 
Vacant space available for lease at the end of the period5,488,950 
Net (increase)/decrease in available space313,811 
Second generation leasing information: 3
Leases commencing during the period (SF)1,184,449 
Weighted average lease term (months)81 
Weighted average free rent period (days)190 
Total transaction costs per square foot 4
$89.81 
Increase (decrease) in gross rents 5
(3.34)%
Increase (decrease) in net rents 6
(5.61)%



All leases (SF)Incr (decr) in 2nd generation cash rents
Total square feet of leases executed in the quarter 8
1st generation2nd generation
total 7
gross 5, 7
net 6, 7
Boston104,166 261,261 365,427 8.32 %13.90 %438,634 
Los Angeles— 69,751 69,751 0.93 %1.47 %99,553 
New York— 373,555 373,555 (5.15)%(10.83)%239,591 
San Francisco230,592 175,618 406,210 (1.67)%(2.19)%51,570 
Seattle— — — — %— %126,637 
Washington, DC45,761 304,264 350,025 (10.43)%(15.75)%99,796 
Total / Weighted Average380,519 1,184,449 1,564,968 (3.34)%(5.61)%1,055,781 


_____________
1Total square feet of property taken out of service in Q3 2023 consists of 289,204 at Metropolitan Square, see page 34.
2 Total square feet of properties placed in service in Q3 2023 consists of 230,592 at 751 Gateway and 104,166 at 140 Kendrick Street.
3Second generation leases are defined as leases for space that has previously been leased. Of the 1,184,449 square feet of second generation leases that commenced in Q3 2023, leases for 1,024,020 square feet were signed in prior periods.
4Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.
5Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 789,077 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.
6Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 789,077 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.
7Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.
8Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 189,541.
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Q3 2023
Portfolio overview
for the three months ended September 30, 2023
(dollars in thousands)


Rentable square footage of in-service properties by location and unit type 1, 2
OfficeRetailResidentialHotelTotal
Boston14,670,294 1,049,100 550,114 330,000 16,599,508 
Los Angeles2,186,794 126,377 — — 2,313,171 
New York12,108,672 486,844 — — 12,595,516 
San Francisco7,228,758 354,110 318,171 — 7,901,039 
Seattle1,507,450 26,472 — — 1,533,922 
Washington, DC8,617,333 662,626 493,241 — 9,773,200 
Total46,319,301 2,705,529 1,361,526 330,000 50,716,356 
% of Total91.33 %5.33 %2.68 %0.66 %100.00 %


Rental revenue of in-service properties by unit type 1
OfficeRetailResidential
Hotel 3
Total
Consolidated$728,440 $58,064 $11,205 $13,384 $811,093 
Less:
Partners’ share from consolidated joint ventures 4
72,940 10,263 — — 83,203 
Add:
BXP’s share from unconsolidated joint ventures 5
61,453 3,231 2,741 — 67,425 
BXP’s Share of Rental revenue 1
$716,953 $51,032 $13,946 $13,384 $795,315 
% of Total90.15 %6.42 %1.75 %1.68 %100.00 %


Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6
CBDSuburbanTotal
Boston30.19 %7.05 %37.24 %
Los Angeles2.46 %— %2.46 %
New York24.06 %1.91 %25.97 %
San Francisco16.32 %2.18 %18.50 %
Seattle2.36 %— %2.36 %
Washington, DC3.42 %10.05 %13.47 %
Total78.81 %21.19 %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 $100 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 9.

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Q3 2023
Residential and hotel performance
(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS
Residential 1
Hotel
Three Months EndedThree Months Ended
30-Sep-2330-Jun-2330-Sep-2330-Jun-23
Rental Revenue 2
$11,789 $12,253 $13,484 $13,969 
Less: Operating expenses and real estate taxes5,738 5,783 9,020 8,161 
Net Operating Income (NOI) 2
6,051 6,470 4,464 5,808 
Add: BXP’s share of NOI from unconsolidated joint ventures1,715 1,722 N/AN/A
BXP’s Share of NOI 2
$7,766 $8,192 $4,464 $5,808 
Rental Revenue 2
$11,789 $12,253 $13,484 $13,969 
Less: Straight line rent and fair value lease revenue70 (2)(2)
Add: Lease transaction costs that qualify as rent inducements— — — — 
Subtotal11,719 12,244 13,486 13,971 
Less: Operating expenses and real estate taxes5,738 5,783 9,020 8,161 
NOI - cash basis 2
5,981 6,461 4,466 5,810 
Add: BXP’s share of NOI-cash from unconsolidated joint ventures1,715 1,722 N/AN/A
BXP’s Share of NOI - cash basis 2
$7,696 $8,183 $4,466 $5,810 


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
30-Sep-2330-Sep-22
BOSTON
Hub50House (50% ownership), Boston, MA 2
440
Average Monthly Rental Rate $4,293 $4,102 4.66 %
Average Rental Rate Per Occupied Square Foot $5.89 $5.64 4.43 %
Average Physical Occupancy