bxp-20240130
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 30, 2024
BOSTON PROPERTIES, INC.
BOSTON PROPERTIES LIMITED PARTNERSHIP
(Exact Name of Registrants As Specified in its Charter)
Boston Properties, Inc.Delaware
1-13087
04-2473675
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification No.)
Boston Properties Limited PartnershipDelaware
0-50209
04-3372948
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification No.)
800 Boylston Street, Suite 1900, Boston, Massachusetts 02199
(Address of Principal Executive Offices) (Zip Code)
(617) 236-3300
(Registrants’ telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Boston Properties, Inc.Common Stock, par value $0.01 per shareBXPNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Boston Properties, Inc.:
Emerging growth company

Boston Properties Limited Partnership:
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Boston Properties, Inc. ☐         Boston Properties Limited Partnership ☐







Item 2.02.    Results of Operations and Financial Condition.
The information in this Item 2.02 - “Results of Operations and Financial Condition” is being furnished. Such information, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

On January 30, 2024, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the fourth quarter and full year ended 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: January 30, 2024




Document


Exhibit 99.1                                                    




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Supplemental Operating and Financial Data
for the Quarter Ended December 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 53.3 million square feet and 188 properties, including 10 properties under construction/redevelopment. BXP’s properties include 167 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, increased 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 56.

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 60.




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 photos left to right: Renderings of 290 and 300 Binney Street, Cambridge, MA)




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Q4 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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Q4 2023
Company profile
SNAPSHOT
(as of December 31, 2023)
Fiscal Year-EndDecember 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)188
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)53.3 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$70.17 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield5.6%
Consolidated Market Capitalization 2
$28.2 billion
BXP’s Share of Market Capitalization 2, 3
$28.2 billion
Unsecured Senior Debt Ratings 4
BBB+ (S&P); Baa2 (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
Kelly A. AyotteMichael E. LaBelleExecutive Vice President, Chief Financial Officer and Treasurer
Bruce W. DuncanChair of Compensation CommitteeDonna D. GarescheExecutive Vice President, Chief Human Resources Officer
Carol B. EinigerBryan J. KoopExecutive Vice President, Boston Region
Diane J. HoskinsChair of Sustainability CommitteeRobert E. PesterExecutive Vice President, San Francisco Region
Mary E. KippChair of Audit CommitteeHilary SpannExecutive Vice President, New York Region
Matthew J. LustigChair of Nominating & CorporatePeter V. OtteniExecutive Vice President, Co-Head of the Washington, DC
Governance CommitteeRegion
William H. Walton, IIIJohn J. StromanExecutive Vice President, Co-Head of the Washington, DC
Derek A. (Tony) WestRegion
Rodney 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 56.
4In January 2024, the Company’s S&P credit rating was downgraded to BBB.
1

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Q4 2023
Guidance and assumptions
GUIDANCE
BXP’s guidance for the first quarter 2024 and full year 2024 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. is set forth and reconciled below.  Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company’s earnings release issued on January 30, 2024 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 58. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.
First Quarter 2024Full Year 2024
LowHighLowHigh
Projected EPS (diluted)$0.66 $0.68 $2.26 $2.46 
Add:
Projected Company share of real estate depreciation and amortization 1
1.20 1.20 4.88 4.88 
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments(0.14)(0.14)(0.14)(0.14)
Projected FFO per share (diluted) $1.72 $1.74 $7.00 $7.20 





ASSUMPTIONS
(dollars in thousands)
Full Year 2024
LowHigh
Operating property activity:
Average In-service portfolio occupancy87.20 %88.60 %
Decrease in BXP’s Share of Same Property net operating income (excluding termination income) (3.00)%(1.00)%
Decrease in BXP’s Share of Same Property net operating income - cash (excluding termination income) (3.00)%(1.00)%
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)
$75,000 $82,000 
BXP’s Share of incremental net operating income related to asset sales over prior year
$(6,000)$(6,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)
$110,000 $125,000 
Termination income$5,000 $8,000 
Other revenue (expense):
Development, management services and other revenue $25,000 $28,000 
General and administrative expense 2
$(163,000)$(159,000)
Consolidated net interest expense$(590,000)$(570,000)
Unconsolidated joint venture interest expense$(78,000)$(72,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO$(148,000)$(138,000)

_______________
1 Excludes estimated non-real estate related amortization of $0.01 and $0.05 per share for First Quarter 2024 and Full Year 2024 respectively.
2 Excludes estimated changes in the market value of the Company’s deferred compensation plan and gains (losses) from investments in securities.

2

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Q4 2023
Financial highlights
(unaudited and in thousands, except ratios and per share amounts)
Three Months Ended
31-Dec-2330-Sep-23
Net income (loss) attributable to Boston Properties, Inc. $119,925 $(111,826)
Net income (loss) attributable to Boston Properties, Inc. per share - diluted$0.76 $(0.71)
FFO attributable to Boston Properties, Inc. 1
$286,203 $292,822 
Diluted FFO per share 1
$1.82 $1.86 
Dividends per common share$0.98 $0.98 
Funds available for distribution to common shareholders and common unitholders (FAD) 2
$224,423 $210,044 
Selected items:
Revenue$828,933 $824,283 
Recoveries from clients$130,296 $134,599 
Service income from clients$2,175 $2,870 
BXP’s Share of revenue 3
$811,157 $808,803 
BXP’s Share of straight-line rent 3
$28,765 $16,647 
BXP’s Share of fair value lease revenue 3, 4
$3,441 $3,907 
BXP’s Share of termination income 3
$10,350 $2,935 
Ground rent expense$3,611 $3,589 
Capitalized interest$9,207 $9,676 
Capitalized wages$2,588 $4,416 
Income (loss) from unconsolidated joint ventures 5
$22,250 $(247,556)
BXP’s share of FFO from unconsolidated joint ventures 6
$16,602 $14,957 
Net income attributable to noncontrolling interests in property partnerships$19,324 $20,909 
FFO attributable to noncontrolling interests in property partnerships 7
$38,608 $39,083 
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)$9,412 $3,196 
Below-market rents (included within Other Liabilities)$36,533 $38,049 
Accrued rental income liability (included within Other Liabilities)$103,530 $107,462 
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 8
2.90 3.00 
Interest Coverage Ratio (including capitalized interest) 8
2.70 2.79 
Fixed Charge Coverage Ratio 8
2.46 2.53 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9
7.37 7.28 
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 10
(1.5)%(0.3)%
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 10
(1.0)%1.7 %
FAD Payout Ratio 2
76.68 %81.94 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 62.3 %62.4 %
Occupancy % of In-Service Properties 11
88.4 %88.8 %
Leased % of In-Service Properties 12
89.9 %90.4 %
Capitalization:
Consolidated Debt$15,856,297 $14,961,715 
BXP’s Share of Debt 13
$15,917,577 $15,120,033 
Consolidated Market Capitalization$28,172,185 $25,401,704 
Consolidated Debt/Consolidated Market Capitalization56.28 %58.90 %
BXP’s Share of Market Capitalization 13
$28,233,465 $25,560,022 
BXP’s Share of Debt/BXP’s Share of Market Capitalization 13
56.38 %59.16 %
_____________
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 56.
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 December 31, 2023, includes an approximately $29.9 million gain on the consolidation of Santa Monica Business Park, see page 37. For 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.
6For a quantitative reconciliation for the three months ended December 31, 2023, see page 37.
7For a quantitative reconciliation for the three months ended December 31, 2023, see page 34.
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Q4 2023
Financial highlights (continued)
8For a quantitative reconciliation for the three months ended December 31, 2023 and September 30, 2023, see page 32.
9For a quantitative reconciliation for the three months ended December 31, 2023 and September 30, 2023, see page 31.
10For a quantitative reconciliation for the three months ended December 31, 2023 and September 30, 2023, see pages 11, 66 and 67.
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 December 31, 2023, see page 27.
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Q4 2023
Consolidated Balance Sheets
(unaudited and in thousands)
31-Dec-2330-Sep-23
ASSETS
Real estate $25,504,868 $24,809,369 
Construction in progress 547,280 551,330 
Land held for future development 697,061 670,691 
Right of use assets - finance leases 1
401,680 237,532 
Right of use assets - operating leases 324,298 322,790 
Less accumulated depreciation(6,881,728)(6,723,616)
Total real estate20,593,459 19,868,096 
Cash and cash equivalents1,531,477 882,647 
Cash held in escrows 81,090 47,741 
Investments in securities36,337 32,809 
Tenant and other receivables, net122,407 123,138 
Note receivable, net1,714 — 
Related party note receivable, net88,779 88,807 
Sales-type lease receivable, net13,704 13,475 
Accrued rental income, net1,355,212 1,331,796 
Deferred charges, net760,421 692,386 
Prepaid expenses and other assets64,230 121,431 
Investments in unconsolidated joint ventures1,377,319 1,536,822 
Total assets$26,026,149 $24,739,148 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$4,166,379 $3,275,974 
Unsecured senior notes, net10,491,617 10,488,568 
Unsecured line of credit— — 
Unsecured term loan, net1,198,301 1,197,173 
Lease liabilities - finance leases 1
417,961 253,178 
Lease liabilities - operating leases350,391 341,299 
Accounts payable and accrued expenses458,329 462,240 
Dividends and distributions payable171,176 171,916 
Accrued interest payable133,684 128,422 
Other liabilities 1
445,947 380,014 
Total liabilities17,833,785 16,698,784 
Commitments and contingencies— — 
Redeemable deferred stock units8,383 6,788 
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, 157,019,766 and 157,018,080 issued and 156,940,866 and 156,939,180 outstanding at December 31, 2023 and September 30, 2023, respectively
1,569 1,569 
Additional paid-in capital6,715,149 6,568,645 
Dividends in excess of earnings(816,152)(782,275)
Treasury common stock at cost, 78,900 shares at December 31, 2023 and September 30, 2023
(2,722)(2,722)
Accumulated other comprehensive income (loss)(21,147)2,866 
Total stockholders’ equity attributable to Boston Properties, Inc.5,876,697 5,788,083 
Noncontrolling interests:
Common units of the Operating Partnership666,580 656,587 
Property partnerships1,640,704 1,588,906 
Total equity8,183,981 8,033,576 
Total liabilities and equity$26,026,149 $24,739,148 
____________
1On December 14, 2023, the Company acquired and consolidated it’s partner’s 45% interest in Santa Monica Business Park and consolidated the Company's investment in the asset. As a result, the Company recorded approximately $164.1 million and $163.1 million of Right of Use Assets – Finance Leases and Lease Liabilities – Finance Leases, respectively, related to the ground lease at Santa Monica Business Park. In accordance with Accounting Standards Codification 805 “Business Combinations”, the Company was required to fair value the ground lease. The fair value adjustment of approximately $46.1 million has been recorded within “Other Liabilities”. For additional details, see page 13.
5

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Q4 2023
Consolidated Income Statements
(unaudited and in thousands, except per share amounts)
Three Months Ended
31-Dec-2330-Sep-23
Revenue
Lease$768,884 $767,181 
Parking and other30,676 29,649 
Insurance proceeds821 779 
Hotel revenue11,803 13,484 
Development and management services 12,728 9,284 
Direct reimbursements of payroll and related costs from management services contracts4,021 3,906 
Total revenue828,933 824,283 
Expenses
Operating160,360 159,304 
Real estate taxes140,477 140,368 
Restoration expenses related to insurance claims574 520 
Hotel operating8,373 9,020 
General and administrative 1
38,771 31,410 
Payroll and related costs from management services contracts4,021 3,906 
Transaction costs2,343 751 
Depreciation and amortization212,067 207,435 
Total expenses566,986 552,714 
Other income (expense)
Income (loss) from unconsolidated joint ventures 2
22,250 (247,556)
Gains on sales of real estate— 517 
Gains (losses) from investments in securities 1
3,245 (925)
Losses from interest rate contracts(79)— 
Unrealized loss on non-real estate investment(93)(51)
Interest and other income (loss)20,965 20,715 
Interest expense(155,080)(147,812)
Net income (loss)153,155 (103,543)
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in property partnerships(19,324)(20,909)
Noncontrolling interest - common units of the Operating Partnership 3
(13,906)12,626 
Net income (loss) attributable to Boston Properties, Inc.$119,925 $(111,826)
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income (loss) attributable to Boston Properties, Inc. per share - basic$0.76 $(0.71)
Net income (loss) attributable to Boston Properties, Inc. per share - diluted$0.76 $(0.71)












_____________
1Includes $3.2 million and $(0.9) million for the three months ended December 31, 2023 and September 30, 2023, respectively, related to the Company’s deferred compensation plan.
2For the three months ended December 31, 2023, includes an approximately $29.9 million gain on the consolidation of Santa Monica Business Park, see page 37. For 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.
3For additional detail, see page 7.
6

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Q4 2023
Funds from operations (FFO) 1
(unaudited and dollars in thousands, except per share amounts)
Three Months Ended
31-Dec-2330-Sep-23
Net income (loss) attributable to Boston Properties, Inc.$119,925 $(111,826)
Add:
Noncontrolling interest - common units of the Operating Partnership13,906 (12,626)
Noncontrolling interests in property partnerships19,324 20,909 
Net income (loss)153,155 (103,543)
Add:
Depreciation and amortization expense212,067 207,435 
Noncontrolling interests in property partnerships' share of depreciation and amortization 2
(19,284)(18,174)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3
24,132 25,666 
Corporate-related depreciation and amortization(453)(446)
Non-real estate related amortization(1,681)— 
Impairment losses included within income (loss) from unconsolidated joint ventures— 272,603 
Less:
Gains on sales of real estate— 517 
Gain on investment included within income (loss) from unconsolidated joint ventures— 35,756 
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 3
28,412 — 
Gain on sales-type lease included within income (loss) from unconsolidated joint ventures 3
1,368 — 
Unrealized loss on non-real estate investment(93)(51)
Noncontrolling interests in property partnerships19,324 20,909 
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)318,925 326,410 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO32,722 33,588 
FFO attributable to Boston Properties, Inc. $286,203 $292,822 
Boston Properties, Inc.’s percentage share of Basic FFO 89.74 %89.71 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO10.26 %10.29 %
Basic FFO per share$1.82 $1.87 
Weighted average shares outstanding - basic156,945 156,880 
Diluted FFO per share$1.82 $1.86 
Weighted average shares outstanding - diluted157,276 157,269 

RECONCILIATION TO DILUTED FFO
Three Months Ended
31-Dec-2330-Sep-23
Basic FFO$318,925 $326,410 
Add:
Effect of dilutive securities - stock-based compensation— — 
Diluted FFO318,925 326,410 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO32,658 33,522 
Boston Properties, Inc.’s share of Diluted FFO$286,267 $292,888 

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO
Three Months Ended
31-Dec-2330-Sep-23
Shares/units for Basic FFO174,894 174,882 
Add:
Effect of dilutive securities - stock-based compensation (shares/units)331 389 
Shares/units for Diluted FFO175,225 175,271 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)17,949 18,002 
Boston Properties, Inc.’s share of shares/units for Diluted FFO157,276 157,269 
Boston Properties, Inc.’s percentage share of Diluted FFO89.76 %89.73 %
_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
2For a quantitative reconciliation for the three months ended December 31, 2023, see page 34.
3For a quantitative reconciliation for the three months ended December 31, 2023, see page 37.
7

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Q4 2023
Funds available for distributions (FAD) 1
(dollars in thousands)
Three Months Ended
31-Dec-2330-Sep-23
Net income (loss) attributable to Boston Properties, Inc.$119,925 $(111,826)
Add:
Noncontrolling interest - common units of the Operating Partnership13,906 (12,626)
Noncontrolling interests in property partnerships19,324 20,909 
Net income (loss)153,155 (103,543)
Add:
Depreciation and amortization expense212,067 207,435 
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2
(19,284)(18,174)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3
24,132 25,666 
Corporate-related depreciation and amortization(453)(446)
Non-real estate related amortization(1,681)— 
Impairment losses included within loss from unconsolidated joint ventures— 272,603 
Less:
Gains on sales of real estate— 517 
Gain on investment included within loss from unconsolidated joint ventures— 35,756 
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 3
28,412 — 
Gain on sales-type lease included within income (loss) from unconsolidated joint ventures 3
1,368 — 
Unrealized loss on non-real estate investment(93)(51)
Noncontrolling interests in property partnerships19,324 20,909 
Basic FFO318,925 326,410 
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4
1,314 (5,963)
BXP’s Share of hedge amortization, net of costs 1
2,030 (473)
BXP’s share of fair value interest adjustment 1
639 499 
BXP’s Share of straight-line ground rent expense adjustment 1, 5
174 854 
Stock-based compensation4,469 4,843 
Non-real estate depreciation and amortization2,134 446 
Unearned portion of capitalized fees from consolidated joint ventures 6
561 1,283 
Less:
BXP’s Share of straight-line rent 1
28,765 16,647 
BXP’s Share of fair value lease revenue 1, 7
3,441 3,907 
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1
53,709 79,932 
BXP’s Share of maintenance capital expenditures 1, 8
16,165 16,995 
BXP’s Share of amortization and accretion related to sales type lease 1
256 233 
Hotel improvements, equipment upgrades and replacements358 141 
Funds available for distribution to common shareholders and common unitholders (FAD) (A)
$224,423 $210,044 
Distributions to common shareholders and unitholders (excluding any special distributions) (B)
$172,095 $172,101 
FAD Payout Ratio1 (B÷A)
76.68 %81.94 %




_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
2For a quantitative reconciliation for the three months ended December 31, 2023, see page 34.
3 For additional information for the three months ended December 31, 2023, see page 37.
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 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.
6See page 62 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.

8

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Q4 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
31-Dec-2331-Dec-22
Net income attributable to Boston Properties, Inc.$119,925 $121,790 
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership13,906 13,972 
Noncontrolling interest in property partnerships19,324 19,961 
Net income153,155 155,723 
Add:
Interest expense155,080 119,923 
Unrealized loss on non-real estate investment93 150 
Losses from interest rate contracts79 — 
Depreciation and amortization expense212,067 198,330 
Transaction costs2,343 759 
Payroll and related costs from management services contracts4,021 4,246 
General and administrative expense38,771 36,000 
Less:
Interest and other income (loss)20,965 5,789 
Gains from investments in securities3,245 2,096 
Gain on sales-type lease— 10,058 
Gains on sales of real estate— 55,726 
Income (loss) from unconsolidated joint ventures22,250 (58,451)
Direct reimbursements of payroll and related costs from management services contracts4,021 4,246 
Development and management services revenue 12,728 8,406 
Net Operating Income (NOI)502,400 487,261 
Add:
BXP’s share of NOI from unconsolidated joint ventures 1
38,520 37,734 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2
49,263 48,589 
BXP’s Share of NOI 491,657 476,406 
Less:
Termination income10,485 1,723 
BXP’s share of termination income from unconsolidated joint ventures 1
— 803 
Add:
Partners’ share of termination income from consolidated joint ventures 2
135 206 
BXP’s Share of NOI (excluding termination income) $481,307 $474,086 
Net Operating Income (NOI)$502,400 $487,261 
Less:
Termination income10,485 1,723 
NOI from non Same Properties (excluding termination income) 3
23,045 9,117 
Same Property NOI (excluding termination income)468,870 476,421 
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2
49,128 48,383 
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
38,520 36,931 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
10,005 9,667 
BXP’s Share of Same Property NOI (excluding termination income)$448,257 $455,302 

_____________
1For a quantitative reconciliation for the three months ended December 31, 2023, see page 65.
2For a quantitative reconciliation for the three months ended December 31, 2023, see pages 62-63.
3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to December 31, 2023 and therefore are no longer a part of the Company’s property portfolio.
9

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Q4 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
31-Dec-2331-Dec-22
Net income attributable to Boston Properties, Inc.$119,925 $121,790 
Net loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership13,906 13,972 
Noncontrolling interest in property partnerships19,324 19,961 
Net income153,155 155,723 
Add:
Interest expense155,080 119,923 
Unrealized loss on non-real estate investment93 150 
Losses from interest rate contracts79 — 
Depreciation and amortization expense212,067 198,330 
Transaction costs2,343 759 
Payroll and related costs from management services contracts4,021 4,246 
General and administrative expense38,771 36,000 
Less:
Interest and other income (loss)20,965 5,789 
Gains from investments in securities3,245 2,096 
Gain on sales-type lease— 10,058 
Gains on sales of real estate— 55,726 
Income (loss) from unconsolidated joint ventures22,250 (58,451)
Direct reimbursements of payroll and related costs from management services contracts4,021 4,246 
Development and management services revenue 12,728 8,406 
Net Operating Income (NOI)502,400 487,261 
Less:
Straight-line rent29,235 32,038 
Fair value lease revenue2,518 3,088 
Amortization and accretion related to sales type lease238 — 
Termination income10,485 1,723 
Add:
Straight-line ground rent expense adjustment 1
578 631 
Lease transaction costs that qualify as rent inducements 2
1,276 11,212 
NOI - cash (excluding termination income)461,778 462,255 
Less:
NOI - cash from non Same Properties (excluding termination income) 3
13,308 8,649 
Same Property NOI - cash (excluding termination income)448,470 453,606 
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4
44,606 43,709 
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3
— — 
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5
33,704 33,154 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
7,368 8,657 
BXP’s Share of Same Property NOI - cash (excluding termination income)$430,200 $434,394 
_____________
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 $(543) and $(369) for the three months ended December 31, 2023 and 2022, respectively. As of December 31, 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 properties that were sold prior to December 31, 2023 and therefore are no longer a part of the Company’s property portfolio.
4For a quantitative reconciliation for the three months ended December 31, 2023, see page 63.
5For a quantitative reconciliation for the three months ended December 31, 2023, see page 65.
10

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Q4 2023
Same property net operating income (NOI) by reportable segment
(dollars in thousands)
Office 1
Hotel & Residential
Three Months Ended$%Three Months Ended$%
31-Dec-2331-Dec-22ChangeChange31-Dec-2331-Dec-22ChangeChange
Rental Revenue 2
$753,990 $737,064 $23,627 $22,569 
Less: Termination income10,485 1,723 — — 
Rental revenue (excluding termination income) 2
743,505 735,341 $8,164 1.1 %23,627 22,569 $1,058 4.7 %
Less: Operating expenses and real estate taxes283,623 268,178 15,445 5.8 %14,639 13,311 1,328 10.0 %
NOI (excluding termination income) 2, 3
$459,882 $467,163 $(7,281)(1.6)%$8,988 $9,258 $(270)(2.9)%
Rental revenue (excluding termination income) 2
$743,505 $735,341 $8,164 1.1 %$23,627 $22,569 $1,058 4.7 %
Less: Straight-line rent and fair value lease revenue22,046 34,512 (12,466)(36.1)%148 22 126 572.7 %
Add: Lease transaction costs that qualify as rent inducements 4
1,216 11,088 (9,872)(89.0)%— — — — %
Subtotal722,675 711,917 10,758 1.5 %23,479 22,547 932 4.1 %
Less: Operating expenses and real estate taxes283,623 268,178 15,445 5.8 %14,639 13,311 1,328 10.0 %
Add: Straight-line ground rent expense 5
578 631 (53)(8.4)%— — — — %
NOI - cash (excluding termination income) 2, 3
$439,630 $444,370 $(4,740)(1.1)%$8,840 $9,236 $(396)(4.3)%
Consolidated Total 1 (A)
BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended$%Three Months Ended$%
31-Dec-2331-Dec-22ChangeChange31-Dec-2331-Dec-22ChangeChange
Rental Revenue 2
$777,617 $759,633 $47,080 $46,282 
Less: Termination income10,485 1,723 — 802 
Rental revenue (excluding termination income) 2
767,132 757,910 $9,222 1.2 %47,080 45,480 $1,600 3.5 %
Less: Operating expenses and real estate taxes298,262 281,489 16,773 6.0 %18,565 18,216 349 1.9 %
NOI (excluding termination income) 2, 3
$468,870 $476,421 $(7,551)(1.6)%$28,515 $27,264 $1,251 4.6 %
Rental revenue (excluding termination income) 2
$767,132 $757,910 $9,222 1.2 %$47,080 $45,480 $1,600 3.5 %
Less: Straight-line rent and fair value lease revenue22,194 34,534 (12,340)(35.7)%2,193 2,741 (548)(20.0)%
Add: Lease transaction costs that qualify as rent inducements 4
1,216 11,088 (9,872)(89.0)%(125)(168)43 25.6 %
Subtotal746,154 734,464 11,690 1.6 %44,762 42,571 2,191 5.1 %
Less: Operating expenses and real estate taxes298,262 281,489 16,773 6.0 %18,565 18,216 349 1.9 %
Add: Straight-line ground rent expense 5
578 631 (53)(8.4)%139 142 (3)(2.1)%
NOI - cash (excluding termination income) 2, 3
$448,470 $453,606 $(5,136)(1.1)%$26,336 $24,497 $1,839 7.5 %
Partners’ share of Consolidated Joint Ventures (C)
BXP’s Share 2, 6
Three Months Ended$%Three Months Ended$%
31-Dec-2331-Dec-22ChangeChange31-Dec-2331-Dec-22ChangeChange
Rental Revenue 2
$81,441 $78,912 $743,256 $727,003 
Less: Termination income135 206 10,350 2,319 
Rental revenue (excluding termination income) 2
81,306 78,706 $2,600 3.3 %732,906 724,684 $8,222 1.1 %
Less: Operating expenses and real estate taxes32,178 30,323 1,855 6.1 %284,649 269,382 15,267 5.7 %
NOI (excluding termination income) 2, 3
$49,128 $48,383 $745 1.5 %$448,257 $455,302 $(7,045)(1.5)%
Rental revenue (excluding termination income) 2
$81,306 $78,706 $2,600 3.3 %$732,906 $724,684 $8,222 1.1 %
Less: Straight-line rent and fair value lease revenue4,686 4,775 (89)(1.9)%19,701 32,500 (12,799)(39.4)%
Add: Lease transaction costs that qualify as rent inducements 4
164 101 63 62.4 %927 10,819 (9,892)(91.4)%
Subtotal76,784 74,032 2,752 3.7 %714,132 703,003 11,129 1.6 %
Less: Operating expenses and real estate taxes32,178 30,323 1,855 6.1 %284,649 269,382 15,267 5.7 %
Add: Straight-line ground rent expense 5
— — — — %717 773 (56)(7.2)%
NOI - cash (excluding termination income) 2, 3
$44,606 $43,709 $897 2.1 %$430,200 $434,394 $(4,194)(1.0)%
___________________
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 56.
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 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 $(543) and $(369) for the three months ended December 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).
11

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Q4 2023
Capital expenditures, tenant improvement costs and leasing commissions
(dollars in thousands, except PSF amounts)


CAPITAL EXPENDITURES
Three Months Ended
31-Dec-2330-Sep-23
Maintenance capital expenditures$18,302 $19,599 
Planned capital expenditures associated with acquisition properties 73 32 
Repositioning capital expenditures10,919 10,575 
Hotel improvements, equipment upgrades and replacements358 141 
Subtotal29,652 30,347 
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)781 91 
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs1,237 2,908 
BXP’s share of repositioning capital expenditures from unconsolidated JVs— — 
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs2,918 2,695 
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs— — 
Partners’ share of repositioning capital expenditures from consolidated JVs1,627 622 
BXP’s Share of Capital Expenditures 1
$27,125 $30,029 





2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2
Three Months Ended
31-Dec-2330-Sep-23
Square feet823,176 1,184,449 
Tenant improvements and lease commissions PSF$83.39 $89.81 





















___________________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
2Includes 100% of unconsolidated joint ventures.

12

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Q4 2023
Acquisitions and dispositions
For the period from January 1, 2023 through December 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
Santa Monica Business Park (45% ownership) 2
West Los Angeles CADecember 14, 20231,182,605 38,000 — 38,000 84.1 %
360 Park Avenue South (29% ownership) 3
New York, NYDecember 14, 2023450,000 (25,436)70,820 45,384 N/A
Total Acquisitions1,632,605 $29,564 70,820 $100,384 84.1 %
DISPOSITIONS
PropertyLocationDate DisposedSquare FeetGross Sales PriceNet Cash Proceeds
Book Gain (Loss) 4
Metropolitan Square (20% ownership) 5
Washington, DCOctober 2, 2023654,000 N/AN/A$(1,491)
300 Binney Street (45% ownership) 6
Cambridge, MANovember 13, 2023236,000 $473,114 $212,900 N/A
    Total Dispositions890,000 $473,114 $212,900 $(1,491)





___________________
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.
2The Company acquired its joint venture partner’s 45% ownership interest in Santa Monica Business Park located in Santa Monica, California. The Company also assumed the partner’s share of the outstanding $300.0 million mortgage debt. Subsequent to closing, the Company extended the 467,000 square foot lease with anchor client, Snap Inc., through 2036. Santa Monica Business Park is a 47-acre office park consisting of 21 buildings. Approximately 70% of the square footage is subject to a ground lease with approximately 75 years remaining, inclusive of renewal periods, subject to certain conditions.
3The Company acquired of one of its joint venture partner’s approximately 29% ownership interest in 360 Park Avenue South increasing the Company’s ownership interest in the asset to approximately 71%. The Company also assumed the partner’s share of the joint venture’s cash and working capital aggregating approximately $25 million, as well as the partner’s share of the outstanding $220.0 million mortgage debt. 360 Park Avenue South is currently under re-development.
4Excludes approximately $0.5 million of gains on sales of real estate recognized during the year ended December 31, 2023 related to gain amounts from sales of real estate occurring in prior periods.
5A joint venture in which the Company owned a 20% equity interest (with an institutional investor owning the remaining 80%) completed a restructuring of the ownership in Metropolitan Square, which resulted in (i) an affiliate of the existing mezzanine lender purchasing the property, and (ii) the Company becoming a co-lender of up to $20.0 million under a new $100.0 million mezzanine loan. Upon the sale of the property, the Company recognized a loss related to transaction costs. This loss was recorded within income (loss) from unconsolidated joint ventures in the Company’s Operating Statement.
6The Company entered into agreements to sell a 45% interest in both 290 Binney Street and 300 Binney Street, two life sciences development projects located in Kendall Square in Cambridge, Massachusetts, to Norges Bank Investment Management (“NBIM”). The properties total approximately 810,000 square feet and each is 100% pre-leased. The Company will retain a 55% ownership interest in each joint venture and will provide development, property management, and leasing services for the ventures. NBIM funded approximately $212.9 million at closing for its investment in 300 Binney Street. 300 Binney is currently under redevelopment and the above gross sales price includes all cash and deemed contributions by the partners. The Company will fund all remaining costs for 300 Binney Street. Refer to page 14. 300 Binney did not qualify as a sale of real estate for financial reporting purposes as the Company continues to effectively control the property and thus will continue to account for the property on a consolidated basis in its financial statements. The 290 Binney Street joint venture has not closed.

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Q4 2023
Construction in progress
as of December 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 12/31/2023
Estimated Future Equity Requirement 2
Percentage Leased 3
Percentage placed in-service 4
Net Operating Income (Loss) 5 (BXP’s share)
Construction PropertiesLocation
Office
360 Park Avenue South (71% ownership) 6
Q3 2024Q4 2025New York, NY450,000 $325,070 $418,300 $156,470 $156,470 $93,230 18 %— %N/A
Reston Next Office Phase IIQ2 2024Q2 2025Reston, VA90,000 39,201 61,000 — — 21,799 — %— %N/A
Total Office Properties under Construction540,000 364,271 479,300 156,470 156,470 115,029 15 %— %— 
Lab/Life Sciences
103 CityPointQ4 2024Q3 2025Waltham, MA113,000 88,084 115,100 — — 27,016 — %%$(70)
180 CityPointQ4 2023Q3 2025Waltham, MA329,000 217,911 290,500 — — 72,589 43 %46 %1,177 
300 Binney Street (Redevelopment) (55% ownership) 7
Q1 2025Q1 2025Cambridge, MA236,000 (24,497)112,915 — — 137,412 100 %— % N/A
651 Gateway (50% ownership) Q1 2024Q4 2025South San Francisco, CA327,000 107,582 167,100 — — 59,518 21 %— % N/A
290 Binney Street 8
Q2 2026Q2 2026Cambridge, MA566,000 265,462 1,116,300 — — 850,838 100 %— % N/A
Total Lab/Life Sciences Properties under Construction1,571,000 654,542 1,801,915 — — 1,147,373 64 %10 %1,107 
Residential
Skymark - Reston Next Residential (508 units) (20% ownership)Q2 2024Q2 2026Reston, VA417,000 33,081 47,700 28,000 14,734 1,353 — %— %N/A
Total Residential Property under Construction417,000 33,081 47,700 28,000 14,734 1,353 — %— %N/A
Retail
760 Boylston Street (Redevelopment)Q2 2024Q2 2024Boston, MA118,000 31,490 43,800 — — 12,310 100 %— %N/A
Reston Next RetailQ2 2025Q4 2025Reston, VA33,000 22,366 26,600 — — 4,234 — %— %N/A
Total Retail Properties under Construction151,000 53,856 70,400 — — 16,544 78 %— N/A
Total Properties Under Construction2,679,000 $1,105,750 $2,399,315 $184,470 $171,204 $1,280,299 53 %
9
%$1,107 

PROJECTS FULLY PLACED IN-SERVICE DURING 2023
Actual/EstimatedBXP’s share
Estimated Total Investment 2
Amount Drawn at 12/31/2023
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 $381,132 $394,900 $— $— $13,768 95 %$3,198 
View Boston observatory at The Prudential Center (Redevelopment)Q2 2023N/ABoston, MA63,000 180,819 182,300 — — 1,481 N/A
N/A 10
140 Kendrick - Building A (Redevelopment)Q3 2023Q3 2023Needham, MA104,166 21,159 21,900 — — 741 100 %1,435 
751 Gateway (49% ownership)Q3 2023Q3 2023South San Francisco, CA230,592 117,827 127,600 — — 9,773 100 %2,142 
Total Projects Fully Placed In-Service873,607 $700,937 $726,700 $— $— $25,763 97 %
11
$6,775 



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Q4 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 January 26, 2024, including leases with future commencement dates.
4Represents the portion of the project that no longer qualifies for capitalization of interest in accordance with GAAP.
5Amounts represent Net Operating Income (Loss) for the three months ended December 31, 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 56.
6On December 14, 2023, the Company acquired an additional 29% ownership interest in the property, which has increased its total ownership to 71%. Investment to Date excludes approximately $54 million of an impairment charge.
7On November 13, 2023, the Company entered into a Joint Venture with Norges Bank Investment Management (NBIM). NBIM funded approximately $212.9 million at closing for its investment in 300 Binney Street. The Company withdrew approximately $212.9 million at closing and will fund all future costs of the project.
8Upon closing of its investments in 290 Binney Street, NBIM’s investment will reduce the Company’s share of estimated future equity requirements by approximately $533.5 million.
9Total percentage leased excludes Residential.
10Result of operations from the View Boston observatory is included within the result of operations from 800 Boylston Street - The Prudential Center.
11Total percentage leased excludes View Boston observatory at The Prudential Center.

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Q4 2023
Land parcels and purchase options
as of December 31, 2023


OWNED LAND PARCELS
Location
Approximate Developable Square Feet 1
Reston, VA2,229,000 
San Jose, CA 2
2,830,000 
New York, NY (25% ownership)2,000,000 
Princeton, NJ 1,723,000 
San Jose, CA (55% ownership) 1,088,000 
New York, NY (55% ownership)
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
356,000 
El Segundo, CA (50% ownership) 275,000 
Dulles, VA 150,000 
         Total15,556,000 


VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS
Location
Approximate Developable Square Feet 1
Boston, MA 1,300,000 
Waltham, MA 3
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.
3The Company expects to be a 50% partner in the future development of these sites.


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Q4 2023
Leasing activity
for the three months ended December 31, 2023

ALL IN-SERVICE PROPERTIES
Net (increase)/decrease in available space (SF)Total
Vacant space available at the beginning of the period5,488,950 
Less:
Property dispositions/properties taken out of service 1
22,673 
Add:
Properties placed (and partially placed) in-service 2
152,317 
Leases expiring or terminated during the period1,253,660 
Total space available for lease6,872,254 
1st generation leases353,071 
2nd generation leases with new clients486,471 
2nd generation lease renewals336,705 
Total space leased1,176,247 
Vacant space available for lease at the end of the period5,696,007 
Net (increase)/decrease in available space(207,057)
Second generation leasing information: 3
Leases commencing during the period (SF)823,176 
Weighted average lease term (months)100 
Weighted average free rent period (days)171 
Total transaction costs per square foot 4
$83.39 
Increase (decrease) in gross rents 5
0.12 %
Increase (decrease) in net rents 6
0.13 %



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
Boston145,181 247,381 392,562 19.27 %30.44 %153,436 
Los Angeles— 3,739 3,739 — %— %467,539 
New York1,794 141,188 142,982 (7.45)%(15.40)%567,279 
San Francisco— 170,598 170,598 (2.44)%(3.45)%198,686 
Seattle— 122,817 122,817 (9.52)%(13.10)%— 
Washington, DC206,096 137,453 343,549 (9.15)%(13.40)%140,662 
Total / Weighted Average353,071 823,176 1,176,247 0.12 %0.13 %1,527,602 


_____________
1Total square feet of property taken out of service in Q4 2023 consists of 22,673 at 2092 Gaither Road.
2 Total square feet of properties placed in service in Q4 2023 consists of 142,147 at 180 CityPoint and 10,170 at RTC Next-Tower B.
3Second generation leases are defined as leases for space that has previously been leased. Of the 823,176 square feet of second generation leases that commenced in Q4 2023, leases for 728,242 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 593,811 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 593,811 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 108,138.
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Q4 2023
Portfolio overview
for the three months ended December 31, 2023
(dollars in thousands)


Rentable square footage of in-service properties by location and unit type 1, 2
OfficeRetailResidentialHotelTotal
Boston14,640,071 1,049,688 550,114 330,000 16,569,873 
Los Angeles2,187,739 126,377 — — 2,314,116 
New York12,109,995 486,712 — — 12,596,707 
San Francisco7,230,391 354,225 318,171 — 7,902,787 
Seattle1,508,292 26,472 — — 1,534,764 
Washington, DC8,564,622 662,679 493,241 — 9,720,542 
Total46,241,110 2,706,153 1,361,526 330,000 50,638,789 
% of Total91.32 %5.34 %2.69 %0.65 %100.00 %


Rental revenue of in-service properties by unit type 1
OfficeRetailResidential
Hotel 3
Total
Consolidated$729,738 $59,570 $11,173 $11,703 $812,184 
Less:
Partners’ share from consolidated joint ventures 4
71,879 9,562 — — 81,441 
Add:
BXP’s share from unconsolidated joint ventures 5
57,851 2,928 2,756 — 63,535 
BXP’s Share of Rental revenue 1
$715,710 $52,936 $13,929 $11,703 $794,278 
% of Total90.12 %6.66 %1.75 %1.47 %100.00 %


Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6
CBDSuburbanTotal
Boston30.85 %6.69 %37.54 %
Los Angeles2.65 %— %2.65 %
New York24.15 %2.14 %26.29 %
San Francisco15.73 %2.45 %18.18 %
Seattle1.78 %— %1.78 %
Washington, DC3.29 %10.27 %13.56 %
Total78.45 %21.55 %100.00 %










_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
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 63 for additional information.
5See page 65 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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Q4 2023
Residential and hotel performance
(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS
Residential 1
Hotel
Three Months EndedThree Months Ended
31-Dec-2330-Sep-2331-Dec-2330-Sep-23
Rental Revenue 2
$11,824 $11,789 $11,803 $13,484 
Less: Operating expenses and real estate taxes6,266 5,738 8,373 9,020 
Net Operating Income (NOI) 2
5,558 6,051 3,430 4,464 
Add: BXP’s share of NOI from unconsolidated joint ventures1,755 1,715 N/AN/A
BXP’s Share of NOI 2
$7,313 $7,766 $3,430 $4,464 
Rental Revenue 2
$11,824 $11,789 $11,803 $13,484 
Less: Straight line rent and fair value lease revenue150 70 (2)(2)
Add: Lease transaction costs that qualify as rent inducements— — — — 
Subtotal11,674 11,719 11,805 13,486 
Less: Operating expenses and real estate taxes6,266 5,738 8,373 9,020 
NOI - cash basis 2
5,408 5,981 3,432 4,466 
Add: BXP’s share of NOI-cash from unconsolidated joint ventures1,755 1,715 N/AN/A
BXP’s Share of NOI - cash basis 2
$7,163 $7,696 $3,432 $4,466 


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
31-Dec-2331-Dec-22
BOSTON
Hub50House (50% ownership), Boston, MA 2
440
Average Monthly Rental Rate $4,331 $4,182 3.56 %
Average Rental Rate Per Occupied Square Foot $5.94 $5.76 3.13 %
Average Physical Occupancy 94.92 %94.39 %0.56 %
Average Economic Occupancy 94.82 %93.93 %0.95 %
Proto Kendall Square, Cambridge, MA 2, 3
280
Average Monthly Rental Rate $3,125 $2,964 5.43 %
Average Rental Rate Per Occupied Square Foot $5.74 $5.47 4.94 %
Average Physical Occupancy 95.60 %95.24 %0.38 %
Average Economic Occupancy 94.91 %94.39 %0.55 %
The Lofts at Atlantic Wharf, Boston, MA 2, 3
86
Average Monthly Rental Rate $4,400 $4,381 0.43 %
Average Rental Rate Per Occupied Square Foot $4.85 $4.85 — %
Average Physical Occupancy 93.80 %97.67 %(3.96)%
Average Economic Occupancy 93.87 %97.54 %(3.76)%
Boston Marriott Cambridge (437 rooms), Cambridge, MA 3
N/A
Average Occupancy70.80 %

68.20 %3.81 %
Average Daily Rate$326.03 

$316.40 3.04 %
Revenue Per Available Room$285.45 

$273.13 4.51 %
SAN FRANCISCO
The Skylyne, Oakland, CA 2, 3
402
Average Monthly Rental Rate$3,519 $3,432 2.53 %
Average Rental Rate Per Occupied Square Foot$4.44 $4.35 2.07 %
Average Physical Occupancy87.56 %90.96 %(3.74)%
Average Economic Occupancy85.93 %88.76 %(3.19)%

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Q4 2023
Residential and hotel performance (continued)


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
31-Dec-2331-Dec-22
WASHINGTON, DC
Signature at Reston, Reston, VA 2, 3
508
Average Monthly Rental Rate $2,697 $2,679 0.67 %
Average Rental Rate Per Occupied Square Foot $2.78 $2.76 0.72 %
Average Physical Occupancy 95.54 %93.90 %1.75 %
Average Economic Occupancy 95.37 %93.65 %1.84 %
Total In-Service Residential Units1,716 

































_____________
1Includes retail space.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
3Excludes retail space.



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Q4 2023
In-service property listing
as of December 31, 2023
Sub MarketNumber of Buildings Square Feet
Occupied % 1
Leased % 2
Annualized Rental Obligations Per Occupied SF 3
BOSTON
Office
200 Clarendon StreetCBD Boston MA11,734,949 96.8 %97.9 %80.91
800 Boylston Street - The Prudential Center CBD Boston MA11,275,253 91.2 %92.9 %72.45
100 Federal Street (55% ownership)CBD Boston MA11,233,537 90.6 %90.9 %75.83
111 Huntington Avenue - The Prudential CenterCBD Boston MA1860,446 100.0 %100.0 %75.90
Atlantic Wharf Office (55% ownership)CBD Boston MA1790,165 99.8 %99.8 %88.02
100 Causeway Street (50% ownership) 4
CBD Boston MA1634,535 94.5 %94.5 %74.46
101 Huntington Avenue - The Prudential CenterCBD Boston MA1506,476 98.7 %99.8 %60.03
Prudential Center (retail shops) 5
CBD Boston MA485,211 95.5 %95.5 %97.19
The Hub on Causeway - Podium (50% ownership) 4
CBD Boston MA1382,988 93.8 %94.6 %64.39
888 Boylston Street - The Prudential CenterCBD Boston MA1363,320 100.0 %100.0 %81.94
Star Market at the Prudential Center 5
CBD Boston MA157,236 100.0 %100.0 %60.28
Subtotal108,324,116 95.5 %96.1 %$77.48 
145 BroadwayEast Cambridge MA1490,086 99.6 %99.6 %$91.01 
325 Main StreetEast Cambridge MA1414,565 91.4 %91.4 %110.87
125 Broadway East Cambridge MA1271,000 100.0 %100.0 %142.12
355 Main StreetEast Cambridge MA1259,640 99.3 %99.3 %81.72
90 BroadwayEast Cambridge MA1223,771 98.1 %98.1 %77.69
255 Main StreetEast Cambridge MA1215,394 87.9 %87.9 %105.27
150 BroadwayEast Cambridge MA1177,226 100.0 %100.0 %87.86
105 BroadwayEast Cambridge MA1152,664 100.0 %100.0 %74.77
250 Binney StreetEast Cambridge MA167,362 100.0 %100.0 %50.70
University PlaceMid-Cambridge MA1195,282 100.0 %100.0 %56.23
Subtotal102,466,990 97.2 %97.2 %$93.61 
Bay Colony Corporate CenterRoute 128 Mass Turnpike MA41,001,068 53.6 %53.6 %$50.35 
Reservoir PlaceRoute 128 Mass Turnpike MA1527,029 43.8 %43.8 %47.69 
140 Kendrick Street 6
Route 128 Mass Turnpike MA3418,600 84.4 %84.4 %53.72 
Weston Corporate CenterRoute 128 Mass Turnpike MA1356,995 100.0 %100.0 %58.00 
Waltham Weston Corporate CenterRoute 128 Mass Turnpike MA1301,611 82.4 %82.4 %44.34 
230 CityPoint Route 128 Mass Turnpike MA1296,720 94.6 %97.0 %45.79 
200 West Street
Route 128 Mass Turnpike MA1273,365 94.5 %94.5 %79.19 
880 Winter Street 7
Route 128 Mass Turnpike MA1243,618 98.5 %98.5 %101.86 
10 CityPointRoute 128 Mass Turnpike MA1236,570 100.0 %100.0 %55.80 
20 CityPointRoute 128 Mass Turnpike MA1211,476 98.1 %98.1 %56.99 
77 CityPointRoute 128 Mass Turnpike MA1209,711 97.8 %97.8 %54.81 
890 Winter StreetRoute 128 Mass Turnpike MA1179,312 56.6 %56.6 %47.84 
153 & 211 Second AvenueRoute 128 Mass Turnpike MA2136,882 — %— %— 
1265 Main Street (50% ownership) 4
Route 128 Mass Turnpike MA1120,681 100.0 %100.0 %53.93 
Reservoir Place NorthRoute 128 Mass Turnpike MA173,258 100.0 %100.0 %53.10 
The Point 5
Route 128 Mass Turnpike MA116,300 100.0 %100.0 %57.21 
33 Hayden AvenueRoute 128 Northwest MA180,876 100.0 %100.0 %74.65 
32 Hartwell AvenueRoute 128 Northwest MA169,154 100.0 %100.0 %28.87 
100 Hayden AvenueRoute 128 Northwest MA155,924 100.0 %100.0 %67.57 
92 Hayden AvenueRoute 128 Northwest MA131,100 100.0 %100.0 %47.83 
17 Hartwell AvenueRoute 128 Northwest MA130,000 100.0 %100.0 %71.66 
Subtotal274,870,250 76.6 %76.7 %$57.49 
Boston Office Total:4715,661,356 89.9 %90.3 %$74.94 
Residential
Hub50House (440 units) (50% ownership) 4
CBD Boston MA1320,444 
The Lofts at Atlantic Wharf (86 units)CBD Boston MA187,096 
Proto Kendall Square (280 units) East Cambridge MA1166,717 
Boston Residential Total:3574,257 
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Q4 2023
In-service property listing (continued)
as of December 31, 2023
Sub MarketNumber of Buildings Square Feet
Occupied % 1
Leased % 2
Annualized Rental Obligations Per Occupied SF 3
BOSTON (continued)
Hotel
Boston Marriott Cambridge (437 rooms)East Cambridge MA1334,260 
Boston Hotel Total:1334,260 
Boston Total:5116,569,873 
LOS ANGELES
Office
Colorado Center (50% ownership) 4
West Los Angeles CA61,131,511 87.8 %87.8 %$75.69 
Santa Monica Business Park 7
West Los Angeles CA141,108,201 83.8 %88.4 %72.63 
Santa Monica Business Park Retail 5, 7
West Los Angeles CA774,404 88.4 %88.4 %73.01 
Subtotal272,314,116 85.9 %88.1 %$74.18 
Los Angeles Total:272,314,116 85.9 %88.1 %$74.18 
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY11,966,490 91.6 %95.6 %$161.52 
601 Lexington Avenue (55% ownership)Park Avenue NY11,670,790 95.9 %95.9 %96.31 
399 Park AvenuePark Avenue NY11,577,544 98.4 %100.0 %101.67 
599 Lexington AvenuePark Avenue NY11,106,313 92.4 %96.3 %87.59 
Times Square Tower (55% ownership)Times Square NY11,238,461 95.6 %95.6 %80.57 
250 West 55th StreetTimes Square / West Side NY1966,976 100.0 %100.0 %93.83 
200 Fifth Avenue (26.69% ownership) 4, 7
Flatiron District NY1855,059 92.5 %100.0 %99.47 
Dock 72 (50% ownership) 4
Brooklyn NY1668,521 42.4 %51.8 %50.60 
510 Madison Avenue Fifth/Madison Avenue NY1355,089 98.7 %98.7 %133.44 
Subtotal910,405,243 91.8 %94.4 %$106.62 
510 Carnegie CenterPrinceton NJ1234,160 33.5 %33.5 %$41.83 
206 Carnegie CenterPrinceton NJ1161,763 100.0 %100.0 %35.46 
210 Carnegie CenterPrinceton NJ1159,468 79.2 %79.2 %38.01 
212 Carnegie CenterPrinceton NJ1148,942 69.2 %74.7 %37.11 
214 Carnegie CenterPrinceton NJ1146,799 65.9 %65.9 %37.27 
506 Carnegie CenterPrinceton NJ1139,050 82.1 %82.1 %39.75 
508 Carnegie CenterPrinceton NJ1134,433 100.0 %100.0 %41.87 
202 Carnegie CenterPrinceton NJ1134,068 84.9 %84.9 %40.98 
804 Carnegie CenterPrinceton NJ1130,000 100.0 %100.0 %41.26 
504 Carnegie CenterPrinceton NJ1121,990 100.0 %100.0 %35.51 
101 Carnegie CenterPrinceton NJ1121,619 100.0 %100.0 %39.05 
502 Carnegie CenterPrinceton NJ1121,460 94.4 %96.8 %39.75 
701 Carnegie CenterPrinceton NJ1120,000 100.0 %100.0 %42.41 
104 Carnegie CenterPrinceton NJ1102,930 63.8 %63.8 %39.81 
103 Carnegie CenterPrinceton NJ196,331 73.5 %73.5 %37.05 
302 Carnegie CenterPrinceton NJ164,926 100.0 %100.0 %36.35 
211 Carnegie CenterPrinceton NJ147,025 100.0 %100.0 %37.82 
201 Carnegie CenterPrinceton NJ6,500 100.0 %100.0 %36.59 
Subtotal172,191,464 81.8 %82.3 %$38.95 
New York Total:2612,596,707 90.1 %92.4 %$95.95 
SAN FRANCISCO
Office
Salesforce TowerCBD San Francisco CA11,420,682 99.0 %99.0 %$111.51 
Embarcadero Center FourCBD San Francisco CA1942,084 93.9 %95.4 %94.73 
Embarcadero Center OneCBD San Francisco CA1837,386 72.8 %72.8 %92.38 
Embarcadero Center TwoCBD San Francisco CA1801,840 84.5 %84.5 %87.84 
Embarcadero Center ThreeCBD San Francisco CA1787,642 77.1 %77.7 %91.74 
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Q4 2023
In-service property listing (continued)
as of December 31, 2023
Sub MarketNumber of Buildings Square Feet
Occupied % 1
Leased % 2
Annualized Rental Obligations Per Occupied SF 3
SAN FRANCISCO (continued)
680 Folsom StreetCBD San Francisco CA2524,793 98.7 %98.7 %76.47 
535 Mission StreetCBD San Francisco CA1307,235 67.9 %72.0 %81.31 
690 Folsom StreetCBD San Francisco CA126,080 100.0 %100.0 %107.58 
Subtotal95,647,742 87.4 %88.0 %$95.50 
Gateway Commons (50% ownership) 4
South San Francisco CA5788,148 79.7 %81.9 %$67.47 
751 Gateway (49% ownership) 4, 7
South San Francisco CA1230,592 100.0 %100.0 %93.51 
Mountain View Research ParkMountain View CA15542,264 60.7 %60.7 %71.44 
2440 West El Camino RealMountain View CA1142,789 71.5 %71.5 %97.37 
453 Ravendale DriveMountain View CA129,620 100.0 %100.0 %51.64 
North First Business Park 9
San Jose CA5190,636 87.6 %87.6 %24.34 
Subtotal281,924,049 77.3 %78.2 %$69.32 
San Francisco Office Total:377,571,791 84.9 %85.5 %$89.42 
Residential
The Skylyne (402 units)CBD Oakland CA1330,996 
San Francisco Residential Total:1330,996 
San Francisco Total:387,902,787 
SEATTLE
Office
Safeco Plaza (33.67% ownership) 4
CBD Seattle WA1779,776 85.3 %87.9 %$45.29 
Madison CentreCBD Seattle WA1754,988 78.2 %78.2 %62.95 
Subtotal21,534,764 81.8 %83.1 %$53.58 
Seattle Total:21,534,764 81.8 %83.1 %$53.58 
WASHINGTON, DC
Office
901 New York Avenue (25% ownership) 4, 8
East End Washington DC1548,425 83.2 %84.0 %$67.45 
Market Square North (50% ownership) 4
East End Washington DC1418,549 77.0 %81.5 %70.73 
2100 Pennsylvania Avenue 7
CBD Washington DC1475,849 65.3 %94.9 %83.89 
2200 Pennsylvania AvenueCBD Washington DC1459,811 94.9 %94.9 %86.34 
1330 Connecticut AvenueCBD Washington DC1253,579 87.4 %87.4 %72.04 
Sumner SquareCBD Washington DC1219,412 90.7 %90.7 %48.36 
500 North Capitol Street, N.W. (30% ownership) 4
Capitol Hill Washington DC1230,900 98.5 %98.5 %83.77 
Capital GallerySouthwest Washington DC1176,809 80.8 %80.8 %55.64 
Subtotal82,783,334 83.2 %89.1 %$73.21 
Reston Next 7
Reston VA21,063,296 88.4 %91.6 %$60.26 
South of MarketReston VA3623,250 98.7 %99.7 %55.52 
Fountain SquareReston VA2524,638 87.0 %93.6 %53.62 
One Freedom SquareReston VA1427,956 82.8 %87.9 %53.88 
Two Freedom SquareReston VA1423,222 100.0 %100.0 %52.12 
One and Two Discovery Square Reston VA2366,989 89.7 %89.7 %52.08 
One Reston OverlookReston VA1319,519 89.7 %89.7 %48.12 
17Fifty Presidents StreetReston VA1275,809 100.0 %100.0 %71.42 
Reston Corporate CenterReston VA2261,046 100.0 %100.0 %49.28 
Democracy TowerReston VA1259,441 99.3 %99.3 %65.30 
Fountain Square Retail 5
Reston VA1198,225 87.6 %89.6 %53.02 
Two Reston OverlookReston VA1134,615 100.0 %100.0 %52.31 
Avant Retail 5, 7
Reston VA126,179 100.0 %100.0 %59.76 
Subtotal194,904,185 92.4 %94.4 %$56.15 
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Q4 2023
In-service property listing (continued)
as of December 31, 2023
Sub MarketNumber of Buildings Square Feet
Occupied % 1
Leased % 2
Annualized Rental Obligations Per Occupied SF 3
WASHINGTON, DC (continued)
7750 Wisconsin Avenue (50% ownership) 4
Bethesda/Chevy Chase MD 1735,573 100.0 %100.0 %$38.49 
Wisconsin Place OfficeMontgomery County MD1302,858 64.2 %65.5 %42.85 
Kingstowne Two Springfield VA1156,005 77.4 %77.4 %39.83 
Kingstowne One Springfield VA1153,601 34.2 %34.2 %38.00 
Kingstowne Retail 5
Springfield VA188,288 100.0 %100.0 %31.73 
Shady Grove Innovation District
North Rockville MD178,915 75.9 %75.9 %15.45 
Subtotal61,515,240 82.6 %83.2 %$37.70 
Washington, DC Office Total:339,202,759 88.0 %91.0 %$58.14 
Residential
Signature at Reston (508 units)Reston VA1517,783 
Washington, DC Residential Total:1517,783 
Washington, DC Total:349,720,542 
Total In-Service Properties: 17850,638,789 88.4 %
10
89.9 %
10
$78.81 
10
BXP’s Share of Total In-Service Properties: 3
88.2 %
10
89.7 %
10


















_____________
1Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
2Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. For additional detail, see pages 38-54.
3See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
4This is an unconsolidated joint venture property.
5This is a retail property.
6 On July 20, 2023, the Company completed and fully placed in-service 140 Kendrick Street - Building A, a redevelopment project with approximately 104,000 net rentable square feet in Needham, Massachusetts. 140 Kendrick Street - Building A is not included in the Same Property analysis.
7Not included in the Same Property analysis.
8On January 8, 2024, the Company's joint venture partner in 901 New York Avenue transferred all of its ownership interest in the joint venture to the Company for a gross purchase price of $10.0 million.
9Property held for redevelopment.
10 Excludes hotel and residential properties. For additional detail, see pages 19-20.




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Q4 2023
Top 20 clients listing and portfolio client diversification
as of December 31, 2023
TOP 20 CLIENTS
No.Client
BXP’s Share of Annualized Rental Obligations 1
Weighted Average Remaining Lease Term (years) 2
Salesforce3.31 %8.2
Google2.77 %13.3
Biogen2.60 %3.6
Akamai Technologies2.08 %10.8
Snap1.57 %9.6
Fannie Mae1.50 %13.7
Kirkland & Ellis1.48 %13.5
Ropes & Gray1.41 %6.3
Wellington Management1.21 %12.2
10 Millennium Management1.21 %7.0
11 Microsoft1.11 %9.7
12 Weil Gotshal & Manges1.09 %10.4
13 Arnold & Porter Kaye Scholer1.07 %8.4
14 WeWork1.07 %9.1
15 Shearman & Sterling1.04 %17.6
16 Bank of America0.90 %11.2
17 Morrison & Foerster0.85 %6.7
18 Leidos0.83 %9.4
19 Wilmer Cutler Pickering Hale0.83 %14.9
20 Aramis (Estee Lauder)0.81 %16.3
BXP’s Share of Annualized Rental Obligations28.74 %
BXP’s Share of Square Feet 1
22.80 %
Weighted Average Remaining Lease Term (years)10.2

NOTABLE SIGNED DEALS 3
ClientPropertySquare Feet
AstraZeneca290 Binney Street 566,000 
The Broad Institute300 Binney Street 225,000 
CLIENT DIVERSIFICATION 2
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_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
2Based on BXP’s Share of Annualized Rental Obligations.
3Represents leases signed with occupancy commencing in the future. The number of square feet is an estimate.


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Q4 2023
Occupancy by location
as of December 31, 2023

TOTAL IN-SERVICE OFFICE PROPERTIES 1 - Quarter-over-Quarter
CBDSuburbanTotal
Location31-Dec-2330-Sep-2331-Dec-2330-Sep-2331-Dec-2330-Sep-23
Boston95.9 %96.0 %76.6 %79.2 %89.9 %90.8 %
Los Angeles85.9 %85.9 %— %— %85.9 %85.9 %
New York91.8 %92.1 %81.8 %81.1 %90.1 %90.2 %
San Francisco87.4 %89.3 %77.3 %80.6 %84.9 %87.1 %
Seattle81.8 %84.7 %— %— %81.8 %84.7 %
Washington, DC83.2 %83.8 %90.1 %87.6 %88.0 %86.5 %
   Total Portfolio90.8 %91.4 %83.1 %83.2 %88.4 %88.8 %
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SAME PROPERTY OFFICE PROPERTIES 1, 2 - Year-over-Year
CBDSuburbanTotal
Location31-Dec-2331-Dec-2231-Dec-2331-Dec-2231-Dec-2331-Dec-22
Boston95.9 %94.8 %74.9 %82.4 %89.7 %91.1 %
Los Angeles87.8 %89.5 %— %— %87.8 %89.5 %
New York91.8 %87.9 %81.8 %79.7 %89.9 %86.3 %
San Francisco87.4 %89.1 %74.2 %86.7 %84.4 %88.5 %
Seattle81.8 %88.3 %— %— %81.8 %88.3 %
Washington, DC86.9 %89.1 %90.4 %91.3 %89.4 %91.9 %
   Total Portfolio91.4 %90.7 %81.9 %86.7 %88.5 %89.4 %
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_____________
1Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential units and hotel.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

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Q4 2023
Capital structure
(in thousands, except percentages)

CONSOLIDATED DEBT
Aggregate Principal
Mortgage Notes Payable $4,200,000 
Unsecured Line of Credit— 
Unsecured Term Loan1,200,000 
Unsecured Senior Notes, at face value10,550,000 
Outstanding Principal15,950,000 
Discount on Unsecured Senior Notes(13,302)
Deferred Financing Costs, Net(76,050)
Fair Value Debt Adjustment(4,351)
Consolidated Debt$15,856,297 
MORTGAGE NOTES PAYABLE
Interest Rate
PropertyMaturity Date
GAAP 1
StatedOutstanding Principal
Santa Monica Business ParkJuly 19, 20255.00%4.06%$300,000 
767 Fifth Avenue (The GM Building) (60% ownership)June 9, 20273.64%3.43%2,300,000 
90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green GarageOctober 26, 20286.26%6.04%600,000 
601 Lexington Avenue (55% ownership)January 9, 20322.93%2.79%1,000,000 
Total$4,200,000 
BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 2
Maturity DateEffective Yield (on issue date)CouponOutstanding Principal
10.5 Year Unsecured Senior NotesFebruary 1, 20243.92%3.80%$700,000 
7 Year Unsecured Senior NotesJanuary 15, 20253.35%3.20%850,000 
10 Year Unsecured Senior NotesFebruary 1, 20263.77%3.65%1,000,000 
10 Year Unsecured Senior NotesOctober 1, 20263.50%2.75%1,000,000 
5 Year Unsecured Senior Notes (“green bonds”)December 1, 20276.92%6.75%750,000 
10 Year Unsecured Senior Notes (“green bonds”)
December 1, 20284.63%4.50%1,000,000 
10 Year Unsecured Senior Notes (“green bonds”)
June 21, 20293.51%3.40%850,000 
10.5 Year Unsecured Senior Notes
March 15, 20302.98%2.90%700,000 
10.75 Year Unsecured Senior Notes
January 30, 20313.34%3.25%1,250,000 
11 Year Unsecured Senior Notes (“green bonds”)April 1, 20322.67%2.55%850,000 
12 Year Unsecured Senior Notes (“green bonds”)October 1, 20332.52%2.45%850,000 
10.7 Year Unsecured Senior Notes (“green bonds”)January 15, 20346.62%6.50%750,000 
$10,550,000 
CAPITALIZATION
Shares/UnitsCommon Stock
OutstandingEquivalents
Equivalent Value 3
Common Stock156,941 156,941 $11,012,550 
Common Operating Partnership Units18,574 18,574 1,303,338 
Total Equity175,515 $12,315,888 
Consolidated Debt (A)
$15,856,297 
Add: BXP’s share of unconsolidated joint venture debt 4
1,421,655 
Less: Partners’ share of consolidated debt 5
1,360,375 
BXP’s Share of Debt 6 (B)
$15,917,577 
Consolidated Market Capitalization (C)
$28,172,185 
BXP’s Share of Market Capitalization 6 (D)
$28,233,465 
Consolidated Debt/Consolidated Market Capitalization (A÷C)
56.28 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 6 (B÷D)
56.38 %
_____________
1The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions and adjustments required to reflect loans at their fair values upon consolidation.
2All unsecured senior notes are rated BBB+ (negative), and Baa2 (stable) by S&P and Moody’s, respectively. In January 2024, the Company’s S&P credit rating was downgraded to BBB (negative).
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Q4 2023
Capital structure
3Values are based on the December 29, 2023 closing price of $70.17 per share of BXP common stock.
4Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 35.
5Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 33.
6See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
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Q4 2023
Debt analysis 1
as of December 31, 2023
(dollars in thousands)


https://cdn.kscope.io/015f208544eca0980f7dfe0cf07f535d-chart-7a938e5709bf4ec5a5ba.jpg



UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026
 FacilityOutstanding at December 31, 2023Letters of CreditRemaining Capacity at December 31, 2023
Unsecured Line of Credit$1,815,000 $— $6,727 $1,808,273 

UNSECURED TERM LOAN - MATURES MAY 16, 2024 2, 3
 FacilityOutstanding at December 31, 2023
Unsecured Term Loan$1,200,000 $1,200,000 

UNSECURED AND SECURED DEBT ANALYSIS
Weighted Average
 % of Total Debt Stated Rates
 GAAP Rates 5
 Maturity (years)
Unsecured Debt 3
73.72 %4.01 %4.12 %4.7 
Secured Debt 4
26.28 %3.84 %4.09 %4.6 
Consolidated Debt100.00 %3.96 %4.11 %4.6 

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total Debt Stated Rates
 GAAP Rates 5
 Maturity (years)
Floating Rate Debt — %— %— %— 
Fixed Rate Debt 3, 4
100.00 %3.96 %4.11 %4.6 
Consolidated Debt100.00 %3.96 %4.11 %4.6 



_____________
1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 35.
2The Unsecured Term Loan matures on May 16, 2024, with one, 12-month extension option, subject to customary conditions.
3On May 2, 2023, the Company entered into interest rate swap contracts with notional amounts aggregating $1.2 billion to effectively fix Term SOFR, the reference rate for the Unsecured Term Loan, at a weighted-average rate of 4.6420% for the period commencing on May 4, 2023 and ending on May 16, 2024.
4On December 7, 2023, the Company entered into interest rate swap contracts with notional amounts aggregating $600.0 million to effectively fix Daily Compounded SOFR, the reference rate for the mortgage secured by 90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green Garage, at a weighted-average fixed interest rate of 3.7925% for the period commencing on December 15, 2023 and ending on October 26, 2028 for an all-in fixed rate of 6.04% per annum.
5The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions and adjustments required to reflect loans at their fair values upon consolidation.
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Q4 2023
Senior unsecured debt covenant compliance ratios
In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the Indenture.
This section presents such ratios as of December 31, 2023 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.


COVENANT RATIOS AND RELATED DATA
Senior Notes Issued Prior to December 4, 2017Senior Notes Issued On or After December 4, 2017
TestActual
Total Outstanding Debt/Total Assets 1
Less than 60%48.5 %45.3 %
Secured Debt/Total AssetsLess than 50%16.0 %14.9 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)Greater than 1.50x3.10 3.10 
Unencumbered Assets/ Unsecured DebtGreater than 150%229.5 %249.2 %

































_____________
1Capitalized Property Value for senior notes issued prior to December 4, 2017 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized property value for senior notes issued on or after December 4, 2017 is determined for each property and is the greater of (x) annualized EBITDA capitalized at 7.0% and (y) the undepreciated book value as determined under GAAP.
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Q4 2023
Net Debt to EBITDAre
(dollars in thousands)

Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDArecash 1
Three Months Ended
31-Dec-2330-Sep-23
Net income (loss) attributable to Boston Properties, Inc.$119,925 $(111,826)
Add:
Noncontrolling interest - common units of the Operating Partnership13,906 (12,626)
Noncontrolling interest in property partnerships19,324 20,909 
Net income (loss)153,155 (103,543)
Add:
Interest expense155,080 147,812 
Depreciation and amortization expense212,067 207,435 
Less:
Gains on sales of real estate— 517 
Income (loss) from unconsolidated joint ventures22,250 (247,556)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2
39,320 40,202 
EBITDAre 1
537,372 538,945 
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3
50,621 51,102 
BXP’s Share of EBITDAre 1 (A)
486,751 487,843 
Add:
Stock-based compensation expense4,469 4,843 
BXP’s Share of straight-line ground rent expense adjustment 1
174 854 
BXP’s Share of lease transaction costs that qualify as rent inducements 1
1,314 (5,963)
Less:
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) 1
3,129 — 
BXP’s Share of straight-line rent 1
28,765 16,647 
BXP’s Share of fair value lease revenue 1
3,441 3,907 
BXP’s Share of amortization and accretion related to sales type lease 1
256 233 
BXP’s Share of EBITDAre cash 1
$457,117 $466,790 
BXP’s Share of EBITDAre (Annualized) 4 (A x 4)
$1,947,004 $1,951,372 

Reconciliation of BXP’s Share of Net Debt 1
31-Dec-2330-Sep-23
Consolidated debt$15,856,297 $14,961,715 
Less:
Cash and cash equivalents1,531,477 882,647 
Net debt 1
14,324,820 14,079,068 
Add:
BXP’s share of unconsolidated joint venture debt 2
1,421,655 1,518,195 
Partners’ share of cash and cash equivalents from consolidated joint ventures106,790 103,492 
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures108,430 104,383 
Partners’ share of consolidated joint venture debt 3
1,360,375 1,359,877 
BXP’s share of related party note receivable30,500 30,500 
BXP’s Share of Net Debt 1 (B)
$14,353,960 $14,205,995 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]
7.37 7.28 
_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended December 31, 2023, see pages 35 and 64.
3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended December 31, 2023, see pages 33 and 62.
4BXP’s Share of EBITDAre (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4).
31

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Q4 2023
Debt ratios
(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1
Three Months Ended
31-Dec-2330-Sep-23
BXP’s Share of interest expense 1
$165,785 $161,038 
Less:
BXP’s Share of hedge amortization, net of costs 1
2,030 (473)
BXP’s share of fair value interest adjustment 1
639 499 
BXP’s Share of amortization of financing costs 1
5,410 5,264 
Adjusted interest expense excluding capitalized interest (A)
157,706 155,748 
Add:
BXP’s Share of capitalized interest 1
11,478 11,582 
Adjusted interest expense including capitalized interest (B)
$169,184 $167,330 
BXP’s Share of EBITDAre cash 1, 2 (C)
$457,117 $466,790 
Interest Coverage Ratio (excluding capitalized interest) (C÷A)
2.90 3.00 
Interest Coverage Ratio (including capitalized interest) (C÷B)
2.70 2.79 


FIXED CHARGE COVERAGE RATIO 1
Three Months Ended
31-Dec-2330-Sep-23
BXP’s Share of interest expense 1
$165,785 $161,038 
Less:
BXP’s Share of hedge amortization, net of costs 1
2,030 (473)
BXP’s share of fair value interest adjustment 1
639 499 
BXP’s Share of amortization of financing costs 1
5,410 5,264 
Add:
BXP’s Share of capitalized interest 1
11,478 11,582 
BXP’s Share of maintenance capital expenditures 1
16,165 16,995 
Hotel improvements, equipment upgrades and replacements358 141 
Total Fixed Charges (A)
$185,707 $184,466 
BXP’s Share of EBITDAre cash 1, 2 (B)
$457,117 $466,790 
Fixed Charge Coverage Ratio (B÷A)
2.46 2.53 





















_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
2For a quantitative reconciliation of BXP’s Share of EBITDAre – cash, see page 31.
32

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Q4 2023
Consolidated joint ventures
d
as of December 31, 2023
(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION
Norges Joint Ventures 1
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
100 Federal Street
Atlantic Wharf Office
767 Fifth Avenue343 Madison AvenueTotal Consolidated
ASSETS
(The GM Building) 1
300 Binney Street 2
Joint Ventures
Real estate, net $3,201,755 $2,561,812 $5,763,567 
Cash and cash equivalents122,033 128,838 250,871 
Other assets304,276 401,399 705,675 
Total assets$3,628,064 $3,092,049 $6,720,113 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$2,287,984 $989,181 $3,277,165 
Other liabilities
92,381 260,409 352,790 
Total liabilities2,380,365 1,249,590 3,629,955 
Equity:
   Boston Properties, Inc.750,244 699,195 1,449,439 
   Noncontrolling interests497,455 1,143,264 1,640,719 
3
Total equity1,247,699 1,842,459 3,090,158 
Total liabilities and equity$3,628,064 $3,092,049 $6,720,113 
BXP’s nominal ownership percentage60%55%
Partners’ share of cash and cash equivalents 4
$48,813 $57,977 $106,790 
Partners’ share of consolidated debt 4
$915,244 
5
$445,131 $1,360,375 















_____________
1Certain balances contain amounts that eliminate in consolidation.
2See the Acquisitions and Dispositions section of this Supplemental package on page 13.
3Amount excludes preferred shareholders’ capital.
4Amounts represent the partners’ share based on their respective ownership percentages.
5Amount adjusted for basis differentials.

33

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Q4 2023
Consolidated joint ventures (continued)
for the three months ended December 31, 2023
(unaudited and dollars in thousands)

RESULTS OF OPERATIONS
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
100 Federal Street
Atlantic Wharf Office
767 Fifth Avenue343 Madison Avenue Total Consolidated
(The GM Building)
300 Binney Street 1
Joint Ventures
Revenue
Lease 2
$72,156 $104,283 $176,439 
Straight-line rent7,639 3,330 10,969 
Fair value lease revenue327 — 327 
Termination income— 300 300 
Total lease revenue80,122 107,913 188,035 
Parking and other— 1,846 1,846 
Total rental revenue 3
80,122 109,759 189,881 
Expenses
Operating31,732 39,807 71,539 
Net Operating Income (NOI)48,390 69,952 118,342 
Other income (expense)
Development and management services revenue— 246 246 
Gain from investment in securities
— 
Interest and other income1,468 1,662 3,130 
Interest expense(21,395)(7,687)(29,082)
Depreciation and amortization expense(17,454)(25,943)(43,397)
General and administrative expense(4)(86)(90)
Total other income (expense)(37,385)(31,803)(69,188)
Net income$11,005 $38,149 $49,154 

FUNDS FROM OPERATIONS (FFO)
BXP’s nominal ownership percentage60%55%
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
100 Federal Street
Atlantic Wharf Office
767 Fifth Avenue343 Madison AvenueTotal Consolidated
Reconciliation of Partners’ share of FFO(The GM Building)
300 Binney Street 1
Joint Ventures
Net income$11,005 $38,149 $49,154 
Add: Depreciation and amortization expense17,454 25,943 43,397 
Entity FFO$28,459 $64,092 $92,551 
Noncontrolling interest in property partnerships (Partners’ NCI) 4
$3,432 $15,892 $19,324 
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4
7,325 11,959 19,284 
Partners’ share FFO 4
$10,757 $27,851 $38,608 
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI
$7,573 $22,257 $29,830 
Depreciation and amortization expense - BXP’s basis difference
60 389 449 
BXP’s share of depreciation and amortization expense
10,069 13,595 23,664 
BXP’s share of FFO$17,702 $36,241 $53,943 
_____________
1 See the Acquisitions and Dispositions section of this Supplemental package on page 13.
2 Lease revenue includes recoveries from clients and service income from clients.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
4 Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.
34

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Q4 2023
Unconsolidated joint ventures 1

as of December 31, 2023
(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION
BXP’s Nominal OwnershipMortgage/Construction Loans Payable, Net Interest Rate
Property Net EquityMaturity DateStated
GAAP 2
Boston
The Hub on Causeway50.00 %$— $— — — %— %
100 Causeway Street50.00 %57,660 166,629 September 5, 20246.82 %6.96 %
Podium50.00 %45,201 76,644 September 8, 20257.35 %7.75 %
Hub50House 50.00 %40,235 91,923 June 17, 20324.43 %4.51 %
Hotel Air Rights50.00 %13,494 — — — %— %
1265 Main Street50.00 %3,585 17,219 January 1, 20323.77 %3.84 %
Los Angeles
Colorado Center50.00 %237,815 274,677 August 9, 20273.56 %3.59 %
Beach Cities Media Center50.00 %27,034 — — — %— %
New York
360 Park Avenue South 3
71.11 %42,988 155,762 December 14, 20247.86 %8.32 %
Dock 7250.00 %(11,890)98,751 December 18, 20257.86 %8.11 %
200 Fifth Avenue 26.69 %75,718 150,692 November 24, 20284.34 %5.60 %
3 Hudson Boulevard 4
25.00 %115,103 20,000 February 9, 20249.07 %9.07 %
San Francisco
Platform 16 55.00 %45,564 — — — %— %
Gateway Commons 50.00 %376,834 — — — %— %
751 Gateway49.00 %93,411 — — — %— %
Seattle
Safeco Plaza 5
33.67 %44,734 83,870 September 1, 20264.82 %4.96 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters) 50.00 %50,064 125,709 April 26, 20246.70 %6.84 %
1001 6th Street50.00 %44,774 — — — %— %
13100 & 13150 Worldgate Drive50.00 %17,546 — — — %— %
Market Square North50.00 %(5,996)62,287 November 10, 20257.77 %7.95 %
Wisconsin Place Parking Facility33.33 %30,375 — — — %— %
500 North Capitol Street, N.W. 6
30.00 %(10,253)31,141 June 5, 20266.83 %7.16 %
901 New York Avenue7
25.00 %(11,764)51,829 January 5, 20253.61 %3.69 %
Skymark - Reston Next Residential20.00 %15,184 14,522 May 13, 20267.34 %7.66 %
1,337,416 
Investments with deficit balances reflected within Other Liabilities
39,903 
Investments in Unconsolidated Joint Ventures$1,377,319 
Mortgage/Mezzanine/Construction Loans Payable, Net$1,421,655 
https://cdn.kscope.io/015f208544eca0980f7dfe0cf07f535d-chart-f7b164684ac844288b8a.jpg
35

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Q4 2023
Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total DebtStated Rate
GAAP Rate 2
Maturity (years)
Floating Rate Debt51.17 %7.07 %7.30 %1.2 
Fixed Rate Debt48.83 %4.42 %4.78 %7.1 
Total Debt100.00 %5.78 %6.07 %4.1 

_____________
1Amounts represent BXP’s share based on its ownership percentage.
2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, which includes mortgage recording fees, the effects of hedging transactions (if any) and adjustments required under Accounting Standards Codification 805 “Business Combinations” to reflect loans at their fair values (if any).
3The Company’s partner will fund required capital until their aggregate investment is approximately 29% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. See page 14 for more information.
4 The Company has provided $80.0 million of mortgage financing to the joint venture. The loan is reflected as Related Party Note Receivable, Net on the Company’s Consolidated Balance Sheets.
5Safeco Plaza entered into an interest rate cap agreement during Q3 2023 that capped SOFR at 2.50%.
6The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) which bears interest at a fixed rate of 6.23% per annum, and (y) a $35.0 million mortgage loan payable (Note B) which bears interest at a fixed rate of 8.03% per annum. The Company provided $10.5 million (or 30%) of the Note B mortgage financing to the joint venture. The loan had been reflected as Related Party Note Receivable, Net on the Company’s Consolidated Balance Sheets.
7 On January 8, 2024, the Company's joint venture partner in 901 New York Avenue transferred all of their interest in the joint venture to the Company for a gross purchase price of $10.0 million.




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Q4 2023
Unconsolidated joint ventures (continued)
for the three months ended December 31, 2023
(unaudited and dollars in thousands)

RESULTS OF OPERATIONS 1
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
Revenue
Lease 2
$24,991 $31,314 $23,456 $12,120 $6,811 $26,024 $124,716 
Straight-line rent1,354 (680)935 4,164 726 1,297 7,796 
Fair value lease revenue — 96 1,538 17 1,134 — 2,785 
Termination income— — — — — — — 
 Amortization and accretion related to sales type lease35 — — — — — 35 
Total lease revenue26,380 30,730 25,929 16,301 8,671 27,321 135,332 
Parking and other433 2,562 56 227 555 1,293 5,126 
Total rental revenue 3
26,813 33,292 25,985 16,528 9,226 28,614 140,458 
Expenses
Operating 8,650 14,087 14,023 5,248 3,598 10,536 56,142 
Net operating income/(loss)18,163 19,205 11,962 11,280 5,628 18,078 84,316 
Other income/(expense)
Development and management services revenue— — 453 — — 27 480 
Interest and other income (loss)(51)772 305 142 731 1,905 
Interest expense(11,516)(10,618)(13,576)— (4,295)(10,746)(50,751)
Unrealized loss on derivative instruments— — (20,671)— — — (20,671)
Transaction costs(122)— — — — — (122)
Depreciation and amortization expense(8,464)(11,241)(8,613)(6,193)(4,471)(7,195)(46,177)
General and administrative expense(3)(229)(181)(5)— (39)(457)
Gain on sales-type lease2,737 — — — — — 2,737 
Total other income/(expense)(17,419)(21,316)(42,283)(6,192)(8,624)(17,222)(113,056)
Net income/(loss)$744 $(2,111)$(30,321)$5,088 $(2,996)$856 $(28,740)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss) $373 $(1,318)$(9,894)$2,508 $(1,027)$498 
4
$(8,860)
Basis differential
Straight-line rent$— $89 
5
$284 
5
$
5
$— $— $380 
Fair value lease revenue— 301 
5
117 
5
(219)
5
— — 199 
Fair value interest adjustment— — (499)— — — (499)
Amortization of financing costs— — 105 — — — 105 
Unrealized loss on derivative instruments— — 5,517 — — — 5,517 
Depreciation and amortization expense(8)(1,090)
5
(1,551)
5
(506)
5
284 (133)(3,004)
Gain (loss) on sale / consolidation— 29,903 
6
— — — (1,491)28,412 
Total basis differential 7
(8)29,203 
5
3,973 
5
(718)
5
284 (1,624)31,110 
Income/(loss) from unconsolidated joint ventures365 27,885 (5,921)1,790 (743)(1,126)
4
22,250 
Add:
BXP’s share of depreciation and amortization expense4,240 7,007 4,624 3,590 1,222 3,449 
4
24,132 
Less:
Gain (loss) on sale / consolidation— 29,903 
6
— — — (1,491)28,412 
BXP’s share of gain on sales-type lease1,368 — — — — — 1,368 
BXP’s share of FFO$3,237 $4,989 $(1,297)$5,380 $479 $3,814 $16,602 
_____________
1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.
2 Lease revenue includes recoveries from clients and service income from clients.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
4 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement of 901 New York Avenue.
5 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.
6 On December 14, 2023, the Company acquired its joint venture partner’s 45% ownership interest in Santa Monica Business Park located in Santa Monica, California for a purchase price of $38.0 million. The Company recognized a gain of approximately $29.9 million on the consolidation of Santa Monica Business Park.
7 Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.
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Q4 2023
Lease expirations - All in-service properties1, 2, 3

as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
2023149,604 128,671 8,213,101 63.83 8,213,101 63.83 0.33 %
4
20242,610,109 2,377,821 151,668,504 63.78 151,920,744 63.89 6.03 %

20253,025,480 2,592,018 188,932,090 72.89 192,346,742 74.21 6.57 %
20262,569,264 2,214,731 168,811,392 76.22 172,584,827 77.93 5.62 %
20272,316,883 2,086,886 157,083,888 75.27 167,680,108 80.35 5.29 %
20283,326,277 2,639,364 221,309,457 83.85 239,097,157 90.59 6.69 %
20293,673,929 3,258,615 232,237,160 71.27 262,046,174 80.42 8.26 %
20302,787,122 2,678,646 206,159,603 76.96 226,627,535 84.61 6.79 %
20312,254,726 1,973,032 166,707,986 84.49 185,111,349 93.82 5.00 %
20322,189,306 1,916,212 150,537,919 78.56 176,268,924 91.99 4.86 %
Thereafter15,803,807 12,659,502 1,011,822,770 79.93 1,234,375,230 97.51 32.11 %

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
202310,985 10,509 234,916 22.35 234,916 22.35 0.44 %
4
202466,082 65,082 5,427,554 83.40 5,436,478 83.53 2.75 %

2025124,926 115,346 10,852,789 94.09 11,007,261 95.43 4.87 %
2026112,972 102,076 22,338,097 218.84 23,545,969 230.67 4.31 %
2027128,400 117,984 13,195,113 111.84 13,801,552 116.98 4.99 %
202890,900 89,123 10,535,201 118.21 10,950,703 122.87 3.77 %
2029145,047 139,101 14,881,305 106.98 16,697,746 120.04 5.88 %
2030138,145 102,003 9,567,643 93.80 10,520,643 103.14 4.31 %
203159,173 50,894 4,200,745 82.54 4,701,886 92.39 2.15 %
2032101,253 99,544 7,405,532 74.39 8,636,791 86.76 4.21 %
Thereafter1,094,745 896,188 87,974,070 98.16 125,871,476 140.45 37.87 %

IN-SERVICE PROPERTIES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
2023160,589 139,180 8,448,017 60.70 8,448,017 60.70 0.33 %
4
20242,676,191 2,442,903 157,096,058 64.31 157,357,222 64.41 5.84 %

20253,150,406 2,707,364 199,784,879 73.79 203,354,003 75.11 6.48 %
20262,682,236 2,316,807 191,149,489 82.51 196,130,796 84.66 5.54 %
20272,445,283 2,204,870 170,279,001 77.23 181,481,660 82.31 5.28 %
20283,417,177 2,728,487 231,844,658 84.97 250,047,860 91.64 6.53 %
20293,818,976 3,397,716 247,118,465 72.73 278,743,920 82.04 8.13 %
20302,925,267 2,780,649 215,727,246 77.58 237,148,178 85.29 6.65 %
20312,313,899 2,023,926 170,908,731 84.44 189,813,235 93.78 4.84 %
20322,290,559 2,015,756 157,943,451 78.35 184,905,715 91.73 4.82 %
Thereafter16,898,552 13,555,690 1,099,796,840 81.13 1,360,246,706 100.35 32.43 %
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

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Q4 2023
Lease expirations - Boston region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202332,470 32,470 1,923,885 59.25 1,923,885 59.25 
4
2024530,286 495,772 29,051,984 58.60 29,693,446 59.89 
2025963,954 934,810 58,769,918 62.87 59,516,726 63.67 
2026808,220 775,358 53,411,913 68.89 55,712,557 71.85 
2027698,994 691,194 49,883,747 72.17 54,130,075 78.31 
20281,018,286 995,459 88,569,978 88.97 95,448,928 95.88 
20291,210,330 1,076,844 65,423,687 60.76 77,806,073 72.25 
20301,481,025 1,474,352 100,355,040 68.07 108,467,555 73.57 
2031611,603 544,766 34,637,464 63.58 38,348,151 70.39 
2032528,812 528,812 47,898,418 90.58 54,517,556 103.09 
Thereafter5,251,469 4,312,684 350,658,039 81.31 426,602,975 98.92 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2023— — — — — — 
202428,854 28,854 1,984,593 68.78 1,963,817 68.06 

202543,950 43,635 3,797,692 87.03 3,828,104 87.73 
202626,513 26,513 5,309,567 200.26 5,492,547 207.16 
202767,909 61,595 9,732,292 158.01 10,127,394 164.42 
202843,449 43,449 6,955,454 160.08 7,256,664 167.02 
202964,171 62,821 8,181,867 130.24 8,798,342 140.05 
203092,892 57,592 5,578,271 96.86 5,904,671 102.53 
20314,266 4,266 602,630 141.26 663,828 155.61 
203265,011 64,420 4,815,008 74.74 5,645,504 87.64 
Thereafter483,914 410,014 31,006,089 75.62 55,427,059 135.18 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202332,470 32,470 1,923,885 59.25 1,923,885 59.25 
4
2024559,140 524,626 31,036,577 59.16 31,657,263 60.34 

20251,007,904 978,445 62,567,610 63.95 63,344,830 64.74 
2026834,733 801,871 58,721,480 73.23 61,205,104 76.33 
2027766,903 752,789 59,616,039 79.19 64,257,469 85.36 
20281,061,735 1,038,908 95,525,432 91.95 102,705,592 98.86 
20291,274,501 1,139,665 73,605,554 64.59 86,604,415 75.99 
20301,573,917 1,531,944 105,933,311 69.15 114,372,226 74.66 
2031615,869 549,032 35,240,094 64.19 39,011,979 71.06 
2032593,823 593,232 52,713,426 88.86 60,163,060 101.42 
Thereafter5,735,383 4,722,698 381,664,128 80.81 482,030,034 102.07 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
39

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Q4 2023
Quarterly lease expirations - Boston region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202332,470 32,470 1,923,885 59.25 1,923,885 59.25 
4
Total 202332,470 32,470 1,923,885 59.25 1,923,885 59.25 
Q1 2024148,190 119,920 7,492,259 62.48 8,070,914 67.30 
Q2 2024158,766 155,311 10,230,774 65.87 10,234,074 65.89 
Q3 202477,579 74,791 3,317,112 44.35 3,317,112 44.35 
Q4 2024145,751 145,751 8,011,838 54.97 8,071,347 55.38 
Total 2024530,286 495,772 29,051,984 58.60 29,693,446 59.89 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— 

— 

— — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 2023— — — — — — 
Total 2023— — — — — — 
Q1 202415,418 15,418 1,210,412 78.51 1,210,412 78.51 

Q2 2024— — — — — — 
Q3 2024299 299 257,180 860.13 236,404 790.65 
Q4 202413,137 13,137 517,001 39.35 517,001 39.35 
Total 202428,854 28,854 1,984,593 68.78 1,963,817 68.06 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202332,470 32,470 1,923,885 59.25 1,923,885 59.25 
4
Total 202332,470 32,470 1,923,885 59.25 1,923,885 59.25 
Q1 2024163,608 135,338 8,702,671 64.30 9,281,326 68.58 

Q2 2024158,766 155,311 10,230,774 65.87 10,234,074 65.89 
Q3 202477,878 75,090 3,574,292 47.60 3,553,516 47.32 
Q4 2024158,888 158,888 8,528,839 53.68 8,588,348 54.05 
Total 2024559,140 524,626 31,036,577 59.16 31,657,263 60.34 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
40

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Q4 2023
Lease expirations - Los Angeles region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2023— — — — — — 
2024245,332 245,332 18,841,696 76.80 18,920,032 77.12 
202529,821 29,821 2,272,552 76.21 2,411,953 80.88 
20264,573 4,573 314,583 68.79 342,060 74.80 
202728,614 28,614 1,733,441 60.58 1,947,462 68.06 
2028246,857 149,060 12,072,212 80.99 13,760,126 92.31 
2029415,771 240,815 17,443,232 72.43 19,795,285 82.20 
203022,507 22,507 1,476,738 65.61 1,955,415 86.88 
2031— — — — — — 
2032241,672 122,706 10,102,206 82.33 12,894,276 105.08 
Thereafter647,840 554,393 39,491,774 71.23 53,081,423 95.75 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2023— — — — — — 
20242,000 1,000 7,860 7.86 7,860 7.86 
202517,218 16,333 2,700,637 165.35 2,721,481 166.62 
2026— — — — — — 
2027— — — — — — 
2028— — — — — — 
202938,118 38,118 2,295,602 60.22 2,456,064 64.43 
20305,283 5,283 628,206 118.91 741,004 140.26 
2031— — — — — — 
2032— — — — — — 
Thereafter23,820 14,824 886,977 59.84 870,403 58.72 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2023— — — — — — 
2024247,332 246,332 18,849,556 76.52 18,927,892 76.84 
202547,039 46,154 4,973,189 107.75 5,133,434 111.22 
20264,573 4,573 314,583 68.79 342,060 74.80 
202728,614 28,614 1,733,441 60.58 1,947,462 68.06 
2028246,857 149,060 12,072,212 80.99 13,760,126 92.31 
2029453,889 278,933 19,738,834 70.77 22,251,349 79.77 
203027,790 27,790 2,104,944 75.74 2,696,419 97.03 
2031— — — — — — 
2032241,672 122,706 10,102,206 82.33 12,894,276 105.08 
Thereafter671,660 569,217 40,378,751 70.94 53,951,826 94.78 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.



41

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Q4 2023
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 2023— — — — — — 
Total 2023— — — — — — 
Q1 202443,540 43,540 3,051,646 70.09 3,245,917 74.55 
Q2 2024— — — — — — 
Q3 202425,347 25,347 1,990,909 78.55 1,990,909 78.55 
Q4 2024176,445 176,445 13,799,140 78.21 13,683,206 77.55 
Total 2024245,332 245,332 18,841,696 76.80 18,920,032 77.12 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 2023— — — — — — 
Total 2023— — — — — — 
Q1 2024— — — — — — 
Q2 2024— — — — — — 
Q3 20242,000 1,000 7,860 7.86 7,860 7.86 
Q4 2024— — — — — — 
Total 20242,000 1,000 7,860 7.86 7,860 7.86 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 2023— — — — — — 
Total 2023— — — — — — 
Q1 202443,540 43,540 3,051,646 70.09 3,245,917 74.55 
Q2 2024— — — — — — 
Q3 202427,347 26,347 1,998,769 75.86 1,998,769 75.86 
Q4 2024176,445 176,445 13,799,140 78.21 13,683,206 77.55 
Total 2024247,332 246,332 18,849,556 76.52 18,927,892 76.84 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.


42

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Q4 2023
Lease expirations - New York region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202317,441 10,815 1,044,851 96.61 1,044,851 96.61 
4
2024811,272 677,906 43,261,648 63.82 43,732,729 64.51 
20251,081,400 768,532 64,220,554 83.56 64,486,954 83.91 
2026717,493 551,852 42,399,371 76.83 40,911,146 74.13 
2027425,717 354,611 26,537,700 74.84 27,053,384 76.29 
2028634,922 438,896 40,259,848 91.73 41,490,471 94.53 
2029817,446 784,988 72,136,698 91.90 77,312,738 98.49 
2030744,480 692,715 63,429,326 91.57 68,418,990 98.77 
2031397,288 347,169 26,481,897 76.28 28,128,955 81.02 
2032256,195 166,744 11,875,075 71.22 12,360,979 74.13 
Thereafter4,955,870 3,503,809 333,785,940 95.26 397,535,956 113.46 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2023— — — — — — 
202413,330 13,330 2,153,543 161.56 2,183,243 163.78 

20254,179 4,179 420,000 100.50 480,000 114.86 
202630,878 25,451 14,211,332 558.38 15,009,693 589.75 
2027— — — — — — 
20282,424 647 194,807 301.11 210,981 326.11 
20298,463 4,557 1,495,148 328.10 1,706,506 374.48 
20302,895 2,053 689,805 336.06 805,544 392.45 
203111,561 8,051 1,088,459 135.20 1,267,587 157.44 
203212,182 11,064 984,020 88.94 1,224,422 110.67 
Thereafter269,160 159,507 43,373,825 271.92 54,148,574 339.47 


TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202317,441 10,815 1,044,851 96.61 1,044,851 96.61 
4
2024824,602 691,236 45,415,191 65.70 45,915,972 66.43 
20251,085,579 772,711 64,640,554 83.65 64,966,954 84.08 
2026748,371 577,303 56,610,703 98.06 55,920,839 96.87 
2027425,717 354,611 26,537,700 74.84 27,053,384 76.29 
2028637,346 439,543 40,454,655 92.04 41,701,452 94.87 
2029825,909 789,545 73,631,846 93.26 79,019,244 100.08 
2030747,375 694,768 64,119,131 92.29 69,224,534 99.64 
2031408,849 355,220 27,570,356 77.61 29,396,542 82.76 
2032268,377 177,808 12,859,095 72.32 13,585,401 76.40 
Thereafter5,225,030 3,663,316 377,159,765 102.96 451,684,530 123.30 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


43

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Q4 2023
Quarterly lease expirations - New York region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202317,441 10,815 1,044,851 96.61 1,044,851 96.61 
4
Total 202317,441 10,815 1,044,851 96.61 1,044,851 96.61 
Q1 2024299,672 296,074 11,360,497 38.37 11,360,497 38.37 

Q2 2024239,129 134,622 11,933,784 88.65 12,448,571 92.47 
Q3 2024189,364 167,953 13,368,023 79.59 13,372,656 79.62 
Q4 202483,107 79,256 6,599,344 83.27 6,551,005 82.66 
Total 2024811,272 677,906 43,261,648 63.82 43,732,729 64.51 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 2023— — — — — — 
Total 2023— — — — — — 
Q1 202411,258 11,258 1,817,495 161.44 1,817,495 161.44 
Q2 20242,072 2,072 336,048 162.19 365,748 176.52 
Q3 2024— — — — — — 
Q4 2024— — — — — — 
Total 202413,330 13,330 2,153,543 161.56 2,183,243 163.78 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202317,441 10,815 1,044,851 96.61 1,044,851 96.61 
4
Total 202317,441 10,815 1,044,851 96.61 1,044,851 96.61 
Q1 2024310,930 307,332 13,177,992 42.88 13,177,992 42.88 

Q2 2024241,201 136,694 12,269,832 89.76 12,814,319 93.74 
Q3 2024189,364 167,953 13,368,023 79.59 13,372,656 79.62 
Q4 202483,107 79,256 6,599,344 83.27 6,551,005 82.66 
Total 2024824,602 691,236 45,415,191 65.70 45,915,972 66.43 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.



44

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Q4 2023
Lease expirations - San Francisco region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202342,654 40,467 4,264,287 105.38 4,264,287 105.38 
4
2024565,515 514,390 38,584,176 75.01 37,301,651 72.52 

2025667,790 637,104 49,314,446 77.40 51,029,812 80.10 
2026679,126 588,034 53,178,912 90.44 55,089,965 93.69 
2027528,415 517,451 49,880,471 96.40 53,346,545 103.09 
2028618,063 588,076 53,429,480 90.85 59,066,012 100.44 
2029358,898 334,394 31,482,283 94.15 35,791,695 107.03 
2030359,484 347,871 32,551,229 93.57 38,124,650 109.59 
20311,079,820 935,512 97,626,834 104.36 109,458,495 117.00 
2032307,574 277,057 24,378,029 87.99 30,534,962 110.21 
Thereafter929,778 929,778 92,905,713 99.92 110,833,794 119.20 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2023792 792 82,234 103.83 82,234 103.83 
4
20244,634 4,634 347,404 74.97 347,404 74.97 
202528,108 28,108 2,224,002 79.12 2,278,955 81.08 
202615,810 15,810 753,857 47.68 985,484 62.33 
202714,945 14,945 646,530 43.26 757,128 50.66 
202814,965 14,965 1,052,905 70.36 1,086,618 72.61 
20293,403 3,403 314,295 92.36 349,835 102.80 
20306,567 6,567 772,855 117.69 875,699 133.35 
203114,256 10,902 574,328 52.68 593,962 54.48 
20326,357 6,357 430,397 67.70 490,816 77.21 
Thereafter36,557 36,557 2,860,701 78.25 3,258,615 89.14 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202343,446 41,259 4,346,521 $105.35 4,346,521 105.35 
4
2024570,149 519,024 38,931,580 75.01 37,649,055 72.54 

2025695,898 665,212 51,538,448 77.48 53,308,767 80.14 
2026694,936 603,844 53,932,769 89.32 56,075,449 92.86 
2027543,360 532,396 50,527,001 94.90 54,103,673 101.62 
2028633,028 603,041 54,482,385 90.35 60,152,630 99.75 
2029362,301 337,797 31,796,578 94.13 36,141,530 106.99 
2030366,051 354,438 33,324,084 94.02 39,000,349 110.03 
20311,094,076 946,414 98,201,162 103.76 110,052,457 116.28 
2032313,931 283,414 24,808,426 87.53 31,025,778 109.47 
Thereafter966,335 966,335 95,766,414 99.10 114,092,409 118.07 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.



45

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Q4 2023
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202342,654 40,467 4,264,287 105.38 4,264,287 105.38 
4
Total 202342,654 40,467 4,264,287 105.38 4,264,287 105.38 
Q1 202457,889 36,998 2,751,086 74.36 2,751,086 74.36 
Q2 2024276,834 267,113 18,301,256 68.52 16,736,394 62.66 
Q3 202446,972 36,300 2,525,087 69.56 2,551,624 70.29 
Q4 2024183,820 173,980 15,006,747 86.26 15,262,546 87.73 
Total 2024565,515 514,390 38,584,176 75.01 37,301,651 72.52 


RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 2023792 792 82,234 103.83 82,234 103.83 
4
Total 2023792 792 82,234 103.83 82,234 103.83 
Q1 20242,813 2,813 317,404 112.83 317,404 112.83 
Q2 20241,821 1,821 30,000 16.47 30,000 16.47 
Q3 2024— — — — — — 
Q4 2024— — — — — — 
Total 20244,634 4,634 347,404 74.97 347,404 74.97 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202343,446 41,259 4,346,521 105.35 4,346,521 105.35 
4
Total 202343,446 41,259 4,346,521 105.35 4,346,521 105.35 
Q1 202460,702 39,811 3,068,490 77.08 3,068,490 77.08 
Q2 2024278,655 268,934 18,331,256 68.16 16,766,394 62.34 
Q3 202446,972 36,300 2,525,087 69.56 2,551,624 70.29 
Q4 2024183,820 173,980 15,006,747 86.26 15,262,546 87.73 
Total 2024570,149 519,024 38,931,580 75.01 37,649,055 72.54 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.



46

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Q4 2023
Lease expirations - Seattle region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202318,272 6,152 293,197 47.66 293,197 47.66 
4
202425,444 24,802 1,285,832 51.84 1,286,247 51.86 
202532,959 16,876 975,136 57.78 997,265 59.09 
202634,510 33,642 2,010,841 59.77 2,093,885 62.24 
202776,817 73,898 4,399,412 59.53 4,667,274 63.16 
2028646,975 310,444 17,291,307 55.70 18,631,669 60.02 
2029254,663 234,605 13,874,959 59.14 15,003,079 63.95 
203033,054 33,054 2,032,630 61.49 2,281,026 69.01 
20314,742 1,597 90,014 56.38 106,283 66.57 
203264,737 51,388 3,809,661 74.14 4,591,102 89.34 
Thereafter40,529 13,646 695,952 51.00 963,360 70.60 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2023— — — — — — 
2024— — — — — — 
2025— — — — — — 
20263,686 1,241 94,674 76.28 94,674 76.28 
2027— — — — — — 
2028945 945 52,739 55.81 57,181 60.51 
20291,040 350 6,303 18.00 7,306 20.87 
2030— — — — — — 
20313,048 3,048 190,425 62.48 223,130 73.21 
2032— — — — — — 
Thereafter3,718 3,718 66,924 18.00 88,790 23.88 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202318,272 6,152 293,197 47.66 293,197 47.66 
4
202425,444 24,802 1,285,832 51.84 1,286,247 51.86 
202532,959 16,876 975,136 57.78 997,265 59.09 
202638,196 34,883 2,105,515 60.36 2,188,559 62.74 
202776,817 73,898 4,399,412 59.53 4,667,274 63.16 
2028647,920 311,389 17,344,046 55.70 18,688,850 60.02 
2029255,703 234,955 13,881,262 59.08 15,010,385 63.89 
203033,054 33,054 2,032,630 61.49 2,281,026 69.01 
20317,790 4,645 280,439 60.37 329,413 70.92 
203264,737 51,388 3,809,661 74.14 4,591,102 89.34 
Thereafter44,247 17,364 762,876 43.93 1,052,150 60.59 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

47

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Q4 2023
Quarterly lease expirations - Seattle region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202318,272 6,152 293,197 47.66 293,197 47.66 
4
Total 202318,272 6,152 293,197 47.66 293,197 47.66 
Q1 202422,104 22,104 1,118,268 50.59 1,118,268 50.59 
Q2 2024— — — — — — 
Q3 2024— — — — — — 
Q4 20243,340 2,698 167,564 62.11 167,979 62.26 
Total 202425,444 24,802 1,285,832 51.84 1,286,247 51.86 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 2023— — — — — — 
Total 2023— — — — — — 
Q1 2024— — — — — — 
Q2 2024— — — — — — 
Q3 2024— — — — — — 
Q4 2024— — — — — — 
Total 2024— — — — — — 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202318,272 6,152 293,197 47.66 293,197 47.66 
4
Total 202318,272 6,152 293,197 47.66 293,197 47.66 
Q1 202422,104 22,104 1,118,268 50.59 1,118,268 50.59 
Q2 2024— — — — — — 
Q3 2024— — — — — — 
Q4 20243,340 2,698 167,564 62.11 167,979 62.26 
Total 202425,444 24,802 1,285,832 51.84 1,286,247 51.86 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

48

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Q4 2023
Lease expirations - Washington, DC region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202338,767 38,767 686,881 17.72 686,881 17.72 
4
2024432,260 419,619 20,643,168 49.20 20,986,639 50.01 
2025249,556 204,875 13,379,484 65.31 13,904,032 67.87 
2026325,342 261,272 17,495,772 66.96 18,435,214 70.56 
2027558,326 421,118 24,649,117 58.53 26,535,368 63.01 
2028161,174 157,429 9,686,632 61.53 10,699,951 67.97 
2029616,821 586,969 31,876,301 54.31 36,337,304 61.91 
2030146,572 108,147 6,314,640 58.39 7,379,899 68.24 
2031161,273 143,988 7,871,777 54.67 9,069,465 62.99 
2032790,316 769,505 52,474,530 68.19 61,370,049 79.75 
Thereafter3,978,321 3,345,192 194,285,352 58.08 245,357,722 73.35 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202310,193 9,717 152,682 15.71 152,682 15.71 
4
202417,264 17,264 934,154 54.11 934,154 54.11 
202531,471 23,091 1,710,458 74.08 1,698,721 73.57 
202636,085 33,061 1,968,667 59.55 1,963,571 59.39 
202745,546 41,444 2,816,291 67.95 2,917,030 70.39 
202829,117 29,117 2,279,296 78.28 2,339,259 80.34 
202929,852 29,852 2,588,090 86.70 3,379,693 113.21 
203030,508 30,508 1,898,506 62.23 2,193,725 71.91 
203126,042 24,627 1,744,903 70.85 1,953,379 79.32 
203217,703 17,703 1,176,107 66.44 1,276,049 72.08 
Thereafter277,576 271,568 9,779,554 36.01 12,078,035 44.48 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202348,960 48,484 839,563 17.32 839,563 17.32 
4
2024449,524 436,883 21,577,322 49.39 21,920,793 50.18 
2025281,027 227,966 15,089,942 66.19 15,602,753 68.44 
2026361,427 294,333 19,464,439 66.13 20,398,785 69.31 
2027603,872 462,562 27,465,408 59.38 29,452,398 63.67 
2028190,291 186,546 11,965,928 64.14 13,039,210 69.90 
2029646,673 616,821 34,464,391 55.87 39,716,997 64.39 
2030177,080 138,655 8,213,146 59.23 9,573,624 69.05 
2031187,315 168,615 9,616,680 57.03 11,022,844 65.37 
2032808,019 787,208 53,650,637 68.15 62,646,098 79.58 
Thereafter4,255,897 3,616,760 204,064,906 56.42 257,435,757 71.18 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.


49

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Q4 2023
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3
as of December 31, 2023


OFFICE
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202338,767 38,767 686,881 17.72 686,881 17.72 
4
Total 202338,767 38,767 686,881 17.72 686,881 17.72 
Q1 202430,429 24,830 1,083,310 43.63 1,083,310 43.63 
Q2 202441,509 41,509 2,013,621 48.51 2,050,711 49.40 
Q3 202480,518 73,475 3,599,240 48.99 3,679,275 50.08 
Q4 2024279,804 279,804 13,946,998 49.85 14,173,343 50.65 
Total 2024432,260 419,619 20,643,168 49.20 20,986,639 50.01 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202310,193 9,717 152,682 15.71 152,682 15.71 
4
Total 202310,193 9,717 152,682 15.71 152,682 15.71 
Q1 20241,921 1,921 40,950 21.32 40,950 21.32 
Q2 20244,466 4,466 370,117 82.87 370,117 82.87 
Q3 20241,702 1,702 142,348 83.64 142,348 83.64 
Q4 20249,175 9,175 380,739 41.50 380,739 41.50 
Total 202417,264 17,264 934,154 54.11 934,154 54.11 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2023— — — — — — 
Q2 2023— — — — — — 
Q3 2023— — — — — — 
Q4 202348,960 48,484 839,563 17.32 839,563 17.32 
4
Total 202348,960 48,484 839,563 17.32 839,563 17.32 
Q1 202432,350 26,751 1,124,260 42.03 1,124,260 42.03 
Q2 202445,975 45,975 2,383,738 51.85 2,420,828 52.66 
Q3 202482,220 75,177 3,741,588 49.77 3,821,623 50.84 
Q4 2024288,979 288,979 14,327,737 49.58 14,554,082 50.36 
Total 2024449,524 436,883 21,577,322 49.39 21,920,793 50.18 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space. Does not include residential units.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

50

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Q4 2023
Lease expirations - CBD properties 1, 2, 3
as of December 31, 2023


Boston
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202326,759 26,759 1,638,150 61.22 1,638,150 61.22 
4
2024210,384 175,870 12,789,677 72.72 13,361,640 75.97 

2025340,202 310,743 25,852,095 83.19 26,284,443 84.59 
2026578,632 545,770 43,864,716 80.37 44,998,263 82.45 
2027497,297 483,182 43,933,965 90.93 48,185,381 99.73 
2028808,536 785,709 81,552,714 103.80 87,898,259 111.87 
2029799,837 665,001 50,448,199 75.86 60,135,195 90.43 
20301,393,910 1,351,937 96,407,338 71.31 103,677,982 76.69 
203143,944 37,448 3,141,632 83.89 3,587,464 95.80 
2032440,634 440,043 36,787,927 83.60 41,165,257 93.55 
Thereafter5,068,355 4,055,671 339,597,818 83.73 431,491,197 106.39 

Los Angeles
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2023— — — — — — 
2024247,332 246,332 18,849,556 76.52 18,927,892 76.84 
202547,039 46,154 4,973,190 107.75 5,133,434 111.22 
20264,573 4,573 314,583 68.79 342,060 74.80 
202728,614 28,614 1,733,441 60.58 1,947,462 68.06 
2028246,857 149,060 12,072,212 80.99 13,760,126 92.31 
2029453,889 278,933 19,738,834 70.77 22,251,349 79.77 
203027,790 27,790 2,104,944 75.74 2,696,419 97.03 
2031— — — — — — 
2032241,672 122,706 10,102,206 82.33 12,894,276 105.08 
Thereafter671,660 569,217 40,378,752 70.94 53,951,825 94.78 

New York
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202317,441 10,815 1,044,851 96.61 1,044,851 96.61 
4
2024429,031 295,665 30,755,412 104.02 31,250,372 105.70 

2025830,260 517,392 54,520,762 105.38 54,708,532 105.74 
2026466,237 295,169 45,163,084 153.01 44,117,983 149.47 
2027227,662 156,556 19,129,970 122.19 19,363,011 123.68 
2028579,222 381,419 38,317,361 100.46 39,423,747 103.36 
2029634,613 598,249 65,794,173 109.98 71,164,978 118.96 
2030700,201 647,594 62,328,083 96.25 67,291,964 103.91 
2031247,573 193,944 20,953,833 108.04 22,443,053 115.72 
2032213,067 122,499 10,825,837 88.38 11,330,904 92.5 
Thereafter5,087,951 3,526,237 371,832,616 105.45 445,585,248 126.36 
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Q4 2023
Lease expirations - CBD properties (continued) 1, 2, 3
as of December 31, 2023


San Francisco
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202317,987 17,987 2,301,448 127.95 2,301,448 127.95 
4
2024432,164 432,164 34,829,820 80.59 33,507,795 77.53 
2025299,631 299,631 27,268,790 91.01 28,194,996 94.10 
2026477,155 477,155 44,227,813 92.69 45,990,146 96.38 
2027439,091 439,091 43,501,610 99.07 46,517,944 105.94 
2028540,064 540,064 50,866,347 94.19 56,049,337 103.78 
2029284,098 284,098 29,778,207 104.82 33,797,025 118.96 
2030290,296 290,296 29,413,979 101.32 34,329,363 118.26 
2031803,362 803,362 86,114,822 107.19 95,607,780 119.01 
2032252,896 252,896 22,959,690 90.79 28,900,327 114.28 
Thereafter966,335 966,335 95,766,414 99.10 114,092,409 118.07 

Seattle, WA
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202318,272 6,152 293,197 47.66 293,197 47.66 
4
202425,444 24,802 1,285,832 51.84 1,286,247 51.86 
202532,959 16,876 975,136 57.78 997,265 59.09 
202638,196 34,883 2,105,516 60.36 2,188,559 62.74 
202776,817 73,898 4,399,412 59.53 4,667,274 63.16 
2028647,920 311,389 17,344,046 55.70 18,688,850 60.02 
2029255,703 234,955 13,881,262 59.08 15,010,385 63.89 
203033,054 33,054 2,032,630 61.49 2,281,026 69.01 
20317,790 4,645 280,438 60.38 329,413 70.92 
203264,737 51,388 3,809,661 74.14 4,591,102 89.34 
Thereafter44,247 17,364 762,876 43.93 1,052,150 60.59 

Washington, DC
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2023635 159 6,863 43.23 6,863 43.23 
4
202437,330 24,689 1,223,713 49.57 1,236,408 50.08 
2025135,656 82,595 7,458,436 90.30 7,709,791 93.34 
2026169,935 102,841 9,208,037 89.54 9,583,409 93.19 
2027216,934 75,623 6,007,235 79.44 6,321,108 83.59 
202874,058 70,313 5,250,754 74.68 5,732,623 81.53 
202981,807 51,955 3,759,849 72.37 4,173,935 80.34 
203072,929 34,504 2,251,628 65.26 2,766,199 80.17 
203189,259 70,559 4,160,760 58.97 4,664,416 66.11 
2032311,503 290,692 22,241,560 76.51 25,474,487 87.63 
Thereafter1,094,477 823,126 58,527,660 71.10 74,610,191 90.64 

_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.
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Q4 2023
Lease expirations - Suburban properties 1, 2, 3
as of December 31, 2023


Boston
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20235,711 5,711 285,734 50.03 285,734 50.03 
4
2024348,756 348,756 18,246,900 52.32 18,295,624 52.46 
2025667,702 667,702 36,715,515 54.99 37,060,387 55.50 
2026256,101 256,101 14,856,765 58.01 16,206,841 63.28 
2027269,606 269,606 15,682,074 58.17 16,072,087 59.61 
2028253,199 253,199 13,972,718 55.18 14,807,333 58.48 
2029474,664 474,664 23,157,356 48.79 26,469,220 55.76 
2030180,007 180,007 9,525,973 52.92 10,694,244 59.41 
2031571,925 511,585 32,098,462 62.74 35,424,515 69.24 
2032153,189 153,189 15,925,498 103.96 18,997,804 124.02 
Thereafter667,028 667,028 42,066,310 63.07 50,538,837 75.77 

New York
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2023— — — — — — 
2024395,571 395,571 14,659,780 37.06 14,665,600 37.07 
2025255,319 255,319 10,119,792 39.64 10,258,422 40.18 
2026282,134 282,134 11,447,619 40.58 11,802,855 41.83 
2027198,055 198,055 7,407,730 37.40 7,690,373 38.83 
202858,124 58,124 2,137,294 36.77 2,277,705 39.19 
2029191,296 191,296 7,837,674 40.97 7,854,267 41.06 
203047,174 47,174 1,791,048 37.97 1,932,570 40.97 
2031161,276 161,276 6,616,523 41.03 6,953,489 43.12 
203255,310 55,310 2,033,258 36.76 2,254,498 40.76 
Thereafter137,079 137,079 5,327,148 38.86 6,099,283 44.49 

San Francisco
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202325,459 23,272 2,045,073 87.88 2,045,073 87.88 
4
2024137,985 86,860 4,101,760 47.22 4,141,261 47.68 
2025396,267 365,581 24,269,658 66.39 25,113,771 68.70 
2026217,781 126,689 9,704,955 76.60 10,085,304 79.61 
2027104,269 93,305 7,025,391 75.30 7,585,729 81.30 
202892,964 62,977 3,616,038 57.42 4,103,294 65.16 
202978,203 53,699 2,018,370 37.59 2,344,505 43.66 
203075,755 64,142 3,910,104 60.96 4,670,986 72.82 
2031290,714 143,051 12,086,340 84.49 14,444,677 100.98 
203261,035 30,518 1,848,736 60.58 2,125,451 69.65 
Thereafter— — — — — — 
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Q4 2023
Lease expirations - Suburban properties (continued) 1, 2, 3
as of December 31, 2023


Washington, DC
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
202348,325 48,325 832,701 17.23 832,701 17.23 
4
2024412,194 412,194 20,353,609 49.38 20,684,386 50.18 
2025145,371 145,371 7,631,506 52.50 7,892,962 54.30 
2026191,492 191,492 10,256,401 53.56 10,815,376 56.48 
2027386,938 386,938 21,458,173 55.46 23,131,290 59.78 
2028116,233 116,233 6,715,174 57.77 7,306,587 62.86 
2029564,866 564,866 30,704,542 54.36 35,543,062 62.92 
2030104,151 104,151 5,961,517 57.24 6,807,426 65.36 
203198,056 98,056 5,455,921 55.64 6,358,429 64.84 
2032496,516 496,516 31,409,077 63.26 37,171,612 74.86 
Thereafter3,161,420 2,793,634 145,537,246 52.10 182,825,566 65.44 







































_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.
2Includes partially placed in-service leased space. Does not include residential units and hotel.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

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Q4 2023
Research coverage
With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by the analysts listed below do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference below imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.
Equity Research Coverage
Argus Research CompanyMarie Ferguson646.747.5447
Bank of America Merrill LynchJeffrey Spector / Camille Bonnel646.855.1363 / 416.369.2140
BarclaysAnthony Powell 212.526.8768
BMO CapitalJohn Kim212.885.4115
BTIGTom Catherwood212.738.6140
CitiNicholas Joseph / Michael Griffin212.816.1909 / 212.816.5871
Compass Point Research & Trading, LLCFloris van Dijkum646.757.2621
Deutsche BankOmotayo Okusanya212.250.9284
Evercore ISISteve Sakwa212.446.9462
Goldman Sachs Caitlin Burrows212.902.4736
Green Street AdvisorsDylan Burzinski949.640.8780
Jefferies & Co.Peter Abramowitz212.336.7241
J.P. Morgan SecuritiesAnthony Paolone212.622.6682
Keybanc Capital MarketTodd Thomas/Upal Rana917.368.2286 / 917.368.2316
Mizuho SecuritiesVikram Malhotra212.209.9300
Morgan StanleyRonald Kamdem212.296.8319
Piper Sandler CompaniesAlexander Goldfarb 212.466.7937
Scotiabank GBMNicholas Yulico212.225.6904
Truist SecuritiesMichael Lewis212.319.5659
UBS US Equity Research
Michael Goldsmith212.713.2951
WedbushRichard Anderson212.938.9949
Wells Fargo SecuritiesBlaine Heck443.263.6529
Wolfe ResearchAndrew Rosivach646.582.9250
Debt Research Coverage
BarclaysSrinjoy Banerjee212.526.3521
J.P. Morgan SecuritiesMark Streeter212.834.5086
US BankBill Stafford877.558.2605
Wells FargoKevin McClure704.410.1100
Rating Agencies
Moody’s Investors ServiceChristian Azzi212.553.7718
Standard & Poor’sHannah Gray212.438.0244


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Q4 2023
Definitions
This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents the Company files or furnishes to the SEC from time to time.
The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 60.
The Company may also present "BXP's Share" of certain operating metrics, such as occupancy and leased percentages based upon square footage. Amounts are calculated based on our consolidated portfolio square feet, plus our share of the square feet from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners’ share of square feet from our consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests).
Annualized Rental Obligations
Annualized Rental Obligations is defined as monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12).
Average Economic Occupancy
Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.
Average Monthly Rental Rates
Average Monthly Rental Rates are calculated by the Company as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP by (B) the number of occupied units for each month within the applicable fiscal period.
Average Physical Occupancy
Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.
Debt to Market Capitalization Ratio
Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, (5) common units issuable upon conversion of 2013 MYLTIP Units that were issued in the form of LTIP Units, (6) common units issuable upon conversion of 2014 MYLTIP Units that were issued in the form of LTIP Units, (7) common units issuable upon conversion of 2015 MYLTIP Units that were issued in the form of LTIP Units, (8) common units issuable upon conversion of 2016 MYLTIP Units that were issued in the form of LTIP Units, (9) on and after February 6, 2020, which was the end of the performance period for 2017 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2017 MYLTIP Units that were issued in the form of LTIP Units, (10) on and after February 5, 2021, which was the end of the performance period for 2018 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2018 MYLTIP Units that were issued in the form of LTIP Units, (11) on and after February 4, 2022, which was the end of the performance period for 2019 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2019 MYLTIP Units and (12) on and after February 3, 2023, which was the end of the performance period for 2020 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2020 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2021, 2022 and 2023 MYLTIP Units are not included.
The Company also presents BXP’s Share of Market Capitalization, which is calculated in a similar manner, except that BXP’s Share of Debt is utilized instead of the Company’s Consolidated Debt in both the numerator and the denominator. The Company presents these ratios because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and do not necessarily reflect the Company’s capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like Boston Properties, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are
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Q4 2023
Definitions (continued)

evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), the Company calculates EBITDAre as net income (loss) attributable to Boston Properties, Inc, the most directly comparable GAAP financial measure, plus net (income) loss attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment loss and adjustments to reflect the Company’s share of EBITDAre from unconsolidated joint ventures less gains (losses) on sales of real estate and sales-type leases. EBITDAre is a non-GAAP financial measure. The Company uses EBITDAre internally as a performance measure and believes EBITDAre provides useful information to investors regarding its financial condition and results of operations at the corporate level because, when compared across periods, EBITDAre reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and acquisition and development activities on an unleveraged basis, providing perspective not immediately apparent from net income (loss) attributable to Boston Properties, Inc.
In some cases the Company also presents (A) BXP’s Share of EBITDAre – cash, which is BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion of sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements, and (B) Annualized EBITDAre, which is EBITDAre for the applicable fiscal quarter ended multiplied by four (4). Presenting BXP’s Share of EBITDAre – cash allows investors to compare EBITDAre across periods without taking into account the effect of certain non-cash rental revenues, ground rent expense and stock based compensation expense. Similar to depreciation and amortization, because of historical cost accounting, fair value lease revenue may distort operating performance measures at the property level. Additionally, presenting EBITDAre excluding the impact of straight-line rent provides investors with an alternative view of operating performance at the property level that more closely reflects rental revenue generated at the property level without regard to future contractual increases in rental rates. In addition, the Company’s management believes that the presentation of Annualized EBITDAre provides useful information to investors regarding the Company’s results of operations because it enables investors to more easily compare quarterly EBITDAre to EBITDAre from full fiscal years.
The Company’s computation of EBITDAre may not be comparable to EBITDAre reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  The Company believes that in order to facilitate a clear understanding of its operating results, EBITDAre should be examined in conjunction with net income (loss) attributable to Boston Properties, Inc. as presented in the Company’s consolidated financial statements. EBITDAre should not be considered a substitute to net income (loss) attributable to Boston Properties, Inc. in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
Fixed Charge Coverage Ratio
Fixed Charge Coverage Ratio equals BXP’s Share of EBITDAre – cash divided by Total Fixed Charges. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense, stock-based compensation expense and lease transaction costs that qualify as rent inducements. Total Fixed Charges is also a non-GAAP financial measure equal to the sum of BXP’s Share of interest expense, capitalized interest, maintenance capital expenditures, hotel improvements, equipment upgrades and replacements and preferred dividends/distributions less hedge amortization and amortization of financing costs. The Company believes that the presentation of its Fixed Charge Coverage Ratio provides investors with useful information about the Company’s financial performance as it relates to overall financial flexibility and balance sheet management. Furthermore, the Company believes that the Fixed Charge Coverage Ratio is frequently used by analysts, rating agencies and other interested parties in the evaluation of the Company’s performance as a REIT and, as a result, by presenting the Fixed Charge Coverage Ratio the Company assists these parties in their evaluations.  The Company’s calculation of its Fixed Charge Coverage Ratio may not be comparable to the ratios reported by other REITs or real estate companies that define the term differently and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.
Funds Available for Distribution (FAD) and FAD Payout Ratio
In addition to FFO, which is defined on the following page, the Company presents Funds Available for Distribution to common shareholders and common unitholders (FAD), which is a non-GAAP financial measure that is calculated by (1) adding to FFO lease transaction costs that qualify as rent inducements, non-real estate depreciation and amortization, non-cash losses (gains) from early extinguishments of debt, stock-based compensation expense, partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences) and unearned portion of capitalized fees, (2) eliminating the effects of straight-line rent, straight-line ground rent expense adjustment (excluding prepaid ground rent expense), hedge amortization, fair value interest adjustment, fair value lease revenue and amortization and accretion related to sales type lease receivable, and (3) subtracting maintenance capital expenditures, hotel improvements, equipment upgrades and replacements, 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences), non-cash termination income adjustment (fair value lease amounts) and impairments of non-depreciable real estate. The Company believes that the presentation of FAD provides useful information to investors regarding the Company’s results of operations because FAD provides supplemental information regarding the Company’s operating performance that would not otherwise be available and may be useful to investors in assessing the Company’s operating performance. Additionally, although the Company does not consider FAD to be a liquidity measure, as it does not make adjustments to reflect changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, the Company believes that FAD may provide investors with useful supplemental information regarding the Company’s ability to generate cash from its operating performance and the impact of the Company’s operating performance on its ability to make distributions to its shareholders. Furthermore, the Company believes that FAD is frequently used by analysts, investors and other interested parties in the evaluation of its performance as a REIT and, as a result, by presenting FAD the Company is assisting these parties in their evaluation. FAD should not be considered as a substitute for net income (loss) attributable to Boston Properties, Inc.’s co determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.
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Q4 2023
Definitions (continued)

Funds from Operations (FFO)
Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties or a change in control, impairment losses on depreciable real estate consolidated on the Company’s balance sheet, impairment losses on its investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but the Company believes the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing the Company’s operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.
The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income (loss) attributable to Boston Properties, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income (loss) attributable to Boston Properties, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
In-Service Properties
The Company treats a property as being “in-service” upon the earlier of (1) lease-up and completion of tenant improvements or (2) one year after cessation of major construction activity as determined under GAAP. The determination as to when an entire property should be treated as “in-service” involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics, the Company specifies a single date for treating a property as “in-service,” which is generally later than the date the property is partially placed in-service under GAAP. Under GAAP, a property may be placed in-service in stages as construction is completed and the property is held available for occupancy. In addition, under GAAP, when a portion of a property has been substantially completed and either occupied or held available for occupancy, the Company ceases capitalizing costs on that portion, even though it may not treat the property as being “in-service,” and continues to capitalize only those costs associated with the portion still under construction. In-service properties include properties held by the Company’s unconsolidated joint ventures. A property will no longer be considered “in-service” when the occupied percentage is below 50% and the Company is no longer actively leasing the property in anticipation of a future development/redevelopment.
Interest Coverage Ratio
Interest Coverage Ratio, calculated including and excluding capitalized interest, is a non-GAAP financial measure equal to BXP’s Share of EBITDAre cash divided by Adjusted interest expense. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements. Adjusted interest expense excluding capitalized interest is equal to BXP’s Share of interest expense less (1) BXP’s Share of hedge amortization, (2) BXP’s Share of fair value interest adjustment and (3) BXP’s Share of amortization of financing costs. Adjusted interest expense including capitalized interest is calculated in the same manner but adds back BXP’s Share of capitalized interest. The Company believes that the presentation of its Interest Coverage Ratio provides useful information about the Company’s financial condition because it provides investors additional information on the Company’s ability to meet its debt obligations and incur additional indebtedness. In addition, by analyzing interest coverage ratios over a period of time, trends may emerge that provide investors a better sense of whether a company’s financial condition is improving or declining. The ratios may also be used to compare the financial condition of different companies, which can help when making an investment decision. The Company presents its Interest Coverage Ratio in two ways - including capitalized interest and excluding capitalized interest. GAAP requires the capitalization of interest expense during development. Therefore, for a company like Boston Properties, Inc. that is an active developer of real estate, presenting the Interest Coverage Ratio (excluding capitalized interest) provides an alternative measure of financial condition that may be more indicative of the Company’s ability to meet its interest expense obligations and therefore its overall financial condition. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.
Market Rents
Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could therefore vary materially. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.
Net Debt
Net Debt is equal to (A) the Company’s consolidated debt plus special dividends payable (if any) less (B) cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) (if any). The Company believes that the presentation of Net Debt provides useful information to investors because the Company reviews Net Debt as part of the management of its overall financial flexibility, capital structure and leverage. In particular, Net Debt is an important component of the Company’s ratio of BXP’s Share of Net Debt to BXP’s Share of EBITDAreBXP’s Share of Net Debt is calculated in a similar manner to Net Debt, except that (1) BXP’s Share of Debt is utilized instead of the Company’s consolidated debt after eliminating BXP’s Share of the related party note receivable and (2) BXP’s Share of cash is utilized instead of consolidated cash. The Company believes BXP’s Share of Net Debt to BXP’s Share of EBITDAre is useful to investors because it provides an alternative measure of the Company’s financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company’s Net Debt as part of their assessments of its business. The Company may utilize a considerable portion of its cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) may not be solely controlled by the Company. The deduction of these items from consolidated debt in the calculation of Net Debt therefore should not be understood to mean that these items are available exclusively for debt reduction at any given time.

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Q4 2023
Definitions (continued)

Net Operating Income/(Loss) (NOI)
Net operating income/(loss) (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to Boston Properties, Inc., the most directly comparable GAAP financial measure, plus (1) net (income) loss attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, losses from interest rate contracts, unrealized loss on non-real estate investment, losses from early extinguishments of debt, and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate, gains (losses) from investments in securities, interest and other income (loss), and gain on sales-type lease. In some cases, the Company also presents (1) NOI – cash, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) NOI and NOI – cash, in each case excluding termination income.
The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company’s results of operations and financial condition because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues, amortization and accretion related to sales type lease receivable and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent and amortization and accretion related to sale type lease receivable provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and are not reflective of the core ongoing operating performance of the Company’s properties.
Rental Obligations
Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements.
Rental Revenue
Rental Revenue is equal to Total revenue, the most directly comparable GAAP financial measure, less development and management services revenue and direct reimbursements of payroll and related costs from management services contracts. The Company uses Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods. The Company also presents Rental Revenue (excluding termination income) because termination income can distort the results for any given period because it generally represents multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and does not reflect the core ongoing operating performance of the Company’s properties.
Same Properties
In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired, repositioned or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” Pages 21 - 24 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

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Q4 2023
Reconciliations
(unaudited and in thousands)
BXP’s Share of select items
Three Months Ended
31-Dec-2330-Sep-23
Revenue$828,933 $824,283 
Partners’ share of revenue from consolidated joint ventures (JVs)(81,552)(83,203)
BXP’s share of revenue from unconsolidated JVs63,776 67,723 
BXP’s Share of revenue$811,157 $808,803 
Straight-line rent$29,235 $19,139 
Partners’ share of straight-line rent from consolidated JVs(4,555)(5,994)
BXP’s share of straight-line rent from unconsolidated JVs4,085 3,502 
BXP’s Share of straight-line rent$28,765 $16,647 
Fair value lease revenue 2
$2,518 $2,981 
Partners’ share of fair value lease revenue from consolidated JVs 2
(131)(137)
BXP’s share of fair value lease revenue from unconsolidated JVs 2
1,054 1,063 
BXP’s Share of fair value lease revenue 2
$3,441 $3,907 
Lease termination income$10,485 $2,564 
Partners’ share of termination income from consolidated JVs(135)(129)
BXP’s share of termination income from unconsolidated JVs— 500 
BXP’s Share of termination income$10,350 $2,935 
Non-cash termination income adjustment (fair value lease amounts)$3,129 $— 
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs— — 
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs— — 
BXP’s Share of non-cash termination income adjustment (fair value lease amounts)$3,129 $— 
Parking and other revenue$30,676 $29,649 
Partners’ share of parking and other revenue from consolidated JVs(831)(1,080)
BXP’s share of parking and other revenue from unconsolidated JVs2,407 3,465 
BXP’s Share of parking and other revenue $32,252 $32,034 
Hedge amortization, net of costs$1,590 $1,590 
Partners’ share of hedge amortization, net of costs from consolidated JVs(144)(144)
BXP’s share of hedge amortization, net of costs from unconsolidated JVs584 (1,919)
BXP’s Share of hedge amortization, net of costs$2,030 $(473)
Straight-line ground rent expense adjustment$35 $713 
Partners’ share of straight-line ground rent expense adjustment from consolidated JVs— — 
BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs139 141 
BXP’s Share of straight-line ground rent expense adjustment$174 $854 
Depreciation and amortization$212,067 $207,435 
Noncontrolling interests in property partnerships’ share of depreciation and amortization(19,284)(18,174)
BXP’s share of depreciation and amortization from unconsolidated JVs24,132 25,666 
BXP’s Share of depreciation and amortization$216,915 $214,927 
Lease transaction costs that qualify as rent inducements 3
$1,276 $(5,943)
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 3
(164)(303)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 3
202 283 
BXP’s Share of lease transaction costs that qualify as rent inducements 3
$1,314 $(5,963)
2nd generation tenant improvements and leasing commissions$65,117 $104,872 
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs
(12,582)(25,715)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs
1,174 775 
BXP’s Share of 2nd generation tenant improvements and leasing commissions$53,709 $79,932 
60

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Q4 2023
Reconciliations (continued)
Maintenance capital expenditures 4
$18,302 $19,599 
Partners’ share of maintenance capital expenditures from consolidated JVs 4
(2,918)(2,695)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 4
781 91 
BXP’s Share of maintenance capital expenditures 4
$16,165 $16,995 
Interest expense$155,080 $147,812 
Partners’ share of interest expense from consolidated JVs(12,013)(12,019)
BXP’s share of interest expense from unconsolidated JVs22,718 25,245 
BXP’s Share of interest expense$165,785 $161,038 
Capitalized interest$9,207 $9,676 
Partners’ share of capitalized interest from consolidated JVs(24)(16)
BXP’s share of capitalized interest from unconsolidated JVs2,295 1,922 
BXP’s Share of capitalized interest$11,478 $11,582 
Amortization of financing costs$5,430 $5,121 
Partners’ share of amortization of financing costs from consolidated JVs(498)(498)
BXP’s share of amortization of financing costs from unconsolidated JVs478 641 
BXP’s Share of amortization of financing costs$5,410 $5,264 
Fair value interest adjustment$140 $— 
Partners’ share of fair value of interest adjustment from consolidated JVs— — 
BXP’s share off fair value interest adjustment from unconsolidated JVs499 499 
BXP’s Share of fair value interest adjustment$639 $499 
Amortization and accretion related to sales type lease$238 $233 
Partners’ share of amortization and accretion related to sales type lease from consolidated JVs— — 
BXP’s share off amortization and accretion related to sales type lease from unconsolidated JVs18 — 
BXP’s Share of amortization and accretion related to sales type lease$256 $233 








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

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Q4 2023
Reconciliations (continued)
for the three months ended December 31, 2023
(unaudited and dollars in thousands)
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
CONSOLIDATED JOINT VENTURES100 Federal Street
Atlantic Wharf Office
767 Fifth Avenue343 Madison AvenueTotal Consolidated
(The GM Building)
300 Binney Street 1
Joint Ventures
Revenue
Lease 2
$72,156 $104,283 $176,439 
Straight-line rent7,639 3,330 10,969 
Fair value lease revenue327 — 327 
Termination income— 300 300 
Total lease revenue80,122 107,913 188,035 
Parking and other— 1,846 1,846 
Total rental revenue 3
80,122 109,759 189,881 
Expenses
Operating31,732 39,807 71,539 
Net Operating Income (NOI)48,390 69,952 118,342 
Other income (expense)
Development and management services revenue— 246 246 
Gain from investment in securities
— 
Interest and other income1,468 1,662 3,130 
Interest expense(21,395)(7,687)(29,082)
Depreciation and amortization expense(17,454)(25,943)(43,397)
General and administrative expense(4)(86)(90)
Total other income (expense)(37,385)(31,803)(69,188)
Net income$11,005 $38,149 $49,154 
BXP’s nominal ownership percentage60.00%55.00%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4
$18,730 $30,533 $49,263 
BXP’s share of NOI (after income allocation to private REIT shareholders)$29,660 $39,419 $69,079 
Unearned portion of capitalized fees 5
$93 $468 $561 
Partners’ share of select items 4
Partners’ share of parking and other revenue$— $831 $831 
Partners’ share of hedge amortization$144 $— $144 
Partners’ share of amortization of financing costs$346 $152 $498 
Partners’ share of depreciation and amortization related to capitalized fees$367 $460 $827 
Partners’ share of capitalized interest$— $24 $24 
Partners’ share of lease transaction costs that qualify as rent inducements$— $(164)$(164)
Partners’ share of management and other fees $631 $972 $1,603 
Partners’ share of basis differential depreciation and amortization expense$(24)$(175)$(199)
Partners’ share of basis differential interest and other adjustments$(4)$19 $15 
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI$3,432 $15,892 $19,324 
Add:
Partners’ share of interest expense after BXP’s basis differential8,554 3,459 12,013 
Partners’ share of depreciation and amortization expense after BXP’s basis differential 7,325 11,959 19,284 
Partners’ share of EBITDAre
$19,311 $31,310 $50,621 

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Q4 2023
Reconciliations (continued)
for the three months ended December 31, 2023
(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
100 Federal Street
Atlantic Wharf Office
767 Fifth Avenue343 Madison AvenueTotal Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 6
(The GM Building)
300 Binney Street 1
Joint Ventures
Rental revenue 3
$32,049 $49,392 $81,441 
Less: Termination income— 135 135 
Rental revenue (excluding termination income) 3
32,049 49,257 81,306 
Less: Operating expenses (including partners’ share of management and other fees)13,319 18,880 32,199 
Income allocation to private REIT shareholders— (21)(21)
NOI (excluding termination income and after income allocation to private REIT shareholders) $18,730 $30,398 $49,128 
Rental revenue (excluding termination income) 3
$32,049 $49,257 $81,306 
Less: Straight-line rent3,056 1,499 4,555 
 Fair value lease revenue131 — 131 
Add: Lease transaction costs that qualify as rent inducements— 164 164 
Subtotal28,862 47,922 76,784 
Less: Operating expenses (including partners’ share of management and other fees) 13,319 18,880 32,199 
Income allocation to private REIT shareholders— (21)(21)
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $15,543 $29,063 $44,606 
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3
$32,049 $49,392 $81,441 
Add: Development and management services revenue— 111 111 
Revenue$32,049 $49,503 $81,552 

















_________
1See the Acquisitions and Dispositions section of this Supplemental package on page 13.
2 Lease revenue includes recoveries from clients and service income from clients.
3See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
4Amounts represent the partners’ share based on their respective ownership percentage.
5Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income.
6Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.

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Q4 2023
Reconciliations (continued)
for the three months ended December 31, 2023
(unaudited and dollars in thousands)

UNCONSOLIDATED JOINT VENTURES 1
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
Revenue
Lease 2
$24,991 $31,314 $23,456 $12,120 $6,811 $26,024 $124,716 
Straight-line rent1,354 (680)935 4,164 726 1,297 7,796 
Fair value lease revenue — 96 1,538 17 1,134 — 2,785 
Amortization and accretion related to sales type lease35 — — — — — 35 
Total lease revenue26,380 30,730 25,929 16,301 8,671 27,321 135,332 
Parking and other433 2,562 56 227 555 1,293 5,126 
Total rental revenue 3
26,813 33,292 25,985 16,528 9,226 28,614 140,458 
Expenses
Operating 8,650 14,087 14,023 
4
5,248 3,598 10,536 56,142 
Net operating income/(loss)18,163 19,205 11,962 11,280 5,628 18,078 84,316 
Other income/(expense)
Development and management services revenue— — 453 — — 27 480 
Interest and other income (loss)(51)772 305 142 731 1,905 
Interest expense(11,516)(10,618)(13,576)— (4,295)(10,746)(50,751)
Unrealized loss on derivative instruments— — (20,671)— — — (20,671)
Transaction costs(122)— — — — — (122)
Depreciation and amortization expense(8,464)(11,241)(8,613)(6,193)(4,471)(7,195)(46,177)
General and administrative expense(3)(229)(181)(5)— (39)(457)
Gain on sales-type lease2,737 — — — — — 2,737 
Total other income/(expense)(17,419)(21,316)(42,283)(6,192)(8,624)(17,222)(113,056)
Net income/(loss)$744 $(2,111)$(30,321)$5,088 $(2,996)$856 $(28,740)
BXP’s share of select items:
BXP’s share of parking and other revenue$217 $1,305 $28 $114 $187 $556 
5
$2,407 
BXP’s share of amortization of financing costs$177 $82 $65 $— $29 $125 
5
$478 
BXP’s share of hedge amortization, net of costs$— $— $— $— $584 $— $584 
BXP’s share of fair value interest adjustment$— $— $499 $— $— $— $499 
BXP’s share of capitalized interest$— $— $2,065 $— $— $230 
5
$2,295 
BXP’s share of amortization and accretion related to sales type lease$18 $— $— $— $— $— $18 
Reconciliation of BXP’s share of EBITDAre
Income/(loss) from unconsolidated joint ventures$365 $27,885 $(5,921)$1,790 $(743)$(1,126)
5
$22,250 
Add: 
BXP’s share of interest expense5,758 5,587 4,933 — 1,446 4,994 
5
22,718 
BXP’s share of depreciation and amortization expense4,240 7,007 
6
4,624 3,590 
6
1,222 3,449 
5
24,132 
Less:
Gain (loss) on sale / consolidation— 29,903 
7
— — — (1,491) 28,412 
BXP’s share of gain on sales-type lease1,368 — — — — — 1,368 
BXP’s share of EBITDAre
$8,995 $10,576 
6
$3,636 $5,380 
6
$1,925 $8,808 
5
$39,320 
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Q4 2023
Reconciliations (continued)
UNCONSOLIDATED JOINT VENTURES 1
Reconciliation of BXP’s share of Net Operating Income/(Loss)BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
BXP’s share of rental revenue 3
$13,407 $17,704 
6
$8,009 
6
$8,008 
6
$3,106 $13,301 
5
$63,535 
BXP’s share of operating expenses4,325 7,387 4,646 2,624 1,210 4,823 
5
25,015 
BXP’s share of net operating income/(loss) 9,082 10,317 
6
3,363 
6
5,384 
6
1,896 8,478 
5
38,520 
Less:
BXP’s share of termination income— — — — — — — 
BXP’s share of net operating income/(loss) (excluding termination income) 9,082 10,317 3,363 5,384 1,896 8,478 
5
38,520 
Less:
BXP’s share of straight-line rent677 (269)
6
699 
6
2,045 
6
244 689 
5
4,085 
BXP’s share of fair value lease revenue— 354 
6
528 
6
(210)
6
382 — 1,054 
BXP’s share of amortization and accretion related to sales type lease18 — — — — — 18 
Add:
 BXP’s share of straight-line ground rent expense adjustment— — 139 — — — 139 
BXP’s share of lease transaction costs that qualify as rent inducements— 326 (174)— — 50 
5
202 
BXP’s share of net operating income/(loss) - cash (excluding termination income) $8,387 $10,558 
6
$2,101 
6
$3,549 
6
$1,270 $7,839 
5
$33,704 
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3
$13,407 $17,704 
6
$8,009 
6
$8,008 
6
$3,106 $13,301 
5
$63,535 
Add:
BXP’s share of development and management services revenue— — 227 — — 14 241 
BXP’s share of revenue$13,407 $17,704 
6
$8,236 
6
$8,008 
6
$3,106 $13,315 
5
$63,776 



















_____________
1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.
2 Lease revenue includes recoveries from clients and service income from clients.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.
4 Includes approximately $278 of straight-line ground rent expense.
5 Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement of 901 New York Avenue.
6 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.
7 On December 14, 2023, the Company acquired its joint venture partner’s 45% ownership interest in Santa Monica Business Park located in Santa Monica, California for a purchase price of $38.0 million. The Company recognized a gain of approximately $29.9 million on the consolidation of Santa Monica Business Park..


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Q4 2023
Reconciliations (continued)
Reconciliation of Net income attributable to Boston Properties, Inc. to
BXP’s Share of same property net operating income (NOI)
(dollars in thousands)
Three Months Ended
30-Sep-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 ventures 247,556 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 revenue9,284 7,465 
Net Operating Income (NOI)501,881 488,908 
Add:
BXP’s share of NOI from unconsolidated joint ventures39,165 35,316 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)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 ventures500 500 
Add:
Partners’ share of termination income from consolidated joint ventures129 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)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)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)— — 
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)38,665 34,816 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)5,094 796 
BXP’s Share of Same Property NOI (excluding termination income)$456,826 $458,078 
Change in BXP’s Share of Same Property NOI (excluding termination income)$(1,252)
Change in BXP’s Share of Same Property NOI (excluding termination income)(0.3)%


66

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Q4 2023
Reconciliations (continued)
Reconciliation of Net income attributable to Boston Properties, Inc. to
BXP’s Share of same property net operating income (NOI) - cash
(dollars in thousands)
Three Months Ended
30-Sep-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 ventures 247,556 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 revenue9,284 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)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)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)— — 
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)34,524 30,969 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)3,175 730 
BXP’s Share of Same Property NOI - cash (excluding termination income)$440,137 $432,969 
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)$7,168 
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)1.7 %
_____________
1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $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.
2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP.
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Q4 2023
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)
Three Months Ended
31-Dec-2230-Sep-22
Revenue
Lease$739,094 $739,255 
Parking and other26,088 26,259 
Insurance proceeds903 1,895 
Hotel revenue11,087 11,749 
Development and management services8,406 7,465 
Direct reimbursements of payroll and related costs from management services contracts4,246 3,900 
Total revenue789,824 790,523 
Expenses
Operating144,668 145,083 
Real estate taxes135,529 135,670 
Demolition costs203 — 
Restoration expenses related to insurance claim1,865 949 
Hotel operating7,646 8,548 
General and administrative36,000 32,519 
Payroll and related costs from management services contracts4,246 3,900 
Transaction costs759 1,650 
Depreciation and amortization198,330 190,675 
Total expenses529,246 518,994 
Other income (expense)
Loss from unconsolidated joint ventures(58,451)(3,524)
Gains on sales of real estate55,726 262,345 
Gain on sales-type lease10,058 — 
Gains (losses) from investments in securities2,096 (1,571)
Interest and other income (loss)5,789 3,728 
Unrealized loss on non-real estate investment(150)— 
Interest expense(119,923)(111,846)
Net income155,723 420,661 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(19,961)(18,801)
Noncontrolling interest - common units of the Operating Partnership (13,972)(40,883)
Net income attributable to Boston Properties, Inc.$121,790 $360,977 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$0.78 $2.30 
Net income attributable to Boston Properties, Inc. per share - diluted$0.78 $2.29 

68
Document

Exhibit 99.2
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BXP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Exceeded Full Year 2023 Guidance for EPS and FFO; Executed More Than 1.5 Million Square Feet of Leases in Q4 and Approximately 4.2 Million Square Feet in 2023
    
BOSTON, MA, January 30, 2024 - BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the fourth quarter ended December 31, 2023.
Financial highlights for the fourth quarter include:
Revenue increased 5.0% to $828.9 million for the quarter ended December 31, 2023, compared to $789.8 million for the quarter ended December 31, 2022.
Net income attributable to Boston Properties, Inc. of $119.9 million, or $0.76 per diluted share (EPS), for the quarter ended December 31, 2023, compared to $121.8 million, or $0.78 per diluted share, for the quarter ended December 31, 2022.
EPS exceeded the mid-point of BXP’s guidance by $0.15 per diluted share primarily due to:

better-than-projected income from unconsolidated joint ventures, largely from recording a gain upon consolidation of Santa Monica Business Park of $0.17 per diluted share following BXP’s acquisition of its partner’s 45% interest in the asset, and
better-than-projected interest income and development and management services income aggregating $0.02 per diluted share;
offset by higher-than-projected depreciation expense of $0.04 per diluted share.
Funds from Operations (FFO) of $286.2 million, or $1.82 per diluted share, for the quarter ended December 31, 2023, compared to FFO of $292.9 million, or $1.86 per diluted share, for the quarter ended December 31, 2022.
FFO per diluted share exceeded the mid-point of BXP’s guidance by $0.02 per diluted share, primarily due to better-than-projected interest income and development and management services income.
BXP also provided guidance for first quarter 2024 EPS of $0.66 - $0.68 and FFO of $1.72 - $1.74 per diluted share, and full year 2024 EPS of $2.26 - $2.46 and FFO of $7.00 - $7.20 per diluted share.
The mid-point of guidance for 2024 EPS is projected to be 95% higher than full year 2023 EPS primarily due to:
2023 non-cash impairment charges of $1.56 per diluted share offset by $0.23 per diluted share of gains related to BXP’s investments in its unconsolidated joint ventures that are not projected to reoccur in 2024


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The mid-point of guidance for 2024 FFO per diluted share is projected to be 2.5% lower than full year 2023 FFO per diluted share primarily due to:
higher net interest expense of $0.31 per diluted share,
lower contributions from same property portfolio performance of $0.26 per diluted share, and
reduced fee and termination income of $0.14 per diluted share;
offset by an estimated $0.42 per diluted share of projected contributions from our acquisition and disposition activity and development deliveries.
See “EPS and FFO per Share Guidance” below.
Fourth quarter and recent business highlights include:
Executed more than 1.5 million square feet of leases with a weighted-average lease term of 8.4 years.

Entered into agreements to sell a 45% interest in each of 290 Binney Street and 300 Binney Street, two life sciences development projects located in Kendall Square in Cambridge, Massachusetts, to Norges Bank Investment Management (“NBIM”) at a gross valuation of approximately $1.66 billion or $2,050 per square foot. The properties total approximately 810,000 square feet and each is 100% pre-leased. BXP will retain a 55% ownership interest in each joint venture and will provide development, property management, and leasing services for the ventures. NBIM funded approximately $212.9 million at closing for its investment in 300 Binney Street and, upon closing of its investment in 290 Binney Street, NBIM’s investment will reduce BXP’s estimated future development spend over time by approximately $533.5 million.

Closed on a five-year mortgage loan collateralized by a three-building portfolio located in Cambridge, Massachusetts. The mortgage loan, totaling $600 million, requires interest-only payments at Daily Compounded SOFR plus a 2.25% per annum until maturity. Subsequently, BPLP entered into interest rate swap contracts with notional amounts aggregating $600.0 million to fix Daily Compounded SOFR at a weighted-average fixed interest rate of 3.7925% for the period commencing on December 15, 2023 and ending on October 26, 2028 for an all in rate of 6.04% per annum. BXP intends to use the net proceeds from this financing and available cash to repay the $700 million senior unsecured notes due February 1, 2024.

Completed the acquisition of its joint venture partner’s 45% ownership interest in Santa Monica Business Park located in Santa Monica, California for a purchase price of $38.0 million. BXP also assumed the partner’s share of the joint venture’s cash and working capital aggregating approximately $20.0 million, as well as the partner’s share of the outstanding $300.0 million mortgage debt. Subsequent to closing, BXP extended the approximately 467,000 square foot lease with anchor client, Snap Inc., through 2036. Santa Monica Business Park is a 47-acre office park consisting of 21 buildings totaling approximately 1.2 million net rentable square feet. Approximately 70% of the square footage is subject to a ground lease with approximately 75 years remaining, inclusive of renewal options that are subject to certain conditions.

Completed the acquisition of one of its joint venture partner’s approximate 29% ownership interest in 360 Park Avenue South located in New York City, New York for a purchase price of $1, increasing BXP’s ownership interest in the asset to approximately 71%. BXP also assumed the partner’s share of the joint venture’s cash and working capital aggregating approximately $25.4 million, as well as the partner’s share of the outstanding $220.0 million mortgage debt. 360 Park Avenue South, a 20-story, approximately 450,000 square foot premier workplace, is currently under re-development.

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On January 8, 2024, BXP completed the acquisition of its joint venture partner’s 50% economic ownership interest in 901 New York Avenue located in Washington, DC for a purchase price of $10.0 million. BXP also assumed the partner’s share of the outstanding approximately $207.1 million mortgage debt, which bears interest at 3.61% per annum and matures on January 5, 2025. On January 11, 2024, BXP modified the mortgage loan to provide for two loan extension options totaling five years of additional term, each subject to certain conditions. The first loan extension option, for a term of four years, is at a fixed interest rate of 5.0% per annum. Subsequent to closing, BXP extended the 214,000 square foot lease with anchor client, Finnegan Henderson Farabow Garrett & Dunner, L.L.P., through 2042. 901 New York Avenue is a premier workplace consisting of approximately 548,000 net rentable square feet.
Financial highlights for the year ended December 31, 2023 include:

Net income attributable to Boston Properties, Inc. of $190.2 million, or $1.21 per diluted share (EPS) for the year ended December 31, 2023, compared to $848.9 million, or $5.40 per diluted share, for the year ended December 31, 2022. The year-over-year decrease is primarily due to:
a 2023 non-cash impairment charge of $272.6 million related to BXP’s investments in four of its unconsolidated joint ventures, and
gains on sales of real estate of $436.5 million in 2022 that did not reoccur in 2023.

Funds from Operations (FFO) of $1.1 billion, or $7.28 per diluted share for the year ended December 31, 2023, compared to FFO of $1.2 billion, or $7.53 per diluted share, for the year ended December 31, 2022.
Full year 2023 business highlights include:
Executed approximately 4.2 million square feet of leases with a weighted-average lease term of 8.2 years.
Completed and fully placed in-service four development projects: 2100 Pennsylvania Avenue in Washington, DC, 140 Kendrick Street in Needham, Massachusetts, View Boston in Boston, Massachusetts, and 751 Gateway in South San Francisco, California.
Commenced the development/redevelopment of two fully pre-leased projects totaling 810,000 square feet in Cambridge, Massachusetts: 290 Binney Street and 300 Binney Street.
Further strengthened BXP’s balance sheet by addressing debt maturities, and sourcing additional liquidity in the bank market. In the aggregate, BXP’s share of 2023 debt market activities totaled approximately $3.3 billion, which includes more than $1 billion of mortgage financing. Notable transactions not mentioned in fourth quarter highlights include:

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On January 4, 2023, BPLP closed on a $1.2 billion unsecured term loan facility that matures May 16, 2024, with one, twelve-month extension option subject to the satisfaction of customary conditions. As of January 4, 2023, the term loan bore interest at a variable rate equal to adjusted Term SOFR plus 0.85% per annum. Subsequently, on May 2, 2023, BPLP entered into four interest rate swap contracts with notional amounts aggregating $1.2 billion to fix Term SOFR at a weighted-average rate of 4.6420% for the period commencing on May 4, 2023 and ending on May 16, 2024. A portion of the proceeds were used to repay in full BPLP’s $730.0 million term loan that was scheduled to mature in May 2023, resulting in incremental net proceeds of approximately $466.0 million.
On May 15, 2023, BPLP completed a public offering of $750.0 million aggregate principal amount of 6.500% unsecured senior notes due 2034. The net proceeds from the offering were approximately $741.3 million after deducting underwriting discounts and transaction expenses. BPLP used a portion of the proceeds to repay $500.0 million in aggregate principal amount of its 3.125% senior notes due September 1, 2023.
Earned national recognition as an industry leader and furthered BXP’s commitments to sustainability and impact:
Named to Newsweek’s List of America’s Most Responsible Companies in 2023 for the third consecutive year, ranking first in the Real Estate & Housing category
Named to the Dow Jones Sustainability Index (DJSI) North America for the second consecutive year, one of eight real estate companies that qualified and the only office REIT in the index
Received the 2023 ENERGY STAR Partner of the Year—Sustained Excellence Award from the U.S. Environmental Protection Agency and the U.S. Department of Energy for the third consecutive year
In April 2023, published BXP’s 2022 ESG Report, which highlights that, among other things, BXP achieved its energy and water reduction targets in 2022 and remains on track to achieve carbon-neutral operations by 2025. In conjunction with the publication, BXP hosted its second annual ESG Investor Update Webcast on May 31, 2023.
Earned a top ESG rating in the 2023 GRESB® assessment, earned its 12th consecutive “Green Star” recognition and the highest GRESB 5-star rating, as well as an “A” level disclosure score. BXP also achieved the highest scores in several categories, including Data Monitoring & Review, Targets, Policies, Reporting, and Stakeholder Engagement. BXP achieved second place within its Development Peer Group, third place in its Standing Investments Peer Group, and fourth overall among U.S. listed participants.
The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter and year ended December 31, 2023. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

EPS and FFO per Share Guidance:
BXP’s guidance for the first quarter 2024 and full year 2024 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect

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management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

First Quarter 2024Full Year 2024
LowHighLowHigh
Projected EPS (diluted)$0.66 $0.68 $2.26 $2.46 
Add:
Projected Company share of real estate depreciation and amortization1
1.20 1.20 4.88 4.88 
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments(0.14)(0.14)(0.14)(0.14)
Projected FFO per share (diluted)$1.72 $1.74 $7.00 $7.20 
1Excludes estimated non-real estate related amortization of $0.01 and $0.05 per share for First Quarter 2024 and Full Year 2024 respectively.

BXP will host a conference call on Wednesday, January 31, 2024 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter and full year 2023 results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register.vevent.com/register/BI5e085f4df712444fa9623bfc3ed2c866 to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.
Additionally, a copy of BXP’s fourth quarter 2023 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

BXP (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 53.3 million square feet and 188

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properties, including 10 properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to the impact of changes in general economic and capital market conditions, including continued inflation, increased 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 BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes (including potential costs to comply with the Securities and Exchange Commission’s proposed rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in BXP’s filings with the SEC. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. Except as otherwise required by law, 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.
Financial tables follow.

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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

December 31, 2023December 31, 2022
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost$25,504,868 $24,261,588 
Construction in progress547,280 406,574 
Land held for future development697,061 721,501 
Right of use assets - finance leases401,680 237,510 
Right of use assets - operating leases324,298 167,351 
Less: accumulated depreciation(6,881,728)(6,298,082)
Total real estate20,593,459 19,496,442 
Cash and cash equivalents1,531,477 690,333 
Cash held in escrows81,090 46,479 
Investments in securities36,337 32,277 
Tenant and other receivables, net122,407 81,389 
Note receivable, net1,714 — 
Related party note receivable, net88,779 78,576 
Sales-type lease receivable, net13,704 12,811 
Accrued rental income, net1,355,212 1,276,580 
Deferred charges, net760,421 733,282 
Prepaid expenses and other assets64,230 43,589 
Investments in unconsolidated joint ventures1,377,319 1,715,911 
Total assets$26,026,149 $24,207,669 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$4,166,379 $3,272,368 
Unsecured senior notes, net10,491,617 10,237,968 
Unsecured line of credit— — 
Unsecured term loan, net1,198,301 730,000 
Lease liabilities - finance leases417,961 249,335 
Lease liabilities - operating leases350,391 204,686 
Accounts payable and accrued expenses458,329 417,545 
Dividends and distributions payable171,176 170,643 
Accrued interest payable133,684 103,774 
Other liabilities445,947 450,918 
Total liabilities17,833,785 15,837,237 
Commitments and contingencies— — 
Redeemable deferred stock units8,383 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
— — 
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding— — 
Common stock, $0.01 par value, 250,000,000 shares authorized, 157,019,766 and 156,836,767 issued and 156,940,866 and 156,757,867 outstanding at December 31, 2023 and December 31, 2022, respectively
1,569 1,568 
Additional paid-in capital6,715,149 6,539,147 
Dividends in excess of earnings(816,152)(391,356)
Treasury common stock at cost, 78,900 shares at December 31, 2023 and December 31, 2022
(2,722)(2,722)
Accumulated other comprehensive income (loss)(21,147)(13,718)
Total stockholders’ equity attributable to Boston Properties, Inc.5,876,697 6,132,919 
Noncontrolling interests:
Common units of the Operating Partnership666,580 683,583 
Property partnerships1,640,704 1,547,317 
Total equity8,183,981 8,363,819 
Total liabilities and equity$26,026,149 $24,207,669 







BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended December 31,Year ended December 31,
 2023202220232022
 (in thousands, except for per share amounts)
Revenue
Lease$768,884 $739,094 $3,054,673 $2,918,368 
Parking and other31,497 26,991 112,918 107,225 
Hotel11,803 11,087 47,357 39,482 
Development and management services12,728 8,406 40,850 28,056 
Direct reimbursements of payroll and related costs from management services contracts
4,021 4,246 17,771 15,450 
Total revenue828,933 789,824 3,273,569 3,108,581 
Expenses
Operating
Rental301,411 282,265 1,183,947 1,108,070 
Hotel8,373 7,646 32,225 27,478 
General and administrative38,771 36,000 170,158 146,378 
Payroll and related costs from management services contracts4,021 4,246 17,771 15,450 
Transaction costs2,343 759 4,313 2,905 
Depreciation and amortization212,067 198,330 830,813 749,775 
Total expenses566,986 529,246 2,239,227 2,050,056 
Other income (expense)
Income (loss) from unconsolidated joint ventures22,250 (58,451)(239,543)(59,840)
Gains on sales of real estate— 55,726 517 437,019 
Gain on sales-type lease— 10,058 — 10,058 
Interest and other income (loss)20,965 5,789 69,964 11,940 
Other income - assignment fee— — — 6,624 
Gains (losses) from investments in securities3,245 2,096 5,556 (6,453)
Losses from interest rate contracts(79)— (79)— 
Unrealized gain (loss) on non-real estate investment(93)(150)239 (150)
Interest expense(155,080)(119,923)(579,572)(437,139)
Net income153,155 155,723 291,424 1,020,584 
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships(19,324)(19,961)(78,661)(74,857)
Noncontrolling interest—common units of the Operating Partnership
(13,906)(13,972)(22,548)(96,780)
Net income attributable to Boston Properties, Inc.$119,925 $121,790 $190,215 $848,947 
Basic earnings per common share attributable to Boston Properties, Inc.
Net income$0.76 $0.78 $1.21 $5.41 
Weighted average number of common shares outstanding156,945 156,773 156,863 156,726 
Diluted earnings per common share attributable to Boston Properties, Inc.
Net income $0.76 $0.78 $1.21 $5.40 
Weighted average number of common and common equivalent shares outstanding
157,276 157,112 157,201 157,137 








BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
Three months ended December 31,Year ended December 31,
2023202220232022
(in thousands, except for per share amounts)
Net income attributable to Boston Properties, Inc.$119,925 $121,790 $190,215 $848,947 
Add:
Noncontrolling interest - common units of the Operating Partnership
13,906 13,972 22,548 96,780 
Noncontrolling interests in property partnerships
19,324 19,961 78,661 74,857 
Net income 153,155 155,723 291,424 1,020,584 
Add:
Depreciation and amortization expense
212,067 198,330 830,813 749,775 
Noncontrolling interests in property partnerships’ share of depreciation and amortization
(19,284)(17,435)(73,027)(70,208)
Company’s share of depreciation and amortization from unconsolidated joint ventures
24,132 24,626 101,199 89,275 
Corporate-related depreciation and amortization
(453)(431)(1,810)(1,679)
Non-real estate related amortization(1,681)— (1,681)— 
Impairment losses included within loss from unconsolidated joint ventures— 50,705 272,603 50,705 
Less:
Gains on sales of real estate— 55,726 517 437,019 
Gain on sales-type lease— 10,058 — 10,058 
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures28,412 — 28,412 — 
Gain on investment included within income (loss) from unconsolidated joint ventures— — 35,756 — 
Gain on sales-type lease included within Income (loss) from unconsolidated joint ventures1,368 — 1,368 — 
Unrealized gain (loss) on non-real estate investment(93)(150)239 (150)
Noncontrolling interests in property partnerships19,324 19,961 78,661 74,857 
Funds from operations (FFO) attributable to the Operating Partnership (including Boston Properties, Inc.)318,925 325,923 1,274,568 1,316,668 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations
32,722 32,983 130,771 133,115 
Funds from operations attributable to Boston Properties, Inc.$286,203 $292,940 $1,143,797 $1,183,553 
Boston Properties, Inc.’s percentage share of funds from operations - basic
89.74 %89.88 %89.74 %89.89 %
Weighted average shares outstanding - basic156,945 156,773 156,863 156,726 
FFO per share basic
$1.82 $1.87 $7.29 $7.55 
Weighted average shares outstanding - diluted157,276 157,112 157,201 157,137 
FFO per share diluted
$1.82 $1.86 $7.28 $7.53 








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










BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
% Occupied by Location (1)
% Leased by Location (2)
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Boston89.9 %90.2 %90.3 %92.7 %
Los Angeles85.9 %88.3 %88.1 %88.6 %
New York90.1 %86.8 %92.4 %90.9 %
San Francisco84.9 %88.5 %85.5 %88.8 %
Seattle 81.8 %88.3 %83.1 %90.9 %
Washington, DC88.0 %88.7 %91.0 %93.0 %
Total Portfolio88.4 %88.6 %89.9 %91.5 %

(1)Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
(2)Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates.





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

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
















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