bxp-20211026
0001037540false0001043121false00010375402021-10-262021-10-260001037540bxp:BostonPropertiesLimitedPartnershipMember2021-10-262021-10-260001037540us-gaap:CommonStockMember2021-10-262021-10-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 26, 2021
BOSTON PROPERTIES, INC.
BOSTON PROPERTIES LIMITED PARTNERSHIP
(Exact Name of Registrants As Specified in its Charter)
Boston Properties, Inc.Delaware
1-13087
04-2473675
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification No.)
Boston Properties Limited PartnershipDelaware
0-50209
04-3372948
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification No.)
800 Boylston Street, Suite 1900, Boston, Massachusetts 02199
(Address of Principal Executive Offices) (Zip Code)
(617) 236-3300
(Registrants’ telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





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

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

Boston Properties Limited Partnership:
Emerging growth company

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

Boston Properties, Inc. ☐         Boston Properties Limited Partnership ☐







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

On October 26, 2021, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the third quarter of 2021. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
*99.1
*99.2
*101.SCHInline XBRL Taxonomy Extension Schema Document.
*101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
*101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
*101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
*104Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).
______________
* Filed herewith.







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
BOSTON PROPERTIES, INC.
By:
/s/    MICHAEL E. LABELLE        
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
and Treasurer
BOSTON PROPERTIES LIMITED PARTNERSHIP
By: Boston Properties, Inc., its General Partner
By:
/s/    MICHAEL E. LABELLE        
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
and Treasurer
    

Date: October 26, 2021




Document


                                                    Exhibit 99.1

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Supplemental Operating and Financial Data
for the Quarter Ended September 30, 2021



THE COMPANY
Boston Properties, Inc. (NYSE: BXP) (“Boston Properties,” “BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. Including properties owned by joint ventures, the Company’s complete portfolio totals 52.5 million square feet and 202 properties, including nine properties under construction/redevelopment. The Company’s properties include 183 office properties, 12 retail properties, six residential properties and one hotel. Boston Properties is well-known for its in-house building management expertise and responsiveness to tenants’ needs. The Company 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 tenants. Boston Properties actively works to promote its growth and operations in a sustainable and responsible manner.  The Company has earned a tenth consecutive Global Real Estate Sustainability Benchmark (GRESB) “Green Star” recognition and the highest GRESB 5-star Rating. Boston Properties, 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 Boston Properties’ 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 statement. These factors include, without limitation, uncertainties and risks related to the impact of the COVID-19 global pandemic, including the duration, scope and severity of the pandemic domestically and internationally; federal, state and local government actions and restrictive measures implemented in response to COVID-19, the effectiveness of such measures and the direct and indirect impact of such measures on our and our tenants' businesses, financial condition, results of operation, cash flows, liquidity and performance, and the U.S. and international economy and economic activity generally; the speed, effectiveness and distribution of vaccines, whether new or existing actions or measures continue to impact the ability of our residential tenants to generate sufficient income to pay, or make them unwilling to pay, rent in full or at all in a timely manner; the health, continued service and availability of our personnel, including our key personnel and property management teams; and the effectiveness or lack of effectiveness of government relief in providing assistance to individuals and large and small businesses, including our tenants, that have suffered significant adverse effects from COVID-19. In addition to the risks specific to COVID-19, other factors include, without limitation, the Company’s ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes 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. Boston Properties does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.


NON-GAAP FINANCIAL MEASURES
This Supplemental package includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company’s financial condition and results of operations, and, if applicable, the other purposes for which management uses the measures, can be found in the Definitions section of this Supplemental starting on page 52.

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 56.




GENERAL INFORMATION
Corporate HeadquartersTrading SymbolInvestor RelationsInquiries
800 Boylston StreetBXPBoston Properties, Inc.Inquiries should be directed to
Suite 1900800 Boylston Street, Suite 1900Michael E. LaBelle
Boston, MA 02199Stock Exchange ListingBoston, MA 02199Executive Vice President, Chief Financial Officer
www.bxp.comNew York Stock Exchangeinvestors.bxp.comat 617.236.3352 or
(t) 617.236.3300investorrelations@bxp.commlabelle@bxp.com
(t) 617.236.3429
(Cover photo: Safeco Plaza, Seattle, WA)




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Q3 2021
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 Tenants Listing and Portfolio Tenant 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
Washington, DC
CBD
Suburban
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage
Definitions
Reconciliations
Consolidated Income Statement - Prior Year


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Q3 2021
Company profile
SNAPSHOT
(as of September 30, 2021)
Fiscal Year-EndDecember 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)202
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)52.5 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2
173.7 million
Closing Price, at the end of the quarter$108.35 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield3.6%
Consolidated Market Capitalization 2
$32.2 billion
BXP’s Share of Market Capitalization 2, 3
$32.3 billion
Senior Debt RatingsBBB+ (S&P); Baa1 (Moody’s)
STRATEGY
Boston Properties’ primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the key tenets of our business strategy are to:
maintain a keen focus on select markets that exhibit the strongest economic growth and investment characteristics over time - currently Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC;
invest in the highest quality buildings (primarily office) with unique amenities and desirable locations that are able to maintain high occupancy rates and achieve premium rental rates through economic cycles;
maintain scale and a full-service real estate capability (leasing, development, construction and property management) in our markets to ensure we (1) see all relevant investment deal flow, (2) maintain an ability to execute on all types of real estate opportunities, such as acquisitions, dispositions, repositioning and development, throughout the real estate investment cycle, (3) provide superior service to our tenants and (4) develop and manage our assets in the most sustainable manner possible;
be astute in market timing for investment decisions by acquiring properties in times of opportunity, developing new properties in times of growth and selling assets at attractive prices, resulting in continuous portfolio refreshment;
ensure a strong balance sheet to maintain consistent access to capital and the ability to make new investments at opportune times; and
foster a culture and reputation of integrity, excellence and purposefulness, making us the employer of choice for talented real estate professionals, the landlord and developer of choice for our customers, as well as the counterparty of choice for real estate industry participants.
MANAGEMENT
Board of DirectorsManagement
Joel I. KleinChairman of the BoardOwen D. ThomasChief Executive Officer
Owen D. ThomasChief Executive OfficerDouglas T. LindePresident
Douglas T. LindePresidentRaymond A. RitcheySenior Executive Vice President
Kelly A. AyotteChair of Compensation CommitteeMichael E. LaBelleExecutive Vice President, Chief Financial Officer and Treasurer
Bruce W. DuncanBryan J. KoopExecutive Vice President, Boston Region
Karen E. DykstraJohn F. PowersExecutive Vice President, New York Region
Carol B. EinigerRobert E. PesterExecutive Vice President, San Francisco Region
Diane J. HoskinsChair of Sustainability CommitteeJonathan D. LangeSenior Vice President, Los Angeles Region
Matthew J. LustigChair of Nominating & Corporate Governance CommitteePeter V. OtteniSenior Vice President, Co-Head of the Washington, DC Region
John J. StromanSenior Vice President, Co-Head of the Washington, DC Region
David A. TwardockChair of Audit CommitteeFrank D. BurtSenior Vice President, Chief Legal Officer
William H. Walton, IIIDonna D. GarescheSenior Vice President, Chief Human Resources Officer
Michael R. WalshSenior Vice President, Chief Accounting Officer
James J. Whalen
Senior Vice President, Chief Information & Technology Officer

____________________
1Common units and LTIP units are units of limited partnership interest in Boston Properties Limited Partnership, the entity through which the Company conducts substantially all of its business.
2For additional detail, see page 26.
3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

1

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Q3 2021
Guidance and assumptions
GUIDANCE
The Company’s guidance for the full year 2021 and full year 2022 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. is set forth and reconciled below.  Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, the timing of the lease-up of available space and the earnings impact of the events referenced in the Company’s earnings release issued on October 26, 2021 and those referenced during the Company’s conference call scheduled for October 27, 2021.  Except as otherwise publicly disclosed, the estimates do not include any material (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) possible gains or losses from capital markets activity (including, without limitation, due to the early extinguishment of debt and resulting from hedging activity and derivatives), (3) possible future write-offs or reinstatement of accounts receivable and accrued rent balances or (4) possible 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. The Company 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 and 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 54. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth below.
Full Year 2021Full Year 2022
LowHighLowHigh
Projected EPS (diluted)$3.11 $3.13 $2.97 $3.17 
Add:
Projected Company share of real estate depreciation and amortization4.14 4.14 4.28 4.28 
Projected Company share of (gains)/losses on sales of real estate(0.75)(0.75)— — 
Projected FFO per share (diluted) $6.50 $6.52 $7.25 $7.45 




ASSUMPTIONS
(dollars in thousands)
Full Year 2021Full Year 2022
LowHighLowHigh
Operating property activity:
Average In-service portfolio occupancy88.00 %89.00 %88.00 %90.00 %
Increase in BXP’s Share of Same Property net operating income (excluding termination income)
5.00 %6.00 %2.00 %3.50 %
Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income)
4.00 %5.00 %5.50 %6.50 %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)
$26,000 $28,000 $72,000 $80,000 
BXP’s Share of incremental net operating income related to asset sales over prior year
$(15,000)$(13,000)$(11,000)$(9,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)
$115,000 $120,000 $90,000 $115,000 
Termination income$12,000 $13,000 $— $4,000 
Other revenue (expense):
Development and management services revenue $25,000 $26,000 $22,000 $28,000 
General and administrative expense 1
$(148,000)$(147,000)$(157,000)$(151,000)
Net interest expense 2
$(469,000)$(466,000)$(415,000)$(405,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO$(141,000)$(139,000)$(147,000)$(143,000)


________________
1 Excludes estimated changes in the market value of the Company’s deferred compensation plan and Gains (losses) from investments in securities.
2 2021 Net interest expense assumption includes the charge of approximately $43 million related to the early extinguishment of debt in connection with the early redemption on October 15, 2021 of the Company’s $1.0 billion aggregate principal amount of 3.85% unsecured senior notes that was scheduled to mature in February 2023.
2

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Q3 2021
Financial highlights
(unaudited and in thousands, except ratios and per share amounts)
Three Months Ended
30-Sep-2130-Jun-21
Net income attributable to Boston Properties, Inc. $108,297 $111,703 
Net income attributable to Boston Properties, Inc. per share - diluted$0.69 $0.71 
FFO attributable to Boston Properties, Inc. 1
$270,477 $268,642 
Diluted FFO per share 1
$1.73 $1.72 
Dividends per common share$0.98 $0.98 
Funds available for distribution to common shareholders and common unitholders (FAD) 2
$236,608 $178,341 
Selected items:
Revenue$730,056 $713,807 
Recoveries from tenants$107,766 $100,433 
Service income from tenants$1,874 $1,516 
BXP’s Share of revenue 3
$696,313 $683,273 
BXP’s Share of straight-line rent 3
$35,811 $30,855 
BXP’s Share of fair value lease revenue 3, 4
$1,793 $1,193 
BXP’s Share of termination income 3
$1,847 $6,067 
Ground rent expense$3,249 $3,261 
Capitalized interest$11,586 $13,014 
Capitalized wages$3,366 $3,459 
Loss from unconsolidated joint ventures$(5,597)$(1,373)
BXP’s share of FFO from unconsolidated joint ventures 5
$12,206 $13,977 
Net income attributable to noncontrolling interests in property partnerships$18,971 $17,164 
FFO attributable to noncontrolling interests in property partnerships 6
$35,744 $34,277 
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)$1,906 $2,207 
Below-market rents (included within Other Liabilities)$24,823 $26,271 
Accrued rental income liability (included within Other Liabilities)$132,580 $136,085 
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7
3.79 3.84 
Interest Coverage Ratio (including capitalized interest) 7
3.37 3.37 
Fixed Charge Coverage Ratio 7
2.94 2.83 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8
7.70 7.44 
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 9
7.4 %8.9 %
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 9
9.2 %7.5 %
FAD Payout Ratio 2
71.97 %95.47 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 63.9 %64.6 %
Occupancy of In-Service Properties88.4 %88.6 %
Capitalization:
Consolidated Debt$13,378,350 $12,536,065 
BXP’s Share of Debt 10
$13,477,453 $12,534,659 
Consolidated Market Capitalization$32,196,903 $32,436,223 
Consolidated Debt/Consolidated Market Capitalization41.55 %38.65 %
BXP’s Share of Market Capitalization 10
$32,296,006 $32,434,817 
BXP’s Share of Debt/BXP’s Share of Market Capitalization 10
41.73 %38.65 %


_____________
1For a quantitative reconciliation of FFO attributable to Boston Properties, Inc. and Diluted FFO per share, see page 6.
2For a quantitative reconciliation of FAD, see page 7. FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.
3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
4Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.
5For a quantitative reconciliation for the three months ended September 30, 2021, see page 35.
6For a quantitative reconciliation for the three months ended September 30, 2021, see page 32.
7For a quantitative reconciliation for the three months ended September 30, 2021 and June 30, 2021, see page 30.
8For a quantitative reconciliation for the three months ended September 30, 2021 and June 30, 2021, see page 29.
9For a quantitative reconciliation for the three months ended September 30, 2021 and June 30, 2021, see pages 10, 62 and 63.
10For a quantitative reconciliation for September 30, 2021, see page 26.
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Q3 2021
Consolidated Balance Sheets
(unaudited and in thousands)
30-Sep-2130-Jun-21
ASSETS
Real estate $22,088,835 $22,012,095 
Construction in progress 1,054,531 908,061 
Land held for future development 568,034 497,019 
Right of use assets - finance leases 237,845 237,765 
Right of use assets - operating leases170,085 170,331 
Less accumulated depreciation(5,850,397)(5,752,818)
Total real estate18,268,933 18,072,453 
Cash and cash equivalents1,002,728 557,307 
Cash held in escrows 79,193 79,973 
Investments in securities41,517 41,476 
Tenant and other receivables, net61,269 58,624 
Related party note receivable, net78,144 77,872 
Notes receivable, net19,297 19,087 
Accrued rental income, net1,203,840 1,172,411 
Deferred charges, net622,807 627,338 
Prepaid expenses and other assets97,560 46,946 
Investments in unconsolidated joint ventures1,373,522 1,305,589 
Total assets$22,848,810 $22,059,076 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$2,898,699 $2,901,709 
Unsecured senior notes, net10,479,651 9,634,356 
Unsecured line of credit— — 
Lease liabilities - finance leases 243,562 243,381 
Lease liabilities - operating leases204,137 226,594 
Accounts payable and accrued expenses331,687 305,969 
Dividends and distributions payable169,739 169,718 
Accrued interest payable87,408 107,386 
Other liabilities 370,403 370,990 
Total liabilities14,785,286 13,960,103 
Commitments and contingencies— — 
Redeemable deferred stock units8,775 8,980 
Equity:
Stockholders’ equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding— — 
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,285,391 and 156,214,859 issued and 156,206,491 and 156,135,959 outstanding at September 30, 2021 and June 30, 2021, respectively
1,562 1,561 
Additional paid-in capital6,415,802 6,405,916 
Dividends in excess of earnings(657,021)(612,247)
Treasury common stock at cost, 78,900 shares at September 30, 2021 and June 30, 2021
(2,722)(2,722)
Accumulated other comprehensive loss(40,803)(43,166)
Total stockholders’ equity attributable to Boston Properties, Inc.5,716,818 5,749,342 
Noncontrolling interests:
Common units of the Operating Partnership609,830 615,308 
Property partnerships1,728,101 1,725,343 
Total equity8,054,749 8,089,993 
Total liabilities and equity$22,848,810 $22,059,076 
4

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Q3 2021
Consolidated Income Statements
(unaudited and in thousands, except per share amounts)
Three Months Ended
30-Sep-2130-Jun-21
Revenue
Lease$692,260 $684,025 
Parking and other21,266 17,864 
Insurance proceeds 1
2,241 418 
Hotel revenue5,189 1,561 
Development and management services 6,094 7,284 
Direct reimbursements of payroll and related costs from management services contracts3,006 2,655 
Total revenue730,056 713,807 
Expenses
Operating124,153 117,769 
Real estate taxes131,718 130,440 
Demolition costs169 92 
Restoration expenses related to insurance claim 1
2,241 402 
Hotel operating3,946 1,996 
General and administrative 2
34,560 38,405 
Payroll and related costs from management services contracts3,006 2,655 
Transaction costs1,888 751 
Depreciation and amortization179,412 183,838 
Total expenses481,093 476,348 
Other income (expense)
Loss from unconsolidated joint ventures (5,597)(1,373)
Gains on sales of real estate348 7,756 
Gains (losses) from investments in securities 2
(190)2,275 
Interest and other income (loss)1,520 1,452 
Interest expense(105,794)(106,319)
Net income139,250 141,250 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(18,971)(17,164)
Noncontrolling interest - common units of the Operating Partnership 3
(11,982)(12,383)
Net income attributable to Boston Properties, Inc.$108,297 $111,703 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$0.69 $0.72 
Net income attributable to Boston Properties, Inc. per share - diluted$0.69 $0.71 















_____________
1Amounts relate to damage at one of the Company’s properties in New York City due to a water main break.
2General and administrative expense includes $(0.2) million and $2.3 million and Gains (losses) from investments in securities include $(0.2) million and $2.3 million for the three months ended September 30, 2021 and June 30, 2021, respectively, related to the Company’s deferred compensation plan.
3For additional detail, see page 6.

5

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Q3 2021
Funds from operations (FFO) 1
(unaudited and dollars in thousands, except per share amounts)
Three Months Ended
30-Sep-2130-Jun-21
Net income attributable to Boston Properties, Inc.$108,297 $111,703 
Add:
Noncontrolling interest - common units of the Operating Partnership11,982 12,383 
Noncontrolling interests in property partnerships18,971 17,164 
Net income139,250 141,250 
Add:
Depreciation and amortization expense179,412 183,838 
Noncontrolling interests in property partnerships' share of depreciation and amortization 2
(16,773)(17,113)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3
17,803 15,350 
Corporate-related depreciation and amortization(443)(444)
Less:
Gains on sales of real estate348 7,756 
Noncontrolling interests in property partnerships18,971 17,164 
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)299,930 297,961 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO29,453 29,319 
FFO attributable to Boston Properties, Inc. $270,477 $268,642 
Boston Properties, Inc.’s percentage share of Basic FFO 90.18 %90.16 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO9.82 %9.84 %
Basic FFO per share$1.73 $1.72 
Weighted average shares outstanding - basic156,183 156,107 
Diluted FFO per share$1.73 $1.72 
Weighted average shares outstanding - diluted156,598 156,519 

RECONCILIATION TO DILUTED FFO
Three Months Ended
30-Sep-2130-Jun-21
Basic FFO$299,930 $297,961 
Add:
Effect of dilutive securities - stock-based compensation— — 
Diluted FFO299,930 297,961 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO29,393 29,259 
Boston Properties, Inc.’s share of Diluted FFO$270,537 $268,702 

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO
Three Months Ended
30-Sep-2130-Jun-21
Shares/units for Basic FFO173,194 173,150 
Add:
Effect of dilutive securities - stock-based compensation (shares/units)415 412 
Shares/units for Diluted FFO173,609 173,562 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)17,011 17,043 
Boston Properties, Inc.’s share of shares/units for Diluted FFO156,598 156,519 
Boston Properties, Inc.’s percentage share of Diluted FFO90.20 %90.18 %



_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2For a quantitative reconciliation for the three months ended September 30, 2021, see page 32.
3For a quantitative reconciliation for the three months ended September 30, 2021, see page 35.
6

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Q3 2021
Funds available for distributions (FAD) 1
(dollars in thousands)
Three Months Ended
30-Sep-2130-Jun-21
Net income attributable to Boston Properties, Inc.$108,297 $111,703 
Add:
Noncontrolling interest - common units of the Operating Partnership11,982 12,383 
Noncontrolling interests in property partnerships18,971 17,164 
Net income139,250 141,250 
Add:
Depreciation and amortization expense179,412 183,838 
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2
(16,773)(17,113)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3
17,803 15,350 
Corporate-related depreciation and amortization(443)(444)
Less:
Gains on sales of real estate348 7,756 
Noncontrolling interests in property partnerships18,971 17,164 
Basic FFO299,930 297,961 
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4
3,379 (132)
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of straight-line ground rent expense adjustment 1, 5
996 698 
Stock-based compensation8,440 13,993 
Non-real estate depreciation443 444 
Unearned portion of capitalized fees from consolidated joint ventures 6
2,207 603 
Less:
BXP’s Share of straight-line rent 1
35,811 30,855 
BXP’s Share of fair value lease revenue 1, 7
1,793 1,193 
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1
25,826 82,476 
BXP’s Share of maintenance capital expenditures 1, 8
16,800 22,145 
Hotel improvements, equipment upgrades and replacements
Funds available for distribution to common shareholders and common unitholders (FAD) (A)
$236,608 $178,341 
Distributions to common shareholders and unitholders (excluding any special distributions) (B)
$170,286 $170,266 
FAD Payout Ratio1 (B÷A)
71.97 %95.47 %








_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2For a quantitative reconciliation for the three months ended September 30, 2021, see page 32.
3For a quantitative reconciliation for the three months ended September 30, 2021, see page 35.
4Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.
5Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $34.4 million, which it expects to incur by the end of 2023 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 58 for additional information.
7Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.
8Maintenance capital expenditures do not include capital expenditures that are planned at the time of acquisition or capital expenditures incurred in connection with repositioning activities.

7

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Q3 2021
Reconciliation of net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of same property net operating income (NOI)

(in thousands)
Three Months Ended
30-Sep-2130-Sep-20
Net income attributable to Boston Properties, Inc. common shareholders$108,297 $89,854 
Preferred dividends— 2,625 
Net income attributable to Boston Properties, Inc.108,297 92,479 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership11,982 10,020 
Noncontrolling interest in property partnerships18,971 15,561 
Net income139,250 118,060 
Add:
Interest expense105,794 110,993 
Depreciation and amortization expense179,412 166,456 
Transaction costs1,888 307 
Payroll and related costs from management services contracts3,006 2,896 
General and administrative expense34,560 27,862 
Less:
Interest and other income (loss)1,520 (45)
Gains (losses) from investments in securities(190)1,858 
Gains (losses) on sales of real estate348 (209)
Loss from unconsolidated joint ventures(5,597)(6,873)
Direct reimbursements of payroll and related costs from management services contracts3,006 2,896 
Development and management services revenue 6,094 7,281 
Net Operating Income (NOI)458,729 421,666 
Add:
BXP’s share of NOI from unconsolidated joint ventures 1
24,266 24,938 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2
47,800 42,160 
BXP’s Share of NOI 435,195 404,444 
Less:
Termination income1,874 3,406 
BXP’s share of termination income from unconsolidated joint ventures 1
(17)— 
Add:
Partners’ share of termination income (loss) from consolidated joint ventures 2
10 556 
BXP’s Share of NOI (excluding termination income) $433,348 $401,594 
Net Operating Income (NOI)$458,729 $421,666 
Less:
Termination income1,874 3,406 
NOI from non Same Properties (excluding termination income) 3
5,227 1,842 
Same Property NOI (excluding termination income)451,628 416,418 
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2
47,790 41,604 
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
1,502 (70)
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1
24,283 24,938 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
1,827 1,394 
BXP’s Share of Same Property NOI (excluding termination income)$427,796 $398,288 

_____________
1For a quantitative reconciliation for the three months ended September 30, 2021, see page 61.
2For a quantitative reconciliation for the three months ended September 30, 2021, see pages 58-59.
3Pages 20-23 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2021 and therefore are no longer a part of the Company’s property portfolio.
8

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Q3 2021
Reconciliation of net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of same property net operating income (NOI) - cash
(in thousands)
Three Months Ended
30-Sep-2130-Sep-20
Net income attributable to Boston Properties, Inc. common shareholders$108,297 $89,854 
Preferred dividends— 2,625 
Net income attributable to Boston Properties, Inc.108,297 92,479 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership11,982 10,020 
Noncontrolling interest in property partnerships18,971 15,561 
Net income139,250 118,060 
Add:
Interest expense105,794 110,993 
Depreciation and amortization expense179,412 166,456 
Transaction costs1,888 307 
Payroll and related costs from management services contracts3,006 2,896 
General and administrative expense34,560 27,862 
Less:
Interest and other income (loss)1,520 (45)
Gains (losses) from investments in securities(190)1,858 
Gains (losses) on sales of real estate348 (209)
Loss from unconsolidated joint ventures(5,597)(6,873)
Direct reimbursements of payroll and related costs from management services contracts3,006 2,896 
Development and management services revenue 6,094 7,281 
Net Operating Income (NOI)458,729 421,666 
Less:
Straight-line rent36,675 46,713 
Fair value lease revenue1,408 (662)
Termination income1,874 3,406 
Add:
Straight-line ground rent expense adjustment 1
748 799 
Lease transaction costs that qualify as rent inducements 2
4,090 3,966 
NOI - cash (excluding termination income)423,610 376,974 
Less:
NOI - cash from non Same Properties (excluding termination income) 3
3,732 1,542 
Same Property NOI - cash (excluding termination income)419,878 375,432 
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4
45,150 35,318 
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
1,075 (64)
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5
21,619 22,288 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
1,634 (124)
BXP’s Share of Same Property NOI - cash (excluding termination income)$395,788 $362,462 

_____________
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 $40 and $98 for the three months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, the Company has remaining lease payments aggregating approximately $25.4 million, all of which it expects to incur by the end of 2023 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 2023 may vary significantly.
2Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 7.
3Pages 20-23 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2021 and therefore are no longer a part of the Company’s property portfolio.
4For a quantitative reconciliation for the three months ended September 30, 2021, see page 59.
5For a quantitative reconciliation for the three months ended September 30, 2021, see page 61.
9

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Q3 2021
Same property net operating income (NOI) by reportable segment
(dollars in thousands)
Office 1
Hotel & Residential
Three Months Ended$%Three Months Ended$%
30-Sep-2130-Sep-20ChangeChange30-Sep-2130-Sep-20ChangeChange
Rental Revenue 2
$696,372 $668,369 $15,276 $9,784 
Less: Termination income1,874 2,715 — 691 
Rental revenue (excluding termination income) 2
694,498 665,654 $28,844 4.3 %15,276 9,093 $6,183 68.0 %
Less: Operating expenses and real estate taxes249,844 250,951 (1,107)(0.4)%8,302 7,378 924 12.5 %
NOI (excluding termination income) 2, 3
$444,654 $414,703 $29,951 7.2 %$6,974 $1,715 $5,259 306.6 %
Rental revenue (excluding termination income) 2
$694,498 $665,654 $28,844 4.3 %$15,276 $9,093 $6,183 68.0 %
Less: Straight-line rent and fair value lease revenue36,596 45,598 (9,002)(19.7)%(8)153 (161)(105.2)%
Add: Lease transaction costs that qualify as rent inducements 4
4,042 3,966 76 1.9 %48 — 48 100.0 %
Subtotal661,944 624,022 37,922 6.1 %15,332 8,940 6,392 71.5 %
Less: Operating expenses and real estate taxes249,844 250,951 (1,107)(0.4)%8,302 7,378 924 12.5 %
Add: Straight-line ground rent expense 5
748 799 (51)(6.4)%— — — — %
NOI - cash (excluding termination income) 2, 3
$412,848 $373,870 $38,978 10.4 %$7,030 $1,562 $5,468 350.1 %
Consolidated Total 1 (A)
BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended$%Three Months Ended$%
30-Sep-2130-Sep-20ChangeChange30-Sep-2130-Sep-20ChangeChange
Rental Revenue 2
$711,648 $678,153 $37,933 $39,390 
Less: Termination income1,874 3,406 (17)— 
Rental revenue (excluding termination income) 2
709,774 674,747 $35,027 5.2 %37,950 39,390 $(1,440)(3.7)%
Less: Operating expenses and real estate taxes258,146 258,329 (183)(0.1)%15,494 15,846 (352)(2.2)%
NOI (excluding termination income) 2, 3
$451,628 $416,418 $35,210 8.5 %$22,456 $23,544 $(1,088)(4.6)%
Rental revenue (excluding termination income) 2
$709,774 $674,747 $35,027 5.2 %$37,950 $39,390 $(1,440)(3.7)%
Less: Straight-line rent and fair value lease revenue36,588 45,751 (9,163)(20.0)%2,838 1,004 1,834 182.7 %
Add: Lease transaction costs that qualify as rent inducements 4
4,090 3,966 124 3.1 %367 (128)495 386.7 %
Subtotal$677,276 $632,962 44,314 7.0 %35,479 38,258 (2,779)(7.3)%
Less: Operating expenses and real estate taxes258,146 258,329 (183)(0.1)%15,494 15,846 (352)(2.2)%
Add: Straight-line ground rent expense 5
748 799 (51)(6.4)%— — — — %
NOI - cash (excluding termination income) 2, 3
$419,878 $375,432 $44,446 11.8 %$19,985 $22,412 $(2,427)(10.8)%
Partners’ share of Consolidated Joint Ventures (C)
BXP’s Share 3, 6, 7, 8
Three Months Ended$%Three Months Ended$%
30-Sep-2130-Sep-20ChangeChange30-Sep-2130-Sep-20ChangeChange
Rental Revenue 2
$75,191 $71,395 $674,390 $646,148 
Less: Termination income10 556 1,847 2,850 
Rental revenue (excluding termination income) 2
75,181 70,839 $4,342 6.1 %672,543 643,298 $29,245 4.5 %
Less: Operating expenses and real estate taxes28,893 29,165 (272)(0.9)%244,747 245,010 (263)(0.1)%
NOI (excluding termination income) 2, 3
$46,288 $41,674 $4,614 11.1 %$427,796 $398,288 $29,508 7.4 %
Rental revenue (excluding termination income) 2
$75,181 $70,839 $4,342 6.1 %$672,543 $643,298 $29,245 4.5 %
Less: Straight-line rent and fair value lease revenue3,291 7,165 (3,874)(54.1)%36,135 39,590 (3,455)(8.7)%
Add: Lease transaction costs that qualify as rent inducements 4
1,078 873 205 23.5 %3,379 2,965 414 14.0 %
Subtotal72,968 64,547 8,421 13.0 %639,787 606,673 33,114 5.5 %
Less: Operating expenses and real estate taxes28,893 29,165 (272)(0.9)%244,747 245,010 (263)(0.1)%
Add: Straight-line ground rent expense 5
— — — — %748 799 (51)(6.4)%
NOI - cash (excluding termination income) 2, 3
$44,075 $35,382 $8,693 24.6 %$395,788 $362,462 $33,326 9.2 %
___________________
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 52.
3For a quantitative reconciliation of net income attributable to Boston Properties, Inc. common shareholders to net operating income (NOI) (excluding termination income) and NOI - cash (excluding termination income), see pages 8-9.
4Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 7.
5Excludes the straight-line impact of approximately $40 and $98 for the three months ended September 30, 2021 and 2020, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.
10

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Q3 2021
Same property net operating income (NOI) by reportable segment (continued)
6BXP’s Share equals (A) + (B) - (C).
7BXP’s Share of Same Store NOI (excluding termination income) increased $29,508 compared to Q3 2020. Included in the Q3 2020 comparison are BXP’s Share of $5,931 in write-offs associated with accrued rent, net and $3,790 in write-offs associated with accounts receivable, net. These items increased BXP’s Share of Same Store NOI (excluding termination income) by $9,721.
8BXP’s Share of Same Store NOI-cash (excluding termination income) increased $33,326 compared to Q3 2020. Included in the Q3 2020 comparison is BXP’s Share of $3,790 in write-offs associated with accounts receivable, net. Cash rent abatements and deferrals primarily related to COVID-19 decreased approximately $8,812 in Q3 2021 compared to Q3 2020. These items increased BXP’s Share of Same Store NOI-cash (excluding termination income) by $12,602. For additional information, see page 56.
11

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Q3 2021
Capital expenditures, tenant improvement costs and leasing commissions
(dollars in thousands, except PSF amounts)


CAPITAL EXPENDITURES
Three Months Ended
30-Sep-2130-Jun-21
Maintenance capital expenditures$17,779 $23,851 
Planned capital expenditures associated with acquisition properties — — 
Repositioning capital expenditures— (10)
Hotel improvements, equipment upgrades and replacements
Subtotal17,782 23,844 
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)192 380 
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs786 1,156 
BXP’s share of repositioning capital expenditures from unconsolidated JVs— — 
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs1,171 2,086 
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs— — 
Partners’ share of repositioning capital expenditures from consolidated JVs— — 
BXP’s Share of Capital Expenditures 1
$17,589 $23,294 





2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2
Three Months Ended
30-Sep-2130-Jun-21
Square feet718,572 1,354,986 
Tenant improvements and lease commissions PSF$43.95 $74.26 





















___________________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2Includes 100% of unconsolidated joint ventures.

12

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Q3 2021
Acquisitions and dispositions
For the period from January 1, 2021 through September 30, 2021
(dollars in thousands)

ACQUISITIONS
Investment
PropertyLocationDate AcquiredSquare FeetInitialAnticipated FutureTotalIn-service Leased (%)
153 & 211 Second Avenue Waltham, MAJune 2, 2021136,882 $100,176 $5,000 $105,176 100.0 %
Shady Grove Bio+Tech Campus 1
Rockville, MDAugust 2, 2021233,452 116,500 — 116,500 64.4 %
Safeco Plaza 2
Seattle, WASeptember 1, 2021765,139 465,000 40,000 505,000 90.9 %
Total Acquisitions1,135,473 $681,676 $45,000 $726,676 86.6 %

DISPOSITIONS
PropertyLocationDate DisposedSquare FeetGross Sales PriceNet Cash Proceeds
Book Gain
Annapolis Junction Buildings Six and Seven 3
Annapolis, MDMarch 30, 2021246,568 $65,948 $17,600 $10,257 
6595 Springfield Center Drive 4
Springfield, VADecember 13, 2018N/AN/AN/A8,104 
    Total Dispositions246,568 $65,948 $17,600 $18,361 









________________
1Shady Grove Bio+Tech Campus is an approximately 435,000 net rentable square foot, seven-building office park situated on an approximately 31-acre site. The Company intends to reposition three of the buildings, which are currently vacant, to support life sciences uses. These three buildings are not part of the Company’s in-service portfolio and are included within Land Held for Future Development on the Company’s Consolidated Balance Sheet. The Company anticipates it will redevelop or convert the remaining four buildings to lab or life sciences-related uses as each becomes vacant.
2The acquisition was completed through a newly formed joint venture with two institutional partners. Each partner owns approximately one-third of the joint venture. Each of the institutional partners invested approximately $71.9 million of cash for its ownership interest in the joint venture. The Company invested approximately $72.6 million in the joint venture and is providing customary operating, property management and leasing services to the venture. The purchase price was funded with cash and proceeds from a new mortgage loan secured by the property.
3Completed the sale of Annapolis Junction Buildings Six and Seven, two Class A office properties in Annapolis, Maryland totaling approximately 247,000 square feet, for a gross sales price of approximately $65.9 million. The Company had a 50% ownership interest in the joint venture that owned the properties. Net cash proceeds to the Company totaled approximately $17.6 million after repayment of the Company's share of debt totaling approximately $15.1 million. With the sale of Annapolis Junction Buildings Six and Seven, the Company no longer has any assets in Annapolis, Maryland.
4The Company sold its 6595 Springfield Center Drive development project located in Springfield, Virginia. Concurrently with the sale, the Company agreed to act as development manager and guaranteed the completion of the project. The Company earned a development fee of approximately $7.9 million during the development of this building. Upon completion of the project, the total cost of development was determined to be below the estimated total investment at the time of sale. As a result, the Company recognized a gain on sale of real estate of approximately $8.1 million during the nine months ended September 30, 2021, of which approximately $0.3 million occurred during the three months ended September 30, 2021.

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Q3 2021
Construction in progress
as of September 30, 2021
(dollars in thousands)

CONSTRUCTION IN PROGRESS 1
Actual/EstimatedBXP’s share
Initial OccupancyStabilization DateSquare Feet
Investment to Date 2
Estimated Total Investment 2
Total Financing
Amount Drawn at 9/30/2021
Estimated Future Equity Requirement 2
Percentage Leased 3
Percentage placed in-service 4
Net Operating Income (Loss) 5 (BXP’s share)
Construction PropertiesLocation
Office
325 Main StreetQ3 2022Q3 2022Cambridge, MA420,000 $283,920 $418,400 $— $— $134,480 90 %— %N/A
100 Causeway Street (50% ownership)Q3 2021Q3 2022Boston, MA632,000 229,627 267,300 200,000 148,603 — 95 %79 %$47 
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership) Q1 2022Q1 2022Bethesda, MD734,000 168,945 198,900 127,500 104,036 6,491 100 %— %N/A
Reston Next 6
Q4 2021Q4 2023Reston, VA1,062,000 507,726 715,300 — — 207,574 85 %— %N/A
2100 Pennsylvania Avenue
Q3 2022Q3 2024Washington, DC480,000 209,193 356,100 — — 146,907 56 %— %N/A
Total Office Properties under Construction3,328,000 1,399,411 1,956,000 327,500 252,639 495,452 87 %15 %47 
Lab/Life Sciences
200 West Street (Redevelopment) 7
Q4 2021Q4 2021Waltham, MA138,000 29,340 47,800 — — $18,460 100 %— %N/A
880 Winter Street (Redevelopment)Q1 2023Q2 2024Waltham, MA224,000 6,964 108,000 — — 101,036 17 %— %N/A
751 Gateway (49% ownership)Q1 2023Q3 2024South San Francisco, CA229,000 28,723 127,600 — — 98,877 — %— %N/A
180 CityPointQ1 2024Q4 2024Waltham, MA329,000 41,442 274,700 — — 233,258 — %— %N/A
Total Lab/Life Sciences Properties under Construction920,000 106,469 558,100 — — 451,631 19 %— %— 
Other
View Boston Observatory at The Prudential Center (Redevelopment)Q2 2023N/ABoston, MA59,000 45,158 182,300 — — 137,142 N/A— %N/A
Total Properties Under Construction4,307,000 $1,551,038 $2,696,400 $327,500 $252,639 $1,084,225 72 %
8
12 %$47 
PROJECTS FULLY PLACED IN-SERVICE DURING 2021
Actual/EstimatedBXP’s share
Estimated Total Investment 2
Amount Drawn at 9/30/2021
Estimated Future Equity Requirement 2
Net Operating Income (Loss) 5
Initial OccupancyStabilization DateSquare feet
Investment to Date 2
Total Financing
Percentage Leased 3
Location
One Five Nine East 53rd (55% Ownership) Q1 2021Q1 2021New York, NY220,000 $144,402 $150,000 $— $— $5,598 96 %$3,261 
Total Projects Fully Placed In-Service220,000 $144,402 $150,000 $— $— $5,598 96 %

$3,261 
_____________
1A project is classified as Construction in Progress when (1) construction or supply contracts have been signed, physical improvements have commenced or a lease has been signed and (2) capitalized interest has commenced.
2Includes income (loss) and interest carry on debt and equity investment.
3Represents percentage leased as of October 22, 2021, including leases with future commencement dates.
4Represents the portion of the project that no longer qualifies for capitalization of interest in accordance with GAAP.
5Amounts represent Net Operating Income (Loss) for the three months ended September 30, 2021. See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
6On October 19, 2021, approximately 285,000 square feet of the project was placed in-service.
7Represents a portion of the property under redevelopment for conversion to laboratory space.
8Total percentage leased excludes Other.
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Q3 2021
Land parcels and purchase options
as of September 30, 2021


OWNED LAND PARCELS
Location
Approximate Developable Square Feet 1
Reston, VA 2
2,938,000 
San Jose, CA 3
2,199,000 
New York, NY (25% Ownership)2,000,000 
Princeton, NJ 1,650,000 
San Jose, CA (55% Ownership) 1,078,000 
San Francisco, CA850,000 
Santa Clara, CA 632,000 
Washington, DC (50% ownership)520,000 
Springfield, VA422,000 
South San Francisco, CA (50% Ownership)411,000 
Waltham, MA396,000 
Dulles, VA310,000 
El Segundo, CA (50% Ownership) 275,000 
Rockville, MD 3, 4
202,000 
         Total
13,883,000 


VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS
Location
Approximate Developable Square Feet 1
Cambridge, MA 1,400,000 
Boston, MA 1,300,000 
Waltham, MA 5
1,200,000 
         Total3,900,000 

























__________________
1Represents 100% of consolidated and unconsolidated projects.
2During the fourth quarter of 2020, a ground lease commenced with a hotel developer to lease approximately 200,000 square feet from the Company. Construction is contingent on the developer’s ability to obtain construction financing.
3Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on page 22.
4On August 2, 2021, the Company acquired the Shady Grove Bio+Tech Campus in Rockville, Maryland, which includes three buildings that are currently vacant, totaling 202,000 square feet. The Company intends to reposition these three vacant buildings to support life sciences uses. These three buildings are not included in the Company’s in-service portfolio.
5The Company expects to be a 50% partner in the future development of these sites.


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Q3 2021
Leasing activity
for the three months ended September 30, 2021

ALL IN-SERVICE PROPERTIES
Net (increase)/decrease in available space (SF)Total
Vacant space available at the beginning of the period5,186,818 
Add:
Properties acquired vacant space 1
143,848 
Properties placed (and partially placed) in-service 2
503,024 
Leases expiring or terminated during the period862,505 
Total space available for lease6,696,195 
1st generation leases585,933 
2nd generation leases with new tenants407,240 
2nd generation lease renewals311,332 
Total space leased1,304,505 
Vacant space available for lease at the end of the period5,391,690 
Net (increase)/decrease in available space(204,872)
Second generation leasing information: 3
Leases commencing during the period (SF)718,572 
Weighted average lease term (months)58 
Weighted average free rent period (days)124 
Total transaction costs per square foot 4
$43.95 
Increase (decrease) in gross rents 5
(9.42)%
Increase (decrease) in net rents 6
(14.23)%


All leases (SF)Incr (decr) in 2nd generation cash rents
Total square feet of leases executed in the quarter 8
1st generation2nd generation
total 7
gross 5
net 6
Boston571,766 209,872 781,638 11.09 %16.59 %769,093 
Los Angeles— 8,973 8,973 (8.00)%(11.16)%7,180 
New York14,167 245,097 259,264 (17.65)%(27.06)%168,990 
San Francisco— 91,359 91,359 7.19 %9.44 %185,253 
Seattle— — — — — — 
Washington, DC— 163,271 163,271 (14.64)%(21.87)%301,301 
Total / Weighted Average585,933 718,572 1,304,505 (9.42)%(14.23)%1,431,817 



_____________
1Total square feet of properties acquired vacant space in Q3 2021 consists of 69,581 square feet at Safeco Plaza and 74,267 square feet at Shady Grove Bio+Tech Campus, which excludes three vacant properties included within Owned Land Parcels on page 15.
2Total square feet of properties partially placed in-service in Q3 2021 consists of 6,709 square feet at 685 Gateway and 496,315 square feet at 100 Causeway Street.
3Second generation leases are defined as leases for space that had previously been leased by the Company. Of the 718,572 square feet of second generation leases that commenced in Q3 2021, leases for 397,853 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 507,899 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).
6Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 507,899 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).
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 320,719.

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Q3 2021
Portfolio overview
for the three months ended September 30, 2021
(dollars in thousands)


Rentable square footage of in-service properties by location and unit type 1, 2
OfficeRetailResidentialHotelTotal
Boston13,720,696 1,058,690 550,114 330,000 15,659,500 
Los Angeles2,181,670 124,932 — — 2,306,602 
New York11,328,824 417,849 — — 11,746,673 
San Francisco7,291,388 351,186 318,171 — 7,960,745 
Seattle749,110 16,029 — — 765,139 
Washington, DC8,274,757 682,131 822,436 — 9,779,324 
Total43,546,445 2,650,817 1,690,721 330,000 48,217,983 
% of Total90.31 %5.50 %3.51 %0.68 %100.00 %


Rental revenue of in-service properties by unit type 1
OfficeRetailResidential
Hotel 3
Total
Consolidated$655,238 $50,402 $10,227 $5,089 $720,956 
Less:
Partners’ share from consolidated joint ventures 4
68,008 8,943 — — 76,951 
Add:
BXP’s share from unconsolidated joint ventures 5
38,933 2,185 1,923 — 43,041 
BXP’s Share of Rental revenue 1
$626,163 $43,644 $12,150 $5,089 $687,046 
% of Total91.14 %6.35 %1.77 %0.74 %100.00 %


Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6
CBDSuburbanTotal
Boston26.66 %7.78 %34.44 %
Los Angeles2.79 %— %2.79 %
New York26.71 %2.05 %28.76 %
San Francisco16.65 %2.83 %19.48 %
Seattle0.15 %— %0.15 %
Washington, DC4.89 %9.49 %14.38 %
Total77.85 %22.15 %100.00 %










_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2Includes 100% of the rentable square footage of the Company’s In-Service Properties. For additional detail relating to the Company’s In-Service Properties, see pages 20-23.
3Excludes approximately $100 of revenue from retail tenants that is included in Retail.
4See page 59 for additional information.
5See page 61 for additional information.
6BXP’s Share of NOI (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income attributable to Boston Properties, Inc. to BXP’s Share of NOI (excluding termination income), see page 8.

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Q3 2021
Residential and hotel performance
(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS
Residential 1
Hotel 2
Three Months EndedThree Months Ended
30-Sep-2130-Jun-2130-Sep-2130-Jun-21
Rental Revenue 3
$10,894 $9,763 $5,189 $1,561 
Less: Operating expenses and real estate taxes6,045 5,928 3,946 1,996 
Net Operating Income (Loss) (NOI) 3
4,849 3,835 1,243 (435)
Add: BXP’s share of NOI from unconsolidated joint ventures882 449 N/AN/A
BXP’s Share of NOI 3
$5,731 $4,284 $1,243 $(435)
Rental Revenue 3
$10,894 $9,763 $5,189 $1,561 
Less: Straight line rent and fair value lease revenue(13)21 (5)
Add: Lease transaction costs that qualify as rent inducements48 — — — 
Subtotal10,955 9,742 5,184 1,566 
Less: Operating expenses and real estate taxes6,045 5,928 3,946 1,996 
NOI - cash basis 3
4,910 3,814 1,238 (430)
Add: BXP’s share of NOI-cash from unconsolidated joint ventures882 449 N/AN/A
BXP’s Share of NOI - cash basis 3
$5,792 $4,263 $1,238 $(430)


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
30-Sep-2130-Sep-20
BOSTON
Hub50House (50% ownership), Boston, MA 3
440
Average Monthly Rental Rate $3,360 $3,571 (5.91)%
Average Rental Rate Per Occupied Square Foot $4.69 $5.32 (11.84)%
Average Physical Occupancy 87.50 %45.08 %94.10 %
Average Economic Occupancy 82.92 %39.31 %110.94 %
Proto Kendall Square, Cambridge, MA 3, 4
280
Average Monthly Rental Rate $2,642 $2,676 (1.27)%
Average Rental Rate Per Occupied Square Foot $4.82 $4.91 (1.83)%
Average Physical Occupancy 94.52 %85.71 %10.28 %
Average Economic Occupancy 93.90 %83.13 %12.96 %
The Lofts at Atlantic Wharf, Boston, MA 3, 4
86
Average Monthly Rental Rate $3,747 $4,231 (11.44)%
Average Rental Rate Per Occupied Square Foot $4.17 $4.62 (9.74)%
Average Physical Occupancy 96.51 %80.23 %20.29 %
Average Economic Occupancy 95.38 %80.74 %18.13 %
Boston Marriott Cambridge (437 rooms), Cambridge, MA 2, 4
N/A
Average Occupancy49.40 %

— %100.00 %
Average Daily Rate$222.31 

$— 100.00 %
Revenue Per Available Room$109.86 

$— 100.00 %
SAN FRANCISCO
The Skylyne, Oakland, CA 3, 5
402
Average Monthly Rental Rate$3,307 $3,887 (14.92)%
Average Rental Rate Per Occupied Square Foot$3.92 $4.97 (21.13)%
Average Physical Occupancy48.34 %2.27 %2,029.52 %
Average Economic Occupancy41.03 %1.70 %2,313.53 %

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Q3 2021
Residential and hotel performance (continued)


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
30-Sep-2130-Sep-20
WASHINGTON, DC
Signature at Reston, Reston, VA 3, 4
508
Average Monthly Rental Rate $2,429 $2,319 4.74 %
Average Rental Rate Per Occupied Square Foot $2.51 $2.42 3.72 %
Average Physical Occupancy 93.24 %82.22 %13.40 %
Average Economic Occupancy 92.03 %78.20 %17.69 %
The Avant at Reston Town Center, Reston, VA 3, 4
359
Average Monthly Rental Rate $2,299 $2,352 (2.25)%
Average Rental Rate Per Occupied Square Foot $2.50 $2.57 (2.72)%
Average Physical Occupancy 96.29 %89.69 %7.36 %
Average Economic Occupancy 96.25 %88.90 %8.27 %
Total In-Service Residential Units2,075 































_____________
1Includes retail space.
2As a result of COVID-19, the Boston Marriott Cambridge closed in March 2020 and re-opened on October 2, 2020. The hotel continues to operate at a diminished occupancy due to the continued impact of COVID-19 on business and leisure travel.
3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
4Excludes retail space.
5This property was completed and fully placed in-service on August 15, 2020 and is in its initial lease-up period with expected stabilization in the third quarter of 2022.


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Q3 2021
In-service property listing
as of September 30, 2021
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
BOSTON
Office
200 Clarendon StreetCBD Boston MA11,768,799 96.9 %$73.56 
100 Federal Street (55% ownership)CBD Boston MA11,238,461 97.6 %65.07
800 Boylston Street - The Prudential CenterCBD Boston MA11,197,746 89.7 %67.29
111 Huntington Avenue - The Prudential CenterCBD Boston MA1860,456 92.4 %70.60
Atlantic Wharf Office (55% ownership)CBD Boston MA1793,823 99.8 %80.37
Prudential Center (retail shops) 3, 4
CBD Boston MA1597,963 74.5 %99.10
101 Huntington Avenue - The Prudential CenterCBD Boston MA1506,476 100.0 %56.89
The Hub on Causeway - Podium (50% ownership) 5
CBD Boston MA1382,497 80.3 %69.51
888 Boylston Street - The Prudential CenterCBD Boston MA1363,320 100.0 %77.83
Star Market at the Prudential Center 3
CBD Boston MA157,236 100.0 %61.07
Subtotal107,766,777 93.5 %$72.05 
145 BroadwayEast Cambridge MA1490,086 99.1 %$86.14 
355 Main StreetEast Cambridge MA1259,640 99.3 %77.15
90 BroadwayEast Cambridge MA1223,771 100.0 %73.42
255 Main StreetEast Cambridge MA1215,394 97.5 %87.11
300 Binney StreetEast Cambridge MA1195,191 100.0 %59.87
150 BroadwayEast Cambridge MA1177,226 100.0 %81.70
105 BroadwayEast Cambridge MA1152,664 100.0 %69.78
250 Binney StreetEast Cambridge MA167,362 100.0 %47.46
University PlaceMid-Cambridge MA1195,282 100.0 %55.54
Subtotal91,976,616 99.4 %$74.96 
Bay Colony Corporate CenterRoute 128 Mass Turnpike MA41,001,136 74.6 %$44.45 
Reservoir PlaceRoute 128 Mass Turnpike MA1527,029 81.5 %37.67 
140 Kendrick Street Route 128 Mass Turnpike MA3380,991 99.4 %42.53 
Weston Corporate CenterRoute 128 Mass Turnpike MA1356,995 100.0 %56.63 
Waltham Weston Corporate CenterRoute 128 Mass Turnpike MA1301,611 84.8 %40.30 
230 CityPoint Route 128 Mass Turnpike MA1296,212 93.9 %41.24 
10 CityPointRoute 128 Mass Turnpike MA1241,203 98.1 %59.57 
20 CityPointRoute 128 Mass Turnpike MA1211,476 98.9 %46.85 
77 CityPointRoute 128 Mass Turnpike MA1209,711 100.0 %49.29 
890 Winter StreetRoute 128 Mass Turnpike MA1174,472 50.1 %45.82 
153 & 211 Second Avenue 6
Route 128 Mass Turnpike MA2136,882 100.0 %53.97 
200 West Street 6, 7
Route 128 Mass Turnpike MA1134,921 70.3 %55.39 
1265 Main Street (50% ownership) 5
Route 128 Mass Turnpike MA1114,969 100.0 %44.62 
Reservoir Place NorthRoute 128 Mass Turnpike MA173,258 100.0 %45.70 
195 West StreetRoute 128 Mass Turnpike MA163,500 100.0 %42.00 
The Point 3
Route 128 Mass Turnpike MA116,300 84.7 %57.26 
191 Spring Street 8
Route 128 Northwest MA1170,997 100.0 %44.69 
Lexington Office ParkRoute 128 Northwest MA2166,779 61.3 %30.71 
201 Spring Street 8
Route 128 Northwest MA1106,300 100.0 %45.32 
33 Hayden AvenueRoute 128 Northwest MA180,876 100.0 %65.88 
32 Hartwell AvenueRoute 128 Northwest MA169,154 100.0 %28.21 
100 Hayden AvenueRoute 128 Northwest MA155,924 100.0 %50.00 
181 Spring Street 8
Route 128 Northwest MA155,793 100.0 %44.03 
92 Hayden AvenueRoute 128 Northwest MA131,100 100.0 %44.37 
17 Hartwell AvenueRoute 128 Northwest MA130,000 100.0 %49.69 
Subtotal325,007,589 87.6 %$45.88 
Boston Office Total:5114,750,982 92.3 %$63.99 
Residential
Hub50House (440 units) (50% ownership) 5, 6
CBD Boston MA1320,444 
The Lofts at Atlantic Wharf (86 units)CBD Boston MA187,097 
Proto Kendall Square (280 units) East Cambridge MA1166,717 
Boston Residential Total:3574,258 
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Q3 2021
In-service property listing (continued)
as of September 30, 2021
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
BOSTON (continued)
Hotel
Boston Marriott Cambridge (437 rooms)East Cambridge MA1334,260 
Boston Hotel Total:1334,260 
Boston Total:5515,659,500 
LOS ANGELES
Office
Colorado Center (50% ownership) 5
West Los Angeles CA61,129,730 89.6 %$70.07 
Santa Monica Business Park (55% ownership) 5
West Los Angeles CA141,102,468 76.7 %65.98 
Santa Monica Business Park Retail (55% ownership) 3, 5
West Los Angeles CA774,404 90.1 %72.24 
Subtotal272,306,602 83.4 %$68.36 
Los Angeles Total:272,306,602 83.4 %$68.36 
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY11,957,284 91.3 %$163.54 
601 Lexington Avenue (55% ownership) 6
Park Avenue NY11,671,590 95.7 %99.89 
399 Park AvenuePark Avenue NY11,576,874 96.7 %101.24 
599 Lexington AvenuePark Avenue NY11,062,708 99.0 %92.93 
Times Square Tower (55% ownership)Times Square NY11,225,413 84.6 %79.39 
250 West 55th StreetTimes Square / West Side NY1966,979 98.7 %98.94 
Dock 72 (50% ownership) 5, 6
Brooklyn NY1668,625 33.1 %60.58 
510 Madison Avenue Fifth/Madison Avenue NY1353,800 99.0 %140.44 
Subtotal89,483,273 89.9 %$110.66 
510 Carnegie CenterPrinceton NJ1234,160 — %$— 
206 Carnegie CenterPrinceton NJ1161,763 100.0 %36.00 
210 Carnegie CenterPrinceton NJ1159,468 79.2 %37.46 
212 Carnegie CenterPrinceton NJ1151,355 74.9 %38.96 
214 Carnegie CenterPrinceton NJ1146,799 51.6 %35.27 
506 Carnegie CenterPrinceton NJ1138,616 82.1 %37.90 
508 Carnegie CenterPrinceton NJ1134,433 100.0 %42.23 
202 Carnegie CenterPrinceton NJ1134,068 91.2 %41.44 
804 Carnegie CenterPrinceton NJ1130,000 100.0 %41.31 
504 Carnegie CenterPrinceton NJ1121,990 100.0 %34.28 
101 Carnegie CenterPrinceton NJ1121,620 100.0 %39.22 
502 Carnegie CenterPrinceton NJ1121,460 97.6 %39.47 
701 Carnegie CenterPrinceton NJ1120,000 100.0 %43.14 
104 Carnegie CenterPrinceton NJ1102,930 63.6 %39.25 
103 Carnegie CenterPrinceton NJ196,332 64.1 %33.42 
105 Carnegie CenterPrinceton NJ169,955 56.6 %32.65 
302 Carnegie CenterPrinceton NJ164,926 100.0 %36.06 
211 Carnegie CenterPrinceton NJ147,025 100.0 %38.37 
201 Carnegie CenterPrinceton NJ6,500 100.0 %37.26 
Subtotal182,263,400 77.1 %$38.50 
New York Total:2611,746,673 87.5 %$98.40 
SAN FRANCISCO
Office
Salesforce TowerCBD San Francisco CA11,420,682 100.0 %$104.67 
Embarcadero Center FourCBD San Francisco CA1941,166 93.4 %84.87 
Embarcadero Center OneCBD San Francisco CA1831,603 81.9 %79.01 
Embarcadero Center TwoCBD San Francisco CA1801,378 87.2 %79.96 
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Q3 2021
In-service property listing (continued)
as of September 30, 2021
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
SAN FRANCISCO (continued)
Embarcadero Center ThreeCBD San Francisco CA1786,752 87.7 %81.52 
680 Folsom StreetCBD San Francisco CA2524,793 99.1 %70.70 
535 Mission StreetCBD San Francisco CA1307,235 90.0 %85.56 
690 Folsom StreetCBD San Francisco CA126,080 100.0 %67.65 
Subtotal95,639,689 92.1 %$86.95 
Gateway Commons (52% ownership) 5
South San Francisco CA61,080,751 69.7 %$59.31 
Mountain View Research ParkMountain View CA15542,264 82.0 %69.98 
2440 West El Camino RealMountain View CA1146,789 100.0 %83.36 
453 Ravendale DriveMountain View CA129,620 75.0 %39.96 
North First Business Park 9
San Jose CA5190,636 55.2 %27.35 
Subtotal281,990,060 74.0 %$62.40 
San Francisco Office Total:377,629,749 87.3 %$81.52 
Residential
The Skylyne (402 units) 6
CBD Oakland CA1330,996 
San Francisco Residential Total:1330,996 
San Francisco Total:387,960,745 
SEATTLE
Office
Safeco Plaza (33.67% ownership) 5, 6
CBD Seattle WA1765,139 90.9 %$43.63 
Subtotal1765,139 90.9 %$43.63 
Seattle Total:1765,139 90.9 %$43.63 
WASHINGTON, DC
Office
Metropolitan Square (20% ownership) 5
East End Washington DC1657,481 65.2 %$68.60 
901 New York Avenue (25% ownership) 5
East End Washington DC1541,743 74.4 %68.93 
601 Massachusetts AvenueEast End Washington DC1478,818 97.3 %87.44 
Market Square North (50% ownership) 5
East End Washington DC1417,989 77.9 %70.40 
2200 Pennsylvania AvenueCBD Washington DC1458,831 96.3 %91.30 
1330 Connecticut AvenueCBD Washington DC1253,941 89.9 %72.56 
Sumner SquareCBD Washington DC1209,556 93.7 %55.47 
500 North Capitol Street, N.W. (30% ownership) 5
Capitol Hill Washington DC1230,900 98.5 %80.75 
Capital GallerySouthwest Washington DC1176,809 97.1 %57.10 
Subtotal93,426,068 84.3 %$74.92 
South of MarketReston VA3623,250 82.3 %$54.91 
Fountain SquareReston VA2505,333 76.2 %54.84 
One Freedom SquareReston VA1430,523 71.8 %50.78 
Two Freedom SquareReston VA1423,222 100.0 %47.40 
One and Two Discovery Square Reston VA2366,989 100.0 %51.28 
One Reston OverlookReston VA1319,519 100.0 %46.51 
17Fifty Presidents StreetReston VA1275,809 100.0 %64.96 
Reston Corporate CenterReston VA2261,046 100.0 %47.45 
Democracy TowerReston VA1259,441 97.7 %59.89 
Fountain Square Retail 3
Reston VA1216,591 80.6 %40.43 
Two Reston OverlookReston VA1134,615 100.0 %48.00 
Subtotal163,816,338 89.5 %$52.01 
Wisconsin Place OfficeMontgomery County MD1299,248 85.6 %$60.20 
Shady Grove Bio+Tech Campus 6, 9
North Rockville MD4233,452 64.4 %18.23 
Kingstowne Two Springfield VA1155,995 87.2 %37.91 
22

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Q3 2021
In-service property listing (continued)
as of September 30, 2021
Sub MarketNumber of Buildings Square Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
WASHINGTON, DC (continued)
Kingstowne One Springfield VA1153,401 58.5 %39.02 
7601 Boston BoulevardSpringfield VA1108,286 100.0 %33.94 
7435 Boston BoulevardSpringfield VA1103,557 43.7 %22.90 
8000 Grainger CourtSpringfield VA188,775 — %— 
Kingstowne Retail 3
Springfield VA188,244 94.3 %42.17 
7500 Boston BoulevardSpringfield VA179,971 100.0 %19.60 
7501 Boston BoulevardSpringfield VA175,756 100.0 %37.28 
7450 Boston BoulevardSpringfield VA162,402 100.0 %18.17 
7374 Boston BoulevardSpringfield VA157,321 100.0 %19.52 
8000 Corporate CourtSpringfield VA152,539 100.0 %16.62 
7451 Boston BoulevardSpringfield VA145,949 65.3 %19.06 
7300 Boston BoulevardSpringfield VA132,000 100.0 %24.00 
7375 Boston BoulevardSpringfield VA126,865 44.5 %23.90 
Subtotal191,663,761 76.4 %$34.79 
Washington, DC Office Total:448,906,167 85.1 %$57.82 
Residential
Signature at Reston (508 units)Reston VA1517,783 
The Avant at Reston Town Center (359 units)Reston VA1355,374 
Washington, DC Residential Total:2873,157 
Washington, DC Total:469,779,324 
Total In-Service Properties:19348,217,983 88.4 %
10
$74.25 
10

















_____________
1Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
3This is a retail property.
4Includes 145,849 square feet at Prudential Center (retail shops) of leases terminated by the Company where the tenant is still occupying the space.
5This is an unconsolidated joint venture property.
6Not included in the Same Property analysis. The Company’s One Five Nine East 53rd Street development project, the low-rise portion of 601 Lexington Avenue, was fully placed in-service in February 2021 and excluded from the Company’s Same Property analysis.
7A portion of this property is under redevelopment. For additional detail, see page 14.
8The property was sold on October 25, 2021.
9Property held for redevelopment.
10 Excludes Hotel and Residential properties. For additional detail, see pages 18-19.



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Q3 2021
Top 20 tenants listing and portfolio tenant diversification
as of September 30, 2021
TOP 20 TENANTS
No.Tenant
BXP’s Share of Annualized Rental Obligations 1
Weighted Average Remaining Lease Term (years) 2
salesforce.com3.56 %10.3
Arnold & Porter Kaye Scholer2.70 %12.6
Akamai Technologies2.21 %13.1
Biogen1.79 %5.1
Shearman & Sterling1.60 %12.2
Ropes & Gray1.52 %8.6
Kirkland & Ellis1.51 %15.8
Google1.38 %15.9
WeWork1.36 %12.0
10 Microsoft1.33 %10.4
11 Millennium Management1.23 %9.3
12 Weil Gotshal & Manges1.22 %12.6
13 Wellington Management1.15 %11.6
14 Aramis (Estee Lauder)1.07 %15.9
15 US Government0.96 %4.8
16 Morrison & Foerster0.92 %9.0
17 O'Melveny & Myers0.88 %3.2
18 Bank of America0.84 %13.7
19 Mass Financial Services0.83 %6.4
20 Hunton Andrews Kurth0.80 %4.8
BXP’s Share of Annualized Rental Obligations28.86 %
BXP’s Share of Square Feet 1
23.08 %
Weighted Average Remaining Lease Term (years)10.8

NOTABLE SIGNED DEALS 3
TenantPropertySquare Feet
Marriott International7750 Wisconsin Avenue734,000 
Fannie MaeReston Next703,000 
Google325 Main Street379,000 
Wilmer Cutler Pickering Hale2100 Pennsylvania Avenue268,000 
Volkswagen Group of AmericaReston Next196,000 
Translate Bio200 West Street138,000 
TENANT DIVERSIFICATION 2
https://cdn.kscope.io/db55bdbc78fb583577d39549c1ec8aef-chart-5cbb36c8f7b648d3a1cb.jpg

_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
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.

24

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Q3 2021
Occupancy by location
as of September 30, 2021

TOTAL IN-SERVICE OFFICE PROPERTIES 1 - Quarter-over-Quarter
CBDSuburbanTotal
Location30-Sep-2130-Jun-2130-Sep-2130-Jun-2130-Sep-2130-Jun-21
Boston94.7 %95.5 %87.6 %87.8 %92.3 %92.9 %
Los Angeles83.4 %83.9 %— %— %83.4 %83.9 %
New York89.9 %89.7 %77.1 %76.7 %87.5 %87.2 %
San Francisco92.1 %92.5 %74.0 %73.4 %87.3 %87.6 %
Seattle 2
90.9 %N/A— %N/A90.9 %N/A
Washington, DC84.3 %83.6 %85.5 %86.4 %85.1 %85.3 %
   Total Portfolio90.7 %90.9 %83.4 %83.6 %88.4 %88.6 %
https://cdn.kscope.io/db55bdbc78fb583577d39549c1ec8aef-chart-cac031d9a7dc4ed2a43b.jpg

SAME PROPERTY OFFICE PROPERTIES 1, 3 - Year-over-Year
CBDSuburbanTotal
Location30-Sep-2130-Sep-2030-Sep-2130-Sep-2030-Sep-2130-Sep-20
Boston94.7 %98.7 %87.3 %87.5 %92.2 %95.0 %
Los Angeles83.4 %96.7 %— %— %83.4 %96.7 %
New York94.3 %94.2 %77.1 %76.5 %90.7 %90.5 %
San Francisco92.1 %95.8 %74.0 %78.7 %87.3 %91.4 %
Seattle 2
— %N/A— %N/A— %N/A
Washington, DC84.3 %84.6 %86.5 %83.9 %85.6 %84.2 %
   Total Portfolio92.0 %95.1 %83.5 %83.3 %89.2 %91.2 %
https://cdn.kscope.io/db55bdbc78fb583577d39549c1ec8aef-chart-8259649146c744e6854b.jpg

_____________
1Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential units and hotel.
2The Company entered the Seattle market on September 1, 2021. Therefore, there is no occupancy information provided for prior periods.
3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
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Q3 2021
Capital structure
(in thousands, except percentages)

CONSOLIDATED DEBT
Aggregate Principal
Mortgage Notes Payable $2,918,725 
Unsecured Line of Credit— 
Unsecured Senior Notes, at face value10,550,000 
Outstanding Principal13,468,725 
Discount on Unsecured Senior Notes(17,581)
Deferred Financing Costs, Net(72,794)
Consolidated Debt$13,378,350 
MORTGAGE NOTES PAYABLE
Interest Rate
PropertyMaturity DateGAAPStatedOutstanding Principal
601 Lexington Avenue (55% ownership)April 10, 20224.79%4.75%$618,725 
767 Fifth Avenue (The GM Building) (60% ownership)June 9, 20273.64%3.43%2,300,000 
Total$2,918,725 
BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 1
Maturity DateEffective Yield (on issue date)CouponOutstanding Principal
11 Year Unsecured Senior Notes 2
February 1, 20233.95%3.85%$1,000,000 
10.5 Year Unsecured Senior NotesSeptember 1, 20233.28%3.13%500,000 
10.5 Year Unsecured Senior NotesFebruary 1, 20243.92%3.80%700,000 
7 Year Unsecured Senior NotesJanuary 15, 20253.35%3.20%850,000 
10 Year Unsecured Senior NotesFebruary 1, 20263.77%3.65%1,000,000 
10 Year Unsecured Senior NotesOctober 1, 20263.50%2.75%1,000,000 
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 
$10,550,000 
CAPITALIZATION
Shares/UnitsCommon Stock
OutstandingEquivalents
Equivalent Value 3
Common Stock156,206 156,206 $16,924,920 
Common Operating Partnership Units17,477 17,477 1,893,633 
Total Equity173,683 $18,818,553 
Consolidated Debt (A)
$13,378,350 
Add: BXP’s share of unconsolidated joint venture debt 4
1,289,582 
Less: Partners’ share of consolidated debt 5
1,190,479 
BXP’s Share of Debt 6 (B)
$13,477,453 
Consolidated Market Capitalization (C)
$32,196,903 
BXP’s Share of Market Capitalization 6 (D)
$32,296,006 
Consolidated Debt/Consolidated Market Capitalization (A÷C)
41.55 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 6 (B÷D)
41.73 %


_____________
1All unsecured senior notes are rated BBB+ (stable), and Baa1 (stable) by S&P and Moody’s, respectively.
2On October 15, 2021, the Company redeemed these bonds in full at par plus accrued and unpaid interest and an early redemption premium.
3Values are based on the September 30, 2021 closing price of $108.35 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 33.
5Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 31.
6See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
26

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Q3 2021
Debt analysis 1
as of September 30, 2021
(dollars in thousands)


https://cdn.kscope.io/db55bdbc78fb583577d39549c1ec8aef-chart-e6a26ddb697b4a7ab51b.jpg
20212022
2023 2
2024202520262027202820292030203120322033


UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026
 FacilityOutstanding at September 30, 2021Letters of CreditRemaining Capacity at September 30, 2021
Unsecured Line of Credit$1,500,000 $— $6,348 $1,493,652 

UNSECURED AND SECURED DEBT ANALYSIS
Weighted Average
 % of Total Debt Stated Rates
 GAAP Rates 3
 Maturity (years)
Unsecured Debt78.33 %3.40 %3.48 %6.3 
Secured Debt21.67 %3.71 %3.89 %4.6 
Consolidated Debt100.00 %3.47 %3.57 %5.9 

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total Debt Stated Rates
 GAAP Rates 3
 Maturity (years)
Floating Rate Debt— %— %— %— 
Fixed Rate Debt100.00 %3.47 %3.57 %5.9 
Consolidated Debt100.00 %3.47 %3.57 %5.9 















_____________
1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 33.
2On October 15, 2021, the Company redeemed $1.0 billion of its 3.85% unsecured senior notes, which were scheduled to mature in February 2023, at par plus accrued and unpaid interest and an early redemption premium.
3The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges and the effects of hedging transactions.

27

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Q3 2021
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 September 30, 2021 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.


COVENANT RATIOS AND RELATED DATA
Senior Notes Issued Prior to December 4, 2017Senior Notes Issued On or After December 4, 2017
TestActual
Total Outstanding Debt/Total Assets 1
Less than 60%47.0 %43.7 %
Secured Debt/Total AssetsLess than 50%13.8 %12.8 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)Greater than 1.50x4.00 4.00 
Unencumbered Assets/ Unsecured DebtGreater than 150%229.8 %250.9 %


































_____________
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.
28

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Q3 2021
Net Debt to EBITDAre
(dollars in thousands)

Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDArecash 1
Three Months Ended
30-Sep-2130-Jun-21
Net income attributable to Boston Properties, Inc.$108,297 $111,703 
Add:
Noncontrolling interest - common units of the Operating Partnership11,982 12,383 
Noncontrolling interest in property partnerships18,971 17,164 
Net income139,250 141,250 
Add:
Interest expense105,794 106,319 
Depreciation and amortization expense179,412 183,838 
Less:
Gains on sales of real estate348 7,756 
Loss from unconsolidated joint ventures(5,597)(1,373)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2
24,121 25,375 
EBITDAre 1
453,826 450,399 
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3
47,740 46,222 
BXP’s Share of EBITDAre 1 (A)
406,086 404,177 
Add:
Stock-based compensation expense8,440 13,993 
BXP’s Share of straight-line ground rent expense adjustment 1
996 698 
BXP’s Share of lease transaction costs that qualify as rent inducements 1
3,379 (132)
Less:
BXP’s Share of straight-line rent 1
35,811 30,855 
BXP’s Share of fair value lease revenue 1
1,793 1,193 
BXP’s Share of EBITDAre cash 1
$381,297 $386,688 
BXP’s Share of EBITDAre (Annualized) 4 (A x 4)
$1,624,344 $1,616,708 

Reconciliation of BXP’s Share of Net Debt 1
30-Sep-2130-Jun-21
Consolidated debt$13,378,350 $12,536,065 
Add:
Special dividend payable— — 
Less:
Cash and cash equivalents1,002,728 557,307 
Cash held in escrow for 1031 exchange— — 
Net debt 1
12,375,622 11,978,758 
Add:
BXP’s share of unconsolidated joint venture debt 2
1,289,582 1,190,473 
Partners’ share of cash and cash equivalents from consolidated joint ventures123,115 143,868 
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures95,224 90,535 
Partners’ share of consolidated joint venture debt 3
1,190,479 1,191,879 
BXP’s Share of Net Debt 1 (B)
$12,502,616 $12,030,685 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]
7.70 7.44 

_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended September 30, 2021, see pages 33 and 60.
3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended September 30, 2021, see pages 31 and 58.
4BXP’s Share of EBITDAre (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4).
29

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Q3 2021
Debt ratios
(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1
Three Months Ended
30-Sep-2130-Jun-21
BXP’s Share of interest expense 1
$105,713 $105,772 
Less:
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of amortization of financing costs 1
3,587 3,673 
Adjusted interest expense excluding capitalized interest (A)
100,680 100,653 
Add:
BXP’s Share of capitalized interest 1
12,375 14,066 
Adjusted interest expense including capitalized interest (B)
$113,055 $114,719 
BXP’s Share of EBITDAre cash 1, 2 (C)
$381,297 $386,688 
Interest Coverage Ratio (excluding capitalized interest) (C÷A)
3.79 3.84 
Interest Coverage Ratio (including capitalized interest) (C÷B)
3.37 3.37 


FIXED CHARGE COVERAGE RATIO 1
Three Months Ended
30-Sep-2130-Jun-21
BXP’s Share of interest expense 1
$105,713 $105,772 
Less:
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of amortization of financing costs 1
3,587 3,673 
Add:
BXP’s Share of capitalized interest 1
12,375 14,066 
BXP’s Share of maintenance capital expenditures 1
16,800 22,145 
Hotel improvements, equipment upgrades and replacements
Total Fixed Charges (A)
$129,858 $136,867 
BXP’s Share of EBITDAre cash 1, 2 (B)
$381,297 $386,688 
Fixed Charge Coverage Ratio (B÷A)
2.94 2.83 






















_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
2For a qualitative reconciliation of BXP’s Share of EBITDAre – cash, see page 29.
30

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Q3 2021
Consolidated joint ventures
d
as of September 30, 2021
(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION
Norges Joint Ventures 1
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
ASSETS
(The GM Building) 1
Atlantic Wharf OfficeJoint Ventures
Real estate, net$3,194,362 $2,271,290 $5,465,652 
Cash and cash equivalents131,645 156,570 288,215 
Other assets298,996 355,626 654,622 
Total assets$3,625,003 $2,783,486 $6,408,489 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$2,280,110 $618,556 $2,898,666 
Other liabilities90,500 98,792 189,292 
Total liabilities2,370,610 717,348 3,087,958 
Equity:
   Boston Properties, Inc.754,187 838,127 1,592,314 
   Noncontrolling interests500,206 1,228,011 1,728,217 
2
Total equity1,254,393 2,066,138 3,320,531 
Total liabilities and equity$3,625,003 $2,783,486 $6,408,489 
BXP’s nominal ownership percentage60%55%
Partners’ share of cash and cash equivalents 3
$52,658 $70,457 $123,115 
Partners’ share of consolidated debt 3
$912,128 
4
$278,351 $1,190,479 




















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

31

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Q3 2021
Consolidated joint ventures (continued)
for the three months ended September 30, 2021
(unaudited and dollars in thousands)

RESULTS OF OPERATIONS
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Revenue
Lease 1
$75,286 $92,357 $167,643 
Straight-line rent1,864 6,549 8,413 
Fair value lease revenue(28)81 53 
Termination income— 22 22 
Total lease revenue77,122 99,009 176,131 
Parking and other— 1,198 1,198 
Insurance proceeds — 2,241 
2
2,241 
Total rental revenue 3
77,122 102,448 179,570 
Expenses
Operating29,107 33,569 62,676 
Restoration expenses related to insurance claim — 2,241 
2
2,241 
Total expenses29,107 35,810 64,917 
Net Operating Income (NOI)48,015 66,638 114,653 
Other income (expense)
Development and management services revenue— 
Interest and other income— 90 90 
Interest expense(21,324)(7,712)(29,036)
Depreciation and amortization expense(15,751)(22,246)(37,997)
General and administrative expense(89)(61)(150)
Total other income (expense)(37,164)(29,925)(67,089)
Net income$10,851 $36,713 $47,564 

FUNDS FROM OPERATIONS (FFO)
BXP’s nominal ownership percentage60%55%
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
Reconciliation of Partners’ share of FFO(The GM Building)Atlantic Wharf OfficeJoint Ventures
Net income$10,851 $36,713 $47,564 
Add: Depreciation and amortization expense15,751 22,246 37,997 
Entity FFO$26,602 $58,959 $85,561 
Partners’ NCI 4
$3,406 $15,565 $18,971 
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4
6,595 10,178 16,773 
Partners’ share FFO 4
$10,001 $25,743 $35,744 
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI
$7,445 $21,148 $28,593 
Depreciation and amortization expense - BXP’s basis difference
60 389 449 
BXP’s share of depreciation and amortization expense
9,096 11,679 20,775 
BXP’s share of FFO$16,601 $33,216 $49,817 
_____________
1 Lease revenue includes recoveries from tenants and service income from tenants.
2 Amounts relate to damage at one of the Company’s properties in New York City due to a water main break.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
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.
32

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Q3 2021
Unconsolidated joint ventures 1

as of September 30, 2021
(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 %56,714 147,791 September 5, 20231.59 %1.81 %
Podium50.00 %48,970 86,884 September 6, 20232.34 %2.50 %
Hub50House50.00 %47,934 88,085 April 19, 20222.08 %2.37 %
Hotel Air Rights50.00 %11,402 — — — %— %
1265 Main Street50.00 %3,855 18,204 January 1, 20323.77 %3.84 %
Los Angeles
Santa Monica Business Park 55.00 %155,679 163,899 July 19, 20254.06 %4.24 %
Colorado Center50.00 %230,535 274,699 August 9, 20273.56 %3.58 %
Beach Cities Media Center50.00 %27,124 — — — %— %
New York
Dock 72 3
50.00 %29,230 97,617 December 18, 20233.10 %3.32 %
3 Hudson Boulevard 4
25.00 %116,537 19,972 July 13, 20233.59 %3.67 %
San Francisco
Platform 1655.00 %108,098 — — — %— %
Gateway Commons 5
50.00 %328,367 — — — %— %
Seattle
Safeco Plaza33.67 %72,570 83,570 September 1, 20262.35 %2.50 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters)50.00 %59,734 102,933 April 26, 20231.34 %1.88 %
1001 6th Street50.00 %42,669 — — — %— %
Market Square North50.00 %(1,917)62,076 November 10, 20252.80 %2.96 %
Wisconsin Place Parking Facility33.33 %34,104 — — — %— %
500 North Capitol Street, N.W.30.00 %(7,700)31,470 June 6, 20234.15 %4.20 %
901 New York Avenue25.00 %(12,390)54,318 January 5, 20253.61 %3.69 %
Metropolitan Square20.00 %(14,568)58,064 July 7, 20225.40 %6.90 %
1,336,947 
Investments with deficit balances reflected within Other Liabilities
36,575 
Investments in Unconsolidated Joint Ventures$1,373,522 
Mortgage/Construction Loans Payable, Net$1,289,582 
https://cdn.kscope.io/db55bdbc78fb583577d39549c1ec8aef-chart-e1e88db759494463976b.jpg
33

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Q3 2021
Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total DebtStated Rate
GAAP Rate 2
Maturity (years)
Floating Rate Debt57.93 %2.43 %2.78 %2.2 
Fixed Rate Debt42.07 %3.76 %3.84 %4.9 
Total Debt100.00 %2.99 %3.22 %3.3 


_____________
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.
3 The property includes net equity balances from the amenity joint venture.
4 The Company has provided $80.0 million of mortgage financing to the joint venture. The loan has been reflected as Related Party Note Receivable, Net on the Company’s Consolidated Balance Sheets.
5 As a result of the partner’s deferred contribution, the Company owned an approximately 52% interest in the joint venture at September 30, 2021. Future development projects will be owned 49% by the Company and 51% by its partner.
34

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Q3 2021
Unconsolidated joint ventures (continued)
for the three months ended September 30, 2021
(unaudited and dollars in thousands)

RESULTS OF OPERATIONS 1
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
Revenue
Lease 2
$11,786 $28,191 $3,621 $11,869 $2,336 $21,656 $79,459 
Straight-line rent763 4,375 181 376 188 (420)5,463 
Fair value lease revenue — 337 — 40 385 — 762 
Termination income— (34)— — — — (34)
Total lease revenue12,549 32,869 3,802 12,285 2,909 21,236 85,650 
Parking and other12 2,438 — 127 1,436 4,014 
Total rental revenue 3
12,561 35,307 3,802 12,286 3,036 22,672 89,664 
Expenses
Operating 5,632 12,847 3,897 5,084 1,042 11,666 40,168 
Net operating income/(loss)6,929 22,460 (95)7,202 1,994 11,006 49,496 
Other income/(expense)
Development and management services revenue— — 338 — — — 338 
Interest and other income— — — — 
Interest expense(2,699)(12,002)(2,926)(3)(516)(9,373)(27,519)
Depreciation and amortization expense(5,001)(12,596)(2,744)(5,852)(1,690)(8,153)(36,036)
General and administrative expense(19)(113)— (2)— (76)(210)
Total other income/(expense)(7,719)(24,706)(5,332)(5,855)(2,206)(17,602)(63,420)
Net income/(loss)$(790)$(2,246)$(5,427)$1,347 $(212)$(6,596)$(13,924)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss) $(395)$(1,395)$(2,263)$684 $(71)$(1,051)
4
$(4,491)
Basis differential
Straight-line rent$— $91 
5
$— $
6
$— $— $98 
Fair value lease revenue— 301 
5
— (227)
6
— — 74 
Termination income— — — — — — — 
Depreciation and amortization expense(23)(1,035)
5
376 (525)
6
— (71)(1,278)
Total basis differential 7
(23)(643)
5
376 (745)
6
— (71)(1,106)
Income/(loss) from unconsolidated joint ventures(418)(2,038)(1,887)(61)(71)(1,122)
4
(5,597)
Add:
BXP’s share of depreciation and amortization expense2,523 7,712 996 3,347 5692,656 
4
17,803 
BXP’s share of FFO$2,105 $5,674 $(891)$3,286 $498 $1,534 $12,206 



_____________
1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 20-23.
2 Lease revenue includes recoveries from tenants and service income from tenants.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
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 Colorado Center differs from the historical basis of the venture resulting in the majority of the basis differential for this region.
6 The Company’s purchase price allocation under ASC 805 for Gateway Commons differs from the historical basis of the venture resulting in the majority of the basis differential for this region.
7 Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.
35

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Q3 2021
Lease expirations - All in-service properties1, 2, 3

as of September 30, 2021


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
2021450,816 418,244 22,943,525 54.86 22,954,995 54.88 1.10 %
4
20222,748,107 2,327,158 146,299,839 62.87 148,069,494 63.63 6.14 %

20232,333,407 2,030,012 138,278,012 68.12 142,984,579 70.44 5.35 %
20243,764,669 3,350,013 211,659,459 63.18 215,723,016 64.39 8.83 %
20252,616,276 2,397,116 158,057,663 65.94 165,262,247 68.94 6.32 %
20263,252,170 2,671,862 200,026,843 74.86 215,174,893 80.53 7.05 %
20272,280,559 2,049,459 134,318,623 65.54 146,413,025 71.44 5.40 %
20282,974,055 2,415,562 167,809,820 69.47 188,816,441 78.17 6.37 %
20292,726,136 2,379,579 166,333,504 69.90 190,385,153 80.01 6.28 %
20302,307,411 2,222,765 164,034,467 73.80 184,107,373 82.83 5.86 %
Thereafter13,303,609 10,735,552 859,738,518 80.08 1,057,005,125 98.46 28.31 %

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
2021165,332 164,409 5,225,208 31.78 5,233,307 31.83 7.17 %
2022141,001 137,754 11,142,985 80.89 11,163,510 81.04 6.01 %

2023145,164 143,986 8,521,067 59.18 8,541,243 59.32 6.28 %
2024160,598 152,116 15,059,685 99.00 15,983,184 105.07 6.64 %
202599,599 86,503 6,731,072 77.81 6,895,301 79.71 3.77 %
2026116,327 104,312 17,584,089 168.57 18,696,589 179.24 4.55 %
2027118,989 108,573 13,326,199 122.74 14,456,063 133.15 4.74 %
202864,504 61,228 7,891,133 128.88 8,772,245 143.27 2.67 %
2029131,892 108,592 10,615,121 97.75 12,119,676 111.61 4.74 %
2030196,925 159,036 11,260,483 70.80 12,433,629 78.18 6.94 %
Thereafter616,949 466,872 58,475,282 125.25 76,195,652 163.20 20.37 %

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
2021616,148 582,653 28,168,733 48.35 28,188,302 48.38 1.45 %
4
20222,889,108 2,464,912 157,442,824 63.87 159,233,004 64.60 6.13 %

20232,478,571 2,173,998 146,799,079 67.52 151,525,822 69.70 5.41 %
20243,925,267 3,502,129 226,719,144 64.74 231,706,200 66.16 8.71 %
20252,715,875 2,483,619 164,788,735 66.35 172,157,548 69.32 6.18 %
20263,368,497 2,776,174 217,610,932 78.39 233,871,482 84.24 6.90 %
20272,399,548 2,158,032 147,644,822 68.42 160,869,088 74.54 5.37 %
20283,038,559 2,476,790 175,700,953 70.94 197,588,686 79.78 6.16 %
20292,858,028 2,488,171 176,948,625 71.12 202,504,829 81.39 6.19 %
20302,504,336 2,381,801 175,294,950 73.60 196,541,002 82.52 5.92 %
Thereafter13,920,558 11,202,424 918,213,800 81.97 1,133,200,777 101.16 27.86 %
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. Does not include residential units and hotel. Total includes Seattle region.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants 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.

36

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Q3 2021
Lease expirations - Boston region in-service properties 1, 2, 3
as of September 30, 2021


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
202187,080 77,994 4,604,081 59.03 4,604,081 59.03 
4
2022978,601 919,950 45,135,419 49.06 47,854,886 52.02 
2023886,699 793,584 46,766,132 58.93 47,729,745 60.14 
2024924,148 893,885 48,961,756 54.77 50,787,317 56.82 
20251,090,656 1,071,543 61,462,433 57.36 63,834,354 59.57 
2026830,183 798,872 51,214,928 64.11 55,490,913 69.46 
2027699,412 691,612 39,653,992 57.34 43,505,628 62.90 
20281,153,153 1,153,153 71,354,143 61.88 76,938,147 66.72 
2029739,810 643,831 33,391,460 51.86 38,579,037 59.92 
20301,273,120 1,266,447 80,717,450 63.74 89,260,192 70.48 
Thereafter4,433,965 3,543,617 257,072,317 72.55 319,702,090 90.22 

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
2021147,826 147,824 3,230,684 21.85 3,230,684 21.85 
202228,581 28,266 3,250,422 114.99 3,267,024 115.58 

202344,835 44,835 2,915,945 65.04 2,897,131 64.62 
202481,404 81,404 5,745,683 70.58 5,788,884 71.11 
202538,874 38,874 3,068,810 78.94 3,188,667 82.03 
202625,338 25,338 5,369,115 211.90 5,607,785 221.32 
202773,941 67,627 10,613,909 156.95 11,454,255 169.37 
202845,230 45,230 6,757,449 149.40 7,519,806 166.26 
202956,791 55,441 7,250,507 130.78 7,929,990 143.03 
203088,800 54,405 5,234,677 96.22 5,686,340 104.52 
Thereafter149,758 109,648 7,989,703 72.87 9,375,920 85.51 

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
2021234,906 225,818 7,834,765 34.70 7,834,765 34.70 
4
20221,007,182 948,216 48,385,841 51.03 51,121,910 53.91 

2023931,534 838,419 49,682,077 59.26 50,626,876 60.38 
20241,005,552 975,289 54,707,439 56.09 56,576,201 58.01 
20251,129,530 1,110,417 64,531,243 58.11 67,023,021 60.36 
2026855,521 824,210 56,584,043 68.65 61,098,698 74.13 
2027773,353 759,239 50,267,901 66.21 54,959,883 72.39 
20281,198,383 1,198,383 78,111,592 65.18 84,457,953 70.48 
2029796,601 699,272 40,641,967 58.12 46,509,027 66.51 
20301,361,920 1,320,852 85,952,127 65.07 94,946,532 71.88 
Thereafter4,583,723 3,653,265 265,062,020 72.55 329,078,010 90.08 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
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 tenants 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.
37

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Q3 2021
Quarterly lease expirations - Boston region in-service properties 1, 2, 3
as of September 30, 2021


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 2021— — — — — — 
Q2 2021— — — — — — 
Q3 202113,017 13,017 663,519 50.97 663,519 50.97 
4
Q4 202174,063 64,977 3,940,562 60.65 3,940,562 60.65 
Total 202187,080 77,994 4,604,081 59.03 4,604,081 59.03 
Q1 2022132,698 125,909 6,792,179 53.95 6,815,914 54.13 
Q2 2022145,683 145,652 6,621,742 45.46 6,621,742 45.46 
Q3 2022157,250 154,518 7,640,339 49.45 7,650,622 49.51 
Q4 2022542,970 493,872 24,081,159 48.76 26,766,607 54.20 
Total 2022978,601 919,950 45,135,419 49.06 47,854,886 52.02 

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 2021— 

— 

— — — — 
Q2 2021— — — — — — 
Q3 2021— — — — — — 
Q4 2021147,826 147,824 3,230,684 21.85 3,230,684 21.85 
Total 2021147,826 147,824 3,230,684 21.85 3,230,684 21.85 
Q1 20227,783 7,468 1,264,402 169.31 1,269,682 170.02 

Q2 20229,287 9,287 993,050 106.93 993,050 106.93 
Q3 202211,511 11,511 992,970 86.26 1,004,292 87.25 
Q4 2022— — — — — — 
Total 202228,581 28,266 3,250,422 114.99 3,267,024 115.58 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2021— — — — — — 
Q2 2021— — — — — — 
Q3 202113,017 13,017 663,519 50.97 663,519 50.97 
4
Q4 2021221,889 212,801 7,171,246 33.70 7,171,246 33.70 
Total 2021234,906 225,818 7,834,765 34.70 7,834,765 34.70 
Q1 2022140,481 133,377 8,056,581 60.40 8,085,596 60.62 

Q2 2022154,970 154,939 7,614,792 49.15 7,614,792 49.15 
Q3 2022168,761 166,029 8,633,309 52.00 8,654,914 52.13 
Q4 2022542,970 493,872 24,081,159 48.76 26,766,607 54.20 
Total 20221,007,182 948,216 48,385,841 51.03 51,121,910 53.91 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
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 tenants 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.
38

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Q3 2021
Lease expirations - Los Angeles region in-service properties 1, 2, 3
as of September 30, 2021


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
2021— — — — — — 
202248,415 26,343 1,912,906 72.62 1,955,333 74.23 
202394,066 51,736 3,041,149 58.78 3,128,031 60.46 
2024132,131 72,672 4,690,189 64.54 5,020,644 69.09 
202511,419 6,280 436,167 69.45 531,045 84.56 
2026449,690 247,330 16,716,180 67.59 19,088,070 77.18 
2027— — — — — — 
2028301,388 155,984 11,296,162 72.42 14,447,571 92.62 
2029350,483 175,242 12,758,567 72.81 14,961,852 85.38 
2030— — — — — — 
Thereafter418,223 209,112 14,366,673 68.70 22,727,242 108.68 

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
2021— — — — — — 
2022— — — — — — 
20231,405 703 47,202 67.19 48,242 68.67 
20244,333 2,283 119,657 52.41 133,590 58.51 
202517,218 9,381 569,073 60.66 562,833 59.99 
20265,827 3,205 317,106 98.95 352,914 110.12 
2027— — — — — — 
2028— — — — — — 
202938,118 20,965 1,226,576 58.51 1,379,525 65.80 
20305,283 2,906 323,316 111.26 403,348 138.80 
Thereafter17,993 8,997 480,894 53.45 605,585 67.31 

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
2021— — — — — — 
202248,415 26,343 1,912,906 72.62 1,955,333 74.23 
202395,471 52,439 3,088,351 58.89 3,176,273 60.57 
2024136,464 74,955 4,809,846 64.17 5,154,234 68.76 
202528,637 15,661 1,005,240 64.19 1,093,878 69.85 
2026455,517 250,535 17,033,286 67.99 19,440,984 77.60 
2027— — — — — — 
2028301,388 155,984 11,296,162 72.42 14,447,571 92.62 
2029388,601 196,207 13,985,143 71.28 16,341,377 83.29 
20305,283 2,906 323,316 111.26 403,348 138.80 
Thereafter436,216 218,109 14,847,567 68.07 23,332,827 106.98 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. The Company owns 50% of Colorado Center and 55% of Santa Monica Business Park.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.



39

 https://cdn.kscope.io/db55bdbc78fb583577d39549c1ec8aef-image16.jpg
Q3 2021
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3
as of September 30, 2021


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 2021— — — — — — 
Q2 2021— — — — — — 
Q3 2021— — — — — — 
Q4 2021— — — — — — 
Total 2021— — — — — — 
Q1 20221,809 995 77,991 78.38 77,991 78.38 
Q2 202218,031 9,917 682,902 68.86 682,902 68.86 
Q3 20225,698 2,849 240,465 84.40 248,584 87.25 
Q4 202222,877 12,582 911,547 72.45 945,855 75.18 
Total 202248,415 26,343 1,912,906 72.62 1,955,333 74.23 

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 2021— — — — — — 
Q2 2021— — — — — — 
Q3 2021— — — — — — 
Q4 2021— — — — — — 
Total 2021— — — — — — 
Q1 2022— — — — — — 
Q2 2022— — — — — — 
Q3 2022— — — — — — 
Q4 2022— — — — — — 
Total 2022— — — — — — 

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 2021— — — — — — 
Q2 2021— — — — — — 
Q3 2021— — — — — — 
Q4 2021— — — — — — 
Total 2021— — — — — — 
Q1 20221,809 995 77,991 78.38 77,991 78.38 
Q2 202218,031 9,917 682,902 68.86 682,902 68.86 
Q3 20225,698 2,849 240,465 84.40 248,584 87.25 
Q4 202222,877 12,582 911,547 72.45 945,855 75.18 
Total 202248,415 26,343 1,912,906 72.62 1,955,333 74.23 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
2Includes partially placed in-service leased space. The Company owns 50% of Colorado Center and 55% of Santa Monica Business Park.
3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

40

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Q3 2021
Lease expirations - New York region in-service properties 1, 2, 3
as of September 30, 2021


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
202187,527 77,013 5,359,232 69.59 5,359,232 69.59 
4
2022661,152 539,011 46,288,428 85.88 44,681,726 82.90 
2023378,593 290,409 28,772,212 99.07 30,428,532 104.78 
20241,306,941 1,062,928 73,247,305 68.91 72,849,307 68.54 
2025589,995 524,535 43,858,522 83.61 44,491,953 84.82 
2026734,286 540,759 46,460,722 85.92 47,660,822 88.14 
2027476,235 396,094 29,180,257 73.67 30,621,594 77.31 
2028273,412 251,366 22,787,065 90.65 24,376,497 96.98 
2029654,531 624,752 63,674,583 101.92 69,139,065 110.67 
2030621,349 588,092 52,755,528 89.71 57,504,679 97.78 
Thereafter4,053,343 3,029,902 289,622,770 95.59 349,387,667 115.31 

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
20212,562 1,823 1,304,362 715.42 1,304,362 715.42 

202227,093 27,022 4,014,445 148.56 4,031,185 149.18 

2023— — — — — — 
202411,244 8,623 5,718,772 663.18 6,302,246 730.85 
2025— — — — — — 
202622,954 19,030 7,931,903 416.81 8,486,615 445.96 
2027— — — — — — 
2028— — — — — — 
20293,135 3,135 695,362 221.81 826,001 263.48 
20302,895 2,053 804,550 391.97 954,533 465.04 
Thereafter285,969 206,690 45,788,021 221.53 58,788,408 284.43 


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
202190,089 78,836 6,663,594 84.52 6,663,594 84.52 
4
2022688,245 566,033 50,302,873 88.87 48,712,911 86.06 
2023378,593 290,409 28,772,212 99.07 30,428,532 104.78 
20241,318,185 1,071,551 78,966,077 73.69 79,151,553 73.87 
2025589,995 524,535 43,858,522 83.61 44,491,953 84.82 
2026757,240 559,789 54,392,625 97.17 56,147,437 100.30 
2027476,235 396,094 29,180,257 73.67 30,621,594 77.31 
2028273,412 251,366 22,787,065 90.65 24,376,497 96.98 
2029657,666 627,887 64,369,945 102.52 69,965,066 111.43 
2030624,244 590,145 53,560,078 90.76 58,459,212 99.06 
Thereafter4,339,312 3,236,592 335,410,791 103.63 408,176,075 126.11 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
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 tenants 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.

41

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Q3 2021
Quarterly lease expirations - New York region in-service properties 1, 2, 3
as of September 30, 2021


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 2021— — — — — — 
Q2 2021— — — — — — 
Q3 20215,394 5,394 286,473 53.11 286,473 53.11 
4
Q4 202182,133 71,619 5,072,759 70.83 5,072,759 70.83 
Total 202187,527 77,013 5,359,232 69.59 5,359,232 69.59 
Q1 202285,426 69,778 6,681,377 95.75 6,704,490 96.08 

Q2 202275,077 59,431 4,894,500 82.36 4,802,500 80.81 
Q3 2022360,550 269,703 24,501,688 90.85 24,530,220 90.95 
Q4 2022140,099 140,099 10,210,864 72.88 8,644,516 61.70 
Total 2022661,152 539,011 46,288,428 85.88 44,681,726 82.90 

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 2021— — — — — — 
Q2 2021— — — — — — 
Q3 2021— — — — — — 
Q4 20212,562 1,823 1,304,362 715.42 1,304,362 715.42 
Total 20212,562 1,823 1,304,362 715.42 1,304,362 715.42 
Q1 2022— — — — — — 
Q2 2022178 107 540 5.06 17,280 161.80 
Q3 202226,915 26,915 4,013,905 149.13 4,013,905 149.13 
Q4 2022— — — — — — 
Total 202227,093 27,022 4,014,445 148.56 4,031,185 149.18 

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
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2021— — — — — — 
Q2 2021— — — — — — 
Q3 20215,394 5,394 286,473 53.11 286,473 53.11 
4
Q4 202184,695 73,442 6,377,121 86.83 6,377,121 86.83 
Total 202190,089 78,836 6,663,594 84.52 6,663,594 84.52 
Q1 202285,426 69,778 6,681,377 95.75 6,704,490 96.08 

Q2 202275,255 59,538 4,895,040 82.22 4,819,780 80.95 
Q3 2022387,465 296,618 28,515,593 96.14 28,544,125 96.23 
Q4 2022140,099 140,099 10,210,864 72.88 8,644,516 61.70 
Total 2022688,245 566,033 50,302,873 88.87 48,712,911 86.06 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
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 tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.
4Includes square feet expiring on the last day of the current quarter.

42

 https://cdn.kscope.io/db55bdbc78fb583577d39549c1ec8aef-image16.jpg
Q3 2021
Lease expirations - San Francisco region in-service properties 1, 2, 3
as of September 30, 2021


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
2021125,377 120,652 7,762,431 64.34 7,762,431 64.34 
4
2022621,750 498,856 34,096,590 68.35 34,484,480 69.13 

2023651,916 594,739 45,484,895 76.48 46,962,796 78.96 
2024703,489 660,649 45,960,414 69.57 46,460,123 70.32 
2025493,849 484,105 39,745,416 82.10 42,933,472 88.69 
2026645,462 558,013 48,864,439 87.57 53,057,255 95.08 
2027456,486 453,163 39,968,857 88.20 44,777,789 98.81 
2028524,953 512,697 44,058,729 85.94 52,019,070 101.46 
2029259,888 241,604 22,942,488 94.96 27,549,384 114.03 
2030269,363 267,319 24,962,008 93.38 30,440,253 113.87 
Thereafter1,607,052 1,592,730 153,285,071 96.24 180,898,677 113.58 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
20215,515 5,515 365,170 66.21 366,083 66.38 
202229,454 29,454 1,275,496 43.30 1,263,784 42.91 
202334,090 34,090 2,096,502 61.50 2,115,406 62.05 
20247,175 7,175 13,094 1.82 276,534 38.54 
202526,569 26,569 2,109,751 79.41 2,138,485 80.49 
202612,928 12,928 905,161 70.02 1,067,266 82.55 
202711,209 11,209 707,793 63.15 738,593 65.89 
20289,722 9,722 634,175 65.23 717,460 73.80 
20299,944 9,944 607,869 61.13 834,560 83.93 
20304,590 4,590 573,682 124.99 689,714 150.26 
Thereafter45,578 45,578 1,726,790 37.89 3,050,797 66.94 

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
2021130,892 126,167 8,127,601 $64.42 8,128,514 64.43 
4
2022651,204 528,310 35,372,086 66.95 35,748,264 67.67 

2023686,006 628,829 47,581,397 75.67 49,078,202 78.05 
2024710,664 667,824 45,973,508 68.84 46,736,657 69.98 
2025520,418 510,674 41,855,167 81.96 45,071,957 88.26 
2026658,390 570,941 49,769,600 87.17 54,124,521 94.80 
2027467,695 464,372 40,676,650 87.59 45,516,382 98.02 
2028534,675 522,419 44,692,904 85.55 52,736,530 100.95 
2029269,832 251,548 23,550,357 93.62 28,383,944 112.84 
2030273,953 271,909 25,535,690 93.91 31,129,967 114.49 
Thereafter1,652,630 1,638,308 155,011,861 94.62 183,949,474 112.28 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
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 tenants 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

 https://cdn.kscope.io/db55bdbc78fb583577d39549c1ec8aef-image16.jpg
Q3 2021
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3
as of September 30, 2021


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 2021— — — — — — 
Q2 2021— — — — — — 
Q3 20211,885 1,885 168,876 89.59 168,876 89.59 
4
Q4 2021123,492 118,767 7,593,555 63.94 7,593,555 63.94 
Total 2021125,377 120,652 7,762,431 64.34 7,762,431 64.34 
Q1 202289,738 88,709 7,010,809 79.03 7,041,014 79.37 
Q2 2022315,457 202,800 12,098,071 59.66 12,186,058 60.09 
Q3 2022130,583 127,075 9,768,714 76.87 9,947,713 78.28 
Q4 202285,972 80,272 5,218,996 65.02 5,309,694 66.15 
Total 2022621,750 498,856 34,096,590 68.35 34,484,480 69.13 


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 2021— — — — — — 
Q2 2021— — — — — — 
Q3 2021— — — — — — 
Q4 20215,515 5,515 365,170 66.21 366,083 66.38 
Total 20215,515 5,515 365,170 66.21 366,083 66.38 
Q1 20224,816 4,816 172,375 35.79 172,375 35.79 
Q2 2022— — — — — — 
Q3 20221,834 1,834 105,608 57.58 105,608 57.58 
Q4 202222,804 22,804 997,513 43.74 985,801 43.23 
Total 202229,454 29,454 1,275,496 43.30 1,263,784 42.91 

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 2021— — — — — — 
Q2 2021— — — — — — 
Q3 20211,885 1,885 168,876 89.59 168,876 89.59 
4
Q4 2021129,007 124,282 7,958,725 64.04 7,959,638 64.04 
Total 2021130,892 126,167 8,127,601 64.42 8,128,514 64.43 
Q1 202294,554 93,525 7,183,184 76.80 7,213,389 77.13 
Q2 2022315,457 202,800 12,098,071 59.66 12,186,058 60.09 
Q3 2022132,417 128,909 9,874,322 76.60 10,053,321 77.99 
Q4 2022108,776 103,076 6,216,509 60.31 6,295,495 61.08 
Total 2022651,204 528,310 35,372,086 66.95 35,748,264 67.67 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
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 tenants 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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Q3 2021
Lease expirations - Washington, DC region in-service properties 1, 2, 3
as of September 30, 2021


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
2021142,730 139,857 5,076,781 36.30 5,088,251 36.38 
4
2022370,574 320,232 17,799,044 55.58 18,020,960 56.27 
2023301,647 292,646 13,895,080 47.48 14,406,763 49.23 
2024662,957 648,093 38,636,497 59.62 40,434,598 62.39 
2025410,503 303,968 12,184,744 40.09 13,141,380 43.23 
2026592,549 526,888 36,770,574 69.79 39,877,833 75.69 
2027648,426 508,590 25,515,517 50.17 27,508,014 54.09 
2028213,790 171,534 10,650,077 62.09 12,175,507 70.98 
2029721,424 694,150 33,566,406 48.36 40,155,815 57.85 
2030143,579 100,907 5,599,481 55.49 6,902,249 68.40 
Thereafter2,766,159 2,351,818 145,037,577 61.67 183,791,575 78.15 

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
20219,155 9,155 320,933 35.06 328,119 35.84 
202255,873 53,012 2,602,622 49.09 2,601,517 49.07 
202364,834 64,358 3,461,418 53.78 3,480,464 54.08 
202455,402 52,281 3,456,176 66.11 3,475,627 66.48 
202516,938 11,679 983,438 84.21 1,005,316 86.08 
202645,594 42,570 2,965,369 69.66 3,086,574 72.51 
202733,839 29,737 2,004,497 67.41 2,263,215 76.11 
20289,552 6,276 499,509 79.59 534,979 85.24 
202923,904 19,107 834,807 43.69 1,149,600 60.17 
203095,357 95,082 4,324,258 45.48 4,699,694 49.43 
Thereafter117,651 95,959 2,489,874 25.95 4,374,942 45.59 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Year of Lease
Expiration$$/PSF$$/PSF
2021151,885 149,012 5,397,714 36.22 5,416,370 36.35 
4
2022426,447 373,244 20,401,666 54.66 20,622,477 55.25 
2023366,481 357,004 17,356,498 48.62 17,887,227 50.10 
2024718,359 700,374 42,092,673 60.10 43,910,225 62.70 
2025427,441 315,647 13,168,182 41.72 14,146,696 44.82 
2026638,143 569,458 39,735,943 69.78 42,964,407 75.45 
2027682,265 538,327 27,520,014 51.12 29,771,229 55.30 
2028223,342 177,810 11,149,586 62.71 12,710,486 71.48 
2029745,328 713,257 34,401,213 48.23 41,305,415 57.91 
2030238,936 195,989 9,923,739 50.63 11,601,943 59.20 
Thereafter2,883,810 2,447,777 147,527,451 60.27 188,166,517 76.87 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
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 tenants 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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Q3 2021
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3
as of September 30, 2021


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 2021— — — — — — 
Q2 2021— — — — — — 
Q3 202181,340 81,340 3,168,545 38.95 3,180,015 39.10 
4
Q4 202161,390 58,517 1,908,236 32.61 1,908,236 32.61 
Total 2021142,730 139,857 5,076,781 36.30 5,088,251 36.38 
Q1 202275,705 49,546 2,942,362 59.39 2,949,459 59.53 
Q2 2022100,941 100,941 4,592,424 45.50 4,592,424 45.50 
Q3 202284,529 60,346 4,005,570 66.38 4,066,042 67.38 
Q4 2022109,399 109,399 6,258,688 57.21 6,413,035 58.62 
Total 2022370,574 320,232 17,799,044 55.58 18,020,960 56.27 

RETAIL
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2021— — — — — — 
Q2 2021— — — — — — 
Q3 2021— — — — — — 
Q4 20219,155 9,155 320,933 35.06 328,119 35.84 
Total 20219,155 9,155 320,933 35.06 328,119 35.84 
Q1 202211,519 11,519 510,996 44.36 511,555 44.41 
Q2 202218,737 16,510 639,533 38.74 643,067 38.95 
Q3 20222,816 2,816 207,350 73.63 207,350 73.63 
Q4 202222,801 22,167 1,244,743 56.15 1,239,544 55.92 
Total 202255,873 53,012 2,602,622 49.09 2,601,517 49.07 

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 2021— — — — — — 
Q2 2021— — — — — — 
Q3 202181,340 81,340 3,168,545 38.95 3,180,015 39.10 
4
Q4 202170,545 67,672 2,229,169 32.94 2,236,355 33.05 
Total 2021151,885 149,012 5,397,714 36.22 5,416,370 36.35 
Q1 202287,224 61,065 3,453,358 56.55 3,461,014 56.68 
Q2 2022119,678 117,451 5,231,957 44.55 5,235,491 44.58 
Q3 202287,345 63,162 4,212,920 66.70 4,273,392 67.66 
Q4 2022132,200 131,566 7,503,431 57.03 7,652,579 58.17 
Total 2022426,447 373,244 20,401,666 54.66 20,622,477 55.25 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
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 tenants 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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Q3 2021
Lease expirations - CBD properties 1, 2, 3
as of September 30, 2021


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
2021187,478 178,390 5,904,037 33.10 5,904,037 33.10 
4
2022310,178 251,212 18,830,141 74.96 18,980,609 75.56 

2023573,793 480,678 33,958,267 70.65 34,453,122 71.68 
2024459,384 429,121 28,891,847 67.33 29,641,174 69.07 
2025341,017 321,904 25,092,828 77.95 26,304,501 81.72 
2026621,839 590,528 44,763,343 75.80 47,030,686 79.64 
2027416,801 402,686 34,972,407 86.85 37,673,067 93.55 
2028942,650 942,650 67,212,015 71.30 72,706,003 77.13 
2029506,029 408,700 30,095,585 73.64 33,857,834 82.84 
20301,280,982 1,239,914 82,363,331 66.43 90,799,189 73.23 
Thereafter3,897,217 3,024,243 232,838,010 76.99 294,731,925 97.46 

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
2021— — — — — — 
202248,415 26,343 1,912,906 72.61 1,955,333 74.22 
202395,471 52,439 3,088,351 58.89 3,176,272 60.57 
2024136,464 74,955 4,809,846 64.17 5,154,234 68.76 
202528,637 15,662 1,005,240 64.18 1,093,878 69.84 
2026455,517 250,534 17,033,287 67.99 19,440,984 77.60 
2027— — — — — — 
2028301,388 155,984 11,296,162 72.42 14,447,571 92.62 
2029388,601 196,206 13,985,143 71.28 16,341,378 83.29 
20305,283 2,906 323,316 111.27 403,348 138.82 
Thereafter436,216 218,108 14,847,567 68.07 23,332,828 106.98 

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
202146,237 34,985 5,458,007 156.01 5,458,007 156.01 
4
2022575,054 452,842 45,955,847 101.48 44,356,135 97.95 

2023332,074 243,890 27,032,605 110.84 28,667,300 117.54 
2024825,580 578,946 60,152,572 103.9 60,046,947 103.72 
2025364,256 298,796 34,952,167 116.98 35,239,667 117.94 
2026520,274 322,823 44,597,051 138.15 45,828,086 141.96 
2027256,729 176,588 21,178,510 119.93 22,082,267 125.05 
2028216,656 194,610 20,521,604 105.45 21,940,767 112.74 
2029601,873 572,094 62,224,223 108.77 67,557,807 118.09 
2030577,070 542,971 51,965,548 95.71 56,496,174 104.05 
Thereafter4,138,296 3,035,576 327,405,355 107.86 399,603,697 131.64 
47

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Q3 2021
Lease expirations - CBD properties (continued) 1, 2, 3
as of September 30, 2021


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
202129,600 29,600 2,404,844 81.24 2,405,757 81.28 
4
2022354,840 354,840 26,402,005 74.41 26,616,146 75.01 
2023386,183 386,183 31,665,476 82.00 32,771,072 84.86 
2024518,196 518,196 38,362,427 74.03 38,856,187 74.98 
2025306,704 306,704 26,274,778 85.67 28,361,632 92.47 
2026483,491 483,491 42,061,716 87.00 45,764,009 94.65 
2027378,708 378,708 35,192,353 92.93 39,136,752 103.34 
2028510,163 510,163 44,042,998 86.33 51,944,393 101.82 
2029233,264 233,264 22,697,366 97.30 27,321,389 117.13 
2030269,865 269,865 25,421,253 94.20 30,988,574 114.83 
Thereafter1,623,985 1,623,985 154,320,199 95.03 183,029,504 112.70 

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
20215,747 2,874 134,217 46.71 134,217 46.71 
4
2022173,925 120,722 8,489,066 70.32 8,618,414 71.39 
202344,785 35,307 2,702,146 76.53 2,780,216 78.74 
2024179,282 161,297 13,258,137 82.20 13,869,913 85.99 
2025168,844 57,050 3,308,692 58.00 3,576,930 62.70 
2026354,193 285,508 27,736,554 97.15 29,961,425 104.94 
2027218,459 74,520 5,643,626 75.73 6,377,121 85.58 
2028169,494 123,962 8,976,724 72.42 10,227,810 82.51 
202984,769 52,698 3,377,371 64.09 4,152,347 78.79 
203065,835 22,888 1,665,615 72.77 2,068,794 90.39 
Thereafter1,396,531 960,498 70,567,343 73.47 87,575,536 91.18 














_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
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 tenants 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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Q3 2021
Lease expirations - Suburban properties 1, 2, 3
as of September 30, 2021


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
202147,428 47,428 1,930,728 40.71 1,930,728 40.71 
4
2022697,004 697,004 29,555,700 42.40 32,141,301 46.11 
2023357,741 357,741 15,723,811 43.95 16,173,754 45.21 
2024546,168 546,168 25,815,592 47.27 26,935,027 49.32 
2025788,513 788,513 39,438,416 50.02 40,718,520 51.64 
2026233,682 233,682 11,820,700 50.58 14,068,012 60.20 
2027356,552 356,552 15,295,494 42.90 17,286,816 48.48 
2028255,733 255,733 10,899,577 42.62 11,751,950 45.95 
2029290,572 290,572 10,546,383 36.30 12,651,194 43.54 
203080,938 80,938 3,588,796 44.34 4,147,343 51.24 
Thereafter686,506 629,022 32,224,010 51.23 34,346,084 54.60 

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
202143,852 43,852 1,205,586 27.49 1,205,586 27.49 
4
2022113,191 113,191 4,347,026 38.40 4,356,775 38.49 
202346,519 46,519 1,739,607 37.40 1,761,232 37.86 
2024492,605 492,605 18,813,504 38.19 19,104,606 38.78 
2025225,739 225,739 8,906,355 39.45 9,252,286 40.99 
2026236,966 236,966 9,795,574 41.34 10,319,351 43.55 
2027219,506 219,506 8,001,747 36.45 8,539,327 38.90 
202856,756 56,756 2,265,461 39.92 2,435,729 42.92 
202955,793 55,793 2,145,722 38.46 2,407,259 43.15 
203047,174 47,174 1,594,530 33.80 1,963,038 41.61 
Thereafter201,016 201,016 8,005,436 39.82 8,572,378 42.65 

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
2021101,292 96,567 5,722,757 59.26 5,722,757 59.26 
4
2022296,364 173,470 8,970,081 51.71 9,132,118 52.64 
2023299,823 242,646 15,915,921 65.59 16,307,129 67.21 
2024192,468 149,628 7,611,081 50.87 7,880,470 52.67 
2025213,714 203,970 15,580,389 76.39 16,710,325 81.93 
2026174,899 87,450 7,707,883 88.14 8,360,512 95.60 
202788,987 85,664 5,484,297 64.02 6,379,630 74.47 
202824,512 12,256 649,906 53.03 792,137 64.63 
202936,568 18,284 852,991 46.65 1,062,555 58.11 
20304,088 2,044 114,438 55.99 141,393 69.17 
Thereafter28,645 14,323 691,663 48.29 919,971 64.23 
49

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Q3 2021
Lease expirations - Suburban properties (continued) 1, 2, 3
as of September 30, 2021


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
2021146,138 146,138 5,263,497 36.02 5,282,153 36.14 
4
2022252,522 252,522 11,912,601 47.17 12,004,063 47.54 
2023321,696 321,696 14,654,352 45.55 15,107,011 46.96 
2024539,077 539,077 28,834,536 53.49 30,040,312 55.73 
2025258,597 258,597 9,859,489 38.13 10,569,767 40.87 
2026283,950 283,950 11,999,389 42.26 13,002,983 45.79 
2027463,806 463,806 21,876,388 47.17 23,394,108 50.44 
202853,848 53,848 2,172,861 40.35 2,482,675 46.11 
2029660,559 660,559 31,023,842 46.97 37,153,068 56.24 
2030173,101 173,101 8,258,125 47.71 9,533,149 55.07 
Thereafter1,487,279 1,487,279 76,960,108 51.75 100,590,981 67.63 







































_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 52.
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 tenants 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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Q3 2021
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 CompanyAngus Kelleher646.747.5447
Bank of America Merrill LynchJeffrey Spector / Jamie Feldman646.855.1363 / 646.855.5808
BarclaysAnthony Powell212.526.8768
BMO CapitalJohn Kim212.885.4115
BTIGTom Catherwood212.738.6140
CitiMichael Bilerman / Emmanuel Korchman212.816.1383 / 212.816.1382
Deutsche Bank SecuritiesDerek Johnston 212.250.5683
Evercore ISISteve Sakwa212.446.9462
Goldman Sachs & Company, Inc.Caitlin Burrows801.741.5459
Green Street AdvisorsDaniel Ismail949.640.8780
Jefferies & Co.Peter Abramowitz / Jonathan Peterson212.284.1705 / 212.336.7076
J.P. Morgan SecuritiesAnthony Paolone212.622.6682
KeyBanc Capital MarketsCraig Mailman / Jordan Sadler917.368.2316 / 917.368.2280
Mizuho SecuritiesHaendel St. Juste212.205.7860
Morgan StanleyRonald Kamden212.296.8319
MorningstarMichael Wong312.384.5404
Piper Sandler CompaniesAlexander Goldfarb / Daniel Santos212.466.7937 / 212.466.7927
RW Baird & Co., Inc.David Rodgers 216.737.7341
Scotiabank GBMNicholas Yulico212.225.6904
SMBC Nikko Securities Inc.Richard Anderson646.521.2351
Truist SecuritiesMichael Lewis212.319.5659
UBS US Equity Research
Brent Dilts212.713.1841
Wells Fargo SecuritiesBlaine Heck443.263.6529
Wolfe ResearchAndrew Rosivach646.582.9250
Debt Research Coverage
Bank of America Merrill LynchAndrew Molloy646.855.6435
BarclaysPeter Troisi212.412.3695
J.P. Morgan SecuritiesMark Streeter212.834.5086
US BankBill Stafford877.558.2605
Wells FargoKevin McClure704.715.8455 / 704.410.3252
Rating Agencies
Moody’s Investors ServiceRanjini Venkatesan212.553.3828
Standard & Poor’sMichael Souers212.438.2508


51

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Q3 2021
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 56.
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 and (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. 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, 2019, 2020 and 2021 MYLTIP Units are not included.
The Company also presents BXP’s Share of Market Capitalization, which is calculated in a similar manner, except that BXP’s Share of Debt is utilized instead of the Company’s Consolidated Debt in both the numerator and the denominator. The Company presents these ratios because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and do not necessarily reflect the Company’s capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like Boston Properties, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness.
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Q3 2021
Definitions (continued)

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




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Q3 2021
Definitions (continued)

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





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Q3 2021
Definitions (continued)

Net Operating Income/(Loss) (NOI)
Net operating income/(loss) (NOI) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders, the most directly comparable GAAP financial measure, plus (1) preferred stock redemption charge, preferred dividends, net income attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, impairment losses, depreciation and amortization expense, 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 and interest and other income (loss). 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 tenant), fair value lease revenue, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) NOI and NOI – cash, in each case excluding termination income.
The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company’s results of operations and financial condition because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’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 tenants 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 tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’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 20 - 23 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

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Q3 2021
Reconciliations
(unaudited and in thousands)
BXP’s Share of select items
Three Months Ended
30-Sep-2130-Jun-21
Revenue$730,056 $713,807 
Partners’ share of revenue from consolidated joint ventures (JVs)(76,953)(73,473)
BXP’s share of revenue from unconsolidated JVs43,210 42,939 
BXP’s Share of revenue$696,313 $683,273 
Straight-line rent$36,675 $31,267 
Partners’ share of straight-line rent from consolidated JVs(3,693)(2,966)
BXP’s share of straight-line rent from unconsolidated JVs2,829 2,554 
BXP’s Share of straight-line rent$35,811 $30,855 
Fair value lease revenue 1
$1,408 $731 
Partners’ share of fair value lease revenue from consolidated JVs 1
(25)182 
BXP’s share of fair value lease revenue from unconsolidated JVs 1
410 280 
BXP’s Share of fair value lease revenue 1
$1,793 $1,193 
Lease termination income$1,874 $5,355 
Partners’ share of termination income from consolidated JVs(10)
BXP’s share of termination income from unconsolidated JVs(17)709 
BXP’s Share of termination income$1,847 $6,067 
Non-cash termination income adjustment (fair value lease amounts)$— $— 
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs— — 
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs— — 
BXP’s Share of non-cash termination income adjustment (fair value lease amounts)$— $— 
Parking and other revenue$21,266 $17,864 
Partners’ share of parking and other revenue from consolidated JVs(539)(450)
BXP’s share of parking and other revenue from unconsolidated JVs1,831 1,751 
BXP’s Share of parking and other revenue $22,558 $19,165 
Cash rent abatements and deferrals related to COVID-19$8,042 $7,754 
Partners’ share of cash rent abatements and deferrals related to COVID-19 from consolidated JVs27 (653)
BXP’s share of cash rent abatements and deferrals related to COVID-19 from unconsolidated JVs(6)765 
BXP’s Share of cash rent abatements and deferrals related to COVID-19$8,063 $7,866 
Hedge amortization$1,590 $1,590 
Partners’ share of hedge amortization from consolidated JVs(144)(144)
BXP’s share of hedge amortization from unconsolidated JVs— — 
BXP’s Share of hedge amortization$1,446 $1,446 
Straight-line ground rent expense adjustment 2
$788 $464 
Partners’ share of straight-line ground rent expense adjustment from consolidated JVs— — 
BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs208 234 
BXP’s Share of straight-line ground rent expense adjustment$996 $698 
Depreciation and amortization$179,412 $183,838 
Noncontrolling interests in property partnerships’ share of depreciation and amortization(16,773)(17,113)
BXP’s share of depreciation and amortization from unconsolidated JVs17,803 15,350 
BXP’s Share of depreciation and amortization$180,442 $182,075 
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Q3 2021
Reconciliations (continued)
BXP’s Share of select items
Three Months Ended
30-Sep-2130-Jun-21
Lease transaction costs that qualify as rent inducements 3
$4,090 $826 
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 3
(1,078)(327)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 3
367 (631)
BXP’s Share of lease transaction costs that qualify as rent inducements 2
$3,379 $(132)
2nd generation tenant improvements and leasing commissions$28,253 $75,305 
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs
(3,356)(4,541)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs
929 11,712 
BXP’s Share of 2nd generation tenant improvements and leasing commissions$25,826 $82,476 
Maintenance capital expenditures 4
$17,779 $23,851 
Partners’ share of maintenance capital expenditures from consolidated JVs 4
(1,171)(2,086)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 4
192 380 
BXP’s Share of maintenance capital expenditures 3
$16,800 $22,145 
Interest expense$105,794 $106,319 
Partners’ share of interest expense from consolidated JVs(11,996)(11,945)
BXP’s share of interest expense from unconsolidated JVs11,915 11,398 
BXP’s Share of interest expense$105,713 $105,772 
Capitalized interest$11,586 $13,014 
Partners’ share of capitalized interest from consolidated JVs(28)(13)
BXP’s share of capitalized interest from unconsolidated JVs817 1,065 
BXP’s Share of capitalized interest$12,375 $14,066 
Amortization of financing costs$3,365 $3,368 
Partners’ share of amortization of financing costs from consolidated JVs(382)(382)
BXP’s share of amortization of financing costs from unconsolidated JVs604 687 
BXP’s Share of amortization of financing costs$3,587 $3,673 





_____________
1Represents 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.
2Excludes $(23.0) million of prepaid ground rent expense in connection with the ground lease at Sumner Square located in Washington, DC.
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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Q3 2021
Reconciliations (continued)
for the three months ended September 30, 2021
(unaudited and dollars in thousands)
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
CONSOLIDATED JOINT VENTURES767 Fifth Avenue100 Federal StreetTotal Consolidated
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Revenue
Lease 1
$75,286 $92,357 $167,643 
Straight-line rent1,864 6,549 8,413 
Fair value lease revenue(28)81 53 
Termination income— 22 22 
Total lease revenue77,122 99,009 176,131 
Parking and other— 1,198 1,198 
Insurance proceeds — 2,241 
2
2,241 
Total rental revenue 3
77,122 102,448 179,570 
Expenses
Operating29,107 33,569 62,676 
Restoration expenses related to insurance claim — 2,241 
2
2,241 
Total expenses29,107 35,810 64,917 
Net Operating Income (NOI)48,015 66,638 114,653 
Other income (expense)
Development and management services revenue— 
Interest and other income— 90 90 
Interest expense(21,324)(7,712)(29,036)
Depreciation and amortization expense(15,751)(22,246)(37,997)
General and administrative expense(89)(61)(150)
Total other income (expense)(37,164)(29,925)(67,089)
Net income$10,851 $36,713 $47,564 
BXP’s nominal ownership percentage60.00%55.00%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4
$18,563 $29,237 $47,800 
BXP’s share of NOI (after income allocation to private REIT shareholders)$29,452 $37,401 $66,853 
Unearned portion of capitalized fees 5
$183 $2,024 $2,207 
Partners’ share of select items 4
Partners’ share of parking and other revenue$— $539 $539 
Partners’ share of hedge amortization$144 $— $144 
Partners’ share of amortization of financing costs$346 $36 $382 
Partners’ share of depreciation and amortization related to capitalized fees$319 $342 $661 
Partners’ share of capitalized interest$28 $— $28 
Partners’ share of lease transaction costs that qualify as rent inducements$118 $(1,196)$(1,078)
Partners’ share of management and other fees $643 $750 $1,393 
Partners’ share of basis differential depreciation and amortization expense$(24)$(175)$(199)
Partners’ share of basis differential interest and other adjustments$(4)$39 $35 
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI$3,406 $15,565 $18,971 
Add:
Partners’ share of interest expense after BXP’s basis differential8,526 3,470 11,996 
Partners’ share of depreciation and amortization expense after BXP’s basis differential 6,595 10,178 16,773 
Partners’ share of EBITDAre
$18,527 $29,213 $47,740 

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Q3 2021
Reconciliations (continued)
for the three months ended September 30, 2021
(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue /
One Five Nine East 53rd Street
767 Fifth Avenue100 Federal StreetTotal Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 4
(The GM Building)Atlantic Wharf OfficeJoint Ventures
Rental revenue 3
$30,849 $46,102 $76,951 
Less: Termination income— 10 10 
Rental revenue (excluding termination income) 3
30,849 46,092 76,941 
Less: Operating expenses (including partners’ share of management and other fees)12,286 16,865 29,151 
Income allocation to private REIT shareholders— — — 
NOI (excluding termination income and after income allocation to private REIT shareholders) $18,563 $29,227 $47,790 
Rental revenue (excluding termination income) 3
$30,849 $46,092 $76,941 
Less: Straight-line rent746 2,947 
2
3,693 
 Fair value lease revenue(11)36 25 
Add: Lease transaction costs that qualify as rent inducements(118)1,196 1,078 
Subtotal29,996 44,305 74,301 
Less: Operating expenses (including partners’ share of management and other fees) 12,286 16,865 29,151 
Income allocation to private REIT shareholders— — — 
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $17,710 $27,440 $45,150 
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3
$30,849 $46,102 $76,951 
Add: Development and management services revenue— 
Revenue$30,849 $46,104 $76,953 


















_________
1Lease revenue includes recoveries from tenants and service income from tenants.
2Amounts relate to damage at one of the Company’s properties in New York City due to a water main break.
3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
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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Q3 2021
Reconciliations (continued)

for the three months ended September 30, 2021
(unaudited and dollars in thousands)

UNCONSOLIDATED JOINT VENTURES 1
BostonLos AngelesNew YorkSan FranciscoSeattleWashington, DCTotal Unconsolidated Joint Ventures
Revenue
Lease 2
$11,786 $28,191 $3,621 $11,869 $2,336 $21,656 $79,459 
Straight-line rent763 4,375 181 376 188 (420)5,463 
Fair value lease revenue — 337 — 40 385 — 762 
Termination income— (34)— — — — (34)
Total lease revenue12,549 32,869 3,802 12,285 2,909 21,236 85,650 
Parking and other12 2,438 — 127 1,436 4,014 
Total rental revenue 3
12,561 35,307 3,802 12,286 3,036 22,672 89,664 
Expenses
Operating 5,632 12,847 3,897 
4
5,084 1,042 11,666 40,168 
Net operating income/(loss)6,929 22,460 (95)7,202 1,994 11,006 49,496 
Other income/(expense)
Development and management services revenue— — 338 — — — 338 
Interest and other income— — — — 
Interest expense(2,699)(12,002)(2,926)(3)(516)(9,373)(27,519)
Depreciation and amortization expense(5,001)(12,596)(2,744)(5,852)(1,690)(8,153)(36,036)
General and administrative expense(19)(113)— (2)— (76)(210)
Total other income/(expense)(7,719)(24,706)(5,332)(5,855)(2,206)(17,602)(63,420)
Net income/(loss)$(790)$(2,246)$(5,427)$1,347 $(212)$(6,596)$(13,924)
BXP’s share of parking and other revenue$$1,280 $— $$43 $501 
5
$1,831 
BXP’s share of amortization of financing costs$138 $85 $75 $— $$297 
5
$604 
BXP’s share of capitalized interest$544 $— $(90)$— $— $363 
5
$817 
BXP’s share of non-cash termination income adjustment (fair value lease amounts)$— $— $— $— $— $— $— 
Income/(loss) from unconsolidated joint ventures$(418)$(2,038)$(1,887)$(61)$(71)$(1,122)
5
$(5,597)
Add:
BXP’s share of interest expense1,350 6,350 1,163 174 2,876 
5
11,915 
BXP’s share of depreciation and amortization expense2,523 7,712 
6
996 3,347 
7
569 2,656 
5
17,803 
BXP’s share of EBITDAre
$3,455 $12,024 
6
$272 $3,288 
7
$672 $4,410 
5
$24,121 
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Q3 2021
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
$6,280 $18,870 
6
$1,900 $6,154 
7
$1,022 $8,815 
5
$43,041 
BXP’s share of operating expenses2,816 6,792 1,796 2,652 351 4,368 
5
18,775 
BXP’s share of net operating income/(loss) 3,464 12,078 
6
104 3,502 
7
671 4,447 
5
24,266 
Less:
BXP’s share of termination income— (17)— — — — (17)
BXP’s share of net operating income/(loss) (excluding termination income) 3,464 12,095 104 3,502 671 4,447 
5
24,283 
Less:
BXP’s share of straight-line rent381 2,352 
6
91 202 
7
63 (260)
5
2,829 
BXP’s share of fair value lease revenue— 486 
6
— (206)
7
130 — 410 
Add:
 BXP’s share of straight-line ground rent expense adjustment— — 208 — — — 208 
BXP’s share of lease transaction costs that qualify as rent inducements— 263 — — — 104 
5
367 
BXP’s share of net operating income/(loss) - cash (excluding termination income) $3,083 $9,520 
6
$221 $3,506 
7
$478 $4,811 
5
$21,619 
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3
$6,280 $18,870 
6
$1,900 $6,154 
7
$1,022 $8,815 
5
$43,041 
Add:
BXP’s share of development and management services revenue— — 169 — — — 169 
BXP’s share of revenue$6,280 $18,870 
6
$2,069 $6,154 
7
$1,022 $8,815 
5
$43,210 




















_____________
1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 20-23.
2 Lease revenue includes recoveries from tenants and service income from tenants.
3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.
4 Includes approximately $417 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 Colorado Center differs from the historical basis of the venture resulting in the majority of the basis differential for this region.
7 The Company’s purchase price allocation under ASC 805 for Gateway Commons differs from the historical basis of the venture resulting in the majority of the basis differential for this region.

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Q3 2021
Reconciliations (continued)
Reconciliation of Net income attributable to Boston Properties, Inc. common shareholders to
BXP’s Share of same property net operating income (NOI)
(dollars in thousands)
Three Months Ended
30-Jun-2130-Jun-20
Net income attributable to Boston Properties, Inc. common shareholders$111,703 $266,525 
Preferred dividends— 2,625 
Net income attributable to Boston Properties, Inc.111,703 269,150 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership12,383 30,197 
Noncontrolling interest in property partnerships17,164 (767)
Net income141,250 298,580 
Add:
Interest expense106,319 107,142 
Depreciation and amortization expense183,838 178,188 
Transaction costs751 332 
Payroll and related costs from management services contracts2,655 2,484 
General and administrative expense38,405 37,743 
Less:
Interest and other income (loss)1,452 1,305 
Gains (losses) from investments in securities2,275 4,552 
Gains on sales of real estate7,756 203,767 
Income (loss) from unconsolidated joint ventures(1,373)1,832 
Direct reimbursements of payroll and related costs from management services contracts2,655 2,484 
Development and management services revenue 7,284 8,125 
Net Operating Income (NOI)453,169 402,404 
Add:
BXP’s share of NOI from unconsolidated joint ventures25,417 27,911 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)46,287 32,427 
BXP’s Share of NOI 432,299 397,888 
Less:
Termination income5,355 3,309 
BXP’s share of termination income from unconsolidated joint ventures709 — 
Add:
Partners’ share of termination income from consolidated joint ventures(3)321 
BXP’s Share of NOI (excluding termination income) $426,232 $394,900 
Net Operating Income (NOI)$453,169 $402,404 
Less:
Termination income5,355 3,309 
NOI from non Same Properties (excluding termination income)7,268 6,624 
Same Property NOI (excluding termination income)440,546 392,471 
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)46,290 32,106 
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)1,463 (1,150)
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)24,708 27,911 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)592 1,445 
BXP’s Share of Same Property NOI (excluding termination income)$419,835 $385,681 
Change in BXP’s Share of Same Property NOI (excluding termination income)$34,154 
Change in BXP’s Share of Same Property NOI (excluding termination income)8.9 %


62

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Q3 2021
Reconciliations (continued)
Reconciliation of Net income attributable to Boston Properties, Inc. common shareholders to
BXP’s Share of same property net operating income (NOI) - cash
(dollars in thousands)
Three Months Ended
30-Jun-2130-Jun-20
Net income attributable to Boston Properties, Inc. common shareholders$111,703 $266,525 
Preferred dividends— 2,625 
Net income attributable to Boston Properties, Inc.111,703 269,150 
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership12,383 30,197 
Noncontrolling interest in property partnerships17,164 (767)
Net income141,250 298,580 
Add:
Interest expense106,319 107,142 
Depreciation and amortization expense183,838 178,188 
Transaction costs751 332 
Payroll and related costs from management services contracts2,655 2,484 
General and administrative expense38,405 37,743 
Less:
Interest and other income (loss)1,452 1,305 
Gains (losses) from investments in securities2,275 4,552 
Gains on sales of real estate7,756 203,767 
Income (loss) from unconsolidated joint ventures(1,373)1,832 
Direct reimbursements of payroll and related costs from management services contracts2,655 2,484 
Development and management services revenue 7,284 8,125 
Net Operating Income (NOI)453,169 402,404 
Less:
Straight-line rent31,267 17,024 
Fair value lease revenue731 2,159 
Termination income5,355 3,309 
Add:
Straight-line ground rent expense adjustment 1
567 799 
Lease transaction costs that qualify as rent inducements 2
826 1,616 
NOI - cash (excluding termination income)417,209 382,327 
Less:
NOI - cash from non Same Properties (excluding termination income)5,444 9,324 
Same Property NOI - cash (excluding termination income)411,765 373,003 
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)43,833 33,522 
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)1,023 (166)
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)21,477 22,949 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)781 (76)
BXP’s Share of Same Property NOI - cash (excluding termination income)$389,651 $362,340 
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)$27,311 
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)7.5 %
_____________
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 $(103) and $152 for the three months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the Company has remaining lease payments aggregating approximately $25.6 million, all of which it expects to incur by the end of 2023 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 2023 may vary significantly.
2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP.
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Q3 2021
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)
Three Months Ended
30-Sep-2030-Jun-20
Revenue
Lease$666,674 $630,119 
Parking and other16,327 13,946 
Hotel revenue90 99 
Development and management services7,281 8,125 
Direct reimbursements of payroll and related costs from management services contracts2,896 2,484 
Total revenue693,268 654,773 
Expenses
Operating120,833 109,448 
Real estate taxes137,222 130,415 
Demolition costs206 (76)
Hotel3,164 1,973 
General and administrative27,862 37,743 
Payroll and related costs from management services contracts2,896 2,484 
Transaction costs307 332 
Depreciation and amortization166,456 178,188 
Total expenses458,946 460,507 
Other income (expense)
Income (loss) from unconsolidated joint ventures(6,873)1,832 
Gains (losses) on sales of real estate(209)203,767 
Gains from investments in securities1,858 4,552 
Interest and other income (loss)(45)1,305 
Interest expense(110,993)(107,142)
Net income118,060 298,580 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(15,561)767 
Noncontrolling interest - common units of the Operating Partnership (10,020)(30,197)
Net income attributable to Boston Properties, Inc.92,479 269,150 
Preferred dividends(2,625)(2,625)
Net income attributable to Boston Properties, Inc. common shareholders$89,854 $266,525 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$0.58 $1.71 
Net income attributable to Boston Properties, Inc. per share - diluted$0.58 $1.71 

64
Document

Exhibit 99.2
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BOSTON PROPERTIES ANNOUNCES THIRD QUARTER 2021 RESULTS; REPORTS EPS OF $0.69 AND FFO PER SHARE OF $1.73

Provides Full Year 2022 Guidance, Enters Seattle as Sixth Market and Executes 1.4 Million Square Feet of Leases
    
BOSTON, MA, October 26, 2021 - Boston Properties, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of Class A office properties in the United States, reported results today for the third quarter ended September 30, 2021.
Financial highlights for the third quarter include:
Revenue grew more than 5% to $730.1 million for the quarter ended September 30, 2021 as compared to $693.3 million for the quarter ended September 30, 2020.
Net income attributable to common shareholders of $108.3 million, or $0.69 per diluted share (EPS), compared to $89.9 million, or $0.58 per diluted share, for the quarter ended September 30, 2020. The increase in EPS of $0.11 per diluted share primarily related to increased lease revenue and revenue from parking and hotel operations.
EPS of $0.69 per diluted share was $0.60 below the mid-point of the Company's third quarter guidance provided on July 27, 2021, primarily due to the deferral of the sale of the Spring Street Portfolio to the fourth quarter of 2021. Excluding the projected $0.65 gain on sales of real estate, EPS would have been $0.05 greater than the mid-point of the Company’s provided guidance.
Funds from Operations (FFO) of $270.5 million, or $1.73 per diluted share, compared to FFO of $244.0 million, or $1.57 per diluted share, for the quarter ended September 30, 2020.
FFO of $1.73 per diluted share was $0.04 greater than the mid-point of the Company's third quarter guidance provided on July 27, 2021, primarily due to better-than- projected results from the Company’s in-service portfolio and improved parking revenue.
The Company provided guidance for full year 2021 with projected EPS of $3.11 - $3.13 and projected FFO of $6.50 - $6.52 per diluted share. Full year 2021 projected EPS and FFO includes an expected charge of $0.25 in the fourth quarter of 2021 related to the early redemption of $1.0 billion of 3.85% unsecured senior notes on October 15, 2021.
The Company provided guidance for full year 2022 with projected EPS of $2.97 - $3.17 and projected FFO of $7.25 - $7.45 per diluted share. See “EPS and FFO per Share Guidance” below.
Third quarter and recent business highlights include:
Signed approximately 1.4 million square feet of leases in the third quarter with a weighted-average lease term of 9.3 years. Notable leases signed during the third quarter include:

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a 524,000 square-foot, ten-year lease extension with Wellington Management at Atlantic Wharf, in Boston, Massachusetts,
a 79,000 square-foot new lease with a life sciences company at Bay Colony in Waltham, Massachusetts, and
a 39,000 square-foot lease expansion with a financial services company at 399 Park Avenue in New York, New York, which increased its total leased square footage to approximately 373,000 square feet.
Acquired Safeco Plaza, an approximately 800,000 square-foot Class A office building in Seattle, Washington. This acquisition marks BXP’s initial entry into the Seattle market, one of the most vibrant markets in the U.S. for companies in the technology, life sciences, manufacturing and financial services sectors. Safeco Plaza is approximately 90% leased. The Company closed the acquisition on September 1, 2021, with two joint venture partners for a purchase price of approximately $465 million. Each partner has an approximately one-third ownership interest. The joint venture also obtained a $250 million mortgage loan secured by the property that bears interest at 30-day LIBOR (but not less than 0.15%) plus 2.20% per annum and matures September 1, 2026.
Acquired Shady Grove Bio+Tech Campus, consisting of seven buildings totaling approximately 435,000 square feet in the Shady Grove area of Rockville, Maryland, a region that is home to more than 400 companies in the biotechnology and life sciences sector. The Company plans to convert the office buildings on the campus to lab to meet current and growing demand in the region from biotechnology companies for new, Class A lab space. The Company closed the acquisition on August 2, 2021 for a purchase price of approximately $116.5 million.
Completed and delivered 440,000 square feet of space leased to an affiliate of Verizon Communications at 100 Causeway Street in Boston, Massachusetts on September 28, 2021. 100 Causeway is an approximately 632,000 square foot office building that the Company has a 50% ownership interest in.
Completed and delivered approximately 285,000 square feet at Reston Next, a Class A office project with approximately 1.1 million net rentable square feet located in Reston, Virginia on October 19, 2021. This project is 85% pre-leased.
Completed the sale of 181,191 and 201 Spring Street, in Lexington, Massachusetts on October 25, 2021 for an aggregate gross sale price of $191.5 million. 181,191 and 201 Spring Street is a three-building, 333,000 square-foot complex that is 100% leased.
Completed a green bond offering of $850.0 million of 2.450% unsecured senior notes maturing in 2033. This marks the Company’s fourth green bond offering and represents the lowest coupon ever issued by the Company in the unsecured bond market.
Redeemed $1.0 billion of 3.85% unsecured senior notes that were scheduled to mature in February 2023. This redemption occurred on October 15, 2021, and the Company expects to recognize a loss from early extinguishment of debt of approximately $0.25 per diluted share in the fourth quarter of 2021 related primarily to the payment of the redemption premium.

–more–


Earned a top ESG rating in the 2021 Global Real Estate Sustainability Benchmark (GRESB®) assessment. The Company earned its tenth consecutive “Green Star” recognition and the highest GRESB 5-star Rating, as well as an “A” disclosure score. The Company also achieved the highest scores in several categories, including Data Monitoring & Review, Targets, Policies, Reporting, and Leadership.

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended September 30, 2021. In the opinion of management, the Company has made all adjustments considered necessary for a fair statement of these reported results.

EPS and FFO per Share Guidance:
The Company’s guidance for the full year 2021 and full year 2022 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, the timing of the lease-up of available space and the earnings impact of the events referenced in this release and those referenced during the related conference call. Except as otherwise publicly disclosed, the estimates do not include any material (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) possible gains or losses from capital markets activity (including, without limitation, due to the early extinguishment of and/or refinancing of debt or resulting from hedging activity and derivatives), (3) possible future write-offs or reinstatements of accounts receivable and accrued rent balances or (4) possible 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. The Company 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 the Company’s actual results will not differ materially from the estimates set forth below.

Full Year 2021Full Year 2022
LowHighLowHigh
Projected EPS (diluted)$3.11 $3.13 $2.97 $3.17 
Add:
Projected Company share of real estate depreciation and amortization4.14 4.14 4.28 4.28 
Projected Company share of (gains)/losses on sales of real estate(0.75)(0.75)— — 
Projected FFO per share (diluted)$6.50 $6.52 $7.25 $7.45 


Boston Properties will host a conference call on Wednesday, October 27, 2021 at 10:00 AM Eastern Time, open to the general public, to discuss the third quarter 2021 results, provide a business update and discuss other business matters that may be of interest to investors. The number to call for this interactive teleconference is (877) 796-3880 (Domestic) or (443) 961-9013 (International) and entering the passcode 1484189. A replay of the conference call will be available by dialing (855) 859-2056 (Domestic) or (404) 537-3406 (International) and entering

–more–


the passcode 1484189. There will also be a live audio webcast of the call, which may be accessed in the Investor Relations section of the Company’s website at investors.bxp.com. Shortly after the call, a replay of the webcast will be available in the Investor Relations section of the Company’s website and archived for up to twelve months following the call.
Additionally, a copy of Boston Properties’ third quarter 2021 “Supplemental Operating and Financial Data” and this press release are available in the Investor Relations section of the Company’s website at investors.bxp.com.

Boston Properties (NYSE: BXP) is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires, and owns a diverse portfolio of primarily Class A office space. Including properties owned by unconsolidated joint ventures, the Company’s portfolio totals 52.5 million square feet and 202 properties, including nine properties under construction/redevelopment. For more information about Boston Properties, please visit our website at www.bxp.com 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,” “plans,” “projects” and similar expressions that do not relate to historical matters. These statements are based on our current plans and 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 Boston Properties’ control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, uncertainties and risks related to the impact of the COVID-19 global pandemic, including the duration, scope and severity of the pandemic domestically and internationally; federal, state and local government actions or restrictive measures implemented in response to COVID-19, the effectiveness of such measures and the direct and indirect impact of such measures on our and our tenants' businesses, financial condition, results of operation, cash flows, liquidity and performance, and the U.S. and international economy and economic activity generally; the speed, effectiveness and distribution of vaccines; whether new or existing actions/or measures continue to impact the ability of our residential tenants to generate sufficient income to pay, or makes them unwilling to pay, rent in full or at all in a timely manner; the health, continued service and availability of our personnel, including our key personnel and property management teams; and the effectiveness or lack of effectiveness of governmental relief in providing assistance to individuals and large and small businesses, including our tenants, that have suffered significant adverse effects from COVID-19. In addition to the risks specific to COVID-19, other factors include, without limitation, the Company’s ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Boston Properties does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as may be required by law.

Financial tables follow.

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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

September 30, 2021December 31, 2020
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost$22,088,835 $21,649,383 
Construction in progress1,054,531 868,773 
Land held for future development568,034 450,954 
Right of use assets - finance leases237,845 237,393 
Right of use assets - operating leases170,085 146,406 
Less: accumulated depreciation(5,850,397)(5,534,102)
Total real estate18,268,933 17,818,807 
Cash and cash equivalents1,002,728 1,668,742 
Cash held in escrows79,193 50,587 
Investments in securities41,517 39,457 
Tenant and other receivables, net61,269 77,411 
Related party note receivable, net78,144 77,552 
Note receivables, net19,297 18,729 
Accrued rental income, net1,203,840 1,122,502 
Deferred charges, net622,807 640,085 
Prepaid expenses and other assets97,560 33,840 
Investments in unconsolidated joint ventures1,373,522 1,310,478 
Total assets$22,848,810 $22,858,190 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$2,898,699 $2,909,081 
Unsecured senior notes, net10,479,651 9,639,287 
Unsecured line of credit— — 
Unsecured term loan, net— 499,390 
Lease liabilities - finance leases243,562 236,492 
Lease liabilities - operating leases204,137 201,713 
Accounts payable and accrued expenses331,687 336,264 
Dividends and distributions payable169,739 171,082 
Accrued interest payable87,408 106,288 
Other liabilities370,403 412,084 
Total liabilities14,785,286 14,511,681 
Commitments and contingencies— — 
Redeemable deferred stock units8,775 6,897 
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; 5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at December 31, 2020
— 200,000 
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,285,391 and 155,797,725 issued and 156,206,491 and 155,718,825 outstanding at September 30, 2021 and December 31, 2020, respectively
1,562 1,557 
Additional paid-in capital6,415,802 6,356,791 
Dividends in excess of earnings(657,021)(509,653)
Treasury common stock at cost, 78,900 shares at September 30, 2021 and December 31, 2020
(2,722)(2,722)
Accumulated other comprehensive loss(40,803)(49,890)
Total stockholders’ equity attributable to Boston Properties, Inc.5,716,818 5,996,083 
Noncontrolling interests:
Common units of the Operating Partnership609,830 616,596 
Property partnerships1,728,101 1,726,933 
Total equity8,054,749 8,339,612 
Total liabilities and equity$22,848,810 $22,858,190 








BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended September 30,Nine months ended September 30,
 2021202020212020
 (in thousands, except for per share amounts)
Revenue
Lease$692,260 $666,674 $2,062,102 $2,006,904 
Parking and other23,507 16,327 58,727 54,777 
Hotel revenue5,189 90 7,382 7,014 
Development and management services6,094 7,281 20,181 23,285 
Direct reimbursements of payroll and related costs from management services contracts
3,006 2,896 9,166 8,617 
Total revenue730,056 693,268 2,157,558 2,100,597 
Expenses
Operating
Rental258,281 258,261 764,373 761,014 
Hotel3,946 3,164 7,993 11,958 
General and administrative34,560 27,862 117,924 102,059 
Payroll and related costs from management services contracts3,006 2,896 9,166 8,617 
Transaction costs1,888 307 2,970 1,254 
Depreciation and amortization179,412 166,456 539,815 515,738 
Total expenses481,093 458,946 1,442,241 1,400,640 
Other income (expense)
Income (loss) from unconsolidated joint ventures(5,597)(6,873)(1,745)(5,410)
Gains (losses) on sales of real estate348 (209)8,104 613,723 
Interest and other income (loss)1,520 (45)4,140 4,277 
Gains (losses) from investments in securities(190)1,858 3,744 965 
Losses from early extinguishment of debt— — (898)— 
Interest expense(105,794)(110,993)(320,015)(319,726)
Net income139,250 118,060 408,647 993,786 
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships(18,971)(15,561)(52,602)(34,280)
Noncontrolling interest—common units of the Operating Partnership
(11,982)(10,020)(35,393)(97,090)
Net income attributable to Boston Properties, Inc.108,297 92,479 320,652 862,416 
Preferred dividends— (2,625)(2,560)(7,875)
Preferred stock redemption charge— — (6,412)— 
Net income attributable to Boston Properties, Inc. common shareholders
$108,297 $89,854 $311,680 $854,541 
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$0.69 $0.58 $2.00 $5.49 
Weighted average number of common shares outstanding156,183 155,645 156,062 155,349 
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income$0.69 $0.58 $1.99 $5.49 
Weighted average number of common and common equivalent shares outstanding
156,598 155,670 156,394 155,447 








BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
Three months ended September 30,Nine months ended September 30,
2021202020212020
(in thousands, except for per share amounts)
Net income attributable to Boston Properties, Inc. common shareholders
$108,297 $89,854 $311,680 $854,541 
Add:
Preferred stock redemption charge— — 6,412 — 
Preferred dividends
— 2,625 2,560 7,875 
Noncontrolling interest - common units of the Operating Partnership
11,982 10,020 35,393 97,090 
Noncontrolling interests in property partnerships
18,971 15,561 52,602 34,280 
Net income139,250 118,060 408,647 993,786 
Add:
Depreciation and amortization expense
179,412 166,456 539,815 515,738 
Noncontrolling interests in property partnerships’ share of depreciation and amortization
(16,773)(15,833)(50,343)(55,940)
Company’s share of depreciation and amortization from unconsolidated joint ventures
17,803 20,413 51,565 59,757 
Corporate-related depreciation and amortization
(443)(444)(1,327)(1,399)
Less:
Gains on sale of investment included within loss from unconsolidated joint ventures— — 10,257 5,946 
Gains (losses) on sales of real estate348 (209)8,104 613,723 
Noncontrolling interests in property partnerships
18,971 15,561 52,602 34,280 
Preferred dividends
— 2,625 2,560 7,875 
Preferred stock redemption charge— — 6,412 — 
Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.)
299,930 270,675 868,422 850,118 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations
29,453 26,697 85,366 85,095 
Funds from operations attributable to Boston Properties, Inc. common shareholders
$270,477 $243,978 $783,056 $765,023 
Boston Properties, Inc.’s percentage share of funds from operations - basic
90.18 %90.14 %90.17 %89.99 %
Weighted average shares outstanding - basic156,183 155,645 156,062 155,349 
FFO per share basic
$1.73 $1.57 $5.02 $4.92 
Weighted average shares outstanding - diluted156,598 155,670 156,394 155,447 
FFO per share diluted
$1.73 $1.57 $5.01 $4.92 








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










BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
% Leased by Location
September 30, 2021December 31, 2020
Boston92.3 %94.8 %
Los Angeles83.4 %93.5 %
New York87.5 %87.4 %
San Francisco87.3 %91.0 %
Seattle 1
90.9 %N/A
Washington, DC85.1 %84.4 %
Total Portfolio88.4 %90.1 %
_____________
1The Company entered the Seattle market on September 1, 2021. Therefore, there is no occupancy information provided for December 31, 2020.






AT THE COMPANY            
Michael LaBelle            
Executive Vice President,
Chief Financial Officer and Treasurer            
(617) 236-3352

Laura Sesody
Vice President, Corporate Marketing & Communication
lsesody@bxp.com
















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