Docoh
Loading...

BXP Boston Properties

Filed: 27 Jul 21, 5:05pm


                                                    Exhibit 99.1

imagea.jpg



image31.jpg
Supplemental Operating and Financial Data
for the Quarter Ended June 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 five markets -  Boston, Los Angeles, New York, San Francisco 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 51.5 million square feet and 197 properties, including nine properties under construction/redevelopment, and it consists of 178 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 nine consecutive Global Real Estate Sustainability Benchmark (GRESB) Green Stars 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 53.

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 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 57.




GENERAL INFORMATION
Corporate HeadquartersTrading SymbolInvestor RelationsInquiries
800 Boylston StreetBXPBoston Properties, Inc.Inquiries should be directed to
Suite 1900800 Boylston Street, Suite 1900Sara Buda
Boston, MA 02199Stock Exchange ListingBoston, MA 02199Vice President, Investor Relations
www.bxp.comNew York Stock Exchangeinvestors.bxp.comat 617.236.3429 or
(t) 617.236.3300investorrelations@bxp.comsbuda@bxp.com
(f) 617.236.3311(t) 617.236.3429
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
at 617.236.3352 or
mlabelle@bxp.com
(Cover photo: Colorado Center, Santa Monica, CA)




 image31.jpg
Q2 2021
Table of contents
Page
OVERVIEW
Company Profile
Guidance
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
Funds From Operations (FFO) - Prior Year


 image31.jpg
Q2 2021
Company profile
SNAPSHOT
(as of June 30, 2021)
Fiscal Year-EndDecember 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)197
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)51.5 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$114.59 per share
Dividend - Quarter/Annualized$0.98/$3.92 per share
Dividend Yield3.4%
Consolidated Market Capitalization 2
$32.4 billion
BXP’s Share of Market Capitalization 2, 3
$32.4 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 and Washington, DC, and the expected addition of Seattle in the third quarter of 2021;
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 resultant ability to make new investments at opportune points in time; 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 and Chief Legal Officer
William H. Walton, IIIDonna D. GarescheSenior Vice President and Chief Human Resources Officer
Michael R. WalshSenior Vice President and Chief Accounting Officer
James J. WhalenSenior Vice President and 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 53.

1

 image31.jpg
Q2 2021
Guidance
The Company’s guidance for the third quarter 2021 for diluted earnings per common share attributable to Boston Properties, Inc. common shareholders (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. common shareholders 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 July 27, 2021 and those referenced during the Company’s conference call scheduled for July 28, 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 55. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth below.
Third Quarter 2021
LowHigh
Projected EPS (diluted)$1.28 — $1.30 
Add:
Projected Company share of real estate depreciation and amortization1.05 — 1.05 
Projected Company share of (gains)/losses on sales of real estate(0.65)— (0.65)
Projected FFO per share (diluted)$1.68 — $1.70 




2

 image31.jpg
Q2 2021
Financial highlights
(unaudited and in thousands, except ratios and per share amounts)
Three Months Ended
30-Jun-2131-Mar-21
Net income attributable to Boston Properties, Inc. common shareholders$111,703 $91,624 
Net income attributable to Boston Properties, Inc. per share - diluted$0.71 $0.59 
FFO attributable to Boston Properties, Inc. common shareholders 1
$268,642 $243,803 
Diluted FFO per share 1
$1.72 $1.56 
Dividends per common share$0.98 $0.98 
Funds available for distribution to common shareholders and common unitholders (FAD) 2
$178,341 $181,922 
Selected items:
Revenue$713,807 $713,695 
Recoveries from tenants$100,433 $105,866 
Service income from tenants$1,516 $1,037 
BXP’s Share of revenue 3
$683,273 $680,822 
BXP’s Share of straight-line rent 3, 4
$30,855 $13,601 
BXP’s Share of write-offs associated with accrued rent (all of which was included within straight-line rent) 3
$(582)$(693)
BXP’s Share of write-offs associated with accounts receivable (all of which was included within lease revenue) 3
$(319)$200 
BXP’s Share of fair value lease revenue 3, 5
$1,193 $1,206 
BXP’s Share of termination income 3
$6,067 $4,275 
Ground rent expense$3,261 $3,449 
Capitalized interest$13,014 $12,032 
Capitalized wages$3,459 $3,307 
Income (loss) from unconsolidated joint ventures$(1,373)$5,225 
BXP’s share of FFO from unconsolidated joint ventures 6
$13,977 $13,380 
Net income attributable to noncontrolling interests in property partnerships$17,164 $16,467 
FFO attributable to noncontrolling interests in property partnerships 7
$34,277 $32,924 
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)$2,207 $3,156 
Below-market rents (included within Other Liabilities)$26,271 $25,539 
Accrued rental income liability (included within Other Liabilities)$136,085 $138,761 
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 8
3.84 3.95 
Interest Coverage Ratio (including capitalized interest) 8
3.37 3.52 
Fixed Charge Coverage Ratio 8
2.83 2.75 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9
7.44 7.62 
Change in BXP’s Share of Same Store Net Operating Income (NOI) (excluding termination income) 10
8.9 %(5.6)%
Change in BXP’s Share of Same Store NOI (excluding termination income) - cash 10
7.5 %(3.9)%
FAD Payout Ratio 2
95.47 %93.58 %
Operating Margins [(rental revenue - rental expense)/rental revenue]64.6 %63.4 %
Occupancy of In-Service Properties88.6 %88.7 %
Capitalization:
Consolidated Debt$12,536,065 $12,536,264 
BXP’s Share of Debt 11
$12,534,659 $12,508,876 
Consolidated Market Capitalization$32,436,223 $30,120,367 
Consolidated Debt/Consolidated Market Capitalization38.65 %41.62 %
BXP’s Share of Market Capitalization 11
$32,434,817 $30,092,979 
BXP’s Share of Debt/BXP’s Share of Market Capitalization 11
38.65 %41.57 %
_____________
1For a quantitative reconciliation of FFO attributable to Boston Properties, Inc. common shareholders 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 53.
4For the three months ended March 31, 2021, includes the straight-line impact of approximately $9,354 related to deferred revenue from a tenant.
5Represents 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.
6For a quantitative reconciliation for the three months ended June 30, 2021, see page 36.
7For a quantitative reconciliation for the three months ended June 30, 2021, see page 32.
8For a quantitative reconciliation for the three months ended June 30, 2021 and March 31, 2021, see page 30.
9For a quantitative reconciliation for the three months ended June 30, 2021 and March 31, 2021, see page 29.
10For a quantitative reconciliation for the three months ended June 30, 2021 and March 31, 2021, see pages 10, 63 and 64.
11For a quantitative reconciliation for June 30, 2021, see page 26.
3

 image31.jpg
Q2 2021
Consolidated Balance Sheets
(unaudited and in thousands)
30-Jun-2131-Mar-21
ASSETS
Real estate$22,012,095 $21,941,536 
Construction in progress908,061 794,039 
Land held for future development497,019 421,349 
Right of use assets - finance leases237,765 237,017 
Right of use assets - operating leases170,331 144,143 
Less accumulated depreciation(5,752,818)(5,665,061)
Total real estate18,072,453 17,873,023 
Cash and cash equivalents557,307 697,369 
Cash held in escrows 1
79,973 251,814 
Investments in securities41,476 39,002 
Tenant and other receivables, net58,624 51,271 
Related party note receivable, net77,872 77,640 
Notes receivable, net19,087 18,891 
Accrued rental income, net1,172,411 1,145,066 
Deferred charges, net627,338 622,649 
Prepaid expenses and other assets46,946 129,102 
Investments in unconsolidated joint ventures1,305,589 1,307,725 
Total assets$22,059,076 $22,213,552 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$2,901,709 $2,904,672 
Unsecured senior notes, net9,634,356 9,631,592 
Unsecured line of credit— — 
Lease liabilities- finance leases243,381 239,361 
Lease liabilities - operating leases226,594 200,383 
Accounts payable and accrued expenses305,969 260,875 
Dividends and distributions payable169,718 171,003 
Accrued interest payable107,386 76,675 
Preferred stock redemption liability 1
— 200,000 
Other liabilities370,990 399,965 
Total liabilities13,960,103 14,084,526 
Commitments and contingencies— — 
Redeemable deferred stock units8,980 7,679 
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, No shares issued and outstanding at June 30, 2021 and March 31, 20211
— — 
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,214,859 and 156,153,100 issued and 156,135,959 and 156,074,200 outstanding at June 30, 2021 and March 31, 2021, respectively1,561 1,561 
Additional paid-in capital6,405,916 6,392,923 
Dividends in excess of earnings(612,247)(570,982)
Treasury common stock at cost, 78,900 shares at June 30, 2021 and March 31, 2021(2,722)(2,722)
Accumulated other comprehensive loss(43,166)(45,139)
Total stockholders’ equity attributable to Boston Properties, Inc.5,749,342 5,775,641 
Noncontrolling interests:
Common units of the Operating Partnership615,308 620,106 
Property partnerships1,725,343 1,725,600 
Total equity8,089,993 8,121,347 
Total liabilities and equity$22,059,076 $22,213,552 
_____________
1On March 2, 2021, Boston Properties, Inc. issued a redemption notice for the Series B Cumulative Redeemable Preferred Stock and recorded it as a liability. On March 31, 2021, Boston Properties transferred the full redemption price to the redemption agent and recorded the amount within Cash held in escrows. On April 1, 2021, the redemption agent paid the redemption price to the holders of the Series B Preferred Stock and completed the redemption.
4

 image31.jpg
Q2 2021
Consolidated Income Statements
(unaudited and in thousands, except per share amounts)
Three Months Ended
30-Jun-2131-Mar-21
Revenue
Lease$684,025 $685,817 
Parking and other17,864 14,494 
Insurance proceeds 1
418 2,444 
Hotel revenue1,561 632 
Development and management services7,284 6,803 
Direct reimbursements of payroll and related costs from management services contracts2,655 3,505 
Total revenue713,807 713,695 
Expenses
Operating117,769 118,516 
Real estate taxes130,440 136,395 
Demolition costs92 18 
Restoration expenses related to insurance claim 1
402 2,460 
Hotel operating1,996 2,051 
General and administrative 2
38,405 44,959 
Payroll and related costs from management services contracts2,655 3,505 
Transaction costs751 331 
Depreciation and amortization183,838 176,565 
Total expenses476,348 484,800 
Other income (expense)
Income (loss) from unconsolidated joint ventures(1,373)5,225 
Gains on sales of real estate7,756 — 
Gains from investments in securities 2
2,275 1,659 
Interest and other income (loss)1,452 1,168 
Losses from early extinguishments of debt— (898)
Interest expense(106,319)(107,902)
Net income141,250 128,147 
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships(17,164)(16,467)
Noncontrolling interest - common units of the Operating Partnership 3
(12,383)(11,084)
Net income attributable to Boston Properties, Inc.111,703 100,596 
Preferred dividends 4
— (2,560)
Preferred stock redemption charge 4
— (6,412)
Net income attributable to Boston Properties, Inc. common shareholders$111,703 $91,624 
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic$0.72 $0.59 
Net income attributable to Boston Properties, Inc. per share - diluted$0.71 $0.59 







_____________
1 Amounts 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 $2.3 million and $1.7 million and Gains from investments in securities include $2.3 million and $1.7 million for the three months ended June 30, 2021 and March 31, 2021, respectively, related to the Company’s deferred compensation plan.
3For additional detail, see page 6.
4On March 2, 2021, Boston Properties, Inc. issued a redemption notice for the Series B Cumulative Redeemable Preferred Stock and recorded it as a liability. On March 31, 2021, Boston Properties transferred the full redemption price to the redemption agent and recorded the amount within Cash held in escrows. On April 1, 2021, the redemption agent paid the redemption price to the holders of the Series B Preferred Stock and completed the redemption.
5

 image31.jpg
Q2 2021
Funds from operations (FFO) 1
(unaudited and dollars in thousands, except per share amounts)
Three Months Ended
30-Jun-2131-Mar-21
Net income attributable to Boston Properties, Inc. common shareholders$111,703 $91,624 
Add:
Preferred stock redemption charge— 6,412 
Preferred dividends— 2,560 
Noncontrolling interest - common units of the Operating Partnership12,383 11,084 
Noncontrolling interests in property partnerships17,164 16,467 
Net income141,250 128,147 
Add:
Depreciation and amortization expense183,838 176,565 
Noncontrolling interests in property partnerships' share of depreciation and amortization 2
(17,113)(16,457)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3
15,350 18,412 
Corporate-related depreciation and amortization(444)(440)
Less:
Gain on sale of investment included within income (loss) from unconsolidated joint ventures— 10,257 
Gains on sales of real estate7,756 — 
Noncontrolling interests in property partnerships17,164 16,467 
Preferred dividends— 2,560 
Preferred stock redemption charge— 6,412 
FFO attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) (Basic FFO)297,961 270,531 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO29,319 26,728 
FFO attributable to Boston Properties, Inc. common shareholders$268,642 $243,803 
Boston Properties, Inc.’s percentage share of Basic FFO90.16 %90.12 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO9.84 %9.88 %
Basic FFO per share$1.72 $1.56 
Weighted average shares outstanding - basic156,107 155,928 
Diluted FFO per share$1.72 $1.56 
Weighted average shares outstanding - diluted156,519 156,099 

RECONCILIATION TO DILUTED FFO
Three Months Ended
30-Jun-2131-Mar-21
Basic FFO$297,961 $270,531 
Add:
Effect of dilutive securities - stock-based compensation— — 
Diluted FFO297,961 270,531 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO29,259 26,693 
Boston Properties, Inc.’s share of Diluted FFO$268,702 $243,838 

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO
Three Months Ended
30-Jun-2131-Mar-21
Shares/units for Basic FFO173,150 173,017 
Add:
Effect of dilutive securities - stock-based compensation (shares/units)412 171 
Shares/units for Diluted FFO173,562 173,188 
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)17,043 17,089 
Boston Properties, Inc.’s share of shares/units for Diluted FFO156,519 156,099 
Boston Properties, Inc.’s percentage share of Diluted FFO90.18 %90.13 %

_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 53.
2For a quantitative reconciliation for the three months ended June 30, 2021, see page 32.
3For a quantitative reconciliation for the three months ended June 30, 2021, see page 36.
6

 image31.jpg
Q2 2021
Funds available for distributions (FAD) 1
(dollars in thousands)
Three Months Ended
30-Jun-2131-Mar-21
Net income attributable to Boston Properties, Inc. common shareholders$111,703 $91,624 
Add:
Preferred stock redemption charge— 6,412 
Preferred dividends— 2,560 
Noncontrolling interest - common units of the Operating Partnership12,383 11,084 
Noncontrolling interests in property partnerships17,164 16,467 
Net income141,250 128,147 
Add:
Depreciation and amortization expense183,838 176,565 
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2
(17,113)(16,457)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3
15,350 18,412 
Corporate-related depreciation and amortization(444)(440)
Less:
Gain on sale of investment included within income (loss) from unconsolidated joint ventures— 10,257 
Gains on sales of real estate7,756 — 
Noncontrolling interests in property partnerships17,164 16,467 
Preferred dividends— 2,560 
Preferred stock redemption charge— 6,412 
Basic FFO297,961 270,531 
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4
(132)3,026 
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of straight-line ground rent expense adjustment 1, 5
698 1,166 
Stock-based compensation13,993 19,806 
Non-real estate depreciation444 440 
Unearned portion of capitalized fees from consolidated joint ventures 6
603 311 
Non-cash losses from early extinguishments of debt— 898 
Preferred stock redemption charge— 6,412 
Less:
BXP’s Share of straight-line rent 1
30,855 13,601 
BXP’s Share of fair value lease revenue 1, 7
1,193 1,206 
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) 1
— — 
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1
82,476 77,681 
BXP’s Share of maintenance capital expenditures 1, 8
22,145 29,595 
Hotel improvements, equipment upgrades and replacements31 
Funds available for distribution to common shareholders and common unitholders (FAD) (A)
$178,341 $181,922 
Distributions to common shareholders and unitholders (excluding any special distributions) (B)
$170,266 $170,240 
FAD Payout Ratio1 (B÷A)
95.47 %93.58 %



_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 53.
2For a quantitative reconciliation for the three months ended June 30, 2021, see page 32.
3For a quantitative reconciliation for the three months ended June 30, 2021, see page 36.
4Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.
5Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $34.4 million, which it expects to incur by the end of 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 59 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

 image31.jpg
Q2 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-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 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 revenue7,284 8,125 
Net Operating Income (NOI)453,169 402,404 
Add:
BXP’s share of NOI from unconsolidated joint ventures 1
25,417 27,911 
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2
46,287 32,427 
BXP’s Share of NOI432,299 397,888 
Less:
Termination income5,355 3,309 
BXP’s share of termination income from unconsolidated joint ventures 1
709 — 
Add:
Partners’ share of termination income (loss) from consolidated joint ventures 2
(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) 3
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) 2
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) 3
1,463 (1,150)
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1
24,708 27,911 
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
592 1,445 
BXP’s Share of Same Property NOI (excluding termination income)$419,835 $385,681 

_____________
1For a quantitative reconciliation for the three months ended June 30, 2021, see page 62.
2For a quantitative reconciliation for the three months ended June 30, 2021, see pages 59-60.
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 June 30, 2021 and therefore are no longer a part of the Company’s property portfolio.
8

 image31.jpg
Q2 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-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 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 revenue7,284 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) 3
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) 4
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) 3
1,023 (166)
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5
21,477 22,949 
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3
781 (76)
BXP’s Share of Same Property NOI - cash (excluding termination income)$389,651 $362,340 

_____________
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. 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 June 30, 2021 and therefore are no longer a part of the Company’s property portfolio.
4For a quantitative reconciliation for the three months ended June 30, 2021, see page 60.
5For a quantitative reconciliation for the three months ended June 30, 2021, see page 62.
9

 image31.jpg
Q2 2021
Same property net operating income (NOI) by reportable segment
(dollars in thousands)
Office 1
Hotel & Residential
Three Months Ended$%Three Months Ended$%
30-Jun-2130-Jun-20ChangeChange30-Jun-2130-Jun-20ChangeChange
Rental Revenue 2
$679,570 $621,857 $10,634 $9,501 
Less: Termination income5,355 3,264 — — 
Rental revenue (excluding termination income) 2
674,215 618,593 $55,622 9.0 %10,634 9,501 $1,133 11.9 %
Less: Operating expenses and real estate taxes237,923 229,685 8,238 3.6 %6,380 5,938 442 7.4 %
NOI (excluding termination income) 2, 3
$436,292 $388,908 $47,384 12.2 %$4,254 $3,563 $691 19.4 %
Rental revenue (excluding termination income) 2
$674,215 $618,593 $55,622 9.0 %$10,634 $9,501 $1,133 11.9 %
Less: Straight-line rent and fair value lease revenue30,207 21,955 8,252 37.6 %20 (76)96 126.3 %
Add: Lease transaction costs that qualify as rent inducements 4
879 1,612 (733)(45.5)%— — — — %
Subtotal644,887 598,250 46,637 7.8 %10,614 9,577 1,037 10.8 %
Less: Operating expenses and real estate taxes237,923 229,685 8,238 3.6 %6,380 5,938 442 7.4 %
Add: Straight-line ground rent expense 5
567 799 (232)(29.0)%— — — — %
NOI - cash (excluding termination income) 2, 3
$407,531 $369,364 $38,167 10.3 %$4,234 $3,639 $595 16.4 %
Consolidated Total 1 (A)
BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended$%Three Months Ended$%
30-Jun-2130-Jun-20ChangeChange30-Jun-2130-Jun-20ChangeChange
Rental Revenue 2
$690,204 $631,358 $39,638 $40,588 
Less: Termination income5,355 3,264 709 — 
Rental revenue (excluding termination income) 2
684,849 628,094 $56,755 9.0 %38,929 40,588 $(1,659)(4.1)%
Less: Operating expenses and real estate taxes244,303 235,623 8,680 3.7 %14,813 14,122 691 4.9 %
NOI (excluding termination income) 2, 3
$440,546 $392,471 $48,075 12.2 %$24,116 $26,466 $(2,350)(8.9)%
Rental revenue (excluding termination income) 2
$684,849 $628,094 $56,755 9.0 %$38,929 $40,588 $(1,659)(4.1)%
Less: Straight-line rent and fair value lease revenue30,227 21,879 8,348 38.2 %2,716 3,254 (538)(16.5)%
Add: Lease transaction costs that qualify as rent inducements 4
879 1,612 (733)(45.5)%(704)(187)(517)276.5 %
Subtotal$655,501 $607,827 47,674 7.8 %35,509 37,147 (1,638)(4.4)%
Less: Operating expenses and real estate taxes244,303 235,623 8,680 3.7 %14,813 14,122 691 4.9 %
Add: Straight-line ground rent expense 5
567 799 (232)(29.0)%— — — — %
NOI - cash (excluding termination income) 2, 3
$411,765 $373,003 $38,762 10.4 %$20,696 $23,025 $(2,329)(10.1)%
Partners’ share of Consolidated Joint Ventures (C)
BXP’s Share 3, 6, 7, 8
Three Months Ended$%Three Months Ended$%
30-Jun-2130-Jun-20ChangeChange30-Jun-2130-Jun-20ChangeChange
Rental Revenue 2
$71,666 $61,192 $658,176 $610,754 
Less: Termination income(3)321 6,067 2,943 
Rental revenue (excluding termination income) 2
71,669 60,871 $10,798 17.7��%652,109 607,811 $44,298 7.3 %
Less: Operating expenses and real estate taxes26,842 27,615 (773)(2.8)%232,274 222,130 10,144 4.6 %
NOI (excluding termination income) 2, 3
$44,827 $33,256 $11,571 34.8 %$419,835 $385,681 $34,154 8.9 %
Rental revenue (excluding termination income) 2
$71,669 $60,871 $10,798 17.7 %$652,109 $607,811 $44,298 7.3 %
Less: Straight-line rent and fair value lease revenue2,344 (312)2,656 851.3 %30,599 25,445 5,154 20.3 %
Add: Lease transaction costs that qualify as rent inducements 4
327 120 207 172.5 %(152)1,305 (1,457)(111.6)%
Subtotal69,652 61,303 8,349 13.6 %621,358 583,671 37,687 6.5 %
Less: Operating expenses and real estate taxes26,842 27,615 (773)(2.8)%232,274 222,130 10,144 4.6 %
Add: Straight-line ground rent expense 5
— — — — %567 799 (232)(29.0)%
NOI - cash (excluding termination income) 2, 3
$42,810 $33,688 $9,122 27.1 %$389,651 $362,340 $27,311 7.5 %
___________________
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 53.
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.
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 Company’s FAD calculation on page 7.
5Excludes the straight-line impact of approximately $(103) and $152 for the three months ended June 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. For additional information, see page 9.
10

 image31.jpg
Q2 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 $34,154 compared to Q2 2020. Included in the Q2 2021 comparison are BXP’s Share of $24,421 decrease in write-offs associated with accrued rent, net, $14,045 decrease in write-offs associated with accounts receivable, net, $3,070 increase in parking and other revenue and a $1,439 increase in NOI at our only hotel. These items increased BXP’s Share of Same Store NOI (excluding termination income) by $42,975. For additional information, see page 57.
8BXP’s Share of Same Store NOI-cash (excluding termination income) increased $27,311 compared to Q2 2020. Included in the Q2 2021 comparison are BXP’s Share of $14,045 decrease in write-offs associated with accounts receivable, net, $6,964 increase in lease revenue related to primarily related to lower COVID-19 cash rent abatements and deferrals, $3,070 increase in parking and other revenue and a $1,439 increase in NOI at our only hotel. These items increased BXP’s Share of Same Store NOI-cash (excluding termination income) by $25,518. For additional information, see page 57.
11

 image31.jpg
Q2 2021
Capital expenditures, tenant improvement costs and leasing commissions
(dollars in thousands, except PSF amounts)


CAPITAL EXPENDITURES
Three Months Ended
30-Jun-2131-Mar-21
Maintenance capital expenditures$23,851 $30,789 
Planned capital expenditures associated with acquisition properties— — 
Repositioning capital expenditures(10)11 
Hotel improvements, equipment upgrades and replacements31 
Subtotal23,844 30,831 
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)380 323 
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs1,156 1,551 
BXP’s share of repositioning capital expenditures from unconsolidated JVs— — 
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs2,086 1,517 
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
$23,294 $31,188 





2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2
Three Months Ended
30-Jun-2131-Mar-21
Square feet1,354,986 1,095,513 
Tenant improvements and lease commissions PSF$74.26 $82.44 





















___________________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 53.
2Includes 100% of unconsolidated joint ventures.

12

 image31.jpg
Q2 2021
Acquisitions and dispositions
For the period from January 1, 2021 through June 30, 2021
(dollars in thousands)

ACQUISITIONS
Investment
PropertyLocationDate AcquiredSquare FeetInitialAnticipated FutureTotalIn-service Leased (%)
153 & 211 Second AvenueWaltham, MAJune 2, 2021136,882 $100,176 $5,000 $105,176 100.0 %
Total Acquisitions136,882 $100,176 $5,000 $105,176 100.0 %

DISPOSITIONS
PropertyLocationDate DisposedSquare FeetGross Sales PriceNet Cash Proceeds
Book Gain
Annapolis Junction Buildings Six and Seven 1
Annapolis, MDMarch 30, 2021246,568 $65,948 $17,600 $10,257 
6595 Springfield Center Drive 2
Springfield, VADecember 13, 2018N/AN/AN/A7,756 
    Total Dispositions246,568 $65,948 $17,600 $18,013 







________________
1Completed 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.
2The 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 $7.8 million during the three months ended June 30, 2021.

13

 image31.jpg
Q2 2021
Construction in progress
as of June 30, 2021
(dollars in thousands)

CONSTRUCTION IN PROGRESS 1
Maddie145@Actual/EstimatedBXP’s share
Initial OccupancyStabilization DateSquare Feet
Investment to Date 2
Estimated Total Investment 2
Total FinancingAmount Drawn at 6/30/2021
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 $251,146 $418,400 $— $— $167,254 90 %— %N/A
100 Causeway Street (50% ownership)Q4 2021Q3 2022Boston, MA632,000 217,179 267,300 200,000 137,894 — 95 %%$(20)
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership)Q1 2022Q2 2022Bethesda, MD734,000 165,438 198,900 127,500 99,426 5,388 100 %— %N/A
Reston NextQ1 2022Q4 2023Reston, VA1,062,000 461,282 715,300 — — 254,018 85 %— %N/A
2100 Pennsylvania Avenue
Q3 2022Q3 2024Washington, DC480,000 184,957 356,100 — — 171,143 56 %— %N/A
Total Office Properties under Construction3,328,0001,280,002 1,956,000 327,500 237,320 597,803 87 %— %(20)
Lab/Life Sciences
200 West Street (Redevelopment) 6
Q4 2021Q4 2021Waltham, MA138,000 19,300 47,800 — — 28,500 100 %— %N/A
880 Winter Street (Redevelopment)Q3 2023Q2 2024Waltham, MA224,000 2,079 108,000 — — 105,921 — %— %N/A
751 Gateway (49% ownership)Q1 2023Q3 2024South San Francisco, CA229,000 22,852 127,600 — — 104,748 — %— %N/A
180 CityPointQ1 2024Q4 2024Waltham, MA329,000 27,291 274,700 — — 247,409 — %— %N/A
Total Lab/Life Sciences Properties under Construction920,000 71,522 558,100 — — 486,578 15 %— %— 
Other
The Prudential Center Observatory (Redevelopment)Q2 2023N/ABoston, MA59,000 31,409 182,300 — — 150,891 N/A— %N/A
Total Properties Under Construction4,307,000 $1,382,933 $2,696,400 $327,500 $237,320 $1,235,272 71 %7— %$(20)

PROJECTS FULLY PLACED IN-SERVICE DURING 2021
Actual/EstimatedBXP’s share
Estimated Total Investment 2
Amount Drawn at 6/30/2021
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 $141,717 $150,000 $— $— $8,283 96 %$3,336 
Total Projects Fully Placed In-Service220,000 $141,717 $150,000 $— $— $8,283 96 %

$3,336 
_____________
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 July 23, 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 June 30, 2021. See the Definitions and Reconciliations sections of this Supplemental package starting on page 53.
6Represents a portion of the property under redevelopment for conversion to laboratory space.
7 Total percentage leased excludes Other.
14

 image31.jpg
Q2 2021
Land parcels and purchase options
as of June 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, NJ1,650,000 
San Jose, CA (55% Ownership)1,078,000 
San Francisco, CA850,000 
Santa Clara, CA 4
632,000 
Washington, DC (50% ownership)520,000 
Springfield, VA422,000 
South San Francisco, CA (50% Ownership)411,000 
Waltham, MA 5
396,000 
Dulles, VA310,000 
El Segundo, CA (50% Ownership)275,000 
         Total
13,681,000 


VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS
Location
Approximate Developable Square Feet 1
Cambridge, MA1,400,000 
Boston, MA1,300,000 
Waltham, MA 6
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 April 16, 2021, the Company removed 3625-3635 Peterson Way from its in-service portfolio following the lease expiration of the last tenant on April 15, 2021. The Company intends to demolish the building and redevelop the site at a future date.
5On June 2, 2021, the Company acquired 153 and 211 Second Avenue, including an additional 120,000 square feet of potential development.
6The Company expects to be a 50% partner in the future development of these sites.

15

 image31.jpg
Q2 2021
Land parcels and purchase options
for the three months ended June 30, 2021

ALL IN-SERVICE PROPERTIES
Net (increase)/decrease in available space (SF)Total
Vacant space available at the beginning of the period5,131,799 
Add:
Properties placed (and partially placed) in-service 1
2,154 
Leases expiring or terminated during the period1,410,005 
Total space available for lease6,543,958 
1st generation leases2,154 
2nd generation leases with new tenants814,522 
2nd generation lease renewals540,464 
Total space leased1,357,140 
Vacant space available for lease at the end of the period5,186,818 
Net (increase)/decrease in available space(55,019)
Second generation leasing information: 2
Leases commencing during the period (SF)1,354,986 
Weighted average lease term (months)90 
Weighted average free rent period (days)194 
Total transaction costs per square foot 3
$74.26 
Increase (decrease) in gross rents total 4
(0.13)%
Increase (decrease) in net rents total 4
(0.28)%
Increase (decrease) in gross rents Office (excluding retail) 9
14.14 %
Increase (decrease) in net rents Office (excluding retail) 9
21.03 %

All leases (SF)
Incr (decr) in 2nd generation cash rents 4
Total square feet of leases executed in the quarter 6, 7
1st generation2nd generation
total 5
gross
net
Boston2,154 419,894 422,048 34.46 %56.14 %193,720 
Los Angeles— 204,352 204,352 (3.15)%(5.35)%490,742 
New York 8
— 193,791 193,791 (37.87)%(43.79)%152,366 
San Francisco— 220,112 220,112 32.17 %47.11 %119,751 
Washington, DC— 316,837 316,837 (5.95)%(8.11)%282,639 
Total / Weighted Average2,154 1,354,986 1,357,140 (0.13)%(0.28)%1,239,218 
Total / Weighted Average Office (excluding retail) 9
2,154 1,277,244 1,279,398 14.14 %21.03 %
_____________
1Total square feet of properties partially placed in-service in Q2 2021 consists of 2,154 square feet of office space at 100 Causeway Street.
2Second generation leases are defined as leases for space that had previously been leased by the Company. Of the 1,354,986 square feet of second generation leases that commenced in Q2 2021, leases for 1,029,714 square feet were signed in prior periods.
3Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.
4Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) or net rent (gross rent less operating expenses) on the new vs. expired leases on the 975,749 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”).
5Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.
6Amounts shown in this column exclude COVID-19 related lease modifications executed in the second quarter of 2021 to provide cash rent deferral and/or abatement in the aggregate amount of approximately $1.4 million (BXP’s Share) in the second quarter. In addition, COVID-19 related lease modifications from the second quarter of 2020 through the first quarter of 2021 provide cash rent and/or abatement in the aggregate amount of approximately $6.4 million (BXP’s Share) in the second quarter 2021. For additional information, see page 57.
7Represents 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 327,426.
8New York increase (decrease) in 2nd generation cash rents, gross and net include 33,289 square feet related to retail leases. Excluding those retail leases, New York 2nd generation cash rents increased 5.52% gross and 8.44% net, respectively.
9Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) or net rent (gross rent less operating expenses) on the new vs. expired leases on the 928,977 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”) and excludes retail leases.
16

 image31.jpg
Q2 2021
Portfolio overview
for the three months ended June 30, 2021
(dollars in thousands)


Rentable square footage of in-service properties by location and unit type 1, 2
OfficeRetailResidentialHotelTotal
Boston13,717,839 1,058,719 550,114 330,000 15,656,672 
Los Angeles2,181,579 124,932 — — 2,306,511 
New York11,359,823 417,849 — — 11,777,672 
San Francisco7,284,889 343,803 318,171 — 7,946,863 
Washington, DC8,059,374 661,537 822,436 — 9,543,347 
Total42,603,504 2,606,840 1,690,721 330,000 47,231,065 
% of Total90.20 %5.52 %3.58 %0.70 %100.00 %


Rental revenue of in-service properties by unit type 1
OfficeRetailResidential
Hotel 3
Total
Consolidated$645,470 $47,769 $9,161 $1,468 $703,868 
Less:
Partners’ share from consolidated joint ventures 4
65,290 8,183 — — 73,473 
Add:
BXP’s share from unconsolidated joint ventures 5
38,736 2,667 1,402 — 42,805 
BXP’s Share of Rental revenue 1
$618,916 $42,253 $10,563 $1,468 $673,200 
% of Total91.93 %6.28 %1.57 %0.22 %100.00 %


Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6
CBDSuburbanTotal
Boston26.22 %7.79 %34.01 %
Los Angeles2.88 %— %2.88 %
New York25.97 %2.07 %28.04 %
San Francisco17.78 %2.84 %20.62 %
Washington, DC5.20 %9.25 %14.45 %
Total78.05 %21.95 %100.00 %










_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 53.
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 $93 of revenue from retail tenants that is included in Retail.
4See page 60 for additional information.
5See page 62 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. common shareholders to BXP’s Share of NOI (excluding termination income), see page 8.

17

 image31.jpg
Q2 2021
Residential and hotel performance
(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS
Residential 1
Hotel 2
Three Months EndedThree Months Ended
30-Jun-2131-Mar-2130-Jun-2131-Mar-21
Rental Revenue 3
$9,763 $9,175 $1,561 $632 
Less: Operating expenses and real estate taxes5,928 6,127 1,996 2,051 
Net Operating Income (Loss) (NOI) 3
3,835 3,048 (435)(1,419)
Add: BXP’s share of NOI from unconsolidated joint ventures449 40 N/AN/A
BXP’s Share of NOI 3
$4,284 $3,088 $(435)$(1,419)
Rental Revenue 3
$9,763 $9,175 $1,561 $632 
Less: Straight line rent and fair value lease revenue21 38 (5)(5)
Subtotal9,742 9,137 1,566 637 
Less: Operating expenses and real estate taxes5,928 6,127 1,996 2,051 
NOI - cash basis 3
3,814 3,010 (430)(1,414)
Add: BXP’s share of NOI-cash from unconsolidated joint ventures449 40 N/AN/A
BXP’s Share of NOI - cash basis 3
$4,263 $3,050 $(430)$(1,414)


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
30-Jun-2130-Jun-20
BOSTON
Hub50House (50% ownership), Boston, MA 3, 4
440
Average Monthly Rental Rate$3,039 $3,360 (9.55)%
Average Rental Rate Per Occupied Square Foot$4.25 $5.26 (19.20)%
Average Physical Occupancy71.74 %35.38 %102.77 %
Average Economic Occupancy63.50 %28.97 %119.19 %
Proto Kendall Square, Cambridge, MA 3, 5
280
Average Monthly Rental Rate$2,504 $2,891 (13.39)%
Average Rental Rate Per Occupied Square Foot$4.60 $5.31 (13.37)%
Average Physical Occupancy91.67 %92.50 %(0.90)%
Average Economic Occupancy90.21 %91.86 %(1.80)%
The Lofts at Atlantic Wharf, Boston, MA 3, 5
86
Average Monthly Rental Rate$3,156 $4,530 (30.33)%
Average Rental Rate Per Occupied Square Foot$3.51 $5.01 (29.94)%
Average Physical Occupancy96.12 %91.86 %4.64 %
Average Economic Occupancy93.67 %91.71 %2.14 %
Boston Marriott Cambridge (437 rooms), Cambridge, MA 2, 5
N/A
Average Occupancy21.70 %

— %100.00 %
Average Daily Rate$160.96 

$— 100.00 %
Revenue Per Available Room$34.86 

$— 100.00 %
SAN FRANCISCO
The Skylyne, Oakland, CA 3, 6
402
Average Monthly Rental Rate$3,183 N/AN/A
Average Rental Rate Per Occupied Square Foot$3.79 N/AN/A
Average Physical Occupancy26.53 %N/AN/A
Average Economic Occupancy18.71 %N/AN/A

18

 image31.jpg
Q2 2021
Residential and hotel performance (continued)


RENTAL RATES AND OCCUPANCY - Year-over-Year
Residential UnitsThree Months EndedPercent Change
30-Jun-2130-Jun-20
WASHINGTON, DC
Signature at Reston, Reston, VA 3, 5
508
Average Monthly Rental Rate$2,143 $2,320 (7.63)%
Average Rental Rate Per Occupied Square Foot$2.22 $2.45 (9.39)%
Average Physical Occupancy87.20 %81.50 %6.99 %
Average Economic Occupancy83.13 %76.72 %8.36 %
The Avant at Reston Town Center, Reston, VA 3, 5
359
Average Monthly Rental Rate$2,180 $2,371 (8.06)%
Average Rental Rate Per Occupied Square Foot$2.38 $2.60 (8.46)%
Average Physical Occupancy94.99 %89.51 %6.12 %
Average Economic Occupancy94.26 %88.37 %6.67 %
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 53.
4This property was completed and fully placed in-service on July 24, 2020 and is in its initial lease-up period with expected stabilization in the first quarter of 2022.
5Excludes retail space.
6This 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.


19

 image31.jpg
Q2 2021
In-service property listing
as of June 30, 2021
Sub MarketNumber of BuildingsSquare Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
BOSTON
Office
200 Clarendon StreetCBD Boston MA11,768,163 96.6 %$73.00 
100 Federal Street (55% ownership)CBD Boston MA11,238,461 97.6 %64.23
800 Boylston Street - The Prudential CenterCBD Boston MA11,195,570 96.3 %65.75
111 Huntington Avenue - The Prudential CenterCBD Boston MA1860,455 92.4 %70.02
Atlantic Wharf Office (55% ownership)CBD Boston MA1793,823 99.8 %79.44
Prudential Center (retail shops) 3, 4
CBD Boston MA1597,992 75.6 %90.20
101 Huntington Avenue - The Prudential CenterCBD Boston MA1506,476 99.0 %56.41
The Hub on Causeway - Podium (50% ownership) 5
CBD Boston MA1382,497 81.4 %64.59
888 Boylston Street - The Prudential CenterCBD Boston MA1363,320 100.0 %77.30
Star Market at the Prudential Center 3
CBD Boston MA157,236 100.0 %61.07
Subtotal107,763,993 94.5 %$70.54 
145 BroadwayEast Cambridge MA1490,086 99.1 %$85.43 
355 Main StreetEast Cambridge MA1259,640 99.0 %76.58
90 BroadwayEast Cambridge MA1223,771 100.0 %71.80
255 Main StreetEast Cambridge MA1215,394 97.5 %85.45
300 Binney StreetEast Cambridge MA1195,191 100.0 %59.07
150 BroadwayEast Cambridge MA1177,226 100.0 %80.94
105 BroadwayEast Cambridge MA1152,664 100.0 %68.77
250 Binney StreetEast Cambridge MA167,362 100.0 %47.46
University PlaceMid-Cambridge MA1195,282 100.0 %55.54
Subtotal91,976,616 99.4 %$74.12 
Bay Colony Corporate CenterRoute 128 Mass Turnpike MA41,001,136 80.1 %$45.00 
Reservoir PlaceRoute 128 Mass Turnpike MA1526,985 79.6 %38.48 
140 Kendrick StreetRoute 128 Mass Turnpike MA3380,991 99.4 %42.45 
Weston Corporate CenterRoute 128 Mass Turnpike MA1356,995 100.0 %56.68 
Waltham Weston Corporate CenterRoute 128 Mass Turnpike MA1301,611 96.1 %38.82 
230 CityPointRoute 128 Mass Turnpike MA1296,212 93.9 %41.48 
10 CityPointRoute 128 Mass Turnpike MA1241,203 98.1 %57.55 
20 CityPoint 6
Route 128 Mass Turnpike MA1211,476 63.2 %51.24 
77 CityPointRoute 128 Mass Turnpike MA1209,711 95.8 %48.50 
890 Winter StreetRoute 128 Mass Turnpike MA1174,472 48.1 %45.65 
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 81.5 %51.24 
1265 Main Street (50% ownership) 5
Route 128 Mass Turnpike MA1114,969 100.0 %44.89 
Reservoir Place NorthRoute 128 Mass Turnpike MA173,258 100.0 %44.50 
195 West StreetRoute 128 Mass Turnpike MA163,500 100.0 %42.00 
The Point 3
Route 128 Mass Turnpike MA116,300 84.7 %45.33 
191 Spring StreetRoute 128 Northwest MA1170,997 100.0 %44.66 
Lexington Office ParkRoute 128 Northwest MA2166,779 64.0 %30.40 
201 Spring StreetRoute 128 Northwest MA1106,300 100.0 %45.29 
33 Hayden AvenueRoute 128 Northwest MA180,876 100.0 %65.22 
32 Hartwell AvenueRoute 128 Northwest MA169,154 100.0 %28.18 
100 Hayden AvenueRoute 128 Northwest MA155,924 100.0 %45.81 
181 Spring StreetRoute 128 Northwest MA155,793 100.0 %43.99 
92 Hayden AvenueRoute 128 Northwest MA131,100 100.0 %44.27 
17 Hartwell AvenueRoute 128 Northwest MA130,000 100.0 %49.46 
Subtotal325,007,545 87.8 %$45.68 
Boston Office Total:5114,748,154 92.9 %$63.03 
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 
20

 image31.jpg
Q2 2021
In-service property listing (continued)
as of June 30, 2021
Sub MarketNumber of BuildingsSquare 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:5515,656,672 
LOS ANGELES
Office
Colorado Center (50% ownership) 5
West Los Angeles CA61,129,739 90.3 %$69.21 
Santa Monica Business Park (55% ownership) 5
West Los Angeles CA141,102,368 76.9 %64.70 
Santa Monica Business Park Retail (55% ownership) 3, 5
West Los Angeles CA774,404 90.1 %72.02 
Subtotal272,306,511 83.9 %$67.34 
Los Angeles Total:272,306,511 83.9 %$67.34 
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) 4
Plaza District NY11,957,284 91.5 %$163.18 
601 Lexington Avenue (55% ownership) 6
Park Avenue NY11,671,590 95.8 %100.04 
399 Park AvenuePark Avenue NY11,576,874 96.8 %102.61 
599 Lexington AvenuePark Avenue NY11,062,708 98.6 %92.74 
Times Square Tower (55% ownership)Times Square NY11,254,943 81.7 %78.52 
250 West 55th StreetTimes Square / West Side NY1966,979 99.4 %98.23 
Dock 72 (50% ownership) 5, 6
Brooklyn NY1668,625 33.1 %60.58 
510 Madison AvenueFifth/Madison Avenue NY1355,089 100.0 %142.00 
Subtotal89,514,092 89.7 %$110.80 
510 Carnegie CenterPrinceton NJ1234,160 — %$— 
206 Carnegie CenterPrinceton NJ1161,763 100.0 %36.00 
210 Carnegie CenterPrinceton NJ1159,468 79.2 %37.46 
212 Carnegie CenterPrinceton NJ1151,355 76.6 %37.99 
214 Carnegie CenterPrinceton NJ1146,979 49.0 %43.23 
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 %41.35 
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 NJ1121,460 100.0 %39.38 
701 Carnegie CenterPrinceton NJ1120,000 100.0 %43.14 
104 Carnegie CenterPrinceton NJ1102,930 63.6 %39.13 
103 Carnegie CenterPrinceton NJ196,332 59.8 %32.67 
105 Carnegie CenterPrinceton NJ169,955 56.6 %32.65 
302 Carnegie CenterPrinceton NJ164,926 89.3 %36.21 
211 Carnegie CenterPrinceton NJ147,025 100.0 %37.87 
201 Carnegie CenterPrinceton NJ6,500 100.0 %37.26 
Subtotal182,263,580 76.7 %$38.75 
New York Total:2611,777,672 87.2 %$98.61 
SAN FRANCISCO
Office
Salesforce TowerCBD San Francisco CA11,420,682 100.0 %$104.59 
Embarcadero Center FourCBD San Francisco CA1941,166 94.0 %83.49 
Embarcadero Center OneCBD San Francisco CA1831,450 81.9 %78.29 
Embarcadero Center TwoCBD San Francisco CA1800,978 87.5 %79.05 
21

 image31.jpg
Q2 2021
In-service property listing (continued)
as of June 30, 2021
Sub MarketNumber of BuildingsSquare Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
SAN FRANCISCO (continued)
Embarcadero Center ThreeCBD San Francisco CA1786,078 88.3 %81.51 
680 Folsom StreetCBD San Francisco CA2524,793 99.1 %70.57 
535 Mission StreetCBD San Francisco CA1307,235 94.3 %85.79 
690 Folsom StreetCBD San Francisco CA126,080 100.0 %66.16 
Subtotal95,638,462 92.5 %$86.47 
Gateway Commons (54% ownership) 5, 6
South San Francisco CA61,072,096 70.4 %$58.95 
Mountain View Research ParkMountain View CA15542,264 76.3 %72.73 
2440 West El Camino RealMountain View CA1142,789 100.0 %82.86 
453 Ravendale DriveMountain View CA129,620 75.0 %39.68 
North First Business Park 8
San Jose CA5190,636 61.9 %27.34 
Subtotal281,977,405 73.4 %$62.42 
San Francisco Office Total:377,615,867 87.6 %$81.22 
Residential
The Skylyne (402 units) 6
CBD Oakland CA1330,996 
San Francisco Residential Total:1330,996 
San Francisco Total:387,946,863 
WASHINGTON, DC
Office
Metropolitan Square (20% ownership) 5
East End Washington DC1657,481 62.2 %$65.58 
901 New York Avenue (25% ownership) 5
East End Washington DC1541,795 73.3 %66.27 
601 Massachusetts AvenueEast End Washington DC1478,818 97.3 %97.17 
Market Square North (50% ownership) 5
East End Washington DC1417,979 79.5 %69.90 
2200 Pennsylvania AvenueCBD Washington DC1458,831 96.3 %90.88 
1330 Connecticut AvenueCBD Washington DC1253,941 89.4 %72.58 
Sumner SquareCBD Washington DC1209,556 93.7 %55.03 
500 North Capitol Street, N.W. (30% ownership) 5
Capitol Hill Washington DC1230,900 98.5 %80.88 
Capital Gallery 6
Southwest Washington DC1176,809 95.3 %56.44 
Subtotal93,426,110 83.6 %$75.61 
South of MarketReston VA3623,250 82.3 %$53.07 
Fountain SquareReston VA2505,458 75.5 %54.66 
One Freedom SquareReston VA1430,640 69.6 %51.91 
Two Freedom SquareReston VA1423,222 100.0 %47.40 
One and Two Discovery SquareReston VA2366,989 100.0 %50.87 
One Reston OverlookReston VA1319,519 100.0 %45.91 
17Fifty Presidents StreetReston VA1275,809 100.0 %64.96 
Reston Corporate CenterReston VA2261,046 100.0 %47.45 
Democracy TowerReston VA1259,441 97.7 %59.13 
Fountain Square Retail 3
Reston VA1216,591 86.0 %39.14 
Two Reston OverlookReston VA1134,615 100.0 %48.00 
Subtotal163,816,580 89.5 %$51.55 
Wisconsin Place OfficeMontgomery County MD1299,217 82.3 %$61.62 
Kingstowne TwoSpringfield VA1155,995 87.2 %38.07 
Kingstowne OneSpringfield VA1150,957 59.5 %38.80 
7601 Boston BoulevardSpringfield VA1108,286 100.0 %33.94 
7435 Boston BoulevardSpringfield VA1103,557 65.7 %22.40 
8000 Grainger CourtSpringfield VA188,775 — %— 
Kingstowne Retail 3
Springfield VA188,244 94.3 %42.12 
7500 Boston BoulevardSpringfield VA179,971 100.0 %19.38 
7501 Boston BoulevardSpringfield VA175,756 100.0 %37.28 
7450 Boston BoulevardSpringfield VA162,402 100.0 %18.17 
22

 image31.jpg
Q2 2021
In-service property listing (continued)
as of June 30, 2021
Sub MarketNumber of BuildingsSquare Feet
Leased % 1
Annualized Rental Obligations Per Leased SF 2
WASHINGTON, DC (continued)
7374 Boston BoulevardSpringfield VA157,321 100.0 %19.52 
8000 Corporate CourtSpringfield VA152,539 100.0 %16.27 
7451 Boston BoulevardSpringfield VA145,615 32.5 %26.28 
7300 Boston BoulevardSpringfield VA132,000 100.0 %24.00 
7375 Boston BoulevardSpringfield VA126,865 31.5 %24.77 
Subtotal151,427,500 78.1 %$37.16 
Washington, DC Office Total:408,670,190 85.3 %$58.66 
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:429,543,347 
Total In-Service Properties:18847,231,065 88.6 %9$74.62 9


























_____________
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 53.
3This is a retail property.
4Includes 145,849 square feet at Prudential Center (retail shops) and 30,094 square feet at 767 Fifth Avenue (The GM building) 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. 685 Gateway was fully placed in-service in June 2020 and excluded from the Company’s 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.
8Property held for redevelopment.
9Excludes Hotel and Residential properties. For additional detail, see pages 18-19.
23

 image31.jpg
Q2 2021
Top 20 tenants listing and portfolio tenant diversification
as of June 30, 2021
TOP 20 TENANTS
No.Tenant
BXP’s Share of Annualized Rental Obligations 1
Weighted Average Remaining Lease Term (years) 2
salesforce.com3.62 %10.6
Arnold & Porter Kaye Scholer2.93 %12.9
Akamai Technologies2.22 %13.3
Biogen1.81 %5.4
Shearman & Sterling1.62 %12.4
Kirkland & Ellis1.55 %15.9
Ropes & Gray1.53 %8.9
Google1.38 %16.2
WeWork1.38 %12.2
10 Microsoft1.34 %10.6
11 Weil Gotshal & Manges1.23 %12.9
12 Wellington Management1.16 %6.0
13 Millennium Management1.16 %9.5
14 Aramis (Estee Lauder)1.08 %16.0
15 US Government0.97 %5.1
16 Morrison & Foerster0.93 %9.2
17 O'Melveny & Myers0.88 %3.4
18 Bank of America0.84 %14.4
19 Mass Financial Services0.84 %6.7
20 Under Armour Retail0.81 %12.8
BXP’s Share of Annualized Rental Obligations29.29 %
BXP’s Share of Square Feet 1
23.08 %
Weighted Average Remaining Lease Term (years)11.0

NOTABLE SIGNED DEALS 3
TenantPropertySquare Feet
Marriott International7750 Wisconsin Avenue734,000 
Fannie MaeReston Next703,000 
Verizon100 Causeway Street440,000 
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
chart-6ba7500661614fbc976a.jpg

_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 53.
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

 image31.jpg
Q2 2021
Occupancy by location
as of June 30, 2021

TOTAL IN-SERVICE OFFICE PROPERTIES 1 - Quarter-over-Quarter
CBDSuburbanTotal
Location30-Jun-2131-Mar-2130-Jun-2131-Mar-2130-Jun-2131-Mar-21
Boston95.5 %96.1 %87.8 %87.3 %92.9 %93.1 %
Los Angeles83.9 %82.2 %— %— %83.9 %82.2 %
New York89.7 %89.4 %76.7 %75.8 %87.2 %86.8 %
San Francisco92.5 %93.0 %73.4 %77.8 %87.6 %88.7 %
Washington, DC83.6 %83.4 %86.4 %87.2 %85.3 %85.7 %
   Total Portfolio90.9 %91.0 %83.6 %84.0 %88.6 %88.7 %
chart-020b3cd3de03477b808a.jpg

SAME PROPERTY OFFICE PROPERTIES 1, 2 - Year-over-Year
CBDSuburbanTotal
Location30-Jun-2130-Jun-2030-Jun-2130-Jun-2030-Jun-2130-Jun-20
Boston95.5 %99.1 %88.6 %88.6 %93.3 %95.7 %
Los Angeles83.9 %95.9 %— %— %83.9 %95.9 %
New York94.1 %94.2 %76.7 %86.2 %90.5 %92.6 %
San Francisco92.5 %97.4 %73.3 %80.4 %87.6 %93.0 %
Washington, DC83.0 %83.1 %86.4 %85.6 %85.1 %84.6 %
   Total Portfolio92.3 %95.3 %83.7 %86.0 %89.5 %92.3 %
chart-82fb158128254fcd958a.jpg

_____________
1Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential units and hotel.
2See the Definitions and Reconciliations sections of this Supplemental package starting on page 53.
25

 image31.jpg
Q2 2021
Capital structure
(in thousands, except percentages)

CONSOLIDATED DEBT
Aggregate Principal
Mortgage Notes Payable$2,922,691 
Unsecured Line of Credit— 
Unsecured Senior Notes, at face value9,700,000 
Outstanding Principal12,622,691 
Discount on Unsecured Senior Notes(17,988)
Deferred Financing Costs, Net(68,638)
Consolidated Debt$12,536,065 
MORTGAGE NOTES PAYABLE
Interest Rate
PropertyMaturity DateGAAPStatedOutstanding Principal
601 Lexington Avenue (55% ownership)April 10, 20224.79%4.75%$622,691 
767 Fifth Avenue (The GM Building) (60% ownership)June 9, 20273.64%3.43%2,300,000 
Total$2,922,691 
BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 1
Maturity DateEffective Yield (on issue date)CouponOutstanding Principal
11 Year Unsecured Senior NotesFebruary 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 NotesMarch 15, 20302.98%2.90%700,000 
10.75 Year Unsecured Senior NotesJanuary 30, 20313.34%3.25%1,250,000 
11 Year Unsecured Senior Notes (“green bonds”)April 1, 20322.67%2.55%850,000 
$9,700,000 
CAPITALIZATION
Shares/UnitsCommon Stock
OutstandingEquivalents
Equivalent Value 2
Common Stock156,136 156,136 $17,891,624 
Common Operating Partnership Units17,528 17,528 2,008,534 
Total Equity173,664 $19,900,158 
Consolidated Debt (A)
$12,536,065 
Add: BXP’s share of unconsolidated joint venture debt 3
1,190,473 
Less: Partners’ share of consolidated debt 4
1,191,879 
BXP’s Share of Debt 5 (B)
$12,534,659 
Consolidated Market Capitalization (C)
$32,436,223 
BXP’s Share of Market Capitalization 5 (D)
$32,434,817 
Consolidated Debt/Consolidated Market Capitalization (A÷C)
38.65 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 5 (B÷D)
38.65 %


_____________
1All unsecured senior notes are rated BBB+ (stable), and Baa1 (stable) by S&P and Moody’s, respectively.
2Values are based on the June 30, 2021 closing price of $114.59 per share of BXP common stock.
3Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 34.
4Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 31.
5See the Definitions and Reconciliations sections of this Supplemental package starting on page 53.
26

 image31.jpg
Q2 2021
Debt analysis 1
as of June 30, 2021
(dollars in thousands)


chart-01fbe3f6c99c4c56baca.jpg


UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026
 FacilityOutstanding at June 30, 2021Letters of CreditRemaining Capacity at June 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 2
 Maturity (years)
Unsecured Debt76.85 %3.48 %3.57 %6.1
Secured Debt23.15 %3.71 %3.89 %4.8 
Consolidated Debt100.00 %3.54 %3.64 %5.8 

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total Debt Stated Rates
 GAAP Rates 2
 Maturity (years)
Floating Rate Debt— %— %— %— 
Fixed Rate Debt100.00 %3.54 %3.64 %5.8 
Consolidated Debt100.00 %3.54 %3.64 %5.8 














_____________
1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 34.
2The 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

 image31.jpg
Q2 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 June 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%45.7 %42.4 %
Secured Debt/Total AssetsLess than 50%14.2 %13.2 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)Greater than 1.50x3.97 3.97 
Unencumbered Assets/ Unsecured DebtGreater than 150%242.1 %265.3 %


































_____________
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

 image31.jpg
Q2 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-Jun-2131-Mar-21
Net income attributable to Boston Properties, Inc. common shareholders$111,703 $91,624 
Add:
Preferred stock redemption charge— 6,412 
Preferred dividends— 2,560 
Noncontrolling interest - common units of the Operating Partnership12,383 11,084 
Noncontrolling interest in property partnerships17,164 16,467 
Net income141,250 128,147 
Add:
Interest expense106,319 107,902 
Losses from early extinguishments of debt— 898 
Depreciation and amortization expense183,838 176,565 
Less:
Gains on sales of real estate7,756 — 
Income (loss) from unconsolidated joint ventures(1,373)5,225 
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2
25,375 24,737 
EBITDAre 1
450,399 433,024 
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3
46,222 44,344 
BXP’s Share of EBITDAre 1 (A)
404,177 388,680 
Add:
Stock-based compensation expense13,993 19,806 
Non-cash losses from early extinguishments of debt— 898 
Preferred stock redemption charge— 6,412 
BXP’s Share of straight-line ground rent expense adjustment 1
698 1,166 
BXP’s Share of lease transaction costs that qualify as rent inducements 1
(132)3,026 
Less:
BXP’s Share of straight-line rent 1, 4
30,855 13,601 
BXP’s Share of fair value lease revenue 1
1,193 1,206 
BXP’s Share of EBITDAre cash 1
$386,688 $405,181 
BXP’s Share of EBITDAre (Annualized) 5 (A x 4)
$1,616,708 $1,554,720 

Reconciliation of BXP’s Share of Net Debt 1
30-Jun-2131-Mar-21
Consolidated debt$12,536,065 $12,536,264 
Less:
Cash and cash equivalents557,307 697,369 
Net debt 1
11,978,758 11,838,895 
Add:
BXP’s share of unconsolidated joint venture debt 2
1,190,473 1,165,872 
Partners’ share of cash and cash equivalents from consolidated joint ventures143,868 124,957 
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures90,535 94,796 
Partners’ share of consolidated joint venture debt 3
1,191,879 1,193,260 
BXP’s Share of Net Debt 1 (B)
$12,030,685 $11,841,668 
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]
7.44 7.62 

_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 53.
2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended June 30, 2021, see pages 34 and 61.
3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended June 30, 2021, see pages 31 and 59.
4For the three months ended March 31, 2021, includes the straight-line impact of approximately $9,354 related to deferred revenue from a tenant.
5BXP’s Share of EBITDAre (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4).

29

 image31.jpg
Q2 2021
Debt ratios
(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1
Three Months Ended
30-Jun-2131-Mar-21
BXP’s Share of interest expense 1
$105,772 $107,839 
Less:
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of amortization of financing costs 1
3,673 3,725 
Adjusted interest expense excluding capitalized interest (A)
100,653 102,668 
Add:
BXP’s Share of capitalized interest 1
14,066 12,528 
Adjusted interest expense including capitalized interest (B)
$114,719 $115,196 
BXP’s Share of EBITDAre cash 1, 2 (C)
$386,688 $405,181 
Interest Coverage Ratio (excluding capitalized interest) (C÷A)
3.84 3.95 
Interest Coverage Ratio (including capitalized interest) (C÷B)
3.37 3.52 


FIXED CHARGE COVERAGE RATIO 1
Three Months Ended
30-Jun-2131-Mar-21
BXP’s Share of interest expense 1
$105,772 $107,839 
Less:
BXP’s Share of hedge amortization 1
1,446 1,446 
BXP’s Share of amortization of financing costs 1
3,673 3,725 
Add:
BXP’s Share of capitalized interest 1
14,066 12,528 
BXP’s Share of maintenance capital expenditures 1
22,145 29,595 
Hotel improvements, equipment upgrades and replacements31 
Preferred dividends/distributions— 2,560 
Total Fixed Charges (A)
$136,867 $147,382 
BXP’s Share of EBITDAre cash 1, 2 (B)
$386,688 $405,181 
Fixed Charge Coverage Ratio (B÷A)
2.83 2.75 






















_____________
1See the Definitions and Reconciliations sections of this Supplemental package starting on page 53.
2For a qualitative reconciliation of BXP’s Share of EBITDAre – cash, see page 29.
30

 image31.jpg
Q2 2021
Consolidated joint ventures
d
as of June 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$3,206,816 $2,265,291 $5,472,107 
Cash and cash equivalents145,182 190,655 335,837 
Other assets276,984 327,672 604,656 
Total assets$3,628,982 $2,783,618 $6,412,600 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net$2,279,235 $622,440 $2,901,675 
Other liabilities104,232 93,078 197,310 
Total liabilities2,383,467 715,518 3,098,985 
Equity:
   Boston Properties, Inc.748,858 839,298 1,588,156 
   Noncontrolling interests496,657 1,228,802 1,725,459 2
Total equity1,245,515 2,068,100 3,313,615 
Total liabilities and equity$3,628,982 $2,783,618 $6,412,600 
BXP’s nominal ownership percentage60%55%
Partners’ share of cash and cash equivalents 3
$58,073 $85,795 $143,868 
Partners’ share of consolidated debt 3
$911,781 4$280,098 $1,191,879 




















_____________
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

 image31.jpg
Q2 2021
Consolidated joint ventures (continued)
for the three months ended June 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
$69,877 $93,559 $163,436 
Write-offs associated with accounts receivable, net— — — 
Straight-line rent2,238 4,752 6,990 
Write-offs associated with straight-line rent, net— (149)(149)
Fair value lease revenue(545)81 (464)
Termination income— (6)(6)
Total lease revenue71,570 98,237 169,807 
Parking and other— 1,001 1,001 
Insurance proceeds— 418 2418 
Total rental revenue 3
71,570 99,656 171,226 
Expenses
Operating24,503 34,857 59,360 
Restoration expenses related to insurance claim— 402 2402 
Total expenses24,503 35,259 59,762 
Net Operating Income (NOI)47,067 64,397 111,464 
Other income (expense)
Interest and other income— 89 89 
Interest expense(21,143)(7,758)(28,901)
Depreciation and amortization expense(15,683)(23,040)(38,723)
General and administrative expense(63)(95)(158)
Total other income (expense)(36,889)(30,804)(67,693)
Net income$10,178 $33,593 $43,771 

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$10,178 $33,593 $43,771 
Add: Depreciation and amortization expense15,683 23,040 38,723 
Entity FFO$25,861 $56,633 $82,494 
Partners’ NCI 4
$3,171 $13,993 $17,164 
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4
6,569 10,544 17,113 
Partners’ share FFO 4
$9,740 $24,537 $34,277 
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI$7,007 $19,600 $26,607 
Depreciation and amortization expense - BXP’s basis difference42 389 431 
BXP’s share of depreciation and amortization expense9,072 12,107 21,179 
BXP’s share of FFO$16,121 $32,096 $48,217 

32

 image31.jpg
Q2 2021
Consolidated joint ventures (continued)

_____________
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 53.
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.
33

 image31.jpg
Q2 2021
Unconsolidated joint ventures 1

as of June 30, 2021
(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION
BXP’s Nominal OwnershipMortgage/Construction Loans Payable, NetInterest Rate
Property Net EquityMaturity DateStated
GAAP 2
Boston
The Hub on Causeway50.00 %$— $— — — %— %
100 Causeway Street50.00 %56,589 136,976 September 5, 20231.61 %1.82 %
Podium50.00 %49,006 87,077 September 6, 20212.35 %2.84 %
Hub50House50.00 %48,520 88,021 April 19, 20222.10 %2.39 %
Hotel Air Rights50.00 %11,316 — — — %— %
1265 Main Street50.00 %3,757 18,309 January 1, 20323.77 %3.84 %
Los Angeles
Santa Monica Business Park55.00 %157,593 163,827 July 19, 20254.06 %4.24 %
Colorado Center50.00 %229,564 274,686 August 9, 20273.56 %3.58 %
Beach Cities Media Center50.00 %27,145 — — — %— %
New York
Dock 72 3
50.00 %29,413 97,542 December 18, 20233.10 %3.32 %
3 Hudson Boulevard 4
25.00 %116,848 19,968 July 13, 20233.60 %3.68 %
San Francisco
Platform 1655.00 %108,241 — — — %— %
Gateway Commons 5
50.00 %331,389 — — — %— %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters)50.00 %59,208 98,150 April 26, 20231.35 %1.89 %
1001 6th Street50.00 %42,495 — — — %— %
Market Square North50.00 %(2,606)62,050 November 10, 20252.80 %2.96 %
Wisconsin Place Parking Facility33.33 %34,505 — — — %— %
500 North Capitol Street, N.W.30.00 %(7,467)31,466 June 6, 20234.15 %4.20 %
901 New York Avenue25.00 %(12,191)54,581 January 5, 20253.61 %3.69 %
Metropolitan Square20.00 %(13,223)57,820 July 7, 20225.40 %6.90 %
1,270,102 
Investments with deficit balances reflected within Other Liabilities35,487 
Investments in Unconsolidated Joint Ventures$1,305,589 
Mortgage/Construction Loans Payable, Net$1,190,473 
chart-059c0679bc5a4bac987a.jpg

FLOATING AND FIXED RATE DEBT ANALYSIS
Weighted Average
 % of Total DebtStated Rate
GAAP Rate 2
Maturity (years)
Floating Rate Debt54.40 %2.47 %2.89 %1.8 
Fixed Rate Debt45.60 %3.76 %3.84 %5.1 
Total Debt100.00 %3.06 %3.32 %3.3 


34

 image31.jpg
Q2 2021
Unconsolidated joint ventures (continued) 1
_____________
1Amounts represent BXP’s share based on its ownership percentage.
2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, which includes mortgage recording fees.
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 53% interest in the joint venture at June 30, 2021. Future development projects will be owned 49% by the Company and 51% by its partner.
35

 image31.jpg
Q2 2021
Unconsolidated joint ventures (continued)
for the three months ended June 30, 2021
(unaudited and dollars in thousands)

RESULTS OF OPERATIONS 1
BostonLos AngelesNew YorkSan FranciscoWashington, DCTotal Unconsolidated Joint Ventures
Revenue
Lease 2
$10,365 $29,371 $3,213 $11,030 $26,436 $80,415 
Write-offs associated with accounts receivable, net— — — — — — 
Straight-line rent1,365 2,487 233 396 597 5,078 
Write-offs associated with straight-line rent, net— — — — — — 
Fair value lease revenue— 342 — 45 — 387 
Termination income1,417 — — — — 1,417 
Total lease revenue13,147 32,200 3,446 11,471 27,033 87,297 
Parking and other13 2,614 — 1,028 3,656 
Total rental revenue 3
13,160 34,814 3,446 11,472 28,061 90,953 
Expenses
Operating5,913 12,060 3,196 4,307 11,187 36,663 
Net operating income/(loss)7,247 22,754 250 7,165 16,874 54,290 
Other income/(expense)
Development and management services revenue— — 259 266 
Interest and other income— — — 
Interest expense(2,787)(11,922)(1,703)(9,228)(25,636)
Depreciation and amortization expense(4,793)(12,550)(2,701)(5,511)(8,072)(33,627)
General and administrative expense(9)(74)11 12 (64)(124)
Total other income/(expense)(7,589)(24,541)(4,134)(5,488)(17,362)(59,114)
Net income/(loss)$(342)$(1,787)$(3,884)$1,677 $(488)$(4,824)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss)$(171)$(1,131)$(1,898)$882 $181 4$(2,137)
Basis differential
Straight-line rent$— $91 5$— $6$— $99 
Write-offs associated with straight-line rent— — — — — — 
Fair value lease revenue— 301 5— (233)6— 68 
Termination income— — — — — — 
Depreciation and amortization expense(36)(1,052)5372 1,379 6(66)597 
Total basis differential 7
(36)(660)5372 1,154 6(66)764 
Income/(loss) from unconsolidated joint ventures(207)(1,791)(1,526)2,036 115 4(1,373)
Add:
BXP’s share of depreciation and amortization expense2,431 7,709 979 1,437 2,794 415,350 
BXP’s share of FFO$2,224 $5,918 $(547)$3,473 $2,909 $13,977 




_____________
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 53.
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.
36

 image31.jpg
Q2 2021
Lease expirations - All in-service properties1, 2, 3

as of June 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
2021957,021 889,582 50,590,335 56.87 50,619,140 56.90 2.37 %4
20222,691,562 2,351,953 145,109,907 61.70 148,177,391 63.00 6.27 %

20232,089,178 1,826,330 129,594,747 70.96 135,117,024 73.98 4.87 %
20243,716,449 3,331,260 210,962,317 63.33 214,112,906 64.27 8.88 %
20252,579,071 2,376,869 156,114,597 65.68 164,007,288 69.00 6.34 %
20263,686,655 2,897,226 221,205,067 76.35 237,599,322 82.01 7.73 %
20272,151,438 1,920,447 129,294,050 67.32 140,950,689 73.39 5.12 %
20282,396,637 2,175,984 156,691,522 72.01 175,107,912 80.47 5.80 %
20292,679,015 2,337,808 162,579,904 69.54 186,378,991 79.72 6.24 %
20302,224,415 2,139,769 158,174,992 73.92 178,053,451 83.21 5.71 %
Thereafter12,361,200 10,211,304 819,394,961 80.24 1,000,488,394 97.98 27.23 %

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
Year of Lease ExpirationPercentage of Total Square Feet
$$/PSF$$/PSF
2021178,733 174,204 5,566,143 31.95 5,573,330 31.99 9.30 %4
2022163,674 152,615 13,894,082 91.04 13,869,981 90.88 8.14 %

2023149,302 148,124 8,312,063 56.12 8,896,609 60.06 7.90 %
2024144,838 137,046 14,190,076 103.54 15,281,340 111.51 7.31 %
202597,919 84,823 6,010,612 70.86 6,810,239 80.29 4.53 %
2026110,515 100,945 16,980,322 168.21 18,304,891 181.34 5.39 %
202794,759 90,657 11,314,413 124.80 13,012,608 143.54 4.84 %
2028113,254 112,187 8,073,289 71.96 9,045,534 80.63 5.99 %
2029127,447 104,147 10,235,129 98.28 11,710,736 112.44 5.56 %
2030196,925 159,036 9,830,889 61.82 11,245,999 70.71 8.49 %
Thereafter498,804 360,968 52,965,410 146.73 68,652,233 190.19 19.26 %

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
20211,135,754 1,063,786 56,156,478 52.79 56,192,470 52.82 2.70 %4
20222,855,236 2,504,568 159,003,989 63.49 162,047,372 64.70 6.36 %

20232,238,480 1,974,454 137,906,810 69.85 144,013,633 72.94 5.02 %
20243,861,287 3,468,306 225,152,393 64.92 229,394,246 66.14 8.81 %
20252,676,990 2,461,692 162,125,209 65.86 170,817,527 69.39 6.25 %
20263,797,170 2,998,171 238,185,389 79.44 255,904,213 85.35 7.62 %
20272,246,197 2,011,104 140,608,463 69.92 153,963,297 76.56 5.11 %
20282,509,891 2,288,171 164,764,811 72.01 184,153,446 80.48 5.81 %
20292,806,462 2,441,955 172,815,033 70.77 198,089,727 81.12 6.20 %
20302,421,340 2,298,805 168,005,881 73.08 189,299,450 82.35 5.84 %
Thereafter12,860,004 10,572,272 872,360,371 82.51 1,069,140,627 101.13 26.85 %
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 53.
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

 image31.jpg
Q2 2021
Lease expirations - Boston region in-service properties 1, 2, 3
as of June 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
2021343,927 334,841 16,167,204 48.28 16,172,604 48.30 4
2022948,578 913,750 44,026,372 48.18 46,748,739 51.16 
2023770,169 705,317 41,743,802 59.18 42,972,389 60.93 
2024921,447 891,184 48,404,662 54.32 50,282,917 56.42 
20251,084,470 1,065,357 61,247,936 57.49 63,820,530 59.91 
20261,282,231 1,043,172 73,347,001 70.31 77,710,213 74.49 
2027682,387 674,587 38,779,808 57.49 42,544,264 63.07 
20281,135,432 1,135,432 70,485,168 62.08 75,978,003 66.92 
2029722,793 626,814 32,019,422 51.08 36,719,012 58.58 
20301,213,815 1,207,142 77,407,748 64.12 85,733,032 71.02 
Thereafter3,643,611 3,128,338 218,448,725 69.83 272,970,908 87.26 

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
2021156,883 156,881 3,487,893 22.23 3,487,893 22.23 4
202241,032 35,114 3,396,467 96.73 3,411,089 97.14 

202344,835 44,835 2,997,783 66.86 2,886,799 64.39 
202481,404 81,404 5,798,009 71.23 5,786,280 71.08 
202538,874 38,874 2,902,244 74.66 3,201,540 82.36 
202624,494 24,494 5,189,272 211.86 5,466,167 223.16 
202759,909 59,909 9,470,116 158.08 10,733,609 179.17 
202845,230 45,230 6,547,546 144.76 7,317,630 161.79 
202956,791 55,441 7,004,840 126.35 7,773,432 140.21 
203088,800 54,405 4,062,178 74.67 4,518,278 83.05 
Thereafter110,165 70,055 5,226,461 74.61 6,187,566 88.32 

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
2021500,810 491,722 19,655,097 39.97 19,660,497 39.98 4
2022989,610 948,864 47,422,839 49.98 50,159,828 52.86 

2023815,004 750,152 44,741,585 59.64 45,859,188 61.13 
20241,002,851 972,588 54,202,671 55.73 56,069,197 57.65 
20251,123,344 1,104,231 64,150,180 58.09 67,022,070 60.70 
20261,306,725 1,067,666 78,536,273 73.56 83,176,380 77.90 
2027742,296 734,496 48,249,924 65.69 53,277,873 72.54 
20281,180,662 1,180,662 77,032,714 65.25 83,295,633 70.55 
2029779,584 682,255 39,024,262 57.20 44,492,444 65.21 
20301,302,615 1,261,547 81,469,926 64.58 90,251,310 71.54 
Thereafter3,753,776 3,198,393 223,675,186 69.93 279,158,474 87.28 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 53.
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

 image31.jpg
Q2 2021
Quarterly lease expirations - Boston region in-service properties 1, 2, 3
as of June 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 2021179,636 179,636 8,094,989 45.06 8,094,989 45.06 4
Q3 202169,768 69,768 3,233,231 46.34 3,233,231 46.34 
Q4 202194,523 85,437 4,838,984 56.64 4,844,384 56.70 
Total 2021343,927 334,841 16,167,204 48.28 16,172,604 48.30 
Q1 2022205,822 187,484 9,357,643 49.91 9,384,637 50.06 
Q2 2022132,105 132,074 5,856,429 44.34 5,966,689 45.18 
Q3 2022177,530 163,690 8,351,781 51.02 8,395,177 51.29 
Q4 2022433,121 430,503 20,460,519 47.53 23,002,236 53.43 
Total 2022948,578 913,750 44,026,372 48.18 46,748,739 51.16 

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 20211,725 1,725 249,408 144.58 249,408 144.58 4
Q3 2021153,181 153,181 3,017,699 19.70 3,017,699 19.70 
Q4 20211,977 1,975 220,785 111.78 220,785 111.78 
Total 2021156,883 156,881 3,487,893 22.23 3,487,893 22.23 
Q1 20227,782 7,467 1,110,130 148.67 1,113,430 149.11 

Q2 20229,287 9,287 974,606 104.94 974,606 104.94 
Q3 202223,963 18,360 1,311,731 71.45 1,323,053 72.06 
Q4 2022— — — — — — 
Total 202241,032 35,114 3,396,467 96.73 3,411,089 97.14 

TOTAL PROPERTY TYPES
BXP’s Share
Rentable Square Footage Subject to Expiring LeasesRentable Square Footage Subject to Expiring LeasesCurrent Annualized Rental Obligations Under Expiring LeasesAnnualized Rental Obligations Under Expiring Leases with future step-ups
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2021— — — — — — 
Q2 2021181,361 181,361 8,344,397 46.01 8,344,397 46.01 4
Q3 2021222,949 222,949 6,250,930 28.04 6,250,930 28.04 
Q4 202196,500 87,412 5,059,769 57.88 5,065,169 57.95 
Total 2021500,810 491,722 19,655,097 39.97 19,660,497 39.98 
Q1 2022213,604 194,951 10,467,773 53.69 10,498,067 53.85 

Q2 2022141,392 141,361 6,831,035 48.32 6,941,295 49.10 
Q3 2022201,493 182,050 9,663,512 53.08 9,718,230 53.38 
Q4 2022433,121 430,503 20,460,519 47.53 23,002,236 53.43 
Total 2022989,610 948,864 47,422,839 49.98 50,159,828 52.86 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 53.
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.
39

 image31.jpg
Q2 2021
Lease expirations - Los Angeles region in-service properties 1, 2, 3
as of June 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
20215,997 3,298 217,615 65.98 217,615 65.98 4
202248,415 26,343 1,889,546 71.73 1,955,333 74.22 
202394,066 51,736 3,021,376 58.40 3,139,792 60.69 
2024129,895 71,442 4,498,705 62.97 4,927,682 68.97 
20256,475 3,561 258,570 72.61 295,763 83.05 
2026452,741 249,008 16,395,859 65.84 19,224,528 77.20 
2027— — — — — — 
2028301,388 155,984 11,213,588 71.89 14,447,571 92.62 
2029350,492 175,246 12,732,022 72.65 14,961,852 85.38 
2030— — — — — — 
Thereafter418,223 209,112 14,194,332 67.88 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
20217,576 3,788 118,946 31.40 118,946 31.40 
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 9,381 630,309 67.19 624,069 66.52 
20265,827 3,205 308,898 96.38 352,914 110.12 
2027— — — — — — 
2028— — — — — — 
202938,118 20,965 1,226,576 58.51 1,379,525 65.80 
20305,283 2,906 323,316 111.27 403,348 138.82 
Thereafter17,993 8,997 471,447 52.40 605,585 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
202113,573 7,086 336,561 47.50 336,561 47.50 4
202248,415 26,343 1,889,546 71.73 1,955,333 74.23 
202395,471 52,439 3,068,578 58.52 3,188,034 60.80 
2024134,228 73,725 4,618,362 62.64 5,061,272 68.65 
202523,693 12,942 888,879 68.68 919,832 71.07 
2026458,568 252,213 16,704,757 66.23 19,577,442 77.62 
2027— — — — — — 
2028301,388 155,984 11,213,588 71.89 14,447,571 92.62 
2029388,610 196,211 13,958,598 71.14 16,341,377 83.28 
20305,283 2,906 323,316 111.26 403,348 138.80 
Thereafter436,216 218,109 14,665,779 67.24 23,332,827 106.98 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 53.
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.
4Includes square feet expiring on the last day of the current quarter.


40

 image31.jpg
Q2 2021
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3
as of June 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 20211,177 647 40,018 61.82 40,018 61.82 4
Q3 2021— — — — — — 
Q4 20214,820 2,651 177,597 66.99 177,597 66.99 
Total 20215,997 3,298 217,615 65.98 217,615 65.98 
Q1 20221,809 995 75,643 76.03 77,991 78.39 
Q2 202218,031 9,917 661,890 66.74 682,902 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 75.17 
Total 202248,415 26,343 1,889,546 71.73 1,955,333 74.22 

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
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2021— — — — — — 
Q2 2021— — — — — — 
Q3 20217,576 3,788 118,946 31.40 118,946 31.40 
Q4 2021— — — — — — 
Total 20217,576 3,788 118,946 31.40 118,946 31.40 
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 20211,177 647 40,018 61.85 40,018 61.85 4
Q3 20217,576 3,788 118,946 31.40 118,946 31.40 
Q4 20214,820 2,651 177,597 66.99 177,597 66.99 
Total 202113,573 7,086 336,561 47.50 336,561 47.50 
Q1 20221,809 995 75,643 76.02 77,991 78.38 
Q2 202218,031 9,917 661,890 66.74 682,902 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 1,889,546 71.73 1,955,333 74.23 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 53.
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.
4Includes square feet expiring on the last day of the current quarter.

41

 image31.jpg
Q2 2021
Lease expirations - New York region in-service properties 1, 2, 3
as of June 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
2021176,997 134,254 11,546,929 86.01 11,546,929 86.01 4
2022634,069 531,568 45,376,647 85.36 44,805,968 84.29 
2023380,197 292,013 30,016,526 102.79 31,548,672 108.04 
20241,300,663 1,056,650 71,896,416 68.04 71,634,669 67.79 
2025583,774 519,878 43,088,320 82.88 43,882,550 84.41 
2026726,316 532,789 46,163,015 86.64 47,392,468 88.95 
2027483,817 400,264 29,469,586 73.63 30,960,389 77.35 
2028273,412 251,366 22,731,709 90.43 24,321,140 96.76 
2029630,080 603,713 61,983,710 102.67 67,294,801 111.47 
2030597,658 564,401 50,451,477 89.39 54,987,409 97.43 
Thereafter4,036,102 3,018,761 289,861,833 96.02 349,337,158 115.72 

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 1,267,562 695.24 1,267,562 695.24 

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

2023— — — — — — 
202411,244 8,623 5,567,284 645.62 6,291,158 729.56 
2025— — — — — — 
202622,954 19,030 8,089,889 425.12 8,486,615 445.96 
2027— — — — — — 
2028— — — — — — 
20293,135 3,135 678,475 216.42 826,001 263.48 
20302,895 2,053 551,099 268.49 934,965 455.50 
Thereafter264,979 190,433 43,580,789 228.85 56,031,475 294.23 


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
2021179,559 136,077 12,814,491 94.17 12,814,491 94.17 4
2022661,162 558,590 49,391,092 88.42 48,837,153 87.43 
2023380,197 292,013 30,016,526 102.79 31,548,672 108.04 
20241,311,907 1,065,273 77,463,700 72.72 77,925,827 73.15 
2025583,774 519,878 43,088,320 82.88 43,882,550 84.41 
2026749,270 551,819 54,252,904 98.32 55,879,083 101.26 
2027483,817 400,264 29,469,586 73.63 30,960,389 77.35 
2028273,412 251,366 22,731,709 90.43 24,321,140 96.76 
2029633,215 606,848 62,662,185 103.26 68,120,802 112.25 
2030600,553 566,454 51,002,576 90.04 55,922,374 98.72 
Thereafter4,301,081 3,209,194 333,442,622 103.90 405,368,633 126.31 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 53.
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

 image31.jpg
Q2 2021
Quarterly lease expirations - New York region in-service properties 1, 2, 3
as of June 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 20219,298 9,298 635,952 68.40 635,952 68.40 4
Q3 2021112,448 69,705 7,507,107 107.70 7,507,107 107.70 
Q4 202155,251 55,251 3,403,870 61.61 3,403,870 61.61 
Total 2021176,997 134,254 11,546,929 86.01 11,546,929 86.01 
Q1 202285,970 70,322 6,701,451 95.30 6,701,451 95.30 

Q2 202276,098 60,452 5,466,298 90.42 4,830,276 79.90 
Q3 2022363,940 292,733 25,243,695 86.23 25,278,231 86.35 
Q4 2022108,061 108,061 7,965,203 73.71 7,996,011 74.00 
Total 2022634,069 531,568 45,376,647 85.36 44,805,968 84.29 

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 20212,562 1,823 1,267,562 695.24 1,267,562 695.24 
Q4 2021— — — — — — 
Total 20212,562 1,823 1,267,562 695.24 1,267,562 695.24 
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 20219,298 9,298 635,952 68.40 635,952 68.40 4
Q3 2021115,010 71,528 8,774,669 122.67 8,774,669 122.67 
Q4 202155,251 55,251 3,403,870 61.61 3,403,870 61.61 
Total 2021179,559 136,077 12,814,491 94.17 12,814,491 94.17 
Q1 202285,970 70,322 6,701,451 95.30 6,701,451 95.30 

Q2 202276,276 60,559 5,466,838 90.27 4,847,556 80.05 
Q3 2022390,855 319,648 29,257,600 91.53 29,292,136 91.64 
Q4 2022108,061 108,061 7,965,203 73.71 7,996,011 74.00 
Total 2022661,162 558,590 49,391,092 88.42 48,837,153 87.43 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 53.
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

 image31.jpg
Q2 2021
Lease expirations - San Francisco region in-service properties 1, 2, 3
as of June 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
2021223,867 217,078 14,458,777 66.61 14,463,990 66.63 
2022676,135 546,269 37,505,530 68.66 38,075,551 69.70 

2023624,126 566,949 43,000,434 75.85 45,038,592 79.44 
2024706,203 670,335 47,721,793 71.19 47,016,251 70.14 
2025493,849 484,105 39,422,117 81.43 42,889,756 88.60 
2026665,003 577,554 49,582,734 85.85 54,155,410 93.77 
2027406,253 402,930 36,953,412 91.71 41,347,417 102.62 
2028499,859 487,603 42,395,445 86.95 48,977,429 100.45 
2029259,888 241,604 22,590,090 93.50 27,504,912 113.84 
2030269,363 267,319 24,737,157 92.54 30,430,761 113.84 
Thereafter1,541,606 1,527,284 147,985,633 96.89 172,585,484 113.00 

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
20215,196 5,196 324,375 62.43 324,375 62.43 
202231,823 31,823 1,500,293 47.14 1,482,706 46.59 
202339,017 39,017 2,192,996 56.21 2,407,197 61.70 
20243,704 3,704 5,795 1.56 107,785 29.10 
202524,889 24,889 1,500,741 60.30 1,979,314 79.53 
202612,444 12,444 945,313 75.97 1,014,550 81.53 
20279,260 9,260 337,710 36.47 517,461 55.88 
20289,722 9,722 634,175 65.23 717,460 73.80 
20299,944 9,944 601,591 60.50 834,560 83.93 
20304,590 4,590 573,682 124.99 689,714 150.26 
Thereafter45,578 45,578 1,716,691 37.66 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
2021229,063 222,274 14,783,152 $66.51 14,788,365 66.53 
2022707,958 578,092 39,005,823 67.47 39,558,257 68.43 

2023663,143 605,966 45,193,430 74.58 47,445,789 78.30 
2024709,907 674,039 47,727,588 70.81 47,124,036 69.91 
2025518,738 508,994 40,922,858 80.40 44,869,070 88.15 
2026677,447 589,998 50,528,047 85.64 55,169,960 93.51 
2027415,513 412,190 37,291,122 90.47 41,864,878 101.57 
2028509,581 497,325 43,029,620 86.52 49,694,889 99.92 
2029269,832 251,548 23,191,681 92.20 28,339,472 112.66 
2030273,953 271,909 25,310,839 93.09 31,120,475 114.45 
Thereafter1,587,184 1,572,862 149,702,324 95.18 175,636,281 111.67 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 53.
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.

44

 image31.jpg
Q2 2021
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3
as of June 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 202180,054 77,990 5,008,583 64.22 5,013,796 64.29 

Q4 2021143,813 139,088 9,450,194 67.94 9,450,194 67.94 
Total 2021223,867 217,078 14,458,777 66.61 14,463,990 66.63 
Q1 2022111,137 110,108 9,110,947 82.75 9,141,152 83.02 
Q2 2022315,457 202,800 12,042,706 59.38 12,165,226 59.99 
Q3 2022164,700 154,220 11,248,062 72.94 11,570,365 75.03 
Q4 202284,841 79,141 5,103,816 64.49 5,198,807 65.69 
Total 2022676,135 546,269 37,505,530 68.66 38,075,551 69.70 


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 2021821 821 86,200 104.99 86,200 104.99 
Q4 20214,375 4,375 238,175 54.44 238,175 54.44 
Total 20215,196 5,196 324,375 62.43 324,375 62.43 
Q1 20224,816 4,816 172,375 35.79 172,375 35.79 
Q2 2022— — — — — — 
Q3 20223,783 3,783 284,672 75.25 289,528 76.53 
Q4 202223,224 23,224 1,043,246 44.92 1,020,804 43.95 
Total 202231,823 31,823 1,500,293 47.14 1,482,706 46.59 

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
Lease Expiration
by Quarter$$/PSF$$/PSF
Q1 2021— — — — — — 
Q2 2021— — — — — — 
Q3 202180,875 78,811 5,094,783 64.65 5,099,996 64.71 
Q4 2021148,188 143,463 9,688,369 67.53 9,688,369 67.53 
Total 2021229,063 222,274 14,783,152 66.51 14,788,365 66.53 
Q1 2022115,953 114,924 9,283,322 80.78 9,313,527 81.04 
Q2 2022315,457 202,800 12,042,706 59.38 12,165,226 59.99 
Q3 2022168,483 158,003 11,532,734 72.99 11,859,893 75.06 
Q4 2022108,065 102,365 6,147,062 60.05 6,219,611 60.76 
Total 2022707,958 578,092 39,005,823 67.47 39,558,257 68.43 
_____________
1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 53.
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.


45

 image31.jpg
Q2 2021
Lease expirations - Washington, DC region in-service properties 1, 2, 3
as of June 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
2021206,233 200,111 8,199,810 40.98 8,218,002 41.07 
2022384,365 334,023 16,311,812 48.83 16,591,800 49.67 
2023220,620 210,315 11,812,609 56.17 12,417,579 59.04 
2024658,241 641,649 38,440,741 59.91 40,251,387 62.73 
2025410,503 303,968 12,097,654 39.80 13,118,689 43.16 
2026560,364 494,703 35,716,458 72.20 39,116,703 79.07 
2027578,981 442,666 24,091,244 54.42 26,098,619 58.96 
2028186,546 145,599 9,865,612 67.76 11,383,769 78.19 
2029715,762 690,431 33,254,660 48.17 39,898,414 57.79 
2030143,579 100,907 5,578,610 55.28 6,902,249 68.40 
Thereafter2,721,658 2,327,809 148,904,438 63.97 182,867,602 78.56 

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
20216,516 6,516 367,367 56.38 374,554 57.48 
202263,726 58,656 4,982,877 84.95 4,945,001 84.30 
202364,045 63,569 3,074,082 48.36 3,554,371 55.91 
202444,153 41,032 2,699,331 65.79 2,962,527 72.20 
202516,938 11,679 977,318 83.68 1,005,316 86.08 
202644,796 41,772 2,446,950 58.58 2,984,645 71.45 
202725,590 21,488 1,506,587 70.11 1,761,538 81.98 
202858,302 57,235 891,568 15.58 1,010,444 17.65 
202919,459 14,662 723,647 49.35 897,218 61.19 
203095,357 95,082 4,320,614 45.44 4,699,694 49.43 
Ther