Equibles

8-K

BXP, Inc. (BXP)

8-K 2024-04-30 For: 2024-04-30
View Original
Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 30, 2024

BOSTON PROPERTIES, INC.

BOSTON PROPERTIES LIMITED PARTNERSHIP

(Exact Name of Registrants As Specified in its Charter)

Boston Properties, Inc. Delaware 1-13087 04-2473675
(State or Other Jurisdiction<br>of Incorporation) (Commission File Number) (IRS Employer<br>Identification No.)
Boston Properties Limited Partnership Delaware 0-50209 04-3372948
(State or Other Jurisdiction<br>of Incorporation) (Commission File Number) (IRS Employer<br>Identification No.)

800 Boylston Street, Suite 1900, Boston, Massachusetts 02199

(Address of Principal Executive Offices) (Zip Code)

(617) 236-3300

(Registrants’ telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered
Boston Properties, Inc. Common Stock, par value $0.01 per share BXP New York Stock Exchange

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

Boston Properties, Inc.:

Emerging growth company ☐

Boston Properties Limited Partnership:

Emerging growth company ☐

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

Boston Properties, Inc. ☐         Boston Properties Limited Partnership ☐

Item 2.02.    Results of Operations and Financial Condition.

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

On April 30, 2024, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the first quarter ended 2024. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
*99.1 Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended March 31, 2024.
*99.2 Press release dated April 30, 2024.
*101.SCH Inline XBRL Taxonomy Extension Schema Document.
*101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.
*101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.
*101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.
*104 Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).

______________

* Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

BOSTON PROPERTIES, INC.
By: /s/    MICHAEL E. LABELLE
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
and Treasurer
BOSTON PROPERTIES LIMITED PARTNERSHIP
By: Boston Properties, Inc., its General Partner
By: /s/    MICHAEL E. LABELLE
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
and Treasurer

Date: April 30, 2024

Document

Exhibit 99.1

imagea.jpg

bxp-color.gif

Supplemental Operating and Financial Data

for the Quarter Ended March 31, 2024

THE COMPANY

Boston Properties, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by joint ventures, BXP’s portfolio totals 53.5 million square feet and 187 properties, including 11 properties under construction/redevelopment. BXP’s properties include 165 office properties, 14 retail properties (including two retail properties under construction/redevelopment), seven residential properties (including two residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients’ needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner.  BXP has earned a twelfth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

FORWARD-LOOKING STATEMENTS

This Supplemental package contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to the impact of changes in general economic and capital market conditions, including continued inflation, increased interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of geopolitical conflicts, the immediate and long-term impact of the outbreak of a highly infectious or contagious disease on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the outbreak or mitigate its impact, the direct and indirect economic effects of the outbreak and containment measures on our clients, and the ability of our clients to successfully operate their businesses), the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes (including costs to comply with the Securities and Exchange Commission’s rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance or achievements. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

NON-GAAP FINANCIAL MEASURES

This Supplemental package includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company’s financial condition and results of operations, and, if applicable, the other purposes for which management uses the measures, can be found in the Definitions section of this Supplemental starting on page 56.

The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 60.

GENERAL INFORMATION

Corporate Headquarters Trading Symbol Investor Relations Inquiries
800 Boylston Street BXP BXP Inquiries should be directed to
Suite 1900 800 Boylston Street, Suite 1900 Helen Han
Boston, MA 02199 Stock Exchange Listing Boston, MA 02199 Vice President, Investor Relations
www.bxp.com New York Stock Exchange investors.bxp.com at 617.236.3429 or
(t) 617.236.3300 investorrelations@bxp.com hhan@bxp.com
(t) 617.236.3429
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
at 617.236.3352 or
mlabelle@bxp.com

(Cover photo: 901 New York Avenue, Washington, DC)

Q1 2024
Table of contents Page
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OVERVIEW
Company Profile 1
Guidance and assumptions 2
FINANCIAL INFORMATION
Financial Highlights 3
Consolidated Balance Sheets 5
Consolidated Income Statements 6
Funds From Operations (FFO) 7
Funds Available for Distribution (FAD) 8
Net Operating Income (NOI) 9
Same Property Net Operating Income (NOI) by Reportable Segment 11
Capital Expenditures, Tenant Improvement Costs and Leasing Commissions 13
Acquisitions and Dispositions 14
DEVELOPMENT ACTIVITY
Construction in Progress 15
Land Parcels and Purchase Options 16
LEASING ACTIVITY
Leasing Activity 17
PROPERTY STATISTICS
Portfolio Overview 18
Residential and Hotel Performance 19
In-Service Property Listing 21
Top 20 Clients Listing and Portfolio Client Diversification 25
Occupancy by Location 26
DEBT AND CAPITALIZATION
Capital Structure 27
Debt Analysis 29
Senior Unsecured Debt Covenant Compliance Ratios 30
Net Debt to EBITDAre 31
Debt Ratios 32
JOINT VENTURES
Consolidated Joint Ventures 33
Unconsolidated Joint Ventures 35
LEASE EXPIRATION ROLL-OUT
Total In-Service Properties 38
Boston 39
Los Angeles 41
New York 43
San Francisco 45
Seattle 47
Washington, DC 49
CBD 51
Suburban 53
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage 55
Definitions 56
Reconciliations 60
Consolidated Income Statement - Prior Year 68
Q1 2024
--- ---
Company profile

SNAPSHOT

(as of March 31, 2024)

Fiscal Year-End December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment) 187
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment) 53.5 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2 176.2 million
Closing Price, at the end of the quarter $65.31 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield 6.0%
Consolidated Market Capitalization 2 $26.9 billion
BXP’s Share of Market Capitalization 2, 3 $26.9 billion
Unsecured Senior Debt Ratings BBB (S&P); Baa2 (Moody’s)

STRATEGY

BXP’s primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the key tenets of our business strategy are to:

•continue to embrace our leadership position in the premier workplace segment and leverage our strength in portfolio quality, client relationships, development skills, market penetration, and sustainability to profitably build market share;

•maintain a keen focus on select dynamic gateway markets that exhibit the strongest economic growth and investment characteristics over time - currently Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC;

•invest in the highest quality buildings (primarily premier workplaces) with unique amenities and desirable locations that are able to maintain high occupancy rates and achieve premium rental rates through economic cycles;

•maintain scale and a full-service real estate capability (leasing, development, construction, marketing, legal, and property management) in our markets to ensure we (1) see all relevant investment deal flow, (2) maintain an ability to execute on all types of real estate opportunities, such as acquisitions, dispositions, repositioning and development, throughout the real estate investment cycle, (3) provide superior service to our clients and (4) develop and manage our assets in the most sustainable manner possible;

•pursue attractive asset class adjacencies where we have a track record of success, such as life sciences and residential development;

•maintain a leadership position in sustainability innovation to minimize emissions from BXP’s development and in-service portfolio, as well as to provide clients sustainable solutions for their space use needs;

•ensure a strong balance sheet to maintain consistent access to capital and the ability to make new investments at opportune times; and

•foster a culture and reputation of integrity, excellence and purposefulness, making us the employer of choice for talented real estate professionals, the landlord and developer of choice for our clients, as well as the counterparty of choice for real estate industry participants.

MANAGEMENT

Board of Directors
Owen D. Thomas Chairman of the Board Owen D. Thomas Chief Executive Officer
Douglas T. Linde Douglas T. Linde President
Joel I. Klein Lead Independent Director Raymond A. Ritchey Senior Executive Vice President
Kelly A. Ayotte Michael E. LaBelle Executive Vice President, Chief Financial Officer and Treasurer
Bruce W. Duncan Chair of Compensation Committee Donna D. Garesche Executive Vice President, Chief Human Resources Officer
Carol B. Einiger Rodney C. Diehl Executive Vice President, West Coast Regions
Diane J. Hoskins Chair of Sustainability Committee Bryan J. Koop Executive Vice President, Boston Region
Mary E. Kipp Chair of Audit Committee Hilary Spann Executive Vice President, New York Region
Matthew J. Lustig Chair of Nominating & Corporate Peter V. Otteni Executive Vice President, Co-Head of the Washington, DC
Governance Committee Region
William H. Walton, III John J. Stroman Executive Vice President, Co-Head of the Washington, DC
Derek A. (Tony) West Region
Eric G. Kevorkian Senior Vice President, Chief Legal Officer and Secretary
Michael R. Walsh Senior Vice President, Chief Accounting Officer
Colin D. Joynt Senior Vice President, Chief Information Officer
James J. Whalen Senior Vice President, Chief Technology Officer

___________________

1Common units and LTIP units are units of limited partnership interest in Boston Properties Limited Partnership, the entity through which the Company conducts substantially all of its business.

2For additional detail, see page 27.

3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

Q1 2024
Guidance and assumptions

GUIDANCE

BXP’s guidance for the second quarter 2024 and full year 2024 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. is set forth and reconciled below.  Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company’s earnings release issued on April 30, 2024 and those referenced during the related conference call.  The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 58. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Second Quarter 2024 Full Year 2024
Low High Low High
Projected EPS (diluted) $ 0.45 $ 0.47 $ 1.97 $ 2.09
Add:
Projected Company share of real estate depreciation and amortization 1.25 1.25 5.06 5.06
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments — — (0.05) (0.05)
Projected FFO per share (diluted) $ 1.70 $ 1.72 $ 6.98 $ 7.10

ASSUMPTIONS

(dollars in thousands)

Full Year 2024
Low High
Operating property activity:
Average In-service portfolio occupancy 1 87.20 % 88.60 %
Decrease in BXP’s Share of Same Property net operating income (excluding termination income) (3.00) % (1.00) %
Decrease in BXP’s Share of Same Property net operating income - cash (excluding termination income) (3.00) % (1.00) %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales) $ 75,000 $ 82,000
BXP’s Share of incremental net operating income related to asset sales over prior year $ (6,000) $ (6,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue) $ 115,000 $ 130,000
Termination income $ 6,000 $ 8,000
Other revenue (expense):
Development, management services and other revenue $ 24,000 $ 27,000
General and administrative expense 2 $ (161,000) $ (157,000)
Consolidated net interest expense $ (600,000) $ (585,000)
Unconsolidated joint venture interest expense $ (78,000) $ (74,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO $ (148,000) $ (138,000)

_______________

1 Excludes development properties expected to be placed into service in 2024.

2 Excludes estimated changes in the market value of the Company’s deferred compensation plan and gains (losses) from investments in securities.

Q1 2024
Financial highlights

(unaudited and in thousands, except ratios and per share amounts)

Three Months Ended
31-Mar-24 31-Dec-23
Net income attributable to Boston Properties, Inc. $ 79,883 $ 119,925
Net income attributable to Boston Properties, Inc. per share - diluted $ 0.51 $ 0.76
FFO attributable to Boston Properties, Inc. 1 $ 271,273 $ 286,203
Diluted FFO per share 1 $ 1.73 $ 1.82
Dividends per common share $ 0.98 $ 0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2 $ 194,742 $ 224,423
Selected items:
Revenue $ 839,439 $ 828,933
Recoveries from clients $ 135,577 $ 130,296
Service income from clients $ 2,105 $ 2,175
BXP’s Share of revenue 3 $ 816,045 $ 811,157
BXP’s Share of straight-line rent 3 $ 39,484 $ 28,765
BXP’s Share of fair value lease revenue 3, 4 $ 2,392 $ 3,441
BXP’s Share of termination income 3 $ 4,692 $ 10,350
Ground rent expense $ 3,573 $ 3,611
Capitalized interest $ 9,381 $ 9,207
Capitalized wages $ 4,128 $ 2,588
Income from unconsolidated joint ventures 5 $ 19,186 $ 22,250
BXP’s share of FFO from unconsolidated joint ventures 6 $ 17,713 $ 16,602
Net income attributable to noncontrolling interests in property partnerships $ 17,221 $ 19,324
FFO attributable to noncontrolling interests in property partnerships 7 $ 35,916 $ 38,608
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets) $ 11,019 $ 9,412
Below-market rents (included within Other Liabilities) $ 36,314 $ 36,533
Accrued rental income liability (included within Other Liabilities) $ 102,590 $ 103,530
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 8 2.89 2.90
Interest Coverage Ratio (including capitalized interest) 8 2.67 2.70
Fixed Charge Coverage Ratio 8 2.51 2.46
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9 7.81 7.37
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 10 (1.9) % (1.5) %
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 10 (2.9) % (1.0) %
FAD Payout Ratio 2 88.72 % 76.68 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 61.7 % 62.3 %
Occupancy % of In-Service Properties 11 88.2 % 88.4 %
Leased % of In-Service Properties 12 89.9 % 89.9 %
Capitalization:
Consolidated Debt $ 15,362,324 $ 15,856,297
BXP’s Share of Debt 13 $ 15,375,437 $ 15,917,577
Consolidated Market Capitalization $ 26,870,468 $ 28,172,185
Consolidated Debt/Consolidated Market Capitalization 57.17 % 56.28 %
BXP’s Share of Market Capitalization 13 $ 26,883,581 $ 28,233,465
BXP’s Share of Debt/BXP’s Share of Market Capitalization 13 57.19 % 56.38 %

_____________

1For a quantitative reconciliation of FFO attributable to Boston Properties, Inc. and Diluted FFO per share, see page 7.

2For a quantitative reconciliation of FAD, see page 8. FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

4Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.

5For the three months ended March 31, 2024 and December 31, 2023, includes approximately $21.8 million and $29.9 million, respectively, of gain on the consolidation for 901 New York Avenue and Santa Monica Business Park.

6For a quantitative reconciliation for the three months ended March 31, 2024, see page 37.

7For a quantitative reconciliation for the three months ended March 31, 2024, see page 34.

8For a quantitative reconciliation for the three months ended March 31, 2024 and December 31, 2023, see page 32.

9For a quantitative reconciliation for the three months ended March 31, 2024 and December 31, 2023, see page 31.

Q1 2024
Financial highlights (continued)

10For a quantitative reconciliation for the three months ended March 31, 2024 and December 31, 2023, see pages 11, 66 and 67.

11Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Excludes hotel and residential properties.

12Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Excludes hotel and residential properties.

13For a quantitative reconciliation for March 31, 2024, see page 27.

Q1 2024
Consolidated Balance Sheets

(unaudited and in thousands)

31-Mar-24 31-Dec-23
ASSETS
Real estate $ 25,715,870 $ 25,504,868
Construction in progress 685,465 547,280
Land held for future development 661,713 697,061
Right of use assets - finance leases 401,486 401,680
Right of use assets - operating leases 344,255 324,298
Less accumulated depreciation (7,040,501) (6,881,728)
Total real estate 20,768,288 20,593,459
Cash and cash equivalents 701,695 1,531,477
Cash held in escrows 64,939 81,090
Investments in securities 37,184 36,337
Tenant and other receivables, net 94,115 122,407
Note receivable, net 2,274 1,714
Related party note receivables, net 88,789 88,779
Sales-type lease receivable, net 13,943 13,704
Accrued rental income, net 1,390,217 1,355,212
Deferred charges, net 818,424 760,421
Prepaid expenses and other assets 146,286 64,230
Investments in unconsolidated joint ventures 1,399,824 1,377,319
Total assets $ 25,525,978 $ 26,026,149
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,368,367 $ 4,166,379
Unsecured senior notes, net 9,794,527 10,491,617
Unsecured line of credit — —
Unsecured term loan, net 1,199,430 1,198,301
Lease liabilities - finance leases 415,888 417,961
Lease liabilities - operating leases 377,667 350,391
Accounts payable and accrued expenses 374,681 458,329
Dividends and distributions payable 172,154 171,176
Accrued interest payable 119,573 133,684
Other liabilities 417,978 445,947
Total liabilities 17,240,265 17,833,785
Commitments and contingencies — —
Redeemable deferred stock units 8,141 8,383
Equity:
Stockholders’ equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding — —
Common stock, $0.01 par value, 250,000,000 shares authorized, 157,128,071 and 157,019,766 issued and 157,049,171 and 156,940,866 outstanding at March 31, 2024 and December 31, 2023, respectively 1,570 1,569
Additional paid-in capital 6,752,648 6,715,149
Dividends in excess of earnings (890,177) (816,152)
Treasury common stock at cost, 78,900 shares at March 31, 2024 and December 31, 2023 (2,722) (2,722)
Accumulated other comprehensive loss (3,620) (21,147)
Total stockholders’ equity attributable to Boston Properties, Inc. 5,857,699 5,876,697
Noncontrolling interests:
Common units of the Operating Partnership 684,969 666,580
Property partnerships 1,734,904 1,640,704
Total equity 8,277,572 8,183,981
Total liabilities and equity $ 25,525,978 $ 26,026,149
Q1 2024
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Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended
31-Mar-24 31-Dec-23
Revenue
Lease $ 788,590 $ 768,884
Parking and other 29,693 30,676
Insurance proceeds 2,523 821
Hotel revenue 8,186 11,803
Development and management services 6,154 12,728
Direct reimbursements of payroll and related costs from management services contracts 4,293 4,021
Total revenue 839,439 828,933
Expenses
Operating 169,043 160,360
Real estate taxes 145,027 140,477
Restoration expenses related to insurance claims 87 574
Hotel operating 6,015 8,373
General and administrative 1 50,018 38,771
Payroll and related costs from management services contracts 4,293 4,021
Transaction costs 513 2,343
Depreciation and amortization 218,716 212,067
Total expenses 593,712 566,986
Other income (expense)
Income from unconsolidated joint ventures 2 19,186 22,250
Gains from investments in securities 1 2,272 3,245
Losses from interest rate contracts — (79)
Unrealized gain (loss) on non-real estate investment 396 (93)
Interest and other income (loss) 14,529 20,965
Impairment loss 3 (13,615) —
Interest expense (161,891) (155,080)
Net income 106,604 153,155
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships (17,221) (19,324)
Noncontrolling interest - common units of the Operating Partnership 4 (9,500) (13,906)
Net income attributable to Boston Properties, Inc. $ 79,883 $ 119,925
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic $ 0.51 $ 0.76
Net income attributable to Boston Properties, Inc. per share - diluted $ 0.51 $ 0.76

_____________

1Includes $2.3 million and $3.2 million for the three months ended March 31, 2024 and December 31, 2023, respectively, related to the Company’s deferred compensation plan.

2For the three months ended March 31, 2024 and December 31, 2023, includes approximately $21.8 million and $29.9 million, respectively, of gain on the consolidation for 901 New York Avenue and Santa Monica Business Park.

3Represents a non-cash impairment loss related to a portion of the Company’s Shady Grove property. The Company shortened its hold period on a portion of the property in anticipation of selling it to a third party.

4For additional detail, see page 7.

Q1 2024
Funds from operations (FFO) 1

(unaudited and dollars in thousands, except per share amounts)

Three Months Ended
31-Mar-24 31-Dec-23
Net income attributable to Boston Properties, Inc. $ 79,883 $ 119,925
Add:
Noncontrolling interest - common units of the Operating Partnership 9,500 13,906
Noncontrolling interests in property partnerships 17,221 19,324
Net income 106,604 153,155
Add:
Depreciation and amortization expense 218,716 212,067
Noncontrolling interests in property partnerships' share of depreciation and amortization 2 (18,695) (19,284)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3 20,223 24,132
Corporate-related depreciation and amortization (419) (453)
Non-real estate related amortization 2,130 (1,681)
Impairment loss 13,615 —
Less:
Gain on sale / consolidation included within income from unconsolidated joint ventures 3 21,696 28,412
Gain on sales-type lease included within income from unconsolidated joint ventures 3 — 1,368
Unrealized gain (loss) on non-real estate investment 396 (93)
Noncontrolling interests in property partnerships 17,221 19,324
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO) 302,861 318,925
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO 31,588 32,722
FFO attributable to Boston Properties, Inc. $ 271,273 $ 286,203
Boston Properties, Inc.’s percentage share of Basic FFO 89.57 % 89.74 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO 10.43 % 10.26 %
Basic FFO per share $ 1.73 $ 1.82
Weighted average shares outstanding - basic 156,983 156,945
Diluted FFO per share $ 1.73 $ 1.82
Weighted average shares outstanding - diluted 157,132 157,276

RECONCILIATION TO DILUTED FFO

Three Months Ended
31-Mar-24 31-Dec-23
Basic FFO $ 302,861 $ 318,925
Add:
Effect of dilutive securities - stock-based compensation — —
Diluted FFO 302,861 318,925
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO 31,558 32,658
Boston Properties, Inc.’s share of Diluted FFO $ 271,303 $ 286,267

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended
31-Mar-24 31-Dec-23
Shares/units for Basic FFO 175,255 174,894
Add:
Effect of dilutive securities - stock-based compensation (shares/units) 149 331
Shares/units for Diluted FFO 175,404 175,225
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units) 18,272 17,949
Boston Properties, Inc.’s share of shares/units for Diluted FFO 157,132 157,276
Boston Properties, Inc.’s percentage share of Diluted FFO 89.58 % 89.76 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

2For a quantitative reconciliation for the three months ended March 31, 2024, see page 34.

3For a quantitative reconciliation for the three months ended March 31, 2024, see page 37.

Q1 2024
Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended
31-Mar-24 31-Dec-23
Net income attributable to Boston Properties, Inc. $ 79,883 $ 119,925
Add:
Noncontrolling interest - common units of the Operating Partnership 9,500 13,906
Noncontrolling interests in property partnerships 17,221 19,324
Net income 106,604 153,155
Add:
Depreciation and amortization expense 218,716 212,067
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2 (18,695) (19,284)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3 20,223 24,132
Corporate-related depreciation and amortization (419) (453)
Non-real estate related amortization 2,130 (1,681)
Impairment loss 13,615 —
Less:
Gain on sale / consolidation included within income from unconsolidated joint ventures 3 21,696 28,412
Gain on sales-type lease included within income from unconsolidated joint ventures — 1,368
Unrealized gain (loss) on non-real estate investment 396 (93)
Noncontrolling interests in property partnerships 17,221 19,324
Basic FFO 302,861 318,925
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4 5,325 1,314
BXP’s Share of hedge amortization, net of costs 1 2,030 2,030
BXP’s share of fair value interest adjustment 1 4,801 639
BXP’s Share of straight-line ground rent expense adjustment 1, 5 659 174
Stock-based compensation 18,527 4,469
Non-real estate depreciation and amortization (1,711) 2,134
Unearned portion of capitalized fees from consolidated joint ventures 6 341 561
Less:
BXP’s Share of straight-line rent 1 39,484 28,765
BXP’s Share of fair value lease revenue 1, 7 2,392 3,441
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) 1 189 3,129
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1 84,531 53,709
BXP’s Share of maintenance capital expenditures 1, 8 11,044 16,165
BXP’s Share of amortization and accretion related to sales type lease 1 269 256
Hotel improvements, equipment upgrades and replacements 182 358
Funds available for distribution to common shareholders and common unitholders (FAD) (A) $ 194,742 $ 224,423
Distributions to common shareholders and unitholders (excluding any special distributions) (B) 172,772 $ 172,095
FAD Payout Ratio1 (B÷A) 88.72 % 76.68 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

2For a quantitative reconciliation for the three months ended March 31, 2024, see page 34.

3 For additional information for the three months ended March 31, 2024, see page 37.

4Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.

5Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $39.0 million, which it expects to incur by the end of 2026 with no payments thereafter. The Company is recognizing this expense on a straight-line basis over the 99-year term of the ground and air rights lease, see page 3.

6See page 62 for additional information.

7Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.

8Maintenance capital expenditures do not include capital expenditures that are planned at the time of acquisition or capital expenditures incurred in connection with repositioning activities.

Q1 2024
Reconciliation of net income attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)

Three Months Ended
31-Mar-24 31-Mar-23
Net income attributable to Boston Properties, Inc. $ 79,883 $ 77,890
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 9,500 9,078
Noncontrolling interest in property partnerships 17,221 18,660
Net income 106,604 105,628
Add:
Interest expense 161,891 134,207
Unrealized loss on non-real estate investment (396) (259)
Impairment loss 13,615 —
Depreciation and amortization expense 218,716 208,734
Transaction costs 513 911
Payroll and related costs from management services contracts 4,293 5,235
General and administrative expense 50,018 55,802
Less:
Interest and other income (loss) 14,529 10,941
Gains from investments in securities 2,272 1,665
Income (loss) from unconsolidated joint ventures 19,186 (7,569)
Direct reimbursements of payroll and related costs from management services contracts 4,293 5,235
Development and management services revenue 6,154 8,980
Net Operating Income (NOI) 508,820 491,006
Add:
BXP’s share of NOI from unconsolidated joint ventures 1 35,430 40,756
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2 46,570 47,097
BXP’s Share of NOI 497,680 484,665
Less:
Termination income 1,999 195
BXP’s share of termination income from unconsolidated joint ventures 1 2,659 877
Add:
Partners’ share of termination income from consolidated joint ventures 2 (34) 172
BXP’s Share of NOI (excluding termination income) $ 492,988 $ 483,765
Net Operating Income (NOI) $ 508,820 $ 491,006
Less:
Termination income 1,999 195
NOI from non Same Properties (excluding termination income) 3 25,336 (206)
Same Property NOI (excluding termination income) 481,485 491,017
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2 46,604 46,925
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3 — —
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1 32,771 39,879
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3 2,409 9,773
BXP’s Share of Same Property NOI (excluding termination income) $ 465,243 $ 474,198

_____________

1For a quantitative reconciliation for the three months ended March 31, 2024, see page 65.

2For a quantitative reconciliation for the three months ended March 31, 2024, see pages 62-63.

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to March 31, 2024 and therefore are no longer a part of the Company’s property portfolio.

Q1 2024
Reconciliation of net income attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)

Three Months Ended
31-Mar-24 31-Mar-23
Net income attributable to Boston Properties, Inc. $ 79,883 $ 77,890
Net loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 9,500 9,078
Noncontrolling interest in property partnerships 17,221 18,660
Net income 106,604 105,628
Add:
Interest expense 161,891 134,207
Unrealized loss on non-real estate investment (396) (259)
Impairment loss 13,615 —
Depreciation and amortization expense 218,716 208,734
Transaction costs 513 911
Payroll and related costs from management services contracts 4,293 5,235
General and administrative expense 50,018 55,802
Less:
Interest and other income (loss) 14,529 10,941
Gains from investments in securities 2,272 1,665
Income (loss) from unconsolidated joint ventures 19,186 (7,569)
Direct reimbursements of payroll and related costs from management services contracts 4,293 5,235
Development and management services revenue 6,154 8,980
Net Operating Income (NOI) 508,820 491,006
Less:
Straight-line rent 40,520 24,806
Fair value lease revenue 1,394 3,596
Amortization and accretion related to sales type lease 242 226
Termination income 1,999 195
Add:
Straight-line ground rent expense adjustment 1 537 591
Lease transaction costs that qualify as rent inducements 2 5,312 5,386
NOI - cash (excluding termination income) 470,514 468,160
Less:
NOI - cash from non Same Properties (excluding termination income) 3 13,660 (4,106)
Same Property NOI - cash (excluding termination income) 456,854 472,266
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4 41,690 43,321
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3 — —
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5 28,020 36,510
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3 (107) 8,991
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 443,291 $ 456,464

_____________

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 $(17) and $(190) for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company has remaining lease payments aggregating approximately $28.6 million, all of which it expects to incur by the end of 2026 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 2026 may vary significantly.

2Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 8.

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to March 31, 2024 and therefore are no longer a part of the Company’s property portfolio.

4For a quantitative reconciliation for the three months ended March 31, 2024, see page 63.

5For a quantitative reconciliation for the three months ended March 31, 2024, see page 65.

Q1 2024
Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1 Hotel & Residential
Three Months Ended % Three Months Ended %
31-Mar-24 31-Mar-23 Change Change 31-Mar-24 31-Mar-23 Change Change
Rental Revenue 2 $ 766,756 $ 763,603 $ 20,870 $ 19,827
Less: Termination income 1,810 195 — —
Rental revenue (excluding termination income) 2 764,946 763,408 0.2 % 20,870 19,827 5.3 %
Less: Operating expenses and real estate taxes 292,630 280,084 12,546 4.5 % 11,701 12,134 (433) (3.6) %
NOI (excluding termination income) 2, 3 $ 472,316 $ 483,324 (2.3) % $ 9,169 $ 7,693 19.2 %
Rental revenue (excluding termination income) 2 $ 764,946 $ 763,408 0.2 % $ 20,870 $ 19,827 5.3 %
Less: Straight-line rent and fair value lease revenue and accretion from sales-type lease 26,751 24,716 2,035 8.2 % 181 12 169 1,408.3 %
Add: Lease transaction costs that qualify as rent inducements 4 1,764 5,386 (3,622) (67.2) % — — — — %
Subtotal 739,959 744,078 (4,119) (0.6) % 20,689 19,815 874 4.4 %
Less: Operating expenses and real estate taxes 292,630 280,084 12,546 4.5 % 11,701 12,134 (433) (3.6) %
Add: Straight-line ground rent expense 5 537 591 (54) (9.1) % — — — — %
NOI - cash (excluding termination income) 2, 3 $ 447,866 $ 464,585 (3.6) % $ 8,988 $ 7,681 17.0 %
Consolidated Total 1 (A) BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended % Three Months Ended %
31-Mar-24 31-Mar-23 Change Change 31-Mar-24 31-Mar-23 Change Change
Rental Revenue 2 $ 787,626 $ 783,430 $ 53,076 $ 48,707
Less: Termination income 1,810 195 2,659 867
Rental revenue (excluding termination income) 2 785,816 783,235 0.3 % 50,417 47,840 5.4 %
Less: Operating expenses and real estate taxes 304,331 292,218 12,113 4.1 % 20,055 17,734 2,321 13.1 %
NOI (excluding termination income) 2, 3 $ 481,485 $ 491,017 (1.9) % $ 30,362 $ 30,106 0.9 %
Rental revenue (excluding termination income) 2 $ 785,816 $ 783,235 0.3 % $ 50,417 $ 47,840 5.4 %
Less: Straight-line rent and fair value lease revenue and accretion from sales-type lease 26,932 24,728 2,204 8.9 % 2,388 2,716 (328) (12.1) %
Add: Lease transaction costs that qualify as rent inducements 4 1,764 5,386 (3,622) (67.2) % 14 (13) 27 207.7 %
Subtotal 760,648 763,893 (3,245) (0.4) % 48,043 45,111 2,932 6.5 %
Less: Operating expenses and real estate taxes 304,331 292,218 12,113 4.1 % 20,055 17,734 2,321 13.1 %
Add: Straight-line ground rent expense 5 537 591 (54) (9.1) % 139 142 (3) (2.1) %
NOI - cash (excluding termination income) 2, 3 $ 456,854 $ 472,266 (3.3) % $ 28,127 $ 27,519 2.2 %
Partners’ share of Consolidated Joint Ventures (C) BXP’s Share 2, 6
Three Months Ended % Three Months Ended %
31-Mar-24 31-Mar-23 Change Change 31-Mar-24 31-Mar-23 Change Change
Rental Revenue 2 $ 80,012 $ 79,243 $ 760,690 $ 752,894
Less: Termination income (34) 172 4,503 890
Rental revenue (excluding termination income) 2 80,046 79,071 1.2 % 756,187 752,004 0.6 %
Less: Operating expenses and real estate taxes 33,442 32,146 1,296 4.0 % 290,944 277,806 13,138 4.7 %
NOI (excluding termination income) 2, 3 $ 46,604 $ 46,925 (0.7) % $ 465,243 $ 474,198 (1.9) %
Rental revenue (excluding termination income) 2 $ 80,046 $ 79,071 1.2 % $ 756,187 $ 752,004 0.6 %
Less: Straight-line rent and fair value lease revenue and accretion from sales-type lease 4,914 3,789 1,125 29.7 % 24,406 23,655 751 3.2 %
Add: Lease transaction costs that qualify as rent inducements 4 — 185 (185) (100.0) % 1,778 5,188 (3,410) (65.7) %
Subtotal 75,132 75,467 (335) (0.4) % 733,559 733,537 22 — %
Less: Operating expenses and real estate taxes 33,442 32,146 1,296 4.0 % 290,944 277,806 13,138 4.7 %
Add: Straight-line ground rent expense 5 — — — — % 676 733 (57) (7.8) %
NOI - cash (excluding termination income) 2, 3 $ 41,690 $ 43,321 (3.8) % $ 443,291 $ 456,464 (2.9) %

All values are in US Dollars.

___________________

1Includes 100% share of consolidated joint ventures that are a Same Property.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

3For a quantitative reconciliation of net income attributable to Boston Properties, Inc. to net operating income (NOI) (excluding termination income) and NOI - cash (excluding termination income), see pages 9-10.

4Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 8.

Q1 2024
Same property net operating income (NOI) by reportable segment (continued)

5Excludes the straight-line impact of approximately $(17) and $(190) for the three months ended March 31, 2024 and 2023, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

6BXP’s Share equals (A) + (B) - (C).

Q1 2024
Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended
31-Mar-24 31-Dec-23
Maintenance capital expenditures $ 13,102 $ 18,302
Planned capital expenditures associated with acquisition properties — 73
Repositioning capital expenditures 12,276 10,919
Hotel improvements, equipment upgrades and replacements 182 358
Subtotal 25,560 29,652
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs) 14 781
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs 1,631 1,237
BXP’s share of repositioning capital expenditures from unconsolidated JVs — —
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs 2,072 2,918
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs — —
Partners’ share of repositioning capital expenditures from consolidated JVs 229 1,627
BXP’s Share of Capital Expenditures 1 $ 24,904 $ 27,125

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

Three Months Ended
31-Mar-24 31-Dec-23
Square feet 1,261,164 823,176
Tenant improvements and lease commissions PSF $ 79.32 $ 83.39

___________________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

2Includes 100% of unconsolidated joint ventures.

Q1 2024
Acquisitions and dispositions

For the period from January 1, 2024 through March 31, 2024

(dollars in thousands)

ACQUISITIONS

Investment
Property Location Date Acquired Square Feet Initial Anticipated Future Total In-service Leased (%)
901 New York Avenue 1 Washington, DC January 8, 2024 523,939 $ 10,000 $ 25,000 $ 35,000 83.9 %

DISPOSITIONS

Property Location Date Disposed Square Feet Gross Sales Price Net Cash Proceeds Book Gain (Loss)
290 Binney Street (45% ownership) 2 Cambridge, MA March 21, 2024 566,000 $ 1,079,687 $ 141,822 N/A

___________________

1 The Company completed the acquisition of its joint venture partner’s 50% economic ownership interest. The property is encumbered by an approximately $207.1 million mortgage, which bears interest at 3.61% per annum and matures on January 5, 2025. Following the acquisition, the Company modified the mortgage loan to provide for two loan extension options totaling five years of additional term, each subject to certain conditions. The first loan extension option, which provides for an additional term of four years, is at a fixed interest rate of 5.0% per annum. In addition, following the acquisition, BXP extended the 214,000 square foot lease with anchor client, Finnegan Henderson Farabow Garrett & Dunner, L.L.P., through 2042 and agreed to complete approximately $25.0 million of building enhancements.

2 The Company completed the previously announced sale of a 45% ownership interest to Norges Bank Investment Management (“NBIM”). NBIM’s investment in 290 Binney Street will reduce the Company’s share of the project’s estimated development spend over time by approximately $533.5 million, see page 15. At closing, NBIM paid approximately $142 million, of which $97 million was a special distribution to the Company and represented pre-formation costs, and NBIM will fund all capital calls until reaching 45% of invested capital. The Company retains a 55% ownership interest and will provide development, property management, and leasing services for the venture. This transaction did not qualify as a sale of real estate for financial reporting purposes as the Company continues to effectively control the property and thus will continue to account for the property on a consolidated basis in its financial statements.

Q1 2024
Construction in progress (continued)

as of March 31, 2024

(dollars in thousands)

CONSTRUCTION IN PROGRESS 1

Actual/Estimated BXP’s share
Initial Occupancy Stabilization Date Square Feet Investment to Date 2 Estimated Total Investment 2 Total Financing Amount Drawn at 3/31/2024 Estimated Future Equity Requirement 2 Percentage Leased 3 Percentage placed in-service 4 Net Operating Income (Loss) 5 (BXP’s share)
Construction Properties Location
Office
360 Park Avenue South (71% ownership) Q3 2024 Q4 2025 New York, NY 450,000 $ 332,077 $ 418,300 $ 156,470 $ 156,470 $ 86,223 23 % — % N/A
Reston Next Office Phase II Q1 2025 Q4 2025 Reston, VA 90,000 40,956 61,000 — — 20,044 4 % — % N/A
Total Office Properties under Construction 540,000 373,033 479,300 156,470 156,470 106,267 20 % — % —
Lab/Life Sciences
103 CityPoint Q1 2025 Q4 2025 Waltham, MA 113,000 89,274 115,100 — — 25,826 — % 4 % $ (261)
180 CityPoint Q4 2023 Q3 2025 Waltham, MA 329,000 224,356 290,500 — — 66,144 43 % 46 % 1,685
300 Binney Street (Redevelopment) (55% ownership) 6 Q1 2025 Q1 2025 Cambridge, MA 236,000 5,211 112,900 — — 107,689 100 % — % N/A
651 Gateway (50% ownership) Q1 2024 Q4 2025 South San Francisco, CA 327,000 116,103 167,100 — — 50,997 21 % 14 % 423
290 Binney Street (55% Ownership) 7 Q2 2026 Q2 2026 Cambridge, MA 566,000 205,977 508,000 — — 302,023 100 % — % N/A
Total Lab/Life Sciences Properties under Construction 1,571,000 640,921 1,193,600 — — 552,679 64 % 13 % 1,847
Residential
Skymark - Reston Next Residential (508 units) (20% ownership) Q3 2024 Q2 2026 Reston, VA 417,000 36,744 47,700 28,000 18,153 1,109 3 % — % N/A
121 Broadway Street (439 units) Q3 2027 Q2 2029 Cambridge, MA 492,000 45,891 597,800 — — 551,909 — % — % N/A
Total Residential Property under Construction 909,000 82,635 645,500 28,000 18,153 553,018 3 % — % N/A
Retail
760 Boylston Street (Redevelopment) Q2 2024 Q2 2024 Boston, MA 118,000 33,051 43,800 — — 10,749 100 % — % N/A
Reston Next Retail Q2 2025 Q4 2025 Reston, VA 33,000 22,809 26,600 — — 3,791 — % — % N/A
Total Retail Properties under Construction 151,000 55,860 70,400 — — 14,540 78 % — % N/A
Total Properties Under Construction 3,171,000 $ 1,152,449 $ 2,388,800 $ 184,470 $ 174,623 $ 1,226,504 54 % 8 6 % $ 1,847

________________

1A project is classified as Construction in Progress when (1) construction or supply contracts have been signed, physical improvements have commenced or a lease has been signed and (2) capitalized interest has commenced.

2Includes income (loss) and interest carry on debt and equity investment.

3Represents percentage leased as of April 26, 2024, including leases with future commencement dates.

4Represents the portion of the project that no longer qualifies for capitalization of interest in accordance with GAAP.

5Amounts represent Net Operating Income (Loss) for the three months ended March 31, 2024. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 56.

6Norges Bank Investment Management (NBIM) funded approximately $212.9 million at closing for its investment in 300 Binney Street. The Company withdrew approximately $212.9 million at closing and will fund all future costs of the project.

7On March 21, 2024, the Company entered into a Joint Venture with NBIM. The project budget reflects the Company’s 55% share of joint venture costs related to 290 Binney Street. The Company has the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. Upon completion, the Company has entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million. The net investment of $99.8 million will be included in the Company’s outside basis in 290 Binney Street. The Company has invested $40.5 million for the vault as of March 31, 2024.

8Total percentage leased excludes Residential.

Q1 2024
Land parcels and purchase options

as of March 31, 2024

OWNED LAND PARCELS

Location Approximate Developable Square Feet 1
Reston, VA 2,229,000
San Jose, CA 2 2,830,000
New York, NY (25% ownership) 2,000,000
Princeton, NJ 1,723,000
San Jose, CA (55% ownership) 1,088,000
New York, NY (55% ownership) 895,000
San Francisco, CA 850,000
Santa Clara, CA 632,000
Washington, DC (50% ownership) 520,000
South San Francisco, CA (50% ownership) 451,000
Rockville, MD 2 435,000
Springfield, VA 422,000
Lexington, MA 420,000
Waltham, MA 365,000
Herndon, VA (50% ownership) 350,000
El Segundo, CA (50% ownership) 275,000
Dulles, VA 150,000
Total 15,635,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location Approximate Developable Square Feet 1
Boston, MA 1,300,000
Waltham, MA 3 1,200,000
Cambridge, MA 573,000
Total 3,073,000

__________________

1Represents 100% of consolidated and unconsolidated projects.

2Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on pages 21-24.

3The Company expects to be a 50% partner in the future development of these sites.

Q1 2024
Leasing activity

for the three months ended March 31, 2024

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF) Total
Vacant space available at the beginning of the period 5,696,007
Less:
Property dispositions/properties taken out of service 1 233,694
Add:
Properties placed (and partially placed) in-service 2 44,652
Leases expiring or terminated during the period 1,684,796
Total space available for lease 7,191,761
1st generation leases 171,991
2nd generation leases with new clients 414,732
2nd generation lease renewals 846,432
Total space leased 1,433,155
Vacant space available for lease at the end of the period 5,758,606
Net (increase)/decrease in available space (62,599)
Second generation leasing information: 3
Leases commencing during the period (SF) 1,261,164
Weighted average lease term (months) 110
Weighted average free rent period (days) 93
Total transaction costs per square foot 4 79.32
Increase (decrease) in gross rents 5 6.78
Increase (decrease) in net rents 6 9.62

All values are in US Dollars.

All leases (SF) Incr (decr) in 2nd generation cash rents Total square feet of leases executed in the quarter 8
1st generation 2nd generation total 7 gross 5, 7 net 6, 7
Boston 3,749 430,816 434,565 13.78 % 21.39 % 177,707
Los Angeles — 41,116 41,116 (3.55) % (5.93) % 35,123
New York — 312,817 312,817 7.81 % 10.48 % 224,785
San Francisco 44,652 130,314 174,966 7.02 % 9.98 % 109,272
Seattle — 31,942 31,942 (9.25) % (13.03) % 11,383
Washington, DC 123,590 314,159 437,749 (3.19) % (4.72) % 335,671
Total / Weighted Average 171,991 1,261,164 1,433,155 6.78 % 9.62 % 893,941

_____________

1Total square feet of property taken out of service in Q1 2024 consists of 162,274 at 1050 Winter Street and 71,420 at 15825 Shady Grove Road.

2 Total square feet of properties placed in service in Q1 2024 consists of 44,652 at 651 Gateway.

3Second generation leases are defined as leases for space that has previously been leased. Of the 1,261,164 square feet of second generation leases that commenced in Q1 2024, leases for 906,597 square feet were signed in prior periods.

4Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.

5Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 1,053,391 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

6Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 1,053,391 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

7Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.

8Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 354,567.

Q1 2024
Portfolio overview

for the three months ended March 31, 2024

(dollars in thousands)

Rentable square footage of in-service properties by location and unit type 1, 2

Office Retail Residential Hotel Total
Boston 14,477,435 1,046,331 550,114 330,000 16,403,880
Los Angeles 2,187,830 126,377 — — 2,314,207
New York 12,114,448 486,715 — — 12,601,163
San Francisco 7,229,465 346,080 318,171 — 7,893,716
Seattle 1,506,141 17,852 — — 1,523,993
Washington, DC 8,484,426 630,686 493,241 — 9,608,353
Total 45,999,745 2,654,041 1,361,526 330,000 50,345,312
% of Total 91.37 % 5.27 % 2.70 % 0.66 % 100.00 %

Rental revenue of in-service properties by unit type 1

Office Retail Residential Hotel 3 Total
Consolidated $ 750,316 $ 58,614 $ 11,971 $ 8,091 $ 828,992
Less:
Partners’ share from consolidated joint ventures 4 70,775 9,237 — — 80,012
Add:
BXP’s share from unconsolidated joint ventures 5 51,295 2,300 2,782 — 56,377
BXP’s Share of Rental revenue 1 $ 730,836 $ 51,677 $ 14,753 $ 8,091 $ 805,357
% of Total 90.75 % 6.42 % 1.83 % 1.00 % 100.00 %

Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6

CBD Suburban Total
Boston 29.21 % 6.68 % 35.89 %
Los Angeles 4.23 % — % 4.23 %
New York 22.86 % 1.72 % 24.58 %
San Francisco 16.25 % 2.32 % 18.57 %
Seattle 1.97 % — % 1.97 %
Washington, DC 7 14.57 % 0.19 % 14.76 %
Total 89.09 % 10.91 % 100.00 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

2Includes 100% of the rentable square footage of the Company’s In-Service Properties. For additional detail relating to the Company’s In-Service Properties, see pages 21-24.

3Excludes approximately $95 of revenue from retail clients that is included in Retail.

4See page 63 for additional information.

5See page 65 for additional information.

6BXP’s Share of NOI (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income attributable to Boston Properties, Inc. to BXP’s Share of NOI (excluding termination income), see page 9.

7During the first quarter, the Company reassessed the classifications of its assets as either CBD or Suburban and that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are now classified as CBD.

Q1 2024
Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1 Hotel
Three Months Ended Three Months Ended
31-Mar-24 31-Dec-23 31-Mar-24 31-Dec-23
Rental Revenue 2 $ 12,684 $ 11,824 $ 8,186 $ 11,803
Less: Operating expenses and real estate taxes 5,686 6,266 6,015 8,373
Net Operating Income (NOI) 2 6,998 5,558 2,171 3,430
Add: BXP’s share of NOI from unconsolidated joint ventures 1,741 1,755 N/A N/A
BXP’s Share of NOI 2 $ 8,739 $ 7,313 $ 2,171 $ 3,430
Rental Revenue 2 $ 12,684 $ 11,824 $ 8,186 $ 11,803
Less: Straight line rent and fair value lease revenue 183 150 (2) (2)
Add: Lease transaction costs that qualify as rent inducements — — — —
Subtotal 12,501 11,674 8,188 11,805
Less: Operating expenses and real estate taxes 5,686 6,266 6,015 8,373
NOI - cash basis 2 6,815 5,408 2,173 3,432
Add: BXP’s share of NOI-cash from unconsolidated joint ventures 1,741 1,755 N/A N/A
BXP’s Share of NOI - cash basis 2 $ 8,556 $ 7,163 $ 2,173 $ 3,432

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units Three Months Ended Percent Change
31-Mar-24 31-Mar-23
BOSTON
Hub50House (50% ownership), Boston, MA 2 440
Average Monthly Rental Rate $ 4,366 $ 4,168 4.75 %
Average Rental Rate Per Occupied Square Foot $ 5.99 $ 5.73 4.54 %
Average Physical Occupancy 94.02 % 94.24 % (0.23) %
Average Economic Occupancy 93.95 % 94.04 % (0.10) %
Proto Kendall Square, Cambridge, MA 2, 3 280
Average Monthly Rental Rate $ 3,154 $ 3,002 5.06 %
Average Rental Rate Per Occupied Square Foot $ 5.79 $ 5.52 4.89 %
Average Physical Occupancy 94.88 % 95.36 % (0.50) %
Average Economic Occupancy 94.44 % 94.84 % (0.42) %
The Lofts at Atlantic Wharf, Boston, MA 2, 3 86
Average Monthly Rental Rate $ 4,257 $ 4,428 (3.86) %
Average Rental Rate Per Occupied Square Foot $ 4.70 $ 4.91 (4.28) %
Average Physical Occupancy 94.96 % 95.35 % (0.41) %
Average Economic Occupancy 94.53 % 95.37 % (0.88) %
Boston Marriott Cambridge (437 rooms), Cambridge, MA 3 N/A
Average Occupancy 71.04 % 61.30 % 15.89 %
Average Daily Rate $ 254.86 $ 261.52 (2.55) %
Revenue Per Available Room $ 181.05 $ 160.41 12.87 %
SAN FRANCISCO
The Skylyne, Oakland, CA 2, 3 402
Average Monthly Rental Rate $ 3,478 $ 3,445 0.96 %
Average Rental Rate Per Occupied Square Foot $ 4.37 $ 4.38 (0.23) %
Average Physical Occupancy 87.89 % 91.46 % (3.90) %
Average Economic Occupancy 86.69 % 89.34 % (2.97) %
Q1 2024
--- ---
Residential and hotel performance (continued)

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units Three Months Ended Percent Change
31-Mar-24 31-Mar-23
WASHINGTON, DC
Signature at Reston, Reston, VA 2, 3 508
Average Monthly Rental Rate $ 2,774 $ 2,677 3.62 %
Average Rental Rate Per Occupied Square Foot $ 2.85 $ 2.77 2.89 %
Average Physical Occupancy 95.54 % 93.70 % 1.96 %
Average Economic Occupancy 95.48 % 93.12 % 2.53 %
Total In-Service Residential Units 1,716

_____________

1Includes retail space.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

3Excludes retail space.

Q1 2024
In-service property listing as of March 31, 2024
--- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
CBD
BOSTON
Office
200 Clarendon Street CBD Boston MA 1 1,734,949 94.1 % 94.8 % $ 83.39
800 Boylston Street - The Prudential Center CBD Boston MA 1 1,275,200 93.9 % 97.0 % 71.64
100 Federal Street (55% ownership) CBD Boston MA 1 1,233,537 88.5 % 88.8 % 76.66
111 Huntington Avenue - The Prudential Center CBD Boston MA 1 860,446 100.0 % 100.0 % 78.10
Atlantic Wharf Office (55% ownership) CBD Boston MA 1 790,779 99.6 % 99.6 % 88.43
100 Causeway Street (50% ownership) 4 CBD Boston MA 1 634,535 94.5 % 94.5 % 74.36
101 Huntington Avenue - The Prudential Center CBD Boston MA 1 506,476 97.3 % 99.0 % 59.93
Prudential Center (retail shops) 5 CBD Boston MA — 483,605 89.8 % 96.1 % 108.78
The Hub on Causeway - Podium (50% ownership) 4 CBD Boston MA 1 382,988 94.4 % 96.1 % 64.61
888 Boylston Street - The Prudential Center CBD Boston MA 1 363,320 100.0 % 100.0 % 82.65
Star Market at the Prudential Center 5 CBD Boston MA 1 57,236 100.0 % 100.0 % 82.12
Subtotal 10 8,323,071 94.7 % 95.9 % $ 79.05
145 Broadway East Cambridge MA 1 490,086 99.6 % 99.6 % $ 91.39
325 Main Street East Cambridge MA 1 414,565 91.4 % 91.4 % 116.11
125 Broadway East Cambridge MA 1 271,000 100.0 % 100.0 % 143.66
355 Main Street East Cambridge MA 1 256,966 100.0 % 100.0 % 84.76
90 Broadway East Cambridge MA 1 223,771 100.0 % 100.0 % 78.22
255 Main Street East Cambridge MA 1 215,394 87.9 % 87.9 % 103.48
150 Broadway East Cambridge MA 1 177,226 100.0 % 100.0 % 99.59
105 Broadway East Cambridge MA 1 152,664 100.0 % 100.0 % 75.39
250 Binney Street East Cambridge MA 1 67,362 100.0 % 100.0 % 51.10
University Place Mid-Cambridge MA 1 195,282 100.0 % 100.0 % 56.69
Subtotal 10 2,464,316 97.4 % 97.4 % $ 95.86
Subtotal Boston CBD 20 10,787,387 95.3 % 96.2 % $ 83.03
Residential
Hub50House (440 units) (50% ownership) 4 CBD Boston MA 1 320,444
The Lofts at Atlantic Wharf (86 units) CBD Boston MA 1 87,096
Proto Kendall Square (280 units) East Cambridge MA 1 166,717
Subtotal 3 574,257
Hotel
Boston Marriott Cambridge (437 rooms) East Cambridge MA 1 334,260
Subtotal 1 334,260
LOS ANGELES
Office
Colorado Center (50% ownership) 4 West Los Angeles CA 6 1,131,511 87.8 % 87.8 % $ 76.09
Santa Monica Business Park 6 West Los Angeles CA 14 1,108,292 84.3 % 86.0 % 71.25
Santa Monica Business Park Retail 5, 6 West Los Angeles CA 7 74,404 88.4 % 95.7 % 72.72
Subtotal 27 2,314,207 86.1 % 87.2 % $ 73.72
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY 1 1,970,895 92.3 % 95.7 % $ 164.30
601 Lexington Avenue (55% ownership) Park Avenue NY 1 1,670,790 95.4 % 98.4 % 100.19
399 Park Avenue Park Avenue NY 1 1,577,588 97.6 % 99.9 % 103.05
599 Lexington Avenue Park Avenue NY 1 1,106,335 92.2 % 96.6 % 88.09
Times Square Tower (55% ownership) Times Square NY 1 1,238,446 93.2 % 96.5 % 81.11 Q1 2024
--- ---
In-service property listing (continued) as of March 31, 2024
--- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
250 West 55th Street Times Square / West Side NY 1 966,976 100.0 % 100.0 % 95.02
200 Fifth Avenue (26.69% ownership) 4 Flatiron District NY 1 855,059 93.3 % 100.0 % 100.49
Dock 72 (50% ownership) 4 Brooklyn NY 1 668,521 42.4 % 51.8 % 33.90
510 Madison Avenue Fifth/Madison Avenue NY 1 355,089 98.6 % 98.6 % 133.89
Subtotal 9 10,409,699 91.5 % 95.0 % $ 108.07
SAN FRANCISCO
Office
Salesforce Tower CBD San Francisco CA 1 1,420,682 98.0 % 98.0 % $ 113.05
Embarcadero Center Four CBD San Francisco CA 1 942,255 94.8 % 95.3 % 95.89
Embarcadero Center One CBD San Francisco CA 1 837,386 71.9 % 71.9 % 94.96
Embarcadero Center Two CBD San Francisco CA 1 801,840 83.8 % 84.3 % 89.06
Embarcadero Center Three CBD San Francisco CA 1 778,304 77.7 % 82.2 % 93.62
680 Folsom Street CBD San Francisco CA 2 524,793 97.5 % 97.5 % 76.01
535 Mission Street CBD San Francisco CA 1 307,235 59.3 % 59.3 % 96.73
690 Folsom Street CBD San Francisco CA 1 26,080 100.0 % 100.0 % 110.27
Subtotal 9 5,638,575 86.6 % 87.4 % $ 97.48
Residential
The Skylyne (402 units) CBD Oakland CA 1 330,996
Subtotal 1 330,996
SEATTLE
Office
Safeco Plaza (33.67% ownership) 4 CBD Seattle WA 1 768,846 84.1 % 86.7 % $ 45.71
Madison Centre CBD Seattle WA 1 755,147 79.4 % 79.4 % 62.10
Subtotal 2 1,523,993 81.8 % 83.1 % $ 53.58
WASHINGTON, DC 7
Office
901 New York Avenue 6, 8 East End Washington DC 1 523,939 83.1 % 83.9 % $ 67.57
Market Square North (50% ownership) 4 East End Washington DC 1 418,549 77.6 % 79.8 % 71.64
2100 Pennsylvania Avenue 6 CBD Washington DC 1 475,849 85.2 % 95.0 % 79.73
2200 Pennsylvania Avenue CBD Washington DC 1 459,811 94.9 % 94.9 % 85.64
1330 Connecticut Avenue CBD Washington DC 1 253,579 87.4 % 87.4 % 71.03
Sumner Square CBD Washington DC 1 219,412 90.7 % 90.7 % 48.04
500 North Capitol Street, N.W. (30% ownership) 4 Capitol Hill Washington DC 1 230,900 98.5 % 98.5 % 81.61
Capital Gallery Southwest Washington DC 1 176,809 80.8 % 80.8 % 55.99
Subtotal 8 2,758,848 86.7 % 88.9 % $ 72.69
Reston Next Reston VA 2 1,063,236 90.6 % 97.8 % $ 60.90
South of Market Reston VA 3 623,250 99.6 % 99.6 % 56.02
Fountain Square Reston VA 2 524,638 89.1 % 92.5 % 53.19
One Freedom Square Reston VA 1 428,385 87.9 % 87.9 % 52.07
Two Freedom Square Reston VA 1 423,222 99.8 % 99.8 % 52.05
One and Two Discovery Square Reston VA 2 366,989 89.7 % 89.7 % 51.71
One Reston Overlook Reston VA 1 319,519 89.7 % 89.7 % 48.56
17Fifty Presidents Street Reston VA 1 275,809 100.0 % 100.0 % 71.33
Reston Corporate Center Reston VA 2 261,046 100.0 % 100.0 % 49.24
Democracy Tower Reston VA 1 259,441 99.3 % 99.3 % 67.13
Fountain Square Retail 5 Reston VA 1 198,225 87.6 % 88.1 % 58.84
Two Reston Overlook Reston VA 1 134,615 100.0 % 100.0 % 53.65
Avant Retail 5 Reston VA 1 26,179 100.0 % 100.0 % 61.88
Subtotal 19 4,904,554 93.7 % 95.6 % $ 56.53 Q1 2024
--- ---
In-service property listing (continued) as of March 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
7750 Wisconsin Avenue (50% ownership) 4 Bethesda/Chevy Chase MD 1 735,573 100.0 % 100.0 % $ 38.49
Wisconsin Place Office Montgomery County MD 1 293,701 58.7 % 62.0 % 54.04
Subtotal 2 1,029,274 88.2 % 89.2 % $ 41.44
Subtotal Washington, DC CBD 29 8,692,676 90.8 % 92.7 % $ 59.66
Residential
Signature at Reston (508 units) Reston VA 1 517,783
Subtotal 1 517,783
CBD Total 102 41,123,833 91.0 % 11 92.8 % 11 $ 84.97 11
BXP’s Share of CBD 91.3 % 11 93.0 % 11
SUBURBAN
BOSTON
Office
Bay Colony Corporate Center Route 128 Mass Turnpike MA 3 838,794 63.3 % 63.3 % $ 49.68
Reservoir Place Route 128 Mass Turnpike MA 1 527,029 43.8 % 43.8 % 43.95
140 Kendrick Street 9 Route 128 Mass Turnpike MA 3 418,600 84.4 % 84.4 % 55.37
Weston Corporate Center Route 128 Mass Turnpike MA 1 356,995 100.0 % 100.0 % 58.57
Waltham Weston Corporate Center Route 128 Mass Turnpike MA 1 301,611 82.4 % 82.4 % 45.15
230 CityPoint Route 128 Mass Turnpike MA 1 296,720 94.6 % 95.7 % 46.42
200 West Street Route 128 Mass Turnpike MA 1 273,365 94.5 % 94.5 % 81.12
880 Winter Street Route 128 Mass Turnpike MA 1 243,618 100.0 % 100.0 % 105.18
10 CityPoint Route 128 Mass Turnpike MA 1 236,570 100.0 % 100.0 % 56.37
20 CityPoint Route 128 Mass Turnpike MA 1 211,476 98.1 % 98.1 % 57.38
77 CityPoint Route 128 Mass Turnpike MA 1 209,711 100.0 % 100.0 % 45.39
890 Winter Street Route 128 Mass Turnpike MA 1 179,312 56.6 % 56.6 % 48.45
153 & 211 Second Avenue Route 128 Mass Turnpike MA 2 136,882 — % — % —
1265 Main Street (50% ownership) 4 Route 128 Mass Turnpike MA 1 120,681 100.0 % 100.0 % 56.21
Reservoir Place North Route 128 Mass Turnpike MA 1 73,258 100.0 % 100.0 % 51.90
The Point 5 Route 128 Mass Turnpike MA 1 16,300 100.0 % 100.0 % 63.18
33 Hayden Avenue Route 128 Northwest MA 1 80,876 100.0 % 100.0 % 77.00
32 Hartwell Avenue Route 128 Northwest MA 1 69,154 100.0 % 100.0 % 26.94
100 Hayden Avenue Route 128 Northwest MA 1 55,924 100.0 % 100.0 % 67.34
92 Hayden Avenue Route 128 Northwest MA 1 31,100 100.0 % 100.0 % 46.49
17 Hartwell Avenue Route 128 Northwest MA 1 30,000 100.0 % 100.0 % 68.85
Subtotal 26 4,707,976 79.3 % 79.4 % $ 57.43
NEW YORK
Office
510 Carnegie Center Princeton NJ 1 234,160 33.5 % 68.5 % $ 42.55
206 Carnegie Center Princeton NJ 1 161,763 — % — % —
210 Carnegie Center Princeton NJ 1 159,468 33.2 % 33.2 % 40.76
212 Carnegie Center Princeton NJ 1 148,942 71.6 % 74.2 % 37.25
214 Carnegie Center Princeton NJ 1 146,799 65.9 % 65.9 % 37.77
506 Carnegie Center Princeton NJ 1 139,050 82.1 % 82.1 % 40.60
508 Carnegie Center Princeton NJ 1 134,433 100.0 % 100.0 % 43.03
202 Carnegie Center Princeton NJ 1 134,068 84.9 % 84.9 % 41.51
804 Carnegie Center Princeton NJ 1 130,000 100.0 % 100.0 % 41.52
504 Carnegie Center Princeton NJ 1 121,990 100.0 % 100.0 % 36.34
101 Carnegie Center Princeton NJ 1 121,619 100.0 % 100.0 % 39.55
502 Carnegie Center Princeton NJ 1 121,460 96.9 % 98.7 % 39.64
701 Carnegie Center Princeton NJ 1 120,000 100.0 % 100.0 % 42.82 Q1 2024
--- ---
In-service property listing (continued) as of March 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
104 Carnegie Center Princeton NJ 1 102,930 63.8 % 63.8 % 39.93
103 Carnegie Center Princeton NJ 1 96,331 73.5 % 73.5 % 37.34
302 Carnegie Center Princeton NJ 1 64,926 100.0 % 100.0 % 35.96
211 Carnegie Center Princeton NJ 1 47,025 100.0 % 100.0 % 37.52
201 Carnegie Center Princeton NJ — 6,500 100.0 % 100.0 % 33.83
Subtotal 17 2,191,464 71.3 % 75.4 % $ 39.85
SAN FRANCISCO
Office
Gateway Commons (50% ownership) 4 South San Francisco CA 5 788,244 75.4 % 76.0 % $ 73.06
751 Gateway (49% ownership) 4, 6 South San Francisco CA 1 230,592 100.0 % 100.0 % 93.51
Mountain View Research Park Mountain View CA 15 542,264 65.4 % 65.4 % 72.76
2440 West El Camino Real Mountain View CA 1 142,789 56.8 % 56.8 % 102.14
453 Ravendale Drive Mountain View CA 1 29,620 100.0 % 100.0 % 52.08
North First Business Park 10 San Jose CA 5 190,636 87.6 % 87.6 % 25.58
Subtotal 28 1,924,145 75.7 % 76.0 % $ 72.02
WASHINGTON, DC
Office
Kingstowne Two Springfield VA 1 156,005 77.4 % 77.4 % $ 41.12
Kingstowne One Springfield VA 1 153,601 34.2 % 34.2 % 39.10
Kingstowne Retail 5 Springfield VA 1 88,288 100.0 % 100.0 % 31.51
Subtotal 3 397,894 65.8 % 65.8 % $ 37.47
Suburban Total 74 9,221,479 76.1 % 77.2 % $ 55.81
BXPs Share of Suburban 75.6 % 76.7 %
Total In-Service Properties: 176 50,345,312 88.2 % 11 89.9 % 11 $ 80.19 11
BXP’s Share of Total In-Service Properties: 3 88.0 % 11 89.6 % 11

_____________

1Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

2Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. For additional detail, see pages 38-54.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

4This is an unconsolidated joint venture property.

5This is a retail property.

6Not included in the Same Property analysis.

7 During the first quarter, the Company reassessed the classifications of its assets as either CBD or Suburban and that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are now classified as CBD.

8 On January 8, 2024, the Company's joint venture partner in 901 New York Avenue transferred all of its ownership interest in the joint venture to the Company for a gross purchase price of $10.0 million, see page 14.

9 On July 20, 2023, the Company completed and fully placed in-service 140 Kendrick Street - Building A, a redevelopment project with approximately 104,000 net rentable square feet in Needham, Massachusetts. 140 Kendrick Street - Building A is not included in the Same Property analysis.

10 Property held for redevelopment.

11 Excludes hotel and residential properties. For additional detail, see pages 19-20.

Q1 2024
Top 20 clients listing and portfolio client diversification

as of March 31, 2024

TOP 20 CLIENTS

No. Client BXP’s Share of Annualized Rental Obligations 1 Weighted Average Remaining Lease Term (years) 2
1 Salesforce 3.30 % 8.0
2 Google 2.83 % 13.1
3 Biogen 2.46 % 3.3
4 Akamai Technologies 2.12 % 10.6
5 Kirkland & Ellis 1.70 % 13.5
6 Snap 1.56 % 9.3
7 Fannie Mae 1.49 % 13.4
8 Ropes & Gray 1.37 % 6.1
9 Millennium Management 1.21 % 6.8
10 Wellington Management 1.18 % 12.0
11 Microsoft 1.08 % 9.4
12 Arnold & Porter Kaye Scholer 1.07 % 8.2
13 Weil Gotshal & Manges 1.07 % 10.1
14 Shearman & Sterling 1.03 % 17.4
15 WeWork 0.99 % 7.5
16 Bank of America 0.86 % 11.4
17 Morrison & Foerster 0.84 % 6.5
18 Wilmer Cutler Pickering Hale 0.83 % 14.7
19 Leidos 0.82 % 9.1
20 Aramis (Estee Lauder) 0.81 % 16.0
BXP’s Share of Annualized Rental Obligations 28.60 %
BXP’s Share of Square Feet 1 22.65 %
Weighted Average Remaining Lease Term (years) 10.0

NOTABLE SIGNED DEALS 3

Client Property Square Feet
AstraZeneca 290 Binney Street 566,000
The Broad Institute 300 Binney Street 225,000

CLIENT DIVERSIFICATION 2

chart-d782d9ba5a5e4d1aae0a.jpg

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

2Based on BXP’s Share of Annualized Rental Obligations.

3Represents leases signed with occupancy commencing in the future. The number of square feet is an estimate.

Q1 2024
Occupancy by location

as of March 31, 2024

TOTAL IN-SERVICE OFFICE PROPERTIES 1 ,2 - Quarter-over-Quarter

CBD Suburban Total
Location 31-Mar-24 31-Dec-23 31-Mar-24 31-Dec-23 31-Mar-24 31-Dec-23
Boston 95.3 % 95.9 % 79.3 % 76.6 % 90.4 % 89.9 %
Los Angeles 86.1 % 85.9 % — % — % 86.1 % 85.9 %
New York 91.5 % 91.8 % 71.3 % 81.8 % 88.0 % 90.1 %
San Francisco 86.6 % 87.4 % 75.7 % 77.3 % 83.9 % 84.9 %
Seattle 81.8 % 81.8 % — % — % 81.8 % 81.8 %
Washington, DC 90.8 % 89.2 % 65.8 % 67.4 % 89.7 % 88.0 %
Total Portfolio 91.0 % 91.0 % 76.1 % 77.5 % 88.2 % 88.4 %

chart-a551537c2e454afd98ca.jpg

SAME PROPERTY OFFICE PROPERTIES 1, 2, 3 - Year-over-Year

CBD Suburban Total
Location 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23 31-Mar-24 31-Mar-23
Boston 95.3 % 95.0 % 78.9 % 83.5 % 90.4 % 91.6 %
Los Angeles 87.8 % 87.7 % — % — % 87.8 % 87.7 %
New York 91.5 % 88.8 % 71.3 % 79.7 % 88.0 % 87.2 %
San Francisco 86.6 % 89.2 % 72.4 % 85.8 % 83.4 % 88.4 %
Seattle 81.8 % 87.9 % — % — % 81.8 % 87.9 %
Washington, DC 91.7 % 89.8 % 65.8 % 67.4 % 90.4 % 88.7 %
Total Portfolio 91.4 % 90.8 % 75.2 % 82.3 % 88.3 % 89.2 %

chart-4026157de67646fdb22a.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.

2During the first quarter, the Company reassessed the classifications of its assets as either CBD or Suburban and that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are now classified as CBD. Comparative period has been updated to reflect the same presentation.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

Q1 2024
Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal
Mortgage Notes Payable $ 4,406,289
Unsecured Line of Credit —
Unsecured Term Loan 1,200,000
Unsecured Senior Notes, at face value 9,850,000
Outstanding Principal 15,456,289
Discount on Unsecured Senior Notes (12,611)
Deferred Financing Costs, Net (71,248)
Fair Value Debt Adjustment (10,106)
Consolidated Debt $ 15,362,324

MORTGAGE NOTES PAYABLE

Interest Rate
Property Maturity Date GAAP 1 Stated 2 Outstanding Principal
901 New York Avenue January 5, 2025 7.69% 3.61% $ 206,289
Santa Monica Business Park July 19, 2025 6.53% 4.06% 300,000
767 Fifth Avenue (The GM Building) (60% ownership) June 9, 2027 3.64% 3.43% 2,300,000
90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green Garage October 26, 2028 6.27% 6.04% 600,000
601 Lexington Avenue (55% ownership) January 9, 2032 2.93% 2.79% 1,000,000
Total $ 4,406,289

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 3

Maturity Date Effective Yield (on issue date) Coupon Outstanding Principal
7 Year Unsecured Senior Notes January 15, 2025 3.35% 3.20% $ 850,000
10 Year Unsecured Senior Notes February 1, 2026 3.77% 3.65% 1,000,000
10 Year Unsecured Senior Notes October 1, 2026 3.50% 2.75% 1,000,000
5 Year Unsecured Senior Notes (“green bonds”) December 1, 2027 6.92% 6.75% 750,000
10 Year Unsecured Senior Notes (“green bonds”) December 1, 2028 4.63% 4.50% 1,000,000
10 Year Unsecured Senior Notes (“green bonds”) June 21, 2029 3.51% 3.40% 850,000
10.5 Year Unsecured Senior Notes March 15, 2030 2.98% 2.90% 700,000
10.75 Year Unsecured Senior Notes January 30, 2031 3.34% 3.25% 1,250,000
11 Year Unsecured Senior Notes (“green bonds”) April 1, 2032 2.67% 2.55% 850,000
12 Year Unsecured Senior Notes (“green bonds”) October 1, 2033 2.52% 2.45% 850,000
10.7 Year Unsecured Senior Notes (“green bonds”) January 15, 2034 6.62% 6.50% 750,000
$ 9,850,000

CAPITALIZATION

Shares/Units Common Stock
Outstanding Equivalents Equivalent Value 4
Common Stock 157,049 157,049 $ 10,256,870
Common Operating Partnership Units 19,159 19,159 1,251,274
Total Equity 176,208 $ 11,508,144
Consolidated Debt (A) $ 15,362,324
Add: BXP’s share of unconsolidated joint venture debt 5 1,373,986
Less: Partners’ share of consolidated debt 6 1,360,873
BXP’s Share of Debt 7 (B) $ 15,375,437
Consolidated Market Capitalization (C) $ 26,870,468
BXP’s Share of Market Capitalization 6 (D) $ 26,883,581
Consolidated Debt/Consolidated Market Capitalization (A÷C) 57.17 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 6 (B÷D) 57.19 %

_____________

1The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions and adjustments required to reflect loans and swaps at their fair values upon consolidation.

2The stated interest rate includes the effects of hedging transactions.

3All unsecured senior notes are rated BBB (negative), and Baa2 (stable) by S&P and Moody’s, respectively.

Q1 2024
Capital structure

4Values are based on the March 28, 2024 closing price of $65.31 per share of BXP common stock.

5Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 35.

6Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 33.

7See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

Q1 2024
Debt analysis 1

as of March 31, 2024

(dollars in thousands)

chart-bb96e1242f3c4d19b43a.jpg

UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026

Facility 2 Outstanding at March 31, 2024 Letters of Credit Remaining Capacity at March 31, 2024
Unsecured Line of Credit $ 1,815,000 $ — $ 6,727 $ 1,808,273

UNSECURED TERM LOAN - MATURES MAY 16, 2024 3, 4

Facility Outstanding at March 31, 2024
Unsecured Term Loan $ 1,200,000 $ 1,200,000

UNSECURED AND SECURED DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 6 Maturity (years)
Unsecured Debt 4 71.56 % 4.03 % 4.15 % 4.7
Secured Debt 28.44 % 3.69 % 4.22 % 4.2
Consolidated Debt 100.00 % 3.93 % 4.17 % 4.6

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 6 Maturity (years)
Floating Rate Debt — % — % — % —
Fixed Rate Debt 4, 5 100.00 % 3.93 % 4.17 % 4.6
Consolidated Debt 100.00 % 3.93 % 4.17 % 4.6

_____________

1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 35.

2On April 29, 2024, the maximum borrowing commitment was increased to $2.0 billion. All other terms remained unchanged.

3On April 16, 2024, BPLP provided notice to exercise its one-year extension option on its unsecured term loan facility. BPLP anticipates effectuating the extension on or prior to the current May 16, 2024 maturity date. Upon effectiveness, the term loan facility will mature on May 16, 2025. After making an approximately $500.0 million optional repayment on April 29, 2024, the term loan facility has an outstanding principal balance of $700.0 million.

4The $1.2 billion Unsecured Term Loan is subject to interest rate swap contracts that effectively fix Term SOFR, the reference rate for the Unsecured Term Loan, at a weighted-average rate of 4.6420% for the period commencing on May 4, 2023 and ending on May 16, 2024.

5The Fixed Rate Debt includes the effects of hedging transactions.

6The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions and adjustments required to reflect loans and swaps at their fair values upon consolidation.

Q1 2024
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 March 31, 2024 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, 2017 Senior Notes Issued On or After December 4, 2017
Test Actual
Total Outstanding Debt/Total Assets 1 Less than 60% 47.8 % 44.5 %
Secured Debt/Total Assets Less than 50% 16.8 % 15.7 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense) Greater than 1.50x 2.94 2.94
Unencumbered Assets/ Unsecured Debt Greater than 150% 237.8 % 258.8 %

_____________

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.

Q1 2024
Net Debt to EBITDAre

(dollars in thousands)

Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDAre – cash 1

Three Months Ended
31-Mar-24 31-Dec-23
Net income attributable to Boston Properties, Inc. $ 79,883 $ 119,925
Add:
Noncontrolling interest - common units of the Operating Partnership 9,500 13,906
Noncontrolling interest in property partnerships 17,221 19,324
Net income 106,604 153,155
Add:
Interest expense 161,891 155,080
Depreciation and amortization expense 218,716 212,067
Impairment loss 13,615 —
Less:
Income from unconsolidated joint ventures 19,186 22,250
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2 36,472 39,320
EBITDAre 1 518,112 537,372
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3 47,799 50,621
BXP’s Share of EBITDAre 1 (A) 470,313 486,751
Add:
Stock-based compensation expense 18,527 4,469
BXP’s Share of straight-line ground rent expense adjustment 1 659 174
BXP’s Share of lease transaction costs that qualify as rent inducements 1 5,325 1,314
Less:
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) 1 189 3,129
BXP’s Share of straight-line rent 1 39,484 28,765
BXP’s Share of fair value lease revenue 1 2,392 3,441
BXP’s Share of amortization and accretion related to sales type lease 1 269 256
BXP’s Share of EBITDAre – cash 1 $ 452,490 $ 457,117
BXP’s Share of EBITDAre (Annualized) 4 (A x 4) $ 1,881,252 $ 1,947,004

Reconciliation of BXP’s Share of Net Debt 1

31-Mar-24 31-Dec-23
Consolidated debt $ 15,362,324 $ 15,856,297
Less:
Cash and cash equivalents 701,695 1,531,477
Cash held in escrow for 1031 exchange — —
Net debt 1 14,660,629 14,324,820
Add:
BXP’s share of unconsolidated joint venture debt 2 1,373,986 1,421,655
Partners’ share of cash and cash equivalents from consolidated joint ventures 130,747 106,790
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures 84,574 108,430
Partners’ share of consolidated joint venture debt 3 1,360,873 1,360,375
BXP’s share of related party note receivables 30,500 30,500
BXP’s Share of Net Debt 1 (B) $ 14,689,415 $ 14,353,960
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)] 7.81 7.37

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended March 31, 2024, see pages 35 and 64.

3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended March 31, 2024, see pages 33 and 62.

4BXP’s Share of EBITDAre (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4).

Q1 2024
Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

Three Months Ended
31-Mar-24 31-Dec-23
BXP’s Share of interest expense 1 $ 168,767 $ 165,785
Less:
BXP’s Share of hedge amortization, net of costs 1 2,030 2,030
BXP’s share of fair value interest adjustment 1 4,801 639
BXP’s Share of amortization of financing costs 1 5,315 5,410
Adjusted interest expense excluding capitalized interest (A) 156,621 157,706
Add:
BXP’s Share of capitalized interest 1 12,748 11,478
Adjusted interest expense including capitalized interest (B) $ 169,369 $ 169,184
BXP’s Share of EBITDAre – cash 1, 2 (C) $ 452,490 $ 457,117
Interest Coverage Ratio (excluding capitalized interest) (C÷A) 2.89 2.90
Interest Coverage Ratio (including capitalized interest) (C÷B) 2.67 2.70

FIXED CHARGE COVERAGE RATIO 1

Three Months Ended
31-Mar-24 31-Dec-23
BXP’s Share of interest expense 1 $ 168,767 $ 165,785
Less:
BXP’s Share of hedge amortization, net of costs 1 2,030 2,030
BXP’s share of fair value interest adjustment 1 4,801 639
BXP’s Share of amortization of financing costs 1 5,315 5,410
Add:
BXP’s Share of capitalized interest 1 12,748 11,478
BXP’s Share of maintenance capital expenditures 1 11,044 16,165
Hotel improvements, equipment upgrades and replacements 182 358
Total Fixed Charges (A) $ 180,595 $ 185,707
BXP’s Share of EBITDAre – cash 1, 2 (B) $ 452,490 $ 457,117
Fixed Charge Coverage Ratio (B÷A) 2.51 2.46

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

2For a quantitative reconciliation of BXP’s Share of EBITDAre – cash, see page 31.

Q1 2024
Consolidated joint ventures

d

as of March 31, 2024

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

767 Fifth Avenue Total Consolidated
ASSETS (The GM Building) 1 Norges Joint Ventures 1, 2 Joint Ventures
Real estate, net $ 3,198,138 $ 2,845,887 $ 6,044,025
Cash and cash equivalents 121,053 182,946 303,999
Other assets 311,397 438,899 750,296
Total assets $ 3,630,588 $ 3,467,732 $ 7,098,320
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 2,288,859 $ 989,518 $ 3,278,377
Other liabilities 86,605 310,935 397,540
Total liabilities 2,375,464 1,300,453 3,675,917
Equity:
Boston Properties, Inc. 754,676 932,933 1,687,609
Noncontrolling interests 500,448 1,234,346 1,734,794 3
Total equity 1,255,124 2,167,279 3,422,403
Total liabilities and equity $ 3,630,588 $ 3,467,732 $ 7,098,320
BXP’s nominal ownership percentage 60% 55%
Partners’ share of cash and cash equivalents 4 $ 48,421 $ 82,326 $ 130,747
Partners’ share of consolidated debt 4 $ 915,590 5 $ 445,283 $ 1,360,873

_____________

1Certain balances contain amounts that eliminate in consolidation.

2Norges Joint Ventures include Times Square Tower, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street. See the Acquisitions and Dispositions section of this Supplemental package on page 14 for additional information related to 290 Binney Street.

3Amount excludes preferred shareholders’ capital.

4Amounts represent the partners’ share based on their respective ownership percentages.

5Amount adjusted for basis differentials.

Q1 2024
Consolidated joint ventures (continued)

for the three months ended March 31, 2024

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS

767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 73,846 $ 99,836 $ 173,682
Straight-line rent 5,893 5,707 11,600
Fair value lease revenue (27) — (27)
Termination income — (75) (75)
Total lease revenue 79,712 105,468 185,180
Parking and other 66 1,424 1,490
Total rental revenue 3 79,778 106,892 186,670
Expenses
Operating 33,327 41,133 74,460
Net Operating Income (NOI) 46,451 65,759 112,210
Other income (expense)
Development and management services revenue 69 21 90
Losses from investments in securities — (5) (5)
Interest and other income 1,450 1,620 3,070
Interest expense (21,176) (7,589) (28,765)
Depreciation and amortization expense (17,090) (24,881) (41,971)
General and administrative expense (2) (149) (151)
Total other income (expense) (36,749) (30,983) (67,732)
Net income $ 9,702 $ 34,776 $ 44,478

FUNDS FROM OPERATIONS (FFO)

BXP’s nominal ownership percentage 60% 55%
767 Fifth Avenue Total Consolidated
Reconciliation of Partners’ share of FFO (The GM Building) Norges Joint Ventures 1 Joint Ventures
Net income $ 9,702 $ 34,776 $ 44,478
Add: Depreciation and amortization expense 17,090 24,881 41,971
Entity FFO $ 26,792 $ 59,657 $ 86,449
Noncontrolling interest in property partnerships (Partners’ NCI) 4 $ 2,849 $ 14,372 $ 17,221
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4 7,205 11,490 18,695
Partners’ share FFO 4 $ 10,054 $ 25,862 $ 35,916
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI $ 6,853 $ 20,404 $ 27,257
Depreciation and amortization expense - BXP’s basis difference 58 377 435
BXP’s share of depreciation and amortization expense 9,827 13,014 22,841
BXP’s share of FFO $ 16,738 $ 33,795 $ 50,533

_____________

1 Norges Joint Ventures include Times Square Tower, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street. See the Acquisitions and Dispositions section of this Supplemental package on page 14 for additional information related to 290 Binney Street.

2 Lease revenue includes recoveries from clients and service income from clients.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

4 Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.

Q1 2024
Unconsolidated joint ventures 1

as of March 31, 2024

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

BXP’s Nominal Ownership Mortgage/Construction Loans Payable, Net Interest Rate
Property Net Equity Maturity Date Stated GAAP 2
Boston
The Hub on Causeway 50.00 % $ — $ — — — % — %
100 Causeway Street 50.00 % 57,079 166,688 September 5, 2024 6.80 % 6.94 %
Podium 50.00 % 45,068 76,721 September 8, 2025 7.35 % 7.75 %
Hub50House 50.00 % 42,250 91,940 June 17, 2032 4.43 % 4.51 %
Hotel Air Rights 50.00 % 13,680 — — — % — %
1265 Main Street 50.00 % 3,583 17,104 January 1, 2032 3.77 % 3.84 %
Los Angeles
Colorado Center 50.00 % 235,143 274,700 August 9, 2027 3.56 % 3.59 %
Beach Cities Media Center 50.00 % 27,042 — — — % — %
New York
360 Park Avenue South 3 71.11 % 49,888 155,940 December 14, 2024 7.83 % 8.28 %
Dock 72 50.00 % (12,501) 98,779 December 18, 2025 7.83 % 8.09 %
200 Fifth Avenue 26.69 % 76,728 151,190 November 24, 2028 4.34 % 5.60 %
3 Hudson Boulevard 4 25.00 % 114,331 20,000 May 9, 2024 9.04 % 9.04 %
San Francisco
Platform 16 55.00 % 51,349 — — — % — %
Gateway Commons 50.00 % 385,568 — — — % — %
751 Gateway 49.00 % 95,863 — — — % — %
Seattle
Safeco Plaza 5 33.67 % 43,860 83,898 September 1, 2026 4.82 % 7.73 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters) 50.00 % 49,756 125,568 April 26, 2025 6.67 % 6.82 %
1001 6th Street 50.00 % 45,013 — — — % — %
13100 & 13150 Worldgate Drive 50.00 % 18,079 — — — % — %
Market Square North 50.00 % (6,103) 62,316 November 10, 2025 7.73 % 7.91 %
Wisconsin Place Parking Facility 33.33 % 30,221 — — — % — %
500 North Capitol Street, N.W. 6 30.00 % (10,773) 31,178 June 5, 2026 6.83 % 7.16 %
Skymark - Reston Next Residential 20.00 % 15,323 17,964 May 13, 2026 7.33 % 7.65 %
1,370,447
Investments with deficit balances reflected within Other Liabilities 29,377
Investments in Unconsolidated Joint Ventures $ 1,399,824
Mortgage/Construction Loans Payable, Net $ 1,373,986

chart-fb0cfcd7ceaf4dd7b5ca.jpg

Q1 2024
Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rate GAAP Rate 2 Maturity (years)
Floating Rate Debt 53.21 % 7.06 % 7.61 % 1.1
Fixed Rate Debt 46.79 % 4.49 % 4.87 % 7.2
Total Debt 100.00 % 5.86 % 6.33 % 4.0

_____________

1Amounts represent BXP’s share based on its ownership percentage.

2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, which includes mortgage recording fees, the effects of hedging transactions (if any) and adjustments required under Accounting Standards Codification 805 “Business Combinations” to reflect loans at their fair values (if any).

3The Company’s partner will fund required capital until their aggregate investment is approximately 29% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. See page 15 for more information.

4 The Company has provided $80.0 million of mortgage financing to the joint venture. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets.

5Safeco Plaza entered into an interest rate cap agreement during Q3 2023 that capped SOFR at 2.50%.

6The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) which bears interest at a fixed rate of 6.23% per annum, and (y) a $35.0 million mortgage loan payable (Note B) which bears interest at a fixed rate of 8.03% per annum. The Company provided $10.5 million (or 30%) of the Note B mortgage financing to the joint venture. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets.

Q1 2024
Unconsolidated joint ventures (continued)

for the three months ended March 31, 2024

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 26,079 $ 19,081 $ 22,003 $ 11,709 $ 6,803 $ 21,264 $ 106,939
Straight-line rent 1,103 (791) 1,546 4,795 702 287 7,642
Fair value lease revenue — — 1,538 16 1,087 — 2,641
Termination income — — 5,319 — — — 5,319
Amortization and accretion related to sales type lease 55 — — — — — 55
Total lease revenue 27,237 18,290 30,406 16,520 8,592 21,551 122,596
Parking and other 1,400 1,979 147 212 550 872 5,160
Total rental revenue 3 28,637 20,269 30,553 16,732 9,142 22,423 127,756
Expenses
Operating 11,123 6,565 13,325 5,848 3,580 8,535 48,976
Net operating income/(loss) 17,514 13,704 17,228 10,884 5,562 13,888 78,780
Other income/(expense)
Development and management services revenue — — 556 — — — 556
Interest and other income (loss) 277 759 271 (1) 156 620 2,082
Interest expense (11,319) (4,998) (13,508) — (4,853) (8,885) (43,563)
Unrealized gain on derivative instruments — — 10,112 — — — 10,112
Transaction costs (1) (1) — — (1) — (3)
Depreciation and amortization expense (8,651) (5,361) (9,470) (6,383) (4,735) (4,823) (39,423)
General and administrative expense (1) — (211) (5) (3) — (220)
Total other income/(expense) (19,695) (9,601) (12,250) (6,389) (9,436) (13,088) (70,459)
Net income/(loss) $ (2,181) $ 4,103 $ 4,978 $ 4,495 $ (3,874) $ 800 $ 8,321
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss) $ (1,091) $ 2,052 $ 613 $ 2,183 $ (1,303) $ 504 $ 2,958
Basis differential
Straight-line rent $ — $ 91 4 $ 224 4 $ 7 4 $ — $ — $ 322
Fair value lease revenue — 305 4 117 4 (219) 4 — — 203
Fair value interest adjustment — — (499) — — — (499)
Amortization of financing costs — — 111 — — — 111
Unrealized gain on derivative instruments — — (2,699) — — — (2,699)
Depreciation and amortization expense (6) (1,112) 4 (1,382) 4 (574) 4 278 (110) (2,906)
Gain on sale / consolidation — — — — — 21,696 5 21,696
Total basis differential 6 (6) (716) 4 (4,128) 4 (786) 4 278 21,586 16,228
Income/(loss) from unconsolidated joint ventures (1,097) 1,336 (3,515) 1,397 (1,025) 22,090 19,186
Add:
BXP’s share of depreciation and amortization expense 4,331 3,792 4,835 3,753 1,316 2,196 20,223
Less:
Gain on sale / consolidation — — — — — 21,696 5 21,696
BXP’s share of FFO $ 3,234 $ 5,128 $ 1,320 $ 5,150 $ 291 $ 2,590 $ 17,713

_____________

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.

2 Lease revenue includes recoveries from clients and service income from clients.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

4 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.

5 On January 8, 2024, the Company's joint venture partner in 901 New York Avenue transferred all of its ownership interest in the joint venture to the Company for a gross purchase price of $10.0 million. The Company recorded a gain of approximately $21.8 million on the consolidation of 901 New York Avenue.

6 Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.

Q1 2024
Lease expirations - All in-service properties1, 2, 3

as of March 31, 2024

OFFICE
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 2,330,407 133,263,648 64.64 5.26 % 4
2025 3,025,812 192,408,649 73.21 6.70 %
2026 2,559,730 169,499,016 76.91 5.62 %
2027 2,341,985 162,693,797 76.80 5.40 %
2028 3,348,083 225,923,688 84.73 6.80 %
2029 3,704,046 236,307,182 72.03 8.37 %
2030 2,852,006 213,128,859 77.41 7.02 %
2031 2,220,462 166,905,857 85.83 4.96 %
2032 2,232,097 153,855,763 78.54 5.00 %
2033 2,596,504 194,950,667 79.38 6.26 %
Thereafter 13,284,566 859,894,499 81.08 27.05 %

All values are in US Dollars.

RETAIL
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 59,725 4,760,559 81.07 2.52 % 4
2025 89,920 7,425,647 83.70 3.81 %
2026 119,266 23,112,985 210.93 4.71 %
2027 126,021 13,118,435 113.48 4.97 %
2028 97,350 11,899,084 124.50 4.11 %
2029 147,432 15,995,427 113.05 6.08 %
2030 136,273 9,309,627 92.20 4.34 %
2031 76,298 5,610,400 80.80 2.98 %
2032 101,253 7,505,921 75.40 4.28 %
2033 481,554 31,337,795 69.93 19.26 %
Thereafter 640,378 63,086,422 134.95 20.09 %

All values are in US Dollars.

IN-SERVICE PROPERTIES
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 2,390,132 138,024,207 65.10 5.11 % 4
2025 3,115,732 199,834,296 73.55 6.54 %
2026 2,678,996 192,612,001 83.26 5.57 %
2027 2,468,006 175,812,232 78.69 5.38 %
2028 3,445,433 237,822,772 86.10 6.65 %
2029 3,851,478 252,302,609 73.73 8.24 %
2030 2,988,279 222,438,486 77.93 6.87 %
2031 2,296,760 172,516,257 85.66 4.85 %
2032 2,333,350 161,361,684 78.39 4.96 %
2033 3,078,058 226,288,462 77.92 6.99 %
Thereafter 13,924,944 922,980,921 83.36 26.66 %

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Lease expirations - Boston region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 413,253 390,676 4
2025 939,456 910,312
2026 811,025 776,791
2027 698,994 691,194
2028 1,006,229 988,828
2029 1,208,821 1,075,335
2030 1,514,148 1,501,475
2031 614,745 547,908
2032 575,342 575,342
2033 466,430 455,679
Thereafter 4,800,867 3,872,833

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 26,386 26,386 4
2025 43,215 42,900
2026 26,513 26,513
2027 67,909 61,595
2028 46,656 46,656
2029 64,171 62,821
2030 92,892 57,592
2031 4,266 4,266
2032 65,011 64,420
2033 284,391 250,988
Thereafter 208,392 167,895

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 439,639 417,062 4
2025 982,671 953,212
2026 837,538 803,304
2027 766,903 752,789
2028 1,052,885 1,035,484
2029 1,272,992 1,138,156
2030 1,607,040 1,559,067
2031 619,011 552,174
2032 640,353 639,762
2033 750,821 706,667
Thereafter 5,009,259 4,040,728

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 52,541 41,413 4
Q2 2024 188,831 182,925
Q3 2024 78,448 72,905
Q4 2024 93,433 93,433
Total 2024 413,253 390,676
Q1 2025 33,994 33,994
Q2 2025 618,608 608,609
Q3 2025 20,880 20,880
Q4 2025 265,974 246,830
Total 2025 939,456 910,312

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 3,233 3,233 4
Q2 2024 7,966 7,966
Q3 2024 300 300
Q4 2024 14,887 14,887
Total 2024 26,386 26,386
Q1 2025 28,950 28,635
Q2 2025 1,717 1,717
Q3 2025 5,047 5,047
Q4 2025 7,501 7,501
Total 2025 43,215 42,900

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 55,774 44,646 4
Q2 2024 196,797 190,891
Q3 2024 78,748 73,205
Q4 2024 108,320 108,320
Total 2024 439,639 417,062
Q1 2025 62,944 62,629
Q2 2025 620,325 610,326
Q3 2025 25,927 25,927
Q4 2025 273,475 254,331
Total 2025 982,671 953,212

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 251,308 251,308
2025 38,285 38,285
2026 4,573 4,573
2027 28,614 28,614
2028 246,857 149,060
2029 415,771 240,815
2030 19,977 19,977
2031 — —
2032 237,933 118,967
2033 186,894 93,447
Thereafter 494,641 494,641

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 11,367 10,367 4
2025 7,851 6,966
2026 — —
2027 — —
2028 — —
2029 38,118 38,118
2030 5,283 5,283
2031 — —
2032 — —
2033 — —
Thereafter 23,820 14,824

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 262,675 261,675 4
2025 46,136 45,251
2026 4,573 4,573
2027 28,614 28,614
2028 246,857 149,060
2029 453,889 278,933
2030 25,260 25,260
2031 — —
2032 237,933 118,967
2033 186,894 93,447
Thereafter 518,461 509,465

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 17,709 17,709
Q3 2024 25,347 25,347
Q4 2024 208,252 208,252
Total 2024 251,308 251,308
Q1 2025 4,944 4,944
Q2 2025 766 766
Q3 2025 7,311 7,311
Q4 2025 25,264 25,264
Total 2025 38,285 38,285

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 9,367 9,367 4
Q2 2024 — —
Q3 2024 2,000 1,000
Q4 2024 — —
Total 2024 11,367 10,367
Q1 2025 — —
Q2 2025 1,770 885
Q3 2025 6,081 6,081
Q4 2025 — —
Total 2025 7,851 6,966

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 9,367 9,367 4
Q2 2024 17,709 17,709
Q3 2024 27,347 26,347
Q4 2024 208,252 208,252
Total 2024 262,675 261,675
Q1 2025 4,944 4,944
Q2 2025 2,536 1,651
Q3 2025 13,392 13,392
Q4 2025 25,264 25,264
Total 2025 46,136 45,251

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Lease expirations - New York region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 693,155 487,551 4
2025 1,076,512 768,634
2026 720,511 554,870
2027 437,217 366,111
2028 634,922 438,896
2029 824,713 792,255
2030 749,875 698,110
2031 366,871 316,752
2032 256,195 166,744
2033 340,044 306,845
Thereafter 4,494,355 3,149,712

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 10,833 10,833
2025 4,179 4,179
2026 32,924 27,497
2027 — —
2028 2,424 647
2029 8,463 4,557
2030 1,023 1,023
2031 12,787 9,277
2032 12,182 11,064
2033 19,279 19,279
Thereafter 274,025 153,725

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 703,988 498,384 4
2025 1,080,691 772,813
2026 753,435 582,367
2027 437,217 366,111
2028 637,346 439,543
2029 833,176 796,812
2030 750,898 699,133
2031 379,658 326,029
2032 268,377 177,808
2033 359,323 326,124
Thereafter 4,768,380 3,303,437

All values are in US Dollars. 4

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 58,998 55,400 4
Q2 2024 379,258 202,243
Q3 2024 188,687 167,547
Q4 2024 66,212 62,361
Total 2024 693,155 487,551
Q1 2025 464,546 180,821
Q2 2025 144,477 127,861
Q3 2025 175,056 171,227
Q4 2025 292,433 288,725
Total 2025 1,076,512 768,634

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 10,833 10,833
Q3 2024 — —
Q4 2024 — —
Total 2024 10,833 10,833
Q1 2025 — —
Q2 2025 — —
Q3 2025 4,179 4,179
Q4 2025 — —
Total 2025 4,179 4,179

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 58,998 55,400 4
Q2 2024 390,091 213,076
Q3 2024 188,687 167,547
Q4 2024 66,212 62,361
Total 2024 703,988 498,384
Q1 2025 464,546 180,821
Q2 2025 144,477 127,861
Q3 2025 179,235 175,406
Q4 2025 292,433 288,725
Total 2025 1,080,691 772,813

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Lease expirations - San Francisco region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 554,951 518,490 4
2025 670,794 640,108
2026 647,730 556,638
2027 528,415 517,451
2028 649,554 619,519
2029 403,550 367,864
2030 359,484 347,871
2031 1,089,430 945,122
2032 307,574 277,057
2033 623,568 623,568
Thereafter 306,210 306,210

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 2,305 2,305
2025 10,063 10,063
2026 13,903 13,903
2027 12,566 12,566
2028 15,808 15,808
2029 3,403 3,403
2030 6,567 6,567
2031 30,155 26,801
2032 6,357 6,357
2033 30,570 30,570
Thereafter — —

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 557,256 520,795 75.08 4
2025 680,857 650,171
2026 661,633 570,541
2027 540,981 530,017
2028 665,362 635,327
2029 406,953 371,267
2030 366,051 354,438
2031 1,119,585 971,923
2032 313,931 283,414
2033 654,138 654,138
Thereafter 306,210 306,210

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 12,456 6,228 4
Q2 2024 289,908 280,187
Q3 2024 46,972 36,300
Q4 2024 205,615 195,775
Total 2024 554,951 518,490
Q1 2025 68,310 68,310
Q2 2025 161,661 148,106
Q3 2025 269,442 256,115
Q4 2025 171,381 167,578
Total 2025 670,794 640,108

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 1,821 1,821
Q3 2024 484 484
Q4 2024 — —
Total 2024 2,305 2,305
Q1 2025 2,282 2,282
Q2 2025 1,524 1,524
Q3 2025 5,837 5,837
Q4 2025 420 420
Total 2025 10,063 10,063

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 12,456 6,228 4
Q2 2024 291,729 282,008
Q3 2024 47,456 36,784
Q4 2024 205,615 195,775
Total 2024 557,256 520,795
Q1 2025 70,592 70,592
Q2 2025 163,185 149,630
Q3 2025 275,279 261,952
Q4 2025 171,801 167,998
Total 2025 680,857 650,171

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Lease expirations - Seattle region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 23,072 22,430 4
2025 32,959 16,876
2026 43,521 42,653
2027 76,817 73,898
2028 649,347 312,816
2029 254,820 234,762
2030 33,054 33,054
2031 4,742 1,597
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 — —
2026 3,686 1,241
2027 — —
2028 945 945
2029 1,040 350
2030 — —
2031 3,048 3,048
2032 — —
2033 — —
Thereafter — —

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 23,072 22,430 4
2025 32,959 16,876
2026 47,207 43,894
2027 76,817 73,898
2028 650,292 313,761
2029 255,860 235,112
2030 33,054 33,054
2031 7,790 4,645
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 22,104 22,104 4
Q2 2024 — —
Q3 2024 — —
Q4 2024 968 326
Total 2024 23,072 22,430
Q1 2025 — —
Q2 2025 19,854 6,685
Q3 2025 — —
Q4 2025 13,105 10,191
Total 2025 32,959 16,876

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 — —
Q2 2025 — —
Q3 2025 — —
Q4 2025 — —
Total 2025 — —

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 22,104 22,104 4
Q2 2024 — —
Q3 2024 — —
Q4 2024 968 326
Total 2024 23,072 22,430
Q1 2025 — —
Q2 2025 19,854 6,685
Q3 2025 — —
Q4 2025 13,105 10,191
Total 2025 32,959 16,876

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 394,668 391,147 4
2025 267,806 254,064
2026 332,370 268,300
2027 571,928 441,263
2028 161,174 157,429
2029 596,371 569,420
2030 175,468 152,878
2031 144,674 133,256
2032 790,316 769,505
2033 979,568 976,416
Thereafter 3,147,964 2,768,151

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 8,834 8,834
2025 24,612 24,612
2026 42,240 40,423
2027 45,546 41,444
2028 31,517 31,517
2029 32,237 32,237
2030 30,508 30,508
2031 26,042 26,042
2032 17,703 17,703
2033 147,314 147,314
Thereafter 134,141 131,020

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 403,502 399,981 4
2025 292,418 278,676
2026 374,610 308,723
2027 617,474 482,707
2028 192,691 188,946
2029 628,608 601,657
2030 205,976 183,386
2031 170,716 159,298
2032 808,019 787,208
2033 1,126,882 1,123,730
Thereafter 3,282,105 2,899,171

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of March 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 7,465 7,465 4
Q2 2024 36,186 36,186
Q3 2024 76,105 72,584
Q4 2024 274,912 274,912
Total 2024 394,668 391,147
Q1 2025 71,357 66,020
Q2 2025 29,909 26,451
Q3 2025 109,106 106,956
Q4 2025 57,434 54,638
Total 2025 267,806 254,064

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 4,466 4,466
Q3 2024 1,702 1,702
Q4 2024 2,666 2,666
Total 2024 8,834 8,834
Q1 2025 5,594 5,594
Q2 2025 16,081 16,081
Q3 2025 943 943
Q4 2025 1,994 1,994
Total 2025 24,612 24,612

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 7,465 7,465 4
Q2 2024 40,652 40,652
Q3 2024 77,807 74,286
Q4 2024 277,578 277,578
Total 2024 403,502 399,981
Q1 2025 76,951 71,614
Q2 2025 45,990 42,532
Q3 2025 110,049 107,899
Q4 2025 59,428 56,632
Total 2025 292,418 278,676

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Lease expirations - CBD properties 1, 2, 3

as of March 31, 2024

Boston

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 149,574 126,997 4
2025 321,350 291,891
2026 581,437 547,203
2027 497,297 483,182
2028 799,686 782,285
2029 794,459 659,623
2030 1,427,033 1,379,059
2031 47,086 40,590
2032 440,634 440,043
2033 519,274 475,120
Thereafter 4,557,950 3,589,420

All values are in US Dollars.

Los Angeles

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 262,675 261,675 4
2025 46,136 45,251
2026 4,573 4,573
2027 28,614 28,614
2028 246,857 149,060
2029 453,889 278,933
2030 25,260 25,260
2031 — —
2032 237,933 118,967
2033 186,894 93,447
Thereafter 518,461 509,465

All values are in US Dollars.

New York

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 547,376 341,772 4
2025 825,372 517,494
2026 468,283 297,215
2027 239,162 168,056
2028 579,222 381,419
2029 634,613 598,249
2030 703,724 651,959
2031 218,382 164,753
2032 213,067 122,499
2033 339,892 306,693
Thereafter 4,650,732 3,185,789

All values are in US Dollars.

Q1 2024
Lease expirations - CBD properties (continued) 1, 2, 3

as of March 31, 2024

San Francisco

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 423,080 423,080
2025 284,590 284,590
2026 475,248 475,248
2027 436,712 436,712
2028 540,907 540,907
2029 284,098 284,098
2030 290,296 290,296
2031 828,871 828,871
2032 252,896 252,896
2033 654,138 654,138
Thereafter 306,210 306,210

All values are in US Dollars.

Seattle, WA

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 23,072 22,430 4
2025 32,959 16,876
2026 47,207 43,894
2027 76,817 73,898
2028 650,292 313,761
2029 255,860 235,112
2030 33,054 33,054
2031 7,790 4,645
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

Washington, DC

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 362,254 358,733 4
2025 235,683 221,941
2026 356,645 290,758
2027 592,925 458,157
2028 172,487 168,742
2029 625,955 599,004
2030 205,976 183,386
2031 168,446 157,028
2032 808,019 787,208
2033 1,055,138 1,051,986
Thereafter 3,257,827 2,874,893

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Lease expirations - Suburban properties 1, 2, 3

as of March 31, 2024

Boston

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 290,065 290,065 4
2025 661,321 661,321
2026 256,101 256,101
2027 269,606 269,606
2028 253,199 253,199
2029 478,533 478,533
2030 180,007 180,007
2031 571,925 511,585
2032 199,719 199,719
2033 231,547 231,547
Thereafter 451,309 451,309

All values are in US Dollars.

New York

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 156,612 156,612 4
2025 255,319 255,319
2026 285,152 285,152
2027 198,055 198,055
2028 58,124 58,124
2029 198,563 198,563
2030 47,174 47,174
2031 161,276 161,276
2032 55,310 55,310
2033 19,431 19,431
Thereafter 117,648 117,648

All values are in US Dollars.

San Francisco

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 134,176 97,715 4
2025 396,267 365,581
2026 186,385 95,293
2027 104,269 93,305
2028 124,455 94,420
2029 122,855 87,169
2030 75,755 64,142
2031 290,714 143,051
2032 61,035 30,518
2033 — —
Thereafter — —

All values are in US Dollars.

Q1 2024
Lease expirations - Suburban properties (continued) 1, 2, 3

as of March 31, 2024

Washington, DC

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 41,248 41,248
2025 56,735 56,735
2026 17,965 17,965
2027 24,549 24,549
2028 20,204 20,204
2029 2,653 2,653
2030 — —
2031 2,270 2,270
2032 — —
2033 71,744 71,744
Thereafter 24,278 24,278

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q1 2024
Research coverage

With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by the analysts listed below do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference below imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.

Equity Research Coverage
Argus Research Company Marie Ferguson 646.747.5447
Bank of America Merrill Lynch Jeffrey Spector / Camille Bonnel 646.855.1363 / 416.369.2140
Barclays Brendan Lynch 212.526.9428
BMO Capital John Kim 212.885.4115
BTIG Tom Catherwood 212.738.6140
Citi Nicholas Joseph / Michael Griffin 212.816.1909 / 212.816.5871
Compass Point Research & Trading, LLC Floris van Dijkum 646.757.2621
Deutsche Bank Omotayo Okusanya 212.250.9284
Evercore ISI Steve Sakwa 212.446.9462
Goldman Sachs Caitlin Burrows 212.902.4736
Green Street Advisors Dylan Burzinski 949.640.8780
Jefferies & Co. Peter Abramowitz 212.336.7241
J.P. Morgan Securities Anthony Paolone 212.622.6682
Keybanc Capital Market Todd Thomas/Upal Rana 917.368.2286 / 917.368.2316
Mizuho Securities Vikram Malhotra 212.209.9300
Morgan Stanley Ronald Kamdem 212.296.8319
Piper Sandler Companies Alexander Goldfarb 212.466.7937
Scotiabank GBM Nicholas Yulico 212.225.6904
Truist Securities Michael Lewis 212.319.5659
UBS US Equity Research Michael Goldsmith 212.713.2951
Wedbush Richard Anderson 212.938.9949
Wells Fargo Securities Blaine Heck 443.263.6529
Wolfe Research Andrew Rosivach 646.582.9250 Debt Research Coverage
--- --- ---
Barclays Srinjoy Banerjee 212.526.3521
J.P. Morgan Securities Mark Streeter 212.834.5086
US Bank Bill Stafford 877.558.2605
Wells Fargo Kevin McClure 704.410.1100 Rating Agencies
--- --- ---
Moody’s Investors Service Christian Azzi 212.553.7718
Standard & Poor’s Hannah Gray 212.438.0244
Q1 2024
--- ---
Definitions

This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents the Company files or furnishes to the SEC from time to time.

The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 60.

The Company may also present "BXP's Share" of certain operating metrics, such as occupancy and leased percentages based upon square footage. Amounts are calculated based on our consolidated portfolio square feet, plus our share of the square feet from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners’ share of square feet from our consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests).

Annualized Rental Obligations

Annualized Rental Obligations is defined as monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12).

Average Economic Occupancy

Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.

Average Monthly Rental Rates

Average Monthly Rental Rates are calculated by the Company as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP by (B) the number of occupied units for each month within the applicable fiscal period.

Average Physical Occupancy

Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.

Debt to Market Capitalization Ratio

Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, (5) common units issuable upon conversion of 2013 MYLTIP Units that were issued in the form of LTIP Units, (6) common units issuable upon conversion of 2014 MYLTIP Units that were issued in the form of LTIP Units, (7) common units issuable upon conversion of 2015 MYLTIP Units that were issued in the form of LTIP Units, (8) common units issuable upon conversion of 2016 MYLTIP Units that were issued in the form of LTIP Units, (9) common units issuable upon conversion of 2017 MYLTIP Units that were issued in the form of LTIP Units, (10) common units issuable upon conversion of 2018 MYLTIP Units that were issued in the form of LTIP Units, (11) common units issuable upon conversion of 2019 MYLTIP Units, (12) on and after February 3, 2023, which was the end of the performance period for 2020 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2020 MYLTIP Units that were issued in the form of LTIP Units and (13) on and after February 1, 2024, which was the end of the performance period for 2021 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2021 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2022, 2023 and 2024 MYLTIP Units are not included.

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

Q1 2024
Definitions (continued)

evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), the Company calculates EBITDAre as net income (loss) attributable to Boston Properties, Inc, the most directly comparable GAAP financial measure, plus net (income) loss attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment loss and adjustments to reflect the Company’s share of EBITDAre from unconsolidated joint ventures less gains (losses) on sales of real estate and sales-type leases. EBITDAre is a non-GAAP financial measure. The Company uses EBITDAre internally as a performance measure and believes EBITDAre provides useful information to investors regarding its financial condition and results of operations at the corporate level because, when compared across periods, EBITDAre reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and acquisition and development activities on an unleveraged basis, providing perspective not immediately apparent from net income (loss) attributable to Boston Properties, Inc.

In some cases the Company also presents (A) BXP’s Share of EBITDAre – cash, which is BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion of sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements, and (B) Annualized EBITDAre, which is EBITDAre for the applicable fiscal quarter ended multiplied by four (4). Presenting BXP’s Share of EBITDAre – cash allows investors to compare EBITDAre across periods without taking into account the effect of certain non-cash rental revenues, ground rent expense and stock based compensation expense. Similar to depreciation and amortization, because of historical cost accounting, fair value lease revenue may distort operating performance measures at the property level. Additionally, presenting EBITDAre excluding the impact of straight-line rent provides investors with an alternative view of operating performance at the property level that more closely reflects rental revenue generated at the property level without regard to future contractual increases in rental rates. In addition, the Company’s management believes that the presentation of Annualized EBITDAre provides useful information to investors regarding the Company’s results of operations because it enables investors to more easily compare quarterly EBITDAre to EBITDAre from full fiscal years.

The Company’s computation of EBITDAre may not be comparable to EBITDAre reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  The Company believes that in order to facilitate a clear understanding of its operating results, EBITDAre should be examined in conjunction with net income (loss) attributable to Boston Properties, Inc. as presented in the Company’s consolidated financial statements. EBITDAre should not be considered a substitute to net income (loss) attributable to Boston Properties, Inc. in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

Fixed Charge Coverage Ratio

Fixed Charge Coverage Ratio equals BXP’s Share of EBITDAre – cash divided by Total Fixed Charges. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense, stock-based compensation expense and lease transaction costs that qualify as rent inducements. Total Fixed Charges is also a non-GAAP financial measure equal to the sum of BXP’s Share of interest expense, capitalized interest, maintenance capital expenditures, hotel improvements, equipment upgrades and replacements and preferred dividends/distributions less hedge amortization and amortization of financing costs. The Company believes that the presentation of its Fixed Charge Coverage Ratio provides investors with useful information about the Company’s financial performance as it relates to overall financial flexibility and balance sheet management. Furthermore, the Company believes that the Fixed Charge Coverage Ratio is frequently used by analysts, rating agencies and other interested parties in the evaluation of the Company’s performance as a REIT and, as a result, by presenting the Fixed Charge Coverage Ratio the Company assists these parties in their evaluations.  The Company’s calculation of its Fixed Charge Coverage Ratio may not be comparable to the ratios reported by other REITs or real estate companies that define the term differently and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

Funds Available for Distribution (FAD) and FAD Payout Ratio

In addition to FFO, which is defined on the following page, the Company presents Funds Available for Distribution to common shareholders and common unitholders (FAD), which is a non-GAAP financial measure that is calculated by (1) adding to FFO lease transaction costs that qualify as rent inducements, non-real estate depreciation and amortization, non-cash losses (gains) from early extinguishments of debt, stock-based compensation expense, partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences) and unearned portion of capitalized fees, (2) eliminating the effects of straight-line rent, straight-line ground rent expense adjustment (excluding prepaid ground rent expense), hedge amortization, fair value interest adjustment, fair value lease revenue and amortization and accretion related to sales type lease receivable, and (3) subtracting maintenance capital expenditures, hotel improvements, equipment upgrades and replacements, 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences), non-cash termination income adjustment (fair value lease amounts) and impairments of non-depreciable real estate. The Company believes that the presentation of FAD provides useful information to investors regarding the Company’s results of operations because FAD provides supplemental information regarding the Company’s operating performance that would not otherwise be available and may be useful to investors in assessing the Company’s operating performance. Additionally, although the Company does not consider FAD to be a liquidity measure, as it does not make adjustments to reflect changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, the Company believes that FAD may provide investors with useful supplemental information regarding the Company’s ability to generate cash from its operating performance and the impact of the Company’s operating performance on its ability to make distributions to its shareholders. Furthermore, the Company believes that FAD is frequently used by analysts, investors and other interested parties in the evaluation of its performance as a REIT and, as a result, by presenting FAD the Company is assisting these parties in their evaluation. FAD should not be considered as a substitute for net income (loss) attributable to Boston Properties, Inc.’s co determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

Q1 2024
Definitions (continued)

Funds from Operations (FFO)

Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties or a change in control, impairment losses on depreciable real estate consolidated on the Company’s balance sheet, impairment losses on its investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but the Company believes the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing the Company’s operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income (loss) attributable to Boston Properties, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income (loss) attributable to Boston Properties, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

In-Service Properties

The Company treats a property as being “in-service” upon the earlier of (1) lease-up and completion of tenant improvements or (2) one year after cessation of major construction activity as determined under GAAP. The determination as to when an entire property should be treated as “in-service” involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics, the Company specifies a single date for treating a property as “in-service,” which is generally later than the date the property is partially placed in-service under GAAP. Under GAAP, a property may be placed in-service in stages as construction is completed and the property is held available for occupancy. In addition, under GAAP, when a portion of a property has been substantially completed and either occupied or held available for occupancy, the Company ceases capitalizing costs on that portion, even though it may not treat the property as being “in-service,” and continues to capitalize only those costs associated with the portion still under construction. In-service properties include properties held by the Company’s unconsolidated joint ventures. A property will no longer be considered “in-service” when the occupied percentage is below 50% and the Company is no longer actively leasing the property in anticipation of a future development/redevelopment.

Interest Coverage Ratio

Interest Coverage Ratio, calculated including and excluding capitalized interest, is a non-GAAP financial measure equal to BXP’s Share of EBITDAre – cash divided by Adjusted interest expense. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements. Adjusted interest expense excluding capitalized interest is equal to BXP’s Share of interest expense less (1) BXP’s Share of hedge amortization, (2) BXP’s Share of fair value interest adjustment and (3) BXP’s Share of amortization of financing costs. Adjusted interest expense including capitalized interest is calculated in the same manner but adds back BXP’s Share of capitalized interest. The Company believes that the presentation of its Interest Coverage Ratio provides useful information about the Company’s financial condition because it provides investors additional information on the Company’s ability to meet its debt obligations and incur additional indebtedness. In addition, by analyzing interest coverage ratios over a period of time, trends may emerge that provide investors a better sense of whether a company’s financial condition is improving or declining. The ratios may also be used to compare the financial condition of different companies, which can help when making an investment decision. The Company presents its Interest Coverage Ratio in two ways - including capitalized interest and excluding capitalized interest. GAAP requires the capitalization of interest expense during development. Therefore, for a company like Boston Properties, Inc. that is an active developer of real estate, presenting the Interest Coverage Ratio (excluding capitalized interest) provides an alternative measure of financial condition that may be more indicative of the Company’s ability to meet its interest expense obligations and therefore its overall financial condition. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

Market Rents

Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could therefore vary materially. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Net Debt

Net Debt is equal to (A) the Company’s consolidated debt plus special dividends payable (if any) less (B) cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) (if any). The Company believes that the presentation of Net Debt provides useful information to investors because the Company reviews Net Debt as part of the management of its overall financial flexibility, capital structure and leverage. In particular, Net Debt is an important component of the Company’s ratio of BXP’s Share of Net Debt to BXP’s Share of EBITDAre.  BXP’s Share of Net Debt is calculated in a similar manner to Net Debt, except that (1) BXP’s Share of Debt is utilized instead of the Company’s consolidated debt after eliminating BXP’s Share of the related party note receivable and (2) BXP’s Share of cash is utilized instead of consolidated cash. The Company believes BXP’s Share of Net Debt to BXP’s Share of EBITDAre is useful to investors because it provides an alternative measure of the Company’s financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company’s Net Debt as part of their assessments of its business. The Company may utilize a considerable portion of its cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) may not be solely controlled by the Company. The deduction of these items from consolidated debt in the calculation of Net Debt therefore should not be understood to mean that these items are available exclusively for debt reduction at any given time.

Q1 2024
Definitions (continued)

Net Operating Income/(Loss) (NOI)

Net operating income/(loss) (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to Boston Properties, Inc., the most directly comparable GAAP financial measure, plus (1) net (income) loss attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, impairment loss, losses from interest rate contracts, unrealized loss on non-real estate investment, losses from early extinguishments of debt, and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate, gains (losses) from investments in securities, interest and other income (loss), and gain on sales-type lease. In some cases, the Company also presents (1) NOI – cash, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) NOI and NOI – cash, in each case excluding termination income.

The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company’s results of operations and financial condition because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues, amortization and accretion related to sales type lease receivable and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent and amortization and accretion related to sale type lease receivable provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and are not reflective of the core ongoing operating performance of the Company’s properties.

Rental Obligations

Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements.

Rental Revenue

Rental Revenue is equal to Total revenue, the most directly comparable GAAP financial measure, less development and management services revenue and direct reimbursements of payroll and related costs from management services contracts. The Company uses Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods. The Company also presents Rental Revenue (excluding termination income) because termination income can distort the results for any given period because it generally represents multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and does not reflect the core ongoing operating performance of the Company’s properties.

Same Properties

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired, repositioned or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” Pages 21 - 24 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

Q1 2024
Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
Three Months Ended
31-Mar-24 31-Dec-23
Revenue $ 839,439 $ 828,933
Partners’ share of revenue from consolidated joint ventures (JVs) (80,049) (81,552)
BXP’s share of revenue from unconsolidated JVs 56,655 63,776
BXP’s Share of revenue $ 816,045 $ 811,157
Straight-line rent $ 40,520 $ 29,235
Partners’ share of straight-line rent from consolidated JVs (4,925) (4,555)
BXP’s share of straight-line rent from unconsolidated JVs 3,889 4,085
BXP’s Share of straight-line rent $ 39,484 $ 28,765
Fair value lease revenue 1 $ 1,394 $ 2,518
Partners’ share of fair value lease revenue from consolidated JVs 1 11 (131)
BXP’s share of fair value lease revenue from unconsolidated JVs 1 987 1,054
BXP’s Share of fair value lease revenue 1 $ 2,392 $ 3,441
Lease termination income $ 1,999 $ 10,485
Partners’ share of termination income from consolidated JVs 34 (135)
BXP’s share of termination income from unconsolidated JVs 2,659 —
BXP’s Share of termination income $ 4,692 $ 10,350
Non-cash termination income adjustment (fair value lease amounts) $ 189 $ 3,129
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs — —
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs — —
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) $ 189 $ 3,129
Parking and other revenue $ 29,693 $ 30,676
Partners’ share of parking and other revenue from consolidated JVs (667) (831)
BXP’s share of parking and other revenue from unconsolidated JVs 2,392 2,407
BXP’s Share of parking and other revenue $ 31,418 $ 32,252
Hedge amortization, net of costs $ 1,590 $ 1,590
Partners’ share of hedge amortization, net of costs from consolidated JVs (144) (144)
BXP’s share of hedge amortization, net of costs from unconsolidated JVs 584 584
BXP’s Share of hedge amortization, net of costs $ 2,030 $ 2,030
Straight-line ground rent expense adjustment $ 520 $ 35
Partners’ share of straight-line ground rent expense adjustment from consolidated JVs — —
BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs 139 139
BXP’s Share of straight-line ground rent expense adjustment $ 659 $ 174
Depreciation and amortization $ 218,716 $ 212,067
Noncontrolling interests in property partnerships’ share of depreciation and amortization (18,695) (19,284)
BXP’s share of depreciation and amortization from unconsolidated JVs 20,223 24,132
BXP’s Share of depreciation and amortization $ 220,244 $ 216,915
Lease transaction costs that qualify as rent inducements 2 $ 5,312 $ 1,276
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2 — (164)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2 13 202
BXP’s Share of lease transaction costs that qualify as rent inducements 2 $ 5,325 $ 1,314
2nd generation tenant improvements and leasing commissions $ 97,364 $ 65,117
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs (13,926) (12,582)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs 1,093 1,174
BXP’s Share of 2nd generation tenant improvements and leasing commissions $ 84,531 $ 53,709 Q1 2024
--- ---
Reconciliations (continued) Maintenance capital expenditures 3 $ 13,102 $ 18,302
--- --- --- --- ---
Partners’ share of maintenance capital expenditures from consolidated JVs 3 (2,072) (2,918)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 3 14 781
BXP’s Share of maintenance capital expenditures 3 $ 11,044 $ 16,165
Interest expense $ 161,891 $ 155,080
Partners’ share of interest expense from consolidated JVs (11,883) (12,013)
BXP’s share of interest expense from unconsolidated JVs 18,759 22,718
BXP’s Share of interest expense $ 168,767 $ 165,785
Capitalized interest $ 9,381 $ 9,207
Partners’ share of capitalized interest from consolidated JVs (32) (24)
BXP’s share of capitalized interest from unconsolidated JVs 3,399 2,295
BXP’s Share of capitalized interest $ 12,748 $ 11,478
Amortization of financing costs $ 5,436 $ 5,430
Partners’ share of amortization of financing costs from consolidated JVs (498) (498)
BXP’s share of amortization of financing costs from unconsolidated JVs 377 478
BXP’s Share of amortization of financing costs $ 5,315 $ 5,410
Fair value interest adjustment $ 4,302 $ 140
Partners’ share of fair value of interest adjustment from consolidated JVs — —
BXP’s share off fair value interest adjustment from unconsolidated JVs 499 499
BXP’s Share of fair value interest adjustment $ 4,801 $ 639
Amortization and accretion related to sales type lease $ 242 $ 238
Partners’ share of amortization and accretion related to sales type lease from consolidated JVs — —
BXP’s share off amortization and accretion related to sales type lease from unconsolidated JVs 27 18
BXP’s Share of amortization and accretion related to sales type lease $ 269 $ 256

_____________

1Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in place at the property acquisition dates.

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 period the lease commences.

3Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures.

Q1 2024
Reconciliations (continued)

for the three months ended March 31, 2024

(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 73,846 $ 99,836 $ 173,682
Straight-line rent 5,893 5,707 11,600
Fair value lease revenue (27) — (27)
Termination income — (75) (75)
Total lease revenue 79,712 105,468 185,180
Parking and other 66 1,424 1,490
Total rental revenue 3 79,778 106,892 186,670
Expenses
Operating 33,327 41,133 74,460
Net Operating Income (NOI) 46,451 65,759 112,210
Other income (expense)
Development and management services revenue 69 21 90
Losses from investments in securities — (5) (5)
Interest and other income 1,450 1,620 3,070
Interest expense (21,176) (7,589) (28,765)
Depreciation and amortization expense (17,090) (24,881) (41,971)
General and administrative expense (2) (149) (151)
Total other income (expense) (36,749) (30,983) (67,732)
Net income $ 9,702 $ 34,776 $ 44,478
BXP’s nominal ownership percentage 60.00% 55.00%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4 $ 17,915 $ 28,655 $ 46,570
BXP’s share of NOI (after income allocation to private REIT shareholders) $ 28,536 $ 37,104 $ 65,640
Unearned portion of capitalized fees 5 $ 179 $ 162 $ 341
Partners’ share of select items 4
Partners’ share of parking and other revenue $ 26 $ 641 $ 667
Partners’ share of hedge amortization $ 144 $ — $ 144
Partners’ share of amortization of financing costs $ 346 $ 152 $ 498
Partners’ share of depreciation and amortization related to capitalized fees $ 392 $ 463 $ 855
Partners’ share of capitalized interest $ — $ 32 $ 32
Partners’ share of management and other fees $ 666 $ 944 $ 1,610
Partners’ share of basis differential depreciation and amortization expense $ (23) $ (170) $ (193)
Partners’ share of basis differential interest and other adjustments $ (3) $ 40 $ 37
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI $ 2,849 $ 14,372 $ 17,221
Add:
Partners’ share of interest expense after BXP’s basis differential 8,468 3,415 11,883
Partners’ share of depreciation and amortization expense after BXP’s basis differential 7,205 11,490 18,695
Partners’ share of EBITDAre $ 18,522 $ 29,277 $ 47,799
Q1 2024
--- ---
Reconciliations (continued)

for the three months ended March 31, 2024

(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
767 Fifth Avenue Total Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 6 (The GM Building) Norges Joint Ventures 1 Joint Ventures
Rental revenue 3 $ 31,911 $ 48,101 $ 80,012
Less: Termination income — (34) (34)
Rental revenue (excluding termination income) 3 31,911 48,135 80,046
Less: Operating expenses (including partners’ share of management and other fees) 13,996 19,446 33,442
Income allocation to private REIT shareholders — — —
NOI (excluding termination income and after income allocation to private REIT shareholders) $ 17,915 $ 28,689 $ 46,604
Rental revenue (excluding termination income) 3 $ 31,911 $ 48,135 $ 80,046
Less: Straight-line rent 2,357 2,568 4,925
Fair value lease revenue (11) — (11)
Add: Lease transaction costs that qualify as rent inducements — — —
Subtotal 29,565 45,567 75,132
Less: Operating expenses (including partners’ share of management and other fees) 13,996 19,446 33,442
Income allocation to private REIT shareholders — — —
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 15,569 $ 26,121 $ 41,690
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3 $ 31,911 $ 48,101 $ 80,012
Add: Development and management services revenue 28 9 37
Revenue $ 31,939 $ 48,110 $ 80,049

_________

1Norges Joint Ventures include Times Square Tower, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street. See the Acquisitions and Dispositions section of this Supplemental package on page 14 for additional information related to 290 Binney Street.

2 Lease revenue includes recoveries from clients and service income from clients.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

4Amounts represent the partners’ share based on their respective ownership percentage.

5Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income.

6Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.

Q1 2024
Reconciliations (continued)

for the three months ended March 31, 2024

(unaudited and dollars in thousands)

UNCONSOLIDATED JOINT VENTURES 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 26,079 $ 19,081 $ 22,003 $ 11,709 $ 6,803 $ 21,264 $ 106,939
Straight-line rent 1,103 (791) 1,546 4,795 702 287 7,642
Fair value lease revenue — — 1,538 16 1,087 — 2,641
Termination income — — 5,319 — — — 5,319
Amortization and accretion related to sales type lease 55 — — — — — 55
Total lease revenue 27,237 18,290 30,406 16,520 8,592 21,551 122,596
Parking and other 1,400 1,979 147 212 550 872 5,160
Total rental revenue 3 28,637 20,269 30,553 16,732 9,142 22,423 127,756
Expenses
Operating 11,123 6,565 13,325 4 5,848 3,580 8,535 48,976
Net operating income/(loss) 17,514 13,704 17,228 10,884 5,562 13,888 78,780
Other income/(expense)
Development and management services revenue — — 556 — — — 556
Interest and other income (loss) 277 759 271 (1) 156 620 2,082
Interest expense (11,319) (4,998) (13,508) — (4,853) (8,885) (43,563)
Unrealized gain on derivative instruments — — 10,112 — — — 10,112
Transaction costs (1) (1) — — (1) — (3)
Depreciation and amortization expense (8,651) (5,361) (9,470) (6,383) (4,735) (4,823) (39,423)
General and administrative expense (1) — (211) (5) (3) — (220)
Total other income/(expense) (19,695) (9,601) (12,250) (6,389) (9,436) (13,088) (70,459)
Net income/(loss) $ (2,181) $ 4,103 $ 4,978 $ 4,495 $ (3,874) $ 800 $ 8,321
BXP’s share of select items:
BXP’s share of parking and other revenue $ 700 $ 990 $ 73 $ 106 $ 185 $ 338 $ 2,392
BXP’s share of amortization of financing costs $ 156 $ 23 $ 65 $ — $ 29 $ 104 $ 377
BXP’s share of hedge amortization, net of costs $ — $ — $ — $ — $ 584 $ — $ 584
BXP’s share of fair value interest adjustment $ — $ — $ 499 $ — $ — $ — $ 499
BXP’s share of capitalized interest $ — $ — $ 3,097 $ — $ — $ 302 $ 3,399
BXP’s share of amortization and accretion related to sales type lease $ 27 $ — $ — $ — $ — $ — $ 27
Reconciliation of BXP’s share of EBITDAre
Income/(loss) from unconsolidated joint ventures $ (1,097) $ 1,336 $ (3,515) $ 1,397 $ (1,025) $ 22,090 $ 19,186
Add:
BXP’s share of interest expense 5,660 2,499 4,899 — 1,634 4,067 18,759
BXP’s share of depreciation and amortization expense 4,331 3,792 5 4,835 3,753 5 1,316 2,196 20,223
Less:
Gain on sale / consolidation — — — — — 21,696 6 21,696
BXP’s share of EBITDAre $ 8,894 $ 7,627 5 $ 6,219 $ 5,150 5 $ 1,925 $ 6,657 $ 36,472 Q1 2024
--- ---
Reconciliations (continued) UNCONSOLIDATED JOINT VENTURES 1
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliation of BXP’s share of Net Operating Income/(Loss) Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
BXP’s share of rental revenue 3 $ 14,319 $ 10,531 5 $ 10,339 5 $ 8,109 5 $ 3,078 $ 10,001 $ 56,377
BXP’s share of operating expenses 5,562 3,283 4,355 2,955 1,202 3,590 20,947
BXP’s share of net operating income/(loss) 8,757 7,248 5 5,984 5 5,154 5 1,876 6,411 35,430
Less:
BXP’s share of termination income — — 2,659 — — — 2,659
BXP’s share of net operating income/(loss) (excluding termination income) 8,757 7,248 3,325 5,154 1,876 6,411 32,771
Less:
BXP’s share of straight-line rent 552 (305) 5 883 5 2,361 5 236 162 3,889
BXP’s share of fair value lease revenue — 305 5 527 5 (211) 5 366 — 987
BXP’s share of amortization and accretion related to sales type lease 27 — — — — — 27
Add:
BXP’s share of straight-line ground rent expense adjustment — — 139 — — — 139
BXP’s share of lease transaction costs that qualify as rent inducements — — — — — 13 13
BXP’s share of net operating income/(loss) - cash (excluding termination income) $ 8,178 $ 7,248 5 $ 2,054 5 $ 3,004 5 $ 1,274 $ 6,262 $ 28,020
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3 $ 14,319 $ 10,531 5 $ 10,339 5 $ 8,109 5 $ 3,078 $ 10,001 $ 56,377
Add:
BXP’s share of development and management services revenue — — 278 — — — 278
BXP’s share of revenue $ 14,319 $ 10,531 5 $ 10,617 5 $ 8,109 5 $ 3,078 $ 10,001 $ 56,655

_____________

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.

2 Lease revenue includes recoveries from clients and service income from clients.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

4 Includes approximately $278 of straight-line ground rent expense.

5 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.

6 On January 8, 2024, the Company's joint venture partner in 901 New York Avenue transferred all of its ownership interest in the joint venture to the Company for a gross purchase price of $10.0 million. The Company recorded a gain of approximately $21.8 million on the consolidation of 901 New York Avenue.

Q1 2024
Reconciliations (continued)

Reconciliation of Net income attributable to Boston Properties, Inc. to

BXP’s Share of same property net operating income (NOI)

(dollars in thousands)

Three Months Ended
31-Dec-23 31-Dec-22
Net income attributable to Boston Properties, Inc. $ 119,925 $ 121,790
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 13,906 13,972
Noncontrolling interest in property partnerships 19,324 19,961
Net income 153,155 155,723
Add:
Interest expense 155,080 119,923
Unrealized loss on non-real estate investment 93 150
Losses from interest rate contracts 79 —
Depreciation and amortization expense 212,067 198,330
Transaction costs 2,343 759
Payroll and related costs from management services contracts 4,021 4,246
General and administrative expense 38,771 36,000
Less:
Interest and other income (loss) 20,965 5,789
Gains from investments in securities 3,245 2,096
Gain on sales-type lease — 10,058
Gains on sales of real estate — 55,726
Income (loss) from unconsolidated joint ventures 22,250 (58,451)
Direct reimbursements of payroll and related costs from management services contracts 4,021 4,246
Development and management services revenue 12,728 8,406
Net Operating Income (NOI) 502,400 487,261
Add:
BXP’s share of NOI from unconsolidated joint ventures 38,520 37,734
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 49,263 48,589
BXP’s Share of NOI 491,657 476,406
Less:
Termination income 10,485 1,723
BXP’s share of termination income from unconsolidated joint ventures — 803
Add:
Partners’ share of termination income from consolidated joint ventures 135 206
BXP’s Share of NOI (excluding termination income) $ 481,307 $ 474,086
Net Operating Income (NOI) $ 502,400 $ 487,261
Less:
Termination income 10,485 1,723
NOI from non Same Properties (excluding termination income) 23,045 9,117
Same Property NOI (excluding termination income) 468,870 476,421
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 49,128 48,383
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) — —
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 38,520 36,931
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 10,005 9,667
BXP’s Share of Same Property NOI (excluding termination income) $ 448,257 $ 455,302
Change in BXP’s Share of Same Property NOI (excluding termination income) $ (7,045)
Change in BXP’s Share of Same Property NOI (excluding termination income) (1.5) %
Q1 2024
--- ---
Reconciliations (continued)

Reconciliation of Net income attributable to Boston Properties, Inc. to

BXP’s Share of same property net operating income (NOI) - cash

(dollars in thousands)

Three Months Ended
31-Dec-23 31-Dec-22
Net income attributable to Boston Properties, Inc. $ 119,925 $ 121,790
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership 13,906 13,972
Noncontrolling interest in property partnerships 19,324 19,961
Net income 153,155 155,723
Add:
Interest expense 155,080 119,923
Unrealized loss on non-real estate investment 93 150
Losses from interest rate contracts 79 —
Depreciation and amortization expense 212,067 198,330
Transaction costs 2,343 759
Payroll and related costs from management services contracts 4,021 4,246
General and administrative expense 38,771 36,000
Less:
Interest and other income (loss) 20,965 5,789
Gains from investments in securities 3,245 2,096
Gain on sales-type lease — 10,058
Gains on sales of real estate — 55,726
Income (loss) from unconsolidated joint ventures 22,250 (58,451)
Direct reimbursements of payroll and related costs from management services contracts 4,021 4,246
Development and management services revenue 12,728 8,406
Net Operating Income (NOI) 502,400 487,261
Less:
Straight-line rent 29,235 32,038
Fair value lease revenue 2,518 3,088
Amortization and accretion related to sales type lease 238 —
Termination income 10,485 1,723
Add:
Straight-line ground rent expense adjustment 1 578 631
Lease transaction costs that qualify as rent inducements 2 1,276 11,212
NOI - cash (excluding termination income) 461,778 462,255
Less:
NOI - cash from non Same Properties (excluding termination income) 13,308 8,649
Same Property NOI - cash (excluding termination income) 448,470 453,606
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 44,606 43,709
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) — —
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 33,704 33,154
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 7,368 8,657
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 430,200 $ 434,394
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) $ (4,194)
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) (1.0) %

_____________

1.In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(543) and $(369) for the three months ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company has remaining lease payments aggregating approximately $24.3 million, all of which it expects to incur by the end of 2025 with no payments thereafter. Under GAAP, the Company recognizes expense of $(87) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2025 may vary significantly.

2.Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP.

Q1 2024
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

Three Months Ended
31-Mar-23 31-Dec-22
Revenue
Lease $ 756,875 $ 739,094
Parking and other 23,064 26,088
Insurance proceeds 945 903
Hotel revenue 8,101 11,087
Development and management services 8,980 8,406
Direct reimbursements of payroll and related costs from management services contracts 5,235 4,246
Total revenue 803,200 789,824
Expenses
Operating 147,182 144,668
Real estate taxes 139,432 135,529
Demolition costs 2,275 203
Restoration expenses related to insurance claim 2,419 1,865
Hotel operating 6,671 7,646
General and administrative 55,802 36,000
Payroll and related costs from management services contracts 5,235 4,246
Transaction costs 911 759
Depreciation and amortization 208,734 198,330
Total expenses 568,661 529,246
Other income (expense)
Loss from unconsolidated joint ventures (7,569) (58,451)
Gains on sales of real estate — 55,726
Gain on sales-type lease — 10,058
Gains (losses) from investments in securities 1,665 2,096
Interest and other income (loss) 10,941 5,789
Unrealized gain (loss) on non-real estate investment 259 (150)
Interest expense (134,207) (119,923)
Net income 105,628 155,723
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships (18,660) (19,961)
Noncontrolling interest - common units of the Operating Partnership (9,078) (13,972)
Net income attributable to Boston Properties, Inc. $ 77,890 $ 121,790
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic $ 0.50 $ 0.78
Net income attributable to Boston Properties, Inc. per share - diluted $ 0.50 $ 0.78

68

Document

Exhibit 99.2

bxp-colora.gif

BXP ANNOUNCES FIRST QUARTER 2024 RESULTS

Executed Approximately 900,000 Square Feet of Leases in Q1

BOSTON, MA, April 30, 2024 - BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the first quarter ended March 31, 2024.

Financial Highlights

•Revenue increased 4.5% to $839.4 million for the quarter ended March 31, 2024, compared to $803.2 million for the quarter ended March 31, 2023.

•Net income attributable to Boston Properties, Inc. of $79.9 million, or $0.51 per diluted share (EPS), for the quarter ended March 31, 2024, compared to $77.9 million, or $0.50 per diluted share, for the quarter ended March 31, 2023.

•EPS for the first quarter fell short of the mid-point of BXP’s guidance by $0.16 per diluted share primarily due to an $0.08 per diluted share non-cash impairment charge related to its Shady Grove, Maryland investment and $0.06 per diluted share in greater depreciation and amortization expense.

•Funds from Operations (FFO) of $271.3 million, or $1.73 per diluted share, for the quarter ended March 31, 2024, compared to FFO of $272.0 million, or $1.73 per diluted share, for the quarter ended March 31, 2023.

•FFO per diluted share for the first quarter was inline with the mid-point of BXP’s guidance.

Guidance

BXP provided guidance for second quarter 2024 EPS of $0.45 - $0.47 and FFO of $1.70 - $1.72 per diluted share, and full year 2024 EPS of $1.97 - $2.09 and FFO of $6.98 - $7.10 per diluted share. This represents a reduction of approximately $0.33 and $0.06 per share of EPS and FFO, respectively, at the midpoint of our guidance provided last quarter.

•Guidance for full year 2024 EPS has been adjusted primarily due to $0.18 per diluted share in greater depreciation and amortization expense and $0.08 per diluted share in the aforementioned non-cash impairment charge.

•Guidance for each of full year 2024 EPS and FFO per diluted share has been adjusted due to increased interest expense, primarily as a result of $0.05 per share of greater non-cash fair value interest expense related to finalizing the market value of the in-place debt and interest rate swaps for our recent acquisitions, in addition to the impact of the expected deferral of interest rate cuts by the Federal Reserve and the resulting uncertainty surrounding the number of cuts this year. We have made no changes to our prior guidance for full-year portfolio occupancy and NOI.

See “EPS and FFO per Share Guidance” below.

–more–

Leasing & Occupancy

•Executed 61 leases totaling approximately 900,000 square feet with a weighted-average lease term of 11.6 years.

•BXP’s CBD portfolio of premier workplaces was 91.0% occupied and 92.8% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP). Approximately 91.0% of BXP’s Share of annualized rental obligations are from clients located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets.

Development

•Commenced development of 121 Broadway, a residential project located in Cambridge, Massachusetts, that is adjacent to BXP’s development projects at 290 and 300 Binney Street. Upon completion, 121 Broadway is expected to consist of 439 rental units and at 37 stories, will be the tallest building in Cambridge.

Transactions

•Completed the acquisition of its joint venture partner’s 50% economic ownership interest in 901 New York Avenue located in Washington, DC for a purchase price of $10.0 million and recorded a gain on consolidation of approximately $21.8 million. The property is encumbered by an approximately $207.1 million mortgage loan, which bears interest at 3.61% per annum and matures on January 5, 2025. Following the acquisition, BXP modified the mortgage loan to provide for two loan extension options totaling five years of additional term, each subject to certain conditions. The first loan extension option, which provides for an additional term of four years, is at a fixed interest rate of 5.0% per annum. 901 New York Avenue is a premier workplace consisting of approximately 523,939 net rentable square feet.

•Completed the previously announced sale of a 45% interest in 290 Binney Street, a life sciences development located in Kendall Square in Cambridge Massachusetts, to Norges Bank Investment Management (“NBIM”). NBIM’s investment in 290 Binney Street will reduce BXP’s share of the project’s estimated development spend over time by approximately $533.5 million, including $141.8 million that was funded at closing. The consummation of this joint venture completed NBIM’s two-building investment in Cambridge, Massachusetts with a gross valuation of approximately $1.66 billion or $2,050 per square foot. The properties – 290 Binney Street and 300 Binney Street – total 802,000 square feet and are each 100% pre-leased. BXP retains a 55% interest in each joint venture and provides development, property management, and leasing services for the ventures.

Balance Sheet & Liquidity

•Boston Properties Limited Partnership (“BPLP”) completed the repayment of $700.0 million in aggregate principal amount of its 3.800% senior notes upon maturity which was February 1, 2024. The repayment was completed with the proceeds of a $600.0 million mortgage loan entered into on October 26, 2023 and available cash.

•On April 16, 2024, BPLP provided notice to exercise its one-year extension option on its unsecured term loan facility. BPLP anticipates effectuating the extension on or prior to the current May 16, 2024 maturity date. Upon effectiveness, the term loan facility will mature on May 16, 2025. After making an approximately $500.0 million optional repayment on April 29, 2024, the term loan facility has an outstanding principal balance of $700.0 million.

•On April 17, 2024, BPLP established an unsecured commercial paper program. Under the terms of the program, BPLP may issue, from time to time, unsecured commercial paper

–more–

notes up to a maximum aggregate amount outstanding at any one time of $500 million with varying maturities of up to one year. The notes will be sold in a private placement and will rank pari passu with all of BPLP’s other unsecured senior indebtedness, including its outstanding senior notes. The commercial paper program is backstopped by available capacity under BPLP's unsecured revolving credit facility. As of April 30, 2024, BPLP had $500.0 million outstanding under its commercial paper program, the proceeds of which were used to reduce BPLP’s $1.2 billion term loan to $700.0 million.

•On April 29, 2024, BPLP increased the current maximum borrowing amount under its unsecured revolving credit facility from $1.815 billion to $2.0 billion. All other terms of the credit facility, including its expiration date of June 15, 2026, remain unchanged. BPLP has no current borrowings under the credit facility.

Sustainability & Impact

•On April 22, 2024, in connection with Earth Day, we published BXP’s 2023 Sustainability & Impact Report, which highlights that, among other things, BXP remains on track to achieve carbon-neutral operations by 2025. In conjunction with the publication, BXP announced its third annual Sustainability & Impact Investor Update to be held on May 15, 2024 at 2:00 PM ET.

EPS and FFO per Share Guidance:

BXP’s guidance for the second quarter 2024 and full year 2024 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Second Quarter 2024 Full Year 2024
Low High Low High
Projected EPS (diluted) $ 0.45 $ 0.47 $ 1.97 $ 2.09
Add:
Projected Company share of real estate depreciation and amortization 1.25 1.25 5.06 5.06
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments — — (0.05) (0.05)
Projected FFO per share (diluted) $ 1.70 $ 1.72 $ 6.98 $ 7.10

–more–

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended March 31, 2024. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

BXP will host a conference call on Wednesday, May 1, 2024 at 10:00 AM Eastern Time, open to the general public, to discuss the first quarter 2024 results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register.vevent.com/register/BI0f61a560b0f14c5095ef87dfb0f812d1 to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP’s first quarter 2024 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

BXP (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 53.5 million square feet and 187 properties, including 11 properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

This press release includes references to “BXP’s Share of annualized rental obligations.” We define rental obligations as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements. Further, "annualized rental obligations" is defined as monthly rental obligations, as of the last day of the reporting period, multiplied by twelve (12). "BXP's Share" is based on rental obligations for our consolidated portfolio, plus our share of rental obligations from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners' share of rental obligations from our consolidated joint venture properties (calculated based on our partners' percentage ownership interests). Our definitions of the foregoing operating metrics may be different than those used by other companies.

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to the impact of changes in general economic and capital market conditions, including continued inflation, increased interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of geopolitical conflicts, the immediate and long-term impact of the outbreak of a highly infectious or contagious disease, on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the outbreak or mitigate its impact, the direct and indirect economic effects of the outbreak and containment measures on our clients, and the ability of our clients to successfully operate their

–more–

businesses), the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes (including costs to comply with the Securities and Exchange Commission’s rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in BXP’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law.

Financial tables follow.

–more–

BOSTON PROPERTIES, INC.<br><br>CONSOLIDATED BALANCE SHEETS<br><br>(Unaudited)
March 31, 2024 December 31, 2023
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost $ 25,715,870 $ 25,504,868
Construction in progress 685,465 547,280
Land held for future development 661,713 697,061
Right of use assets - finance leases 401,486 401,680
Right of use assets - operating leases 344,255 324,298
Less: accumulated depreciation (7,040,501) (6,881,728)
Total real estate 20,768,288 20,593,459
Cash and cash equivalents 701,695 1,531,477
Cash held in escrows 64,939 81,090
Investments in securities 37,184 36,337
Tenant and other receivables, net 94,115 122,407
Note receivable, net 2,274 1,714
Related party note receivables, net 88,789 88,779
Sales-type lease receivable, net 13,943 13,704
Accrued rental income, net 1,390,217 1,355,212
Deferred charges, net 818,424 760,421
Prepaid expenses and other assets 146,286 64,230
Investments in unconsolidated joint ventures 1,399,824 1,377,319
Total assets $ 25,525,978 $ 26,026,149
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,368,367 $ 4,166,379
Unsecured senior notes, net 9,794,527 10,491,617
Unsecured line of credit — —
Unsecured term loan, net 1,199,430 1,198,301
Lease liabilities - finance leases 415,888 417,961
Lease liabilities - operating leases 377,667 350,391
Accounts payable and accrued expenses 374,681 458,329
Dividends and distributions payable 172,154 171,176
Accrued interest payable 119,573 133,684
Other liabilities 417,978 445,947
Total liabilities 17,240,265 17,833,785
Commitments and contingencies — —
Redeemable deferred stock units 8,141 8,383
Equity:
Stockholders’ equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding — —
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding — —
Common stock, $0.01 par value, 250,000,000 shares authorized, 157,128,071 and 157,019,766 issued and 157,049,171 and 156,940,866 outstanding at March 31, 2024 and December 31, 2023, respectively 1,570 1,569
Additional paid-in capital 6,752,648 6,715,149
Dividends in excess of earnings (890,177) (816,152)
Treasury common stock at cost, 78,900 shares at March 31, 2024 and December 31, 2023 (2,722) (2,722)
Accumulated other comprehensive income (loss) (3,620) (21,147)
Total stockholders’ equity attributable to Boston Properties, Inc. 5,857,699 5,876,697
Noncontrolling interests:
Common units of the Operating Partnership 684,969 666,580
Property partnerships 1,734,904 1,640,704
Total equity 8,277,572 8,183,981
Total liabilities and equity $ 25,525,978 $ 26,026,149

BOSTON PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended March 31,
2024 2023
(in thousands, except for per share amounts)
Revenue
Lease $ 788,590 $ 756,875
Parking and other 32,216 24,009
Hotel 8,186 8,101
Development and management services 6,154 8,980
Direct reimbursements of payroll and related costs from management services contracts 4,293 5,235
Total revenue 839,439 803,200
Expenses
Operating
Rental 314,157 291,308
Hotel 6,015 6,671
General and administrative 50,018 55,802
Payroll and related costs from management services contracts 4,293 5,235
Transaction costs 513 911
Depreciation and amortization 218,716 208,734
Total expenses 593,712 568,661
Other income (expense)
Income (loss) from unconsolidated joint ventures 19,186 (7,569)
Interest and other income (loss) 14,529 10,941
Gains from investments in securities 2,272 1,665
Unrealized gain on non-real estate investment 396 259
Impairment loss (13,615) —
Interest expense (161,891) (134,207)
Net income 106,604 105,628
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships (17,221) (18,660)
Noncontrolling interest—common units of the Operating Partnership (9,500) (9,078)
Net income attributable to Boston Properties, Inc. $ 79,883 $ 77,890
Basic earnings per common share attributable to Boston Properties, Inc.
Net income $ 0.51 $ 0.50
Weighted average number of common shares outstanding 156,983 156,803
Diluted earnings per common share attributable to Boston Properties, Inc.
Net income $ 0.51 $ 0.50
Weighted average number of common and common equivalent shares outstanding 157,132 157,043

BOSTON PROPERTIES, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended March 31,
2024 2023
(in thousands, except for per share amounts)
Net income attributable to Boston Properties, Inc. $ 79,883 $ 77,890
Add:
Noncontrolling interest - common units of the Operating Partnership 9,500 9,078
Noncontrolling interests in property partnerships 17,221 18,660
Net income 106,604 105,628
Add:
Depreciation and amortization expense 218,716 208,734
Noncontrolling interests in property partnerships’ share of depreciation and amortization (18,695) (17,711)
Company’s share of depreciation and amortization from unconsolidated joint ventures 20,223 25,645
Corporate-related depreciation and amortization (419) (469)
Non-real estate related amortization 2,130 —
Impairment losses 13,615 —
Less:
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 21,696 —
Unrealized gain on non-real estate investment 396 259
Noncontrolling interests in property partnerships 17,221 18,660
Funds from operations (FFO) attributable to the Operating Partnership (including Boston Properties, Inc.) 302,861 302,908
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations 31,588 30,957
Funds from operations attributable to Boston Properties, Inc. $ 271,273 $ 271,951
Boston Properties, Inc.’s percentage share of funds from operations - basic 89.57 % 89.78 %
Weighted average shares outstanding - basic 156,983 156,803
FFO per share basic $ 1.73 $ 1.73
Weighted average shares outstanding - diluted 157,132 157,043
FFO per share diluted $ 1.73 $ 1.73

(1)Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.

In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to Boston Properties, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to Boston Properties, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

BOSTON PROPERTIES, INC.

PORTFOLIO LEASING PERCENTAGES

CBD Portfolio % Occupied by Location (1) % Leased by Location (2)
March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023
Boston 95.3 % 95.9 % 96.2 % 96.4 %
Los Angeles 86.1 % 85.9 % 87.2 % 88.1 %
New York 91.5 % 91.8 % 95.0 % 94.4 %
San Francisco 86.6 % 87.4 % 87.4 % 88.0 %
Seattle 81.8 % 81.8 % 83.1 % 83.1 %
Washington, DC (3) 90.8 % 89.2 % 92.7 % 92.3 %
CBD Portfolio 91.0 % 91.0 % 92.8 % 92.7 %
Total Portfolio % Occupied by Location (1) % Leased by Location (2)
--- --- --- --- --- --- --- --- ---
March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023
Boston 90.4 % 89.9 % 91.1 % 90.3 %
Los Angeles 86.1 % 85.9 % 87.2 % 88.1 %
New York 88.0 % 90.1 % 91.6 % 92.4 %
San Francisco 83.9 % 84.9 % 84.5 % 85.5 %
Seattle 81.8 % 81.8 % 83.1 % 83.1 %
Washington, DC 89.7 % 88.0 % 91.5 % 91.0 %
Total Portfolio 88.2 % 88.4 % 89.9 % 89.9 %

(1)Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

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

(3)During the first quarter, the Company reassessed the classifications of its assets as either CBD or Suburban and that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are now classified as CBD. Comparative period has been updated to reflect the same presentation.

AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

mlabelle@bxp.com

Helen Han

Vice President, Investor Relations

hhan@bxp.com

#

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