THE COMPANY - Form 8-K

THE COMPANY

Boston Properties, Inc. (NYSE: BXP) ("Boston Properties," "BXP" or the "Company") is the largest publicly traded developer, owner, and manager of Class A office properties in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. Including properties owned by joint ventures, the Company's complete portfolio totals 52.5 million square feet and 202 properties, including nine properties under construction/redevelopment. The Company's properties include 183 office properties, 12 retail properties, six residential properties and one hotel. Boston Properties is well-known for its in-house building management expertise and responsiveness to tenants' needs. The Company holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy tenants. Boston Properties actively works to promote its growth and operations in a sustainable and responsible manner. The Company has earned a tenth consecutive Global Real Estate Sustainability Benchmark (GRESB) "Green Star" recognition and the highest GRESB 5-star Rating. Boston Properties, an S&P 500 Company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

FORWARD-LOOKING STATEMENTS

This Supplemental package contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words "anticipates," "believes," "budgeted," "could," "estimates," "expects," "guidance," "intends," "may," "might," "plans," "projects," "should," "will" and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties' control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statement. These factors include, without limitation, uncertainties and risks related to the impact of the COVID-19 global pandemic, including the duration, scope and severity of the pandemic domestically and internationally; federal, state and local government actions and restrictive measures implemented in response to COVID-19, the effectiveness of such measures and the direct and indirect impact of such measures on our and our tenants' businesses, financial condition, results of operation, cash flows, liquidity and performance, and the U.S. and international economy and economic activity generally; the speed, effectiveness and distribution of vaccines, whether new or existing actions or measures continue to impact the ability of our residential tenants to generate sufficient income to pay, or make them unwilling to pay, rent in full or at all in a timely manner; the health, continued service and availability of our personnel, including our key personnel and property management teams; and the effectiveness or lack of effectiveness of government relief in providing assistance to individuals and large and small businesses, including our tenants, that have suffered significant adverse effects from COVID-19. In addition to the risks specific to COVID-19, other factors include, without limitation, the Company's ability to enter into new leases or renew leases on favorable terms, dependence on tenants' financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company's accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance or achievements. Boston Properties does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.

NON-GAAP FINANCIAL MEASURES

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

The Company also presents "BXP's Share" of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company's share of the amount from the Company's unconsolidated joint ventures (calculated based upon the Company's percentage ownership interest and, in some cases, after priority allocations), minus the Company's partners' share of the amount from the Company's consolidated joint ventures (calculated based upon the partners' percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company). Management believes that presenting "BXP's Share" of these measures provides useful information to investors regarding the Company's financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company's partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP's Share of various financial measures in this manner can help investors better understand the Company's financial condition and/or results of operations after taking into account its true economic interest in these joint ventures. The Company cautions investors that the ownership percentages used in calculating "BXP's Share" of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners' interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of "BXP's Share" of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company's financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of "BXP's Share" of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 56.

GENERAL INFORMATION

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

(Cover photo: Safeco Plaza, Seattle, WA)

	Q3 2021
Table of contents

Page
OVERVIEW
Company Profile	1
Guidance and assumptions	2
FINANCIAL INFORMATION
Financial Highlights	3
Consolidated Balance Sheets	4
Consolidated Income Statements	5
Funds From Operations (FFO)	6
Funds Available for Distribution (FAD)	7
Net Operating Income (NOI)	8
Same Property Net Operating Income (NOI) by Reportable Segment	10
Capital Expenditures, Tenant Improvement Costs and Leasing Commissions	12
Acquisitions and Dispositions	13
DEVELOPMENT ACTIVITY
Construction in Progress	14
Land Parcels and Purchase Options	15
LEASING ACTIVITY
Leasing Activity	16
PROPERTY STATISTICS
Portfolio Overview	17
Residential and Hotel Performance	18
In-Service Property Listing	20
Top 20 Tenants Listing and Portfolio Tenant Diversification	24
Occupancy by Location	25
DEBT AND CAPITALIZATION
Capital Structure	26
Debt Analysis	27
Senior Unsecured Debt Covenant Compliance Ratios	28
Net Debt to EBITDAre	29
Debt Ratios	30
JOINT VENTURES
Consolidated Joint Ventures	31
Unconsolidated Joint Ventures	33
LEASE EXPIRATION ROLL-OUT
Total In-Service Properties	36
Boston	37
Los Angeles	39
New York	41
San Francisco	43
Washington, DC	45
CBD	47
Suburban	49
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage	51
Definitions	52
Reconciliations	56
Consolidated Income Statement - Prior Year	64

	Q3 2021
Company profile

SNAPSHOT

(as of September 30, 2021)

Fiscal Year-End	December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)	202
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)	52.5 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2	173.7 million
Closing Price, at the end of the quarter	$108.35 per share
Dividend - Quarter/Annualized	$0.98/$3.92 per share
Dividend Yield	3.6%
Consolidated Market Capitalization 2	$32.2 billion
BXP's Share of Market Capitalization 2, 3	$32.3 billion
Senior Debt Ratings	BBB+ (S&P); Baa1 (Moody's)

STRATEGY

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

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

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

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

•be astute in market timing for investment decisions by acquiring properties in times of opportunity, developing new properties in times of growth and selling assets at attractive prices, resulting in continuous portfolio refreshment;

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

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

MANAGEMENT

Board of Directors	Management
Joel I. Klein	Chairman of the Board	Owen D. Thomas	Chief Executive Officer
Owen D. Thomas	Chief Executive Officer	Douglas T. Linde	President
Douglas T. Linde	President	Raymond A. Ritchey	Senior Executive Vice President
Kelly A. Ayotte	Chair of Compensation Committee	Michael E. LaBelle	Executive Vice President, Chief Financial Officer and Treasurer
Bruce W. Duncan	Bryan J. Koop	Executive Vice President, Boston Region
Karen E. Dykstra	John F. Powers	Executive Vice President, New York Region
Carol B. Einiger	Robert E. Pester	Executive Vice President, San Francisco Region
Diane J. Hoskins	Chair of Sustainability Committee	Jonathan D. Lange	Senior Vice President, Los Angeles Region
Matthew J. Lustig	Chair of Nominating & Corporate Governance Committee	Peter V. Otteni	Senior Vice President, Co-Head of the Washington, DC Region
John J. Stroman	Senior Vice President, Co-Head of the Washington, DC Region
David A. Twardock	Chair of Audit Committee	Frank D. Burt	Senior Vice President, Chief Legal Officer
William H. Walton, III	Donna D. Garesche	Senior Vice President, Chief Human Resources Officer
Michael R. Walsh	Senior Vice President, Chief Accounting Officer
James J. Whalen	Senior Vice President, Chief Information & Technology Officer

____________________

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

2For additional detail, see page 26.

3For the Company's definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

1

	Q3 2021
Guidance and assumptions

GUIDANCE

The Company's guidance for the full year 2021 and full year 2022 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. is set forth and reconciled below. Except as described below, the estimates reflect management's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, the timing of the lease-up of available space and the earnings impact of the events referenced in the Company's earnings release issued on October 26, 2021 and those referenced during the Company's conference call scheduled for October 27, 2021. Except as otherwise publicly disclosed, the estimates do not include any material (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) possible gains or losses from capital markets activity (including, without limitation, due to the early extinguishment of debt and resulting from hedging activity and derivatives), (3) possible future write-offs or reinstatement of accounts receivable and accrued rent balances or (4) possible future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate and any gains or losses associated with disposition activity. The Company is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains and losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 54. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth below.

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

ASSUMPTIONS

(dollars in thousands)

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

________________

1 Excludes estimated changes in the market value of the Company's deferred compensation plan and Gains (losses) from investments in securities.

2 2021 Net interest expense assumption includes the charge of approximately $43 million related to the early extinguishment of debt in connection with the early redemption on October 15, 2021 of the Company's $1.0 billion aggregate principal amount of 3.85% unsecured senior notes that was scheduled to mature in February 2023.

2

	Q3 2021
Financial highlights

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

Three Months Ended
30-Sep-21	30-Jun-21
Net income attributable to Boston Properties, Inc.	$	108,297	$	111,703
Net income attributable to Boston Properties, Inc. per share - diluted	$	0.69	$	0.71
FFO attributable to Boston Properties, Inc. 1	$	270,477	$	268,642
Diluted FFO per share 1	$	1.73	$	1.72
Dividends per common share	$	0.98	$	0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2	$	236,608	$	178,341
Selected items:
Revenue	$	730,056	$	713,807
Recoveries from tenants	$	107,766	$	100,433
Service income from tenants	$	1,874	$	1,516
BXP's Share of revenue 3	$	696,313	$	683,273
BXP's Share of straight-line rent 3	$	35,811	$	30,855
BXP's Share of fair value lease revenue 3, 4	$	1,793	$	1,193
BXP's Share of termination income 3	$	1,847	$	6,067
Ground rent expense	$	3,249	$	3,261
Capitalized interest	$	11,586	$	13,014
Capitalized wages	$	3,366	$	3,459
Loss from unconsolidated joint ventures	$	(5,597)	$	(1,373)
BXP's share of FFO from unconsolidated joint ventures 5	$	12,206	$	13,977
Net income attributable to noncontrolling interests in property partnerships	$	18,971	$	17,164
FFO attributable to noncontrolling interests in property partnerships 6	$	35,744	$	34,277
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)	$	1,906	$	2,207
Below-market rents (included within Other Liabilities)	$	24,823	$	26,271
Accrued rental income liability (included within Other Liabilities)	$	132,580	$	136,085
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7	3.79	3.84
Interest Coverage Ratio (including capitalized interest) 7	3.37	3.37
Fixed Charge Coverage Ratio 7	2.94	2.83
BXP's Share of Net Debt to BXP's Share of EBITDAre (Annualized) 8	7.70	7.44
Change in BXP's Share of Same Store Net Operating Income (NOI) (excluding termination income) 9	7.4	%	8.9	%
Change in BXP's Share of Same Store NOI (excluding termination income) - cash 9	9.2	%	7.5	%
FAD Payout Ratio 2	71.97	%	95.47	%
Operating Margins [(rental revenue - rental expense)/rental revenue]	63.9	%	64.6	%
Occupancy of In-Service Properties	88.4	%	88.6	%
Capitalization:
Consolidated Debt	$	13,378,350	$	12,536,065
BXP's Share of Debt 10	$	13,477,453	$	12,534,659
Consolidated Market Capitalization	$	32,196,903	$	32,436,223
Consolidated Debt/Consolidated Market Capitalization	41.55	%	38.65	%
BXP's Share of Market Capitalization 10	$	32,296,006	$	32,434,817
BXP's Share of Debt/BXP's Share of Market Capitalization 10	41.73	%	38.65	%

_____________

1For a quantitative reconciliation of FFO attributable to Boston Properties, Inc. and Diluted FFO per share, see page 6.

2For a quantitative reconciliation of FAD, see page 7. FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

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

5For a quantitative reconciliation for the three months ended September 30, 2021, see page 35.

6For a quantitative reconciliation for the three months ended September 30, 2021, see page 32.

7For a quantitative reconciliation for the three months ended September 30, 2021 and June 30, 2021, see page 30.

8For a quantitative reconciliation for the three months ended September 30, 2021 and June 30, 2021, see page 29.

9For a quantitative reconciliation for the three months ended September 30, 2021 and June 30, 2021, see pages 10, 62 and 63.

10For a quantitative reconciliation for September 30, 2021, see page 26.

3

	Q3 2021
Consolidated Balance Sheets

(unaudited and in thousands)

30-Sep-21	30-Jun-21
ASSETS
Real estate	$	22,088,835	$	22,012,095
Construction in progress	1,054,531	908,061
Land held for future development	568,034	497,019
Right of use assets - finance leases	237,845	237,765
Right of use assets - operating leases	170,085	170,331
Less accumulated depreciation	(5,850,397)	(5,752,818)
Total real estate	18,268,933	18,072,453
Cash and cash equivalents	1,002,728	557,307
Cash held in escrows	79,193	79,973
Investments in securities	41,517	41,476
Tenant and other receivables, net	61,269	58,624
Related party note receivable, net	78,144	77,872
Notes receivable, net	19,297	19,087
Accrued rental income, net	1,203,840	1,172,411
Deferred charges, net	622,807	627,338
Prepaid expenses and other assets	97,560	46,946
Investments in unconsolidated joint ventures	1,373,522	1,305,589
Total assets	$	22,848,810	$	22,059,076
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	2,898,699	$	2,901,709
Unsecured senior notes, net	10,479,651	9,634,356
Unsecured line of credit	-	-
Lease liabilities - finance leases	243,562	243,381
Lease liabilities - operating leases	204,137	226,594
Accounts payable and accrued expenses	331,687	305,969
Dividends and distributions payable	169,739	169,718
Accrued interest payable	87,408	107,386
Other liabilities	370,403	370,990
Total liabilities	14,785,286	13,960,103
Commitments and contingencies	-	-
Redeemable deferred stock units	8,775	8,980
Equity:
Stockholders' equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	-	-
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,285,391 and 156,214,859 issued and 156,206,491 and 156,135,959 outstanding at September 30, 2021 and June 30, 2021, respectively	1,562	1,561
Additional paid-in capital	6,415,802	6,405,916
Dividends in excess of earnings	(657,021)	(612,247)
Treasury common stock at cost, 78,900 shares at September 30, 2021 and June 30, 2021	(2,722)	(2,722)
Accumulated other comprehensive loss	(40,803)	(43,166)
Total stockholders' equity attributable to Boston Properties, Inc.	5,716,818	5,749,342
Noncontrolling interests:
Common units of the Operating Partnership	609,830	615,308
Property partnerships	1,728,101	1,725,343
Total equity	8,054,749	8,089,993
Total liabilities and equity	$	22,848,810	$	22,059,076

4

	Q3 2021
Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended
30-Sep-21	30-Jun-21
Revenue
Lease	$	692,260	$	684,025
Parking and other	21,266	17,864
Insurance proceeds 1	2,241	418
Hotel revenue	5,189	1,561
Development and management services	6,094	7,284
Direct reimbursements of payroll and related costs from management services contracts	3,006	2,655
Total revenue	730,056	713,807
Expenses
Operating	124,153	117,769
Real estate taxes	131,718	130,440
Demolition costs	169	92
Restoration expenses related to insurance claim 1	2,241	402
Hotel operating	3,946	1,996
General and administrative 2	34,560	38,405
Payroll and related costs from management services contracts	3,006	2,655
Transaction costs	1,888	751
Depreciation and amortization	179,412	183,838
Total expenses	481,093	476,348
Other income (expense)
Loss from unconsolidated joint ventures	(5,597)	(1,373)
Gains on sales of real estate	348	7,756
Gains (losses) from investments in securities 2	(190)	2,275
Interest and other income (loss)	1,520	1,452
Interest expense	(105,794)	(106,319)
Net income	139,250	141,250
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships	(18,971)	(17,164)
Noncontrolling interest - common units of the Operating Partnership 3	(11,982)	(12,383)
Net income attributable to Boston Properties, Inc.	$	108,297	$	111,703
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic	$	0.69	$	0.72
Net income attributable to Boston Properties, Inc. per share - diluted	$	0.69	$	0.71

_____________

1Amounts relate to damage at one of the Company's properties in New York City due to a water main break.

2General and administrative expense includes $(0.2) million and $2.3 million and Gains (losses) from investments in securities include $(0.2) million and $2.3 million for the three months ended September 30, 2021 and June 30, 2021, respectively, related to the Company's deferred compensation plan.

3For additional detail, see page 6.

5

	Q3 2021
Funds from operations (FFO) 1

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

Three Months Ended
30-Sep-21	30-Jun-21
Net income attributable to Boston Properties, Inc.	$	108,297	$	111,703
Add:
Noncontrolling interest - common units of the Operating Partnership	11,982	12,383
Noncontrolling interests in property partnerships	18,971	17,164
Net income	139,250	141,250
Add:
Depreciation and amortization expense	179,412	183,838
Noncontrolling interests in property partnerships' share of depreciation and amortization 2	(16,773)	(17,113)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3	17,803	15,350
Corporate-related depreciation and amortization	(443)	(444)
Less:
Gains on sales of real estate	348	7,756
Noncontrolling interests in property partnerships	18,971	17,164
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)	299,930	297,961
Less:
Noncontrolling interest - common units of the Operating Partnership's share of FFO	29,453	29,319
FFO attributable to Boston Properties, Inc.	$	270,477	$	268,642
Boston Properties, Inc.'s percentage share of Basic FFO	90.18	%	90.16	%
Noncontrolling interest's - common unitholders percentage share of Basic FFO	9.82	%	9.84	%
Basic FFO per share	$	1.73	$	1.72
Weighted average shares outstanding - basic	156,183	156,107
Diluted FFO per share	$	1.73	$	1.72
Weighted average shares outstanding - diluted	156,598	156,519

RECONCILIATION TO DILUTED FFO

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

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended
30-Sep-21	30-Jun-21
Shares/units for Basic FFO	173,194	173,150
Add:
Effect of dilutive securities - stock-based compensation (shares/units)	415	412
Shares/units for Diluted FFO	173,609	173,562
Less:
Noncontrolling interest - common units of the Operating Partnership's share of Diluted FFO (shares/units)	17,011	17,043
Boston Properties, Inc.'s share of shares/units for Diluted FFO	156,598	156,519
Boston Properties, Inc.'s percentage share of Diluted FFO	90.20	%	90.18	%

_____________

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

2For a quantitative reconciliation for the three months ended September 30, 2021, see page 32.

3For a quantitative reconciliation for the three months ended September 30, 2021, see page 35.

6

	Q3 2021
Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended
30-Sep-21	30-Jun-21
Net income attributable to Boston Properties, Inc.	$	108,297	$	111,703
Add:
Noncontrolling interest - common units of the Operating Partnership	11,982	12,383
Noncontrolling interests in property partnerships	18,971	17,164
Net income	139,250	141,250
Add:
Depreciation and amortization expense	179,412	183,838
Noncontrolling interests in property partnerships' share of depreciation and amortization 2	(16,773)	(17,113)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3	17,803	15,350
Corporate-related depreciation and amortization	(443)	(444)
Less:
Gains on sales of real estate	348	7,756
Noncontrolling interests in property partnerships	18,971	17,164
Basic FFO	299,930	297,961
Add:
BXP's Share of lease transaction costs that qualify as rent inducements 1,4	3,379	(132)
BXP's Share of hedge amortization 1	1,446	1,446
BXP's Share of straight-line ground rent expense adjustment 1, 5	996	698
Stock-based compensation	8,440	13,993
Non-real estate depreciation	443	444
Unearned portion of capitalized fees from consolidated joint ventures 6	2,207	603
Less:
BXP's Share of straight-line rent 1	35,811	30,855
BXP's Share of fair value lease revenue 1, 7	1,793	1,193
BXP's Share of 2nd generation tenant improvements and leasing commissions 1	25,826	82,476
BXP's Share of maintenance capital expenditures 1, 8	16,800	22,145
Hotel improvements, equipment upgrades and replacements	3	3
Funds available for distribution to common shareholders and common unitholders (FAD) (A)	$	236,608	$	178,341
Distributions to common shareholders and unitholders (excluding any special distributions) (B)	$	170,286	$	170,266
FAD Payout Ratio1 (B÷A)	71.97	%	95.47	%

_____________

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

2For a quantitative reconciliation for the three months ended September 30, 2021, see page 32.

3For a quantitative reconciliation for the three months ended September 30, 2021, see page 35.

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

5Includes the straight-line impact of the Company's 99-year ground and air rights lease related to the Company's 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $34.4 million, which it expects to incur by the end of 2023 with no payments thereafter. The Company is recognizing this expense on a straight-line basis over the 99-year term of the ground and air rights lease, see page 3.

6See page 58 for additional information.

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

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

7

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

(in thousands)

Three Months Ended
30-Sep-21	30-Sep-20
Net income attributable to Boston Properties, Inc. common shareholders	$	108,297	$	89,854
Preferred dividends	-	2,625
Net income attributable to Boston Properties, Inc.	108,297	92,479
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership	11,982	10,020
Noncontrolling interest in property partnerships	18,971	15,561
Net income	139,250	118,060
Add:
Interest expense	105,794	110,993
Depreciation and amortization expense	179,412	166,456
Transaction costs	1,888	307
Payroll and related costs from management services contracts	3,006	2,896
General and administrative expense	34,560	27,862
Less:
Interest and other income (loss)	1,520	(45)
Gains (losses) from investments in securities	(190)	1,858
Gains (losses) on sales of real estate	348	(209)
Loss from unconsolidated joint ventures	(5,597)	(6,873)
Direct reimbursements of payroll and related costs from management services contracts	3,006	2,896
Development and management services revenue	6,094	7,281
Net Operating Income (NOI)	458,729	421,666
Add:
BXP's share of NOI from unconsolidated joint ventures 1	24,266	24,938
Less:
Partners' share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2	47,800	42,160
BXP's Share of NOI	435,195	404,444
Less:
Termination income	1,874	3,406
BXP's share of termination income from unconsolidated joint ventures 1	(17)	-
Add:
Partners' share of termination income (loss) from consolidated joint ventures 2	10	556
BXP's Share of NOI (excluding termination income)	$	433,348	$	401,594
Net Operating Income (NOI)	$	458,729	$	421,666
Less:
Termination income	1,874	3,406
NOI from non Same Properties (excluding termination income) 3	5,227	1,842
Same Property NOI (excluding termination income)	451,628	416,418
Less:
Partners' share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2	47,790	41,604
Add:
Partners' share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3	1,502	(70)
BXP's share of NOI from unconsolidated joint ventures (excluding termination income) 1	24,283	24,938
Less:
BXP's share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3	1,827	1,394
BXP's Share of Same Property NOI (excluding termination income)	$	427,796	$	398,288

_____________

1For a quantitative reconciliation for the three months ended September 30, 2021, see page 61.

2For a quantitative reconciliation for the three months ended September 30, 2021, see pages 58-59.

3Pages 20-23 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2021 and therefore are no longer a part of the Company's property portfolio.

8

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

(in thousands)

Three Months Ended
30-Sep-21	30-Sep-20
Net income attributable to Boston Properties, Inc. common shareholders	$	108,297	$	89,854
Preferred dividends	-	2,625
Net income attributable to Boston Properties, Inc.	108,297	92,479
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership	11,982	10,020
Noncontrolling interest in property partnerships	18,971	15,561
Net income	139,250	118,060
Add:
Interest expense	105,794	110,993
Depreciation and amortization expense	179,412	166,456
Transaction costs	1,888	307
Payroll and related costs from management services contracts	3,006	2,896
General and administrative expense	34,560	27,862
Less:
Interest and other income (loss)	1,520	(45)
Gains (losses) from investments in securities	(190)	1,858
Gains (losses) on sales of real estate	348	(209)
Loss from unconsolidated joint ventures	(5,597)	(6,873)
Direct reimbursements of payroll and related costs from management services contracts	3,006	2,896
Development and management services revenue	6,094	7,281
Net Operating Income (NOI)	458,729	421,666
Less:
Straight-line rent	36,675	46,713
Fair value lease revenue	1,408	(662)
Termination income	1,874	3,406
Add:
Straight-line ground rent expense adjustment 1	748	799
Lease transaction costs that qualify as rent inducements 2	4,090	3,966
NOI - cash (excluding termination income)	423,610	376,974
Less:
NOI - cash from non Same Properties (excluding termination income) 3	3,732	1,542
Same Property NOI - cash (excluding termination income)	419,878	375,432
Less:
Partners' share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4	45,150	35,318
Add:
Partners' share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3	1,075	(64)
BXP's share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5	21,619	22,288
Less:
BXP's share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3	1,634	(124)
BXP's Share of Same Property NOI - cash (excluding termination income)	$	395,788	$	362,462

_____________

1In light of the front-ended, uneven rental payments required by the Company's 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $40 and $98 for the three months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, the Company has remaining lease payments aggregating approximately $25.4 million, all of which it expects to incur by the end of 2023 with no payments thereafter. Under GAAP, the Company recognizes expense of $(87) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2023 may vary significantly.

2Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company's FAD calculation on page 7.

3Pages 20-23 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2021 and therefore are no longer a part of the Company's property portfolio.

4For a quantitative reconciliation for the three months ended September 30, 2021, see page 59.

5For a quantitative reconciliation for the three months ended September 30, 2021, see page 61.

9

	Q3 2021
Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1	Hotel & Residential
Three Months Ended	$	%	Three Months Ended	$	%
30-Sep-21	30-Sep-20	Change	Change	30-Sep-21	30-Sep-20	Change	Change
Rental Revenue 2	$	696,372	$	668,369	$	15,276	$	9,784
Less: Termination income	1,874	2,715	-	691
Rental revenue (excluding termination income) 2	694,498	665,654	$	28,844	4.3	%	15,276	9,093	$	6,183	68.0	%
Less: Operating expenses and real estate taxes	249,844	250,951	(1,107)	(0.4)	%	8,302	7,378	924	12.5	%
NOI (excluding termination income) 2, 3	$	444,654	$	414,703	$	29,951	7.2	%	$	6,974	$	1,715	$	5,259	306.6	%
Rental revenue (excluding termination income) 2	$	694,498	$	665,654	$	28,844	4.3	%	$	15,276	$	9,093	$	6,183	68.0	%
Less: Straight-line rent and fair value lease revenue	36,596	45,598	(9,002)	(19.7)	%	(8)	153	(161)	(105.2)	%
Add: Lease transaction costs that qualify as rent inducements 4	4,042	3,966	76	1.9	%	48	-	48	100.0	%
Subtotal	661,944	624,022	37,922	6.1	%	15,332	8,940	6,392	71.5	%
Less: Operating expenses and real estate taxes	249,844	250,951	(1,107)	(0.4)	%	8,302	7,378	924	12.5	%
Add: Straight-line ground rent expense 5	748	799	(51)	(6.4)	%	-	-	-	-	%
NOI - cash (excluding termination income) 2,3	$	412,848	$	373,870	$	38,978	10.4	%	$	7,030	$	1,562	$	5,468	350.1	%
Consolidated Total 1 (A)	BXP's share of Unconsolidated Joint Ventures (B)
Three Months Ended	$	%	Three Months Ended	$	%
30-Sep-21	30-Sep-20	Change	Change	30-Sep-21	30-Sep-20	Change	Change
Rental Revenue 2	$	711,648	$	678,153	$	37,933	$	39,390
Less: Termination income	1,874	3,406	(17)	-
Rental revenue (excluding termination income) 2	709,774	674,747	$	35,027	5.2	%	37,950	39,390	$	(1,440)	(3.7)	%
Less: Operating expenses and real estate taxes	258,146	258,329	(183)	(0.1)	%	15,494	15,846	(352)	(2.2)	%
NOI (excluding termination income) 2, 3	$	451,628	$	416,418	$	35,210	8.5	%	$	22,456	$	23,544	$	(1,088)	(4.6)	%
Rental revenue (excluding termination income) 2	$	709,774	$	674,747	$	35,027	5.2	%	$	37,950	$	39,390	$	(1,440)	(3.7)	%
Less: Straight-line rent and fair value lease revenue	36,588	45,751	(9,163)	(20.0)	%	2,838	1,004	1,834	182.7	%
Add: Lease transaction costs that qualify as rent inducements 4	4,090	3,966	124	3.1	%	367	(128)	495	386.7	%
Subtotal	$	677,276	$	632,962	44,314	7.0	%	35,479	38,258	(2,779)	(7.3)	%
Less: Operating expenses and real estate taxes	258,146	258,329	(183)	(0.1)	%	15,494	15,846	(352)	(2.2)	%
Add: Straight-line ground rent expense 5	748	799	(51)	(6.4)	%	-	-	-	-	%
NOI - cash (excluding termination income) 2,3	$	419,878	$	375,432	$	44,446	11.8	%	$	19,985	$	22,412	$	(2,427)	(10.8)	%
Partners' share of Consolidated Joint Ventures(C)	BXP's Share 3, 6, 7, 8
Three Months Ended	$	%	Three Months Ended	$	%
30-Sep-21	30-Sep-20	Change	Change	30-Sep-21	30-Sep-20	Change	Change
Rental Revenue 2	$	75,191	$	71,395	$	674,390	$	646,148
Less: Termination income	10	556	1,847	2,850
Rental revenue (excluding termination income) 2	75,181	70,839	$	4,342	6.1	%	672,543	643,298	$	29,245	4.5	%
Less: Operating expenses and real estate taxes	28,893	29,165	(272)	(0.9)	%	244,747	245,010	(263)	(0.1)	%
NOI (excluding termination income) 2, 3	$	46,288	$	41,674	$	4,614	11.1	%	$	427,796	$	398,288	$	29,508	7.4	%
Rental revenue (excluding termination income) 2	$	75,181	$	70,839	$	4,342	6.1	%	$	672,543	$	643,298	$	29,245	4.5	%
Less: Straight-line rent and fair value lease revenue	3,291	7,165	(3,874)	(54.1)	%	36,135	39,590	(3,455)	(8.7)	%
Add: Lease transaction costs that qualify as rent inducements 4	1,078	873	205	23.5	%	3,379	2,965	414	14.0	%
Subtotal	72,968	64,547	8,421	13.0	%	639,787	606,673	33,114	5.5	%
Less: Operating expenses and real estate taxes	28,893	29,165	(272)	(0.9)	%	244,747	245,010	(263)	(0.1)	%
Add: Straight-line ground rent expense 5	-	-	-	-	%	748	799	(51)	(6.4)	%
NOI - cash (excluding termination income) 2,3	$	44,075	$	35,382	$	8,693	24.6	%	$	395,788	$	362,462	$	33,326	9.2	%

___________________

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

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

3For a quantitative reconciliation of net income attributable to Boston Properties, Inc. common shareholders to net operating income (NOI) (excluding termination income) and NOI - cash (excluding termination income), see pages 8-9.

4Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company's FAD calculation on page 7.

5Excludes the straight-line impact of approximately $40 and $98 for the three months ended September 30, 2021 and 2020, respectively, in connection with the Company's 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

10

	Q3 2021
Same property net operating income (NOI) by reportable segment (continued)

6BXP's Share equals (A) + (B) - (C).

7BXP's Share of Same Store NOI (excluding termination income) increased $29,508 compared to Q3 2020. Included in the Q3 2020 comparison are BXP's Share of $5,931 in write-offs associated with accrued rent, net and $3,790 in write-offs associated with accounts receivable, net. These items increased BXP's Share of Same Store NOI (excluding termination income) by $9,721.

8BXP's Share of Same Store NOI-cash (excluding termination income) increased $33,326 compared to Q3 2020. Included in the Q3 2020 comparison is BXP's Share of $3,790 in write-offs associated with accounts receivable, net. Cash rent abatements and deferrals primarily related to COVID-19 decreased approximately $8,812 in Q3 2021 compared to Q3 2020. These items increased BXP's Share of Same Store NOI-cash (excluding termination income) by $12,602. For additional information, see page 56.

11

	Q3 2021
Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended
30-Sep-21	30-Jun-21
Maintenance capital expenditures	$	17,779	$	23,851
Planned capital expenditures associated with acquisition properties	-	-
Repositioning capital expenditures	-	(10)
Hotel improvements, equipment upgrades and replacements	3	3
Subtotal	17,782	23,844
Add:
BXP's share of maintenance capital expenditures from unconsolidated joint ventures (JVs)	192	380
BXP's share of planned capital expenditures associated with acquisition properties from unconsolidated JVs	786	1,156
BXP's share of repositioning capital expenditures from unconsolidated JVs	-	-
Less:
Partners' share of maintenance capital expenditures from consolidated JVs	1,171	2,086
Partners' share of planned capital expenditures associated with acquisition properties from consolidated JVs	-	-
Partners' share of repositioning capital expenditures from consolidated JVs	-	-
BXP's Share of Capital Expenditures 1	$	17,589	$	23,294

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

Three Months Ended
30-Sep-21	30-Jun-21
Square feet	718,572	1,354,986
Tenant improvements and lease commissions PSF	$	43.95	$	74.26

___________________

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

2Includes 100% of unconsolidated joint ventures.

12

	Q3 2021
Acquisitions and dispositions

For the period from January 1, 2021 through September 30, 2021

(dollars in thousands)

ACQUISITIONS

Investment
Property	Location	Date Acquired	Square Feet	Initial	Anticipated Future	Total	In-service Leased (%)
153 & 211 Second Avenue	Waltham, MA	June 2, 2021	136,882	$	100,176	$	5,000	$	105,176	100.0	%
Shady Grove Bio+Tech Campus 1	Rockville, MD	August 2, 2021	233,452	116,500	-	116,500	64.4	%
Safeco Plaza 2	Seattle, WA	September 1, 2021	765,139	465,000	40,000	505,000	90.9	%
Total Acquisitions	1,135,473	$	681,676	$	45,000	$	726,676	86.6	%

DISPOSITIONS

Property	Location	Date Disposed	Square Feet	Gross Sales Price	Net Cash Proceeds	Book Gain
Annapolis Junction Buildings Six and Seven 3	Annapolis, MD	March 30, 2021	246,568	$	65,948	$	17,600	$	10,257
6595 Springfield Center Drive 4	Springfield, VA	December 13, 2018	N/A	N/A	N/A	8,104
Total Dispositions	246,568	$	65,948	$	17,600	$	18,361

________________

1Shady Grove Bio+Tech Campus is an approximately 435,000 net rentable square foot, seven-building office park situated on an approximately 31-acre site. The Company intends to reposition three of the buildings, which are currently vacant, to support life sciences uses. These three buildings are not part of the Company's in-service portfolio and are included within Land Held for Future Development on the Company's Consolidated Balance Sheet. The Company anticipates it will redevelop or convert the remaining four buildings to lab or life sciences-related uses as each becomes vacant.

2The acquisition was completed through a newly formed joint venture with two institutional partners. Each partner owns approximately one-third of the joint venture. Each of the institutional partners invested approximately $71.9 million of cash for its ownership interest in the joint venture. The Company invested approximately $72.6 million in the joint venture and is providing customary operating, property management and leasing services to the venture. The purchase price was funded with cash and proceeds from a new mortgage loan secured by the property.

3Completed the sale of Annapolis Junction Buildings Six and Seven, two Class A office properties in Annapolis, Maryland totaling approximately 247,000 square feet, for a gross sales price of approximately $65.9 million. The Company had a 50% ownership interest in the joint venture that owned the properties. Net cash proceeds to the Company totaled approximately $17.6 million after repayment of the Company's share of debt totaling approximately $15.1 million. With the sale of Annapolis Junction Buildings Six and Seven, the Company no longer has any assets in Annapolis, Maryland.

4The Company sold its 6595 Springfield Center Drive development project located in Springfield, Virginia. Concurrently with the sale, the Company agreed to act as development manager and guaranteed the completion of the project. The Company earned a development fee of approximately $7.9 million during the development of this building. Upon completion of the project, the total cost of development was determined to be below the estimated total investment at the time of sale. As a result, the Company recognized a gain on sale of real estate of approximately $8.1 million during the nine months ended September 30, 2021, of which approximately $0.3 million occurred during the three months ended September 30, 2021.

13

	Q3 2021
Construction in progress

as of September 30, 2021

(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 9/30/2021	Estimated Future Equity Requirement 2	Percentage Leased 3	Percentage placed in-service 4	Net Operating Income (Loss) 5 (BXP's share)
Construction Properties	Location
Office
325 Main Street	Q3 2022	Q3 2022	Cambridge, MA	420,000	$	283,920	$	418,400	$	-	$	-	$	134,480	90	%	-	%	N/A
100 Causeway Street (50% ownership)	Q3 2021	Q3 2022	Boston, MA	632,000	229,627	267,300	200,000	148,603	-	95	%	79	%	$	47
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership)	Q1 2022	Q1 2022	Bethesda, MD	734,000	168,945	198,900	127,500	104,036	6,491	100	%	-	%	N/A
Reston Next 6	Q4 2021	Q4 2023	Reston, VA	1,062,000	507,726	715,300	-	-	207,574	85	%	-	%	N/A
2100 Pennsylvania Avenue	Q3 2022	Q3 2024	Washington, DC	480,000	209,193	356,100	-	-	146,907	56	%	-	%	N/A
Total Office Properties under Construction	3,328,000	1,399,411	1,956,000	327,500	252,639	495,452	87	%	15	%	47
Lab/Life Sciences
200 West Street (Redevelopment) 7	Q4 2021	Q4 2021	Waltham, MA	138,000	29,340	47,800	-	-	$	18,460	100	%	-	%	N/A
880 Winter Street (Redevelopment)	Q1 2023	Q2 2024	Waltham, MA	224,000	6,964	108,000	-	-	101,036	17	%	-	%	N/A
751 Gateway (49% ownership)	Q1 2023	Q3 2024	South San Francisco, CA	229,000	28,723	127,600	-	-	98,877	-	%	-	%	N/A
180 CityPoint	Q1 2024	Q4 2024	Waltham, MA	329,000	41,442	274,700	-	-	233,258	-	%	-	%	N/A
Total Lab/Life Sciences Properties under Construction	920,000	106,469	558,100	-	-	451,631	19	%	-	%	-
Other
View Boston Observatory at The Prudential Center (Redevelopment)	Q2 2023	N/A	Boston, MA	59,000	45,158	182,300	-	-	137,142	N/A	-	%	N/A
Total Properties Under Construction	4,307,000	$	1,551,038	$	2,696,400	$	327,500	$	252,639	$	1,084,225	72	%	8	12	%	$	47

PROJECTS FULLY PLACED IN-SERVICE DURING 2021

Actual/Estimated	BXP's share
Estimated Total Investment 2	Amount Drawn at 9/30/2021	Estimated Future Equity Requirement 2	Net Operating Income (Loss) 5
Initial Occupancy	Stabilization Date	Square feet	Investment to Date 2	Total Financing	Percentage Leased 3
Location
One Five Nine East 53rd (55% Ownership)	Q1 2021	Q1 2021	New York, NY	220,000	$	144,402	$	150,000	$	-	$	-	$	5,598	96	%	$	3,261
Total Projects Fully Placed In-Service	220,000	$	144,402	$	150,000	$	-	$	-	$	5,598	96	%		$	3,261

_____________

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

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

3Represents percentage leased as of October 22, 2021, including leases with future commencement dates.

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

5Amounts represent Net Operating Income (Loss) for the three months ended September 30, 2021. See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

6On October 19, 2021, approximately 285,000 square feet of the project was placed in-service.

7Represents a portion of the property under redevelopment for conversion to laboratory space.

8Total percentage leased excludes Other.

14

	Q3 2021
Land parcels and purchase options

as of September 30, 2021

OWNED LAND PARCELS

Location	Approximate Developable Square Feet 1
Reston, VA 2	2,938,000
San Jose, CA 3	2,199,000
New York, NY (25% Ownership)	2,000,000
Princeton, NJ	1,650,000
San Jose, CA (55% Ownership)	1,078,000
San Francisco, CA	850,000
Santa Clara, CA	632,000
Washington, DC (50% ownership)	520,000
Springfield, VA	422,000
South San Francisco, CA (50% Ownership)	411,000
Waltham, MA	396,000
Dulles, VA	310,000
El Segundo, CA (50% Ownership)	275,000
Rockville, MD 3, 4	202,000
Total	13,883,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location	Approximate Developable Square Feet 1
Cambridge, MA	1,400,000
Boston, MA	1,300,000
Waltham, MA 5	1,200,000
Total	3,900,000

__________________

1Represents 100% of consolidated and unconsolidated projects.

2During the fourth quarter of 2020, a ground lease commenced with a hotel developer to lease approximately 200,000 square feet from the Company. Construction is contingent on the developer's ability to obtain construction financing.

3Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on page 22.

4On August 2, 2021, the Company acquired the Shady Grove Bio+Tech Campus in Rockville, Maryland, which includes three buildings that are currently vacant, totaling 202,000 square feet. The Company intends to reposition these three vacant buildings to support life sciences uses. These three buildings are not included in the Company's in-service portfolio.

5The Company expects to be a 50% partner in the future development of these sites.

15

	Q3 2021
Leasing activity

for the three months ended September 30, 2021

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF)	Total
Vacant space available at the beginning of the period	5,186,818
Add:
Properties acquired vacant space 1	143,848
Properties placed (and partially placed) in-service 2	503,024
Leases expiring or terminated during the period	862,505
Total space available for lease	6,696,195
1st generation leases	585,933
2nd generation leases with new tenants	407,240
2nd generation lease renewals	311,332
Total space leased	1,304,505
Vacant space available for lease at the end of the period	5,391,690
Net (increase)/decrease in available space	(204,872)
Second generation leasing information: 3
Leases commencing during the period (SF)	718,572
Weighted average lease term (months)	58
Weighted average free rent period (days)	124
Total transaction costs per square foot 4	$43.95
Increase (decrease) in gross rents 5	(9.42)	%
Increase (decrease) in net rents 6	(14.23)	%

All leases (SF)	Incr (decr) in 2nd generation cash rents	Total square feet of leases executed in the quarter 8
1st generation	2nd generation	total 7	gross 5	net 6
Boston	571,766	209,872	781,638	11.09	%	16.59	%	769,093
Los Angeles	-	8,973	8,973	(8.00)	%	(11.16)	%	7,180
New York	14,167	245,097	259,264	(17.65)	%	(27.06)	%	168,990
San Francisco	-	91,359	91,359	7.19	%	9.44	%	185,253
Seattle	-	-	-	-	-	-
Washington, DC	-	163,271	163,271	(14.64)	%	(21.87)	%	301,301
Total / Weighted Average	585,933	718,572	1,304,505	(9.42)	%	(14.23)	%	1,431,817

_____________

1Total square feet of properties acquired vacant space in Q3 2021 consists of 69,581 square feet at Safeco Plaza and 74,267 square feet at Shady Grove Bio+Tech Campus, which excludes three vacant properties included within Owned Land Parcels on page 15.

2Total square feet of properties partially placed in-service in Q3 2021 consists of 6,709 square feet at 685 Gateway and 496,315 square feet at 100 Causeway Street.

3Second generation leases are defined as leases for space that had previously been leased by the Company. Of the 718,572 square feet of second generation leases that commenced in Q3 2021, leases for 397,853 square feet were signed in prior periods.

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

5Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 507,899 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying "swing space").

6Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 507,899 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying "swing space").

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

8Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 320,719.

16

	Q3 2021
Portfolio overview

for the three months ended September 30, 2021

(dollars in thousands)

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

Office	Retail	Residential	Hotel	Total
Boston	13,720,696	1,058,690	550,114	330,000	15,659,500
Los Angeles	2,181,670	124,932	-	-	2,306,602
New York	11,328,824	417,849	-	-	11,746,673
San Francisco	7,291,388	351,186	318,171	-	7,960,745
Seattle	749,110	16,029	-	-	765,139
Washington, DC	8,274,757	682,131	822,436	-	9,779,324
Total	43,546,445	2,650,817	1,690,721	330,000	48,217,983
% of Total	90.31	%	5.50	%	3.51	%	0.68	%	100.00	%

Rental revenue of in-service properties by unit type 1

Office	Retail	Residential	Hotel 3	Total
Consolidated	$	655,238	$	50,402	$	10,227	$	5,089	$	720,956
Less:
Partners' share from consolidated joint ventures 4	68,008	8,943	-	-	76,951
Add:
BXP's share from unconsolidated joint ventures 5	38,933	2,185	1,923	-	43,041
BXP's Share of Rental revenue 1	$	626,163	$	43,644	$	12,150	$	5,089	$	687,046
% of Total	91.14	%	6.35	%	1.77	%	0.74	%	100.00	%

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

CBD	Suburban	Total
Boston	26.66	%	7.78	%	34.44	%
Los Angeles	2.79	%	-	%	2.79	%
New York	26.71	%	2.05	%	28.76	%
San Francisco	16.65	%	2.83	%	19.48	%
Seattle	0.15	%	-	%	0.15	%
Washington, DC	4.89	%	9.49	%	14.38	%
Total	77.85	%	22.15	%	100.00	%

_____________

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

2Includes 100% of the rentable square footage of the Company's In-Service Properties. For additional detail relating to the Company's In-Service Properties, see pages 20-23.

3Excludes approximately $100 of revenue from retail tenants that is included in Retail.

4See page 59 for additional information.

5See page 61 for additional information.

6BXP's Share of NOI (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income attributable to Boston Properties, Inc. to BXP's Share of NOI (excluding termination income), see page 8.

17

	Q3 2021
Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1	Hotel 2
Three Months Ended	Three Months Ended
30-Sep-21	30-Jun-21	30-Sep-21	30-Jun-21
Rental Revenue 3	$	10,894	$	9,763	$	5,189	$	1,561
Less: Operating expenses and real estate taxes	6,045	5,928	3,946	1,996
Net Operating Income (Loss) (NOI) 3	4,849	3,835	1,243	(435)
Add: BXP's share of NOI from unconsolidated joint ventures	882	449	N/A	N/A
BXP's Share of NOI 3	$	5,731	$	4,284	$	1,243	$	(435)
Rental Revenue 3	$	10,894	$	9,763	$	5,189	$	1,561
Less: Straight line rent and fair value lease revenue	(13)	21	5	(5)
Add: Lease transaction costs that qualify as rent inducements	48	-	-	-
Subtotal	10,955	9,742	5,184	1,566
Less: Operating expenses and real estate taxes	6,045	5,928	3,946	1,996
NOI - cash basis 3	4,910	3,814	1,238	(430)
Add: BXP's share of NOI-cash from unconsolidated joint ventures	882	449	N/A	N/A
BXP's Share of NOI - cash basis 3	$	5,792	$	4,263	$	1,238	$	(430)

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units	Three Months Ended	Percent Change
30-Sep-21	30-Sep-20
BOSTON
Hub50House (50% ownership), Boston, MA 3	440
Average Monthly Rental Rate	$	3,360	$	3,571	(5.91)	%
Average Rental Rate Per Occupied Square Foot	$	4.69	$	5.32	(11.84)	%
Average Physical Occupancy	87.50	%	45.08	%	94.10	%
Average Economic Occupancy	82.92	%	39.31	%	110.94	%
Proto Kendall Square, Cambridge, MA 3, 4	280
Average Monthly Rental Rate	$	2,642	$	2,676	(1.27)	%
Average Rental Rate Per Occupied Square Foot	$	4.82	$	4.91	(1.83)	%
Average Physical Occupancy	94.52	%	85.71	%	10.28	%
Average Economic Occupancy	93.90	%	83.13	%	12.96	%
The Lofts at Atlantic Wharf, Boston, MA 3, 4	86
Average Monthly Rental Rate	$	3,747	$	4,231	(11.44)	%
Average Rental Rate Per Occupied Square Foot	$	4.17	$	4.62	(9.74)	%
Average Physical Occupancy	96.51	%	80.23	%	20.29	%
Average Economic Occupancy	95.38	%	80.74	%	18.13	%
Boston Marriott Cambridge (437 rooms), Cambridge, MA 2, 4	N/A
Average Occupancy	49.40	%		-	%	100.00	%
Average Daily Rate	$	222.31		$	-	100.00	%
Revenue Per Available Room	$	109.86		$	-	100.00	%
SAN FRANCISCO
The Skylyne, Oakland, CA 3, 5	402
Average Monthly Rental Rate	$	3,307	$	3,887	(14.92)	%
Average Rental Rate Per Occupied Square Foot	$	3.92	$	4.97	(21.13)	%
Average Physical Occupancy	48.34	%	2.27	%	2,029.52	%
Average Economic Occupancy	41.03	%	1.70	%	2,313.53	%

18

	Q3 2021
Residential and hotel performance (continued)

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units	Three Months Ended	Percent Change
30-Sep-21	30-Sep-20
WASHINGTON, DC
Signature at Reston, Reston, VA 3, 4	508
Average Monthly Rental Rate	$	2,429	$	2,319	4.74	%
Average Rental Rate Per Occupied Square Foot	$	2.51	$	2.42	3.72	%
Average Physical Occupancy	93.24	%	82.22	%	13.40	%
Average Economic Occupancy	92.03	%	78.20	%	17.69	%
The Avant at Reston Town Center, Reston, VA 3, 4	359
Average Monthly Rental Rate	$	2,299	$	2,352	(2.25)	%
Average Rental Rate Per Occupied Square Foot	$	2.50	$	2.57	(2.72)	%
Average Physical Occupancy	96.29	%	89.69	%	7.36	%
Average Economic Occupancy	96.25	%	88.90	%	8.27	%
Total In-Service Residential Units	2,075

_____________

1Includes retail space.

2As a result of COVID-19, the Boston Marriott Cambridge closed in March 2020 and re-opened on October 2, 2020. The hotel continues to operate at a diminished occupancy due to the continued impact of COVID-19 on business and leisure travel.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

4Excludes retail space.

5This property was completed and fully placed in-service on August 15, 2020 and is in its initial lease-up period with expected stabilization in the third quarter of 2022.

19

	Q3 2021
In-service property listing

as of September 30, 2021
Sub Market	Number of Buildings	Square Feet	Leased % 1	Annualized Rental Obligations Per Leased SF 2
BOSTON
Office
200 Clarendon Street	CBD Boston MA	1	1,768,799	96.9	%	$	73.56
100 Federal Street (55% ownership)	CBD Boston MA	1	1,238,461	97.6	%	65.07
800 Boylston Street - The Prudential Center	CBD Boston MA	1	1,197,746	89.7	%	67.29
111 Huntington Avenue - The Prudential Center	CBD Boston MA	1	860,456	92.4	%	70.60
Atlantic Wharf Office (55% ownership)	CBD Boston MA	1	793,823	99.8	%	80.37
Prudential Center (retail shops) 3, 4	CBD Boston MA	1	597,963	74.5	%	99.10
101 Huntington Avenue - The Prudential Center	CBD Boston MA	1	506,476	100.0	%	56.89
The Hub on Causeway - Podium (50% ownership) 5	CBD Boston MA	1	382,497	80.3	%	69.51
888 Boylston Street - The Prudential Center	CBD Boston MA	1	363,320	100.0	%	77.83
Star Market at the Prudential Center 3	CBD Boston MA	1	57,236	100.0	%	61.07
Subtotal	10	7,766,777	93.5	%	$	72.05
145 Broadway	East Cambridge MA	1	490,086	99.1	%	$	86.14
355 Main Street	East Cambridge MA	1	259,640	99.3	%	77.15
90 Broadway	East Cambridge MA	1	223,771	100.0	%	73.42
255 Main Street	East Cambridge MA	1	215,394	97.5	%	87.11
300 Binney Street	East Cambridge MA	1	195,191	100.0	%	59.87
150 Broadway	East Cambridge MA	1	177,226	100.0	%	81.70
105 Broadway	East Cambridge MA	1	152,664	100.0	%	69.78
250 Binney Street	East Cambridge MA	1	67,362	100.0	%	47.46
University Place	Mid-Cambridge MA	1	195,282	100.0	%	55.54
Subtotal	9	1,976,616	99.4	%	$	74.96
Bay Colony Corporate Center	Route 128 Mass Turnpike MA	4	1,001,136	74.6	%	$	44.45
Reservoir Place	Route 128 Mass Turnpike MA	1	527,029	81.5	%	37.67
140 Kendrick Street	Route 128 Mass Turnpike MA	3	380,991	99.4	%	42.53
Weston Corporate Center	Route 128 Mass Turnpike MA	1	356,995	100.0	%	56.63
Waltham Weston Corporate Center	Route 128 Mass Turnpike MA	1	301,611	84.8	%	40.30
230 CityPoint	Route 128 Mass Turnpike MA	1	296,212	93.9	%	41.24
10 CityPoint	Route 128 Mass Turnpike MA	1	241,203	98.1	%	59.57
20 CityPoint	Route 128 Mass Turnpike MA	1	211,476	98.9	%	46.85
77 CityPoint	Route 128 Mass Turnpike MA	1	209,711	100.0	%	49.29
890 Winter Street	Route 128 Mass Turnpike MA	1	174,472	50.1	%	45.82
153 & 211 Second Avenue 6	Route 128 Mass Turnpike MA	2	136,882	100.0	%	53.97
200 West Street 6, 7	Route 128 Mass Turnpike MA	1	134,921	70.3	%	55.39
1265 Main Street (50% ownership) 5	Route 128 Mass Turnpike MA	1	114,969	100.0	%	44.62
Reservoir Place North	Route 128 Mass Turnpike MA	1	73,258	100.0	%	45.70
195 West Street	Route 128 Mass Turnpike MA	1	63,500	100.0	%	42.00
The Point 3	Route 128 Mass Turnpike MA	1	16,300	84.7	%	57.26
191 Spring Street 8	Route 128 Northwest MA	1	170,997	100.0	%	44.69
Lexington Office Park	Route 128 Northwest MA	2	166,779	61.3	%	30.71
201 Spring Street 8	Route 128 Northwest MA	1	106,300	100.0	%	45.32
33 Hayden Avenue	Route 128 Northwest MA	1	80,876	100.0	%	65.88
32 Hartwell Avenue	Route 128 Northwest MA	1	69,154	100.0	%	28.21
100 Hayden Avenue	Route 128 Northwest MA	1	55,924	100.0	%	50.00
181 Spring Street 8	Route 128 Northwest MA	1	55,793	100.0	%	44.03
92 Hayden Avenue	Route 128 Northwest MA	1	31,100	100.0	%	44.37
17 Hartwell Avenue	Route 128 Northwest MA	1	30,000	100.0	%	49.69
Subtotal	32	5,007,589	87.6	%	$	45.88
Boston Office Total:	51	14,750,982	92.3	%	$	63.99
Residential
Hub50House (440 units) (50% ownership) 5, 6	CBD Boston MA	1	320,444
The Lofts at Atlantic Wharf (86 units)	CBD Boston MA	1	87,097
Proto Kendall Square (280 units)	East Cambridge MA	1	166,717
Boston Residential Total:	3	574,258

20

	Q3 2021
In-service property listing (continued)

as of September 30, 2021
Sub Market	Number of Buildings	Square Feet	Leased % 1	Annualized Rental Obligations Per Leased SF 2
BOSTON (continued)
Hotel
Boston Marriott Cambridge (437 rooms)	East Cambridge MA	1	334,260
Boston Hotel Total:	1	334,260
Boston Total:	55	15,659,500
LOS ANGELES
Office
Colorado Center (50% ownership) 5	West Los Angeles CA	6	1,129,730	89.6	%	$	70.07
Santa Monica Business Park (55% ownership) 5	West Los Angeles CA	14	1,102,468	76.7	%	65.98
Santa Monica Business Park Retail (55% ownership) 3, 5	West Los Angeles CA	7	74,404	90.1	%	72.24
Subtotal	27	2,306,602	83.4	%	$	68.36
Los Angeles Total:	27	2,306,602	83.4	%	$	68.36
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership)	Plaza District NY	1	1,957,284	91.3	%	$	163.54
601 Lexington Avenue (55% ownership) 6	Park Avenue NY	1	1,671,590	95.7	%	99.89
399 Park Avenue	Park Avenue NY	1	1,576,874	96.7	%	101.24
599 Lexington Avenue	Park Avenue NY	1	1,062,708	99.0	%	92.93
Times Square Tower (55% ownership)	Times Square NY	1	1,225,413	84.6	%	79.39
250 West 55th Street	Times Square / West Side NY	1	966,979	98.7	%	98.94
Dock 72 (50% ownership) 5, 6	Brooklyn NY	1	668,625	33.1	%	60.58
510 Madison Avenue	Fifth/Madison Avenue NY	1	353,800	99.0	%	140.44
Subtotal	8	9,483,273	89.9	%	$	110.66
510 Carnegie Center	Princeton NJ	1	234,160	-	%	$	-
206 Carnegie Center	Princeton NJ	1	161,763	100.0	%	36.00
210 Carnegie Center	Princeton NJ	1	159,468	79.2	%	37.46
212 Carnegie Center	Princeton NJ	1	151,355	74.9	%	38.96
214 Carnegie Center	Princeton NJ	1	146,799	51.6	%	35.27
506 Carnegie Center	Princeton NJ	1	138,616	82.1	%	37.90
508 Carnegie Center	Princeton NJ	1	134,433	100.0	%	42.23
202 Carnegie Center	Princeton NJ	1	134,068	91.2	%	41.44
804 Carnegie Center	Princeton NJ	1	130,000	100.0	%	41.31
504 Carnegie Center	Princeton NJ	1	121,990	100.0	%	34.28
101 Carnegie Center	Princeton NJ	1	121,620	100.0	%	39.22
502 Carnegie Center	Princeton NJ	1	121,460	97.6	%	39.47
701 Carnegie Center	Princeton NJ	1	120,000	100.0	%	43.14
104 Carnegie Center	Princeton NJ	1	102,930	63.6	%	39.25
103 Carnegie Center	Princeton NJ	1	96,332	64.1	%	33.42
105 Carnegie Center	Princeton NJ	1	69,955	56.6	%	32.65
302 Carnegie Center	Princeton NJ	1	64,926	100.0	%	36.06
211 Carnegie Center	Princeton NJ	1	47,025	100.0	%	38.37
201 Carnegie Center	Princeton NJ	-	6,500	100.0	%	37.26
Subtotal	18	2,263,400	77.1	%	$	38.50
New York Total:	26	11,746,673	87.5	%	$	98.40
SAN FRANCISCO
Office
Salesforce Tower	CBD San Francisco CA	1	1,420,682	100.0	%	$	104.67
Embarcadero Center Four	CBD San Francisco CA	1	941,166	93.4	%	84.87
Embarcadero Center One	CBD San Francisco CA	1	831,603	81.9	%	79.01
Embarcadero Center Two	CBD San Francisco CA	1	801,378	87.2	%	79.96

21

	Q3 2021
In-service property listing (continued)

as of September 30, 2021
Sub Market	Number of Buildings	Square Feet	Leased % 1	Annualized Rental Obligations Per Leased SF 2
SAN FRANCISCO (continued)
Embarcadero Center Three	CBD San Francisco CA	1	786,752	87.7	%	81.52
680 Folsom Street	CBD San Francisco CA	2	524,793	99.1	%	70.70
535 Mission Street	CBD San Francisco CA	1	307,235	90.0	%	85.56
690 Folsom Street	CBD San Francisco CA	1	26,080	100.0	%	67.65
Subtotal	9	5,639,689	92.1	%	$	86.95
Gateway Commons (52% ownership) 5	South San Francisco CA	6	1,080,751	69.7	%	$	59.31
Mountain View Research Park	Mountain View CA	15	542,264	82.0	%	69.98
2440 West El Camino Real	Mountain View CA	1	146,789	100.0	%	83.36
453 Ravendale Drive	Mountain View CA	1	29,620	75.0	%	39.96
North First Business Park 9	San Jose CA	5	190,636	55.2	%	27.35
Subtotal	28	1,990,060	74.0	%	$	62.40
San Francisco Office Total:	37	7,629,749	87.3	%	$	81.52
Residential
The Skylyne (402 units) 6	CBD Oakland CA	1	330,996
San Francisco Residential Total:	1	330,996
San Francisco Total:	38	7,960,745
SEATTLE
Office
Safeco Plaza (33.67% ownership) 5, 6	CBD Seattle WA	1	765,139	90.9	%	$	43.63
Subtotal	1	765,139	90.9	%	$	43.63
Seattle Total:	1	765,139	90.9	%	$	43.63
WASHINGTON, DC
Office
Metropolitan Square (20% ownership) 5	East End Washington DC	1	657,481	65.2	%	$	68.60
901 New York Avenue (25% ownership) 5	East End Washington DC	1	541,743	74.4	%	68.93
601 Massachusetts Avenue	East End Washington DC	1	478,818	97.3	%	87.44
Market Square North (50% ownership) 5	East End Washington DC	1	417,989	77.9	%	70.40
2200 Pennsylvania Avenue	CBD Washington DC	1	458,831	96.3	%	91.30
1330 Connecticut Avenue	CBD Washington DC	1	253,941	89.9	%	72.56
Sumner Square	CBD Washington DC	1	209,556	93.7	%	55.47
500 North Capitol Street, N.W. (30% ownership) 5	Capitol Hill Washington DC	1	230,900	98.5	%	80.75
Capital Gallery	Southwest Washington DC	1	176,809	97.1	%	57.10
Subtotal	9	3,426,068	84.3	%	$	74.92
South of Market	Reston VA	3	623,250	82.3	%	$	54.91
Fountain Square	Reston VA	2	505,333	76.2	%	54.84
One Freedom Square	Reston VA	1	430,523	71.8	%	50.78
Two Freedom Square	Reston VA	1	423,222	100.0	%	47.40
One and Two Discovery Square	Reston VA	2	366,989	100.0	%	51.28
One Reston Overlook	Reston VA	1	319,519	100.0	%	46.51
17Fifty Presidents Street	Reston VA	1	275,809	100.0	%	64.96
Reston Corporate Center	Reston VA	2	261,046	100.0	%	47.45
Democracy Tower	Reston VA	1	259,441	97.7	%	59.89
Fountain Square Retail 3	Reston VA	1	216,591	80.6	%	40.43
Two Reston Overlook	Reston VA	1	134,615	100.0	%	48.00
Subtotal	16	3,816,338	89.5	%	$	52.01
Wisconsin Place Office	Montgomery County MD	1	299,248	85.6	%	$	60.20
Shady Grove Bio+Tech Campus 6, 9	North Rockville MD	4	233,452	64.4	%	18.23
Kingstowne Two	Springfield VA	1	155,995	87.2	%	37.91

22

	Q3 2021
In-service property listing (continued)

as of September 30, 2021
Sub Market	Number of Buildings	Square Feet	Leased % 1	Annualized Rental Obligations Per Leased SF 2
WASHINGTON, DC (continued)
Kingstowne One	Springfield VA	1	153,401	58.5	%	39.02
7601 Boston Boulevard	Springfield VA	1	108,286	100.0	%	33.94
7435 Boston Boulevard	Springfield VA	1	103,557	43.7	%	22.90
8000 Grainger Court	Springfield VA	1	88,775	-	%	-
Kingstowne Retail 3	Springfield VA	1	88,244	94.3	%	42.17
7500 Boston Boulevard	Springfield VA	1	79,971	100.0	%	19.60
7501 Boston Boulevard	Springfield VA	1	75,756	100.0	%	37.28
7450 Boston Boulevard	Springfield VA	1	62,402	100.0	%	18.17
7374 Boston Boulevard	Springfield VA	1	57,321	100.0	%	19.52
8000 Corporate Court	Springfield VA	1	52,539	100.0	%	16.62
7451 Boston Boulevard	Springfield VA	1	45,949	65.3	%	19.06
7300 Boston Boulevard	Springfield VA	1	32,000	100.0	%	24.00
7375 Boston Boulevard	Springfield VA	1	26,865	44.5	%	23.90
Subtotal	19	1,663,761	76.4	%	$	34.79
Washington, DC Office Total:	44	8,906,167	85.1	%	$	57.82
Residential
Signature at Reston (508 units)	Reston VA	1	517,783
The Avant at Reston Town Center (359 units)	Reston VA	1	355,374
Washington, DC Residential Total:	2	873,157
Washington, DC Total:	46	9,779,324
Total In-Service Properties:	193	48,217,983	88.4	%	10	$	74.25	10

_____________

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

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

3This is a retail property.

4Includes 145,849 square feet at Prudential Center (retail shops) of leases terminated by the Company where the tenant is still occupying the space.

5This is an unconsolidated joint venture property.

6Not included in the Same Property analysis. The Company's One Five Nine East 53rd Street development project, the low-rise portion of 601 Lexington Avenue, was fully placed in-service in February 2021 and excluded from the Company's Same Property analysis.

7A portion of this property is under redevelopment. For additional detail, see page 14.

8The property was sold on October 25, 2021.

9Property held for redevelopment.

10 Excludes Hotel and Residential properties. For additional detail, see pages 18-19.

23

	Q3 2021
Top 20 tenants listing and portfolio tenant diversification

as of September 30, 2021

TOP 20 TENANTS

No.	Tenant	BXP's Share of Annualized Rental Obligations 1	Weighted Average Remaining Lease Term (years) 2
1	salesforce.com	3.56	%	10.3
2	Arnold & Porter Kaye Scholer	2.70	%	12.6
3	Akamai Technologies	2.21	%	13.1
4	Biogen	1.79	%	5.1
5	Shearman & Sterling	1.60	%	12.2
6	Ropes & Gray	1.52	%	8.6
7	Kirkland & Ellis	1.51	%	15.8
8	Google	1.38	%	15.9
9	WeWork	1.36	%	12.0
10	Microsoft	1.33	%	10.4
11	Millennium Management	1.23	%	9.3
12	Weil Gotshal & Manges	1.22	%	12.6
13	Wellington Management	1.15	%	11.6
14	Aramis (Estee Lauder)	1.07	%	15.9
15	US Government	0.96	%	4.8
16	Morrison & Foerster	0.92	%	9.0
17	O'Melveny & Myers	0.88	%	3.2
18	Bank of America	0.84	%	13.7
19	Mass Financial Services	0.83	%	6.4
20	Hunton Andrews Kurth	0.80	%	4.8
BXP's Share of Annualized Rental Obligations	28.86	%
BXP's Share of Square Feet 1	23.08	%
Weighted Average Remaining Lease Term (years)	10.8

NOTABLE SIGNED DEALS 3

Tenant	Property	Square Feet
Marriott International	7750 Wisconsin Avenue	734,000
Fannie Mae	Reston Next	703,000
Google	325 Main Street	379,000
Wilmer Cutler Pickering Hale	2100 Pennsylvania Avenue	268,000
Volkswagen Group of America	Reston Next	196,000
Translate Bio	200 West Street	138,000

TENANT DIVERSIFICATION 2

_____________

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

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

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

24

	Q3 2021
Occupancy by location

as of September 30, 2021

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

CBD	Suburban	Total
Location	30-Sep-21	30-Jun-21	30-Sep-21	30-Jun-21	30-Sep-21	30-Jun-21
Boston	94.7	%	95.5	%	87.6	%	87.8	%	92.3	%	92.9	%
Los Angeles	83.4	%	83.9	%	-	%	-	%	83.4	%	83.9	%
New York	89.9	%	89.7	%	77.1	%	76.7	%	87.5	%	87.2	%
San Francisco	92.1	%	92.5	%	74.0	%	73.4	%	87.3	%	87.6	%
Seattle 2	90.9	%	N/A	-	%	N/A	90.9	%	N/A
Washington, DC	84.3	%	83.6	%	85.5	%	86.4	%	85.1	%	85.3	%
Total Portfolio	90.7	%	90.9	%	83.4	%	83.6	%	88.4	%	88.6	%

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

CBD	Suburban	Total
Location	30-Sep-21	30-Sep-20	30-Sep-21	30-Sep-20	30-Sep-21	30-Sep-20
Boston	94.7	%	98.7	%	87.3	%	87.5	%	92.2	%	95.0	%
Los Angeles	83.4	%	96.7	%	-	%	-	%	83.4	%	96.7	%
New York	94.3	%	94.2	%	77.1	%	76.5	%	90.7	%	90.5	%
San Francisco	92.1	%	95.8	%	74.0	%	78.7	%	87.3	%	91.4	%
Seattle 2	-	%	N/A	-	%	N/A	-	%	N/A
Washington, DC	84.3	%	84.6	%	86.5	%	83.9	%	85.6	%	84.2	%
Total Portfolio	92.0	%	95.1	%	83.5	%	83.3	%	89.2	%	91.2	%

_____________

1Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential units and hotel.

2The Company entered the Seattle market on September 1, 2021. Therefore, there is no occupancy information provided for prior periods.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

25

	Q3 2021
Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal
Mortgage Notes Payable	$	2,918,725
Unsecured Line of Credit	-
Unsecured Senior Notes, at face value	10,550,000
Outstanding Principal	13,468,725
Discount on Unsecured Senior Notes	(17,581)
Deferred Financing Costs, Net	(72,794)
Consolidated Debt	$	13,378,350

MORTGAGE NOTES PAYABLE

Interest Rate
Property	Maturity Date	GAAP	Stated	Outstanding Principal
601 Lexington Avenue (55% ownership)	April 10, 2022	4.79%	4.75%	$	618,725
767 Fifth Avenue (The GM Building) (60% ownership)	June 9, 2027	3.64%	3.43%	2,300,000
Total	$	2,918,725

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 1

Maturity Date	Effective Yield (on issue date)	Coupon	Outstanding Principal
11 Year Unsecured Senior Notes 2	February 1, 2023	3.95%	3.85%	$	1,000,000
10.5 Year Unsecured Senior Notes	September 1, 2023	3.28%	3.13%	500,000
10.5 Year Unsecured Senior Notes	February 1, 2024	3.92%	3.80%	700,000
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
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
$	10,550,000

CAPITALIZATION

Shares/Units	Common Stock
Outstanding	Equivalents	Equivalent Value 3
Common Stock	156,206	156,206	$	16,924,920
Common Operating Partnership Units	17,477	17,477	1,893,633
Total Equity	173,683	$	18,818,553
Consolidated Debt (A)	$	13,378,350
Add: BXP's share of unconsolidated joint venture debt 4	1,289,582
Less: Partners' share of consolidated debt 5	1,190,479
BXP's Share of Debt 6(B)	$	13,477,453
Consolidated Market Capitalization (C)	$	32,196,903
BXP's Share of Market Capitalization 6 (D)	$	32,296,006
Consolidated Debt/Consolidated Market Capitalization (A÷C)	41.55	%
BXP's Share of Debt/BXP's Share of Market Capitalization 6 (B÷D)	41.73	%

_____________

1All unsecured senior notes are rated BBB+ (stable), and Baa1 (stable) by S&P and Moody's, respectively.

2On October 15, 2021, the Company redeemed these bonds in full at par plus accrued and unpaid interest and an early redemption premium.

3Values are based on the September 30, 2021 closing price of $108.35 per share of BXP common stock.

4Amount is calculated based on the Company's percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 33.

5Amount is calculated based on the outside partners' percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 31.

6See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

26

	Q3 2021
Debt analysis 1

as of September 30, 2021

(dollars in thousands)

2021	2022	2023 2	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033

UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026

Facility	Outstanding at September 30, 2021	Letters of Credit	Remaining Capacity at September 30, 2021
Unsecured Line of Credit	$	1,500,000	$	-	$	6,348	$	1,493,652

UNSECURED AND SECURED DEBT ANALYSIS

Weighted Average
% of Total Debt	Stated Rates	GAAP Rates 3	Maturity (years)
Unsecured Debt	78.33	%	3.40	%	3.48	%	6.3
Secured Debt	21.67	%	3.71	%	3.89	%	4.6
Consolidated Debt	100.00	%	3.47	%	3.57	%	5.9

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt	Stated Rates	GAAP Rates 3	Maturity (years)
Floating Rate Debt	-	%	-	%	-	%	-
Fixed Rate Debt	100.00	%	3.47	%	3.57	%	5.9
Consolidated Debt	100.00	%	3.47	%	3.57	%	5.9

_____________

1Excludes unconsolidated joint ventures. For information on BXP's share of unconsolidated joint venture debt, see page 33.

2On October 15, 2021, the Company redeemed $1.0 billion of its 3.85% unsecured senior notes, which were scheduled to mature in February 2023, at par plus accrued and unpaid interest and an early redemption premium.

3The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges and the effects of hedging transactions.

27

	Q3 2021
Senior unsecured debt covenant compliance ratios

In the fourth quarter of 2002, the Company's Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the "Indenture"), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the Indenture.

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

COVENANT RATIOS AND RELATED DATA

Senior Notes Issued Prior to December 4, 2017	Senior Notes Issued On or After December 4, 2017
Test	Actual
Total Outstanding Debt/Total Assets 1	Less than 60%	47.0	%	43.7	%
Secured Debt/Total Assets	Less than 50%	13.8	%	12.8	%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)	Greater than 1.50x	4.00	4.00
Unencumbered Assets/ Unsecured Debt	Greater than 150%	229.8	%	250.9	%

_____________

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

28

	Q3 2021
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
30-Sep-21	30-Jun-21
Net income attributable to Boston Properties, Inc.	$	108,297	$	111,703
Add:
Noncontrolling interest - common units of the Operating Partnership	11,982	12,383
Noncontrolling interest in property partnerships	18,971	17,164
Net income	139,250	141,250
Add:
Interest expense	105,794	106,319
Depreciation and amortization expense	179,412	183,838
Less:
Gains on sales of real estate	348	7,756
Loss from unconsolidated joint ventures	(5,597)	(1,373)
Add:
BXP's share of EBITDAre from unconsolidated joint ventures 2	24,121	25,375
EBITDAre1	453,826	450,399
Less:
Partners' share of EBITDAre from consolidated joint ventures 3	47,740	46,222
BXP's Share of EBITDAre1(A)	406,086	404,177
Add:
Stock-based compensation expense	8,440	13,993
BXP's Share of straight-line ground rent expense adjustment 1	996	698
BXP's Share of lease transaction costs that qualify as rent inducements 1	3,379	(132)
Less:
BXP's Share of straight-line rent 1	35,811	30,855
BXP's Share of fair value lease revenue 1	1,793	1,193
BXP's Share of EBITDAre- cash 1	$	381,297	$	386,688
BXP's Share of EBITDAre (Annualized) 4 (A x 4)	$	1,624,344	$	1,616,708

Reconciliation of BXP's Share of Net Debt 1

30-Sep-21	30-Jun-21
Consolidated debt	$	13,378,350	$	12,536,065
Add:
Special dividend payable	-	-
Less:
Cash and cash equivalents	1,002,728	557,307
Cash held in escrow for 1031 exchange	-	-
Net debt 1	12,375,622	11,978,758
Add:
BXP's share of unconsolidated joint venture debt 2	1,289,582	1,190,473
Partners' share of cash and cash equivalents from consolidated joint ventures	123,115	143,868
Less:
BXP's share of cash and cash equivalents from unconsolidated joint ventures	95,224	90,535
Partners' share of consolidated joint venture debt 3	1,190,479	1,191,879
BXP's Share of Net Debt 1 (B)	$	12,502,616	$	12,030,685
BXP's Share of Net Debt to BXP's Share of EBITDAre (Annualized) [B ÷ (A x 4)]	7.70	7.44

_____________

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

2For disclosures related to the calculation of BXP's share from unconsolidated joint ventures for the three months ended September 30, 2021, see pages 33 and 60.

3For disclosures related to the calculation of Partners' share from consolidated joint ventures for the three months ended September 30, 2021, see pages 31 and 58.

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

29

	Q3 2021
Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO1

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

FIXED CHARGE COVERAGE RATIO 1

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

_____________

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

2For a qualitative reconciliation of BXP's Share of EBITDAre - cash, see page 29.

30

	Q3 2021
Consolidated joint ventures

d

as of September 30, 2021

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

Norges Joint Ventures 1
Times Square Tower
601 Lexington Avenue / One Five Nine East 53rd Street
767 Fifth Avenue	100 Federal Street	Total Consolidated
ASSETS	(The GM Building) 1	Atlantic Wharf Office	Joint Ventures
Real estate, net	$	3,194,362	$	2,271,290	$	5,465,652
Cash and cash equivalents	131,645	156,570	288,215
Other assets	298,996	355,626	654,622
Total assets	$	3,625,003	$	2,783,486	$	6,408,489
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	2,280,110	$	618,556	$	2,898,666
Other liabilities	90,500	98,792	189,292
Total liabilities	2,370,610	717,348	3,087,958
Equity:
Boston Properties, Inc.	754,187	838,127	1,592,314
Noncontrolling interests	500,206	1,228,011	1,728,217	2
Total equity	1,254,393	2,066,138	3,320,531
Total liabilities and equity	$	3,625,003	$	2,783,486	$	6,408,489
BXP's nominal ownership percentage	60%	55%
Partners' share of cash and cash equivalents 3	$	52,658	$	70,457	$	123,115
Partners' share of consolidated debt 3	$	912,128	4	$	278,351	$	1,190,479

_____________

1Certain balances contain amounts that eliminate in consolidation.

2Amount excludes preferred shareholders' capital of approximately $0.1 million.

3Amounts represent the partners' share based on their respective ownership percentages.

4Amount adjusted for basis differentials.

31

	Q3 2021
Consolidated joint ventures (continued)

for the three months ended September 30, 2021

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS

Norges Joint Ventures
Times Square Tower
601 Lexington Avenue / One Five Nine East 53rd Street
767 Fifth Avenue	100 Federal Street	Total Consolidated
(The GM Building)	Atlantic Wharf Office	Joint Ventures
Revenue
Lease 1	$	75,286	$	92,357	$	167,643
Straight-line rent	1,864	6,549	8,413
Fair value lease revenue	(28)	81	53
Termination income	-	22	22
Total lease revenue	77,122	99,009	176,131
Parking and other	-	1,198	1,198
Insurance proceeds	-	2,241	2	2,241
Total rental revenue 3	77,122	102,448	179,570
Expenses
Operating	29,107	33,569	62,676
Restoration expenses related to insurance claim	-	2,241	2	2,241
Total expenses	29,107	35,810	64,917
Net Operating Income (NOI)	48,015	66,638	114,653
Other income (expense)
Development and management services revenue	-	4	4
Interest and other income	-	90	90
Interest expense	(21,324)	(7,712)	(29,036)
Depreciation and amortization expense	(15,751)	(22,246)	(37,997)
General and administrative expense	(89)	(61)	(150)
Total other income (expense)	(37,164)	(29,925)	(67,089)
Net income	$	10,851	$	36,713	$	47,564

FUNDS FROM OPERATIONS (FFO)

BXP's nominal ownership percentage	60%	55%
Norges Joint Ventures
Times Square Tower
601 Lexington Avenue / One Five Nine East 53rd Street
767 Fifth Avenue	100 Federal Street	Total Consolidated
Reconciliation of Partners' share of FFO	(The GM Building)	Atlantic Wharf Office	Joint Ventures
Net income	$	10,851	$	36,713	$	47,564
Add: Depreciation and amortization expense	15,751	22,246	37,997
Entity FFO	$	26,602	$	58,959	$	85,561
Partners' NCI 4	$	3,406	$	15,565	$	18,971
Partners' share of depreciation and amortization expense after BXP's basis differential 4	6,595	10,178	16,773
Partners' share FFO 4	$	10,001	$	25,743	$	35,744
Reconciliation of BXP's share of FFO
BXP's share of net income adjusted for partners' NCI	$	7,445	$	21,148	$	28,593
Depreciation and amortization expense - BXP's basis difference	60	389	449
BXP's share of depreciation and amortization expense	9,096	11,679	20,775
BXP's share of FFO	$	16,601	$	33,216	$	49,817