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 52.8 million square feet and 201 properties, including nine properties under construction/redevelopment. The Company's properties include 182 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 effect of any relaxation or reimplementation of restrictions, and the direct and indirect impact of such measures on the U.S. and international economy and economic activity generally, the demand for office space and our tenants' businesses, financial condition, results of operation, cash flows and liquidity; the emergence and characteristics of new variants, the speed, effectiveness and distribution of vaccines (including effectiveness against variant strains), 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 a timely manner, in full or at all; 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	Helen Han
Boston, MA 02199	Stock Exchange Listing	Boston, MA 02199	Vice President, Investor Relations
www.bxp.com	New York Stock Exchange	investors.bxp.com	at 617.236.3429 or
(t) 617.236.3300	[email protected]	[email protected]
(t) 617.236.3429
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
at 617.236.3352 or
[email protected]

(Cover photo: Rendering of 360 Park Avenue South, New York, NY)

	Q4 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

	Q4 2021
Company profile

SNAPSHOT

(as of December 31, 2021)

Fiscal Year-End	December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)	201
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)	52.8 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	174.6 million
Closing Price, at the end of the quarter	$115.18 per share
Dividend - Quarter/Annualized	$0.98/$3.92 per share
Dividend Yield	3.4%
Consolidated Market Capitalization 2	$33.0 billion
BXP's Share of Market Capitalization 2, 3	$33.0 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
Carol B. Einiger	Robert E. Pester	Executive Vice President, San Francisco Region
Diane J. Hoskins	Chair of Sustainability Committee	Hilary Spann	Executive Vice President, New York Region
Mary E. Kipp	Peter V. Otteni	Executive Vice President, Co-Head of the Washington, DC Region
Matthew J. Lustig	Chair of Nominating & Corporate Governance Committee	John J. Stroman	Executive Vice President, Co-Head of the Washington, DC Region
David A. Twardock	Chair of Audit Committee	Jonathan D. Lange	Senior Vice President, Los Angeles Region
William H. Walton, III	Frank D. Burt	Senior Vice President, Chief Legal Officer
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

	Q4 2021
Guidance and assumptions

GUIDANCE

The Company's guidance for the first quarter 2022 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 January 25, 2022 and those referenced during the Company's conference call scheduled for January 26, 2022. 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.

First Quarter 2022	Full Year 2022
Low	High	Low	High
Projected EPS (diluted)	$	0.67	$	0.69	$	3.00	$	3.15
Add:
Projected Company share of real estate depreciation and amortization	1.05	1.05	4.30	4.30
Projected FFO per share (diluted)	$	1.72	$	1.74	$	7.30	$	7.45

ASSUMPTIONS

(dollars in thousands)

Full Year 2022
Low	High
Operating property activity:
Average In-service portfolio occupancy	88.00	%	90.00	%
Increase in BXP's Share of Same Property net operating income (excluding termination income)	2.00	%	3.00	%
Increase in BXP's Share of Same Property net operating income - cash (excluding termination income)	5.00	%	6.00	%
BXP's Share of Non Same Properties' incremental contribution to net operating income over prior year (excluding asset sales)	$	70,000	$	80,000
BXP's Share of incremental net operating income related to asset sales over prior year	$	(9,000)	$	(8,000)
BXP's Share of straight-line rent and fair value lease revenue (non-cash revenue)	$	100,000	$	120,000
Termination income	$	2,000	$	4,000
Other revenue (expense):
Development, management services and other revenue	$	24,000	$	30,000
General and administrative expense 1	$	(157,000)	$	(151,000)
Net interest expense	$	(415,000)	$	(405,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships' share of FFO	$	(144,000)	$	(140,000)

_______________

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

2

	Q4 2021
Financial highlights

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

Three Months Ended
31-Dec-21	30-Sep-21
Net income attributable to Boston Properties, Inc.	$	184,537	$	108,297
Net income attributable to Boston Properties, Inc. per share - diluted	$	1.18	$	0.69
FFO attributable to Boston Properties, Inc. 1	$	242,963	$	270,477
Diluted FFO per share 1	$	1.55	$	1.73
Dividends per common share	$	0.98	$	0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2	$	143,195	$	236,608
Selected items:
Revenue	$	731,063	$	730,056
Recoveries from tenants	$	104,194	$	107,766
Service income from tenants	$	2,428	$	1,874
BXP's Share of revenue 3	$	708,519	$	696,313
BXP's Share of straight-line rent 3	$	30,129	$	35,811
BXP's Share of fair value lease revenue 3, 4	$	2,058	$	1,793
BXP's Share of termination income 3	$	76	$	1,847
Losses from early extinguishments of debt	$	(44,284)	$	-
Ground rent expense	$	3,192	$	3,249
Capitalized interest	$	13,839	$	11,586
Capitalized wages	$	3,594	$	3,366
Loss from unconsolidated joint ventures	$	(825)	$	(5,597)
BXP's share of FFO from unconsolidated joint ventures 5	$	19,576	$	12,206
Net income attributable to noncontrolling interests in property partnerships	$	18,204	$	18,971
FFO attributable to noncontrolling interests in property partnerships 6	$	35,686	$	35,744
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)	$	1,457	$	1,906
Below-market rents (included within Other Liabilities)	$	22,962	$	24,823
Accrued rental income liability (included within Other Liabilities)	$	129,390	$	132,580
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7	4.00	3.79
Interest Coverage Ratio (including capitalized interest) 7	3.50	3.37
Fixed Charge Coverage Ratio 8	2.81	2.94
BXP's Share of Net Debt to BXP's Share of EBITDAre (Annualized) 8	7.46	7.70
Change in BXP's Share of Same Store Net Operating Income (NOI) (excluding termination income) 9	17.9	%	7.4	%
Change in BXP's Share of Same Store NOI (excluding termination income) - cash 9	10.2	%	9.2	%
FAD Payout Ratio 2	119.06	%	71.97	%
Operating Margins [(rental revenue - rental expense)/rental revenue]	64.0	%	63.9	%
Occupancy of In-Service Properties	88.8	%	88.4	%
Capitalization:
Consolidated Debt	$	12,896,609	$	13,378,350
BXP's Share of Debt 10	$	12,923,917	$	13,477,453
Consolidated Market Capitalization	$	33,006,115	$	32,196,903
Consolidated Debt/Consolidated Market Capitalization	39.07	%	41.55	%
BXP's Share of Market Capitalization 10	$	33,033,423	$	32,296,006
BXP's Share of Debt/BXP's Share of Market Capitalization 10	39.12	%	41.73	%

_____________

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

2For the three months ended December 31, 2021, includes approximately $42.9 million of cash losses related to the early extinguishment of debt in connection with the early redemption of the Company's $1.0 billion aggregate principal amount of 3.85% unsecured senior notes that were scheduled to mature in February 2023. For 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 December 31, 2021, see page 35.

6For a quantitative reconciliation for the three months ended December 31, 2021, see page 32.

7For a quantitative reconciliation for the three months ended December 31, 2021 and September 30, 2021, see page 30.

8For a quantitative reconciliation for the three months ended December 31, 2021 and September 30, 2021, see page 29.

9For a quantitative reconciliation for the three months ended December 31, 2021 and September 30, 2021, see pages 10, 62 and 63.

10For a quantitative reconciliation for December 31, 2021, see page 26.

3

	Q4 2021
Consolidated Balance Sheets

(unaudited and in thousands)

31-Dec-21	30-Sep-21
ASSETS
Real estate	$	22,298,103	$	22,088,835
Construction in progress	894,172	1,054,531
Land held for future development	560,355	568,034
Right of use assets - finance leases	237,507	237,845
Right of use assets - operating leases	169,778	170,085
Less accumulated depreciation	(5,883,961)	(5,850,397)
Total real estate	18,275,954	18,268,933
Cash and cash equivalents	452,692	1,002,728
Cash held in escrows	48,466	79,193
Investments in securities	43,632	41,517
Tenant and other receivables, net	60,513	61,269
Related party note receivable, net	78,336	78,144
Notes receivable, net	9,641	19,297
Accrued rental income, net	1,226,745	1,203,840
Deferred charges, net	618,798	622,807
Prepaid expenses and other assets	57,811	97,560
Investments in unconsolidated joint ventures	1,482,997	1,373,522
Total assets	$	22,355,585	$	22,848,810
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	3,267,914	$	2,898,699
Unsecured senior notes, net	9,483,695	10,479,651
Unsecured line of credit	145,000	-
Lease liabilities - finance leases	244,421	243,562
Lease liabilities - operating leases	204,561	204,137
Accounts payable and accrued expenses	312,125	331,687
Dividends and distributions payable	169,859	169,739
Accrued interest payable	94,796	87,408
Other liabilities	390,418	370,403
Total liabilities	14,312,789	14,785,286
Commitments and contingencies	-	-
Redeemable deferred stock units	9,568	8,775
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, 156,623,749 and 156,285,391 issued and 156,544,849 and 156,206,491 outstanding at December 31, 2021 and September 30, 2021, respectively	1,565	1,562
Additional paid-in capital	6,497,750	6,415,802
Dividends in excess of earnings	(625,911)	(657,021)
Treasury common stock at cost, 78,900 shares at December 31, 2021 and September 30, 2021	(2,722)	(2,722)
Accumulated other comprehensive loss	(36,662)	(40,803)
Total stockholders' equity attributable to Boston Properties, Inc.	5,834,020	5,716,818
Noncontrolling interests:
Common units of the Operating Partnership	642,655	609,830
Property partnerships	1,556,553	1,728,101
Total equity	8,033,228	8,054,749
Total liabilities and equity	$	22,355,585	$	22,848,810

4

	Q4 2021
Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended
31-Dec-21	30-Sep-21
Revenue
Lease	$	690,912	$	692,260
Parking and other	22,940	21,266
Insurance proceeds 1	147	2,241
Hotel revenue	6,227	5,189
Development and management services	7,516	6,094
Direct reimbursements of payroll and related costs from management services contracts	3,321	3,006
Total revenue	731,063	730,056
Expenses
Operating	129,335	124,153
Real estate taxes	127,125	131,718
Demolition costs	38	169
Restoration expenses related to insurance claim 1	280	2,241
Hotel operating	5,005	3,946
General and administrative 2	33,649	34,560
Payroll and related costs from management services contracts	3,321	3,006
Transaction costs	2,066	1,888
Depreciation and amortization	177,521	179,412
Total expenses	478,340	481,093
Other income (expense)
Loss from unconsolidated joint ventures	(825)	(5,597)
Gains on sales of real estate	115,556	348
Gains (losses) from investments in securities 2	1,882	(190)
Interest and other income (loss)	1,564	1,520
Losses from early extinguishments of debt	(44,284)	-
Interest expense	(103,331)	(105,794)
Net income	223,285	139,250
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships	(18,204)	(18,971)
Noncontrolling interest - common units of the Operating Partnership 3	(20,544)	(11,982)
Net income attributable to Boston Properties, Inc.	$	184,537	$	108,297
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to Boston Properties, Inc. per share - basic	$	1.18	$	0.69
Net income attributable to Boston Properties, Inc. per share - diluted	$	1.18	$	0.69

_____________

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 $1.9 million and $(0.2) million and Gains (losses) from investments in securities include $1.9 million and $(0.2) million for the three months ended December 31, 2021 and September 30, 2021, respectively, related to the Company's deferred compensation plan.

3For additional detail, see page 6.

5

	Q4 2021
Funds from operations (FFO) 1

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

Three Months Ended
31-Dec-21	30-Sep-21
Net income attributable to Boston Properties, Inc.	$	184,537	$	108,297
Add:
Noncontrolling interest - common units of the Operating Partnership	20,544	11,982
Noncontrolling interests in property partnerships	18,204	18,971
Net income	223,285	139,250
Add:
Depreciation and amortization expense	177,521	179,412
Noncontrolling interests in property partnerships' share of depreciation and amortization 2	(17,482)	(16,773)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3	20,401	17,803
Corporate-related depreciation and amortization	(426)	(443)
Less:
Gains on sales of real estate	115,556	348
Noncontrolling interests in property partnerships	18,204	18,971
FFO attributable to the Operating Partnership (including Boston Properties, Inc.) (Basic FFO)	269,539	299,930
Less:
Noncontrolling interest - common units of the Operating Partnership's share of FFO	26,576	29,453
FFO attributable to Boston Properties, Inc.	$	242,963	$	270,477
Boston Properties, Inc.'s percentage share of Basic FFO	90.14	%	90.18	%
Noncontrolling interest's - common unitholders percentage share of Basic FFO	9.86	%	9.82	%
Basic FFO per share	$	1.55	$	1.73
Weighted average shares outstanding - basic	156,297	156,183
Diluted FFO per share	$	1.55	$	1.73
Weighted average shares outstanding - diluted	156,654	156,598

RECONCILIATION TO DILUTED FFO

Three Months Ended
31-Dec-21	30-Sep-21
Basic FFO	$	269,539	$	299,930
Add:
Effect of dilutive securities - stock-based compensation	-	-
Diluted FFO	269,539	299,930
Less:
Noncontrolling interest - common units of the Operating Partnership's share of diluted FFO	29,389	29,393
Boston Properties, Inc.'s share of Diluted FFO	$	240,150	$	270,537

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended
31-Dec-21	30-Sep-21
Shares/units for Basic FFO	173,390	173,194
Add:
Effect of dilutive securities - stock-based compensation (shares/units)	357	415
Shares/units for Diluted FFO	173,747	173,609
Less:
Noncontrolling interest - common units of the Operating Partnership's share of Diluted FFO (shares/units)	17,093	17,011
Boston Properties, Inc.'s share of shares/units for Diluted FFO	156,654	156,598
Boston Properties, Inc.'s percentage share of Diluted FFO	90.16	%	90.20	%

_____________

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

2For a quantitative reconciliation for the three months ended December 31, 2021, see page 32.

3For a quantitative reconciliation for the three months ended December 31, 2021, see page 35.

6

	Q4 2021
Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended
31-Dec-21	30-Sep-21
Net income attributable to Boston Properties, Inc.	$	184,537	$	108,297
Add:
Noncontrolling interest - common units of the Operating Partnership	20,544	11,982
Noncontrolling interests in property partnerships	18,204	18,971
Net income	223,285	139,250
Add:
Depreciation and amortization expense	177,521	179,412
Noncontrolling interests in property partnerships' share of depreciation and amortization 2	(17,482)	(16,773)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3	20,401	17,803
Corporate-related depreciation and amortization	(426)	(443)
Less:
Gains on sales of real estate	115,556	348
Noncontrolling interests in property partnerships	18,204	18,971
Basic FFO	269,539	299,930
Add:
BXP's Share of lease transaction costs that qualify as rent inducements 1,4	3,408	3,379
BXP's Share of hedge amortization 1	1,446	1,446
BXP's Share of straight-line ground rent expense adjustment 1, 5	877	996
Stock-based compensation	7,466	8,440
Non-real estate depreciation	426	443
Unearned portion of capitalized fees from consolidated joint ventures 6	1,598	2,207
Non-cash losses from early extinguishments of debt	1,433	-
Less:
BXP's Share of straight-line rent 1	30,129	35,811
BXP's Share of fair value lease revenue 1, 7	2,058	1,793
BXP's Share of 2nd generation tenant improvements and leasing commissions 1	83,011	25,826
BXP's Share of maintenance capital expenditures 1, 8	27,743	16,800
Hotel improvements, equipment upgrades and replacements	57	3
Funds available for distribution to common shareholders and common unitholders (FAD) (A) 9	$	143,195	$	236,608
Distributions to common shareholders and unitholders (excluding any special distributions) (B)	$	170,492	$	170,286
FAD Payout Ratio1 (B÷A)	119.06	%	71.97	%

_____________

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

2For a quantitative reconciliation for the three months ended December 31, 2021, see page 32.

3For a quantitative reconciliation for the three months ended December 31, 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.

9For the three months ended December 31, 2021, includes approximately $42.9 million of cash losses related to the early extinguishment of debt in connection with the early redemption of the Company's $1.0 billion aggregate principal amount of 3.85% unsecured senior notes that were scheduled to mature in February 2023.

7

	Q4 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
31-Dec-21	31-Dec-20
Net income attributable to Boston Properties, Inc. common shareholders	$	184,537	$	7,310
Preferred dividends	-	2,625
Net income attributable to Boston Properties, Inc.	184,537	9,935
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership	20,544	990
Noncontrolling interest in property partnerships	18,204	13,980
Net income	223,285	24,905
Add:
Interest expense	103,331	111,991
Losses from early extinguishments of debt	44,284	-
Loss from unconsolidated joint ventures	825	79,700
Depreciation and amortization expense	177,521	168,013
Transaction costs	2,066	277
Payroll and related costs from management services contracts	3,321	3,009
General and administrative expense	33,649	31,053
Less:
Interest and other income (loss)	1,564	1,676
Gains from investments in securities	1,882	4,296
Gains on sales of real estate	115,556	5,259
Direct reimbursements of payroll and related costs from management services contracts	3,321	3,009
Development and management services revenue	7,516	6,356
Net Operating Income (NOI)	458,443	398,352
Add:
BXP's share of NOI from unconsolidated joint ventures 1	33,278	13,336
Less:
Partners' share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2	47,841	40,639
BXP's Share of NOI	443,880	371,049
Less:
Termination income	(16)	551
BXP's share of termination income from unconsolidated joint ventures 1	88	771
Add:
Partners' share of termination income (loss) from consolidated joint ventures 2	(4)	95
BXP's Share of NOI (excluding termination income)	$	443,804	$	369,822
Net Operating Income (NOI)	$	458,443	$	398,352
Less:
Termination income	(16)	551
NOI from non Same Properties (excluding termination income) 3	8,587	5,187
Same Property NOI (excluding termination income)	449,872	392,614
Less:
Partners' share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2	47,845	40,544
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	1,591	(76)
BXP's share of NOI from unconsolidated joint ventures (excluding termination income) 1	33,190	12,565
Less:
BXP's share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3	7,696	649
BXP's Share of Same Property NOI (excluding termination income)	$	429,112	$	363,910

_____________

1For a quantitative reconciliation for the three months ended December 31, 2021, see page 61.

2For a quantitative reconciliation for the three months ended December 31, 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 December 31, 2021 and therefore are no longer a part of the Company's property portfolio.

8

	Q4 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
31-Dec-21	31-Dec-20
Net income attributable to Boston Properties, Inc. common shareholders	$	184,537	$	7,310
Preferred dividends	-	2,625
Net income attributable to Boston Properties, Inc.	184,537	9,935
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership	20,544	990
Noncontrolling interest in property partnerships	18,204	13,980
Net income	223,285	24,905
Add:
Interest expense	103,331	111,991
Losses from early extinguishments of debt	44,284	-
Loss from unconsolidated joint ventures	825	79,700
Depreciation and amortization expense	177,521	168,013
Transaction costs	2,066	277
Payroll and related costs from management services contracts	3,321	3,009
General and administrative expense	33,649	31,053
Less:
Interest and other income (loss)	1,564	1,676
Gains from investments in securities	1,882	4,296
Gains on sales of real estate	115,556	5,259
Direct reimbursements of payroll and related costs from management services contracts	3,321	3,009
Development and management services revenue	7,516	6,356
Net Operating Income (NOI)	458,443	398,352
Less:
Straight-line rent	30,619	13,187
Fair value lease revenue	1,412	614
Termination income	(16)	551
Add:
Straight-line ground rent expense adjustment 1	680	799
Lease transaction costs that qualify as rent inducements 2	3,731	1,333
NOI - cash (excluding termination income)	430,839	386,132
Less:
NOI - cash from non Same Properties (excluding termination income) 3	5,098	4,749
Same Property NOI - cash (excluding termination income)	425,741	381,383
Less:
Partners' share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4	45,401	34,966
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	1,163	(111)
BXP's share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5	30,412	21,175
Less:
BXP's share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3	7,524	629
BXP's Share of Same Property NOI - cash (excluding termination income)	$	404,391	$	366,852

_____________

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 $52 and $144 for the three months ended December 31, 2021 and 2020, respectively. As of December 31, 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 December 31, 2021 and therefore are no longer a part of the Company's property portfolio.

4For a quantitative reconciliation for the three months ended December 31, 2021, see page 59.

5For a quantitative reconciliation for the three months ended December 31, 2021, see page 61.

9

	Q4 2021
Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1	Hotel & Residential
Three Months Ended	$	%	Three Months Ended	$	%
31-Dec-21	31-Dec-20	Change	Change	31-Dec-21	31-Dec-20	Change	Change
Rental Revenue 2	$	688,717	$	637,648	$	19,064	$	9,533
Less: Termination income	(16)	551	-	-
Rental revenue (excluding termination income) 2	688,733	637,097	$	51,636	8.1	%	19,064	9,533	$	9,531	100.0	%
Less: Operating expenses and real estate taxes	246,576	247,084	(508)	(0.2)	%	11,349	6,932	4,417	63.7	%
NOI (excluding termination income) 2, 3	$	442,157	$	390,013	$	52,144	13.4	%	$	7,715	$	2,601	$	5,114	196.6	%
Rental revenue (excluding termination income) 2	$	688,733	$	637,097	$	51,636	8.1	%	$	19,064	$	9,533	$	9,531	100.0	%
Less: Straight-line rent and fair value lease revenue	28,563	13,122	15,441	117.7	%	(21)	241	(262)	(108.7)	%
Add: Lease transaction costs that qualify as rent inducements 4	3,731	1,333	2,398	179.9	%	-	-	-	-	%
Subtotal	663,901	625,308	38,593	6.2	%	19,085	9,292	9,793	105.4	%
Less: Operating expenses and real estate taxes	246,576	247,084	(508)	(0.2)	%	11,349	6,932	4,417	63.7	%
Add: Straight-line ground rent expense 5	680	799	(119)	(14.9)	%	-	-	-	-	%
NOI - cash (excluding termination income) 2,3	$	418,005	$	379,023	$	38,982	10.3	%	$	7,736	$	2,360	$	5,376	227.8	%
Consolidated Total 1 (A)	BXP's share of Unconsolidated Joint Ventures (B)
Three Months Ended	$	%	Three Months Ended	$	%
31-Dec-21	31-Dec-20	Change	Change	31-Dec-21	31-Dec-20	Change	Change
Rental Revenue 2	$	707,781	$	647,181	$	43,430	$	30,266
Less: Termination income	(16)	551	88	771
Rental revenue (excluding termination income) 2	707,797	646,630	$	61,167	9.5	%	43,342	29,495	$	13,847	46.9	%
Less: Operating expenses and real estate taxes	257,925	254,016	3,909	1.5	%	17,848	17,579	269	1.5	%
NOI (excluding termination income) 2, 3	$	449,872	$	392,614	$	57,258	14.6	%	$	25,494	$	11,916	$	13,578	113.9	%
Rental revenue (excluding termination income) 2	$	707,797	$	646,630	$	61,167	9.5	%	$	43,342	$	29,495	$	13,847	46.9	%
Less: Straight-line rent and fair value lease revenue	28,542	13,363	15,179	113.6	%	3,298	(7,097)	10,395	146.5	%
Add: Lease transaction costs that qualify as rent inducements 4	3,731	1,333	2,398	179.9	%	547	1,260	(713)	(56.6)	%
Subtotal	$	682,986	$	634,600	48,386	7.6	%	40,591	37,852	2,739	7.2	%
Less: Operating expenses and real estate taxes	257,925	254,016	3,909	1.5	%	17,848	17,579	269	1.5	%
Add: Straight-line ground rent expense 5	680	799	(119)	(14.9)	%	145	273	(128)	(46.9)	%
NOI - cash (excluding termination income) 2,3	$	425,741	$	381,383	$	44,358	11.6	%	$	22,888	$	20,546	$	2,342	11.4	%
Partners' share of Consolidated Joint Ventures(C)	BXP's Share 3, 6, 7, 8
Three Months Ended	$	%	Three Months Ended	$	%
31-Dec-21	31-Dec-20	Change	Change	31-Dec-21	31-Dec-20	Change	Change
Rental Revenue 2	$	74,709	$	70,452	$	676,502	$	606,995
Less: Termination income	(4)	95	76	1,227
Rental revenue (excluding termination income) 2	74,713	70,357	$	4,356	6.2	%	676,426	605,768	$	70,658	11.7	%
Less: Operating expenses and real estate taxes	28,459	29,737	(1,278)	(4.3)	%	247,314	241,858	5,456	2.3	%
NOI (excluding termination income) 2, 3	$	46,254	$	40,620	$	5,634	13.9	%	$	429,112	$	363,910	$	65,202	17.9	%
Rental revenue (excluding termination income) 2	$	74,713	$	70,357	$	4,356	6.2	%	$	676,426	$	605,768	$	70,658	11.7	%
Less: Straight-line rent and fair value lease revenue	2,908	5,555	(2,647)	(47.7)	%	28,932	711	28,221	3,969.2	%
Add: Lease transaction costs that qualify as rent inducements 4	892	12	880	7,333.3	%	3,386	2,581	805	31.2	%
Subtotal	72,697	64,814	7,883	12.2	%	650,880	607,638	43,242	7.1	%
Less: Operating expenses and real estate taxes	28,459	29,737	(1,278)	(4.3)	%	247,314	241,858	5,456	2.3	%
Add: Straight-line ground rent expense 5	-	-	-	-	%	825	1,072	(247)	(23.0)	%
NOI - cash (excluding termination income) 2,3	$	44,238	$	35,077	$	9,161	26.1	%	$	404,391	$	366,852	$	37,539	10.2	%

___________________

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 $52 and $144 for the three months ended December 31, 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

	Q4 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 $65,202 compared to Q4 2020. Included in the Q4 2020 comparison are BXP's Share of $39,741 in write-offs associated with accrued rent, net and $333 in write-offs associated with accounts receivable, net. These items increased BXP's Share of Same Store NOI (excluding termination income) by $40,074.

8BXP's Share of Same Store NOI-cash (excluding termination income) increased $37,539 compared to Q4 2020. Included in the Q4 2020 comparison is BXP's Share of $333 in write-offs associated with accounts receivable, net. Cash rent abatements and deferrals primarily related to COVID-19 decreased approximately $11,926 in Q4 2021 compared to Q4 2020. These items increased BXP's Share of Same Store NOI-cash (excluding termination income) by $12,259. For additional information, see page 56.

11

	Q4 2021
Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended
31-Dec-21	30-Sep-21
Maintenance capital expenditures	$	33,919	$	17,779
Planned capital expenditures associated with acquisition properties	-	-
Repositioning capital expenditures	-	-
Hotel improvements, equipment upgrades and replacements	57	3
Subtotal	33,976	17,782
Add:
BXP's share of maintenance capital expenditures from unconsolidated joint ventures (JVs)	180	192
BXP's share of planned capital expenditures associated with acquisition properties from unconsolidated JVs	1,023	786
BXP's share of repositioning capital expenditures from unconsolidated JVs	-	-
Less:
Partners' share of maintenance capital expenditures from consolidated JVs	6,356	1,171
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	$	28,823	$	17,589

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

Three Months Ended
31-Dec-21	30-Sep-21
Square feet	1,422,236	718,572
Tenant improvements and lease commissions PSF	$	75.03	$	43.95

___________________

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

2Includes 100% of unconsolidated joint ventures.

12

	Q4 2021
Acquisitions and dispositions

For the period from January 1, 2021 through December 31, 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	%
360 Park Avenue South 3	New York, NY	December 14, 2021	450,000	300,000	219,286	519,286	N/A
Total Acquisitions	1,585,473	$	981,676	$	264,286	$	1,245,962	86.6	%	4

DISPOSITIONS

Property	Location	Date Disposed	Square Feet	Gross Sales Price	Net Cash Proceeds	Book Gain
Annapolis Junction Buildings Six and Seven 5	Annapolis, MD	March 30, 2021	246,568	$	65,948	$	17,600	$	10,257
6595 Springfield Center Drive 6	Springfield, VA	December 13, 2018	N/A	N/A	N/A	8,104
181, 191 and 201 Spring Street	Waltham, MA	October 25, 2021	333,000	191,500	179,887	115,572
Total Dispositions	579,568	$	257,448	$	197,487	$	133,933

________________

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.

3On December 14, 2021, the Company acquired 360 Park Avenue South. The gross purchase price was approximately $300.7 million (including $0.7 million of net closing costs), consisting of (1) the assumption of approximately $200.3 million of mortgage debt collateralized by the property and (2) the issuance of 866,503 common units of limited partnership interest in Boston Properties Limited Partnership ("OPUs"), the Company's operating partnership. The OPUs issued totaled approximately $99.7 million based on the average closing price per share of BXP common stock for the five trading days immediately preceding the closing date (approximately $115 per share). Following the acquisition, on December 14, 2021, the Company refinanced the mortgage loan with a new lender totaling $220.0 million. On December 15, 2021, the Company entered into a joint venture with two institutional partners as part of the Company's Strategic Capital Program and contributed the property to the joint venture for its aggregate 42% ownership interest. There was no gain on sale of real estate associated with the contribution of the property to the joint venture. The joint venture has commenced redevelopment activity, including modernizing building systems and creating amenities, collaborative spaces, and client spaces.

4Total percentage leased excludes 360 Park Avenue South, which is in redevelopment.

5Completed 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.

6The Company sold its 6595 Springfield Center Drive development project located in Springfield, Virginia on December 13, 2018. 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 to develop this building. Upon completion of the project in 2021, 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 year ended December 31, 2021.

13

	Q4 2021
Construction in progress

as of December 31, 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 12/31/2021	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	$	308,403	$	418,400	$	-	$	-	$	109,997	90	%	-	%	N/A
Reston Next	Q4 2021	Q4 2023	Reston, VA	1,062,000	534,847	715,300	-	-	180,453	85	%	28	%	$	1,537
2100 Pennsylvania Avenue	Q3 2022	Q3 2024	Washington, DC	480,000	229,749	356,100	-	-	126,351	58	%	-	%	N/A
360 Park Avenue South (42% ownership) 6	Q3 2023	Q1 2025	New York, NY	450,000	192,058	219,000	92,774	84,925	19,093	-	%	-	%	N/A
Total Office Properties under Construction	2,412,000	1,265,057	1,708,800	92,774	84,925	435,894	65	%	12	%	$	1,537
Lab/Life Sciences
880 Winter Street (Redevelopment)	Q4 2022	Q1 2023	Waltham, MA	224,000	20,345	108,000	-	-	87,655	74	%	-	%	N/A
751 Gateway (49% ownership)	Q2 2024	Q2 2024	South San Francisco, CA	230,592	41,337	127,600	-	-	86,263	100	%	-	%	N/A
103 CityPoint	Q4 2023	Q3 2024	Waltham, MA	113,000	14,663	115,100	-	-	100,437	-	%	-	%	N/A
180 CityPoint	Q4 2023	Q4 2024	Waltham, MA	329,000	50,776	274,700	-	-	223,924	-	%	-	%	N/A
Total Lab/Life Sciences Properties under Construction	896,592	127,121	625,400	-	-	498,279	44	%	-	%	-
Other
View Boston Observatory at The Prudential Center (Redevelopment)	Q2 2023	N/A	Boston, MA	59,000	59,699	182,300	-	-	122,601	N/A	-	%	N/A
Total Properties Under Construction	3,367,592	$	1,451,877	$	2,516,500	$	92,774	$	84,925	$	1,056,774	59	%	7	9	%	$	1,537

PROJECTS FULLY PLACED IN-SERVICE DURING 2021

Actual/Estimated	BXP's share
Estimated Total Investment 2	Amount Drawn at 12/31/2021	Estimated Future Equity Requirement 2	Net Operating Income (Loss) 5 (BXP's Share)
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	$	146,734	$	150,000	$	-	$	-	$	3,266	96	%	$	3,536
100 Causeway Street (50% ownership)	Q3 2021	Q2 2022	Boston, MA	633,819	229,303	243,700	200,000	154,717	-	95	%	3,180
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership)	Q4 2021	Q4 2021	Bethesda, MD	733,483	172,528	172,600	127,500	107,384	-	100	%	2,697
200 West Street (Redevelopment) 8	Q1 2022	Q1 2022	Waltham, MA	138,444	35,672	46,100	-	-	10,428	100	%	699
Total Projects Fully Placed In-Service	1,725,746	$	584,237	$	612,400	$	327,500	$	262,101	$	13,694	98	%		$	10,112

________________

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

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

3Represents percentage leased as of January 21, 2022, including leases with future commencement dates.

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

5Amounts represent Net Operating Income (Loss) for the three months ended December 31, 2021. For partially owned properties, amount represents BXP's share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 52.

6Investment to Date includes all related costs incurred prior to the contribution of the property by the Company to the venture on December 15, 2021 totaling approximately $107 million and the Company's proportionate share of the loan. The Company's partners will fund required capital until their aggregate investment is approximately 58% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests.

7Total percentage leased excludes Other.

8Represents a portion of the property redeveloped for conversion to laboratory space.

14

	Q4 2021
Land parcels and purchase options

as of December 31, 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
Dulles, VA	310,000
Waltham, MA	283,000
El Segundo, CA (50% Ownership)	275,000
Rockville, MD 3, 4	202,000
Total	13,770,000

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 pages 20-23.

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 science 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

	Q4 2021
Leasing activity

for the three months ended December 31, 2021

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF)	Total
Vacant space available at the beginning of the period	5,391,690
Add:
Properties placed (and partially placed) in-service 1	1,302,783
Leases expiring or terminated during the period	1,174,899
Total space available for lease	7,869,372
1st generation leases	1,107,107
2nd generation leases with new tenants	768,346
2nd generation lease renewals	653,890
Total space leased	2,529,343
Vacant space available for lease at the end of the period	5,340,029
Net (increase)/decrease in available space	51,661
Second generation leasing information: 2
Leases commencing during the period (SF)	1,422,236
Weighted average lease term (months)	89
Weighted average free rent period (days)	197
Total transaction costs per square foot 3	$75.03
Increase (decrease) in gross rents 4	(0.46)	%
Increase (decrease) in net rents 5	(0.77)	%

All leases (SF)	Incr (decr) in 2nd generation cash rents	Total square feet of leases executed in the quarter 7
1st generation	2nd generation	total 6	gross 4	net 5
Boston	67,214	206,868	274,082	18.55	%	33.57	%	414,986
Los Angeles	-	407,745	407,745	0.06	%	0.14	%	-
New York	-	221,790	221,790	(11.22)	%	(17.78)	%	594,292
San Francisco	6,709	184,674	191,383	0.71	%	0.82	%	405,167
Seattle	-	-	-	-	-	-
Washington, DC	1,033,184	401,159	1,434,343	(11.56)	%	(18.06)	%	379,015
Total / Weighted Average	1,107,107	1,422,236	2,529,343	(0.46)	%	(0.77)	%	1,793,460

_____________

1Total square feet of properties placed (and partially placed) in-service in Q4 2021 consists of 135,350 at 100 Causeway Street, 733,483 at 7750 Wisconsin Avenue, 295,506 at Reston Next and 138,444 at 200 West Street.

2Second generation leases are defined as leases for space that had previously been leased by the Company. Of the 1,422,236 square feet of second generation leases that commenced in Q4 2021, leases for 417,566 square feet were signed in prior periods.

3Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.

4Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 1,066,642 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying "swing space").

5Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 1,066,642 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 leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.

7Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 421,761.

16

	Q4 2021
Portfolio overview

for the three months ended December 31, 2021

(dollars in thousands)

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

Office	Retail	Residential	Hotel	Total
Boston	14,155,295	1,058,249	550,114	330,000	16,093,658
Los Angeles	2,181,224	126,377	-	-	2,307,601
New York	11,331,449	417,849	-	-	11,749,298
San Francisco	7,287,533	351,186	318,171	-	7,956,890
Seattle	746,105	18,761	-	-	764,866
Washington, DC	9,005,248	684,709	822,436	-	10,512,393
Total	44,706,854	2,657,131	1,690,721	330,000	49,384,706
% of Total	90.53	%	5.38	%	3.42	%	0.67	%	100.00	%

Rental revenue of in-service properties by unit type 1

Office	Retail	Residential	Hotel 3	Total
Consolidated	$	652,267	$	49,816	$	12,015	$	6,128	$	720,226
Less:
Partners' share from consolidated joint ventures 4	67,709	8,750	-	-	76,459
Add:
BXP's share from unconsolidated joint ventures 5	48,911	2,352	2,316	-	53,579
BXP's Share of Rental revenue 1	$	633,469	$	43,418	$	14,331	$	6,128	$	697,346
% of Total	90.84	%	6.22	%	2.06	%	0.88	%	100.00	%

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

CBD	Suburban	Total
Boston	27.27	%	6.97	%	34.24	%
Los Angeles	2.95	%	-	%	2.95	%
New York	25.59	%	2.13	%	27.72	%
San Francisco	16.71	%	2.91	%	19.62	%
Seattle	0.41	%	-	%	0.41	%
Washington, DC	4.88	%	10.18	%	15.06	%
Total	77.81	%	22.19	%	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 $99 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

	Q4 2021
Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1	Hotel 2
Three Months Ended	Three Months Ended
31-Dec-21	30-Sep-21	31-Dec-21	30-Sep-21
Rental Revenue 3	$	12,836	$	10,894	$	6,227	$	5,189
Less: Operating expenses and real estate taxes	6,344	6,045	5,005	3,946
Net Operating Income (NOI) 3	6,492	4,849	1,222	1,243
Add: BXP's share of NOI from unconsolidated joint ventures	1,288	882	N/A	N/A
BXP's Share of NOI 3	$	7,780	$	5,731	$	1,222	$	1,243
Rental Revenue 3	$	12,836	$	10,894	$	6,227	$	5,189
Less: Straight line rent and fair value lease revenue	(26)	(13)	5	5
Add: Lease transaction costs that qualify as rent inducements	-	48	-	-
Subtotal	12,862	10,955	6,222	5,184
Less: Operating expenses and real estate taxes	6,344	6,045	5,005	3,946
NOI - cash basis 3	6,518	4,910	1,217	1,238
Add: BXP's share of NOI-cash from unconsolidated joint ventures	1,288	882	N/A	N/A
BXP's Share of NOI - cash basis 3	$	7,806	$	5,792	$	1,217	$	1,238

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units	Three Months Ended	Percent Change
31-Dec-21	31-Dec-20
BOSTON
Hub50House (50% ownership), Boston, MA 3	440
Average Monthly Rental Rate	$	3,809	$	3,499	8.86	%
Average Rental Rate Per Occupied Square Foot	$	5.31	$	5.09	4.32	%
Average Physical Occupancy	92.42	%	51.89	%	78.11	%
Average Economic Occupancy	90.17	%	45.58	%	97.83	%
Proto Kendall Square, Cambridge, MA 3, 4	280
Average Monthly Rental Rate	$	2,728	$	2,645	3.14	%
Average Rental Rate Per Occupied Square Foot	$	5.01	$	4.88	2.66	%
Average Physical Occupancy	95.48	%	89.88	%	6.23	%
Average Economic Occupancy	95.22	%	87.80	%	8.45	%
The Lofts at Atlantic Wharf, Boston, MA 3, 4	86
Average Monthly Rental Rate	$	3,855	$	3,803	1.37	%
Average Rental Rate Per Occupied Square Foot	$	4.29	$	4.26	0.70	%
Average Physical Occupancy	96.51	%	86.43	%	11.66	%
Average Economic Occupancy	95.58	%	85.06	%	12.37	%
Boston Marriott Cambridge (437 rooms), Cambridge, MA 2, 4	N/A
Average Occupancy	51.10	%		6.30	%	711.11	%
Average Daily Rate	$	241.14		$	138.88	73.63	%
Revenue Per Available Room	$	152.71		$	9.11	1,576.29	%
SAN FRANCISCO
The Skylyne, Oakland, CA 3, 5	402
Average Monthly Rental Rate	$	3,387	$	2,873	17.89	%
Average Rental Rate Per Occupied Square Foot	$	4.07	$	3.41	19.35	%
Average Physical Occupancy	60.61	%	6.22	%	874.44	%
Average Economic Occupancy	58.42	%	3.23	%	1,708.67	%

18

	Q4 2021
Residential and hotel performance (continued)

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units	Three Months Ended	Percent Change
31-Dec-21	31-Dec-20
WASHINGTON, DC
Signature at Reston, Reston, VA 3, 4	508
Average Monthly Rental Rate	$	2,596	$	2,335	11.18	%
Average Rental Rate Per Occupied Square Foot	$	2.68	$	2.42	10.74	%
Average Physical Occupancy	93.83	%	80.58	%	16.44	%
Average Economic Occupancy	93.22	%	77.09	%	20.92	%
The Avant at Reston Town Center, Reston, VA 3, 4	359
Average Monthly Rental Rate	$	2,340	$	2,203	6.22	%
Average Rental Rate Per Occupied Square Foot	$	2.55	$	2.42	5.37	%
Average Physical Occupancy	94.15	%	90.53	%	4.00	%
Average Economic Occupancy	93.84	%	88.71	%	5.78	%
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

	Q4 2021
In-service property listing

as of December 31, 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	97.3	%	$	74.28
100 Federal Street (55% ownership)	CBD Boston MA	1	1,238,461	97.9	%	65.43
800 Boylston Street - The Prudential Center	CBD Boston MA	1	1,197,745	90.1	%	67.76
111 Huntington Avenue - The Prudential Center	CBD Boston MA	1	860,456	93.4	%	71.18
Atlantic Wharf Office (55% ownership)	CBD Boston MA	1	793,823	99.8	%	81.51
100 Causeway Street (50% ownership) 3, 4	CBD Boston MA	1	633,819	89.2	%	62.28
Prudential Center (retail shops) 5, 6	CBD Boston MA	1	597,522	76.3	%	97.45
101 Huntington Avenue - The Prudential Center	CBD Boston MA	1	506,476	100.0	%	56.98
The Hub on Causeway - Podium (50% ownership) 3	CBD Boston MA	1	382,497	80.3	%	69.59
888 Boylston Street - The Prudential Center	CBD Boston MA	1	363,320	100.0	%	77.85
Star Market at the Prudential Center 5	CBD Boston MA	1	57,236	100.0	%	59.82
Subtotal	11	8,400,154	93.6	%	$	71.72
145 Broadway	East Cambridge MA	1	490,086	99.1	%	$	87.13
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	%	82.70
105 Broadway	East Cambridge MA	1	152,664	100.0	%	70.78
250 Binney Street	East Cambridge MA	1	67,362	100.0	%	48.46
University Place	Mid-Cambridge MA	1	195,282	100.0	%	55.54
Subtotal	9	1,976,616	99.4	%	$	75.41
Bay Colony Corporate Center	Route 128 Mass Turnpike MA	4	993,110	73.4	%	$	44.43
Reservoir Place	Route 128 Mass Turnpike MA	1	527,029	80.3	%	37.77
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	88.1	%	38.86
230 CityPoint	Route 128 Mass Turnpike MA	1	296,720	93.8	%	41.64
200 West Street 4, 7	Route 128 Mass Turnpike MA	1	273,365	33.4	%	56.22
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	%	51.95
77 CityPoint	Route 128 Mass Turnpike MA	1	209,711	100.0	%	49.29
890 Winter Street	Route 128 Mass Turnpike MA	1	177,417	58.2	%	44.56
153 & 211 Second Avenue 4	Route 128 Mass Turnpike MA	2	136,882	100.0	%	55.36
1265 Main Street (50% ownership) 3	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 5	Route 128 Mass Turnpike MA	1	16,300	84.7	%	57.40
Lexington Office Park 8	Route 128 Northwest MA	2	166,779	55.2	%	29.25
33 Hayden Avenue	Route 128 Northwest MA	1	80,876	100.0	%	67.38
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	%	62.51
92 Hayden Avenue	Route 128 Northwest MA	1	31,100	100.0	%	45.37
17 Hartwell Avenue	Route 128 Northwest MA	1	30,000	100.0	%	49.69
Subtotal	29	4,808,370	84.1	%	$	46.42
Boston Office Total:	49	15,185,140	91.4	%	$	64.83
Residential
Hub50House (440 units) (50% ownership) 3	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

	Q4 2021
In-service property listing (continued)

as of December 31, 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:	53	16,093,658
LOS ANGELES
Office
Colorado Center (50% ownership) 3	West Los Angeles CA	6	1,130,605	87.8	%	$	70.85
Santa Monica Business Park (55% ownership) 3	West Los Angeles CA	14	1,102,592	89.7	%	65.19
Santa Monica Business Park Retail (55% ownership) 3, 5	West Los Angeles CA	7	74,404	90.1	%	72.01
Subtotal	27	2,307,601	88.8	%	$	68.17
Los Angeles Total:	27	2,307,601	88.8	%	$	68.17
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership)	Plaza District NY	1	1,959,046	90.3	%	$	164.72
601 Lexington Avenue (55% ownership) 4	Park Avenue NY	1	1,671,749	95.7	%	99.06
399 Park Avenue	Park Avenue NY	1	1,577,544	96.8	%	98.61
599 Lexington Avenue	Park Avenue NY	1	1,062,708	99.4	%	93.15
Times Square Tower (55% ownership)	Times Square NY	1	1,225,448	85.3	%	79.49
250 West 55th Street	Times Square / West Side NY	1	966,979	99.3	%	99.56
Dock 72 (50% ownership) 3	Brooklyn NY	1	668,625	33.1	%	60.83
510 Madison Avenue	Fifth/Madison Avenue NY	1	353,800	99.0	%	139.00
Subtotal	8	9,485,899	89.9	%	$	110.17
510 Carnegie Center	Princeton NJ	1	234,160	10.2	%	$	42.37
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	%	39.03
214 Carnegie Center	Princeton NJ	1	146,799	60.1	%	35.63
506 Carnegie Center	Princeton NJ	1	138,616	82.1	%	38.07
508 Carnegie Center	Princeton NJ	1	134,433	100.0	%	42.23
202 Carnegie Center	Princeton NJ	1	134,068	88.5	%	41.52
804 Carnegie Center	Princeton NJ	1	130,000	100.0	%	41.31
504 Carnegie Center	Princeton NJ	1	121,990	100.0	%	34.33
101 Carnegie Center	Princeton NJ	1	121,620	97.5	%	39.35
502 Carnegie Center	Princeton NJ	1	121,460	96.2	%	39.37
701 Carnegie Center	Princeton NJ	1	120,000	100.0	%	43.14
104 Carnegie Center	Princeton NJ	1	102,930	63.6	%	39.50
103 Carnegie Center	Princeton NJ	1	96,331	62.1	%	32.51
105 Carnegie Center	Princeton NJ	1	69,955	50.2	%	36.56
302 Carnegie Center	Princeton NJ	1	64,926	100.0	%	36.24
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	2,263,399	78.1	%	$	38.65
New York Total:	26	11,749,298	87.6	%	$	97.90
SAN FRANCISCO
Office
Salesforce Tower	CBD San Francisco CA	1	1,420,682	100.0	%	$	105.11
Embarcadero Center Four	CBD San Francisco CA	1	941,228	92.9	%	85.37
Embarcadero Center One	CBD San Francisco CA	1	831,603	84.4	%	80.20
Embarcadero Center Two	CBD San Francisco CA	1	801,378	87.0	%	80.33
Embarcadero Center Three	CBD San Francisco CA	1	786,864	86.7	%	82.66
680 Folsom Street	CBD San Francisco CA	2	524,793	99.1	%	70.90

21

	Q4 2021
In-service property listing (continued)

as of December 31, 2021
Sub Market	Number of Buildings	Square Feet	Leased % 1	Annualized Rental Obligations Per Leased SF 2
SAN FRANCISCO (continued)
535 Mission Street	CBD San Francisco CA	1	307,235	88.7	%	86.08
690 Folsom Street	CBD San Francisco CA	1	26,080	100.0	%	67.65
Subtotal	9	5,639,863	92.1	%	$	87.56
Gateway Commons (50% ownership) 3, 9	South San Francisco CA	6	1,080,722	71.1	%	$	59.29
Mountain View Research Park	Mountain View CA	15	542,264	82.0	%	70.47
2440 West El Camino Real	Mountain View CA	1	142,789	100.0	%	86.67
453 Ravendale Drive	Mountain View CA	1	29,620	75.0	%	39.96
North First Business Park 8	San Jose CA	5	190,636	42.5	%	23.96
Subtotal	28	1,986,031	73.5	%	$	63.18
San Francisco Office Total:	37	7,625,894	87.3	%	$	82.20
Residential
The Skylyne (402 units)	CBD Oakland CA	1	330,996
San Francisco Residential Total:	1	330,996
San Francisco Total:	38	7,956,890
SEATTLE
Office
Safeco Plaza (33.67% ownership) 3, 4	CBD Seattle WA	1	764,866	90.9	%	$	44.09
Subtotal	1	764,866	90.9	%	$	44.09
Seattle Total:	1	764,866	90.9	%	$	44.09
WASHINGTON, DC
Office
Metropolitan Square (20% ownership) 3	East End Washington DC	1	657,481	65.6	%	$	69.18
901 New York Avenue (25% ownership) 3	East End Washington DC	1	541,743	74.4	%	69.05
601 Massachusetts Avenue	East End Washington DC	1	478,667	98.7	%	86.83
Market Square North (50% ownership) 3	East End Washington DC	1	417,989	77.9	%	70.33
2200 Pennsylvania Avenue	CBD Washington DC	1	459,667	97.3	%	91.04
1330 Connecticut Avenue	CBD Washington DC	1	253,941	89.9	%	73.76
Sumner Square	CBD Washington DC	1	209,556	94.6	%	55.67
500 North Capitol Street, N.W. (30% ownership) 3	Capitol Hill Washington DC	1	230,900	98.5	%	81.87
Capital Gallery	Southwest Washington DC	1	176,809	97.1	%	54.03
Subtotal	9	3,426,753	84.8	%	$	74.94
South of Market	Reston VA	3	623,250	99.0	%	$	54.65
Fountain Square	Reston VA	2	505,232	76.5	%	53.28
One Freedom Square	Reston VA	1	429,541	84.7	%	46.28
Two Freedom Square	Reston VA	1	423,222	100.0	%	48.12
One and Two Discovery Square	Reston VA	2	366,989	100.0	%	51.31
One Reston Overlook	Reston VA	1	319,519	100.0	%	46.54
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	%	59.90
Fountain Square Retail 5	Reston VA	1	216,591	80.6	%	41.74
Two Reston Overlook	Reston VA	1	134,615	100.0	%	48.00
Subtotal	16	3,815,255	93.7	%	$	51.57
7750 Wisconsin Avenue (50% ownership) 3, 4	Bethesda/Chevy Chase MD	1	733,483	100.0	%	$	38.00
Wisconsin Place Office	Montgomery County MD	1	299,248	85.6	%	60.20
Shady Grove Bio+Tech Campus 4, 8	North Rockville MD	4	233,452	64.4	%	18.12
Kingstowne Two	Springfield VA	1	155,995	87.2	%	38.04
Kingstowne One	Springfield VA	1	153,401	53.5	%	38.55
7601 Boston Boulevard	Springfield VA	1	108,286	100.0	%	34.12

22

	Q4 2021
In-service property listing (continued)

as of December 31, 2021
Sub Market	Number of Buildings	Square Feet	Leased % 1	Annualized Rental Obligations Per Leased SF 2
WASHINGTON, DC (continued)
7435 Boston Boulevard	Springfield VA	1	103,557	43.7	%	22.66
8000 Grainger Court	Springfield VA	1	88,775	-	%	-
Kingstowne Retail 5	Springfield VA	1	88,228	96.9	%	42.27
7500 Boston Boulevard	Springfield VA	1	79,971	100.0	%	19.60
7501 Boston Boulevard	Springfield VA	1	75,756	-	%	-
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	%	16.57
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	31.5	%	24.77
Subtotal	20	2,397,228	80.1	%	$	35.92
Washington, DC Office Total:	45	9,639,236	87.2	%	$	56.03
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:	47	10,512,393
Total In-Service Properties:	192	49,384,706	88.8	%	10	$	73.76	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 an unconsolidated joint venture property.

4Not 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.

5This is a retail property.

6Includes 145,849 square feet at Prudential Center (retail shops) of leases terminated by the Company where the tenant still occupies the space.

7Includes 138,444 square feet of redevelopment that was fully placed in-service in December 2021. For additional detail, see page 14.

8Property held for redevelopment.

9During January 2022, 651 Gateway was taken out of service and placed in redevelopment. 651 Gateway is 292,967 rentable square feet.

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

23

	Q4 2021
Top 20 tenants listing and portfolio tenant diversification

as of December 31, 2021

TOP 20 TENANTS

No.	Tenant	BXP's Share of Annualized Rental Obligations 1	Weighted Average Remaining Lease Term (years) 2
1	salesforce.com	3.53	%	10.1
2	Arnold & Porter Kaye Scholer	2.59	%	12.4
3	Akamai Technologies	2.21	%	12.8
4	Biogen	1.78	%	4.9
5	Shearman & Sterling	1.58	%	11.9
6	Kirkland & Ellis	1.52	%	15.9
7	Ropes & Gray	1.50	%	8.4
8	Google	1.36	%	15.7
9	WeWork	1.35	%	11.7
10	Microsoft	1.31	%	10.2
11	Millennium Management	1.21	%	9.0
12	Weil Gotshal & Manges	1.20	%	12.4
13	Wellington Management	1.14	%	11.3
14	Aramis (Estee Lauder)	1.05	%	15.7
15	Morrison & Foerster	0.91	%	8.7
16	O'Melveny & Myers	0.87	%	2.9
17	Snap	0.85	%	4.0
18	US Government	0.84	%	5.2
19	Bank of America	0.83	%	13.5
20	Mass Financial Services	0.82	%	6.2
BXP's Share of Annualized Rental Obligations	28.44	%
BXP's Share of Square Feet 1	23.00	%
Weighted Average Remaining Lease Term (years)	10.6

NOTABLE SIGNED DEALS 3

Tenant	Property	Square Feet
Google	325 Main Street	379,000
Fannie Mae 4	Reston Next	332,000
Wilmer Cutler Pickering Hale	2100 Pennsylvania Avenue	268,000
Genentech	751 Gateway	229,000
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.

4Excludes approximately 371,000 square feet of space for which revenue recognition commenced in the fourth quarter of 2021.

24

	Q4 2021
Occupancy by location

as of December 31, 2021

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

CBD	Suburban	Total
Location	31-Dec-21	30-Sep-21	31-Dec-21	30-Sep-21	31-Dec-21	30-Sep-21
Boston	94.7	%	94.7	%	84.1	%	87.6	%	91.4	%	92.3	%
Los Angeles	88.8	%	83.4	%	-	%	-	%	88.8	%	83.4	%
New York	89.9	%	89.9	%	78.1	%	77.1	%	87.6	%	87.5	%
San Francisco	92.1	%	92.1	%	73.5	%	74.0	%	87.3	%	87.3	%
Seattle	90.9	%	90.9	%	-	%	-	%	90.9	%	90.9	%
Washington, DC	84.8	%	84.3	%	88.5	%	85.5	%	87.2	%	85.1	%
Total Portfolio	91.2	%	90.7	%	83.6	%	83.4	%	88.8	%	88.4	%

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

CBD	Suburban	Total
Location	31-Dec-21	31-Dec-20	31-Dec-21	31-Dec-20	31-Dec-21	31-Dec-20
Boston	95.1	%	98.4	%	86.2	%	87.9	%	92.3	%	95.1	%
Los Angeles	88.8	%	93.5	%	-	%	-	%	88.8	%	93.5	%
New York	89.9	%	90.0	%	78.1	%	76.6	%	87.5	%	87.4	%
San Francisco	92.1	%	95.0	%	73.5	%	78.6	%	87.3	%	90.7	%
Seattle 3	-	%	N/A	-	%	N/A	-	%	N/A
Washington, DC	84.8	%	83.7	%	87.9	%	84.7	%	86.7	%	84.3	%
Total Portfolio	91.3	%	93.2	%	83.7	%	83.6	%	88.9	%	90.1	%

_____________

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

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

3The Company entered the Seattle market on September 1, 2021. Therefore, there is no occupancy information provided for the prior year.

25

	Q4 2021
Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal
Mortgage Notes Payable	$	3,300,000
Unsecured Line of Credit	145,000
Unsecured Senior Notes, at face value	9,550,000
Outstanding Principal	12,995,000
Discount on Unsecured Senior Notes	(16,548)
Deferred Financing Costs, Net	(81,843)
Consolidated Debt	$	12,896,609

MORTGAGE NOTES PAYABLE

Interest Rate
Property	Maturity Date	GAAP	Stated	Outstanding Principal
601 Lexington Avenue (55% ownership)	January 9, 2032	2.92%	2.79%	$	1,000,000
767 Fifth Avenue (The GM Building) (60% ownership)	June 9, 2027	3.64%	3.43%	2,300,000
Total	$	3,300,000

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 1

Maturity Date	Effective Yield (on issue date)	Coupon	Outstanding Principal
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
$	9,550,000

CAPITALIZATION

Shares/Units	Common Stock
Outstanding	Equivalents	Equivalent Value 2
Common Stock	156,545	156,545	$	18,030,853
Common Operating Partnership Units	18,047	18,047	2,078,653
Total Equity	174,592	$	20,109,506
Consolidated Debt (A)	$	12,896,609
Add: BXP's share of unconsolidated joint venture debt 3	1,383,887
Less: Partners' share of consolidated debt 4	1,356,579
BXP's Share of Debt 5(B)	$	12,923,917
Consolidated Market Capitalization (C)	$	33,006,115
BXP's Share of Market Capitalization 5 (D)	$	33,033,423
Consolidated Debt/Consolidated Market Capitalization (A÷C)	39.07	%
BXP's Share of Debt/BXP's Share of Market Capitalization 5 (B÷D)	39.12	%

_____________

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

2Values are based on the December 31, 2021 closing price of $115.18 per share of BXP common stock.

3Amount is calculated based on the Company's percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 33.

4Amount is calculated based on the outside partners' percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 31.

5See the Definitions and Reconciliations sections of this Supplemental package starting on page 52.

26

	Q4 2021
Debt analysis 1

as of December 31, 2021

(dollars in thousands)

UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026

Facility	Outstanding at December 31, 2021	Letters of Credit	Remaining Capacity at December 31, 2021
Unsecured Line of Credit	$	1,500,000	$	145,000	$	6,348	$	1,348,652

UNSECURED AND SECURED DEBT ANALYSIS

Weighted Average
% of Total Debt	Stated Rates	GAAP Rates 2	Maturity (years)
Unsecured Debt	74.66	%	3.31	%	3.40	%	6.5
Secured Debt	25.34	%	3.24	%	3.42	%	6.8
Consolidated Debt	100.00	%	3.29	%	3.40	%	6.6

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt	Stated Rates	GAAP Rates 2	Maturity (years)
Floating Rate Debt	1.12	%	0.87	%	0.98	%	4.5
Fixed Rate Debt	98.88	%	3.32	%	3.43	%	6.6
Consolidated Debt	100.00	%	3.29	%	3.40	%	6.6

_____________

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

2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges and the effects of hedging transactions.

27

	Q4 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 December 31, 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%	46.3	%	42.9	%
Secured Debt/Total Assets	Less than 50%	15.6	%	14.5	%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)	Greater than 1.50x	4.23	4.23
Unencumbered Assets/ Unsecured Debt	Greater than 150%	247.1	%	270.6	%

_____________

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

	Q4 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
31-Dec-21	30-Sep-21
Net income attributable to Boston Properties, Inc.	$	184,537	$	108,297
Add:
Noncontrolling interest - common units of the Operating Partnership	20,544	11,982
Noncontrolling interest in property partnerships	18,204	18,971
Net income	223,285	139,250
Add:
Interest expense	103,331	105,794
Losses from early extinguishments of debt	44,284	-
Depreciation and amortization expense	177,521	179,412
Less:
Gains on sales of real estate	115,556	348
Loss from unconsolidated joint ventures	(825)	(5,597)
Add:
BXP's share of EBITDAre from unconsolidated joint ventures 2	32,724	24,121
EBITDAre1	466,414	453,826
Less:
Partners' share of EBITDAre from consolidated joint ventures 3	47,673	47,740
BXP's Share of EBITDAre1(A)	418,741	406,086
Add:
Stock-based compensation expense	7,466	8,440
BXP's Share of straight-line ground rent expense adjustment 1	877	996
BXP's Share of lease transaction costs that qualify as rent inducements 1	3,408	3,379
Less:
BXP's Share of straight-line rent 1	30,129	35,811
BXP's Share of fair value lease revenue 1	2,058	1,793
Non-cash losses from early extinguishments of debt	1,433	-
BXP's Share of EBITDAre- cash 1	$	396,872	$	381,297
BXP's Share of EBITDAre (Annualized) 4 (A x 4)	$	1,674,964	$	1,624,344

Reconciliation of BXP's Share of Net Debt 1

31-Dec-21	30-Sep-21
Consolidated debt	$	12,896,609	$	13,378,350
Add:
Special dividend payable	-	-
Less:
Cash and cash equivalents	452,692	1,002,728
Cash held in escrow for 1031 exchange	-	-
Net debt 1	12,443,917	12,375,622
Add:
BXP's share of unconsolidated joint venture debt 2	1,383,887	1,289,582
Partners' share of cash and cash equivalents from consolidated joint ventures	127,413	123,115
Less:
BXP's share of cash and cash equivalents from unconsolidated joint ventures	102,942	95,224
Partners' share of consolidated joint venture debt 3	1,356,579	1,190,479
BXP's Share of Net Debt 1 (B)	$	12,495,696	$	12,502,616
BXP's Share of Net Debt to BXP's Share of EBITDAre (Annualized) [B ÷ (A x 4)]	7.46	7.70

_____________

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 December 31, 2021, see pages 33 and 60.

3For disclosures related to the calculation of Partners' share from consolidated joint ventures for the three months ended December 31, 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

	Q4 2021
Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO1

Three Months Ended
31-Dec-21	30-Sep-21
BXP's Share of interest expense 1	$	104,492	$	105,713
Less:
BXP's Share of hedge amortization 1	1,446	1,446
BXP's Share of amortization of financing costs 1	3,805	3,587
Adjusted interest expense excluding capitalized interest (A)	99,241	100,680
Add:
BXP's Share of capitalized interest 1	14,246	12,375
Adjusted interest expense including capitalized interest (B)	$	113,487	$	113,055
BXP's Share of EBITDAre- cash 1, 2 (C)	$	396,872	$	381,297
Interest Coverage Ratio (excluding capitalized interest) (C÷A)	4.00	3.79
Interest Coverage Ratio (including capitalized interest) (C÷B)	3.50	3.37

FIXED CHARGE COVERAGE RATIO 1

Three Months Ended
31-Dec-21	30-Sep-21
BXP's Share of interest expense 1	$	104,492	$	105,713
Less:
BXP's Share of hedge amortization 1	1,446	1,446
BXP's Share of amortization of financing costs 1	3,805	3,587
Add:
BXP's Share of capitalized interest 1	14,246	12,375
BXP's Share of maintenance capital expenditures 1	27,743	16,800
Hotel improvements, equipment upgrades and replacements	57	3
Total Fixed Charges (A)	$	141,287	$	129,858
BXP's Share of EBITDAre- cash 1, 2 (B)	$	396,872	$	381,297
Fixed Charge Coverage Ratio (B÷A)	2.81	2.94

_____________

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

	Q4 2021
Consolidated joint ventures

d

as of December 31, 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	$	3,192,735	$	2,271,059	$	5,463,794
Cash and cash equivalents	160,177	140,760	300,937
Other assets	269,788	370,067	639,855
Total assets	$	3,622,700	$	2,781,886	$	6,404,586
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	2,280,985	$	986,898	$	3,267,883
Other liabilities	110,147	89,978	200,125
Total liabilities	2,391,132	1,076,876	3,468,008
Equity:
Boston Properties, Inc.	740,496	639,407	1,379,903
Noncontrolling interests	491,072	1,065,603	1,556,675	2
Total equity	1,231,568	1,705,010	2,936,578
Total liabilities and equity	$	3,622,700	$	2,781,886	$	6,404,586
BXP's nominal ownership percentage	60%	55%
Partners' share of cash and cash equivalents 3	$	64,071	$	63,342	$	127,413
Partners' share of consolidated debt 3	$	912,474	4	$	444,105	$	1,356,579

_____________

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

	Q4 2021
Consolidated joint ventures (continued)

for the three months ended December 31, 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	$	71,858	$	97,254	$	169,112
Straight-line rent	3,124	4,581	7,705
Fair value lease revenue	(28)	81	53
Termination income	-	(8)	(8)
Total lease revenue	74,954	101,908	176,862
Parking and other	-	1,227	1,227
Insurance proceeds	-	147	2	147
Total rental revenue 3	74,954	103,282	178,236
Expenses
Operating	28,036	35,282	63,318
Restoration expenses related to insurance claim	-	232	2	232
Total expenses	28,036	35,514	63,550
Net Operating Income (NOI)	46,918	67,768	114,686
Other income (expense)
Development and management services revenue	-	9	9
Interest and other income	-	91	91
Loss from early extinguishment of debt	-	(104)	(104)
Interest expense	(21,286)	(7,725)	(29,011)
Depreciation and amortization expense	(16,418)	(22,999)	(39,417)
General and administrative expense	(71)	(175)	(246)
Total other income (expense)	(37,775)	(30,903)	(68,678)
Net income	$	9,143	$	36,865	$	46,008

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	$	9,143	$	36,865	$	46,008
Add: Depreciation and amortization expense	16,418	22,999	39,417
Entity FFO	$	25,561	$	59,864	$	85,425
Partners' NCI 4	$	2,721	$	15,483	$	18,204
Partners' share of depreciation and amortization expense after BXP's basis differential 4	6,890	10,592	17,482
Partners' share FFO 4	$	9,611	$	26,075	$	35,686
Reconciliation of BXP's share of FFO
BXP's share of net income adjusted for partners' NCI	$	6,422	$	21,382	$	27,804
Depreciation and amortization expense - BXP's basis difference	41	401	442
BXP's share of depreciation and amortization expense	9,487	12,006	21,493
BXP's share of FFO	$	15,950	$	33,789	$	49,739