Slide 1: BXP Quarterly Investor Overview Q3 2023
BXP Quarterly Investor Overview Q3 2023 BOS LA NY SF SEA DC
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Please refer to the Appendix for information on how to identify these statements, as well as risks and uncertainties that could cause BXP’s actual results to differ mat
Slide 3: BXP Quick Facts
BXP Quick Facts The largest publicly traded developer, owner and manager of premier workplaces in the U.S. 190 90.4% 7.5 Years Leased (In-Service Weighted-average lease Properties1 Properties) 1,3 term3,4 53.5M $3.2B S&P 500 BXP’s Share of Annualized SF Owned1 Company Revenue5 5.5M $2.0B 6.6% Square
Slide 4: Largest Publicly Traded Developer, Owner and Manager of Premier Workplaces
The Largest Publicly Traded Developer, Owner and Manager of Premier Workplaces in the U.S. • Location • Amenities • Efficient floor plates • Transportation • Modern design & systems • Attract top-tier clients & talent San Francisco Seattle Boston Manhattan Washington, DC Q3 2023 4
Slide 5: Premier Workplace Defined
Premier Workplace Defined1 • Study completed by CBRE • Assets identified as “premier” by CBRE leasing brokers Premier Space in Select CBD Markets Premier Buildings in Select CBD Markets Total Space in Total Premier Premier Space/ Total Premier % Premier CBD Total Buildings Market Space Total Space B
Slide 6: Premier Workplace Market Performance
Premier Workplace Market Performance Direct Vacancy (9/30/23) Net Absorption (Q1 2021 through Q3 2023) Non-Premier Premier Buildings Non-Premier Variance CBD Premier Buildings Variance CBD (MSF) Buildings (MSF) Buildings (MSF) Boston 8.1% 11.2% 3.1% Boston 3.3 (2.3) 5.6 Washington, DC 13.3% 16.3% 3.
Slide 7: Premier Assets Outperform Non-Premier
Premier Assets Outperform Non-Premier… Average Direct Vacancy Rate for Five Selected CBD Markets (%)1 Average EA Asking Rent for Five Selected CBD Markets (%)1 Direct Vacancy Rate (excluding Sublease Availability) 120.00 18.0% 44% higher 17.0% 100.00 16.0% 14.0% 80.00 12.0% 12.4% 10.0% 60.00 8.0% 40
Slide 8: Premier Workplace Defined: BXP CBD Portfolio Ratings
Premier Workplace Defined BXP CBD Portfolio Ratings Central 1282, 7.1% CBD MSF % Reston3, 9.0% Carnegie Center 4, 1.9% Premier 25.1 90.0% Silicon Valley, 1.4% BXP’s Share Other Suburban, 1.8% Redeveloping to Premier 1.2 4.4% of NOI1 Non-Premier 1.6 5.6% CBD, 78.8% Total 28.0 100% 1. Excluding termin
Slide 9: Ripped From the Headlines
Ripped From the Headlines Amazon Empowers Managers To Fire Walgreens Tells Executives to Return to Work from home rates have dropped to a Employees Who Won’t Return To Office Office pandemic-era low of 26% as employers make returning to the office their north star The remote work revolution is crash
Slide 10: Growth from A.I. Talent
Growth from A.I. Top Talent Markets Primary Markets From doom to boom: AI is OpenAI closes big lease slowly re-energizing San deal at Uber’s San 54,600 Francisco Francisco headquarters “OpenAI will be… taking a total of “Buzzy AI startups are landing 39,600 A.I. Talent 486,600 square feet. That’s ab
Slide 11: BXP In Detail
BXP In Detail bxp
Slide 12: BXP Today - Positioned for Growth
BXP Today - Positioned for Growth Leasing Momentum and Occupancy: Strong FFO Growth fundamentals: – Projected 3.7% compounded average annual growth in Signed 1.1M 1 SF of leases in Q3 2023 diluted FFO/share 2014-20234,5 – Weighted-average lease term of 8.2 years for leases signed in Q3 2023 1,2 a po
Slide 13: Focus on Gateway Markets with Favorable Supply/Demand and Rent Growth
Focus on Gateway Markets with Favorable Supply/Demand and Long-Term Rent Growth BXP square feet1 16.6M BXP square feet1 1.5M BXP square feet1 12.6M % of BXP’s Share of NOI2 37.2% % of BXP’s Share of NOI2 2.4% Seattle % of BXP’s Share of NOI2 26.0% Rent grow th 10-yr CAGR3 2.9% Boston Rent grow th 10
Slide 14: BXP Is Diversified Across U.S. Markets
BXP Is Diversified Across U.S. Markets BXP’s Share of NOI1 Washington DC, Central 1282 13.5% 7.1% Reston3 9.0% Seattle, 2.4% Carnegie Center 4 Boston, 1.9% 37.2% Silicon Valley 1.4% San Francisco, Other Suburban 18.5% 1.8% CBD 78.8% Los Angeles, 2.4% New York, 26.0% 1. Excluding termination income.
Slide 15: BXP Client Base
BXP Client Base Broad Portfolio Balanced Across Established and Growth Sectors Years of Remaining % of BXP’s Share of Lease Term By Top 20 Clients Annualized Rental Annualized Rental Industry Diversification1 Obligations 2 Obligations 2 Commercial & Salesforce 3.40% 8.3 Real Estate & Investment Bank
Slide 16: Technology and Life Sciences Client Summary
Technology and Life Sciences Client Summary Premier workplaces attract a high-quality client base Life Sciences Technology % of Total BXP’s % of Total BXP’s % of Industry % of Industry # of Clients Share of Annualized # of Clients Share of Annualized Revenue1 Revenue1 Rental Obligation1 Rental Oblig
Slide 17: Company-Wide Office Availability
Company-Wide Office Availability1 Signed Leases, but 2023 Expirations Not Commenced Leases Under Region Total (SF) Vacancy (SF) (SF)2 (SF)3 Negotiation (SF)4 Boston 15,690,991 1,447,839 485,039 108,813 194,000 Los Angeles 2,313,171 325,009 4,668 38,329 473,400 New York 12,595,516 1,238,537 70,265 90
Slide 18: Consistent Portfolio Refreshment
Consistent Portfolio Refreshment Strategically capitalizing on growth regions and sectors Acquisitions, Developments & Dispositions Dispositions: 13.4M SF1,5, $7.4B2,5 (2010-Q3 2023) Acquisitions Dispositions Development Deliveries $8.0 Development Deliveries: 16.7M SF1, $9.4B3 (2010-Q3 2023) $6.0 A
Slide 19: Preeminent Developer with Robust Pipeline
Preeminent Developer with Robust Pipeline $6.2B1 of Recent Deliveries Generating Strong Returns $2.4B5 of Developments Driving Future Growth (2016-Q3 2023) – $1.4B5 remaining share to be funded – 10.7 million² square feet – 8.0% BXP’s Share of Annualized NOI—cash return3 2.8 Million2 square feet – 5
Slide 20: Development Projects Fully Placed in Service in 2023
Development Projects Fully Placed in Service in 2023 $712M investment1 with ~8.0% projected return2, two premier workplace projects and one life sciences project ~96%3,4 leased 2100 Pennsylvania Avenue, Washington, DC – 93% Pre-Leased4 751 Gateway, South San Francisco, CA – 100% Leased4 140 Kendrick
Slide 21: BXP Life Sciences: a Proven Platform to Drive Future Growth
BXP Life Sciences: a Proven Platform to Drive Future Growth 5.5M1 SF of in-service and lab/life sciences developments, additional 5.8M1,2 SF of future development potential ~3.9M1 SF stabilized portfolio – Across 55+ buildings, leased to 90+ clients ~1.6M1 SF of lab developments and conversions – Wa
Slide 22: Expanding BXP Life Sciences in Kendall Square
Expanding BXP Life Sciences in Kendall Square 125 Broadway, 300 Binney St. & 290 Binney St., Cambridge, MA – Fully Leased 125 Broadway • Six-story, 271,000 square foot laboratory/life sciences property • Net purchase price: $592.4M • Biogen leases 100% of 125 Broadway 300 Binney St. • Terminated Bio
Slide 23: 1.6M SF Lab/Life Sciences Developments
1.6M1,5 SF Lab/Life Sciences Developments $1.9B2,5 Investment with ~7.4% projected returns3,5 – 62% Pre-leased4,5 300 Binney Street 290 Binney Street 103 CityPoint 180 CityPoint 651 Gateway Cambridge, MA Cambridge, MA Waltham, MA Waltham, MA South San Francisco, CA • 236,000 SF • 566,000 SF • 113,00
Slide 24: Residential In-Service Portfolio
Residential Property Loca ti on Ye a r S ta bi l iz ed Uni ts Attractive and actionable adjacency with a track Hub50house (5 0 % o wn e rsh i p ) Boston 2022 440 record of success Lofts @ Atlantic Wharf Boston 2012 86 In-Service Portfolio Proto Cambridge 2019 280 • Demonstrated track record of Signa
Slide 25: $2.4 Billion Active Development Pipeline
$2.4 Billion Active Development Pipeline1 BXP’s Ow nership Estimated Total Inv estment Estimated Actual/Est. Initial Proj ect Name Location Square Feet Percent Leased2 Percentage (BXP’s Share)1 Inv estment PSF1 Occupancy PREMIER WORKPLACE 360 Park Avenue South New York, NY 450,000 42% $248,000,000 3
Slide 26: ~18 Million Square Feet in Future Development Pipeline
~18 Million Square Feet in Future Development Pipeline Project Nam e Location Estim ated Square Feet 1 Reston Next (Phase II) Reston, VA 2,230,000 3 Hudson Boulevard (25% ownership) New York, NY 2,000,000 The Station on North First San Jose, CA 1,550,000 Carnegie Center Princeton, NJ 1,650,000 CityP
Slide 27: Conservative Leverage Provides Balance Sheet Capacity
Conservative Leverage Provides Balance Sheet Capacity1 BXP’s Share of Net Debt to BXP’s Share of EBITDAre2 BXP’s Share of Market Capitalization2 9.0 $30 $25 8.0 7.7x 7.8x 7.8x 7.4x 7.3x 7.3x $20 BXP’s Share $15.1 $ in Billions of Debt 1 7.0 6.8x $15 6.5x 6.6x $10 6.0 Equity $5 $10.4 Equity 5.0 $0 20
Slide 28: Access to Capital
Access to Capital • Unsecured Debt Market • $750M Bond issuance in May 2023 • Healthy Relationships with Banks • $1.2B Term Loan • Increased Revolving Credit Facility with three new Banks to $1.8B • Secured Financing Market • Extended or refinanced four mortgages totaling $842M, $400M at BXP Share,
Slide 29: Strong Liquidity and Access to Capital
Strong Liquidity and Access to Capital Liquidity BXP’s Share of Debt2 $3.3 Billion1 $15.7 Billion Unsecured Debt 74.3% Cash1 $1.5B Secured Debt 25.7% Revolving Credit Facility $1.8B 1. Represents cash, cash equivalents and cash held in escrow. Includes $600 million in cash proceeds from a mortgage l
Slide 30: BXP Investment Summary
BXP Investment Summary bxp
Slide 31: Deploying Capital to Drive Growth
Deploying Capital to Drive Growth 140 Kendrick Street Reston Next 125 Broadway 2100 Penn View Boston Madison Centre 200 Fifth Avenue 880 Winter Street 325 Main Q3 2023 31
Slide 32: Projected Growth in NOI-Cash from Developments
Projected Growth in NOI-Cash from Developments1 ($ in M) 2023 2024 2025 2026 Total BXP’s Share of Estimated Total Investment in Development $887 $420 $1,310 $1,164 $3,781 Projects2 (A) Estimated BXP’s Share of NOI-Cash upon Stabilization3 $61 $31 $95 $77 $264 Estimated Value upon Completion $4,731 (
Slide 33: Returns from Dividends
Returns from Dividends 29% Increase in annual dividend per share over the past six years 1 $6.00 Current dividend yield2 = 6.6% $5.00 Dividends in Dollars per Share $4.00 $3.00 $3.92 $3.92 $3.92 $3.92 $2.00 $3.83 $3.50 $1.00 $3.05 $0.00 2017 2018 2019 2020 2021 2022 2023 3 1. Six-y ear increase equa
Slide 34: Depressed Multiple Despite Increasing FFO
Depressed Multiple Despite Increasing FFO $8.00 30.0 $7.00 25.0 $6.00 18.1 Avg. 20.0 $5.00 $4.00 15.0 $3.00 10.0 $2.00 5.0 $1.00 $- 0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 FFO FFO Multiple 1 Multiple Average 1. FFO Multiple is calculated by dividing
Slide 35: BXP Growth Profile
BXP Growth Profile1 External growth, organic growth, dividend yield Projected CAGR from Development Projects2 4.2% $264M Projected BXP’s Share of NOI-Cash upon stabilization $951M Projected value creation3 10-year historical average growth in BXP’s Share 2.9% of Same Property NOI-Cash (2013-2023)4 1
Slide 36: Projected Growth in FFO Per Share
Projected Growth in FFO Per Share $8.00 $7.50 10-Year CAGR = 3.7%1 $7.00 $6.50 $6.00 $7.53 $7.26 $7.01 $5.50 $6.56 $6.21 $6.30 $6.29 $6.03 $5.00 $5.26 $5.35 $4.50 1 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E Q3 2023 36 1. Projected 2023 FFO per diluted share is the midpoint of the guidance p
Slide 37: BXP Summary
BXP Summary • Premier workplace portfolio across six markets with strong employment growth over time QUALITY • Proven, trusted corporate leadership team and regional management • Modern portfolio of new or recently refreshed assets; expanding life sciences and residential portfolios • Diverse client
Slide 38: BXP Sustainability
BXP Sustainability bxp
Slide 39: Ratings & Rankings
Ratings & Rankings 2023 GRESB Results Data represents BXP’s full portfolio as of December 31, 2022. Q3 2023 39
Slide 40: BXP Sustainability Leadership
BXP Sustainability Leadership Committed to Achieving Carbon-Neutral Sustainability “From the Boardroom to Operations by 2025 Boiler Room” • Established an emissions reduction target ambition • Dedicated Board committee focused on sustainability in line with a 1.5°C trajectory • Sustainably focused a
Slide 41: BXP Sustainability Framework
BXP Sustainability Framework Climate Action Resilience Social Good Energy & Water Efficiency Climate Risk Awareness Healthy Buildings Green Building Asset-level Preparedness Community Involvement Renewable Energy Scenario Analysis Employee Programs Carbon-Neutrality Management & Planning Diversity &
Slide 42: Sustainability Focus from the Boardroom to the Boiler Room
Sustainability Focus from the Boardroom to the Boiler Room Development & Property Management & Leasing & Marketing Corporate Functions Construction Engineering • Product vision and differentiation • Company-Wide Sustainable • Green leasing Board of Directors Operations Committee • Permitting and ent
Slide 43: Public Sustainability Goals
Public Sustainability Goals Target Achieved in 2022 39% energy use intensity reduction BXP intends to set a Net-Zero Science- based Target by committing to the Science-based Target initiative’s (SBTi) Net-Zero Standard in 2023 63% Scope 1, 2, & 3 (Category 13) carbon emissions intensity reduction Go
Slide 44: Public Sustainability Goals
Public Sustainability Goals Committed to achieving carbon-neutral operations by 2025 The goal status has been reset since allocating client- related GHG emissions to Scope 3 (Category 13) in 2022 86% actively managed portfolio certified under ENERGY STAR, LEED, or Fitwel Target Achieved in 2022 45%
Slide 45: Energy Efficient Operations and Decarbonization
Energy Efficient Operations and Decarbonization Energy and Carbon Intensity Performance 100 10 94.9 90 9 9.2 80 8 70 64.7 7 BXP has an approved science-based 58.1 60 6 target, confirming an emissions reduction rate equal to or greater than the rate of 50 5 reduction required to keep global 40 4 temp
Slide 46: Q3 2023 Appendix
Q3 2023 Appendix
Slide 47: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This Presentation contains forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to
Slide 48: Forward-Looking Statements (continued)
FORWARD-LOOKING STATEMENTS (continued) • the ability of our joint venture partners to satisfy their obligations; • risks and uncertainties affecting property development and construction (including, without limitation, continued inflation, supply chain disruptions, labor shortages, construction dela
Slide 49: Definitions of Non-GAAP Financial Measures and Other Terms
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS This Appendix contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Presentation and, where applicable, quantitative reconciliations of the differences between the non-GAAP financial measur
Slide 50: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) Annualized Revenue Annualized Revenue is defined as (1) revenue less termination income for the quarter ended September 30, 2023, multiplied by four (4), plus (2) termination income for the quarter ended September 30, 2023. The C
Slide 51: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) EBITDAre Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), the
Slide 52: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) Fixed Charge Coverage Ratio Fixed Charge Coverage Ratio equals BXP’s Share of EBITDAre – cash divided by Total Fixed Charges. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP's Share of EBITDAre after e
Slide 53: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) Funds from Operations (FFO) Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income (loss) attributa
Slide 54: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) Net Debt Net Debt is equal to (A) the Company’s consolidated debt plus special dividends payable (if any) less (B) cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s). The Company be
Slide 55: Definitions of Non-GAAP Financial Measures (continued)
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (continued) Rental Obligations Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements. Rental Revenue
Slide 56: Projected EPS and FFO
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Projected EPS and FFO BXP’s guidance for the full year 2023 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) per common share attribut
Slide 57: Revenue and Rental Revenue
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Revenue and Rental Revenue (in thousands) Quarter ended Quarter ended September 30, 2023 September 30, 2023 Revenue $ 824,283 Revenue $ 824,283 Less: Add: Direct reimbursements of payroll and related costs fro
Slide 58: Debt to Market Capitalization Ratios
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Debt to Market Capitalization Ratios (dollars in thousands, except per share amounts) December 31, September June 30, March 31, 30, 2023 2023 2023 2022 2021 2020 2019 2018 2017 Common stock price at period end
Slide 59: EBITDAre
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (dollars in thousands) Quarter Ended September 30, 2023 June 30, 2023 March 31, 2023 Net income (loss) attributable to Boston Properties, Inc. common shareholders $ (111,826) $ 104,299 $ 77,890 Add: N
Slide 60: EBITDAre (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (continued) (dollars in thousands) Year Ended December 31, 2022 2021 2020 2019 2018 2017 Net income attributable to Boston Properties, Inc. common shareholders $ 848,947 $ 496,223 $ 862,227 $ 511,034
Slide 61: Net Debt to EBITDAre Ratios
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Net Debt to EBITDAre Ratios (dollars in thousands) Year Ended December 31, September 30, June 30, March 31, 2023 2023 2023 2022 2021 2020 2019 2018 2017 Consolidated debt $ 14,961,715 $ 15,456,205 $ 14,709,436
Slide 62: Fixed Charge Coverage Ratio
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Fixed Charge Coverage Ratio (dollars in thousands) Quarter Ended Year Ended December 31, September 30, June 30, March 31, 2023 2023 2023 2022 2021 2020 2019 2018 2017 Fixed Charges Interest expense $ 147,812 $
Slide 63: FFO, FAD, and FAD Payout Ratios
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD, and FAD Payout Ratios (dollars in thousands) Quarter Ended Year Ended December 31, September 30, 2023 June 30, 2023 March 31, 2023 2022 2021 Net income (loss) attributable to Boston Properties, Inc.
Slide 64: FFO, FAD, and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD, and FAD Payout Ratios (continued from previous page) (dollars in thousands) Year Ended December 31, 2020 2019 2018 2017 2016 2015 2014 Net income attributable to Boston Properties, Inc. common shareh
Slide 65: FFO, FAD, and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD, and FAD Payout Ratios (continued from previous page) (dollars in thousands) Year ended December 31, 2013 2012 2011 2010 2009 2008 2007 Net income attributable to Boston Properties, Inc. common shareh
Slide 66: FFO, FAD, and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD, and FAD Payout Ratios (continued from previous page) (dollars in thousands) Quarter Ended September 30, 2023 June 30, 2023 March 31, 2023 FFO attributable to the Operating Partnership common unithold
Slide 67: FFO, FAD, and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD, and FAD Payout Ratios (continued from previous page) (dollars in thousands) Year Ended December 31, 2022 2021 2020 2019 2018 2017 FFO attributable to the Operating Partnership common unitholders (inc
Slide 68: Joint Ventures - Consolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Consolidated Results of Operations for the three months ended September 30, 2023 Norges Joint Ventures (in thousands) Times Square Tower 601 Lexington Avenue / One Five Nine East 53rd
Slide 69: Joint Ventures - Consolidated (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Consolidated (continued) Results of Operations for the three months ended September 30, 2023 (in thousands) Norges Joint Ventures Times Square Tower 601 Lexington Avenue / One Five Nin
Slide 70: Joint Ventures - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated As of September 30, 2023 Property BXP’s Nominal Ownership Boston The Hub on Causeway 50.00 % 100 Causeway Street 50.00 % Hub50House 50.00 % Podium 50.00 % Hotel Air Righ
Slide 71: Joint Ventures - Unconsolidated (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated (continued) As of September 30, 2023 2 A joint venture in which the Company owned a 20% equity interest (with an institutional investor owning the remaining 80%) complet
Slide 72: Joint Ventures - Unconsolidated Results of Operations
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated 1 (in thousands) Results of Operations for the three months ended September 30, 2023 Total Washington, Unconsolidated Boston Los Angeles New York San Francisco Seattle D
Slide 73: Joint Ventures - Unconsolidated BXP's Share of NOI
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated 1 (unaudited and in thousands) Results of Operations for the three months ended September 30, 2023 Total San Washington, Unconsolidated Reconciliation of BXP's share of
Slide 74: Net Operating Income (NOI)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Net Operating Income (NOI) (in thousands) Quarter ended Quarter ended September 30, 2023 September 30, 2023 Net income (income) attributable to Boston Properties, Inc. $ (111,826) BXP's Share of Annualized NOI
Slide 75: BXP's Share of Same Property NOI-cash
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) BXP's Share of Same Property Net Operating Income—cash (excluding termination income) (in thousands) Please see the following pages for complete reconciliations of BXP’s Share of Same Property NOI—cash (exclud
Slide 76: Same Property NOI-cash (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) BXP's Share of Same Property Net Operating Income—cash (excluding termination income) (continued) (in thousands) 2017 2016 2015 31-Mar-17 31-Mar-16 Change ($) Change (%) 31-Mar-16 31-Mar-15 Change ($) Change (
Slide 77: Quarterly Reconciliation of Net Income to NOI
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended For the three months ended For the three months ended 30-Sep-23 30-Sep-22 30-Jun-23 30-Jun-22 31-Mar-23 31-Mar-22 Net income (loss) attributable to Boston Properties, Inc. (111,826)
Slide 78: Quarterly Reconciliation (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended For the three months ended For the three months ended For the three months ended 31-Dec-22 31-Dec-21 30-Sep-22 30-Sep-21 30-Jun-22 30-Jun-21 31-Mar-22 31-Mar-21 Net income (loss) att
Slide 79: Quarterly Reconciliation (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended For the three months ended For the three months ended For the three months ended 31-Dec-21 31-Dec-20 30-Sep-21 30-Sep-20 30-Jun-21 30-Jun-20 31-Mar-21 31-Mar-20 Net income (loss) att
Slide 80: Quarterly Reconciliation (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended For the three months ended For the three months ended For the three months ended 31-Dec-20 31-Dec-19 30-Sep-20 30-Sep-19 30-Jun-20 30-Jun-19 31-Mar-20 31-Mar-19 Net income (loss) att
Slide 81: Quarterly Reconciliation (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended For the three months ended For the three months ended For the three months ended 31-Dec-19 31-Dec-18 30-Sep-19 30-Sep-18 30-Jun-19 30-Jun-18 31-Mar-19 31-Mar-18 Net income (loss) att
Slide 82: Quarterly Reconciliation (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended For the three months ended For the three months ended For the three months ended 31-Dec-18 31-Dec-17 30-Sep-18 30-Sep-17 30-Jun-18 30-Jun-17 31-Mar-18 31-Mar-17 Net income (loss) att
Slide 83: Quarterly Reconciliation (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended For the three months ended For the three months ended For the three months ended 31-Dec-17 31-Dec-16 30-Sep-17 30-Sep-16 30-Jun-17 30-Jun-16 31-Mar-17 31-Mar-16 Net income (loss) att
Slide 84: Quarterly Reconciliation (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended For the three months ended For the three months ended For the three months ended 31-Dec-16 31-Dec-15 30-Sep-16 30-Sep-15 30-Jun-16 30-Jun-15 31-Mar-16 31-Mar-15 Net income (loss) att
Slide 85: Quarterly Reconciliation (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended For the three months ended For the three months ended For the three months ended 31-Dec-15 31-Dec-14 30-Sep-15 30-Sep-14 30-Jun-15 30-Jun-14 31-Mar-15 31-Mar-14 Net income (loss) att
Slide 86: Quarterly Reconciliation (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended For the three months ended For the three months ended For the three months ended 31-Dec-14 31-Dec-13 30-Sep-14 30-Sep-13 30-Jun-14 30-Jun-13 31-Mar-14 31-Mar-13 Net income (loss) att
Slide 87: Quarterly Reconciliation (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended 31-Dec-13 31-Dec-12 Net income (loss) attributable to Boston Properties, Inc. common shareholders $ 88,719 $ 65,400 Preferred dividends 2,646 — Net income (loss) attributable to Bost
Slide 88: Reconciliation Footnotes
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) 1 In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make p