Slide 1: Supplemental Operating and Financial Data for the Quarter Ended June 30, 2023
Supplemental Operating and Financial Data for the Quarter Ended June 30, 2023
Slide 2: The Company and Forward-Looking Statements
THE COMPANY Boston Properties, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. B
Slide 3: General Information
GENERAL INFORMATION Corporate Headquarters Trading Symbol Investor Relations Inquiries 800 Boylston Street BXP BXP Inquiries should be directed to Suite 1900 800 Boylston Street, Suite 1900 Helen Han Boston, MA 02199 Stock Exchange Listing Boston, MA 02199 Vice President, Investor Relations www.bxp.
Slide 4: Table of contents
Q2 2023 Table of contents Page OVERVIEW Company Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Guidance and
Slide 5: Company profile snapshot
Q2 2023 Company profile SNAPSHOT (as of June 30, 2023) Fiscal Year-End . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . December 31 Total Properties (includes unconsolidat
Slide 6: Guidance and assumptions
Q2 2023 Guidance and assumptions GUIDANCE BXP’s guidance for the third quarter 2023 and full year 2023 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
Slide 7: Financial highlights
Q2 2023 Financial highlights (unaudited and in thousands, except ratios and per share amounts) Three Months Ended 30-Jun-23 31-Mar-23 Net income attributable to Boston Properties, Inc. $ 104,299 $ 77,890 Net income attributable to Boston Properties, Inc. per share - diluted $ 0.66 $ 0.50 FFO attribu
Slide 8: Consolidated Balance Sheets
Q2 2023 Consolidated Balance Sheets (unaudited and in thousands) 30-Jun-23 31-Mar-23 ASSETS Real estate $ 24,642,681 $ 24,314,813 Construction in progress 482,850 618,770 Land held for future development 637,191 626,137 Right of use assets - finance leases 237,526 237,503 Right of use assets - opera
Slide 9: Consolidated Income Statements
Q2 2023 Consolidated Income Statements (unaudited and in thousands, except per share amounts) Three Months Ended 30-Jun-23 31-Mar-23 Revenue Lease $ 761,733 $ 756,875 Parking and other 26,054 23,064 Insurance proceeds 930 945 Hotel revenue 13,969 8,101 Development and management services 9,858 8,980
Slide 10: Funds from operations (FFO)
Q2 2023 Funds from operations (FFO) 1 (unaudited and dollars in thousands, except per share amounts) Three Months Ended 30-Jun-23 31-Mar-23 Net income attributable to Boston Properties, Inc. $ 104,299 $ 77,890 Add: Noncontrolling interest - common units of the Operating Partnership 12,117 9,078 Nonc
Slide 11: Funds available for distributions (FAD)
Q2 2023 Funds available for distributions (FAD) 1 (dollars in thousands) Three Months Ended 30-Jun-23 31-Mar-23 Net income attributable to Boston Properties, Inc. $ 104,299 $ 77,890 Add: Noncontrolling interest - common units of the Operating Partnership 12,117 9,078 Noncontrolling interests in prop
Slide 12: Reconciliation to same property NOI
Q2 2023 Reconciliation of net income attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI) (in thousands) Three Months Ended 30-Jun-23 30-Jun-22 Net income attributable to Boston Properties, Inc. $ 104,299 $ 222,989 Net income attributable to noncontrolli
Slide 13: Reconciliation to same property NOI - cash
Q2 2023 Reconciliation of net income attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI) - cash (in thousands) Three Months Ended 30-Jun-23 30-Jun-22 Net income attributable to Boston Properties, Inc. $ 104,299 $ 222,989 Net income attributable to nonco
Slide 14: Same property NOI by reportable segment
Q2 2023 Same property net operating income (NOI) by reportable segment (dollars in thousands) Office 1 Hotel & Residential Three Months Ended $ % Three Months Ended $ % 30-Jun-23 30-Jun-22 Change Change 30-Jun-23 30-Jun-22 Change Change Rental Revenue 2 $ 713,880 $ 699,101 $ 26,222 $ 25,912 Less: Te
Slide 15: Capital expenditures, tenant improvements and leasing commissions
Q2 2023 Capital expenditures, tenant improvement costs and leasing commissions (dollars in thousands, except PSF amounts) CAPITAL EXPENDITURES Three Months Ended 30-Jun-23 31-Mar-23 Maintenance capital expenditures $ 29,015 $ 21,455 Planned capital expenditures associated with acquisition properties
Slide 16: Acquisitions and dispositions
Q2 2023 Acquisitions and dispositions For the period from January 1, 2023 through June 30, 2023 (dollars in thousands) ACQUISITIONS Investment Anticipated In-service Property Location Date Acquired Square Feet Initial Future Total Leased (%) 13100 and 13150 Worldgate Drive (50% ownership) 1 Herndon,
Slide 17: Construction in progress
Q2 2023 Construction in progress 20as of June 30, 2023 (dollars in thousands) CONSTRUCTION IN PROGRESS 1 Actual/Estimated BXP’s share Estimated Amount Estimated Percentage Net Operating Initial Stabilization Square Investment Total Total Drawn at Future Equity Percentage placed in- Income (Loss) 5 C
Slide 18: Construction in progress (continued)
Q2 2023 Construction in progress (continued) ________________ 1 A 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. 2 Includes incom
Slide 19: Land parcels and purchase options
Q2 2023 Land parcels and purchase options as of June 30, 2023 OWNED LAND PARCELS Location Approximate Developable Square Feet 1 Reston, VA 1 2,229,000 San Jose, CA 2 2,199,000 New York, NY (25% ownership) 2,000,000 Princeton, NJ 1,650,000 San Jose, CA (55% ownership) 3 1,088,000 San Francisco, CA 85
Slide 20: Leasing activity
Q2 2023 Leasing activity for the three months ended June 30, 2023 ALL IN-SERVICE PROPERTIES Net (increase)/decrease in available space (SF) Total Vacant space available at the beginning of the period 5,569,935 Less: Property dispositions/properties taken out of service — Add: Properties placed (and
Slide 21: Portfolio overview
Q2 2023 Portfolio overview for the three months ended June 30, 2023 (dollars in thousands) Rentable square footage of in-service properties by location and unit type 1, 2 Office Retail Residential Hotel Total Boston 14,567,137 1,047,962 550,114 330,000 16,495,213 Los Angeles 2,186,718 126,377 — — 2,
Slide 22: Residential and hotel performance
Q2 2023 Residential and hotel performance (dollars in thousands, except rental rates) RESULTS OF OPERATIONS Residential 1 Hotel Three Months Ended Three Months Ended 30-Jun-23 31-Mar-23 30-Jun-23 31-Mar-23 Rental Revenue 2 $ 12,253 $ 11,726 $ 13,969 $ 8,101 Less: Operating expenses and real estate t
Slide 23: Residential and hotel performance (continued)
Q2 2023 Residential and hotel performance (continued) RENTAL RATES AND OCCUPANCY - Year-over-Year Three Months Ended Residential Percent Units 30-Jun-23 30-Jun-22 Change WASHINGTON, DC Signature at Reston, Reston, VA 2, 3 508 Average Monthly Rental Rate $ 2,663 $ 2,683 (0.75)% Average Rental Rate Pe
Slide 24: In-service property listing
Q2 2023 In-service property listing as of June 30, 2023 Annualized Number Rental of Square Obligations Per Sub Market Buildings Feet Occupied % 1 Leased % 2 Occupied SF 3 BOSTON Office 200 Clarendon Street CBD Boston MA 1 1,764,777 93.5 % 96.4 % $ 80.90 800 Boylston Street - The Prudential Center 4
Slide 25: In-service property listing (continued)
Q2 2023 In-service property listing (continued) as of June 30, 2023 Annualized Number Rental of Square Obligations Per Sub Market Buildings Feet Occupied % 1 Leased % 2 Occupied SF 3 BOSTON (continued) Hotel Boston Marriott Cambridge (437 rooms) East Cambridge MA 1 334,260 Boston Hotel Total: 1 334,
Slide 26: In-service property listing (continued)
Q2 2023 In-service property listing (continued) as of June 30, 2023 Annualized Number Rental of Square Obligations Per Sub Market Buildings Feet Occupied % 1 Leased % 2 Occupied SF 3 SAN FRANCISCO (continued) 680 Folsom Street CBD San Francisco CA 2 524,793 98.7 % 98.7 % 74.26 535 Mission Street CBD
Slide 27: In-service property listing (continued)
Q2 2023 In-service property listing (continued) as of June 30, 2023 Annualized Number Rental of Square Obligations Per Sub Market Buildings Feet Occupied % 1 Leased % 2 Occupied SF 3 WASHINGTON, DC (continued) 7750 Wisconsin Avenue (50% ownership) 5 Bethesda/Chevy Chase MD 1 735,573 100.0 % 100.0 %
Slide 28: Top clients listing and client diversification
Q2 2023 Top 20 clients listing and portfolio client diversification as of June 30, 2023 TOP 20 CLIENTS BXP’s Share of Annualized Weighted Average Remaining No. Client Rental Obligations 1 Lease Term (years) 2 1 Salesforce 3.44 % 8.6 2 Google 2.75 % 14.0 3 Biogen 2.61 % 3.9 4 Akamai Technologies 2.11
Slide 29: Occupancy by location
Q2 2023 Occupancy by location as of June 30, 2023 TOTAL IN-SERVICE OFFICE PROPERTIES 1 - Quarter-over-Quarter CBD Suburban Total Location 30-Jun-23 31-Mar-23 30-Jun-23 31-Mar-23 30-Jun-23 31-Mar-23 Boston 95.6 % 95.0 % 79.6 % 80.7 % 90.7 % 90.7 % Los Angeles 86.0 % 86.0 % —% —% 86.0 % 86.0 % New Yor
Slide 30: Capital structure
Q2 2023 Capital structure (in thousands, except percentages) CONSOLIDATED DEBT Aggregate Principal Mortgage Notes Payable $ 3,300,000 Unsecured Line of Credit — Unsecured Term Loan 1,200,000 Unsecured Senior Notes, at face value 11,050,000 Outstanding Principal 15,550,000 Discount on Unsecured Senio
Slide 31: Debt analysis
Q2 2023 Debt analysis 1 as of June 30, 2023 (dollars in thousands) PRINCIPAL DUE AT MATURITY $3,500,000 3,050,000 $3,000,000 Principal ($ in thousands) $2,500,000 1,900,000 2,000,000 $2,000,000 1,850,000 $1,500,000 1,250,000 1,000,000 $1,000,000 850,000 850,000 850,000 700,000 750,000 500,000 $500,0
Slide 32: Senior unsecured debt covenant compliance ratios
Q2 2023 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 u
Slide 33: Net Debt to EBITDAre
Q2 2023 Net Debt to EBITDAre (dollars in thousands) Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDAre – cash 1 Three Months Ended 30-Jun-23 31-Mar-23 Net income attributable to Boston Properties, Inc. $ 104,299 $ 77,890 Add: Noncontrolling interest - common units of the Operating
Slide 34: Debt ratios
Q2 2023 Debt ratios (in thousands, except for ratio amounts) INTEREST COVERAGE RATIO 1 Three Months Ended 30-Jun-23 31-Mar-23 BXP’s Share of interest expense 1 $ 155,004 $ 146,147 Less: BXP’s Share of hedge amortization, net of costs 1 1,750 1,750 BXP’s share of fair value interest adjustment 1 499
Slide 35: Consolidated joint ventures
Q2 2023 Consolidated joint ventures as of June 30, 2023 d (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
Slide 36: Consolidated joint ventures (continued)
Q2 2023 Consolidated joint ventures (continued) for the three months ended June 30, 2023 (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 (T
Slide 37: Unconsolidated joint ventures
Q2 2023 Unconsolidated joint ventures 1 as of June 30, 2023 (unaudited and dollars in thousands) BALANCE SHEET INFORMATION Mortgage/ Mezzanine/ Interest Rate BXP’s Nominal Construction Property Ownership Net Equity Loans Payable, Net Maturity Date Stated GAAP 2 Boston The Hub on Causeway 50.00 % $ —
Slide 38: Unconsolidated joint ventures (continued)
Q2 2023 Unconsolidated joint ventures (continued) 1 FLOATING AND FIXED RATE DEBT ANALYSIS Weighted Average % of Total Debt Stated Rate GAAP Rate 2 Maturity (years) Floating Rate Debt 51.45 % 6.82 % 7.10 % 1.2 Fixed Rate Debt 48.55 % 3.98 % 4.30 % 7.2 Total Debt 100.00 % 5.45 % 5.74 % 4.1 ___________
Slide 39: Unconsolidated joint ventures results of operations
Q2 2023 Unconsolidated joint ventures (continued) for the three months ended June 30, 2023 (unaudited and dollars in thousands) RESULTS OF OPERATIONS 1 Total Los San Washington, Unconsolidated Boston Angeles New York Francisco Seattle DC Joint Ventures Revenue Lease 2 $ 24,680 $ 34,242 $ 23,399 $ 11
Slide 40: Lease expirations - All in-service properties
Q2 2023 Lease expirations - All in-service properties1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Current Annualized Rental Annualized Rental Obligations Rentable Rentable Obligations Under Expiring Under Expiring Leases with Square Footage Square Footage Leases future step-ups Year of Lease Subje
Slide 41: Lease expirations - Boston region
Q2 2023 Lease expirations - Boston region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Rentable Square Rentable Square Current Annualized Rental Obligations Annualized Rental Obligations Under Year of Lease Footage Subject Footage Subject Under Expiring Leases Expiring Leases
Slide 42: Quarterly lease expirations - Boston region
Q2 2023 Quarterly lease expirations - Boston region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Lease Expiration Rentable Square Rentable Square Under Expiring Leases Expiring Leases with future step-u
Slide 43: Lease expirations - Los Angeles region
Q2 2023 Lease expirations - Los Angeles region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Rentable Square Rentable Square Footage Subject Footage Subject Current Annualized Rental Obligations Annualized Rental Obligations Under Year of Lease to Expiring to Expiring Under Ex
Slide 44: Quarterly lease expirations - Los Angeles region
Q2 2023 Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Lease Expiration Rentable Square Rentable Square Under Expiring Leases Expiring Leases with future s
Slide 45: Lease expirations - New York region
Q2 2023 Lease expirations - New York region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Rentable Square Rentable Square Footage Subject Footage Subject Current Annualized Rental Obligations Annualized Rental Obligations Under Year of Lease to Expiring to Expiring Under Expir
Slide 46: Quarterly lease expirations - New York region
Q2 2023 Quarterly lease expirations - New York region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Lease Expiration Rentable Square Rentable Square Under Expiring Leases Expiring Leases with future step
Slide 47: Lease expirations - San Francisco region
Q2 2023 Lease expirations - San Francisco region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Rentable Square Rentable Square Current Annualized Rental Obligations Annualized Rental Obligations Under Year of Lease Footage Subject Footage Subject Under Expiring Leases Expiring
Slide 48: Quarterly lease expirations - San Francisco region
Q2 2023 Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Lease Expiration Rentable Square Rentable Square Under Expiring Leases Expiring Leases with future
Slide 49: Lease expirations - Seattle region
Q2 2023 Lease expirations - Seattle region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Rentable Square Rentable Square Footage Subject Footage Subject Current Annualized Rental Obligations Annualized Rental Obligations Under Year of Lease to Expiring to Expiring Under Expiri
Slide 50: Quarterly lease expirations - Seattle region
Q2 2023 Quarterly lease expirations - Seattle region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Lease Expiration Rentable Square Rentable Square Under Expiring Leases Expiring Leases with future step-
Slide 51: Lease expirations - Washington, DC region
Q2 2023 Lease expirations - Washington, DC region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Rentable Square Rentable Square Footage Subject Footage Subject Current Annualized Rental Obligations Annualized Rental Obligations Under Year of Lease to Expiring to Expiring Under
Slide 52: Quarterly lease expirations - Washington, DC region
Q2 2023 Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3 as of June 30, 2023 OFFICE BXP’s Share Current Annualized Rental Obligations Annualized Rental Obligations Under Lease Expiration Rentable Square Rentable Square Under Expiring Leases Expiring Leases with futur
Slide 53: Lease expirations - CBD properties
Q2 2023 Lease expirations - CBD properties 1, 2, 3 as of June 30, 2023 Boston BXP’s Share Rentable Square Rentable Square Footage Subject Footage Subject Current Annualized Rental Obligations Annualized Rental Obligations Under Year of Lease to Expiring to Expiring Under Expiring Leases Expiring Lea
Slide 54: Lease expirations - CBD properties (continued)
Q2 2023 Lease expirations - CBD properties (continued) 1, 2, 3 as of June 30, 2023 San Francisco BXP’s Share Rentable Square Rentable Square Footage Subject Footage Subject Current Annualized Rental Obligations Annualized Rental Obligations Under Year of Lease to Expiring to Expiring Under Expiring
Slide 55: Lease expirations - Suburban properties
Q2 2023 Lease expirations - Suburban properties 1, 2, 3 as of June 30, 2023 Boston BXP’s Share Rentable Square Rentable Square Current Annualized Rental Obligations Annualized Rental Obligations Under Footage Subject Footage Subject Year of Lease Under Expiring Leases Expiring Leases with future ste
Slide 56: Lease expirations - Suburban properties (continued)
Q2 2023 Lease expirations - Suburban properties (continued) 1, 2, 3 as of June 30, 2023 Washington, DC BXP’s Share Rentable Square Rentable Square Footage Subject Footage Subject Current Annualized Rental Obligations Annualized Rental Obligations Under Year of Lease to Expiring to Expiring Under Exp
Slide 57: Research coverage
Q2 2023 Research coverage With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note
Slide 58: Definitions
Q2 2023 Definitions This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the C
Slide 59: Definitions (continued)
Q2 2023 Definitions (continued) evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness. Earnings Before Interest, Taxes, Depreciation and Amorti
Slide 60: Definitions (continued) - Funds from Operations
Q2 2023 Definitions (continued) Funds from Operations (FFO) Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. (compute
Slide 61: Definitions (continued) - Net Operating Income
Q2 2023 Definitions (continued) Net Operating Income/(Loss) (NOI) Net operating income/(loss) (NOI) is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc., the most directly comparable GAAP financial measure, plus (1) net income attributable to noncontrolling int
Slide 62: Reconciliations
Q2 2023 Reconciliations (unaudited and in thousands) BXP’s Share of select items Three Months Ended 30-Jun-23 31-Mar-23 Revenue $ 817,153 $ 803,200 Partners’ share of revenue from consolidated joint ventures (JVs) (80,383) (79,448) BXP’s share of revenue from unconsolidated JVs 68,417 65,659 BXP’s S
Slide 63: Reconciliations (continued)
Q2 2023 Reconciliations (continued) Maintenance capital expenditures 4 $ 29,015 $ 21,455 Partners’ share of maintenance capital expenditures from consolidated JVs 4 (5,221) (3,216) BXP’s share of maintenance capital expenditures from unconsolidated JVs 4 338 269 BXP’s Share of maintenance capital ex
Slide 64: Reconciliations (continued) - Consolidated joint ventures
Q2 2023 Reconciliations (continued) for the three months ended June 30, 2023 (unaudited and dollars in thousands) Norges Joint Ventures Times Square Tower 601 Lexington Avenue / One Five Nine East 53rd Street 767 Fifth Avenue 100 Federal Street Total Consolidated CONSOLIDATED JOINT VENTURES (The GM
Slide 65: Reconciliations (continued) - Partners' share of NOI
Q2 2023 Reconciliations (continued) for the three months ended June 30, 2023 (unaudited and dollars in thousands) CONSOLIDATED JOINT VENTURES Norges Joint Ventures Times Square Tower 601 Lexington Avenue / One Five Nine East 53rd Street 767 Fifth Avenue 100 Federal Street Total Consolidated Reconcil
Slide 66: Reconciliations (continued) - Unconsolidated joint ventures
Q2 2023 Reconciliations (continued) for the three months ended June 30, 2023 (unaudited and dollars in thousands) UNCONSOLIDATED JOINT VENTURES 1 Total Los San Washington, Unconsolidated Boston Angeles New York Francisco Seattle DC Joint Ventures Revenue Lease 2 $ 24,680 $ 34,242 $ 23,399 $ 11,635 $
Slide 67: Reconciliations (continued) - BXP's share of NOI
Q2 2023 Reconciliations (continued) UNCONSOLIDATED JOINT VENTURES 1 Total Reconciliation of BXP’s share of Net Los San Washington, Unconsolidated Operating Income/(Loss) Boston Angeles New York Francisco Seattle DC Joint Ventures BXP’s share of rental revenue 3 $ 13,182 $ 20,439 6 $ 8,145 $ 5,692 6
Slide 68: Reconciliation to same property NOI (prior quarter)
Q2 2023 Reconciliations (continued) Reconciliation of Net income attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI) (dollars in thousands) Three Months Ended 31-Mar-23 31-Mar-22 Net income attributable to Boston Properties, Inc. $ 77,890 $ 143,047 Net
Slide 69: Reconciliation to same property NOI - cash (prior quarter)
Q2 2023 Reconciliations (continued) Reconciliation of Net income attributable to Boston Properties, Inc. to BXP’s Share of same property net operating income (NOI) - cash (dollars in thousands) Three Months Ended 31-Mar-23 31-Mar-22 Net income attributable to Boston Properties, Inc. $ 77,890 $ 143,0
Slide 70: Consolidated Income Statement - prior year
Q2 2023 Consolidated Income Statement - prior year (unaudited and in thousands, except per share amounts) Three Months Ended 30-Jun-22 31-Mar-22 Revenue Lease $ 721,899 $ 718,120 Parking and other 26,474 20,931 Insurance proceeds 3,872 803 Hotel revenue 12,089 4,557 Development and management servic