Slide 1: BXP Quarterly Investor Overview Q1 2023
BXP Quarterly Investor Overview Q1 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. 192 $3.2B BXP’s Share of S&P 500 Company Properties1 Annualized Revenue2 54.5M $1.8B Top 4% BXP’s Share of Sustainalytics Square Feet Owned1 Annualized EBITDAre2 Global Universe 5.6M $983M 7.6
Slide 4: The 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 Q1 2023 4
Slide 5: Premier Workplace Defined
Premier Workplace Defined • Study completed by CBRE • Assets identified as “premier” by CBRE leasing brokers Total Premier Space in CBD Markets BXP CBD Portfolio Ratings Premier Space/ CBD MSF % CBD # Premier Buildings Total Space Premier 24.5 89.3% Boston 26.5% 31 Redeveloping to Premier 1.2 4.5% W
Slide 6: Premier Workplace Market Performance
Premier Workplace Market Performance Direct Vacancy (3/31/23) Net Absorption (Q1 2021 through Q1 2023) Non-Premier Premier Buildings Non-Premier Variance CBD Premier Buildings Variance CBD (MSF) Buildings (MSF) Buildings (MSF) Boston 6.2% 9.9% 3.7% Boston 1.5 (1.1) 2.6 Washington, DC 13.5% 14.9% 1.4
Slide 7: Ripped From the Headlines
Ripped From the Headlines ‘The Great Mismatch’: Employers More Bosses Order Workers Back to Remote jobs are declining for the first Firmer On Return-To-Office Policies the Office as Job Market Shifts time since the pandemic started In 2023 JPMorgan requires managing directors return to office 5 days
Slide 8: BXP Today - Positioned for Growth
BXP Today - Positioned for Growth Leasing Momentum and Occupancy: Strong FFO Growth fundamentals: – Projected 3.5% compounded average annual growth in diluted Signed 660K1 SF of leases in Q1 2023 FFO/share 2014-20234,5 – Weighted-average lease term of 7.7 years for leases signed in Q1 2023 1,2 a por
Slide 9: Company-wide Office Availability
Company-wide Office Availability1 Signed Leases, but 2023 Expirations Not Commenced Leases Under Region Total SF Vacancy (SF) (SF) (SF)2 Negotiation (SF)3 Boston 15,503,695 1,448,829 787,192 285,949 252,000 Los Angeles 2,313,077 322,702 7,532 4,634 38,400 New York 12,593,574 1,610,357 288,178 435,99
Slide 10: 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 11: BXP In Detail
BXP In Detail Diverse Client Base Across Sectors and Geographies Strong Pipeline of Developments Modest Leverage with Substantial Liquidity
Slide 12: Focus on Gateway Markets with Favorable Supply/Demand and Long-Term Rent Growth
Focus on Gateway Markets with Favorable Supply/Demand and Long-Term Rent Growth BXP square feet1 16.4M BXP square feet1 1.5M BXP square feet1 12.6M % of BXP’s Share of NOI2 35.5% % of BXP’s Share of NOI2 2.7% Seattle % of BXP’s Share of NOI2 25.2% Rent grow th 10-yr CAGR3 3.2% Boston Rent grow th 10
Slide 13: BXP Is Diversified Across U.S. Markets
BXP Is Diversified Across U.S. Markets BXP’s Share of NOI1 2 Central 128 Washington DC, 7.2% 14.2% Reston3 9.0% Carnegie Center4 Seattle, 2.7% 2.0% Boston, 35.5% Silicon Valley 1.8% Other Suburban San 2.1% Francisco, 19.7% CBD Los Angeles, 77.9% 2.7% New York, 25.2% 1. Excluding termination income.
Slide 14: 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 3.43% 8.8 Real Estate & Investment Bank
Slide 15: 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 16: Consistent Portfolio Refreshment
Consistent Portfolio Refreshment Strategically capitalizing on growth regions and sectors Acquisitions, Developments & Dispositions Dispositions: 12.7M SF1, $7.3B2 (2010-Q1 2023) Acquisitions Dispositions Development Deliveries $8.0 Development Deliveries: 15.8M SF1, $8.7B3 (2010-Q1 2023) $6.0 Acqui
Slide 17: Preeminent Developer with Robust Pipeline
Preeminent Developer with Robust Pipeline $5.5B1 of Recent Deliveries Generating Strong Returns $3.3B5 of Developments Driving Future Growth (2016-Q1 2023) – $1.9B5 estimated remaining investment – 9.9 million² square feet – 7.8% BXP’s Share of Annualized NOI—cash return3 4.0 Million2 square feet –
Slide 18: Value Creation from Development
Value Creation from Development 601 Massachusetts Avenue, Washington, DC • Land Purchase Date: 2008 • Completion Date: May 2016 • Date Sold: August 2022 • Cash Yield1 In-Service: 7.85% (stabilized) • Cash Yield1 Upon Disposition: 5.1% Gross Sale Price: $531.0M Cost Basis (Total Development Costs): $
Slide 19: Value Creation from Development
Value Creation from Development The Avant, Reston, VA • Start Date: Q4 2011 • Completion Date: Q1 2014 • Date Sold: November 2022 • Cash Yield1 In-Service: 6.41% (stabilized) • Cash Yield1 Upon Disposition: 4.3% Gross Sale Price: $141.0M Cost Basis (Total Development Costs): $109.5M 2 Value Created:
Slide 20: 1.9M SF Active Premier Workplace and Residential Developments
1.9M1 SF Active Premier Workplace and Residential Developments Reston Next (Phase II) 2100 Pennsylvania Ave 3 360 Park Avenue South Platform 16 (Phase I) 140 Kendrick Residential Premier Workplace Reston, VA Reston, VA Washington, DC New York, NY San Jose, CA Needham, MA • Ground-up • Ground-up • Gr
Slide 21: Development: View Boston
Development: View Boston 59,000 SF World-Class Observatory at the Top of the Prudential Tower • Redevelopment of prior restaurant • 50-52 floors of Prudential Tower, Boston, MA • 59,000 SF ▪ Includes 11,000 SF of outdoor space • Will be Boston’s only observatory • Dramatic, 360-degree outdoor viewin
Slide 22: BXP Life Sciences: a Proven Platform to Drive Future Growth
BXP Life Sciences: a Proven Platform to Drive Future Growth 5.6M1 SF of in-service and lab/life sciences developments, additional 5.8M1,2 SF of future development potential ~3.7M1 SF stabilized portfolio – Across 55+ buildings, leased to 90+ clients ~1.9M1 SF of lab developments and conversions – Wa
Slide 23: 1.9M SF Lab/Life Sciences Developments
1.9M1,5 SF Lab/Life Sciences Developments $2.1B2,5 Investment with ~7.5% projected returns3 – 64% Pre-leased4 300 Binney Street 290 Binney Street 103 CityPoint 180 CityPoint 751 Gateway 651 Gateway Cambridge, MA Cambridge, MA Waltham, MA Waltham, MA South San Francisco, CA South San Francisco, CA •
Slide 24: BXP Life Sciences: Revenue Continues to Grow
BXP Life Sciences: a Proven Platform to Drive Future Growth Life Sciences revenue continues to grow year-over-year BXP’s Share of Life Sciences Revenue1,3 • Projected 11.8% compounded average annual growth in $450 15% Annualized Rental Obligations3 for the life sciences portfolio (2016-2026) $400 13
Slide 25: In-Service Portfolio: Residential
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 26: $3.3 Billion Active Development Pipeline
$3.3 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 140 Kendrick – Building A Needham, MA 104,000 100% $26,600,00
Slide 27: ~17.6 Million Square Feet in Future Development Pipeline
~17.6 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 Cit
Slide 28: Conservative Leverage Provides Balance Sheet Capacity
Conservative Leverage Provides Balance Sheet Capacity BXP’s Share of Net Debt to BXP’s Share of EBITDAre1 BXP’s Share of Market Capitalization1 9.0 $30 $25 8.0 7.7x 7.8x 7.8x 7.4x $20 BXP’s Share $ in Billions $15.0 of Debt 1 7.0 6.8x $15 6.5x 6.6x $10 6.0 Equity $5 Equity $9.5 5.0 $0 2017 2018 2019
Slide 29: Strong Liquidity and Access to Capital
Strong Liquidity and Access to Capital1 Liquidity BXP’s Share of Debt3 $3.2 Billion $15.7 Billion Revolving Credit Facility Unsecured $1.5B Debt 77.58% Secured Debt Cash2 22.42% $1.7B 1. Includes $750 million unsecured issuance on May 4th, 2023. 2. Represents cash, cash equivalents and cash held in
Slide 30: BXP Investment Summary
BXP Investment Summary bxp
Slide 31: Deploying Capital to Drive Growth
Deploying Capital to Drive Growth 140 Kendrick Street Reston Next 125 Broadway 2100 Penn View Boston Madison Centre 200 Fifth Avenue 880 Winter Street 325 Main Q1 2023 31
Slide 32: Projected Growth in NOI-Cash from Developments
Projected Growth in NOI-Cash from Developments1 ($ in M) 2023 2024 2025 2026 Total BXP’s Share of Estimated Total Investment in Development $759 $937 $889 $1,465 $4,050 Projects2 (A) Estimated BXP’s Share of NOI-Cash upon Stabilization3 $53 $72 $73 $91 $289 Estimated Value upon Completion $5,182 (5.
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 yield3 = 7.2% $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 2 1. 7-y ear increase equals
Slide 34: BXP Growth Profile
BXP Growth Profile1 External growth, organic growth, dividend yield Projected CAGR from Development Projects2 3.8% $289M Projected BXP’s Share of NOI-Cash upon stabilization $1.1B Projected value creation3 10-year historical average growth in BXP’s 3.1% Share of Same Property NOI-Cash (2013-2023)4 1
Slide 35: Projected FFO Per Share Growth
Projected FFO Per Share Growth $8.00 $7.50 10-Year CAGR = 3.5%1 $7.00 $6.50 $6.00 $7.53 $7.17 $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 1. Projected 2023 FFO per diluted share is the midpoint of the guidance provided on Apr
Slide 36: 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 37: Development Case Studies
Development Case Studies bxp
Slide 38: 2100 Pennsylvania Avenue, Washington, DC
2100 Pennsylvania Avenue, Washington, DC1 Active Development 1 • 480,000 square feet • Office space is 84% pre-leased, with WilmerHale as anchor client for a term of 16 years • Includes 30,000 square feet of retail space • Initial delivery Q2 2022 • Located in the Foggy Bottom neighborhood of Washin
Slide 39: Platform 16 (Phase I), San Jose, CA
Platform 16 (Phase I), San Jose, CA Active Development • 1.1 million square foot creative office campus ▪ Active development on 389,500 square feet for Building A as part of Phase I of project ▪ Construction of Buildings B and C to commence in the future • 1,762 parking spaces in below-grade garage
Slide 40: 651 & 751 Gateway, South San Francisco, CA
651 & 751 Gateway, South San Francisco, CA Active Developments 751 Gateway • 231,000 square feet • Seven-story ground-up laboratory development • 51%/49% JV with Alexandria Real Estate Equities • 100% pre-leased with leading biotech firm1 • Initial occupancy expected in Q2 2024 751 Gateway 651 Gatew
Slide 41: 180 CityPoint, Waltham, MA
180 CityPoint, Waltham, MA Active Development • 329,000 square feet • Six-story laboratory ground-up development • 900 parking spaces • Initial occupancy expected in Q1 2024 and is 43% 1 pre-leased • The project will directly face I-95/128 providing unparalleled visibility and signage opportunities
Slide 42: 290 Binney Street, Cambridge, MA
290 Binney Street, Cambridge, MA Active Development • 566,000 square feet • Ground-up 16-story laboratory and Premier Workplace development • 500 parking spaces in below-grade garage • 100% pre-leased to AstraZeneca1 • Designed to be a leading example of Class A lab product ▪ High floor-to-floor hei
Slide 43: BXP Sustainability
BXP Sustainability bxp
Slide 44: BXP ESG Leadership
BXP ESG Leadership Committed to Achieving Carbon-Neutral Leading ESG “From 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 • ESG focused across development, leasing
Slide 45: BXP: A Leader in ESG
BXP: A Leader in ESG 2022 GRESB Results 1. Data represents BXP’s full portfolio as of December 31, 2022. Q1 2023 45
Slide 46: 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 47: ESG Focus Extends from the Boardroom to the Boiler Room
ESG Focus Extends 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 entitl
Slide 48: 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 49: 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 50: 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 51: Regional Snapshots
Regional Snapshots bxp
Slide 52: Boston Snapshot
BXP’s Share of NOI4 by Submarket Boston Snapshot CBD, 50.7% In-Service Portfolio Composition Properties 50 Central 128, 20.3% Total Square Feet (M) 1 16.4 CBD Occupied2,3 95.0% Cambridge, 29.0% Suburban Occupied 2 80.7% BXP properties in Boston, MA including CBD Average Rental Obligations PSF 2,3 $8
Slide 53: Los Angeles Snapshot
Los Angeles Snapshot In-Service Portfolio Composition Properties 27 Total Square Feet (M) 1 2.3 Occupied2 86.0% Average Rental Obligations PSF 2 $72.45 Colorado Center, Santa Monica, CA 1. Consists of the unconsolidated joint ventures that own Colorado Center and Santa Monica Business Park. 2. Only
Slide 54: New York Snapshot
BXP’s Share of NOI3 by Submarket New York Snapshot Flatiron District Carnegie Center 2.5% In-Service Portfolio Composition 8.1% 5th/Madison 5.0% Properties 26 Park Avenue 41.6% TSQ/West Side Total Square Feet (M) 1 12.6 20.1% CBD Occupied 2 88.8% Plaza, 22.7% Suburban Occupied 2 79.7% CBD Average Re
Slide 55: San Francisco Snapshot
BXP’s Share of NOI4 by Submarket San Francisco Snapshot In-Service Portfolio Composition Silicon Valley 9.3% CBD 85.6% Properties 37 Surburban 3.6% Oakland Total Square Feet (M) 1 7.7 1.5% CBD Occupied2,3 89.2% BXP properties in Suburban Occupied 2 85.8% San Francisco, CA including Salesforce Tower
Slide 56: Seattle Snapshot
Seattle Snapshot In-Service Portfolio Composition Properties 2 Total Square Feet (M) 1.5 CBD Occupied1,2 87.9% CBD Average Rental Obligations PSF 1,2 $53.89 1. Consists of 100% consolidated and unconsolidated joint venture properties. 2. Only includes leases for which revenue recognition has commenc
Slide 57: Washington, DC Snapshot
BXP’s Share of NOI4 by Submarket Washington, DC Snapshot In-Service Portfolio Composition Reston and Maryland Northern VA 9.3% 63.5% Properties 35 Total Square Feet (M) 1 9.9 CBD 27.2% CBD Occupied 2 87.0% Suburban Occupied 2,3 88.6% CBD Average Rental Obligations PSF 2 $73.75 Suburban Average Renta
Slide 58: Q1 2023 Appendix
Q1 2023 Appendix
Slide 59: 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 60: 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 61: 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 62: 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 March 31, 2023, multiplied by four (4), plus (2) termination income for the quarter ended March 31, 2023. The Company b
Slide 63: 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 64: 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 65: 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 66: 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 67: 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 68: Projected EPS and FFO
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Projected EPS and FFO BXP’s guidance for the second quarter 2023 and full year 2023 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) p
Slide 69: 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 March 31, 2023 March 31, 2023 Revenue $ 803,200 Revenue $ 803,200 Add: Less: BXP's share of revenue from unconsolidated Joint Ventures ("JV
Slide 70: 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, March 31, 2023 2022 2021 2020 2019 2018 2017 Common stock price at year end $ 54.12 $ 67.58 $ 115.18 $ 94.53 $
Slide 71: EBITDAre
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (dollars in thousands) Quarter Ended Year Ended December 31, March 31, 2023 2022 2021 2020 2019 2018 2017 Net income attributable to Boston Properties, Inc. common shareholders $ 77,890 $ 848,947 $ 49
Slide 72: 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, March 31, 2023 2022 2021 2020 2019 2018 2017 Consolidated debt $ 14,709,436 $14,240,336 $12,896,609 $ 13,047,758 $ 11,811,806 $ 11,007
Slide 73: 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, March 31, 2023 2022 2021 2020 2019 2018 2017 Fixed Charges Interest expense $ 134,207 $ 437,139 $ 423,346 $ 431,717 $ 41
Slide 74: 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, March 31, 2023 2022 2021 2020 2019 2018 2017 Net income attributable to Boston Properties, Inc. common shareholders
Slide 75: 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 Year Ended December 31, March 31, 2023 2022 2021 2020 2019 2018 2017 FFO attributable to the Operating Partne
Slide 76: 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 March 31, 2023 Norges Joint Ventures (in thousands) Times Square Tower 601 Lexington Avenue / One Five Nine East 53rd Stre
Slide 77: 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 March 31, 2023 (in thousands) Norges Joint Ventures Times Square Tower 601 Lexington Avenue / One Five Nine Ea
Slide 78: Joint Ventures - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated As of March 31, 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 Rights 5
Slide 79: Joint Ventures - Unconsolidated
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 March 31, 2023 Total Washington, Unconsolidated Boston Los Angeles New York San Francisco Seattle DC Jo
Slide 80: Joint Ventures - Unconsolidated
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 March 31, 2023 Total San Washington, Unconsolidated Reconciliation of BXP's share of Net
Slide 81: 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 March 31, 2023 March 31, 2023 Net income attributable to Boston Properties, Inc. $ 77,890 BXP's Share of Annualized NOI (excluding terminat
Slide 82: 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 83: BXP's Share of 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 84: Reconciliations of Non-GAAP Financial Measures
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended 31-Mar-23 31-Mar-22 Net income (loss) attributable to Boston Properties, Inc. 77,890 143,047 Net income attributable to noncontrolling interests: Noncontrolling interest - common uni
Slide 85: Reconciliations of Non-GAAP Financial Measures
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 86: Reconciliations of Non-GAAP Financial Measures
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 87: Reconciliations of Non-GAAP Financial Measures
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 88: Reconciliations of Non-GAAP Financial Measures
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 89: Reconciliations of Non-GAAP Financial Measures
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 90: Reconciliations of Non-GAAP Financial Measures
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 91: Reconciliations of Non-GAAP Financial Measures
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 92: Reconciliations of Non-GAAP Financial Measures
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 93: Reconciliations of Non-GAAP Financial Measures
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 94: Reconciliations of Non-GAAP Financial Measures (notes)
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