Slide 1: BXP Quarterly Investor Overview Q1 2024
BXP Quarterly Investor Overview Q1 2024
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: Table of Contents
Table of Contents BXP Today Premier Workplace Defined Development The Balance Sheet BXP Performance Sustainability and Impact Q1 2024 3
Slide 4: BXP Today
BXP Today
Slide 5: BXP Quick Facts
BXP Quick Facts The largest publicly traded developer, owner and manager of premier workplaces in the U.S. 187 89.9% 7.5 Years Leased (In-Service Weighted-average lease Properties1 Properties) 1,2 term1,3,4 53.5M $3.3B S&P 500 BXP’s Share of Annualized SF Owned1 Company Revenue5 5.3M $1.9B 6.0% Squa
Slide 6: Positioned for Growth
Positioned for Growth Leasing Momentum and Occupancy: Strong fundamentals: a portfolio of high-quality assets Signed 894K1 SF of leases in Q1 2024 FFO Growth – Weighted-average lease term of 11.6 years for leases signed in Q1 2024 1,2 – Projected 3.1% compounded average annual growth in diluted FFO/
Slide 7: Raising Private Equity: BXP | NBIM & Binney Street, Cambridge, MA
Raising Private Equity: BXP | NBIM 290 & 300 Binney Street, Cambridge, MA ▪ $750 million private equity raise at a 5.9%1 cap rate ▪ 55% BXP | 45% NBIM Joint Ventures totaling 802,000 square feet; both properties 100% pre-leased ▪ Gross valuation of approximately $1.66 billion • $2,050 per square foo
Slide 8: Opportunistic Joint Venture Partner Acquisitions
Opportunistic Joint Venture Partner Acquisitions Projected $0.11 in FFO/Share Accretion in 2024 Santa Monica Business Park, Santa Monica, CA ▪ Acquired joint venture partner’s 45% ownership interest for $38M ▪ Assumed partner’s share of the joint venture’s cash and working capital aggregating ~$9 mi
Slide 9: Perception is Not Reality
Perception is Not Reality Leasing Activity Driven by Corporate Economic Growth, not Remote Work BXP Quarterly Leasing Activity 3,500 120% Percentage 3,000 100% 80% 2,500 60% Thousands 2,000 40% 1,500 20% 1,000 0% 500 -20% 0 -40% 2 1 Square Feet Executed Average Executed S&P 500 Earnings Growth Rate
Slide 10: Growth from A.I.
Growth from A.I.1 Top A.I. Talent Markets Primary Markets San Francisco’s AI office Tech Leaders Fled San Francisco 54,600 footprint jumps 50% During the Pandemic. Now, They’re Coming Back. Nascent sector takes 1M sf, “Founders and investors who moved to poised to drive city’s long-term 39,600 A.I.
Slide 11: Strong Leasing Momentum for Company Availability
Strong Leasing Momentum for Company Availability1 2024 Expirations Signed Leases, but Leases Under Region Total In-Service (SF) Vacancy (SF) (SF)2 Not Commenced (SF)3 Negotiation (SF)4 Boston 15,523,766 1,480,399 439,639 106,480 300,000 Los Angeles 2,314,207 320,829 262,675 24,195 3,000 New York 12,
Slide 12: BXP Is Diversified Across U.S. Markets
BXP Is Diversified Across U.S. Markets BXP’s Share of NOI1 Washington DC, 14.8% 2 Central 128 Boston, 35.9% 6.7% Seattle, 2.0% Carnegie Center 3 1.7% Silicon Valley San 1.2% Francisco, 18.5% Other Suburban 1.3% CBD 89.1%4 Los Angeles, New York, 4.2% 24.6% 1. Excluding termination income. See Appendi
Slide 13: CBD Occupancy Remains Strong
CBD Occupancy Remains Strong BXP’s CBD Portfolio Represents ~91% of Annualized Rental Obligations4 Occupancy (%)2 Leased (%)3 Boston 95.3% 96.2% Los Angeles 86.1% 87.2% New York 91.5% 95.0% San Francisco 86.6% 87.4% Seattle 81.8% 83.1% Washington, D.C. 90.8% 92.7% CBD Total4,5 91.3% 93.0% 1. See App
Slide 14: BXP Client Base
BXP Client Base Broad Portfolio Balanced Across Established and Growth Sectors % of BXP’s Share of Years of Remaining Lease Term By Top 20 Clients Annualized Rental Annualized Rental Obligations 2 Obligations 2 Industry Diversification1 Salesforce 3.30% 8.0 Com m ercial & Real Estate & Investm ent B
Slide 15: Premier Workplace Defined
Premier Workplace Defined
Slide 16: The Largest Publicly Traded Developer, Owner and Manager of Premier Workplaces in the U.S.
The Largest Publicly Traded Developer, Owner and Manager of Premier Workplaces in the U.S. Modern design Efficient floor Attract top-tier Location Transportation Amenities & systems plates clients & talent San Francisco Seattle Boston Manhattan Washington, DC Q1 2024 16
Slide 17: 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 Premier Space/ Total Premier % Premier CBD Total Premier Space Total Buildings in Market Total Space B
Slide 18: Premier Workplace Market Performance
Premier Workplace Market Performance1 Direct Vacancy (3/31/24) Net Absorption (Q1 2021 through Q1 2024) Non-Premier Non-Premier Buildings Variance CBD Premier Buildings Variance CBD Premier Buildings (MSF) Buildings (MSF) (MSF) Boston 7.5% 12.0% 4.5% Boston 2.0 (1.3) 3.3 Washington, DC 7.7% 17.7% 10
Slide 19: Premier Assets Outperform Non-Premier
Premier Assets Outperform Non-Premier1 Average Direct Vacancy Rate for Five Selected CBD Markets (%)2 Average Asking Rent for Five Selected CBD Markets2 Premier Direct Vacancy Rate (Excluding Sublease Availability) 120.00 Asking Rent 20.00 Averages 17.9% 54% Higher 18.00 100.00 16.00 14.00 11.2% 80.
Slide 20: Development
Development
Slide 21: Consistent Portfolio Refreshment
Consistent Portfolio Refreshment Strategically capitalizing on growth regions and sectors Acquisitions, Developments & Dispositions $5.0 Dispositions: 14.2M SF1, $8.2B2 (2010-Q1 2024) $4.0 $3.0 $1.2 $2.3 Development Deliveries: 16.7M SF1, $9.4B3 (2010-Q1 2024) $2.0 $2.3 $2.1 $2.0 $2.5 Acquisitions:
Slide 22: Preeminent Developer with Robust Pipeline
Preeminent Developer with Robust Pipeline $6.2B1 of Recent Deliveries Generating Strong Returns $2.4B5,8 of Developments Driving Future Growth (2016-Q1 2024) – $1.2B5,8 remaining share to be funded – 10.7 million² square feet – 7.8% BXP’s Share of Annualized NOI—cash return3 3.2 Million2 Square Feet
Slide 23: $2.4 Billion Active Development Pipeline
$2.4 Billion Active Development Pipeline1 Estimated Total Estimated Actual/Est. BXP’s Ownership Percent Project Name Location Square Feet Investment Investment Initial Percentage Leased2 (BXP’s Share)1 PSF1 Occupancy PREMIER WORKPLACE 360 Park Avenue South New York, NY 450,000 71% $418,300,000 $1,30
Slide 24: Projected Growth in NOI-Cash from Developments
Projected Growth in NOI-Cash from Developments1 ($ in M) 2024 2025 2026 Total BXP’s Share of Estimated Total Investment in Development $420 $1,347 $606 $2,373 Projects2 Estimated BXP’s Share of NOI-Cash upon Stabilization3 $31 $93 $41 $165 Compounded Annual Growth Rate (CAGR)4 3.21% 1. There can be
Slide 25: 1.6M SF Lab/Life Sciences Developments
1.6M1,2 SF Lab/Life Sciences Developments $1.2B3 Investment with ~7.6% projected returns4 – 64% Pre-leased5 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 • 113,000 SF •
Slide 26: Residential
Residential Attractive and actionable adjacency with a track record of success Demonstrated track record Growing set of private equity Strong pipeline under control Exploring office conversion of success developing investors interested in of new development sites opportunities in core markets reside
Slide 27: ~18 Million Square Feet in Future Development Pipeline
~18 Million Square Feet in Future Development Pipeline Project Name Location Estimated Square Feet1 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 1,723,000 CityPoin
Slide 28: The Balance Sheet
The Balance Sheet
Slide 29: 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 7.7x 7.8x 7.8x 8.0 7.5x 7.4x $20 $15.4 BXP’s Share of Debt1 $ in Billions 6.8x $15 7.0 6.6x 6.5x $10 6.0 Equity $5 $11.5 5.0 $0 Q1 2024 2017 201
Slide 30: Strong Liquidity and Access to Capital
Strong Liquidity and Access to Capital Liquidity BXP’s Share of Debt2 $2.3 Billion $15.4 Billion Unsecured Debt 71.5% Cash1 $0.8B Revolving Secured Debt Credit 28.5% Facility $1.5B3 1. Represents cash, cash equivalents and cash held in escrow, if any. 2. See Appendix. 3. Line av ailability equals $2
Slide 31: Consistent Access to Debt Capital
Consistent Access to Debt Capital ▪ Unsecured Debt Market • $750M Bond issuance in May 2023 • $500M Commercial Paper Program established in April 2024 ▪ Healthy Relationships with Banks • $1.2B Term Loan closed January 20231 • Increased Revolving Line of Credit with three new Banks to $2B2,3 ▪ Secur
Slide 32: BXP Performance
BXP Performance
Slide 33: Projected Growth in FFO Per Share
Projected Growth in FFO Per Share $8.00 $7.50 10-Year CAGR = 3.1%1 $7.00 $6.50 $6.00 $7.53 $7.28 $7.01 $7.04 $5.50 $6.56 $6.21 $6.30 $6.29 $6.03 $5.00 $5.36 $4.50 1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E 1. Projected 2024 FFO per diluted share is the midpoint of guidance provided on Apri
Slide 34: Historical FAD (aka AFFO) Per Share
Historical FAD (aka AFFO) Per Share1 $5.70 $5.20 9-Year CAGR = 5.8% $4.70 $5.30 $4.20 $4.77 $4.36 $4.42 $3.70 $4.27 $4.08 $4.08 $3.79 $3.38 $3.20 2015 2016 2017 2018 2019 2020 2021 2022 2023 1. See Appendix. Q1 2024 34
Slide 35: Depressed Multiple Despite Increased FFO
Depressed Multiple Despite Increased FFO $8.00 30.0 $7.00 25.0 $6.00 17.7 Avg. 20.0 $5.00 $4.00 15.0 $3.00 10.0 $2.00 5.0 $1.00 $- 0.0 2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1 FFO FFO Multiple Multiple Average 1. FFO Multiple is calculated by divi
Slide 36: Returns from Dividends
Returns from Dividends Regular Dividend 12% Increase in annual dividend per share over the past six years1 $6.00 Current dividend yield2 = 6.0% $5.00 Dividends in Dollars per Share $4.00 $3.00 $3.83 $3.92 $3.92 $3.92 $3.92 $2.00 3.92 $3.50 $3.05 $1.00 $0.00 2017 2018 2019 2020 2021 2022 2023 2024E 1
Slide 37: BXP Growth Profile
BXP Growth Profile1 External growth, organic growth, dividend yield Projected CAGR from Development Projects 2 3.2% $165M Projected BXP’s Share of NOI-Cash upon stabilization 10-year historical average growth in BXP’s Share 2.5% 12.6% average mark/market increase in net rents Q1 2019-Q1 2024 of Same
Slide 38: 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 39: Sustainability & Impact
Sustainability & Impact bxp
Slide 40: Ratings & Rankings
Ratings & Rankings1 2023 GRESB Results \ 1Data represents BXP’s full portfolio as of December 31, 2023. Q1 2024 40
Slide 41: BXP Sustainability Leadership
BXP Sustainability Leadership Committed to Achieving Carbon-Neutral Operations by 2025 Sustainability “From the Boardroom to Boiler Room” • Established an emissions reduction target ambition in line with a 1.5°C trajectory • Dedicated Board committee focused on sustainability – The most ambitious de
Slide 42: BXP Sustainability Framework
BXP Sustainability Framework Climate Action Climate Action 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 Diversi
Slide 43: Sustainability Focus from the Boardroom to the Boiler Room
Sustainability Focus from the Boardroom to the Boiler Room Property Management Development & Construction Leasing & Marketing Corporate Functions & Engineering • Product vision and differentiation • Company-Wide Sustainable • Green leasing Board of Directors • Permitting and entitlement Operations C
Slide 44: Public Sustainability Goals
Public Sustainability Goals Data as of December 31, 2023. Target Achieved 41% 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 Target Achieved 64% Scope 1, 2, & 3 (Category 13) carbon e
Slide 45: Public Sustainability Goals
Public Sustainability Goals Data as of December 31, 2023. 28% year-over-year reduction in Scope 1 & Scope 2 emissions from BXP operations Target Achieved 91% actively managed portfolio certified under ENERGY STAR, LEED, or Fitwel Target Achieved 48% water use intensity reduction 51% waste diversion
Slide 46: Energy Efficient Operations and Decarbonization
Energy Efficient Operations and Decarbonization1 Energy and Carbon Intensity Performance2 100 10 94.9 90 9 9.2 80 8 70 64.7 7 BXP has an approved science-based 60 55.7 6 target, confirming an emissions reduction rate equal to or greater than the rate of 50 5 reduction required to keep global 40 4 te
Slide 47: Q1 2024 Appendix
Q1 2024 Appendix
Slide 48: 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 49: Forward-Looking Statements (continued)
FORWARD-LOOKING STATEMENTS (continued) • risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments or refinance existing indebtedness, including the impact of higher interest rates on the cost and/or availability of financing; • risks ass
Slide 50: 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 51: 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, 2024, multiplied by four (4), plus (2) termination income for the quarter ended March 31, 2024. The Company b
Slide 52: 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 53: 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 54: 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 55: 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) (if any). The C
Slide 56: 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 57: 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 2024 and full year 2024 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) p
Slide 58: 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, 2024 March 31, 2024 Revenue $ 839,439 Revenue $ 839,439 Add: Less: BXP's share of revenue from unconsolidated Joint Ventures ("JV
Slide 59: 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, 2024 2023 2022 2021 2020 2019 2018 2017 Common stock price at period end $ 65.31 $ 70.17 $ 67.58 $ 1
Slide 60: EBITDAre
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (dollars in thousands) Quarter Ended Year Ended December 31, March 31, 2024 2023 2022 2021 2020 2019 2018 2017 Net income (loss) attributable to Boston Properties, Inc. common shareholders $ 79,883 $
Slide 61: EBITDAre (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) EBITDAre (continued from previous page) (dollars in thousands) 1 See “Joint Ventures-Unconsolidated” in this Appendix. 2 See “Joint Ventures-Consolidated” in this Appendix. 3 Lease transaction costs are genera
Slide 62: 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, 2024 2023 2022 2021 2020 2019 2018 2017 Consolidated debt $ 15,362,324 $15,856,297 $14,240,336 $12,896,609 $ 13,047,758 $ 11
Slide 63: 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, 2024 2023 2022 2021 2020 2019 2018 2017 Fixed Charges Interest expense $ 161,891 $ 579,572 $ 437,139 $ 423,346
Slide 64: FFO, FAD (aka AFFO), and FAD Payout Ratios
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (dollars in thousands) Quarter Ended Year Ended December 31, March 31, 2024 2023 2022 2021 2020 2019 Net income attributable to Boston Properties, Inc. common shareho
Slide 65: FFO, FAD (aka AFFO), and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars in thousands) Year Ended December 31, 2018 2017 2016 2015 2014 Net income attributable to Boston Properties, Inc. common share
Slide 66: FFO, FAD (aka AFFO), and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), 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. co
Slide 67: FFO, FAD (aka AFFO), and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars in thousands) Quarter Ended Year Ended December 31, March 31, 2024 2023 2022 2021 2020 FFO attributable to the Operating Partn
Slide 68: FFO, FAD (aka AFFO), and FAD Payout Ratios (continued)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) FFO, FAD (aka AFFO), and FAD Payout Ratios (continued from previous page) (dollars in thousands) Year Ended December 31, 2019 2018 2017 2016 2015 FFO attributable to the Operating Partnership common unitholder
Slide 69: 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, 2024 (in thousands) 767 Fifth Avenue Total Consolidated (The GM Building) Norges Joint Ventures 1 Joint Ventures
Slide 70: 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, 2024 (in thousands) 767 Fifth Avenue Total Consolidated Reconciliation of Partners' share of EBITDAr
Slide 71: Joint Ventures - Unconsolidated
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) Joint Ventures (“JVs”) - Unconsolidated As of March 31, 2024 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 72: 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, 2024 Total Washington, Unconsolidated Boston Los Angeles New York San Francisco Seattle DC Jo
Slide 73: Joint Ventures - Unconsolidated
5 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, 2024 Total San Washington, Unconsolidated Reconciliation of BXP's share of EB
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 March 31, 2024 March 31, 2024 Net income (income) attributable to Boston Properties, Inc. $ 79,883 BXP's Share of Annualized NOI (excluding
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: 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) 2018 2017 2016 31-Mar-18 31-Mar-17 Change ($) Change (%) 31-Mar-17 31-Mar-16 Change ($) Change (
Slide 77: Reconciliations of Non-GAAP Financial Measures (Unaudited)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER FINANCIAL INFORMATION (UNAUDITED) For the three months ended 31-Mar-24 31-Mar-23 Net income (loss) attributable to Boston Properties, Inc. $ 79,883 $ 77,890 Net (income) loss attributable to noncontrolling interests: Noncontrolling interest -
Slide 78: Reconciliations of Non-GAAP Financial Measures (Unaudited)
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-23 31-Dec-22 30-Sep-23 30-Sep-22 30-Jun-23 30-Jun-22 31-Mar-23 31-Mar-22 Net income (loss) att
Slide 79: Reconciliations of Non-GAAP Financial Measures (Unaudited)
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 80: Reconciliations of Non-GAAP Financial Measures (Unaudited)
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 81: Reconciliations of Non-GAAP Financial Measures (Unaudited)
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 82: Reconciliations of Non-GAAP Financial Measures (Unaudited)
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 83: Reconciliations of Non-GAAP Financial Measures (Unaudited)
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 84: Reconciliations of Non-GAAP Financial Measures (Unaudited)
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 85: Reconciliations of Non-GAAP Financial Measures (Unaudited)
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 86: Reconciliations of Non-GAAP Financial Measures (Unaudited)
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 87: Reconciliations of Non-GAAP Financial Measures (Unaudited)
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 88: Reconciliations of Non-GAAP Financial Measures (Unaudited)
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