UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 26, 2016

BOSTON PROPERTIES, INC.
BOSTON PROPERTIES LIMITED PARTNERSHIP
(Exact Name of Registrants As Specified in its Charter)

Boston Properties, Inc.	 	Delaware	 	1-13087	 	04-2473675	
 	 	(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
 	 	 	 	
Boston Properties Limited Partnership	 	Delaware	 	0-50209	 	04-3372948	
 	 	(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
800 Boylston Street, Suite 1900, Boston, Massachusetts 02199
(Address of Principal Executive Offices) (Zip Code)
(617) 236-3300
(Registrants’ telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions ( see  General Instruction A.2. below):
 
 	¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
 	¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
 	¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
 	¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

Item 2.02. Results of Operations and Financial Condition.
The information in this Item 2.02 - “Results of Operations and Financial Condition” is being furnished. Such information, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.
On July 26, 2016, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the second quarter of 2016. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.

Exhibit No.	  	Description	
 	 	
*99.1	  	Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended June 30, 2016.	
 	 	
*99.2	  	Press release dated July 26, 2016.	
 
*	Filed herewith.	
 
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

 	 	 	 	BOSTON PROPERTIES, INC.	
 	 	 	 	
 	 	 	 	By:	 	/s/ Michael E. LaBelle	
 	 	 	 	 	 	Michael E. LaBelle	
 	 	 	 	 	 	Executive Vice President, Chief Financial Officer	
 	 	 	 	 	 	and Treasurer	
 	 	 	
 	 	 	 	BOSTON PROPERTIES LIMITED PARTNERSHIP	
 	 	 	 	By:	 	Boston Properties, Inc., its General Partner	
 	 	 	 	
 	 	 	 	By:	 	/s/ Michael E. LaBelle	
 	 	 	 	 	 	Michael E. LaBelle	
 	 	 	 	 	 	Executive Vice President, Chief Financial Officer	
 	 	 	 	 	 	and Treasurer	
 	 	 	 	
Date: July 26, 2016	 	 	 	 	 	 	
 
3

EXHIBIT INDEX

Exhibit No.	  	Description	
 	 	
*99.1	  	Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended June 30, 2016.	
 	 	
*99.2	  	Press release dated July 26, 2016.	
 
*	Filed herewith.	
 
4

Exhibit 99.1

Supplemental Operating and Financial Data
for the Quarter Ended June 30, 2016

SECOND QUARTER 2016
 
Table of Contents

 	 	 	 	 	
 	  	Page	 	
Company Profile	  	 	3	  	
Investor Information	  	 	4	  	
Research Coverage	  	 	5	  	
Guidance and Assumptions	  	 	6	  	
Financial Highlights	  	 	7	  	
Consolidated Balance Sheets	  	 	8	  	
Consolidated Income Statements	  	 	9	  	
Funds From Operations	  	 	10	  	
Reconciliation to Diluted Funds From Operations	  	 	11	  	
Funds Available for Distribution and Interest Coverage Ratios	  	 	12	  	
Capital Structure	  	 	13	  	
Debt Analysis	  	 	14-16	  	
Unconsolidated Joint Ventures	  	 	17-18	  	
Consolidated Joint Ventures	  	 	19-20	  	
Portfolio Overview	  	 	21	  	
In-Service Property Listing	  	 	22-24	  	
Occupancy by Location	  	 	25	  	
Top 20 Tenants and Tenant Diversification	  	 	26	  	
Lease Expiration Roll Out	  	 	27	  	
Boston Lease Expiration Roll Out	  	 	28-29	  	
New York Lease Expiration Roll Out	  	 	30-31	  	
San Francisco Lease Expiration Roll Out	  	 	32-33	  	
Washington, DC Lease Expiration Roll Out	  	 	34-35	  	
CBD/Suburban Lease Expiration Roll Out	  	 	36-37	  	
Hotel and Residential Performance	  	 	38	  	
Same Property Performance	  	 	39	  	
Reconciliation to Same Property Performance and Net Income	  	 	40-41	  	
Leasing Activity	  	 	42	  	
Capital Expenditures, Tenant Improvements and Leasing Commissions	  	 	43	  	
Acquisitions/Dispositions	  	 	44	  	
Value Creation Pipeline—Construction in Progress	  	 	45	  	
Value Creation Pipeline—Land Parcels and Purchase Options	  	 	46	  	
Definitions	  	 	47-49	  	
This supplemental package contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties’ control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the ability of our joint venture partners to satisfy their obligations, the costs and availability of financing, the effectiveness of our interest rate hedging programs, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof and are not guarantees of future results, performance or achievements. Boston Properties does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
(Cover photo: Rendering of Salesforce Tower, San Francisco, CA)
(Photo credit: Steelblue)
 
2

SECOND QUARTER 2016
 
COMPANY PROFILE
The Company
Boston Properties, Inc. (“Boston Properties,” “BXP” or the “Company”), a self-administered and self-managed real estate investment trust (REIT), is one of the largest owners, managers, and developers of first-class office properties in the United States, with a significant presence in five markets: Boston, Los Angeles, New York, San Francisco, and Washington, DC. The Company was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde in Boston, where it maintains its headquarters. Boston Properties became a public company in June 1997. The Company acquires, develops and manages its properties through full-service regional offices. Its property portfolio is comprised primarily of Class A office properties, five retail properties, four residential properties (including two properties under construction) and one hotel. Boston Properties is well-known for its in-house building management expertise and responsiveness to tenants’ needs. The Company holds a superior track record in developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for the U.S. government and a diverse array of creditworthy tenants.
Management
Boston Properties’ senior management team is among the most respected and accomplished in the REIT industry. Our deep and talented team of 35 individuals averages 30 years of real estate experience and 19 years with Boston Properties. We believe that our size, management depth, financial strength, reputation, and relationships of key personnel provide a competitive advantage to realize growth through property development and acquisitions. Boston Properties benefits from the reputation and relationships of key personnel, including Owen D. Thomas, Chief Executive Officer; Douglas T. Linde, President; Raymond A. Ritchey, Senior Executive Vice President; and Michael E. LaBelle, Executive Vice President, Chief Financial Officer and Treasurer. Our senior management team’s national reputation helps us attract business and investment opportunities. In addition, our other executive officers that serve as Regional Managers have strong reputations that assist in identifying and closing on new opportunities, having opportunities brought to us, and in negotiating with tenants and build-to-suit prospects. Additionally, Boston Properties’ Board of Directors consists of 11 distinguished members, the majority of whom are Independent Directors.
Strategy
Boston Properties’ primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the Company maintains consistent strategies that include the following:
 
 	•	 	concentrating on carefully targeted markets characterized by high barriers to the creation of new supply and strong real estate fundamentals where tenants have demonstrated a preference for high-quality office buildings and other facilities—currently Boston, Los Angeles, New York, San Francisco and Washington, DC;	
 
 	•	 	investing in the highest quality buildings (primarily office) that are able to maintain high occupancy and achieve premium rental rates through economic cycles;	
 
 	•	 	in our core markets, maintaining scale and a full service real estate capability (leasing, development, construction and property management) to ensure we (1) see all relevant investment deal flow and (2) maintain an ability to execute on all types of real estate opportunities, such as acquisitions, dispositions, repositioning and development, throughout the real estate investment cycle;	
 
 	•	 	be astute in market timing for investment decisions by acquiring properties in times of opportunity, developing into economic growth and selectively selling assets to either take advantage of the demand for our premier properties or pare from the portfolio properties that we believe have slower future growth potential, resulting in continuous portfolio refreshment;	
 
 	•	 	taking on complex, technically-challenging development projects that leverage the skills of our management team to successfully develop, acquire, and reposition properties;	
 
 	•	 	exploring joint-venture opportunities with partners who seek to benefit from our depth of development and management expertise;	
 
 	•	 	ensuring a strong balance sheet to maintain consistent access to capital and the resultant ability to make opportunistic investments; and	
 
 	•	 	fostering a culture and reputation of integrity and fair dealing, making us the counterparty of choice for tenants and real estate industry participants.	
Snapshot
(as of June 30, 2016)

Corporate Headquarters	  	Boston, Massachusetts	
Markets (1)	  	Boston, Los Angeles, New York, San Francisco and Washington, DC	
Fiscal Year-End	  	December 31	
Total Properties (includes unconsolidated joint ventures)	  	168	
Total Square Feet (includes unconsolidated joint ventures)	  	46.5 million	
Common shares outstanding, plus preferred shares and common and LTIP units (including Outperformance Plan Units and 2013 Multi-Year Long-Term Incentive Program (“MYLTIP”) Units when earned) on an as-converted basis (excludes 2014, 2015 and 2016 MYLTIP Units because not yet earned)	  	171.8 million	
Dividend—Quarter/Annualized	  	$0.65/$2.60	
Dividend Yield	  	1.97%	
BXP’s Share of Combined Market Capitalization (2)	  	$32.0 billion	
Senior Debt Ratings	  	A- (S&P); BBB+ (Fitch); Baa2 (Moody’s)	
 
(1)	On July 1, 2016, the Company acquired a 49.8% interest in an existing joint venture that owns and operates Colorado Center located in Santa Monica, California, which resulted in the Company’s entry into the Los Angeles market.	
(2)	For the Company’s definition of BXP’s Share of Combined Market Capitalization and related disclosures, see page 47.	
 
3

SECOND QUARTER 2016
 
INVESTOR INFORMATION

Board of Directors	
Joel I. Klein	  	Dr. Jacob A. Frenkel	
Lead Independent Director	  	Director, Chair of Nominating & Corporate Governance Committee	
 	 	
Owen D. Thomas
Chief Executive Officer and Director	  	Matthew J. Lustig
Director	
 	 	
Douglas T. Linde
President and Director	  	Alan J. Patricof
Director	
 	 	
Bruce W. Duncan
Director	  	Martin Turchin
Director	
 	 	
Karen E. Dykstra
Director	  	David A. Twardock
Director, Chair of Audit Committee	
 	 	
Carol B. Einiger	  	 	
Director, Chair of Compensation Committee	  	 	
 	
Chairman Emeritus	
Mortimer B. Zuckerman	  	 	

Management	
Raymond A. Ritchey	  	John F. Powers	
Senior Executive Vice President	  	Executive Vice President, New York Region	
 	 	
Michael E. LaBelle
Executive Vice President, Chief Financial Officer and Treasurer	  	Frank D. Burt
Senior Vice President, General Counsel	
 	 	
Peter D. Johnston	  	Michael R. Walsh	
Executive Vice President, Washington, DC Region	  	Senior Vice President, Chief Accounting Officer	
 	 	
Bryan J. Koop	  	 	
Executive Vice President, Boston Region	  	 	
 	 	
Robert E. Pester	  	 	
Executive Vice President, San Francisco Region	  	 	

Company Information	 	
Corporate Headquarters	  	Trading Symbol	  	Investor Relations	  	Inquires	 	
800 Boylston Street
Suite 1900
Boston, MA 02199
(t) 617.236.3300
(f) 617.236.3311	  	BXP	  	Boston Properties, Inc.
800 Boylston Street, Suite 1900
Boston, MA 02199
(t) 617.236.3322
(f) 617.236.3311
www.bostonproperties.com	  	Inquiries should be directed to	 	
 	  	 	  	 	  	Michael E. LaBelle	 	 	 	
 	  	Stock Exchange Listing
New York Stock Exchange	  	 	  	Executive Vice President, Chief Financial Officer and Treasurer	 	 	 	 	 	
 	  	 	  	 	  	at 617.236.3352 or	 	 	 	 	 	 	 	
 	  	 	  	 	  	mlabelle@bostonproperties.com	 	 	 	 	 	 	 	 	 	
 	  	 	  	 	  	 	 	 	 	 	 	 	 	 	 	
 	  	 	  	 	  	Arista Joyner, Investor Relations Manager	 	 	 	 	 	 	 	 	 	
 	  	 	  	 	  	at 617.236.3343 or	 	 	 	 	 	 	 	 	 	
 	  	 	  	 	  	ajoyner@bostonproperties.com	 	 	 	 	 	 	 	 	 	
Common Stock Data (NYSE: BXP)
 
Boston Properties’ common stock has the following characteristics (based on information reported by the New York Stock Exchange):

 	  	Q2 2016	 	 	Q1 2016	 	 	Q4 2015	 	 	Q3 2015	 	 	Q2 2015	 	
High Closing Price	  	$	133.13	  	 	$	127.26	  	 	$	130.15	  	 	$	126.32	  	 	$	142.17	  	
Low Closing Price	  	$	123.71	  	 	$	108.18	  	 	$	118.62	  	 	$	108.65	  	 	$	120.83	  	
Average Closing Price	  	$	128.38	  	 	$	118.69	  	 	$	124.47	  	 	$	119.54	  	 	$	131.76	  	
Closing Price, at the end of the quarter	  	$	131.90	  	 	$	127.08	  	 	$	127.54	  	 	$	118.40	  	 	$	121.04	  	
 	 	 	 	 	 	
Dividends per share	  	$	0.65	  	 	$	0.65	  	 	$	0.65	  	 	$	0.65	  	 	$	0.65	  	
Special dividends per share	  	$	—  	  	 	$	—  	  	 	$	1.25	  	 	$	—  	  	 	$	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total dividends	  	$	0.65	  	 	$	0.65	  	 	$	1.90	  	 	$	0.65	  	 	$	0.65	  	

Closing dividend yield—annualized	  	 	1.97	% 	 	 	2.05	% 	 	 	3.02	% (1) 	 	 	2.20	% 	 	 	2.15	% 	
Closing common shares outstanding, plus preferred shares and common and LTIP units (including Outperformance Plan Units and 2013 MYLTIP Units when earned) on an as-converted basis (excludes 2014, 2015 and 2016 MYLTIP Units because not yet earned) (thousands) (2)	  	 	171,772	  	 	 	171,763	  	 	 	171,509	  	 	 	171,509	  	 	 	171,506	  	
Closing market value of outstanding shares and units (thousands)	  	$	22,856,727	  	 	$	22,027,642	  	 	$	22,074,258	  	 	$	20,506,666	  	 	$	20,959,086	  	
 
(1)	Includes the special dividend of $1.25 per share paid on January 28, 2016 to shareholders of record as of the close of business on December 31, 2015.	
(2)	For additional detail, see page 13.	

Timing	
Quarterly results for the next four quarters will be announced according to the following schedule:	
 	 	
Third Quarter, 2016	  	Tentatively October 25, 2016	
Fourth Quarter, 2016	  	Tentatively January 31, 2017	
First Quarter, 2017	  	Tentatively April 25, 2017	
Second Quarter, 2017	  	Tentatively August 1, 2017	
 
4

SECOND QUARTER 2016
 
RESEARCH COVERAGE

Equity Research Coverage	  	 	  	Debt Research Coverage	  	Rating Agencies	
 	 	 	 	
Lucy Moore	  	Jonathan Petersen / Omotayo Okusanya	  	Scott Frost	  	Stephen Boyd	
Argus Research Company	  	Jefferies & Co.	  	Bank of America Merrill Lynch	  	Fitch Ratings	
646.747.5456	  	212.284.1705 / 212.336.7076	  	646.855.8078	  	212.908.9153	
 	 	 	 	
Jeffrey Spector / Jamie Feldman	  	Anthony Paolone	  	Peter Troisi	  	Ranjini Venkatesan	
Bank of America Merrill Lynch	  	J.P. Morgan Securities	  	Barclays	  	Moody’s Investors Service	
646.855.1363 / 646.855.5808	  	212.622.6682	  	212.412.3695	  	212.553.3828	
 	 	 	 	
Ross Smotrich / Peter Siciliano	  	Craig Mailman / Jordan Sadler	  	Thomas Cook	  	Anita Ogbara	
Barclays Capital	  	KeyBanc Capital Markets	  	Citi Investment Research	  	Standard & Poor’s	
212.526.2306 / 212.526.3098	  	917.368.2316 / 917.368.2280	  	212.723.1112	  	212.438.5077	
 	 	 	 	
David Toti	  	Richard Anderson	  	John Giordano	  	 	
BB&T Capital Markets	  	Mizuho Securities	  	Credit Suisse Securities	  	 	
212.419.4620	  	212.205.8445	  	212.538.4935	  	 	
 	 	 	 	
John Kim	  	Sumit Sharma / Vikram Malhotra	  	Ron Perrotta	  	 	
BMO Capital	  	Morgan Stanley	  	Goldman Sachs	  	 	
212.885.4115	  	212.761.7567 / 212.761.7064	  	212.702.7885	  	 	
 	 	 	 	
Thomas Lesnick	  	Mike Carroll	  	Mark Streeter	  	 	
Capital One Securities	  	RBC Capital Markets	  	J.P. Morgan Securities	  	 	
571.633.8191	  	440.715.2649	  	212.834.5086	  	 	
 	 	 	 	
Michael Bilerman / Emmanuel Korchman	  	David Rodgers / Richard Schiller	  	Thierry Perrein / Jason Jones	  	 	
Citigroup Global Markets	  	RW Baird	  	Wells Fargo	  	 	
212.816.1383 / 212.816.1382	  	216.737.7341 / 312.609.5485	  	704.715.8455 / 704.715.7932	  	 	
 	 	 	 	
Ian Weissman / Derek van Dijkum	  	Alexander Goldfarb / Daniel Santos	  	 	  	 	
Credit Suisse	  	Sandler O’Neill & Partners	  	 	  	 	
212.538.6889 / 212.325.9752	  	212.466.7937 / 212.466.7927	  	 	  	 	
 	 	 	 	
Barry Oxford	  	John Guinee / Erin Aslakson	  	 	  	 	
D.A. Davidson & Co.	  	Stifel, Nicolaus & Company	  	 	  	 	
212.240.9871	  	443.224.1307 / 443.224.1350	  	 	  	 	
 	 	 	 	
Vincent Chao / Mike Husseini	  	Michael Lewis	  	 	  	 	
Deutsche Bank Securities	  	SunTrust Robinson Humphrey	  	 	  	 	
212.250.6799 / 212.250.7703	  	212.319.5659	  	 	  	 	
 	 	 	 	
Steve Sakwa / Robert Simone	  	Nick Yulico	  	 	  	 	
Evercore ISI	  	UBS Securities	  	 	  	 	
212.446.9462 / 212.446.9459	  	212.713.3402	  	 	  	 	
 	 	 	 	
Brad Burke	  	Blaine Heck	  	 	  	 	
Goldman Sachs	  	Wells Fargo Securities	  	 	  	 	
917.343.2082	  	443.263.6529	  	 	  	 	
 	 	 	 	
Jed Reagan / Tyler Grant	  	 	  	 	  	 	
Green Street Advisors	  	 	  	 	  	 	
949.640.8780	  	 	  	 	  	 	
 
With the exception of Green Street Advisors, an independent research firm, the equity analysts listed above are those analysts that, according to First Call Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding Boston Properties’ performance made by the analysts listed above do not represent the opinions, estimates or forecasts of Boston Properties or its management. Boston Properties does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.
 
5

SECOND QUARTER 2016
 
GUIDANCE
 
The Company’s guidance for the third quarter and full year 2016 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in the earnings release issued on July 26, 2016 and otherwise referenced during the Company’s conference call scheduled for July 27, 2016. The estimates do not include possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, other possible capital markets activity or possible future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense and any gains or losses associated with disposition activity. The Company is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses or gains or losses associated with disposition activities. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth below.

 	  	Third Quarter 2016	 	  	Full Year 2016	 	
 	  	Low	 	  	High	 	  	Low	 	  	High	 	
Projected Earnings per share (diluted)	  	$	0.57	  	  	$	0.59	  	  	$	3.04	  	  	$	3.11	  	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected Company share of real estate depreciation and amortization	  	 	0.83	  	  	 	0.83	  	  	 	3.27	  	  	 	3.27	  	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected Company share of gains on sales of real estate	  	 	—  	  	  	 	—  	  	  	 	0.39	  	  	 	0.39	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected FFO per share (diluted)	  	$	1.40	  	  	$	1.42	  	  	$	5.92	  	  	$	5.99	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
ASSUMPTIONS
(dollars in thousands)

 	 	 	 	 	 	 	 	 	
 	  	Full Year 2016	 	
 	  	Low	 	 	High	 	
Operating property activity:	  	 	 	 	 	 	 	 	
Average In-service portfolio occupancy	  	 	90.0	% 	 	 	91.5	% 	
Combined Same Property net operating income—GAAP basis (change from 2015) (1)	  	 	(0.75	)% 	 	 	0.75	% 	
Combined Same Property net operating income—cash basis (change from 2015) (1)	  	 	1.00	% 	 	 	3.00	% 	
Non Same Properties’ incremental contribution over 2015 (2)	  	$	46,000	  	 	$	52,000	  	
Straight-line rent and fair value lease revenue (non-cash revenue) (2)	  	$	52,000	  	 	$	65,000	  	
Hotel net operating income	  	$	13,000	  	 	$	15,000	  	
Other income (expense):	  	 	 	 	 	 	 	 	
Development and management services income	  	$	23,000	  	 	$	26,000	  	
General and administrative expense	  	$	(102,000	) 	 	$	(107,000	) 	
Net interest expense	  	$	(400,000	) 	 	$	(415,000	) 	
Noncontrolling interest:	  	 	 	 	 	 	 	 	
Noncontrolling interest in property partnerships’ share of FFO	  	$	(95,000	) 	 	$	(115,000	) 	
 
(1)	Excluding the impact of the noncontrolling interest share from the consolidated portfolio, BXP’s Share of Combined Same Property Net Operating Income —GAAP basis and —cash basis is assumed to be 0.25% - 1.75% and 2.00% - 4.00%, respectively.	
(2)	Includes BXP’s share of unconsolidated and consolidated joint venture properties.	
 
6

SECOND QUARTER 2016
 
FINANCIAL HIGHLIGHTS
(unaudited and in thousands, except per share amounts)
This section includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the non-GAAP financial measures presented and the most directly comparable GAAP financial measures are shown on pages 10-12. Descriptions of the non-GAAP financial measures the Company presents and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company’s financial condition and results of operations can be found on pages 47-49.

 	  	Three Months Ended	 	
 	  	30-Jun-16	 	 	31-Mar-16	 	 	31-Dec-15	 	 	30-Sep-15	 	 	30-Jun-15	 	
Selected Items:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	623,546	  	 	$	665,985	  	 	$	624,240	  	 	$	629,884	  	 	$	618,221	  	
Straight-line rent (1) (2)	  	$	(5,434	) 	 	$	13,792	  	 	$	18,149	  	 	$	12,630	  	 	$	14,024	  	
Fair value lease revenue (1) (3)	  	$	5,776	  	 	$	5,375	  	 	$	4,966	  	 	$	5,937	  	 	$	6,667	  	
Income from unconsolidated joint ventures	  	$	2,234	  	 	$	1,791	  	 	$	2,211	  	 	$	2,647	  	 	$	3,078	  	
BXP’s share of funds from operations (FFO) from unconsolidated joint ventures	  	$	6,852	(4) 	 	$	6,287	  	 	$	6,205	  	 	$	6,455	  	 	$	6,964	  	
Lease termination fees (1) (5)	  	$	7,614	  	 	$	49,445	  	 	$	5,605	  	 	$	7,760	  	 	$	5,419	  	
Ground rent expense (6)	  	$	3,469	  	 	$	3,471	  	 	$	3,463	  	 	$	3,534	  	 	$	3,676	  	
Fair value interest adjustment (1)	  	$	6,732	  	 	$	7,810	  	 	$	8,593	  	 	$	8,062	  	 	$	7,856	  	
Capitalized interest	  	$	9,899	  	 	$	9,269	  	 	$	8,298	  	 	$	9,100	  	 	$	8,850	  	
Capitalized wages	  	$	4,467	  	 	$	4,344	  	 	$	4,130	  	 	$	4,111	  	 	$	3,997	  	
Operating margins [(rental revenue—rental expense)/rental revenue] (7)	  	 	65.8	% 	 	 	68.2	% 	 	 	66.3	% 	 	 	65.9	% 	 	 	66.2	% 	
Losses from early extinguishments of debt	  	$	—  	  	 	$	—  	  	 	$	(22,040	) 	 	$	—  	  	 	$	—  	  	
Income before gains on sales of real estate	  	$	117,357	  	 	$	148,599	  	 	$	85,406	  	 	$	123,792	  	 	$	100,739	  	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	96,597	  	 	$	181,747	  	 	$	137,851	  	 	$	184,082	  	 	$	79,460	  	
Net income attributable to Boston Properties, Inc. per share—basic	  	$	0.63	  	 	$	1.18	  	 	$	0.90	  	 	$	1.20	  	 	$	0.52	  	
Net income attributable to Boston Properties, Inc. per share—diluted	  	$	0.63	  	 	$	1.18	  	 	$	0.90	  	 	$	1.20	  	 	$	0.52	  	
FFO attributable to Boston Properties, Inc.	  	$	220,595	  	 	$	250,688	  	 	$	197,339	  	 	$	217,261	  	 	$	208,731	  	
FFO per share—diluted (8)	  	$	1.43	  	 	$	1.63	  	 	$	1.28	  	 	$	1.41	  	 	$	1.36	  	
Dividends per common share (9)	  	$	0.65	  	 	$	0.65	  	 	$	1.90	  	 	$	0.65	  	 	$	0.65	  	
Funds available for distribution to common shareholders and common unitholders (FAD) (8) (10)	  	$	160,989	  	 	$	188,204	  	 	$	138,872	  	 	$	142,580	  	 	$	148,967	  	
Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Coverage Ratio (excluding capitalized interest)—cash basis (11)	  	 	3.59	  	 	 	3.76	  	 	 	3.25	  	 	 	3.30	  	 	 	3.21	  	
Interest Coverage Ratio (including capitalized interest)—cash basis (11)	  	 	3.28	  	 	 	3.46	  	 	 	3.02	  	 	 	3.06	  	 	 	2.98	  	
FFO Payout Ratio (10)	  	 	45.45	% 	 	 	39.88	% 	 	 	50.78	% 	 	 	46.10	% 	 	 	47.79	% 	
FAD Payout Ratio (10)	  	 	69.41	% 	 	 	59.35	% 	 	 	80.33	% 	 	 	78.24	% 	 	 	74.94	% 	
 	 	 	 	 	 	
 	  	30-Jun-16	 	 	31-Mar-16	 	 	31-Dec-15	 	 	30-Sep-15	 	 	30-Jun-15	 	
Balance Sheet Items:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Above-market rents (included within Prepaid Expenses and Other Assets)	  	$	43,780	  	 	$	47,388	  	 	$	51,397	  	 	$	55,434	  	 	$	63,706	  	
Below-market rents (included within Other Liabilities)	  	$	152,576	  	 	$	160,504	  	 	$	172,670	  	 	$	184,154	  	 	$	202,653	  	
Accrued ground rent expense, net (included within Prepaid Expenses and Other Assets and Other Liabilities)	  	$	40,687	  	 	$	39,752	  	 	$	38,765	  	 	$	42,962	  	 	$	41,857	  	
Accrued interest payable on outside members’ notes payable (included within Accrued Interest Payable)	  	$	136,131	  	 	$	127,670	  	 	$	119,436	  	 	$	111,422	  	 	$	103,622	  	
Capitalization:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common Stock Price @ Quarter End	  	$	131.90	  	 	$	127.08	  	 	$	127.54	  	 	$	118.40	  	 	$	121.04	  	
Equity Value @ Quarter End	  	$	22,856,727	  	 	$	22,027,642	  	 	$	22,074,258	  	 	$	20,506,666	  	 	$	20,959,086	  	
Consolidated Debt	  	$	9,754,084	  	 	$	9,980,366	  	 	$	9,008,543	  	 	$	9,699,187	  	 	$	9,835,878	  	
Consolidated Market Capitalization	  	$	32,610,811	  	 	$	32,008,008	  	 	$	31,082,801	  	 	$	30,205,853	  	 	$	30,794,964	  	
Consolidated Debt/Consolidated Market Capitalization (8)	  	 	29.91	% 	 	 	31.18	% 	 	 	28.98	% 	 	 	32.11	% 	 	 	31.94	% 	
BXP’s Share of Unconsolidated Joint Venture Debt	  	$	350,831	(4) 	 	$	351,394	  	 	$	351,926	  	 	$	351,340	  	 	$	351,154	  	
Combined Debt (8)	  	$	10,104,915	  	 	$	10,331,760	  	 	$	9,360,469	  	 	$	10,050,527	  	 	$	10,187,032	  	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ Share of Consolidated Debt (12)	  	$	976,399	  	 	$	982,292	  	 	$	988,142	  	 	$	993,988	  	 	$	1,166,726	  	
BXP’s Share of Combined Debt (8)	  	$	9,128,516	  	 	$	9,349,468	  	 	$	8,372,327	  	 	$	9,056,539	  	 	$	9,020,306	  	
BXP’s Share of Combined Market Capitalization (8) (13)	  	$	31,985,243	  	 	$	31,377,110	  	 	$	30,446,585	  	 	$	29,563,205	  	 	$	29,979,392	  	
BXP’s Share of Combined Debt/BXP’s Share of Combined Market Capitalization (8) (13)	  	 	28.54	% 	 	 	29.80	% 	 	 	27.50	% 	 	 	30.63	% 	 	 	30.09	% 	
 
(1)	Includes the Company’s share of consolidated and unconsolidated joint ventures amounts.	
(2)	During the three months ended June 30, 2016, the Company recognized an aggregate of approximately $15.4 million of lump sum rental income amounts from three tenants that will be straight-lined through each tenant’s lease term. These amounts are in addition to the tenants’ monthly rental payments.	
(3)	Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in place at the property acquisition dates.	
(4)	For additional detail, see pages 17-18.	
(5)	For the three months ended March 31, 2016, includes approximately $45.0 million received from a tenant that terminated its lease for approximately 85,000 square feet at the Company’s 250 West 55th Street property located in New York City. For the three months ended June 30, 2016 and September 30, 2015, includes distributions received by the Company from its unsecured creditor claim against Lehman Brothers, Inc. of approximately $1.4 million and $3.6 million, respectively.	
(6)	Includes non-cash straight-line adjustments to ground rent. See page 12 for the straight-line adjustments to the ground rent expense.	
(7)	Rental expense consists of operating expenses, real estate taxes and ground rent expense. Amounts are exclusive of the gross up of reimbursable electricity and other amounts totaling $16,497, $17,913, $18,102, $18,989 and $17,845 for the three months ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, respectively.	
(8)	For the Company’s definitions and related disclosures, see pages 47-49.	
(9)	For the three months ended December 31, 2015, dividends per common share includes the $1.25 per common share special dividend paid on January 28, 2016 to shareholders of record as of the close of business on December 31, 2015.	
(10)	FFO Payout Ratio equals dividends per common share (excluding any special dividends) divided by FFO per share-diluted. For a quantitative reconciliation of FFO, see page 10. FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD. For a quantitative reconciliation of FAD, see page 12.	
(11)	The Company believes that the presentation of its interest coverage ratios provides investors with useful information about the Company’s financial performance as it relates to its cash interest expense obligations, which may assist investors in evaluating the Company’s ability to service its existing debt obligations. For a quantitative reconciliation, see page 12.	
(12)	Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities.	
(13)	For additional detail, see page 13.	
 
7

SECOND QUARTER 2016
 
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)

 	  	30-Jun-16	 	 	31-Mar-16	 	 	31-Dec-15	 	 	30-Sep-15	 	 	30-Jun-15	 	
ASSETS	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Real estate	  	$	18,690,403	  	 	$	18,424,542	  	 	$	18,465,405	  	 	$	18,412,086	  	 	$	18,207,934	  	
Construction in progress (1)	  	 	865,359	  	 	 	857,578	  	 	 	763,935	  	 	 	725,601	  	 	 	880,996	  	
Land held for future development	  	 	241,106	  	 	 	256,952	  	 	 	252,195	  	 	 	264,598	  	 	 	277,327	  	
Less accumulated depreciation	  	 	(4,056,716	) 	 	 	(3,969,648	) 	 	 	(3,925,894	) 	 	 	(3,833,277	) 	 	 	(3,753,926	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total real estate	  	 	15,740,152	  	 	 	15,569,424	  	 	 	15,555,641	  	 	 	15,569,008	  	 	 	15,612,331	  	
Cash and cash equivalents	  	 	1,180,044	  	 	 	1,605,678	  	 	 	723,718	  	 	 	1,387,007	  	 	 	1,342,751	  	
Cash held in escrows (2)	  	 	65,654	  	 	 	71,349	  	 	 	73,790	  	 	 	90,379	  	 	 	252,558	  	
Investments in securities	  	 	21,775	  	 	 	21,077	  	 	 	20,380	  	 	 	19,645	  	 	 	20,953	  	
Tenant and other receivables, net	  	 	84,861	  	 	 	73,759	  	 	 	97,865	  	 	 	66,446	  	 	 	55,183	  	
Accrued rental income, net	  	 	776,816	  	 	 	767,864	  	 	 	754,883	  	 	 	737,145	  	 	 	730,797	  	
Deferred charges, net (3)	  	 	697,823	  	 	 	693,976	  	 	 	704,867	  	 	 	719,019	  	 	 	739,838	  	
Prepaid expenses and other assets	  	 	144,222	  	 	 	136,799	  	 	 	185,118	  	 	 	143,476	  	 	 	117,993	  	
Investments in unconsolidated joint ventures	  	 	252,618	  	 	 	235,904	  	 	 	235,224	  	 	 	217,529	  	 	 	209,974	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	18,963,965	  	 	$	19,175,830	  	 	$	18,351,486	  	 	$	18,949,654	  	 	$	19,082,378	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage notes payable, net (3)	  	$	3,189,013	  	 	$	3,416,622	  	 	$	3,435,242	  	 	$	4,127,007	  	 	$	4,264,920	  	
Unsecured senior notes, net (3)	  	 	6,257,274	  	 	 	6,255,602	  	 	 	5,264,819	  	 	 	5,263,363	  	 	 	5,261,810	  	
Unsecured line of credit	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Mezzanine notes payable	  	 	307,797	  	 	 	308,142	  	 	 	308,482	  	 	 	308,817	  	 	 	309,148	  	
Outside members’ notes payable	  	 	180,000	  	 	 	180,000	  	 	 	180,000	  	 	 	180,000	  	 	 	180,000	  	
Accounts payable and accrued expenses	  	 	287,464	  	 	 	252,727	  	 	 	274,709	  	 	 	245,200	  	 	 	231,900	  	
Dividends and distributions payable	  	 	113,071	  	 	 	113,079	  	 	 	327,320	  	 	 	112,912	  	 	 	112,892	  	
Accrued interest payable	  	 	222,175	  	 	 	221,578	  	 	 	190,386	  	 	 	200,916	  	 	 	178,548	  	
Other liabilities	  	 	508,952	  	 	 	498,290	  	 	 	483,601	  	 	 	448,680	  	 	 	448,480	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	11,065,746	  	 	 	11,246,040	  	 	 	10,464,559	  	 	 	10,886,895	  	 	 	10,987,698	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commitments and contingencies	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Redeemable interest in property partnership	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	106,233	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Stockholders’ equity attributable to Boston Properties, Inc.:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Preferred stock, $0.01 par value, 50,000,000 shares authorized; 5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding	  	 	200,000	  	 	 	200,000	  	 	 	200,000	  	 	 	200,000	  	 	 	200,000	  	
Common stock, $0.01 par value, 250,000,000 shares authorized, 153,674,930, 153,604,966, 153,579,966, 153,574,600 and 153,473,931 outstanding, respectively	  	 	1,537	  	 	 	1,536	  	 	 	1,536	  	 	 	1,536	  	 	 	1,535	  	
Additional paid-in capital	  	 	6,316,191	  	 	 	6,306,723	  	 	 	6,305,687	  	 	 	6,300,780	  	 	 	6,293,556	  	
Dividends in excess of earnings	  	 	(702,361	) 	 	 	(699,048	) 	 	 	(780,952	) 	 	 	(627,054	) 	 	 	(711,239	) 	
Treasury common stock, at cost	  	 	(2,722	) 	 	 	(2,722	) 	 	 	(2,722	) 	 	 	(2,722	) 	 	 	(2,722	) 	
Accumulated other comprehensive income (loss)	  	 	(79,748	) 	 	 	(56,706	) 	 	 	(14,114	) 	 	 	(20,625	) 	 	 	1,848	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity attributable to Boston Properties, Inc.	  	 	5,732,897	  	 	 	5,749,783	  	 	 	5,709,435	  	 	 	5,851,915	  	 	 	5,782,978	  	
Noncontrolling interests:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common units of the Operating Partnership	  	 	612,385	  	 	 	616,095	  	 	 	603,092	  	 	 	620,036	  	 	 	614,988	  	
Property partnerships	  	 	1,552,937	  	 	 	1,563,912	  	 	 	1,574,400	  	 	 	1,590,808	  	 	 	1,590,481	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	  	 	7,898,219	  	 	 	7,929,790	  	 	 	7,886,927	  	 	 	8,062,759	  	 	 	7,988,447	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	18,963,965	  	 	$	19,175,830	  	 	$	18,351,486	  	 	$	18,949,654	  	 	$	19,082,378	  	

(1)	Represents the portion of the Company’s consolidated development projects that qualifies for interest capitalization. Such portion generally excludes intangible assets.	
(2)	At June 30, 2015, approximately $192.3 million was held by a qualified intermediary for possible investment in a like-kind exchange in accordance with Section 1031 of the Internal Revenue Code in connection with a sale of real estate.	
(3)	On January 1, 2016, the Company adopted Accounting Standards Update 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Company retrospectively adopted the guidance resulting in the presentation of deferred financing costs, net (previously included within Deferred Charges, Net) as a reduction to Mortgage Notes Payable, Net and Unsecured Senior Notes, Net for all periods presented. The recognition and measurement guidance for debt issuance costs was not affected.	
 
8

SECOND QUARTER 2016
 
CONSOLIDATED INCOME STATEMENTS
(unaudited and in thousands, except for per share amounts)

 	  	Three Months Ended	 	
 	  	30-Jun-16	 	 	31-Mar-16	 	 	31-Dec-15	 	 	30-Sep-15	 	 	30-Jun-15	 	
Revenue	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Base rent	  	$	493,386	  	 	$	536,128	  	 	$	493,141	  	 	$	494,300	  	 	$	486,609	  	
Recoveries from tenants	  	 	85,706	  	 	 	89,586	  	 	 	88,576	  	 	 	91,544	  	 	 	86,795	  	
Parking and other	  	 	26,113	  	 	 	24,825	  	 	 	25,132	  	 	 	25,509	  	 	 	26,552	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total rental revenue	  	 	605,205	  	 	 	650,539	  	 	 	606,849	  	 	 	611,353	  	 	 	599,956	  	
Hotel revenue	  	 	12,808	  	 	 	8,757	  	 	 	10,939	  	 	 	12,619	  	 	 	13,403	  	
Development and management services	  	 	5,533	  	 	 	6,689	  	 	 	6,452	  	 	 	5,912	  	 	 	4,862	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	  	 	623,546	  	 	 	665,985	  	 	 	624,240	  	 	 	629,884	  	 	 	618,221	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating	  	 	113,212	  	 	 	114,467	  	 	 	112,846	  	 	 	113,962	  	 	 	113,945	  	
Real estate taxes	  	 	104,726	  	 	 	104,705	  	 	 	103,796	  	 	 	105,834	  	 	 	100,519	  	
Hotel operating	  	 	7,978	  	 	 	7,634	  	 	 	7,888	  	 	 	8,125	  	 	 	8,495	  	
General and administrative (1)	  	 	25,418	  	 	 	29,353	  	 	 	24,300	  	 	 	20,944	  	 	 	22,284	  	
Transaction costs	  	 	913	  	 	 	25	  	 	 	470	  	 	 	254	  	 	 	208	  	
Depreciation and amortization	  	 	153,175	  	 	 	159,448	  	 	 	164,460	  	 	 	153,015	  	 	 	167,844	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	  	 	405,422	  	 	 	415,632	  	 	 	413,760	  	 	 	402,134	  	 	 	413,295	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	218,124	  	 	 	250,353	  	 	 	210,480	  	 	 	227,750	  	 	 	204,926	  	
Other income (expense)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from unconsolidated joint ventures	  	 	2,234	  	 	 	1,791	  	 	 	2,211	  	 	 	2,647	  	 	 	3,078	  	
Interest and other income	  	 	1,524	  	 	 	1,505	  	 	 	440	  	 	 	3,637	  	 	 	1,293	  	
Gains (losses) from investments in securities (1)	  	 	478	  	 	 	259	  	 	 	493	  	 	 	(1,515	) 	 	 	(24	) 	
Interest expense (2)	  	 	(105,003	) 	 	 	(105,309	) 	 	 	(106,178	) 	 	 	(108,727	) 	 	 	(108,534	) 	
Losses from early extinguishments of debt	  	 	—  	  	 	 	—  	  	 	 	(22,040	) 	 	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	117,357	  	 	 	148,599	  	 	 	85,406	  	 	 	123,792	  	 	 	100,739	  	
Gains on sales of real estate (3)	  	 	—  	  	 	 	67,623	  	 	 	81,332	  	 	 	199,479	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	117,357	  	 	 	216,222	  	 	 	166,738	  	 	 	323,271	  	 	 	100,739	  	
Net income attributable to noncontrolling interests	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest in property partnerships (4)	  	 	(6,814	) 	 	 	(10,464	) 	 	 	(10,143	) 	 	 	(115,240	) 	 	 	(9,264	) 	
Noncontrolling interest—redeemable preferred units of the Operating Partnership	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(3	) 	
Noncontrolling interest—common units of the Operating Partnership (5)	  	 	(11,357	) 	 	 	(21,393	) 	 	 	(16,098	) 	 	 	(21,302	) 	 	 	(9,394	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc.	  	 	99,186	  	 	 	184,365	  	 	 	140,497	  	 	 	186,729	  	 	 	82,078	  	
Preferred dividends	  	 	(2,589	) 	 	 	(2,618	) 	 	 	(2,646	) 	 	 	(2,647	) 	 	 	(2,618	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	96,597	  	 	$	181,747	  	 	$	137,851	  	 	$	184,082	  	 	$	79,460	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME PER SHARE OF COMMON STOCK (EPS)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc. per share—basic	  	$	0.63	  	 	$	1.18	  	 	$	0.90	  	 	$	1.20	  	 	$	0.52	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc. per share—diluted	  	$	0.63	  	 	$	1.18	  	 	$	0.90	  	 	$	1.20	  	 	$	0.52	  	

(1)	General and administrative expense includes $(478), $(259), $(493), $1,515 and $24 and gains (losses) from investments in securities include $478, $259, $493, $(1,515) and $(24) for the three months ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, respectively, related to the Company’s deferred compensation plan.	
(2)	For the three months ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, interest expense includes $8,461, $8,234, $8,014, $7,800 and $7,594, respectively, consisting of the interest expense on the partner loans for the 767 Fifth Avenue (The GM Building) consolidated joint venture, which amount is allocated to the partners within noncontrolling interests in property partnerships. The Company’s share of the interest expense on its loan to the joint venture eliminates in consolidation.	
(3)	See page 44 for additional information.	
(4)	For the three months ended September 30, 2015, noncontrolling interest in property partnerships includes approximately $101.1 million consisting of the allocation of the gain on sale of real estate to the outside partners in the consolidated entity that sold 505 9th Street, N.W. located in Washington, DC.	
(5)	Equals noncontrolling interest—common units of the Operating Partnership’s share of 10.33%, 10.32%, 10.26%, 10.26% and 10.34% of income before net income attributable to noncontrolling interests in Operating Partnership after deduction for preferred distributions for the three months ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, respectively.	
 
9

SECOND QUARTER 2016
 
FUNDS FROM OPERATIONS (FFO)
(unaudited and in thousands, except for per share amounts)

 	  	Three Months Ended	 	
 	  	30-Jun-16	 	  	31-Mar-16	 	  	31-Dec-15	 	  	30-Sep-15	 	  	30-Jun-15	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	96,597	  	  	$	181,747	  	  	$	137,851	  	  	$	184,082	  	  	$	79,460	  	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Preferred dividends	  	 	2,589	  	  	 	2,618	  	  	 	2,646	  	  	 	2,647	  	  	 	2,618	  	
Noncontrolling interest—common units of the Operating Partnership	  	 	11,357	  	  	 	21,393	  	  	 	16,098	  	  	 	21,302	  	  	 	9,394	  	
Noncontrolling interest—redeemable preferred units of the Operating Partnership	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	3	  	
Noncontrolling interests in property partnerships	  	 	6,814	  	  	 	10,464	  	  	 	10,143	  	  	 	115,240	  	  	 	9,264	  	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Gains on sales of real estate	  	 	—  	  	  	 	67,623	  	  	 	81,332	  	  	 	199,479	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Income before gains on sales of real estate	  	 	117,357	  	  	 	148,599	  	  	 	85,406	  	  	 	123,792	  	  	 	100,739	  	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Real estate depreciation and amortization (1)	  	 	157,431	  	  	 	163,580	  	  	 	167,968	  	  	 	156,489	  	  	 	171,384	  	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Noncontrolling interests in property partnerships’ share of FFO	  	 	26,183	  	  	 	30,019	  	  	 	30,828	  	  	 	35,527	  	  	 	36,699	  	
Noncontrolling interest—redeemable preferred units of the Operating Partnership	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	3	  	
Preferred dividends	  	 	2,589	  	  	 	2,618	  	  	 	2,646	  	  	 	2,647	  	  	 	2,618	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
FFO attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) (“Basic FFO”)	  	 	246,016	  	  	 	279,542	  	  	 	219,900	  	  	 	242,107	  	  	 	232,803	  	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Noncontrolling interest—common units of the Operating Partnership’s share of funds from operations	  	 	25,421	  	  	 	28,854	  	  	 	22,561	  	  	 	24,846	  	  	 	24,072	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
FFO attributable to Boston Properties, Inc. common shareholders (2)	  	$	220,595	  	  	$	250,688	  	  	$	197,339	  	  	$	217,261	  	  	$	208,731	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
FFO per share—basic	  	$	1.44	  	  	$	1.63	  	  	$	1.28	  	  	$	1.41	  	  	$	1.36	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Weighted average shares outstanding—basic	  	 	153,662	  	  	 	153,626	  	  	 	153,602	  	  	 	153,595	  	  	 	153,450	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
FFO per share—diluted	  	$	1.43	  	  	$	1.63	  	  	$	1.28	  	  	$	1.41	  	  	$	1.36	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Weighted average shares outstanding—diluted	  	 	153,860	  	  	 	153,917	  	  	 	153,897	  	  	 	153,786	  	  	 	153,815	  	

(1)	Real estate depreciation and amortization consists of depreciation and amortization from the consolidated statements of operations of $153,175, $159,448, $164,460, $153,015 and $167,844 plus BXP’s share of unconsolidated joint venture real estate depreciation and amortization of $4,618, $4,496, $3,994, $3,808 and $3,886, less corporate-related depreciation of $362, $364, $486, $334 and $346 for the three months ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, respectively.	
(2)	Based on weighted average basic shares for the quarter. The Company’s share of Basic FFO for the quarter ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015 was 89.67%, 89.68%, 89.74%, 89.74% and 89.66%, respectively.	
 
10

SECOND QUARTER 2016
 
RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS
(unaudited and in thousands, except for per share amounts)

 	  	June 30, 2016	 	  	March 31, 2016	 	  	December 31, 2015	 	  	September 30, 2015	 	  	June 30, 2015	 	
 	  	Income	 	  	Shares/Units	 	  	Income	 	  	Shares/Units	 	  	Income	 	  	Shares/Units	 	  	Income	 	  	Shares/Units	 	  	Income	 	  	Shares/Units	 	
 	  	(Numerator)	 	  	(Denominator)	 	  	(Numerator)	 	  	(Denominator)	 	  	(Numerator)	 	  	(Denominator)	 	  	(Numerator)	 	  	(Denominator)	 	  	(Numerator)	 	  	(Denominator)	 	
Basic FFO (continued from page 10)	  	$	246,016	  	  	 	171,370	  	  	$	279,542	  	  	 	171,309	  	  	$	219,900	  	  	 	171,162	  	  	$	242,107	  	  	 	171,160	  	  	$	232,803	  	  	 	171,146	  	
Effect of Dilutive Securities Stock-based compensation	  	 	—  	  	  	 	198	  	  	 	—  	  	  	 	291	  	  	 	—  	  	  	 	295	  	  	 	—  	  	  	 	191	  	  	 	—  	  	  	 	365	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Diluted FFO	  	$	246,016	  	  	 	171,568	  	  	$	279,542	  	  	 	171,600	  	  	$	219,900	  	  	 	171,457	  	  	$	242,107	  	  	 	171,351	  	  	$	232,803	  	  	 	171,511	  	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Noncontrolling interest—common units of the Operating Partnership’s share of diluted FFO	  	 	25,391	  	  	 	17,708	  	  	 	28,805	  	  	 	17,683	  	  	 	22,522	  	  	 	17,560	  	  	 	24,818	  	  	 	17,565	  	  	 	24,021	  	  	 	17,696	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Boston Properties, Inc.’s share of diluted FFO (1)	  	$	220,625	  	  	 	153,860	  	  	$	250,737	  	  	 	153,917	  	  	$	197,378	  	  	 	153,897	  	  	$	217,289	  	  	 	153,786	  	  	$	208,782	  	  	 	153,815	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
FFO per share—basic	  	$	1.44	  	  	 	 	 	  	$	1.63	  	  	 	 	 	  	$	1.28	  	  	 	 	 	  	$	1.41	  	  	 	 	 	  	$	1.36	  	  	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
FFO per share—diluted	  	$	1.43	  	  	 	 	 	  	$	1.63	  	  	 	 	 	  	$	1.28	  	  	 	 	 	  	$	1.41	  	  	 	 	 	  	$	1.36	  	  	 	 	 	

(1)	Based on weighted average diluted shares for the quarter. The Company’s share for the quarter ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015 was 89.68%, 89.70%, 89.76%, 89.75% and 89.68%, respectively.	
 
11

SECOND QUARTER 2016
 
FUNDS AVAILABLE FOR DISTRIBUTION (FAD)
(in thousands)

 	  	Three Months Ended	 	
 	  	30-Jun-16	 	 	31-Mar-16	 	 	31-Dec-15	 	 	30-Sep-15	 	 	30-Jun-15	 	
Basic FFO (continued from page 11)	  	$	246,016	  	 	$	279,542	  	 	$	219,900	  	 	$	242,107	  	 	$	232,803	  	
2nd generation tenant improvements and leasing commissions	  	 	(91,502	) 	 	 	(67,273	) 	 	 	(35,036	) 	 	 	(91,787	) 	 	 	(54,346	) 	
Straight-line rent (1) (2)	  	 	5,434	  	 	 	(13,792	) 	 	 	(18,149	) 	 	 	(12,630	) 	 	 	(14,024	) 	
Lease transaction costs that qualify as rent inducements (1) (3)	  	 	2,200	  	 	 	5,288	  	 	 	1,945	  	 	 	1,646	  	 	 	3,141	  	
Recurring capital expenditures (4)	  	 	(9,344	) 	 	 	(21,585	) 	 	 	(17,407	) 	 	 	(16,934	) 	 	 	(11,839	) 	
Hotel improvements, equipment upgrades and replacements	  	 	(434	) 	 	 	(360	) 	 	 	(1,231	) 	 	 	(436	) 	 	 	(272	) 	
Fair value interest adjustment (1)	  	 	(6,732	) 	 	 	(7,810	) 	 	 	(8,593	) 	 	 	(8,062	) 	 	 	(7,856	) 	
Fair value lease revenue (1) (5)	  	 	(5,776	) 	 	 	(5,375	) 	 	 	(4,966	) 	 	 	(5,937	) 	 	 	(6,667	) 	
Straight-line ground rent expense adjustment (6)	  	 	935	  	 	 	987	  	 	 	(3,983	) 	 	 	891	  	 	 	1,106	  	
Non-real estate depreciation	  	 	362	  	 	 	364	  	 	 	486	  	 	 	334	  	 	 	346	  	
Stock-based compensation	  	 	7,578	  	 	 	10,069	  	 	 	6,358	  	 	 	6,345	  	 	 	5,469	  	
Non-cash gains from early extinguishments of debt	  	 	—  	  	 	 	—  	  	 	 	(3,604	) 	 	 	—  	  	 	 	—  	  	
Non-cash termination income adjustment (fair value lease amounts)	  	 	141	  	 	 	29	  	 	 	3	  	 	 	(555	) 	 	 	(1,645	) 	
Partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions	  	 	9,414	  	 	 	6,929	  	 	 	2,698	  	 	 	26,982	  	 	 	2,005	  	
Unearned portion of capitalized fees	  	 	2,697	  	 	 	1,191	  	 	 	451	  	 	 	616	  	 	 	746	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds available for distribution to common shareholders and common unitholders (FAD)	  	$	160,989	  	 	$	188,204	  	 	$	138,872	  	 	$	142,580	  	 	$	148,967	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Distributions to common shareholders and unitholders (excluding any special distributions)	  	$	111,737	  	 	$	111,708	  	 	$	111,556	  	 	$	111,552	  	 	$	111,631	  	
FAD Payout Ratio	  	 	69.41	% 	 	 	59.35	% 	 	 	80.33	% 	 	 	78.24	% 	 	 	74.94	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INTEREST COVERAGE RATIOS
(in thousands, except for ratio amounts)

 	  	Three Months Ended	 	
 	  	30-Jun-16	 	 	31-Mar-16	 	 	31-Dec-15	 	 	30-Sep-15	 	 	30-Jun-15	 	
Income before gains on sales of real estate	  	$	117,357	  	 	$	148,599	  	 	$	85,406	  	 	$	123,792	  	 	$	100,739	  	
Interest expense	  	 	105,003	  	 	 	105,309	  	 	 	106,178	  	 	 	108,727	  	 	 	108,534	  	
BXP’s share of interest expense from unconsolidated joint ventures	  	 	4,010	  	 	 	4,015	  	 	 	3,908	  	 	 	3,830	  	 	 	3,823	  	
Depreciation and amortization expense	  	 	153,175	  	 	 	159,448	  	 	 	164,460	  	 	 	153,015	  	 	 	167,844	  	
BXP’s share of depreciation and amortization expense from unconsolidated joint ventures	  	 	4,618	  	 	 	4,496	  	 	 	3,994	  	 	 	3,808	  	 	 	3,886	  	
Losses from early extinguishments of debt	  	 	—  	  	 	 	—  	  	 	 	22,040	  	 	 	—  	  	 	 	—  	  	
Non-cash termination income adjustment (fair value lease amounts)	  	 	141	  	 	 	29	  	 	 	3	  	 	 	(555	) 	 	 	(1,645	) 	
Stock-based compensation	  	 	7,578	  	 	 	10,069	  	 	 	6,358	  	 	 	6,345	  	 	 	5,469	  	
Straight-line ground rent expense adjustment (6)	  	 	935	  	 	 	987	  	 	 	(3,983	) 	 	 	891	  	 	 	1,106	  	
Straight-line rent (1) (2)	  	 	5,434	  	 	 	(13,792	) 	 	 	(18,149	) 	 	 	(12,630	) 	 	 	(14,024	) 	
Lease transaction costs that qualify as rent inducements (1) (3)	  	 	2,200	  	 	 	5,288	  	 	 	1,945	  	 	 	1,646	  	 	 	3,141	  	
Fair value lease revenue (1) (5)	  	 	(5,776	) 	 	 	(5,375	) 	 	 	(4,966	) 	 	 	(5,937	) 	 	 	(6,667	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal (A)	  	 	394,675	  	 	 	419,073	  	 	 	367,194	  	 	 	382,932	  	 	 	372,206	  	
Divided by:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	  	$	105,003	  	 	$	105,309	  	 	$	106,178	  	 	$	108,727	  	 	$	108,534	  	
BXP’s share of interest expense from unconsolidated joint ventures	  	 	4,010	  	 	 	4,015	  	 	 	3,908	  	 	 	3,830	  	 	 	3,823	  	
Consolidated fair value interest expense adjustment	  	 	11,272	  	 	 	12,321	  	 	 	13,076	  	 	 	13,204	  	 	 	13,110	  	
Interest expense on the partner loans for the 767 Fifth Avenue (the GM Building) consolidated joint venture, which amount is allocated to the partners within noncontrolling interests in property partnerships	  	 	(8,461	) 	 	 	(8,234	) 	 	 	(8,014	) 	 	 	(7,800	) 	 	 	(7,594	) 	
Consolidated and BXP’s share of unconsolidated joint venture amortization of financing costs	  	 	(1,816	) 	 	 	(1,949	) 	 	 	(2,034	) 	 	 	(2,037	) 	 	 	(1,936	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense excluding capitalized interest (B)	  	$	110,008	  	 	$	111,462	  	 	$	113,114	  	 	$	115,924	  	 	$	115,937	  	
Consolidated and BXP’s share of unconsolidated joint venture capitalized interest	  	 	10,222	  	 	 	9,525	  	 	 	8,380	  	 	 	9,223	  	 	 	8,972	  	
Adjusted interest expense including capitalized interest (C)	  	$	120,230	  	 	$	120,987	  	 	$	121,494	  	 	$	125,147	  	 	$	124,909	  	
Interest Coverage Ratio (excluding capitalized interest) (A divided by B)	  	 	3.59	  	 	 	3.76	  	 	 	3.25	  	 	 	3.30	  	 	 	3.21	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Coverage Ratio (including capitalized interest) (A divided by C)	  	 	3.28	  	 	 	3.46	  	 	 	3.02	  	 	 	3.06	  	 	 	2.98	  	

(1)	Includes the Company’s share of consolidated and unconsolidated joint venture amounts.	
(2)	During the three months ended June 30, 2016, the Company recognized an aggregate of approximately $15.4 million of lump sum rental income amounts from three tenants that will be straight-lined through each tenant’s lease term. These amounts are in addition to the tenants’ monthly rental payments.	
(3)	Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions.	
(4)	Recurring capital expenditures does not include planned capital expenditures related to acquisitions and repositioning capital expenditures – see page 43 for additional detail.	
(5)	Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in place at the property acquisition dates.	
(6)	For the three months ended June 30, 2016, March 31, 2016 and December 31, 2015, includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 200 Clarendon Street property’s adjacent 100 Clarendon Street garage and Back Bay Station concourse level. The Company has allocated contractual ground lease payments aggregating approximately $34.4 million, which it expects to incur over the next three years with no payments thereafter. The Company is recognizing these amounts on a straight-line basis over the 99-year term of the ground and air rights lease. For additional information, see page 7.	
 
12

SECOND QUARTER 2016
 
CAPITAL STRUCTURE
(in thousands)
Consolidated Debt

 	 	 	 	 	
 	  	Aggregate Principal
June 30, 2016	 	
 	  	 	 	
Mortgage Notes Payable	  	$	3,135,945	  	
Mezzanine Notes Payable	  	 	306,000	  	
Unsecured Line of Credit	  	 	—  	  	
Unsecured Senior Notes, at face value	  	 	6,300,000	  	
 	  	 	 	 	
Subtotal	  	 	9,741,945	  	
Fair Value Interest Adjustment on Mortgage Notes Payable	  	 	56,042	  	
Fair Value Interest Adjustment on Mezzanine Notes Payable	  	 	1,797	  	
Discount on Unsecured Senior Notes	  	 	(12,671	) 	
Deferred Financing Costs, Net	  	 	(33,029	) 	
 	  	 	 	 	
Consolidated Debt	  	$	9,754,084	  	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties Limited Partnership Unsecured Senior Notes	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Total/
Weighted
Average	 	
Settlement Date	 	 	1/20/2016	  	 	 	6/27/2013	  	 	 	4/11/2013	  	 	 	6/11/2012	  	 	 	11/10/2011	  	 	 	11/18/2010	  	 	 	4/19/2010	  	 	 	10/9/2009	  	 	 	 	 	
Original Principal Amount	 	$	1,000,000	  	 	$	700,000	  	 	$	500,000	  	 	$	1,000,000	  	 	$	850,000	  	 	$	850,000	  	 	$	700,000	  	 	$	700,000	  	 	$	6,300,000	  	
Principal Amount at Quarter End	 	$	1,000,000	  	 	$	700,000	  	 	$	500,000	  	 	$	1,000,000	  	 	$	850,000	  	 	$	850,000	  	 	$	700,000	  	 	$	700,000	  	 	$	6,300,000	  	
Yield (on issue date)	 	 	3.766	% 	 	 	3.916	% 	 	 	3.279	% 	 	 	3.954	% 	 	 	3.853	% 	 	 	4.289	% 	 	 	5.708	% 	 	 	5.967	% 	 	 	4.316	% 	
Coupon	 	 	3.650	% 	 	 	3.800	% 	 	 	3.125	% 	 	 	3.850	% 	 	 	3.700	% 	 	 	4.125	% 	 	 	5.625	% 	 	 	5.875	% 	 	 	4.194	% 	
Public Offering Price	 	 	99.708	% 	 	 	99.694	% 	 	 	99.379	% 	 	 	99.779	% 	 	 	99.767	% 	 	 	99.260	% 	 	 	99.891	% 	 	 	99.931	% 	 	 	99.684	% 	
Ratings:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
S&P	 	 	A- (stable)	  	 	 	A- (stable)	  	 	 	A- (stable)	  	 	 	A- (stable)	  	 	 	A- (stable)	  	 	 	A- (stable)	  	 	 	A- (stable)	  	 	 	A- (stable)	  	 	 	 	 	
Fitch	 	 	BBB+ (stable)	  	 	 	BBB+ (stable)	  	 	 	BBB+ (stable)	  	 	 	BBB+ (stable)	  	 	 	BBB+ (stable)	  	 	 	BBB+ (stable)	  	 	 	BBB+ (stable)	  	 	 	BBB+ (stable)	  	 	 	 	 	
Moody’s	 	 	Baa2 (stable)	  	 	 	Baa2 (stable)	  	 	 	Baa2 (stable)	  	 	 	Baa2 (stable)	  	 	 	Baa2 (stable)	  	 	 	Baa2 (stable)	  	 	 	Baa2 (stable)	  	 	 	Baa2 (stable)	  	 	 	 	 	
Maturity Date	 	 	2/1/2026	  	 	 	2/1/2024	  	 	 	9/1/2023	  	 	 	2/1/2023	  	 	 	11/15/2018	  	 	 	5/15/2021	  	 	 	11/15/2020	  	 	 	10/15/2019	  	 	 	 	 	
Discount	 	$	2,818	  	 	$	1,599	  	 	$	2,254	  	 	$	1,459	  	 	$	726	  	 	$	3,256	  	 	$	366	  	 	$	193	  	 	$	12,671	  	
Deferred Financing Costs, Net	 	$	7,802	  	 	$	4,264	  	 	$	2,882	  	 	$	5,146	  	 	$	2,352	  	 	$	3,283	  	 	$	2,458	  	 	$	1,868	  	 	$	30,055	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unsecured Senior Notes, net	 	$	989,380	  	 	$	694,137	  	 	$	494,864	  	 	$	993,395	  	 	$	846,922	  	 	$	843,461	  	 	$	697,176	  	 	$	697,939	  	 	$	6,257,274	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Shares/Units Outstanding
as of 6/30/2016	 	  	Common Stock
Equivalents	 	 	Equivalent
Value (1)	 	
Common Stock	  	 	153,675	  	  	 	153,675	(2) 	 	$	20,269,733	  	
Common Operating Partnership Units	  	 	18,097	  	  	 	18,097	(3) 	 	 	2,386,994	  	
5.25% Series B Cumulative Redeemable Preferred Stock	  	 	80	  	  	 	—  	  	 	 	200,000	(4) 	
 	  	 	 	 	  	 	 	 	 	 	 	 	
Total Equity	  	 	 	 	  	 	171,772	  	 	$	22,856,727	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	
Consolidated Debt	  	 	 	 	  	 	 	 	 	$	9,754,084	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	
Consolidated Market Capitalization	  	 	 	 	  	 	 	 	 	$	32,610,811	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	
BXP’s Share of Unconsolidated Joint Venture Debt (5)	  	 	 	 	  	 	 	 	 	$	350,831	  	
Combined Debt (6)	  	 	 	 	  	 	 	 	 	$	10,104,915	  	
Less:	  	 	 	 	  	 	 	 	 	 	 	 	
Partners’ Share of Consolidated Debt (7)	  	 	 	 	  	 	 	 	 	$	976,399	  	
BXP’s Share of Combined Debt (6)	  	 	 	 	  	 	 	 	 	$	9,128,516	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	
BXP’s Share of Combined Market Capitalization (6)	  	 	 	 	  	 	 	 	 	$	31,985,243	  	

(1)	Values based on June 30, 2016 closing price of $131.90 per share of common stock, except the shares of Series B Cumulative Redeemable Preferred Stock have been valued at the liquidation preference of $2,500.00 per share (see Note 4 below).	
(2)	Includes 59,777 shares of restricted stock.	
(3)	Includes 912,605 long-term incentive plan units (including 166,629 Outperformance Plan Units and 94,933 2013 MYLTIP Units), but excludes an aggregate of 1,314,993 2014, 2015 and 2016 MYLTIP Units because the performance periods for these MYLTIP Units have not ended and therefore none of such units have been earned.	
(4)	On or after March 27, 2018, the Company, at its option, may redeem the Series B Preferred Stock for a cash redemption price of $2,500.00 per share ($25.00 per depositary share), plus all accrued and unpaid dividends. The Series B Preferred Stock is not redeemable by the holders, has no maturity date and is not convertible into or exchangeable for any other security of the Company or any of its affiliates.	
(5)	For additional detail, see pages 17-18.	
(6)	For definitions of Combined Debt, BXP’s Share of Combined Debt and BXP’s Share of Combined Market Capitalization, see pages 47-48.	
(7)	Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities.	
 
13

SECOND QUARTER 2016
 
DEBT ANALYSIS (1)
as of June 30, 2016
(dollars in thousands)
Debt Maturities and Principal Payments

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	2016	 	 	2017	 	 	2018	 	 	2019	 	 	2020	 	 	Thereafter	 	 	Total	 	
Floating Rate Debt:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage Notes Payable	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	
Unsecured Line of Credit	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Floating Rate Debt	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed Rate Debt:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage Notes Payable	  	$	354,330	  	 	$	2,067,654	  	 	$	18,633	  	 	$	19,670	  	 	$	20,766	  	 	$	654,892	  	 	$	3,135,945	  	
Fair Value Interest Adjustment	  	 	22,212	  	 	 	33,830	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	56,042	  	
Deferred Financing Costs, Net	  	 	(563	) 	 	 	(691	) 	 	 	(431	) 	 	 	(431	) 	 	 	(431	) 	 	 	(427	) 	 	 	(2,974	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage Notes Payable, Net	  	 	375,979	  	 	 	2,100,793	  	 	 	18,202	  	 	 	19,239	  	 	 	20,335	  	 	 	654,465	  	 	 	3,189,013	  	
Mezzanine Notes Payable	  	 	—  	  	 	 	306,000	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	306,000	  	
Fair Value Interest Adjustment	  	 	704	  	 	 	1,093	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,797	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mezzanine Notes Payable	  	 	704	  	 	 	307,093	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	307,797	  	
Unsecured Senior Notes, Face Amount	  	 	—  	  	 	 	—  	  	 	 	850,000	  	 	 	700,000	  	 	 	700,000	  	 	 	4,050,000	  	 	 	6,300,000	  	
Discount Amortization	  	 	(971	) 	 	 	(2,001	) 	 	 	(2,035	) 	 	 	(1,825	) 	 	 	(1,830	) 	 	 	(4,009	) 	 	 	(12,671	) 	
Deferred Financing Costs, Net	  	 	(2,688	) 	 	 	(5,378	) 	 	 	(5,210	) 	 	 	(4,227	) 	 	 	(3,701	) 	 	 	(8,851	) 	 	 	(30,055	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unsecured Senior Notes, Net	  	 	(3,659	) 	 	 	(7,379	) 	 	 	842,755	  	 	 	693,948	  	 	 	694,469	  	 	 	4,037,140	  	 	 	6,257,274	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Fixed Rate Debt	  	$	373,024	  	 	$	2,400,507	  	 	$	860,957	  	 	$	713,187	  	 	$	714,804	  	 	$	4,691,605	  	 	$	9,754,084	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Debt	  	$	373,024	  	 	$	2,400,507	  	 	$	860,957	  	 	$	713,187	  	 	$	714,804	  	 	$	4,691,605	  	 	$	9,754,084	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GAAP Weighted Average Floating Rate Debt (2)	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
GAAP Weighted Average Fixed Rate Debt (2)	  	 	6.98	% 	 	 	3.77	% 	 	 	3.89	% 	 	 	5.96	% 	 	 	5.70	% 	 	 	3.23	% 	 	 	4.32	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total GAAP Weighted Average Rate (2)	  	 	6.98	% 	 	 	3.77	% 	 	 	3.89	% 	 	 	5.96	% 	 	 	5.70	% 	 	 	3.23	% 	 	 	4.32	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Stated Weighted Average Rate	  	 	6.94	% 	 	 	5.78	% 	 	 	3.77	% 	 	 	5.87	% 	 	 	5.63	% 	 	 	3.17	% 	 	 	4.77	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unsecured Line of Credit - Matures July 26, 2018

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Outstanding	 	  	Letters of	 	  	Remaining
Capacity	 	
Facility	  	at 6/30/2016	 	  	Credit	 	  	at 6/30/2016	 	
$1,000,000	  	$	—  	  	  	$	16,087	  	  	$	983,913	  	
Unsecured and Secured Debt Analysis

 	  	% of Total Debt	 	 	Stated Weighted
Average Rate	 	 	GAAP Weighted
Average Rate	 	 	Weighted Average
Maturity (years)	 	
Unsecured Debt	  	 	64.15	% 	 	 	4.23	% 	 	 	4.32	% 	 	 	5.8	  	
Secured Debt	  	 	35.85	% 	 	 	5.72	% 	 	 	4.33	% 	 	 	2.0	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Debt	  	 	100.00	% 	 	 	4.77	% 	 	 	4.32	% 	 	 	4.4	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Floating and Fixed Rate Debt Analysis

 	  	% of Total Debt	 	 	Stated Weighted
Average Rate	 	 	GAAP Weighted
Average Rate	 	 	Weighted Average
Maturity (years)	 	
Floating Rate Debt	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Fixed Rate Debt	  	 	100.00	% 	 	 	4.77	% 	 	 	4.32	% 	 	 	4.4	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Debt	  	 	100.00	% 	 	 	4.77	% 	 	 	4.32	% 	 	 	4.4	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Rate Hedging Instruments

 	  	Notional Amount	 	  	Weighted-Average
10-Year Swap Rate	 	 	Effective Date	 	  	Termination Date	 	
Forward-starting interest rate swaps	  	$	550,000	  	  	 	2.423	% 	 	 	September 1, 2016	  	  	 	September 1, 2026	  	
Forward-starting interest rate swaps (3)	  	 	450,000	  	  	 	2.619	% 	 	 	June 1, 2017	  	  	 	June 1, 2027	  	
 
(1)	Excludes unconsolidated joint ventures. For information on BXP’s unconsolidated joint venture debt, see pages 17-18.	
(2)	The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, effects of hedging transactions and adjustments required to reflect loans at their fair values upon acquisition or consolidation.	
(3)	Represents forward interest rate swap contracts entered into by the Company’s 767 Fifth Partners LLC consolidated entity (the entity in which the Company has a 60% interest and that owns 767 Fifth Avenue (the GM Building) in New York City).	
 
14

SECOND QUARTER 2016
 
DEBT MATURITIES AND PRINCIPAL PAYMENTS (1)
as of June 30, 2016
(dollars in thousands)

Property	  	2016	 	 	2017	 	 	2018	 	 	2019	 	 	2020	 	 	Thereafter	 	 	Total	 	
767 Fifth Avenue (The GM Building) (60% ownership)	  	$	—  	  	 	$	1,300,000	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	1,300,000	(2) 	
599 Lexington Avenue	  	 	—  	  	 	 	750,000	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	750,000	  	
601 Lexington Avenue (55% ownership)	  	 	6,297	  	 	 	13,051	  	 	 	13,684	  	 	 	14,349	  	 	 	15,045	  	 	 	630,486	  	 	 	692,912	  	
Embarcadero Center Four	  	 	345,854	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	345,854	  	
New Dominion Technology Park, Building One	  	 	1,360	  	 	 	2,878	  	 	 	3,100	  	 	 	3,340	  	 	 	3,598	  	 	 	22,906	  	 	 	37,182	  	
University Place	  	 	819	  	 	 	1,725	  	 	 	1,849	  	 	 	1,981	  	 	 	2,123	  	 	 	1,500	  	 	 	9,997	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	354,330	  	 	 	2,067,654	  	 	 	18,633	  	 	 	19,670	  	 	 	20,766	  	 	 	654,892	  	 	 	3,135,945	  	
Fair Value Interest Adjustment	  	 	22,212	  	 	 	33,830	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	56,042	  	
Deferred Financing Costs, Net	  	 	(563	) 	 	 	(691	) 	 	 	(431	) 	 	 	(431	) 	 	 	(431	) 	 	 	(427	) 	 	 	(2,974	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	375,979	  	 	 	2,100,793	  	 	 	18,202	  	 	 	19,239	  	 	 	20,335	  	 	 	654,465	  	 	 	3,189,013	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mezzanine Notes Payable (associated with 767 Fifth	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Avenue (The GM Building)) (60% ownership)	  	 	—  	  	 	 	306,000	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	306,000	  	
Fair Value Interest Adjustment	  	 	704	  	 	 	1,093	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,797	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	704	  	 	 	307,093	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	307,797	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unsecured Senior Notes, Face Amount	  	 	—  	  	 	 	—  	  	 	 	850,000	  	 	 	700,000	  	 	 	700,000	  	 	 	4,050,000	  	 	 	6,300,000	  	
Aggregate Discount Amortization	  	 	(971	) 	 	 	(2,001	) 	 	 	(2,035	) 	 	 	(1,825	) 	 	 	(1,830	) 	 	 	(4,009	) 	 	 	(12,671	) 	
Deferred Financing Costs, Net	  	 	(2,688	) 	 	 	(5,378	) 	 	 	(5,210	) 	 	 	(4,227	) 	 	 	(3,701	) 	 	 	(8,851	) 	 	 	(30,055	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	(3,659	) 	 	 	(7,379	) 	 	 	842,755	  	 	 	693,948	  	 	 	694,469	  	 	 	4,037,140	  	 	 	6,257,274	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unsecured Line of Credit	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	$	373,024	  	 	$	2,400,507	  	 	$	860,957	  	 	$	713,187	  	 	$	714,804	  	 	$	4,691,605	  	 	$	9,754,084	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% of Consolidated Debt	  	 	3.82	% 	 	 	24.61	% 	 	 	8.83	% 	 	 	7.31	% 	 	 	7.33	% 	 	 	48.10	% 	 	 	100.00	% 	
Balloon Payments	  	$	343,255	  	 	$	2,356,000	  	 	$	850,000	  	 	$	700,000	  	 	$	700,000	  	 	$	4,683,554	  	 	$	9,632,809	  	
Scheduled Principal Amortization	  	$	11,075	  	 	$	17,654	  	 	$	18,633	  	 	$	19,670	  	 	$	20,766	  	 	$	21,338	  	 	$	109,136	  	
 
(1)	Excludes unconsolidated joint ventures. For information on BXP’s unconsolidated joint venture debt, see pages 17-18.	
(2)	This property has a fair value interest adjustment that is shown on the Fair Value Interest Adjustment line.	
 
15

SECOND QUARTER 2016
 
SENIOR UNSECURED DEBT COVENANT COMPLIANCE RATIOS
(in thousands)
In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the indenture.
This section presents such ratios as of June 30, 2016 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios and the related calculations for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture. This section also presents certain other indenture-related data that we believe assists investors in the Company’s unsecured debt securities.

 	  	 	 	 	Senior Notes	 	 	Senior Notes	 	
 	  	 	 	 	Issued Prior to	 	 	Issued On or After	 	
 	  	 	 	 	October 9, 2009	 	 	October 9, 2009	 	
 	  	 	 	 	June 30, 2016	 	
Total Assets:	  	 	 	 	 	 	 	 	 	 	 	 	
Capitalized Property Value (1)	  	 	 	 	 	$	22,371,989	  	 	$	22,818,682	  	
Cash and Cash Equivalents	  	 	 	 	 	 	1,180,044	  	 	 	1,180,044	  	
Investments in Securities	  	 	 	 	 	 	21,775	  	 	 	21,775	  	
Undeveloped Land, at Cost (including Joint Venture %)	  	 	 	 	 	 	297,966	  	 	 	297,966	  	
Development in Process, at Cost (including Joint Venture %)	  	 	 	 	 	 	940,063	  	 	 	940,063	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Total Assets	  	 	 	 	 	$	24,811,837	  	 	$	25,258,530	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Unencumbered Assets	  	 	 	 	 	$	18,396,848	  	 	$	18,772,443	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Secured Debt (Fixed and Variable) (2)	  	 	 	 	 	$	3,135,945	  	 	$	3,135,945	  	
Mezzanine Notes Payable (3)	  	 	 	 	 	 	306,000	  	 	 	306,000	  	
Joint Venture Debt (4)	  	 	 	 	 	 	352,104	  	 	 	352,104	  	
Related Party Notes Payable	  	 	 	 	 	 	180,000	  	 	 	180,000	  	
Contingent Liabilities & Letters of Credit	  	 	 	 	 	 	22,583	  	 	 	22,583	  	
Unsecured Debt (5)	  	 	 	 	 	 	6,300,000	  	 	 	6,300,000	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Total Outstanding Debt	  	 	 	 	 	$	10,296,632	  	 	$	10,296,632	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated EBITDA:	  	 	 	 	 	 	 	 	 	 	 	 	
Income before Gains on Sales of Real Estate (per Consolidated Income Statement)	  	 	 	 	 	$	117,357	  	 	$	117,357	  	
Subtract: Income from Unconsolidated Joint Ventures (per Consolidated Income Statement)	  	 	 	 	 	 	(2,234	) 	 	 	(2,234	) 	
Subtract: Gains from Investments in Securities (per Consolidated Income Statement)	  	 	 	 	 	 	(478	) 	 	 	(478	) 	
Add: Interest Expense (per Consolidated Income Statement)	  	 	 	 	 	 	105,003	  	 	 	105,003	  	
Add: Depreciation and Amortization (per Consolidated Income Statement)	  	 	 	 	 	 	153,175	  	 	 	153,175	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	 	 	 	 	372,823	  	 	 	372,823	  	
Add: BXP’s share of unconsolidated joint venture EBITDA	  	 	 	 	 	 	10,672	  	 	 	10,672	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated EBITDA	  	 	 	 	 	$	383,495	  	 	$	383,495	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Interest Expense:	  	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense (per Consolidated Income Statement)	  	 	 	 	 	$	105,003	  	 	$	105,003	  	
Add: BXP’s share of unconsolidated joint venture interest expense	  	 	 	 	 	 	4,010	  	 	 	4,010	  	
Less: Amortization of financing costs (including BXP’s Share of Unconsolidated Joint Ventures)	  	 	 	 	 	 	(1,816	) 	 	 	(1,816	) 	
Less: Interest expense funded by construction loan draws	  	 	 	 	 	 	(72	) 	 	 	(72	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Interest Expense	  	 	 	 	 	$	107,125	  	 	$	107,125	  	

Covenant Ratios and Related Data	  	Test	 	 	Actual	 	 	Actual	 	
Total Outstanding Debt/Total Assets	  	 	Less than 60%	  	 	 	41.5	% 	 	 	40.8	% 	
Secured Debt/Total Assets	  	 	Less than 50%	  	 	 	15.3	% 	 	 	15.0	% 	
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)	  	 	Greater than 1.50x	  	 	 	3.58	  	 	 	3.58	  	
Unencumbered Assets/ Unsecured Debt	  	 	Greater than 150%	  	 	 	292.0	% 	 	 	298.0	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Unencumbered Consolidated Property EBITDA (6)	  	 	 	 	 	$	297,220	  	 	$	297,220	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Unencumbered Interest Coverage (Unencumbered Consolidated Property EBITDA to Unsecured Interest Expense)	  	 	 	 	 	 	4.44	  	 	 	4.44	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
% of Unencumbered Consolidated Property EBITDA to Consolidated EBITDA	  	 	 	 	 	 	77.5	% 	 	 	77.5	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
# of in-service unencumbered properties	  	 	 	 	 	 	145	  	 	 	145	  	

(1)	For senior notes issued prior to October 9, 2009, Capitalized Property Value is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.5% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized Property Value for senior notes issued on or after October 9, 2009 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP.	
(2)	Excludes aggregate fair value interest adjustment of $56,042 and deferred financing costs, net of $2,974.	
(3)	Excludes aggregate fair value interest adjustment of $1,797.	
(4)	Excludes aggregate deferred financing costs, net of $1,273.	
(5)	Excludes aggregate debt discount of $12,671 and deferred financing costs, net of $30,055.	
(6)	Unencumbered Consolidated Property EBITDA is a non-GAAP financial measure equal to Consolidated EBITDA excluding corporate revenue and expenses, encumbered consolidated Property EBITDA, EBITDA from land and properties that have either been disposed of or not fully placed in-service and items that, in the Company’s view, are not representative of a property’s standard ongoing performance, such as termination income and other similar items. For the three months ended June 30, 2016, these excluded amounts were approximately $(18,330), $98,733, $(73) and $5,945, respectively.	
 
16

SECOND QUARTER 2016
 
UNCONSOLIDATED JOINT VENTURE DEBT ANALYSIS (*)
as of June 30, 2016
(dollars in thousands)
Debt Maturities and Principal Payments by Property

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Property	  	2016	 	 	2017	 	 	2018	 	 	2019	 	 	2020	 	 	Thereafter	 	 	Total	 	
Metropolitan Square (51%)	  	$	675	  	 	$	1,410	  	 	$	1,493	  	 	$	1,582	  	 	$	80,327	  	 	$	—  	  	 	$	85,487	  	
540 Madison Avenue (60%)	  	 	—  	  	 	 	—  	  	 	 	72,000	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	72,000	  	
Market Square North (50%)	  	 	554	  	 	 	1,148	  	 	 	1,205	  	 	 	1,265	  	 	 	58,091	  	 	 	—  	  	 	 	62,263	  	
901 New York Avenue (25%)	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	955	  	 	 	55,295	  	 	 	56,250	  	
500 North Capitol Street, N.W. (30%)	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	31,500	  	 	 	31,500	  	
Annapolis Junction Building One (50%)	  	 	140	  	 	 	279	  	 	 	19,519	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	19,938	(1) 	
Annapolis Junction Building Six (50%)	  	 	6,545	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6,545	  	
Annapolis Junction Building Seven (50%)	  	 	—  	  	 	 	10,797	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	10,797	(2) 	
Annapolis Junction Building Eight (50%)	  	 	—  	  	 	 	7,324	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	7,324	(3) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	7,914	  	 	 	20,958	  	 	 	94,217	  	 	 	2,847	  	 	 	139,373	  	 	 	86,795	  	 	 	352,104	  	
Deferred Financing Costs, Net	  	 	(207	) 	 	 	(359	) 	 	 	(219	) 	 	 	(156	) 	 	 	(111	) 	 	 	(221	) 	 	 	(1,273	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s Share of Unconsolidated Joint Venture Debt	  	$	7,707	  	 	$	20,599	  	 	$	93,998	  	 	$	2,691	  	 	$	139,262	  	 	$	86,574	  	 	$	350,831	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GAAP Weighted Average Rate	  	 	3.15	% 	 	 	2.79	% 	 	 	2.25	% 	 	 	5.15	% 	 	 	5.42	% 	 	 	3.87	% 	 	 	3.99	% 	
% of Total Debt	  	 	2.25	% 	 	 	5.95	% 	 	 	26.76	% 	 	 	0.81	% 	 	 	39.58	% 	 	 	24.65	% 	 	 	100.00	% 	
Balloon Payments	  	$	6,544	  	 	$	18,121	  	 	$	91,472	  	 	$	—  	  	 	$	136,880	  	 	$	81,932	  	 	$	334,949	  	
Scheduled Amortization	  	$	1,370	  	 	$	2,837	  	 	$	2,745	  	 	$	2,847	  	 	$	2,493	  	 	$	4,863	  	 	$	17,155	  	
Floating and Fixed Rate Debt Analysis

 	  	 	 	 	Stated
Weighted	 	 	GAAP
Weighted	 	 	Weighted Average	 	
 	  	% of Total Debt	 	 	Average Rate	 	 	Average Rate	 	 	Maturity (years)	 	
Floating Rate Debt	  	 	33.12	% 	 	 	2.04	% 	 	 	2.26	% 	 	 	1.6	  	
Fixed Rate Debt	  	 	66.88	% 	 	 	4.79	% 	 	 	4.85	% 	 	 	5.5	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Debt	  	 	100.00	% 	 	 	3.88	% 	 	 	3.99	% 	 	 	4.2	  	

(*)	All amounts represent the Company’s share based on its ownership percentage.	
(1)	On April 11, 2016, a Notice of Event of Default was received from the lender because the loan to value ratio is not in compliance with the applicable covenant in the loan agreement. The joint venture is currently in discussions with the lender regarding curing the default, but there can be no assurance as to the outcome of those discussions. Loan has one, three-year extension option, subject to certain conditions.	
(2)	Loan has one, one-year extension option, subject to certain conditions.	
(3)	Loan has two, one-year extension options, subject to certain conditions.	
 
17

SECOND QUARTER 2016
 
UNCONSOLIDATED JOINT VENTURES
(unaudited and dollars in thousands)
Balance Sheet Information
as of June 30, 2016

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	540
Madison	 	 	Market
Square	 	 	Metropolitan	 	 	901 New
York	 	 	Wisconsin	 	 	Annapolis	 	 	500 North
Capitol	 	 	The Hub on
Causeway	 	 	1001	 	 	 	 	 	1265 Main	 	 	Total
Unconsolidated	 	
 	  	Avenue	 	 	North	 	 	Square	 	 	Avenue	 	 	Place (1)	 	 	Junction (2)	 	 	Street, N.W.	 	 	(Phase 1)	 	 	6th Street	 	 	Dock72	 	 	Street	 	 	Joint Ventures	 	
Net Equity (3) (4)	  	$	68,729	  	 	$	(9,005	) 	 	$	9,401	  	 	$	(11,280	) 	 	$	42,533	  	 	$	21,424	  	 	$	(3,644	) 	 	$	27,858	  	 	$	42,544	  	 	$	18,513	  	 	$	21,616	  	 	$	228,689	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage/Construction loans payable, net (3)	  	$	71,766	  	 	$	62,084	  	 	$	85,288	  	 	$	55,871	  	 	$	—  	  	 	$	44,445	  	 	$	31,377	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	350,831	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s nominal ownership percentage	  	 	60.00	% 	 	 	50.00	% 	 	 	51.00	% 	 	 	25.00	% 	 	 	33.33	% 	 	 	50.00	% 	 	 	30.00	% 	 	 	50.00	% 	 	 	50.00	% 	 	 	50.00	% 	 	 	50.00	% 	 	 	 	 	

Results of Operations	 	
for the three months ended June 30, 2016	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	540
Madison	 	 	Market
Square	 	 	Metropolitan	 	 	901 New
York	 	 	Wisconsin	 	 	Annapolis	 	 	500 North
Capitol	 	 	The Hub on
Causeway	 	 	1001	 	 	 	 	 	1265 Main	 	 	Total
Unconsolidated	 	
 	  	Avenue	 	 	North	 	 	Square	 	 	Avenue	 	 	Place (1)	 	 	Junction (2)	 	 	Street, N.W.	 	 	(Phase 1)	 	 	6th Street	 	 	Dock72	 	 	Street	 	 	Joint Ventures	 	
REVENUE	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental (5)	  	$	6,413	  	 	$	4,401	  	 	$	4,393	  	 	$	6,290	  	 	$	1,035	  	 	$	3,043	  	 	$	2,623	  	 	$	—  	  	 	$	246	  	 	$	—  	  	 	$	—  	  	 	$	28,444	  	
Operating recoveries	  	 	980	  	 	 	772	  	 	 	1,262	  	 	 	1,145	  	 	 	263	  	 	 	722	  	 	 	1,136	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6,280	  	
Straight-line rent	  	 	204	  	 	 	465	  	 	 	2,071	  	 	 	555	  	 	 	—  	  	 	 	43	  	 	 	300	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	3,638	  	
Fair value lease revenue	  	 	(1	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(1	) 	
Termination Income	  	 	7	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	7	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	  	 	7,603	  	 	 	5,638	  	 	 	7,726	  	 	 	7,990	  	 	 	1,298	  	 	 	3,808	  	 	 	4,059	  	 	 	—  	  	 	 	246	  	 	 	—  	  	 	 	—  	  	 	 	38,368	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EXPENSES	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating	  	 	3,640	  	 	 	2,148	  	 	 	3,433	  	 	 	3,322	  	 	 	548	  	 	 	1,649	  	 	 	1,322	  	 	 	—  	  	 	 	297	  	 	 	—  	  	 	 	—  	  	 	 	16,359	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET OPERATING INCOME	  	 	3,963	  	 	 	3,490	  	 	 	4,293	  	 	 	4,668	  	 	 	750	  	 	 	2,159	  	 	 	2,737	  	 	 	—  	  	 	 	(51	) 	 	 	—  	  	 	 	—  	  	 	 	22,009	  	
Interest	  	 	640	  	 	 	1,533	  	 	 	2,438	  	 	 	2,075	  	 	 	—  	  	 	 	560	  	 	 	1,137	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	8,383	  	
Depreciation and amortization	  	 	1,846	  	 	 	967	  	 	 	1,698	  	 	 	1,356	  	 	 	1,383	  	 	 	1,032	  	 	 	922	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	9,204	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SUBTOTAL	  	 	2,486	  	 	 	2,500	  	 	 	4,136	  	 	 	3,431	  	 	 	1,383	  	 	 	1,592	  	 	 	2,059	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	17,587	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET INCOME/(LOSS)	  	$	1,477	  	 	$	990	  	 	$	157	  	 	$	1,237	  	 	$	(633	) 	 	$	567	  	 	$	678	  	 	$	—  	  	 	$	(51	) 	 	$	—  	  	 	$	—  	  	 	$	4,422	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of net income/(loss)	  	$	886	  	 	$	495	  	 	$	80	  	 	$	341	(6) 	 	$	(211	) 	 	$	284	  	 	$	203	  	 	$	—  	  	 	$	(26	) 	 	$	—  	  	 	$	—  	  	 	 	2,052	  	
Basis differential (7)	  	 	170	  	 	 	(4	) 	 	 	27	  	 	 	(8	) 	 	 	(7	) 	 	 	(1	) 	 	 	5	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	182	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income/(loss) from unconsolidated joint ventures	  	$	1,056	  	 	$	491	  	 	$	107	  	 	$	333	(6) 	 	$	(218	) 	 	$	283	  	 	$	208	  	 	$	—  	  	 	$	(26	) 	 	$	—  	  	 	$	—  	  	 	$	2,234	  	
BXP’s share of depreciation & amortization	  	 	997	  	 	 	492	  	 	 	878	  	 	 	979	(6) 	 	 	466	  	 	 	521	  	 	 	285	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,618	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of Funds from Operations (FFO)	  	$	2,053	  	 	$	983	  	 	$	985	  	 	$	1,312	  	 	$	248	  	 	$	804	  	 	$	493	  	 	$	—  	  	 	$	(26	) 	 	$	—  	  	 	$	—  	  	 	$	6,852	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of revenue (8) (9)	  	$	4,562	  	 	$	2,819	  	 	$	3,940	  	 	$	3,826	(6) 	 	$	433	  	 	$	1,904	  	 	$	1,218	  	 	$	—  	  	 	$	123	  	 	$	—  	  	 	$	—  	  	 	$	18,825	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of interest expense	  	$	384	  	 	$	767	  	 	$	1,243	  	 	$	994	(6) 	 	$	—  	  	 	$	281	  	 	$	341	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	4,010	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of net operating income/(loss) (9)	  	$	2,378	  	 	$	1,745	  	 	$	2,189	  	 	$	2,235	(6) 	 	$	250	  	 	$	1,080	  	 	$	821	  	 	$	—  	  	 	$	(26	) 	 	$	—  	  	 	$	—  	  	 	$	10,672	  	

(1)	Represents the Company’s interest in the joint venture entity that owns the land, parking garage and infrastructure. The Company’s entity that owns 100% of the office component of the project is consolidated within the accounts of the Company.	
(2)	Annapolis Junction includes four properties in service and two undeveloped land parcels.	
(3)	Represents the Company’s share.	
(4)	As of June 30, 2016, certain investments with deficit balances aggregating ($23,929) have been reflected within Other Liabilities on the Company’s Consolidated Balance Sheet.	
(5)	Includes approximately $64 of management services income and approximately $37 of interest and other income.	
(6)	Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement.	
(7)	Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.	
(8)	Includes the Company’s share of approximately $2,955 of operating recoveries.	
(9)	Includes the Company’s share of approximately $37 of management services income and approximately $17 of interest and other income.	
 
18

SECOND QUARTER 2016
 
CONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
Balance Sheets
as of June 30, 2016

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	 	 	 	 	  	 	 	  	 	 	
BXP’s ownership percentage	  	60.00%	 	 	55.00%	 	  	95.00%	 	  	 	 	
 	 	 	 	 	
 	  	 	 	 	Norges Joint Ventures	 	  	 	 	  	 	 	
 	  	767 Fifth Avenue
(The GM Building)	 	 	Times Square Tower
601 Lexington Avenue
100 Federal Street
Atlantic Wharf Office	 	  	Salesforce
Tower	 	  	Total
Consolidated
Joint Ventures	 	
ASSETS	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Real estate, net	  	$	3,453,393	  	 	$	2,210,827	  	  	$	585,773	  	  	$	6,249,993	  	
Cash and cash held in escrows	  	 	62,831	  	 	 	152,832	  	  	 	2,459	  	  	 	218,122	  	
Other assets	  	 	137,749	  	 	 	177,839	  	  	 	637	  	  	 	316,225	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total assets	  	$	3,653,973	  	 	$	2,541,498	  	  	$	588,869	  	  	$	6,784,340	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
LIABILITIES AND EQUITY	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Liabilities:	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Mortgage notes payable, net	  	$	1,355,840	  	 	$	690,988	  	  	$	—  	  	  	$	2,046,828	  	
Mezzanine notes payable	  	 	307,797	  	 	 	—  	  	  	 	—  	  	  	 	307,797	  	
Related party notes payable	  	 	180,000	  	 	 	—  	  	  	 	—  	  	  	 	180,000	  	
Accrued interest on related party notes	  	 	136,131	  	 	 	—  	  	  	 	—  	  	  	 	136,131	  	
Other liabilities	  	 	191,475	  	 	 	61,151	  	  	 	63,363	  	  	 	315,989	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total liabilities	  	 	2,171,243	  	 	 	752,139	  	  	 	63,363	  	  	 	2,986,745	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Equity:	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Boston Properties, Inc.	  	 	1,079,687	(1) 	 	 	663,081	  	  	 	501,814	  	  	 	2,244,582	  	
Noncontrolling interests	  	 	403,043	  	 	 	1,126,278	  	  	 	23,692	  	  	 	1,553,013	(2) 	
 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total equity	  	 	1,482,730	  	 	 	1,789,359	  	  	 	525,506	  	  	 	3,797,595	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total liabilities and equity	  	$	3,653,973	  	 	$	2,541,498	  	  	$	588,869	  	  	$	6,784,340	  	

(1)	Amount is adjusted for related party notes and accrued interest that are allocated to BXP’s partners through Noncontrolling interests.	
(2)	Amount excludes preferred shareholders capital of approximately $0.1 million.	
 
19

SECOND QUARTER 2016
 
CONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
Income Statements
for the three months ended June 30, 2016

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s ownership percentage	  	60.00%	 	 	55.00%	 	 	95.00%	 	  	 	 	
 	 	 	 	 	
 	  	 	 	 	Norges Joint Ventures	 	 	 	 	  	 	 	
 	  	767 Fifth Avenue
(The GM Building)	 	 	Times Square Tower
601 Lexington Avenue
100 Federal Street
Atlantic Wharf Office	 	 	Salesforce
Tower	 	  	Total
Consolidated
Joint Ventures	 	
REVENUE	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Rental	  	$	61,953	  	 	$	89,130	  	 	$	—  	  	  	$	151,083	  	
Straight-line rent	  	 	4,954	  	 	 	(2,808	) 	 	 	—  	  	  	 	2,146	  	
Fair value lease revenue	  	 	5,774	  	 	 	1,603	  	 	 	—  	  	  	 	7,377	  	
Termination income	  	 	(102	) 	 	 	188	  	 	 	—  	  	  	 	86	  	
Parking and other	  	 	672	  	 	 	1,463	  	 	 	—  	  	  	 	2,135	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total revenue	  	 	73,251	  	 	 	89,576	  	 	 	—  	  	  	 	162,827	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
EXPENSES	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Operating	  	 	26,232	  	 	 	33,131	  	 	 	—  	  	  	 	59,363	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
NET OPERATING INCOME	  	 	47,019	  	 	 	56,445	  	 	 	—  	  	  	 	103,464	  	
Management services income	  	 	(292	) 	 	 	(430	) 	 	 	—  	  	  	 	(722	) 	
Interest and other income	  	 	(25	) 	 	 	(188	) 	 	 	—  	  	  	 	(213	) 	
Interest expense	  	 	23,865	  	 	 	8,325	  	 	 	—  	  	  	 	32,190	  	
Interest expense—partner notes	  	 	8,461	  	 	 	—  	  	 	 	—  	  	  	 	8,461	  	
Fair value adjustment to interest expense	  	 	(11,350	) 	 	 	—  	  	 	 	—  	  	  	 	(11,350	) 	
Depreciation and amortization	  	 	24,255	  	 	 	21,513	  	 	 	—  	  	  	 	45,768	  	
Other	  	 	—  	  	 	 	39	  	 	 	—  	  	  	 	39	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
SUBTOTAL	  	 	44,914	  	 	 	29,259	  	 	 	—  	  	  	 	74,173	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
NET INCOME/(LOSS)	  	$	2,105	  	 	$	27,186	  	 	$	—  	  	  	$	29,291	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Partners’ share of NOI	  	$	18,808	  	 	$	25,400	  	 	$	—  	  	  	$	44,208	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
BXP’s share of NOI	  	$	28,211	  	 	$	31,045	  	 	$	—  	  	  	$	59,256	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Unearned portion of capitalized fees (1)	  	$	778	  	 	$	1,919	  	 	$	—  	  	  	$	2,697	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Reconciliation of partners’ noncontrolling interest (NCI):	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net income/(loss)	  	$	2,105	  	 	$	27,186	  	 	$	—  	  	  	$	29,291	  	
Add back depreciation & amortization—BXP’s basis difference	  	 	20	  	 	 	45	  	 	 	—  	  	  	 	65	  	
Special allocation—BXP’s basis	  	 	—  	  	 	 	429	  	 	 	—  	  	  	 	429	  	
Add back partners’ share of partner loan interest	  	 	8,461	  	 	 	—  	  	 	 	—  	  	  	 	8,461	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net income/(loss) before interest allocation	  	$	10,586	  	 	$	27,660	  	 	$	—  	  	  	$	38,246	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Partners’ NCI share of net income before interest allocation	  	$	4,232	  	 	$	12,447	  	 	$	—  	  	  	$	16,679	  	
Partners’ share of partner loan interest	  	 	(8,461	) 	 	 	—  	  	 	 	—  	  	  	 	(8,461	) 	
Allocation of management and other fees to non-controlling partner	  	 	(616	) 	 	 	(788	) 	 	 	—  	  	  	 	(1,404	) 	
Accretion and adjustments	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Partners’ NCI	  	$	(4,845	) 	 	$	11,659	  	 	$	—  	  	  	$	6,814	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Reconciliation of partners’ share of FFO:	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net income/(loss)	  	$	2,105	  	 	$	27,204	  	 	$	—  	  	  	$	29,309	  	
Add back depreciation & amortization	  	 	24,255	  	 	 	21,513	  	 	 	—  	  	  	 	45,768	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Entity FFO	  	$	26,360	  	 	$	48,717	  	 	$	—  	  	  	$	75,077	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Partners’ share of net income/(loss)	  	$	850	  	 	$	12,278	  	 	$	—  	  	  	$	13,128	  	
Partners’ share of partner loan interest not in partner’s share of entity FFO	  	 	(5,076	) 	 	 	—  	  	 	 	—  	  	  	 	(5,076	) 	
Allocation of management and other fees to non-controlling partner	  	 	(616	) 	 	 	(788	) 	 	 	—  	  	  	 	(1,404	) 	
Partners’ share of depreciation and amortization	  	 	9,694	  	 	 	9,654	  	 	 	—  	  	  	 	19,348	  	
Accretion and adjustments	  	 	—  	  	 	 	187	  	 	 	—  	  	  	 	187	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Partners’ share FFO	  	$	4,852	  	 	$	21,331	  	 	$	—  	  	  	$	26,183	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Reconciliation of BXP’s share of FFO	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
BXP’s share of net income/(loss) adjusted for partners’ NCI	  	$	6,950	  	 	$	15,527	  	 	$	—  	  	  	$	22,477	  	
Depreciation & amortization—BXP’s basis difference	  	 	20	  	 	 	60	  	 	 	—  	  	  	 	80	  	
BXP’s share of depreciation & amortization	  	 	14,538	  	 	 	11,799	  	 	 	—  	  	  	 	26,337	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
BXP’s share of FFO	  	$	21,508	  	 	$	27,386	  	 	$	—  	  	  	$	48,894	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Reconciliation of Partners’ share of Net Operating Income (2)	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Rental revenue	  	$	29,300	  	 	$	40,309	  	 	$	—  	  	  	$	69,609	  	
Less: Termination income	  	 	(41	) 	 	 	85	  	 	 	—  	  	  	 	44	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Rental revenue (excluding termination income)	  	 	29,341	  	 	 	40,224	  	 	 	—  	  	  	 	69,565	  	
Operating expenses	  	 	10,492	  	 	 	14,909	  	 	 	—  	  	  	 	25,401	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net Operating Income (excluding termination income)	  	$	18,849	  	 	$	25,315	  	 	$	—  	  	  	$	44,164	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Rental revenue (excluding termination income)	  	$	29,341	  	 	$	40,224	  	 	 	—  	  	  	$	69,565	  	
Less: Straight-line rent and fair value lease revenue	  	 	4,291	  	 	 	(542	) 	 	 	—  	  	  	 	3,749	  	
Add: Lease transaction costs that qualify as inducements in accordance with GAAP (3)	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Subtotal	  	 	25,050	  	 	 	40,766	  	 	 	—  	  	  	 	65,816	  	
Less: Operating expenses	  	 	10,492	  	 	 	14,909	  	 	 	—  	  	  	 	25,401	  	
Less: Straight-line ground rent expense	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net Operating Income—cash basis (excluding termination income)	  	$	14,558	  	 	$	25,857	  	 	$	—  	  	  	$	40,415	  	

(1)	Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income.	
(2)	Amounts are calculated based on outside partners’ ownership interests.	
(3)	Leasing transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 12. For additional information related to second generation transaction costs, see page 42.	
 
20

SECOND QUARTER 2016
 
PORTFOLIO OVERVIEW
for the three months ended June 30, 2016
(dollars in thousands)
Rentable Square Footage and Percentage of BXP’s Share of Combined Net Operating Income of In-Service Properties by Location and Type of Property (1) (2) (3)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Geographic Area	 	Square
Feet
Office (4)	 	 	% of NOI
Office	 	 	Square Feet
Residential	 	 	% of NOI
Residential	 	 	Square Feet
Hotel	 	 	% of NOI
Hotel	 	 	Square Feet
Total	 	 	% of NOI
Total	 	
Boston	 	 	13,643,355	(5) 	 	 	29.0	% 	 	 	87,097	  	 	 	0.2	% 	 	 	334,260	  	 	 	1.4	% 	 	 	14,064,712	  	 	 	30.6	% 	
New York	 	 	11,713,559	(5) 	 	 	32.5	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	11,713,559	  	 	 	32.5	% 	
San Francisco	 	 	6,075,508	  	 	 	15.1	% 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6,075,508	  	 	 	15.1	% 	
Washington, DC	 	 	10,560,830	(5) 	 	 	21.3	% 	 	 	355,347	  	 	 	0.5	% 	 	 	—  	  	 	 	—  	  	 	 	10,916,177	  	 	 	21.8	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	41,993,252	(5) 	 	 	97.9	% 	 	 	442,444	  	 	 	0.7	% 	 	 	334,260	  	 	 	1.4	% 	 	 	42,769,956	  	 	 	100.0	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% of Total	 	 	98.2	% 	 	 	 	 	 	 	1.0	% 	 	 	 	 	 	 	0.8	% 	 	 	 	 	 	 	100.0	% 	 	 	 	 	
Percentage of BXP’s Share of Combined Net Operating Income of In-Service Properties by Location (1) (2) (3)

 	 	 	 	 	 	 	 	 	 	 	 	 	
Geographic Area	  	CBD	 	 	Suburban	 	 	Total	 	
Boston	  	 	24.2	% 	 	 	6.4	% 	 	 	30.6	% 	
New York	  	 	30.0	% 	 	 	2.5	% 	 	 	32.5	% 	
San Francisco	  	 	11.8	% 	 	 	3.3	% 	 	 	15.1	% 	
Washington, DC	  	 	9.4	% 	 	 	12.4	% 	 	 	21.8	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	 	75.4	% 	 	 	24.6	% 	 	 	100.0	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Rentable Square Footage and Rental Revenue of In-Service Properties by Unit Type (6)

Unit Type	  	Square Feet	 	  	Revenue from
Consolidated
Portfolio	 	 	Revenue from
Unconsolidated
Joint Ventures
Portfolio (7)	 	  	Total	 	  	% of Total	 	
Office	  	 	39,766,556	  	  	$	455,754	  	 	$	13,768	  	  	$	469,522	  	  	 	85.7	% 	
Retail	  	 	2,266,752	  	  	 	34,275	  	 	 	832	  	  	 	35,107	  	  	 	6.4	% 	
Residential	  	 	406,648	  	  	 	3,424	  	 	 	—  	  	  	 	3,424	  	  	 	0.6	% 	
Hotel	  	 	330,000	  	  	 	12,732	(8) 	 	 	—  	  	  	 	12,732	  	  	 	2.3	% 	
Parking and other	  	 	N/A	  	  	 	26,113	(9) 	 	 	1,216	  	  	 	27,329	  	  	 	5.0	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total	  	 	42,769,956	  	  	$	532,298	  	 	$	15,816	  	  	$	548,114	  	  	 	100.0	% 	

(1)	For the definition of In-Service Properties and related disclosures, see page 49.	
(2)	BXP’s Share of Combined Net Operating Income (NOI) is a non-GAAP financial measure. For a quantitative reconciliation of BXP’s Share of Combined NOI to Net Income attributable to Boston Properties, Inc. common shareholders, see page 40. For disclosures relating to the Company’s use of BXP’s Share of Combined NOI, see page 47.	
(3)	The calculation for percentage of BXP’s Share of Combined NOI excludes termination income.	
(4)	Includes approximately 2,200,000 square feet of retail space.	
(5)	Includes 100% of the rentable square footage of the Company’s In-Service Properties. For additional detail relating to the Company’s In-Service Properties, see pages 22-24.	
(6)	Excludes recoveries from tenants.	
(7)	Represents the Company’s share. For additional information on unconsolidated joint ventures, see page 18.	
(8)	Excludes approximately $67 of base rent from retail tenants which is included in Retail above and approximately $9 of recoveries from tenants.	
(9)	Includes approximately $2,600 of other income.	
 
21

SECOND QUARTER 2016
 
IN-SERVICE PROPERTY LISTING
as of June 30, 2016

 	 	Sub Market	 	Number
of
Buildings	 	 	Square
Feet	 	 	Leased
% (1)	 	 	Annualized
Rental
Obligations
Per
Leased SF (2)	 	 	Encumbered
with
secured debt
(Y/N)	 	Central
Business
District
(CBD) or
Suburban
(S)	
Boston	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
200 Clarendon Street	 	CBD Boston MA	 	 	1	  	 	 	1,746,245	  	 	 	80.2	% 	 	$	63.36	  	 	N	 	CBD	
100 Federal Street (55% ownership)	 	CBD Boston MA	 	 	1	  	 	 	1,273,968	  	 	 	85.8	% 	 	 	51.24	  	 	N	 	CBD	
800 Boylston Street—The Prudential Center	 	CBD Boston MA	 	 	1	  	 	 	1,229,384	  	 	 	93.0	% 	 	 	59.58	  	 	N	 	CBD	
111 Huntington Avenue—The Prudential Center	 	CBD Boston MA	 	 	1	  	 	 	860,455	  	 	 	100.0	% 	 	 	62.95	  	 	N	 	CBD	
Atlantic Wharf Office (55% ownership)	 	CBD Boston MA	 	 	1	  	 	 	793,827	  	 	 	100.0	% 	 	 	67.20	  	 	N	 	CBD	
101 Huntington Avenue—The Prudential Center	 	CBD Boston MA	 	 	1	  	 	 	505,249	  	 	 	94.7	% 	 	 	48.76	  	 	N	 	CBD	
(3) Prudential Center (retail shops)	 	CBD Boston MA	 	 	1	  	 	 	491,748	  	 	 	97.2	% 	 	 	82.47	  	 	N	 	CBD	
(3) Star Market at the Prudential Center	 	CBD Boston MA	 	 	1	  	 	 	57,235	  	 	 	100.0	% 	 	 	54.37	  	 	N	 	CBD	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	8	  	 	 	6,958,111	  	 	 	90.6	% 	 	$	61.28	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
355 Main Street	 	East Cambridge MA	 	 	1	  	 	 	265,342	  	 	 	100.0	% 	 	$	69.91	  	 	N	 	CBD	
90 Broadway	 	East Cambridge MA	 	 	1	  	 	 	223,771	  	 	 	100.0	% 	 	 	50.68	  	 	N	 	CBD	
255 Main Street	 	East Cambridge MA	 	 	1	  	 	 	215,629	  	 	 	100.0	% 	 	 	55.13	  	 	N	 	CBD	
300 Binney Street	 	East Cambridge MA	 	 	1	  	 	 	195,191	  	 	 	100.0	% 	 	 	53.19	  	 	N	 	CBD	
150 Broadway	 	East Cambridge MA	 	 	1	  	 	 	177,226	  	 	 	100.0	% 	 	 	47.44	  	 	N	 	CBD	
105 Broadway	 	East Cambridge MA	 	 	1	  	 	 	152,664	  	 	 	100.0	% 	 	 	60.84	  	 	N	 	CBD	
325 Main Street	 	East Cambridge MA	 	 	1	  	 	 	115,361	  	 	 	100.0	% 	 	 	46.67	  	 	N	 	CBD	
145 Broadway	 	East Cambridge MA	 	 	1	  	 	 	79,616	  	 	 	100.0	% 	 	 	56.50	  	 	N	 	CBD	
250 Binney Street	 	East Cambridge MA	 	 	1	  	 	 	67,362	  	 	 	100.0	% 	 	 	42.75	  	 	N	 	CBD	
University Place	 	Mid-Cambridge MA	 	 	1	  	 	 	195,282	  	 	 	100.0	% 	 	 	47.26	  	 	Y	 	CBD	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	10	  	 	 	1,687,444	  	 	 	100.0	% 	 	$	54.44	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bay Colony Corporate Center	 	Route 128 Mass Turnpike MA	 	 	4	  	 	 	1,009,135	  	 	 	80.5	% 	 	$	35.61	  	 	N	 	S	
Reservoir Place	 	Route 128 Mass Turnpike MA	 	 	1	  	 	 	528,885	  	 	 	99.3	% 	 	 	34.05	  	 	N	 	S	
140 Kendrick Street	 	Route 128 Mass Turnpike MA	 	 	3	  	 	 	380,987	  	 	 	84.2	% 	 	 	37.22	  	 	N	 	S	
Weston Corporate Center	 	Route 128 Mass Turnpike MA	 	 	1	  	 	 	356,995	  	 	 	100.0	% 	 	 	52.21	  	 	N	 	S	
Waltham Weston Corporate Center	 	Route 128 Mass Turnpike MA	 	 	1	  	 	 	306,687	  	 	 	93.8	% 	 	 	34.03	  	 	N	 	S	
230 CityPoint	 	Route 128 Mass Turnpike MA	 	 	1	  	 	 	300,573	  	 	 	85.1	% 	 	 	34.30	  	 	N	 	S	
200 West Street	 	Route 128 Mass Turnpike MA	 	 	1	  	 	 	256,245	  	 	 	97.8	% 	 	 	35.38	  	 	N	 	S	
(4) 10 CityPoint	 	Route 128 Mass Turnpike MA	 	 	1	  	 	 	241,460	  	 	 	92.7	% 	 	 	31.30	  	 	N	 	S	
77 CityPoint	 	Route 128 Mass Turnpike MA	 	 	1	  	 	 	209,707	  	 	 	100.0	% 	 	 	47.52	  	 	N	 	S	
195 West Street	 	Route 128 Mass Turnpike MA	 	 	1	  	 	 	63,500	  	 	 	100.0	% 	 	 	40.79	  	 	N	 	S	
Quorum Office Park	 	Route 128 Northwest MA	 	 	2	  	 	 	267,527	  	 	 	90.0	% 	 	 	18.90	  	 	N	 	S	
Lexington Office Park	 	Route 128 Northwest MA	 	 	2	  	 	 	166,858	  	 	 	88.1	% 	 	 	26.73	  	 	N	 	S	
191 Spring Street	 	Route 128 Northwest MA	 	 	1	  	 	 	158,900	  	 	 	100.0	% 	 	 	31.14	  	 	N	 	S	
40 Shattuck Road	 	Route 128 Northwest MA	 	 	1	  	 	 	121,542	  	 	 	68.7	% 	 	 	21.64	  	 	N	 	S	
91 Hartwell Avenue	 	Route 128 Northwest MA	 	 	1	  	 	 	119,216	  	 	 	100.0	% 	 	 	26.93	  	 	N	 	S	
201 Spring Street	 	Route 128 Northwest MA	 	 	1	  	 	 	106,300	  	 	 	100.0	% 	 	 	37.81	  	 	N	 	S	
33 Hayden Avenue	 	Route 128 Northwest MA	 	 	1	  	 	 	80,872	  	 	 	100.0	% 	 	 	44.61	  	 	N	 	S	
32 Hartwell Avenue	 	Route 128 Northwest MA	 	 	1	  	 	 	69,154	  	 	 	100.0	% 	 	 	24.47	  	 	N	 	S	
164 Lexington Road	 	Route 128 Northwest MA	 	 	1	  	 	 	64,140	  	 	 	0.0	% 	 	 	—  	  	 	N	 	S	
100 Hayden Avenue	 	Route 128 Northwest MA	 	 	1	  	 	 	55,924	  	 	 	100.0	% 	 	 	44.26	  	 	N	 	S	
181 Spring Street	 	Route 128 Northwest MA	 	 	1	  	 	 	55,793	  	 	 	100.0	% 	 	 	31.34	  	 	N	 	S	
92 Hayden Avenue	 	Route 128 Northwest MA	 	 	1	  	 	 	31,100	  	 	 	100.0	% 	 	 	41.91	  	 	N	 	S	
17 Hartwell Avenue	 	Route 128 Northwest MA	 	 	1	  	 	 	30,000	  	 	 	0.0	% 	 	 	—  	  	 	N	 	S	
(3)(4)  The Point (formerly 99 Third Avenue Retail)	 	Route 128 Northwest MA	 	 	1	  	 	 	16,300	  	 	 	84.7	% 	 	 	50.24	  	 	N	 	S	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	31	  	 	 	4,997,800	  	 	 	89.4	% 	 	$	35.44	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total Boston Office:	 	 	49	  	 	 	13,643,355	  	 	 	91.3	% 	 	$	51.02	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Residential	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
The Lofts at Atlantic Wharf (86 units)	 	CBD Boston MA	 	 	1	  	 	 	87,097	  	 	 	 	 	 	 	 	 	 	N	 	CBD	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total Boston Residential:	 	 	1	  	 	 	87,097	  	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Hotel	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Marriott Cambridge (433 rooms)	 	East Cambridge MA	 	 	1	  	 	 	334,260	  	 	 	 	 	 	 	 	 	 	N	 	CBD	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total Boston Hotel:	 	 	1	  	 	 	334,260	  	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total Boston:	 	 	51	  	 	 	14,064,712	  	 	 	 	 	 	 	 	 	 	 	 	 	

(1)	Represents signed leases for which revenue recognition has commenced in accordance with GAAP.	
(2)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(3)	This is a retail property.	
(4)	Not included in Same Property analysis.	
 
22

SECOND QUARTER 2016
 
IN-SERVICE PROPERTY LISTING (continued)
as of June 30, 2016

 	 	Sub Market	  	Number of
Buildings	 	  	Square Feet	 	  	Leased % (1)	 	 	Annualized
Rental Obligations
Per
Leased SF (2)	 	  	Encumbered
with secured
debt
(Y/N)	 	  	Central
Business
District (CBD) or
Suburban (S)	 	
New York	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Office	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
     767 Fifth Avenue (The GM
        Building) (60% ownership)	 	Plaza District NY	  	 	1	  	  	 	1,823,656	  	  	 	98.8	% 	 	$	138.89	  	  	 	Y	  	  	 	CBD	  	
     399 Park Avenue	 	Park Avenue NY	  	 	1	  	  	 	1,710,383	  	  	 	97.8	% 	 	 	91.03	  	  	 	N	  	  	 	CBD	  	
       (3) 601 Lexington Avenue (55%
        ownership)	 	Park Avenue NY	  	 	1	  	  	 	1,647,554	  	  	 	87.2	% 	 	 	96.10	  	  	 	Y	  	  	 	CBD	  	
     599 Lexington Avenue	 	Park Avenue NY	  	 	1	  	  	 	1,058,063	  	  	 	95.3	% 	 	 	87.41	  	  	 	Y	  	  	 	CBD	  	
     Times Square Tower (55%
        ownership)	 	Times Square NY	  	 	1	  	  	 	1,248,164	  	  	 	99.7	% 	 	 	76.80	  	  	 	N	  	  	 	CBD	  	
     250 West 55th Street	 	Times Square /
West Side NY	  	 	1	  	  	 	982,984	  	  	 	80.8	% 	 	 	85.42	  	  	 	N	  	  	 	CBD	  	
     510 Madison Avenue	 	Fifth/Madison
Avenue NY	  	 	1	  	  	 	355,598	  	  	 	100.0	% 	 	 	119.49	  	  	 	N	  	  	 	CBD	  	
     540 Madison Avenue (60%
        ownership)	 	Fifth/Madison
Avenue NY	  	 	1	  	  	 	283,695	  	  	 	97.8	% 	 	 	101.10	  	  	 	Y	  	  	 	CBD	  	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	 	 	  	 	8	  	  	 	9,110,097	  	  	 	94.3	% 	 	$	100.42	  	  	 	 	 	  	 	 	 	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
     One Tower Center	 	East Brunswick
NJ	  	 	1	  	  	 	412,797	  	  	 	26.5	% 	 	$	30.51	  	  	 	N	  	  	 	S	  	
     510 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	234,160	  	  	 	100.0	% 	 	 	34.24	  	  	 	N	  	  	 	S	  	
     210 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	162,372	  	  	 	79.3	% 	 	 	33.38	  	  	 	N	  	  	 	S	  	
     206 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	161,763	  	  	 	100.0	% 	 	 	31.87	  	  	 	N	  	  	 	S	  	
     212 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	151,547	  	  	 	86.9	% 	 	 	36.28	  	  	 	N	  	  	 	S	  	
     214 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	150,774	  	  	 	67.6	% 	 	 	33.35	  	  	 	N	  	  	 	S	  	
     506 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	149,312	  	  	 	59.0	% 	 	 	34.60	  	  	 	N	  	  	 	S	  	
     508 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	134,433	  	  	 	100.0	% 	 	 	33.17	  	  	 	N	  	  	 	S	  	
     202 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	134,381	  	  	 	80.3	% 	 	 	38.06	  	  	 	N	  	  	 	S	  	
       (4) 804 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	130,000	  	  	 	100.0	% 	 	 	36.25	  	  	 	N	  	  	 	S	  	
     101 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	127,237	  	  	 	87.3	% 	 	 	33.99	  	  	 	N	  	  	 	S	  	
     504 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	121,990	  	  	 	100.0	% 	 	 	30.83	  	  	 	N	  	  	 	S	  	
     502 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	121,460	  	  	 	91.3	% 	 	 	36.82	  	  	 	N	  	  	 	S	  	
     701 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	120,000	  	  	 	100.0	% 	 	 	39.28	  	  	 	N	  	  	 	S	  	
     104 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	102,830	  	  	 	83.6	% 	 	 	33.19	  	  	 	N	  	  	 	S	  	
     105 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	69,955	  	  	 	56.3	% 	 	 	32.32	  	  	 	N	  	  	 	S	  	
     302 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	64,926	  	  	 	100.0	% 	 	 	34.36	  	  	 	N	  	  	 	S	  	
     211 Carnegie Center	 	Princeton NJ	  	 	1	  	  	 	47,025	  	  	 	100.0	% 	 	 	35.30	  	  	 	N	  	  	 	S	  	
     201 Carnegie Center	 	Princeton NJ	  	 	—  	  	  	 	6,500	  	  	 	100.0	% 	 	 	32.71	  	  	 	N	  	  	 	S	  	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	 	 	  	 	18	  	  	 	2,603,462	  	  	 	78.2	% 	 	$	34.32	  	  	 	 	 	  	 	 	 	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	 	Total New York:	  	 	26	  	  	 	11,713,559	  	  	 	90.7	% 	 	$	87.76	  	  	 	 	 	  	 	 	 	

 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
San Francisco	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Office	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
     Embarcadero Center Four	 	CBD San
Francisco CA	  	 	1	  	  	 	937,521	  	  	 	84.4	% 	 	$	61.01	  	  	 	Y	  	  	 	CBD	  	
     Embarcadero Center One	 	CBD San
Francisco CA	  	 	1	  	  	 	831,029	  	  	 	97.5	% 	 	 	55.76	  	  	 	N	  	  	 	CBD	  	
     Embarcadero Center Two	 	CBD San
Francisco CA	  	 	1	  	  	 	784,994	  	  	 	83.4	% 	 	 	62.99	  	  	 	N	  	  	 	CBD	  	
     Embarcadero Center Three	 	CBD San
Francisco CA	  	 	1	  	  	 	776,793	  	  	 	91.8	% 	 	 	53.43	  	  	 	N	  	  	 	CBD	  	
     680 Folsom Street	 	CBD San
Francisco CA	  	 	2	  	  	 	524,793	  	  	 	98.4	% 	 	 	58.28	  	  	 	N	  	  	 	CBD	  	
       (4) 535 Mission Street	 	CBD San
Francisco CA	  	 	1	  	  	 	307,235	  	  	 	100.0	% 	 	 	71.87	  	  	 	N	  	  	 	CBD	  	
       (4) 690 Folsom Street	 	CBD San
Francisco CA	  	 	1	  	  	 	26,080	  	  	 	100.0	% 	 	 	69.75	  	  	 	N	  	  	 	CBD	  	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	 	 	  	 	8	  	  	 	4,188,445	  	  	 	91.2	% 	 	$	59.37	  	  	 	 	 	  	 	 	 	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
     601 and 651 Gateway	 	South San
Francisco CA	  	 	2	  	  	 	506,279	  	  	 	99.6	% 	 	$	39.04	  	  	 	N	  	  	 	S	  	
     611 Gateway	 	South San
Francisco CA	  	 	1	  	  	 	260,337	  	  	 	23.6	% 	 	 	41.64	  	  	 	N	  	  	 	S	  	
     Mountain View Research Park	 	Mountain View
CA	  	 	15	  	  	 	540,433	  	  	 	100.0	% 	 	 	39.92	  	  	 	N	  	  	 	S	  	
     2440 West El Camino Real	 	Mountain View
CA	  	 	1	  	  	 	141,392	  	  	 	100.0	% 	 	 	56.53	  	  	 	N	  	  	 	S	  	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
     453 Ravendale Drive	 	Mountain View
CA	  	 	1	  	  	 	29,620	  	  	 	85.8	% 	 	 	35.91	  	  	 	N	  	  	 	S	  	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
(4)(5) 3625-3635 Peterson Way	 	Santa Clara,
CA	  	 	1	  	  	 	218,366	  	  	 	100.0	% 	 	 	21.84	  	  	 	N	  	  	 	S	  	
       (5) North First Business Park	 	San Jose CA	  	 	5	  	  	 	190,636	  	  	 	100.0	% 	 	 	18.77	  	  	 	N	  	  	 	S	  	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	 	 	  	 	26	  	  	 	1,887,063	  	  	 	89.1	% 	 	$	36.31	  	  	 	 	 	  	 	 	 	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	 	Total San Francisco:	  	 	34	  	  	 	6,075,508	  	  	 	90.5	% 	 	$	52.32	  	  	 	 	 	  	 	 	 	

(1)	Represents signed leases for which revenue recognition has commenced in accordance with GAAP.	
(2)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(3)	Upon commencement of construction of the planned repositioning, approximately 13% of this complex will be removed from the in-service portfolio.	
(4)	Not included in Same Property analysis.	
(5)	Property held for redevelopment.	
 
23

SECOND QUARTER 2016
 
IN-SERVICE PROPERTY LISTING (continued)
as of June 30, 2016

 	 	Sub Market	 	Number of
Buildings	 	 	Square Feet	 	 	Leased
% (1)	 	 	Annualized
Rental Obligations
Per Leased SF (2)	 	 	Encumbered
with secured
debt
(Y/N)	 	Central
Business
District (CBD) or
Suburban (S)	
Washington, DC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital Gallery	 	Southwest Washington DC	 	 	1	  	 	 	631,029	  	 	 	98.6	% 	 	$	59.02	  	 	N	 	CBD	
500 E Street, S.W.	 	Southwest Washington DC	 	 	1	  	 	 	251,994	  	 	 	100.0	% 	 	 	49.48	  	 	N	 	CBD	
Metropolitan Square (51% ownership)	 	East End Washington DC	 	 	1	  	 	 	607,041	  	 	 	75.0	% 	 	 	60.91	  	 	Y	 	CBD	
901 New York Avenue (25% ownership)	 	East End Washington DC	 	 	1	  	 	 	539,680	  	 	 	92.4	% 	 	 	59.07	  	 	Y	 	CBD	
(3) 601 Massachusetts Avenue	 	East End Washington DC	 	 	1	  	 	 	478,883	  	 	 	86.5	% 	 	 	69.59	  	 	N	 	CBD	
Market Square North (50% ownership)	 	East End Washington DC	 	 	1	  	 	 	415,052	  	 	 	82.6	% 	 	 	62.82	  	 	Y	 	CBD	
2200 Pennsylvania Avenue	 	CBD Washington DC	 	 	1	  	 	 	458,831	  	 	 	100.0	% 	 	 	87.09	  	 	N	 	CBD	
1333 New Hampshire Avenue	 	CBD Washington DC	 	 	1	  	 	 	315,371	  	 	 	100.0	% 	 	 	46.24	  	 	N	 	CBD	
1330 Connecticut Avenue	 	CBD Washington DC	 	 	1	  	 	 	252,169	  	 	 	98.4	% 	 	 	61.01	  	 	N	 	CBD	
Sumner Square	 	CBD Washington DC	 	 	1	  	 	 	208,892	  	 	 	100.0	% 	 	 	50.24	  	 	N	 	CBD	
500 North Capitol Street, N.W. (30% ownership)	 	Capitol Hill Washington DC	 	 	1	  	 	 	230,860	  	 	 	97.5	% 	 	 	66.73	  	 	Y	 	CBD	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	11	  	 	 	4,389,802	  	 	 	92.1	% 	 	$	62.20	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
South of Market	 	Reston VA	 	 	3	  	 	 	623,666	  	 	 	94.2	% 	 	$	53.44	  	 	N	 	S	
Fountain Square	 	Reston VA	 	 	2	  	 	 	518,345	  	 	 	93.1	% 	 	 	46.15	  	 	N	 	S	
One Freedom Square	 	Reston VA	 	 	1	  	 	 	432,581	  	 	 	92.2	% 	 	 	47.09	  	 	N	 	S	
Two Freedom Square	 	Reston VA	 	 	1	  	 	 	421,757	  	 	 	100.0	% 	 	 	45.29	  	 	N	 	S	
One and Two Discovery Square	 	Reston VA	 	 	2	  	 	 	366,990	  	 	 	100.0	% 	 	 	44.23	  	 	N	 	S	
One Reston Overlook	 	Reston VA	 	 	1	  	 	 	319,519	  	 	 	100.0	% 	 	 	38.15	  	 	N	 	S	
Reston Corporate Center	 	Reston VA	 	 	2	  	 	 	261,046	  	 	 	100.0	% 	 	 	39.30	  	 	N	 	S	
Democracy Tower	 	Reston VA	 	 	1	  	 	 	259,441	  	 	 	100.0	% 	 	 	58.31	  	 	N	 	S	
(4) Fountain Square Retail	 	Reston VA	 	 	1	  	 	 	237,209	  	 	 	96.8	% 	 	 	52.94	  	 	N	 	S	
Two Reston Overlook	 	Reston VA	 	 	1	  	 	 	134,615	  	 	 	100.0	% 	 	 	37.24	  	 	N	 	S	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	15	  	 	 	3,575,169	  	 	 	96.8	% 	 	$	46.95	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wisconsin Place Office	 	Montgomery County MD	 	 	1	  	 	 	299,186	  	 	 	96.5	% 	 	$	54.87	  	 	N	 	S	
2600 Tower Oaks Boulevard	 	Montgomery County MD	 	 	1	  	 	 	179,369	  	 	 	44.1	% 	 	 	33.74	  	 	N	 	S	
New Dominion Technology Park—Building Two	 	Herndon VA	 	 	1	  	 	 	257,400	  	 	 	100.0	% 	 	 	39.34	  	 	N	 	S	
New Dominion Technology Park—Building One	 	Herndon VA	 	 	1	  	 	 	235,201	  	 	 	100.0	% 	 	 	33.60	  	 	Y	 	S	
Kingstowne Two	 	Springfield VA	 	 	1	  	 	 	156,251	  	 	 	93.7	% 	 	 	41.74	  	 	N	 	S	
Kingstowne One	 	Springfield VA	 	 	1	  	 	 	151,483	  	 	 	75.6	% 	 	 	40.23	  	 	N	 	S	
7601 Boston Boulevard	 	Springfield VA	 	 	1	  	 	 	114,028	  	 	 	100.0	% 	 	 	18.60	  	 	N	 	S	
7435 Boston Boulevard	 	Springfield VA	 	 	1	  	 	 	103,557	  	 	 	76.2	% 	 	 	21.87	  	 	N	 	S	
8000 Grainger Court	 	Springfield VA	 	 	1	  	 	 	88,775	  	 	 	37.6	% 	 	 	23.64	  	 	N	 	S	
(4) Kingstowne Retail	 	Springfield VA	 	 	1	  	 	 	88,288	  	 	 	100.0	% 	 	 	35.98	  	 	N	 	S	
7500 Boston Boulevard	 	Springfield VA	 	 	1	  	 	 	79,971	  	 	 	100.0	% 	 	 	19.64	  	 	N	 	S	
7501 Boston Boulevard	 	Springfield VA	 	 	1	  	 	 	75,756	  	 	 	100.0	% 	 	 	28.60	  	 	N	 	S	
7450 Boston Boulevard	 	Springfield VA	 	 	1	  	 	 	62,402	  	 	 	0.0	% 	 	 	—  	  	 	N	 	S	
7374 Boston Boulevard	 	Springfield VA	 	 	1	  	 	 	57,321	  	 	 	100.0	% 	 	 	17.90	  	 	N	 	S	
8000 Corporate Court	 	Springfield VA	 	 	1	  	 	 	52,539	  	 	 	100.0	% 	 	 	13.79	  	 	N	 	S	
7451 Boston Boulevard	 	Springfield VA	 	 	1	  	 	 	45,615	  	 	 	67.4	% 	 	 	26.03	  	 	N	 	S	
7300 Boston Boulevard	 	Springfield VA	 	 	1	  	 	 	32,000	  	 	 	100.0	% 	 	 	23.64	  	 	N	 	S	
7375 Boston Boulevard	 	Springfield VA	 	 	1	  	 	 	26,865	  	 	 	79.2	% 	 	 	28.62	  	 	N	 	S	
(3) Annapolis Junction Building Seven (50% ownership)	 	Anne Arundel County MD	 	 	1	  	 	 	127,229	  	 	 	100.0	% 	 	 	31.79	  	 	Y	 	S	
(3) Annapolis Junction Building Eight (50% ownership)	 	Anne Arundel County MD	 	 	1	  	 	 	125,685	  	 	 	0.0	% 	 	 	—  	  	 	Y	 	S	
Annapolis Junction Building Six (50% ownership)	 	Anne Arundel County MD	 	 	1	  	 	 	119,339	  	 	 	48.9	% 	 	 	29.74	  	 	Y	 	S	
Annapolis Junction Building One (50% ownership)	 	Anne Arundel County MD	 	 	1	  	 	 	117,599	  	 	 	50.8	% 	 	 	128.74	  	 	Y	 	S	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	22	  	 	 	2,595,859	  	 	 	78.2	% 	 	$	37.52	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total Washington Office:	 	 	48	  	 	 	10,560,830	  	 	 	90.3	% 	 	$	51.40	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Residential	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
The Avant at Reston Town Center (359 units)	 	Reston VA	 	 	1	  	 	 	355,347	  	 	 	 	 	 	 	 	 	 	N	 	S	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total Washington Residential:	 	 	1	  	 	 	355,347	  	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total Washington, DC:	 	 	49	  	 	 	10,916,177	  	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total In-Service Properties:	 	 	160	  	 	 	42,769,956	  	 	 	90.8	%(5) 	 	$	61.55	(5) 	 	 	 	 	

(1)	Represents signed leases for which revenue recognition has commenced in accordance with GAAP.	
(2)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(3)	Not included in Same Property analysis.	
(4)	This is a retail property.	
(5)	Excludes Hotel and Residential properties. For disclosures relating to the Company’s Hotel and Residential properties, see page 38.	
 
24

SECOND QUARTER 2016
 
OCCUPANCY BY LOCATION
Total In-Service Properties (1)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	CBD	 	 	Suburban	 	 	Total	 	
Location	  	30-Jun-16	 	 	30-Jun-15	 	 	30-Jun-16	 	 	30-Jun-15	 	 	30-Jun-16	 	 	30-Jun-15	 	
Boston	  	 	92.4	% 	 	 	90.3	% 	 	 	89.4	% 	 	 	91.3	% 	 	 	91.3	% 	 	 	90.6	% 	
New York	  	 	94.3	% 	 	 	94.5	% 	 	 	78.2	% 	 	 	75.8	% 	 	 	90.7	% 	 	 	90.5	% 	
San Francisco	  	 	91.2	% 	 	 	95.8	% 	 	 	89.1	% 	 	 	77.9	% 	 	 	90.5	% 	 	 	89.2	% 	
Washington, DC	  	 	92.1	% 	 	 	95.5	% 	 	 	89.0	% 	 	 	92.2	% 	 	 	90.3	% 	 	 	93.6	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Portfolio	  	 	92.8	% 	 	 	93.4	% 	 	 	87.4	% 	 	 	87.2	% 	 	 	90.8	% 	 	 	91.1	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Same Property Portfolio (1) (2)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	CBD	 	 	Suburban	 	 	Total	 	
Location	  	30-Jun-16	 	 	30-Jun-15	 	 	30-Jun-16	 	 	30-Jun-15	 	 	30-Jun-16	 	 	30-Jun-15	 	
Boston	  	 	92.4	% 	 	 	90.0	% 	 	 	89.3	% 	 	 	91.3	% 	 	 	91.3	% 	 	 	90.5	% 	
New York	  	 	94.3	% 	 	 	94.5	% 	 	 	77.1	% 	 	 	75.8	% 	 	 	90.6	% 	 	 	90.5	% 	
San Francisco	  	 	90.4	% 	 	 	95.8	% 	 	 	87.7	% 	 	 	97.0	% 	 	 	89.6	% 	 	 	96.1	% 	
Washington, DC	  	 	92.7	% 	 	 	95.1	% 	 	 	90.7	% 	 	 	92.2	% 	 	 	91.5	% 	 	 	93.4	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Portfolio	  	 	92.8	% 	 	 	93.3	% 	 	 	87.6	% 	 	 	89.7	% 	 	 	90.9	% 	 	 	92.0	% 	

(1)	Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential and hotel properties.	
(2)	For disclosures related to the Company’s definition of Same Properties, see page 49.	
 
25

SECOND QUARTER 2016
 
TOP 20 TENANTS LISTING AND PORTFOLIO TENANT DIVERSIFICATION

TOP 20 TENANTS (1)	  	
 	 	 	
 	 	 	  	% of BXP’s Share of	 	
 	 	Tenant	  	Combined Rental
Obligations	 	
1.	 	Citibank	  	 	3.14	% 	
2.	 	US Government	  	 	2.90	% 	
3.	 	Arnold & Porter	  	 	2.22	% 	
4.	 	Biogen	  	 	2.04	% 	
5.	 	Shearman & Sterling	  	 	1.91	% 	
6.	 	Ropes & Gray	  	 	1.64	% 	
7.	 	Kirkland & Ellis	  	 	1.49	% 	
8.	 	O’Melveny & Myers	  	 	1.39	% 	
9.	 	Wellington Management	  	 	1.31	% 	
10.	 	Bank of America	  	 	1.29	% 	
11.	 	Weil Gotshal Manges	  	 	1.28	% 	
12.	 	Morgan Lewis Bockius	  	 	1.23	% 	
13.	 	Microsoft	  	 	1.10	% 	
14.	 	Google	  	 	1.10	% 	
15.	 	Aramis (Estee Lauder)	  	 	1.05	% 	
16.	 	Kaye Scholer	  	 	0.98	% 	
17.	 	Mass Financial Services	  	 	0.90	% 	
18.	 	Morrison Foerster	  	 	0.89	% 	
19.	 	Hunton & Williams	  	 	0.87	% 	
20.	 	Smithsonian Institution	  	 	0.82	% 	
 	 	 	  	 	 	 	
 	 	BXP’s Share of Combined Rental Obligations	  	 	29.54	% 	
 	 	 	  	 	 	 	
 	 	BXP’s Share of Combined Square Feet	  	 	23.89	% 	
NOTABLE SIGNED DEALS (2)

 	 	 	 	 	 	 	
Tenant	  	Property	  	Sq. Ft.	 	
salesforce.com	  	Salesforce Tower	  	 	732,000	  	
Putnam Investments	  	100 Federal Street	  	 	249,000	  	
TENANT DIVERSIFICATION (1)

 
 
(1)	Percentages are based on BXP’s Share of Combined Annualized Rental Obligations. For disclosures relating to the Company’s definition of Annualized Rental Obligations and BXP’s Share of Combined Rental Obligations, see pages 47-49.	
(2)	Represents leases signed with occupancy commencing in the future.	
 
26

SECOND QUARTER 2016
 
LEASE EXPIRATIONS (1) (2) (3)
IN-SERVICE OFFICE PROPERTIES

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	Annualized	 	  	 	 	
 	  	 	 	  	Current Annualized	 	  	Current Annualized	 	  	Rental Obligations	 	  	Rental Obligations	 	  	 	 	
 	  	Rentable Square	 	  	Rental Obligations	 	  	Rental Obligations	 	  	Under	 	  	Under	 	  	 	 	
Year of Lease	  	Footage Subject to	 	  	Under	 	  	Under	 	  	Expiring Leases	 	  	Expiring Leases with	 	  	Percentage of	 	
Expiration	  	Expiring Leases	 	  	Expiring Leases	 	  	Expiring Leases p.s.f.	 	  	with future step-ups	 	  	future step-ups - p.s.f.	 	  	Total Square Feet	 	
2016	  	 	1,213,115	  	  	$	64,827,021	  	  	$	53.44	  	  	$	64,899,754	  	  	$	53.50	  	  	 	3.04	%(4) 	
2017	  	 	2,782,754	  	  	 	160,960,512	  	  	 	57.84	  	  	 	163,182,245	  	  	 	58.64	  	  	 	6.96	% 	
2018	  	 	1,573,839	  	  	 	93,150,112	  	  	 	59.19	  	  	 	94,285,362	  	  	 	59.91	  	  	 	3.94	% 	
2019	  	 	3,273,942	  	  	 	170,649,511	  	  	 	52.12	  	  	 	175,851,194	  	  	 	53.71	  	  	 	8.19	% 	
2020	  	 	4,187,919	  	  	 	266,979,458	  	  	 	63.75	  	  	 	277,042,040	  	  	 	66.15	  	  	 	10.48	% 	
2021	  	 	3,340,264	  	  	 	168,120,460	  	  	 	50.33	  	  	 	183,794,429	  	  	 	55.02	  	  	 	8.36	% 	
2022	  	 	3,890,168	  	  	 	218,947,672	  	  	 	56.28	  	  	 	241,716,115	  	  	 	62.14	  	  	 	9.73	% 	
2023	  	 	1,379,181	  	  	 	72,713,336	  	  	 	52.72	  	  	 	84,820,351	  	  	 	61.50	  	  	 	3.45	% 	
2024	  	 	2,662,016	  	  	 	152,872,896	  	  	 	57.43	  	  	 	171,829,510	  	  	 	64.55	  	  	 	6.66	% 	
2025	  	 	2,094,837	  	  	 	122,083,907	  	  	 	58.28	  	  	 	139,194,292	  	  	 	66.45	  	  	 	5.24	% 	
Thereafter	  	 	9,435,884	  	  	 	671,442,828	  	  	 	71.16	  	  	 	847,852,853	  	  	 	89.85	  	  	 	23.61	% 	
IN-SERVICE RETAIL PROPERTIES

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	Annualized	 	  	 	 	
 	  	 	 	  	Current Annualized	 	  	Current Annualized	 	  	Rental Obligations	 	  	Rental Obligations	 	  	 	 	
 	  	Rentable Square	 	  	Rental Obligations	 	  	Rental Obligations	 	  	Under	 	  	Under	 	  	 	 	
Year of Lease	  	Footage Subject to	 	  	Under	 	  	Under	 	  	Expiring Leases	 	  	Expiring Leases with	 	  	Percentage of	 	
Expiration	  	Expiring Leases	 	  	Expiring Leases	 	  	Expiring Leases p.s.f.	 	  	with future step-ups	 	  	future step-ups - p.s.f.	 	  	Total Square Feet	 	
2016	  	 	198,262	  	  	$	12,295,498	  	  	$	62.02	  	  	$	12,307,550	  	  	$	62.08	  	  	 	9.79	% 	
2017	  	 	162,558	  	  	 	15,461,352	  	  	 	95.11	  	  	 	15,521,111	  	  	 	95.48	  	  	 	8.03	% 	
2018	  	 	239,022	  	  	 	21,377,328	  	  	 	89.44	  	  	 	22,273,713	  	  	 	93.19	  	  	 	11.80	% 	
2019	  	 	90,192	  	  	 	6,437,202	  	  	 	71.37	  	  	 	6,574,881	  	  	 	72.90	  	  	 	4.45	% 	
2020	  	 	186,935	  	  	 	11,888,424	  	  	 	63.60	  	  	 	12,314,014	  	  	 	65.87	  	  	 	9.23	% 	
2021	  	 	151,292	  	  	 	20,784,591	  	  	 	137.38	  	  	 	22,569,716	  	  	 	149.18	  	  	 	7.47	% 	
2022	  	 	200,362	  	  	 	18,253,393	  	  	 	91.10	  	  	 	19,071,632	  	  	 	95.19	  	  	 	9.89	% 	
2023	  	 	168,386	  	  	 	14,643,660	  	  	 	86.96	  	  	 	16,315,868	  	  	 	96.90	  	  	 	8.31	% 	
2024	  	 	112,560	  	  	 	9,800,682	  	  	 	87.07	  	  	 	11,616,674	  	  	 	103.20	  	  	 	5.56	% 	
2025	  	 	130,667	  	  	 	8,604,287	  	  	 	65.85	  	  	 	9,650,348	  	  	 	73.85	  	  	 	6.45	% 	
Thereafter	  	 	385,178	  	  	 	33,122,673	  	  	 	85.99	  	  	 	39,741,900	  	  	 	103.18	  	  	 	19.02	% 	
TOTAL IN-SERVICE PROPERTIES

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	Annualized	 	  	 	 	
 	  	 	 	  	Current Annualized	 	  	Current Annualized	 	  	Rental Obligations	 	  	Rental Obligations	 	  	 	 	
 	  	Rentable Square	 	  	Rental Obligations	 	  	Rental Obligations	 	  	Under	 	  	Under	 	  	 	 	
Year of Lease	  	Footage Subject to	 	  	Under	 	  	Under	 	  	Expiring Leases	 	  	Expiring Leases with	 	  	Percentage of	 	
Expiration	  	Expiring Leases	 	  	Expiring Leases	 	  	Expiring Leases p.s.f.	 	  	with future step-ups	 	  	future step-ups - p.s.f.	 	  	Total Square Feet	 	
2016	  	 	1,411,377	  	  	$	77,122,519	  	  	$	54.64	  	  	$	77,207,305	  	  	$	54.70	  	  	 	3.36	%(4) 	
2017	  	 	2,945,312	  	  	 	176,421,863	  	  	 	59.90	  	  	 	178,703,356	  	  	 	60.67	  	  	 	7.01	% 	
2018	  	 	1,812,861	  	  	 	114,527,440	  	  	 	63.17	  	  	 	116,559,075	  	  	 	64.30	  	  	 	4.32	% 	
2019	  	 	3,364,134	  	  	 	177,086,713	  	  	 	52.64	  	  	 	182,426,075	  	  	 	54.23	  	  	 	8.01	% 	
2020	  	 	4,374,854	  	  	 	278,867,881	  	  	 	63.74	  	  	 	289,356,054	  	  	 	66.14	  	  	 	10.42	% 	
2021	  	 	3,491,556	  	  	 	188,905,050	  	  	 	54.10	  	  	 	206,364,145	  	  	 	59.10	  	  	 	8.31	% 	
2022	  	 	4,090,530	  	  	 	237,201,065	  	  	 	57.99	  	  	 	260,787,747	  	  	 	63.75	  	  	 	9.74	% 	
2023	  	 	1,547,567	  	  	 	87,356,996	  	  	 	56.45	  	  	 	101,136,219	  	  	 	65.35	  	  	 	3.69	% 	
2024	  	 	2,774,576	  	  	 	162,673,578	  	  	 	58.63	  	  	 	183,446,184	  	  	 	66.12	  	  	 	6.61	% 	
2025	  	 	2,225,504	  	  	 	130,688,194	  	  	 	58.72	  	  	 	148,844,640	  	  	 	66.88	  	  	 	5.30	% 	
Thereafter	  	 	9,821,062	  	  	 	704,565,501	  	  	 	71.74	  	  	 	887,594,754	  	  	 	90.38	  	  	 	23.39	% 	

(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties. Does not include residential units and hotel.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
(4)	Includes square feet expiring on the last day of the current quarter.	
 
27

SECOND QUARTER 2016
 
IN-SERVICE BOSTON REGION PROPERTIES
Lease Expirations - Boston Region (1) (2) (3)

OFFICE
 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Year of Lease	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
Expiration	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
2016	  	 	416,428	  	  	$	15,796,295	  	  	$	37.93	  	  	$	15,865,738	  	  	$	38.10	(4) 	
2017	  	 	734,060	  	  	 	32,616,492	  	  	 	44.43	  	  	 	32,765,705	  	  	 	44.64	  	
2018	  	 	447,028	  	  	 	18,972,130	  	  	 	42.44	  	  	 	19,410,221	  	  	 	43.42	  	
2019	  	 	1,109,476	  	  	 	53,214,033	  	  	 	47.96	  	  	 	54,121,768	  	  	 	48.78	  	
2020	  	 	407,190	  	  	 	19,033,567	  	  	 	46.74	  	  	 	19,897,919	  	  	 	48.87	  	
2021	  	 	1,024,918	  	  	 	40,176,947	  	  	 	39.20	  	  	 	41,893,009	  	  	 	40.87	  	
2022	  	 	1,570,620	  	  	 	75,352,234	  	  	 	47.98	  	  	 	79,361,158	  	  	 	50.53	  	
2023	  	 	528,479	  	  	 	26,162,189	  	  	 	49.50	  	  	 	30,073,087	  	  	 	56.90	  	
2024	  	 	538,692	  	  	 	24,367,589	  	  	 	45.23	  	  	 	28,009,712	  	  	 	52.00	  	
2025	  	 	1,094,575	  	  	 	61,644,411	  	  	 	56.32	  	  	 	69,593,100	  	  	 	63.58	  	
Thereafter	  	 	3,661,757	  	  	 	205,820,294	  	  	 	56.21	  	  	 	237,265,869	  	  	 	64.80	  	

RETAIL
 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Year of Lease	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
Expiration	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
2016	  	 	44,186	  	  	$	3,027,567	  	  	$	68.52	  	  	$	3,034,983	  	  	$	68.69	  	
2017	  	 	52,695	  	  	 	4,297,775	  	  	 	81.56	  	  	 	4,323,221	  	  	 	82.04	  	
2018	  	 	140,449	  	  	 	6,578,670	  	  	 	46.84	  	  	 	6,604,030	  	  	 	47.02	  	
2019	  	 	11,787	  	  	 	2,008,065	  	  	 	170.36	  	  	 	2,032,178	  	  	 	172.41	  	
2020	  	 	93,309	  	  	 	6,027,474	  	  	 	64.60	  	  	 	6,225,013	  	  	 	66.71	  	
2021	  	 	38,052	  	  	 	2,696,243	  	  	 	70.86	  	  	 	2,917,761	  	  	 	76.68	  	
2022	  	 	94,118	  	  	 	5,857,244	  	  	 	62.23	  	  	 	5,479,656	  	  	 	58.22	  	
2023	  	 	79,937	  	  	 	7,687,412	  	  	 	96.17	  	  	 	8,265,595	  	  	 	103.40	  	
2024	  	 	70,570	  	  	 	4,191,754	  	  	 	59.40	  	  	 	4,588,490	  	  	 	65.02	  	
2025	  	 	30,224	  	  	 	3,701,533	  	  	 	122.47	  	  	 	4,196,338	  	  	 	138.84	  	
Thereafter	  	 	141,914	  	  	 	8,558,638	  	  	 	60.31	  	  	 	9,573,184	  	  	 	67.46	  	

TOTAL PROPERTY TYPES
 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Year of Lease	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
Expiration	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
2016	  	 	460,614	  	  	$	18,823,862	  	  	$	40.87	  	  	$	18,900,720	  	  	$	41.03	(4) 	
2017	  	 	786,755	  	  	 	36,914,267	  	  	 	46.92	  	  	 	37,088,927	  	  	 	47.14	  	
2018	  	 	587,477	  	  	 	25,550,799	  	  	 	43.49	  	  	 	26,014,251	  	  	 	44.28	  	
2019	  	 	1,121,263	  	  	 	55,222,098	  	  	 	49.25	  	  	 	56,153,946	  	  	 	50.08	  	
2020	  	 	500,499	  	  	 	25,061,041	  	  	 	50.07	  	  	 	26,122,932	  	  	 	52.19	  	
2021	  	 	1,062,970	  	  	 	42,873,190	  	  	 	40.33	  	  	 	44,810,770	  	  	 	42.16	  	
2022	  	 	1,664,738	  	  	 	81,209,479	  	  	 	48.78	  	  	 	84,840,814	  	  	 	50.96	  	
2023	  	 	608,416	  	  	 	33,849,601	  	  	 	55.64	  	  	 	38,338,681	  	  	 	63.01	  	
2024	  	 	609,262	  	  	 	28,559,343	  	  	 	46.88	  	  	 	32,598,202	  	  	 	53.50	  	
2025	  	 	1,124,799	  	  	 	65,345,944	  	  	 	58.10	  	  	 	73,789,438	  	  	 	65.60	  	
Thereafter	  	 	3,803,671	  	  	 	214,378,932	  	  	 	56.36	  	  	 	246,839,054	  	  	 	64.89	  	
 
(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties. Does not include residential units and hotel.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
(4)	Includes square feet expiring on the last day of the current quarter.	
 
28

SECOND QUARTER 2016
 
IN-SERVICE BOSTON REGION PROPERTIES
Quarterly Lease Expirations - Boston Region (1) (2) (3)

OFFICE
 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Lease Expiration	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
by Quarter	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
Q1 2016	  	 	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	
Q2 2016	  	 	154,516	  	  	 	5,014,731	  	  	 	32.45	  	  	 	5,014,731	  	  	 	32.45	(4) 	
Q3 2016	  	 	157,404	  	  	 	6,644,355	  	  	 	42.21	  	  	 	6,649,828	  	  	 	42.25	  	
Q4 2016	  	 	104,508	  	  	 	4,137,209	  	  	 	39.59	  	  	 	4,201,179	  	  	 	40.20	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2016	  	 	416,428	  	  	$	15,796,295	  	  	$	37.93	  	  	$	15,865,738	  	  	$	38.10	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2017	  	 	100,041	  	  	$	4,254,835	  	  	$	42.53	  	  	$	4,254,835	  	  	$	42.53	  	
Q2 2017	  	 	200,633	  	  	 	9,082,519	  	  	 	45.27	  	  	 	9,159,243	  	  	 	45.65	  	
Q3 2017	  	 	67,379	  	  	 	3,060,413	  	  	 	45.42	  	  	 	3,084,180	  	  	 	45.77	  	
Q4 2017	  	 	366,007	  	  	 	16,218,725	  	  	 	44.31	  	  	 	16,267,448	  	  	 	44.45	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	734,060	  	  	$	32,616,492	  	  	$	44.43	  	  	$	32,765,705	  	  	$	44.64	  	

RETAIL
 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Lease Expiration	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
by Quarter	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
Q1 2016	  	 	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	
Q2 2016	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
Q3 2016	  	 	39,732	  	  	 	2,406,542	  	  	 	60.57	  	  	 	2,413,958	  	  	 	60.76	  	
Q4 2016	  	 	4,454	  	  	 	621,024	  	  	 	139.43	  	  	 	621,024	  	  	 	139.43	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2016	  	 	44,186	  	  	$	3,027,567	  	  	$	68.52	  	  	$	3,034,983	  	  	$	68.69	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2017	  	 	10,545	  	  	$	1,282,723	  	  	$	121.64	  	  	$	1,286,343	  	  	$	121.99	  	
Q2 2017	  	 	28,502	  	  	 	1,814,486	  	  	 	63.66	  	  	 	1,832,486	  	  	 	64.29	  	
Q3 2017	  	 	3,386	  	  	 	473,338	  	  	 	139.79	  	  	 	474,893	  	  	 	140.25	  	
Q4 2017	  	 	10,262	  	  	 	727,228	  	  	 	70.87	  	  	 	729,500	  	  	 	71.09	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	52,695	  	  	$	4,297,775	  	  	$	81.56	  	  	$	4,323,221	  	  	$	82.04	  	

TOTAL PROPERTY TYPES
 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Lease Expiration	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
by Quarter	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
Q1 2016	  	 	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	
Q2 2016	  	 	154,516	  	  	 	5,014,731	  	  	 	32.45	  	  	 	5,014,731	  	  	 	32.45	(4) 	
Q3 2016	  	 	197,136	  	  	 	9,050,897	  	  	 	45.91	  	  	 	9,063,786	  	  	 	45.98	  	
Q4 2016	  	 	108,962	  	  	 	4,758,234	  	  	 	43.67	  	  	 	4,822,203	  	  	 	44.26	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2016	  	 	460,614	  	  	$	18,823,862	  	  	$	40.87	  	  	$	18,900,720	  	  	$	41.03	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2017	  	 	110,586	  	  	$	5,537,558	  	  	$	50.07	  	  	$	5,541,178	  	  	$	50.11	  	
Q2 2017	  	 	229,135	  	  	 	10,897,005	  	  	 	47.56	  	  	 	10,991,729	  	  	 	47.97	  	
Q3 2017	  	 	70,765	  	  	 	3,533,751	  	  	 	49.94	  	  	 	3,559,073	  	  	 	50.29	  	
Q4 2017	  	 	376,269	  	  	 	16,945,953	  	  	 	45.04	  	  	 	16,996,948	  	  	 	45.17	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	786,755	  	  	$	36,914,267	  	  	$	46.92	  	  	$	37,088,927	  	  	$	47.14	  	

(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties. Does not include residential units and hotel.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
(4)	Includes square feet expiring on the last day of the quarter.	
 
29

SECOND QUARTER 2016
 
IN-SERVICE NEW YORK REGION PROPERTIES
Lease Expirations - New York Region (1) (2) (3)

OFFICE
 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Year of Lease	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
Expiration	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
2016	  	 	420,359	  	  	$	28,465,496	  	  	$	67.72	  	  	$	28,679,656	  	  	$	68.23	(4) 	
2017	  	 	816,723	  	  	 	69,596,439	  	  	 	85.21	  	  	 	69,606,409	  	  	 	85.23	  	
2018	  	 	529,879	  	  	 	42,898,735	  	  	 	80.96	  	  	 	42,356,164	  	  	 	79.94	  	
2019	  	 	488,304	  	  	 	38,678,251	  	  	 	79.21	  	  	 	38,879,394	  	  	 	79.62	  	
2020	  	 	1,862,193	  	  	 	152,136,877	  	  	 	81.70	  	  	 	156,374,969	  	  	 	83.97	  	
2021	  	 	386,304	  	  	 	33,416,818	  	  	 	86.50	  	  	 	35,019,674	  	  	 	90.65	  	
2022	  	 	911,605	  	  	 	79,320,606	  	  	 	87.01	  	  	 	85,101,914	  	  	 	93.35	  	
2023	  	 	88,524	  	  	 	7,908,741	  	  	 	89.34	  	  	 	8,634,935	  	  	 	97.54	  	
2024	  	 	1,045,255	  	  	 	72,149,523	  	  	 	69.03	  	  	 	78,672,368	  	  	 	75.27	  	
2025	  	 	413,883	  	  	 	33,406,662	  	  	 	80.72	  	  	 	36,434,548	  	  	 	88.03	  	
Thereafter	  	 	3,336,708	  	  	 	303,525,468	  	  	 	90.97	  	  	 	398,634,218	  	  	 	119.47	  	
 	
RETAIL
 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Year of Lease	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
Expiration	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
2016	  	 	98,065	  	  	$	6,177,096	  	  	$	62.99	  	  	$	6,177,095	  	  	$	62.99	  	
2017	  	 	33,027	  	  	 	6,679,649	  	  	 	202.25	  	  	 	6,679,649	  	  	 	202.25	  	
2018	  	 	8,114	  	  	 	8,772,298	  	  	 	1,081.13	  	  	 	9,549,453	  	  	 	1,176.91	  	
2019	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
2020	  	 	3,452	  	  	 	253,056	  	  	 	73.31	  	  	 	253,056	  	  	 	73.31	  	
2021	  	 	27,201	  	  	 	12,511,344	  	  	 	459.96	  	  	 	13,707,852	  	  	 	503.95	  	
2022	  	 	58,093	  	  	 	9,907,211	  	  	 	170.54	  	  	 	10,841,209	  	  	 	186.62	  	
2023	  	 	2,850	  	  	 	2,762,325	  	  	 	969.24	  	  	 	3,455,985	  	  	 	1,212.63	  	
2024	  	 	11,395	  	  	 	3,945,257	  	  	 	346.23	  	  	 	5,077,277	  	  	 	445.57	  	
2025	  	 	1,872	  	  	 	653,966	  	  	 	349.34	  	  	 	729,902	  	  	 	389.90	  	
Thereafter	  	 	88,417	  	  	 	17,553,595	  	  	 	198.53	  	  	 	21,561,287	  	  	 	243.86	  	
 	
TOTAL PROPERTY TYPES
 	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Year of Lease	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
Expiration	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
2016	  	 	518,424	  	  	$	34,642,592	  	  	$	66.82	  	  	$	34,856,751	  	  	$	67.24	(4) 	
2017	  	 	849,750	  	  	 	76,276,088	  	  	 	89.76	  	  	 	76,286,058	  	  	 	89.77	  	
2018	  	 	537,993	  	  	 	51,671,033	  	  	 	96.04	  	  	 	51,905,617	  	  	 	96.48	  	
2019	  	 	488,304	  	  	 	38,678,251	  	  	 	79.21	  	  	 	38,879,394	  	  	 	79.62	  	
2020	  	 	1,865,645	  	  	 	152,389,933	  	  	 	81.68	  	  	 	156,628,025	  	  	 	83.95	  	
2021	  	 	413,505	  	  	 	45,928,162	  	  	 	111.07	  	  	 	48,727,527	  	  	 	117.84	  	
2022	  	 	969,698	  	  	 	89,227,818	  	  	 	92.02	  	  	 	95,943,123	  	  	 	98.94	  	
2023	  	 	91,374	  	  	 	10,671,066	  	  	 	116.78	  	  	 	12,090,920	  	  	 	132.32	  	
2024	  	 	1,056,650	  	  	 	76,094,781	  	  	 	72.02	  	  	 	83,749,644	  	  	 	79.26	  	
2025	  	 	415,755	  	  	 	34,060,628	  	  	 	81.92	  	  	 	37,164,450	  	  	 	89.39	  	
Thereafter	  	 	3,425,125	  	  	 	321,079,063	  	  	 	93.74	  	  	 	420,195,505	  	  	 	122.68	  	
 
(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
(4)	Includes square feet expiring on the last day of the current quarter.	
 
30

SECOND QUARTER 2016
 
IN-SERVICE NEW YORK REGION PROPERTIES
Quarterly Lease Expirations - New York Region (1) (2) (3)

OFFICE
 	 	
 	 	 	 	 	 	 	  	 	 	 	Annualized	 	  	 	 	
 	 	Rentable Square	 	 	Current Annualized	 	  	Per	 	 	Rental Obligations Under	 	  	Per	 	
Lease Expiration	 	Footage Subject to	 	 	Rental Obligations Under	 	  	Square	 	 	Expiring Leases	 	  	Square	 	
by Quarter	 	Expiring Leases	 	 	Expiring Leases	 	  	Foot	 	 	with future step-ups	 	  	Foot	 	
Q1 2016	 	 	—  	  	 	$	—  	  	  	$	—  	  	 	$	—  	  	  	$	—  	  	
Q2 2016	 	 	81,066	  	 	 	7,512,637	  	  	 	92.67	  	 	 	7,512,637	  	  	 	92.67	(4) 	
Q3 2016	 	 	270,360	  	 	 	17,431,374	  	  	 	64.47	  	 	 	17,645,534	  	  	 	65.27	  	
Q4 2016	 	 	68,933	  	 	 	3,521,485	  	  	 	51.09	  	 	 	3,521,485	  	  	 	51.09	  	
 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total 2016	 	 	420,359	  	 	$	28,465,496	  	  	$	67.72	  	 	$	28,679,656	  	  	$	68.23	  	
 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Q1 2017	 	 	77,105	  	 	$	5,405,797	  	  	$	70.11	  	 	$	5,405,797	  	  	$	70.11	  	
Q2 2017	 	 	169,464	  	 	 	16,326,027	  	  	 	96.34	  	 	 	16,326,027	  	  	 	96.34	  	
Q3 2017	 	 	527,940	  	 	 	44,643,906	  	  	 	84.56	  	 	 	44,643,906	  	  	 	84.56	  	
Q4 2017	 	 	42,214	  	 	 	3,220,710	  	  	 	76.29	  	 	 	3,230,680	  	  	 	76.53	  	
 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total 2017	 	 	816,723	  	 	$	69,596,439	  	  	$	85.21	  	 	$	69,606,409	  	  	$	85.23	  	

RETAIL
 	 	
 	 	 	 	 	 	 	  	 	 	 	Annualized	 	  	 	 	
 	 	Rentable Square	 	 	Current Annualized	 	  	Per	 	 	Rental Obligations Under	 	  	Per	 	
Lease Expiration	 	Footage Subject to	 	 	Rental Obligations Under	 	  	Square	 	 	Expiring Leases	 	  	Square	 	
by Quarter	 	Expiring Leases	 	 	Expiring Leases	 	  	Foot	 	 	with future step-ups	 	  	Foot	 	
Q1 2016	 	 	—  	  	 	$	—  	  	  	$	—  	  	 	$	—  	  	  	$	—  	  	
Q2 2016	 	 	—  	  	 	 	—  	  	  	 	—  	  	 	 	—  	  	  	 	—  	  	
Q3 2016	 	 	94,794	  	 	 	5,833,357	  	  	 	61.54	  	 	 	5,833,356	  	  	 	61.54	  	
Q4 2016	 	 	3,271	  	 	 	343,739	  	  	 	105.09	  	 	 	343,739	  	  	 	105.09	  	
 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total 2016	 	 	98,065	  	 	$	6,177,096	  	  	$	62.99	  	 	$	6,177,095	  	  	$	62.99	  	
 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Q1 2017	 	 	6,342	  	 	$	4,103,330	  	  	$	647.01	  	 	$	4,103,330	  	  	$	647.01	  	
Q2 2017	 	 	626	  	 	 	180,160	  	  	 	287.79	  	 	 	180,160	  	  	 	287.79	  	
Q3 2017	 	 	26,059	  	 	 	2,396,159	  	  	 	91.95	  	 	 	2,396,159	  	  	 	91.95	  	
Q4 2017	 	 	—  	  	 	 	—  	  	  	 	—  	  	 	 	—  	  	  	 	—  	  	
 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total 2017	 	 	33,027	  	 	$	6,679,649	  	  	$	202.25	  	 	$	6,679,649	  	  	$	202.25	  	

TOTAL PROPERTY TYPES
 	 	
 	 	 	 	 	 	 	  	 	 	 	Annualized	 	  	 	 	
 	 	Rentable Square	 	 	Current Annualized	 	  	Per	 	 	Rental Obligations Under	 	  	Per	 	
Lease Expiration	 	Footage Subject to	 	 	Rental Obligations Under	 	  	Square	 	 	Expiring Leases	 	  	Square	 	
by Quarter	 	Expiring Leases	 	 	Expiring Leases	 	  	Foot	 	 	with future step-ups	 	  	Foot	 	
Q1 2016	 	 	—  	  	 	$	—  	  	  	$	—  	  	 	$	—  	  	  	$	—  	  	
Q2 2016	 	 	81,066	  	 	 	7,512,637	  	  	 	92.67	  	 	 	7,512,637	  	  	 	92.67	(4) 	
Q3 2016	 	 	365,154	  	 	 	23,264,731	  	  	 	63.71	  	 	 	23,478,890	  	  	 	64.30	  	
Q4 2016	 	 	72,204	  	 	 	3,865,225	  	  	 	53.53	  	 	 	3,865,225	  	  	 	53.53	  	
 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total 2016	 	 	518,424	  	 	$	34,642,592	  	  	$	66.82	  	 	$	34,856,751	  	  	$	67.24	  	
 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Q1 2017	 	 	83,447	  	 	$	9,509,127	  	  	$	113.95	  	 	$	9,509,127	  	  	$	113.95	  	
Q2 2017	 	 	170,090	  	 	 	16,506,186	  	  	 	97.04	  	 	 	16,506,186	  	  	 	97.04	  	
Q3 2017	 	 	553,999	  	 	 	47,040,065	  	  	 	84.91	  	 	 	47,040,065	  	  	 	84.91	  	
Q4 2017	 	 	42,214	  	 	 	3,220,710	  	  	 	76.29	  	 	 	3,230,680	  	  	 	76.53	  	
 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total 2017	 	 	849,750	  	 	$	76,276,088	  	  	$	89.76	  	 	$	76,286,058	  	  	$	89.77	  	

(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
(4)	Includes square feet expiring on the last day of the quarter.	
 
31

SECOND QUARTER 2016
 
IN-SERVICE SAN FRANCISCO REGION PROPERTIES
Lease Expirations - San Francisco Region (1) (2) (3)

OFFICE
 	 	
 	 	 	 	 	 	 	 	 	 	 	Annualized	 	  	 	 	
 	 	Rentable Square	 	 	Current Annualized	 	 	Per	 	 	Rental Obligations Under	 	  	Per	 	
Year of Lease	 	Footage Subject to	 	 	Rental Obligations Under	 	 	Square	 	 	Expiring Leases	 	  	Square	 	
Expiration	 	Expiring Leases	 	 	Expiring Leases	 	 	Foot	 	 	with future step-ups	 	  	Foot	 	
2016	 	 	133,883	  	 	$	6,090,040	  	 	$	45.49	  	 	$	5,845,909	  	  	$	43.66	  	
2017	 	 	614,260	  	 	 	28,124,425	  	 	 	45.79	  	 	 	29,973,750	  	  	 	48.80	  	
2018	 	 	195,064	  	 	 	10,309,557	  	 	 	52.85	  	 	 	10,646,405	  	  	 	54.58	  	
2019	 	 	705,842	  	 	 	32,983,643	  	 	 	46.73	  	 	 	35,124,908	  	  	 	49.76	  	
2020	 	 	625,869	  	 	 	39,219,416	  	 	 	62.66	  	 	 	40,670,332	  	  	 	64.98	  	
2021	 	 	701,503	  	 	 	30,518,962	  	 	 	43.51	  	 	 	35,711,888	  	  	 	50.91	  	
2022	 	 	680,937	  	 	 	32,196,788	  	 	 	47.28	  	 	 	40,250,046	  	  	 	59.11	  	
2023	 	 	256,825	  	 	 	14,969,834	  	 	 	58.29	  	 	 	18,381,420	  	  	 	71.57	  	
2024	 	 	445,553	  	 	 	24,398,998	  	 	 	54.76	  	 	 	28,175,562	  	  	 	63.24	  	
2025	 	 	126,939	  	 	 	7,556,620	  	 	 	59.53	  	 	 	9,515,291	  	  	 	74.96	  	
Thereafter	 	 	681,114	  	 	 	43,614,379	  	 	 	64.03	  	 	 	56,519,708	  	  	 	82.98	  	
 	
RETAIL
 	 	
 	 	 	 	 	 	 	 	 	 	 	Annualized	 	  	 	 	
 	 	Rentable Square	 	 	Current Annualized	 	 	Per	 	 	Rental Obligations Under	 	  	Per	 	
Year of Lease	 	Footage Subject to	 	 	Rental Obligations Under	 	 	Square	 	 	Expiring Leases	 	  	Square	 	
Expiration	 	Expiring Leases	 	 	Expiring Leases	 	 	Foot	 	 	with future step-ups	 	  	Foot	 	
2016	 	 	28,500	  	 	$	1,335,367	  	 	$	46.85	  	 	$	1,335,367	  	  	$	46.85	  	
2017	 	 	15,277	  	 	 	1,047,404	  	 	 	68.56	  	 	 	1,057,417	  	  	 	69.22	  	
2018	 	 	34,007	  	 	 	2,053,388	  	 	 	60.38	  	 	 	2,084,099	  	  	 	61.28	  	
2019	 	 	12,118	  	 	 	739,556	  	 	 	61.03	  	 	 	770,631	  	  	 	63.59	  	
2020	 	 	35,924	  	 	 	2,212,689	  	 	 	61.59	  	 	 	2,348,273	  	  	 	65.37	  	
2021	 	 	18,918	  	 	 	1,228,284	  	 	 	64.93	  	 	 	1,297,733	  	  	 	68.60	  	
2022	 	 	27,445	  	 	 	1,084,951	  	 	 	39.53	  	 	 	1,159,976	  	  	 	42.27	  	
2023	 	 	29,753	  	 	 	1,657,862	  	 	 	55.72	  	 	 	1,767,110	  	  	 	59.39	  	
2024	 	 	8,545	  	 	 	553,103	  	 	 	64.73	  	 	 	648,935	  	  	 	75.94	  	
2025	 	 	21,461	  	 	 	1,329,557	  	 	 	61.95	  	 	 	1,527,673	  	  	 	71.18	  	
Thereafter	 	 	29,117	  	 	 	1,872,192	  	 	 	64.30	  	 	 	2,619,763	  	  	 	89.97	  	
 	
TOTAL PROPERTY TYPES
 	 	
 	 	 	 	 	 	 	 	 	 	 	Annualized	 	  	 	 	
 	 	Rentable Square	 	 	Current Annualized	 	 	Per	 	 	Rental Obligations Under	 	  	Per	 	
Year of Lease	 	Footage Subject to	 	 	Rental Obligations Under	 	 	Square	 	 	Expiring Leases	 	  	Square	 	
Expiration	 	Expiring Leases	 	 	Expiring Leases	 	 	Foot	 	 	with future step-ups	 	  	Foot	 	
2016	 	 	162,383	  	 	$	7,425,407	  	 	$	45.73	  	 	$	7,181,276	  	  	$	44.22	  	
2017	 	 	629,537	  	 	 	29,171,829	  	 	 	46.34	  	 	 	31,031,167	  	  	 	49.29	  	
2018	 	 	229,071	  	 	 	12,362,945	  	 	 	53.97	  	 	 	12,730,503	  	  	 	55.57	  	
2019	 	 	717,960	  	 	 	33,723,199	  	 	 	46.97	  	 	 	35,895,539	  	  	 	50.00	  	
2020	 	 	661,793	  	 	 	41,432,105	  	 	 	62.61	  	 	 	43,018,605	  	  	 	65.00	  	
2021	 	 	720,421	  	 	 	31,747,246	  	 	 	44.07	  	 	 	37,009,621	  	  	 	51.37	  	
2022	 	 	708,382	  	 	 	33,281,740	  	 	 	46.98	  	 	 	41,410,022	  	  	 	58.46	  	
2023	 	 	286,578	  	 	 	16,627,696	  	 	 	58.02	  	 	 	20,148,530	  	  	 	70.31	  	
2024	 	 	454,098	  	 	 	24,952,101	  	 	 	54.95	  	 	 	28,824,497	  	  	 	63.48	  	
2025	 	 	148,400	  	 	 	8,886,177	  	 	 	59.88	  	 	 	11,042,964	  	  	 	74.41	  	
Thereafter	 	 	710,231	  	 	 	45,486,571	  	 	 	64.04	  	 	 	59,139,471	  	  	 	83.27	  	
 
(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
 
32

SECOND QUARTER 2016
 
IN-SERVICE SAN FRANCISCO REGION PROPERTIES
Quarterly Lease Expirations - San Francisco Region (1) (2) (3)

OFFICE
 	  	
Lease Expiration
by Quarter	 	Rentable Square
Footage Subject to
Expiring Leases	 	 	Current Annualized
Rental Obligations Under
Expiring Leases	 	 	Per
Square
Foot	 	 	Annualized
Rental Obligations Under
Expiring Leases
with future step-ups	 	  	Per
Square
Foot	 	
Q1 2016	 	 	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	  	$	—  	  	
Q2 2016	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  	
Q3 2016	 	 	29,223	  	 	 	1,622,007	  	 	 	55.50	  	 	 	1,622,007	  	  	 	55.50	  	
Q4 2016	 	 	104,660	  	 	 	4,468,033	  	 	 	42.69	  	 	 	4,223,902	  	  	 	40.36	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total 2016	 	 	133,883	  	 	$	6,090,040	  	 	$	45.49	  	 	$	5,845,909	  	  	$	43.66	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Q1 2017	 	 	220,650	  	 	$	9,683,706	  	 	$	43.89	  	 	$	9,685,845	  	  	$	43.90	  	
Q2 2017	 	 	111,739	  	 	 	4,930,118	  	 	 	44.12	  	 	 	5,045,859	  	  	 	45.16	  	
Q3 2017	 	 	220,989	  	 	 	10,912,706	  	 	 	49.38	  	 	 	12,333,777	  	  	 	55.81	  	
Q4 2017	 	 	60,882	  	 	 	2,597,895	  	 	 	42.67	  	 	 	2,908,270	  	  	 	47.77	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total 2017	 	 	614,260	  	 	$	28,124,425	  	 	$	45.79	  	 	$	29,973,750	  	  	$	48.80	  	

RETAIL
 	  	
Lease Expiration
by Quarter	 	Rentable Square
Footage Subject to
Expiring Leases	 	 	Current Annualized
Rental Obligations Under
Expiring Leases	 	 	Per
Square
Foot	 	 	Annualized
Rental Obligations Under
Expiring Leases
with future step-ups	 	  	Per
Square
Foot	 	
Q1 2016	 	 	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	  	$	—  	  	
Q2 2016	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  	
Q3 2016	 	 	7,170	  	 	 	336,938	  	 	 	46.99	  	 	 	336,938	  	  	 	46.99	  	
Q4 2016	 	 	21,330	  	 	 	998,429	  	 	 	46.81	  	 	 	998,429	  	  	 	46.81	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total 2016	 	 	28,500	  	 	$	1,335,367	  	 	$	46.85	  	 	$	1,335,367	  	  	$	46.85	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Q1 2017	 	 	30	  	 	$	14,400	  	 	$	480.00	  	 	$	14,400	  	  	$	480.00	  	
Q2 2017	 	 	130	  	 	 	26,046	  	 	 	200.35	  	 	 	26,046	  	  	 	200.35	  	
Q3 2017	 	 	8,793	  	 	 	627,750	  	 	 	71.39	  	 	 	635,805	  	  	 	72.31	  	
Q4 2017	 	 	6,324	  	 	 	379,208	  	 	 	59.96	  	 	 	381,166	  	  	 	60.27	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total 2017	 	 	15,277	  	 	$	1,047,404	  	 	$	68.56	  	 	$	1,057,417	  	  	$	69.22	  	

TOTAL PROPERTY TYPES
 	  	
Lease Expiration
by Quarter	 	Rentable Square
Footage Subject to
Expiring Leases	 	 	Current Annualized
Rental Obligations Under
Expiring Leases	 	 	Per
Square
Foot	 	 	Annualized
Rental Obligations Under
Expiring Leases
with future step-ups	 	  	Per
Square
Foot	 	
Q1 2016	 	 	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	  	$	—  	  	
Q2 2016	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  	
Q3 2016	 	 	36,393	  	 	 	1,958,945	  	 	 	53.83	  	 	 	1,958,945	  	  	 	53.83	  	
Q4 2016	 	 	125,990	  	 	 	5,466,461	  	 	 	43.39	  	 	 	5,222,330	  	  	 	41.45	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total 2016	 	 	162,383	  	 	$	7,425,407	  	 	$	45.73	  	 	$	7,181,276	  	  	$	44.22	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Q1 2017	 	 	220,680	  	 	$	9,698,106	  	 	$	43.95	  	 	$	9,700,245	  	  	$	43.96	  	
Q2 2017	 	 	111,869	  	 	 	4,956,163	  	 	 	44.30	  	 	 	5,071,904	  	  	 	45.34	  	
Q3 2017	 	 	229,782	  	 	 	11,540,456	  	 	 	50.22	  	 	 	12,969,582	  	  	 	56.44	  	
Q4 2017	 	 	67,206	  	 	 	2,977,102	  	 	 	44.30	  	 	 	3,289,436	  	  	 	48.95	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total 2017	 	 	629,537	  	 	$	29,171,829	  	 	$	46.34	  	 	$	31,031,167	  	  	$	49.29	  	

(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
 
33

SECOND QUARTER 2016
 
IN-SERVICE WASHINGTON, DC REGION PROPERTIES
Lease Expirations - Washington, DC Region (1) (2) (3)

OFFICE
 	  	
Year of Lease
Expiration	  	Rentable Square
Footage Subject to
Expiring Leases	 	  	Current Annualized
Rental Obligations Under
Expiring Leases	 	  	Per
Square
Foot	 	  	Annualized
Rental Obligations Under
Expiring Leases
with future step-ups	 	  	Per
Square
Foot	 	
2016	  	 	242,445	  	  	$	14,475,191	  	  	$	59.71	  	  	$	14,508,452	  	  	$	59.84	(4)(5) 	
2017	  	 	617,711	  	  	 	30,623,156	  	  	 	49.58	  	  	 	30,836,380	  	  	 	49.92	(5) 	
2018	  	 	401,868	  	  	 	20,969,691	  	  	 	52.18	  	  	 	21,872,572	  	  	 	54.43	  	
2019	  	 	970,320	  	  	 	45,773,583	  	  	 	47.17	  	  	 	47,725,124	  	  	 	49.18	  	
2020	  	 	1,292,667	  	  	 	56,589,598	  	  	 	43.78	  	  	 	60,098,820	  	  	 	46.49	  	
2021	  	 	1,227,539	  	  	 	64,007,733	  	  	 	52.14	  	  	 	71,169,857	  	  	 	57.98	  	
2022	  	 	727,006	  	  	 	32,078,043	  	  	 	44.12	  	  	 	37,002,997	  	  	 	50.90	  	
2023	  	 	505,353	  	  	 	23,672,572	  	  	 	46.84	  	  	 	27,730,909	  	  	 	54.87	  	
2024	  	 	632,516	  	  	 	31,956,786	  	  	 	50.52	  	  	 	36,971,869	  	  	 	58.45	  	
2025	  	 	459,440	  	  	 	19,476,214	  	  	 	42.39	  	  	 	23,651,355	  	  	 	51.48	  	
Thereafter	  	 	1,756,305	  	  	 	118,482,687	  	  	 	67.46	  	  	 	155,433,058	  	  	 	88.50	  	
 	
RETAIL
 	  	
Year of Lease
Expiration	  	Rentable Square
Footage Subject to
Expiring Leases	 	  	Current Annualized
Rental Obligations Under
Expiring Leases	 	  	Per
Square
Foot	 	  	Annualized
Rental Obligations Under
Expiring Leases
with future step-ups	 	  	Per
Square
Foot	 	
2016	  	 	27,511	  	  	$	1,755,468	  	  	$	63.81	  	  	$	1,760,105	  	  	$	63.98	  	
2017	  	 	61,559	  	  	 	3,436,524	  	  	 	55.82	  	  	 	3,460,824	  	  	 	56.22	  	
2018	  	 	56,452	  	  	 	3,972,972	  	  	 	70.38	  	  	 	4,036,131	  	  	 	71.50	  	
2019	  	 	66,287	  	  	 	3,689,582	  	  	 	55.66	  	  	 	3,772,072	  	  	 	56.91	  	
2020	  	 	54,250	  	  	 	3,395,204	  	  	 	62.58	  	  	 	3,487,672	  	  	 	64.29	  	
2021	  	 	67,121	  	  	 	4,348,719	  	  	 	64.79	  	  	 	4,646,370	  	  	 	69.22	  	
2022	  	 	20,706	  	  	 	1,403,986	  	  	 	67.81	  	  	 	1,590,791	  	  	 	76.83	  	
2023	  	 	55,846	  	  	 	2,536,062	  	  	 	45.41	  	  	 	2,827,178	  	  	 	50.62	  	
2024	  	 	22,050	  	  	 	1,110,568	  	  	 	50.37	  	  	 	1,301,973	  	  	 	59.05	  	
2025	  	 	77,110	  	  	 	2,919,231	  	  	 	37.86	  	  	 	3,196,435	  	  	 	41.45	  	
Thereafter	  	 	125,730	  	  	 	5,138,248	  	  	 	40.87	  	  	 	5,987,665	  	  	 	47.62	  	
 	
TOTAL PROPERTY TYPES
 	  	
Year of Lease
Expiration	  	Rentable Square
Footage Subject to
Expiring Leases	 	  	Current Annualized
Rental Obligations Under
Expiring Leases	 	  	Per
Square
Foot	 	  	Annualized
Rental Obligations Under
Expiring Leases
with future step-ups	 	  	Per
Square
Foot	 	
2016	  	 	269,956	  	  	$	16,230,659	  	  	$	60.12	  	  	$	16,268,557	  	  	$	60.26	(4) 	
2017	  	 	679,270	  	  	 	34,059,680	  	  	 	50.14	  	  	 	34,297,205	  	  	 	50.49	  	
2018	  	 	458,320	  	  	 	24,942,663	  	  	 	54.42	  	  	 	25,908,704	  	  	 	56.53	  	
2019	  	 	1,036,607	  	  	 	49,463,165	  	  	 	47.72	  	  	 	51,497,196	  	  	 	49.68	  	
2020	  	 	1,346,917	  	  	 	59,984,802	  	  	 	44.53	  	  	 	63,586,492	  	  	 	47.21	  	
2021	  	 	1,294,660	  	  	 	68,356,452	  	  	 	52.80	  	  	 	75,816,228	  	  	 	58.56	  	
2022	  	 	747,712	  	  	 	33,482,029	  	  	 	44.78	  	  	 	38,593,788	  	  	 	51.62	  	
2023	  	 	561,199	  	  	 	26,208,633	  	  	 	46.70	  	  	 	30,558,087	  	  	 	54.45	  	
2024	  	 	654,566	  	  	 	33,067,354	  	  	 	50.52	  	  	 	38,273,841	  	  	 	58.47	  	
2025	  	 	536,550	  	  	 	22,395,445	  	  	 	41.74	  	  	 	26,847,789	  	  	 	50.04	  	
Thereafter	  	 	1,882,035	  	  	 	123,620,935	  	  	 	65.68	  	  	 	161,420,724	  	  	 	85.77	  	
 
(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties. Does not include residential units.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
(4)	Includes square feet expiring on the last day of the current quarter.	
(5)	Includes 50,185 and 9,570 square feet of Sensitive Compartmented Information Facility (SCIF) space in 2016 and 2017, respectively. Excluding the SCIF space, the current and future expiring rental rates per square foot would be $41.25 and $41.42 and $48.47 and $48.80, respectively.	
 
34

SECOND QUARTER 2016
 
IN-SERVICE WASHINGTON, DC REGION PROPERTIES
Quarterly Lease Expirations - Washington, DC Region (1) (2) (3)

OFFICE
 	  	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Lease Expiration	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
by Quarter	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
Q1 2016	  	 	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	
Q2 2016	  	 	40,004	  	  	 	2,279,856	  	  	 	56.99	  	  	 	2,279,856	  	  	 	56.99	(4)(5) 	
Q3 2016	  	 	76,644	  	  	 	6,430,089	  	  	 	83.90	  	  	 	6,437,671	  	  	 	83.99	(5) 	
Q4 2016	  	 	125,797	  	  	 	5,765,246	  	  	 	45.83	  	  	 	5,790,925	  	  	 	46.03	(5) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2016	  	 	242,445	  	  	$	14,475,191	  	  	$	59.71	  	  	$	14,508,452	  	  	$	59.84	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2017	  	 	156,499	  	  	$	7,110,425	  	  	$	45.43	  	  	$	7,139,291	  	  	$	45.62	  	
Q2 2017	  	 	75,533	  	  	 	4,398,066	  	  	 	58.23	  	  	 	4,432,018	  	  	 	58.68	(5) 	
Q3 2017	  	 	288,465	  	  	 	13,819,263	  	  	 	47.91	  	  	 	13,860,189	  	  	 	48.05	  	
Q4 2017	  	 	97,214	  	  	 	5,295,402	  	  	 	54.47	  	  	 	5,404,882	  	  	 	55.60	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	617,711	  	  	$	30,623,156	  	  	$	49.58	  	  	$	30,836,380	  	  	$	49.92	  	

RETAIL
 	  	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Lease Expiration	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
by Quarter	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
Q1 2016	  	 	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	
Q2 2016	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
Q3 2016	  	 	5,413	  	  	 	427,809	  	  	 	79.03	  	  	 	427,809	  	  	 	79.03	  	
Q4 2016	  	 	22,098	  	  	 	1,327,659	  	  	 	60.08	  	  	 	1,332,296	  	  	 	60.29	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2016	  	 	27,511	  	  	$	1,755,468	  	  	$	63.81	  	  	$	1,760,105	  	  	$	63.98	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2017	  	 	26,393	  	  	$	1,578,067	  	  	$	59.79	  	  	$	1,578,067	  	  	$	59.79	  	
Q2 2017	  	 	12,974	  	  	 	491,190	  	  	 	37.86	  	  	 	491,190	  	  	 	37.86	  	
Q3 2017	  	 	6,842	  	  	 	446,730	  	  	 	65.29	  	  	 	446,730	  	  	 	65.29	  	
Q4 2017	  	 	15,350	  	  	 	920,537	  	  	 	59.97	  	  	 	944,837	  	  	 	61.55	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	61,559	  	  	$	3,436,524	  	  	$	55.82	  	  	$	3,460,824	  	  	$	56.22	  	

TOTAL PROPERTY TYPES
 	  	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	Rentable Square	 	  	Current Annualized	 	  	Per	 	  	Rental Obligations Under	 	  	Per	 	
Lease Expiration	  	Footage Subject to	 	  	Rental Obligations Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
by Quarter	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
Q1 2016	  	 	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	  	$	—  	  	
Q2 2016	  	 	40,004	  	  	 	2,279,856	  	  	 	56.99	  	  	 	2,279,856	  	  	 	56.99	(4) 	
Q3 2016	  	 	82,057	  	  	 	6,857,898	  	  	 	83.57	  	  	 	6,865,480	  	  	 	83.67	  	
Q4 2016	  	 	147,895	  	  	 	7,092,904	  	  	 	47.96	  	  	 	7,123,221	  	  	 	48.16	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2016	  	 	269,956	  	  	$	16,230,659	  	  	$	60.12	  	  	$	16,268,557	  	  	$	60.26	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2017	  	 	182,892	  	  	$	8,688,492	  	  	$	47.51	  	  	$	8,717,359	  	  	$	47.66	  	
Q2 2017	  	 	88,507	  	  	 	4,889,256	  	  	 	55.24	  	  	 	4,923,208	  	  	 	55.63	  	
Q3 2017	  	 	295,307	  	  	 	14,265,993	  	  	 	48.31	  	  	 	14,306,919	  	  	 	48.45	  	
Q4 2017	  	 	112,564	  	  	 	6,215,939	  	  	 	55.22	  	  	 	6,349,719	  	  	 	56.41	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	679,270	  	  	$	34,059,680	  	  	$	50.14	  	  	$	34,297,205	  	  	$	50.49	  	

(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties. Does not include residential units.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
(4)	Includes square feet expiring on the last day of the current quarter.	
(5)	Includes 5,979, 36,144, 8,062, and 9,570 square feet of Sensitive Compartmented Information Facility (SCIF) space in Q2 2016, Q3 2016, Q4 2016, and Q2 2017, respectively. Excluding the SCIF space, the current and future expiring rental rates per square foot would be $45.60 and $45.60, $39.41 and $39.60, $40.63 and $40.85, and $49.26 and $49.61, respectively.	
 
35

SECOND QUARTER 2016
 
CBD PROPERTIES
Lease Expirations (1) (2) (3)

 	  	Boston	 	 	San Francisco	 	
Year of Lease
Expiration	  	Rentable Square
Footage Subject to
Expiring Leases	 	  	Current Annualized
Rental Obligations
Under
Expiring Leases	 	  	Per
Square
Foot	 	  	Annualized
Rental Obligations
Under
Expiring Leases
with future step-ups	 	  	Per
Square
Foot	 	 	Rentable Square
Footage Subject to
Expiring Leases	 	  	Current Annualized
Rental Obligations
Under
Expiring Leases	 	  	Per
Square
Foot	 	  	Annualized
Rental Obligations
Under
Expiring Leases
with future step-ups	 	  	Per
Square
Foot	 	
2016	  	 	143,421	  	  	$	8,886,470	  	  	$	61.96	  	  	$	8,899,359	  	  	$	62.05	(4) 	 	 	111,192	  	  	$	5,849,625	  	  	$	52.61	  	  	$	5,605,494	  	  	$	50.41	  	
2017	  	 	382,794	  	  	 	23,071,127	  	  	 	60.27	  	  	 	23,206,336	  	  	 	60.62	  	 	 	372,003	  	  	 	21,818,268	  	  	 	58.65	  	  	 	23,455,658	  	  	 	63.05	  	
2018	  	 	318,716	  	  	 	16,595,809	  	  	 	52.07	  	  	 	16,857,037	  	  	 	52.89	  	 	 	170,028	  	  	 	10,163,936	  	  	 	59.78	  	  	 	10,418,236	  	  	 	61.27	  	
2019	  	 	652,962	  	  	 	36,969,314	  	  	 	56.62	  	  	 	37,445,418	  	  	 	57.35	  	 	 	248,131	  	  	 	14,147,559	  	  	 	57.02	  	  	 	14,761,968	  	  	 	59.49	  	
2020	  	 	313,460	  	  	 	18,827,978	  	  	 	60.07	  	  	 	19,515,970	  	  	 	62.26	  	 	 	586,146	  	  	 	38,025,701	  	  	 	64.87	  	  	 	39,318,263	  	  	 	67.08	  	
2021	  	 	400,355	  	  	 	22,355,023	  	  	 	55.84	  	  	 	23,118,951	  	  	 	57.75	  	 	 	403,365	  	  	 	24,074,615	  	  	 	59.68	  	  	 	28,243,232	  	  	 	70.02	  	
2022	  	 	969,080	  	  	 	55,401,601	  	  	 	57.17	  	  	 	58,738,724	  	  	 	60.61	  	 	 	333,523	  	  	 	17,706,995	  	  	 	53.09	  	  	 	22,303,355	  	  	 	66.87	  	
2023	  	 	412,150	  	  	 	27,531,826	  	  	 	66.80	  	  	 	30,724,921	  	  	 	74.55	  	 	 	245,921	  	  	 	14,488,684	  	  	 	58.92	  	  	 	17,305,876	  	  	 	70.37	  	
2024	  	 	285,278	  	  	 	16,454,590	  	  	 	57.68	  	  	 	18,444,961	  	  	 	64.66	  	 	 	429,586	  	  	 	23,996,133	  	  	 	55.86	  	  	 	27,613,505	  	  	 	64.28	  	
2025	  	 	684,479	  	  	 	44,238,481	  	  	 	64.63	  	  	 	50,554,085	  	  	 	73.86	  	 	 	142,758	  	  	 	8,692,462	  	  	 	60.89	  	  	 	10,790,801	  	  	 	75.59	  	
Thereafter	  	 	3,341,494	  	  	 	199,590,492	  	  	 	59.73	  	  	 	230,019,320	  	  	 	68.84	  	 	 	710,231	  	  	 	45,486,571	  	  	 	64.04	  	  	 	59,139,471	  	  	 	83.27	  	
 	 	 	
 	  	New York	 	 	Washington, DC	 	
Year of Lease
Expiration	  	Rentable Square
Footage Subject to
Expiring Leases	 	  	Current Annualized
Rental Obligations
Under
Expiring Leases	 	  	Per
Square
Foot	 	  	Annualized
Rental Obligations
Under
Expiring Leases
with future step-ups	 	  	Per
Square
Foot	 	 	Rentable Square
Footage Subject to
Expiring Leases	 	  	Current Annualized
Rental Obligations
Under
Expiring Leases	 	  	Per
Square
Foot	 	  	Annualized
Rental Obligations
Under
Expiring Leases
with future step-ups	 	  	Per
Square
Foot	 	
2016	  	 	367,556	  	  	$	29,852,854	  	  	$	81.22	  	  	$	29,852,853	  	  	$	81.22	(4) 	 	 	60,473	  	  	$	2,981,138	  	  	$	49.30	  	  	$	2,995,231	  	  	$	49.53	(4) 	
2017	  	 	685,930	  	  	 	70,245,724	  	  	 	102.41	  	  	 	70,245,724	  	  	 	102.41	  	 	 	371,886	  	  	 	19,040,541	  	  	 	51.20	  	  	 	19,081,458	  	  	 	51.31	  	
2018	  	 	320,479	  	  	 	44,317,776	  	  	 	138.29	  	  	 	44,394,254	  	  	 	138.52	  	 	 	116,353	  	  	 	6,827,231	  	  	 	58.68	  	  	 	7,130,559	  	  	 	61.28	  	
2019	  	 	331,971	  	  	 	32,873,075	  	  	 	99.02	  	  	 	32,957,996	  	  	 	99.28	  	 	 	406,976	  	  	 	26,515,299	  	  	 	65.15	  	  	 	27,997,219	  	  	 	68.79	  	
2020	  	 	1,558,077	  	  	 	141,890,643	  	  	 	91.07	  	  	 	145,526,190	  	  	 	93.40	  	 	 	449,893	  	  	 	24,663,428	  	  	 	54.82	  	  	 	26,456,594	  	  	 	58.81	  	
2021	  	 	311,885	  	  	 	42,568,815	  	  	 	136.49	  	  	 	45,190,946	  	  	 	144.90	  	 	 	544,917	  	  	 	35,445,169	  	  	 	65.05	  	  	 	39,250,804	  	  	 	72.03	  	
2022	  	 	907,379	  	  	 	87,184,283	  	  	 	96.08	  	  	 	93,712,474	  	  	 	103.28	  	 	 	89,997	  	  	 	5,315,044	  	  	 	59.06	  	  	 	5,935,888	  	  	 	65.96	  	
2023	  	 	83,075	  	  	 	10,406,869	  	  	 	125.27	  	  	 	11,810,125	  	  	 	142.16	  	 	 	46,648	  	  	 	2,847,334	  	  	 	61.04	  	  	 	3,471,497	  	  	 	74.42	  	
2024	  	 	672,248	  	  	 	62,729,543	  	  	 	93.31	  	  	 	69,603,696	  	  	 	103.54	  	 	 	193,400	  	  	 	12,614,112	  	  	 	65.22	  	  	 	14,658,060	  	  	 	75.79	  	
2025	  	 	282,008	  	  	 	29,228,892	  	  	 	103.65	  	  	 	31,848,150	  	  	 	112.93	  	 	 	82,103	  	  	 	4,158,737	  	  	 	50.65	  	  	 	5,061,410	  	  	 	61.65	  	
Thereafter	  	 	3,096,717	  	  	 	309,881,077	  	  	 	100.07	  	  	 	407,752,399	  	  	 	131.67	  	 	 	1,605,396	  	  	 	111,615,902	  	  	 	69.53	  	  	 	146,690,207	  	  	 	91.37	  	
 
(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties. Does not include residential units and hotel.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
(4)	Includes square feet expiring on the last day of the current quarter.	
 
36

SECOND QUARTER 2016
 
SUBURBAN PROPERTIES
Lease Expirations (1) (2) (3)

 	  	Boston	 	 	San Francisco	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	 	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	 	 	  	Current Annualized	 	  	 	 	  	Rental Obligations	 	  	 	 	 	 	 	  	Current Annualized	 	  	 	 	  	Rental Obligations	 	  	 	 	
 	  	Rentable Square	 	  	Rental Obligations	 	  	Per	 	  	Under	 	  	Per	 	 	Rentable Square	 	  	Rental Obligations	 	  	Per	 	  	Under	 	  	Per	 	
Year of Lease	  	Footage Subject to	 	  	Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	 	Footage Subject to	 	  	Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
Expiration	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	 	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
2016	  	 	317,193	  	  	$	9,937,392	  	  	$	31.33	  	  	$	10,001,362	  	  	$	31.53	(4) 	 	 	51,191	  	  	$	1,575,781	  	  	$	30.78	  	  	$	1,575,781	  	  	$	30.78	  	
2017	  	 	403,961	  	  	 	13,843,140	  	  	 	34.27	  	  	 	13,882,591	  	  	 	34.37	  	 	 	257,534	  	  	 	7,353,561	  	  	 	28.55	  	  	 	7,575,509	  	  	 	29.42	  	
2018	  	 	268,761	  	  	 	8,954,991	  	  	 	33.32	  	  	 	9,157,214	  	  	 	34.07	  	 	 	59,043	  	  	 	2,199,009	  	  	 	37.24	  	  	 	2,312,268	  	  	 	39.16	  	
2019	  	 	468,301	  	  	 	18,252,784	  	  	 	38.98	  	  	 	18,708,529	  	  	 	39.95	  	 	 	469,829	  	  	 	19,575,640	  	  	 	41.67	  	  	 	21,133,571	  	  	 	44.98	  	
2020	  	 	187,039	  	  	 	6,233,063	  	  	 	33.32	  	  	 	6,606,962	  	  	 	35.32	  	 	 	75,647	  	  	 	3,406,404	  	  	 	45.03	  	  	 	3,700,342	  	  	 	48.92	  	
2021	  	 	662,615	  	  	 	20,518,167	  	  	 	30.97	  	  	 	21,691,819	  	  	 	32.74	  	 	 	317,056	  	  	 	7,672,631	  	  	 	24.20	  	  	 	8,766,389	  	  	 	27.65	  	
2022	  	 	695,658	  	  	 	25,807,877	  	  	 	37.10	  	  	 	26,102,090	  	  	 	37.52	  	 	 	374,859	  	  	 	15,574,745	  	  	 	41.55	  	  	 	19,106,667	  	  	 	50.97	  	
2023	  	 	196,266	  	  	 	6,317,775	  	  	 	32.19	  	  	 	7,613,760	  	  	 	38.79	  	 	 	40,657	  	  	 	2,139,012	  	  	 	52.61	  	  	 	2,842,655	  	  	 	69.92	  	
2024	  	 	323,984	  	  	 	12,104,753	  	  	 	37.36	  	  	 	14,153,240	  	  	 	43.68	  	 	 	24,512	  	  	 	955,968	  	  	 	39.00	  	  	 	1,210,992	  	  	 	49.40	  	
2025	  	 	440,320	  	  	 	21,107,462	  	  	 	47.94	  	  	 	23,235,352	  	  	 	52.77	  	 	 	5,642	  	  	 	193,716	  	  	 	34.33	  	  	 	252,162	  	  	 	44.69	  	
Thereafter	  	 	462,177	  	  	 	14,788,440	  	  	 	32.00	  	  	 	16,819,734	  	  	 	36.39	  	 	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
 	 	 	
 	  	New York	 	 	Washington, DC	 	
 	  	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	 	 	 	  	 	 	  	 	 	  	Annualized	 	  	 	 	
 	  	 	 	  	Current Annualized	 	  	 	 	  	Rental Obligations	 	  	 	 	 	 	 	  	Current Annualized	 	  	 	 	  	Rental Obligations	 	  	 	 	
 	  	Rentable Square	 	  	Rental Obligations	 	  	Per	 	  	Under	 	  	Per	 	 	Rentable Square	 	  	Rental Obligations	 	  	Per	 	  	Under	 	  	Per	 	
Year of Lease	  	Footage Subject to	 	  	Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	 	Footage Subject to	 	  	Under	 	  	Square	 	  	Expiring Leases	 	  	Square	 	
Expiration	  	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	 	Expiring Leases	 	  	Expiring Leases	 	  	Foot	 	  	with future step-ups	 	  	Foot	 	
2016	  	 	150,868	  	  	$	4,789,738	  	  	$	31.75	  	  	$	5,003,898	  	  	$	33.17	(4) 	 	 	209,483	  	  	$	13,249,521	  	  	$	63.25	  	  	$	13,273,326	  	  	$	63.36	(4)(5) 	
2017	  	 	163,820	  	  	 	6,030,364	  	  	 	36.81	  	  	 	6,040,334	  	  	 	36.87	  	 	 	307,384	  	  	 	15,019,139	  	  	 	48.86	  	  	 	15,215,747	  	  	 	49.50	(5) 	
2018	  	 	217,514	  	  	 	7,353,256	  	  	 	33.81	  	  	 	7,511,363	  	  	 	34.53	  	 	 	341,967	  	  	 	18,115,431	  	  	 	52.97	  	  	 	18,778,145	  	  	 	54.91	  	
2019	  	 	156,333	  	  	 	5,805,177	  	  	 	37.13	  	  	 	5,921,398	  	  	 	37.88	  	 	 	629,631	  	  	 	22,947,866	  	  	 	36.45	  	  	 	23,499,977	  	  	 	37.32	  	
2020	  	 	307,568	  	  	 	10,499,290	  	  	 	34.14	  	  	 	11,101,834	  	  	 	36.10	  	 	 	897,024	  	  	 	35,321,374	  	  	 	39.38	  	  	 	37,129,898	  	  	 	41.39	  	
2021	  	 	101,620	  	  	 	3,359,347	  	  	 	33.06	  	  	 	3,536,580	  	  	 	34.80	  	 	 	749,743	  	  	 	32,911,284	  	  	 	43.90	  	  	 	36,565,424	  	  	 	48.77	  	
2022	  	 	62,319	  	  	 	2,043,535	  	  	 	32.79	  	  	 	2,230,649	  	  	 	35.79	  	 	 	657,715	  	  	 	28,166,985	  	  	 	42.83	  	  	 	32,657,900	  	  	 	49.65	  	
2023	  	 	8,299	  	  	 	264,197	  	  	 	31.83	  	  	 	280,795	  	  	 	33.83	  	 	 	514,551	  	  	 	23,361,300	  	  	 	45.40	  	  	 	27,086,590	  	  	 	52.64	  	
2024	  	 	384,402	  	  	 	13,365,238	  	  	 	34.77	  	  	 	14,145,949	  	  	 	36.80	  	 	 	461,166	  	  	 	20,453,242	  	  	 	44.35	  	  	 	23,615,782	  	  	 	51.21	  	
2025	  	 	133,747	  	  	 	4,831,735	  	  	 	36.13	  	  	 	5,316,299	  	  	 	39.75	  	 	 	454,447	  	  	 	18,236,708	  	  	 	40.13	  	  	 	21,786,380	  	  	 	47.94	  	
Thereafter	  	 	328,408	  	  	 	11,197,986	  	  	 	34.10	  	  	 	12,443,106	  	  	 	37.89	  	 	 	276,639	  	  	 	12,005,034	  	  	 	43.40	  	  	 	14,730,517	  	  	 	53.25	  	
 
(1) 	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2) 	Includes 100% of joint venture properties. Does not include residential units and hotel.	
(3) 	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
(4) 	Includes square feet expiring on the last day of the current quarter.	
(5) 	Includes 50,185 and 9,570 square feet of Sensitive Compartmented Information Facility (SCIF) space in 2016 and 2017, respectively. Excluding the SCIF space, the current and future expiring rental rates per square foot would be $42.09 and $42.24 and $46.58 and $47.20, respectively.	
 
37

SECOND QUARTER 2016
 
RESIDENTIAL and HOTEL PERFORMANCE

Rental Rates and Occupancy	  	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	
 	  	Second Quarter	 	 	Percent	 	 	YTD	 	 	Percent	 	
 	  	2016	 	 	2015	 	 	Change	 	 	2016	 	 	2015	 	 	Change	 	
The Avant at Reston Town Center (359 units)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reston, VA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Monthly Rental Rate (1)	  	$	2,367	  	 	$	2,263	  	 	 	4.6	% 	 	$	2,347	  	 	$	2,254	  	 	 	4.1	% 	
Average Rental Rate Per Occupied Square Foot (1)	  	$	2.60	  	 	$	2.42	  	 	 	7.4	% 	 	$	2.57	  	 	$	2.44	  	 	 	5.3	% 	
Average Physical Occupancy (1) (2)	  	 	94.0	% 	 	 	93.9	% 	 	 	0.1	% 	 	 	93.4	% 	 	 	87.1	% 	 	 	7.2	% 	
Average Economic Occupancy (2)	  	 	93.9	% 	 	 	92.1	% 	 	 	2.0	% 	 	 	93.3	% 	 	 	84.5	% 	 	 	10.4	% 	
The Lofts at Atlantic Wharf (86 units)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston, MA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Monthly Rental Rate (3)	  	$	4,150	  	 	$	4,013	  	 	 	3.4	% 	 	$	4,153	  	 	$	4,013	  	 	 	3.5	% 	
Average Rental Rate Per Occupied Square Foot (3)	  	$	4.59	  	 	$	4.48	  	 	 	2.5	% 	 	$	4.57	  	 	$	4.46	  	 	 	2.5	% 	
Average Physical Occupancy (2) (3)	  	 	95.4	% 	 	 	96.9	% 	 	 	(1.5	)% 	 	 	96.1	% 	 	 	97.5	% 	 	 	(1.4	)% 	
Average Economic Occupancy (2)	  	 	96.4	% 	 	 	96.9	% 	 	 	(0.5	)% 	 	 	97.6	% 	 	 	97.9	% 	 	 	(0.3	)% 	
Boston Marriott Cambridge (433 rooms)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cambridge, MA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Occupancy	  	 	84.3	% 	 	 	86.7	% 	 	 	(2.8	)% 	 	 	79.7	% 	 	 	82.8	% 	 	 	(3.7	)% 	
Average Daily Rate	  	$	299.42	  	 	$	298.70	  	 	 	0.2	% 	 	$	263.61	  	 	$	263.05	  	 	 	0.2	% 	
Revenue per available room	  	$	252.34	  	 	$	259.10	  	 	 	(2.6	)% 	 	$	210.21	  	 	$	217.71	  	 	 	(3.4	)% 	

Net Operating Income (dollars in thousands)	  	  	 	 	  	 	 	  	 	 	  	 	  	  	 	  	  	 	
 	  	Residential	 	 	Hotel	 	
 	  	Second Quarter	 	 	Percent	 	 	Second Quarter	 	  	Percent	 	
 	  	2016	 	 	2015	 	 	Change	 	 	2016	 	  	2015	 	  	Change	 	
Rental Revenue	  	$	4,088	(4) 	 	$	3,811	(4) 	 	 	7.3	% 	 	$	12,808	  	  	$	13,403	  	  	 	(4.4	)% 	
Operating expenses and real estate taxes	  	 	1,606	  	 	 	1,531	  	 	 	4.9	% 	 	 	7,978	  	  	 	8,495	  	  	 	(6.1	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net Operating Income	  	$	2,482	(4) 	 	$	2,280	(4) 	 	 	8.9	% 	 	$	4,830	  	  	$	4,908	  	  	 	(1.6	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Rental Revenue	  	$	4,088	  	 	$	3,811	  	 	 	 	 	 	$	12,808	  	  	$	13,403	  	  	 	 	 	
Less: Straight-line rent and fair value lease revenue	  	 	18	  	 	 	24	  	 	 	(25.0	)% 	 	 	1	  	  	 	1	  	  	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Subtotal	  	 	4,070	  	 	 	3,787	  	 	 	7.5	% 	 	 	12,807	  	  	 	13,402	  	  	 	(4.4	)% 	
Less: Operating expenses and real estate taxes	  	 	1,606	  	 	 	1,531	  	 	 	4.9	% 	 	 	7,978	  	  	 	8,495	  	  	 	(6.1	)% 	
Add: Straight-line ground rent expense	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net Operating Income—cash basis	  	$	2,464	  	 	$	2,256	  	 	 	9.2	% 	 	$	4,829	  	  	$	4,907	  	  	 	(1.6	)% 	

(1)	Excludes 26,179 square feet of retail space which is 100% leased.	
(2)	For disclosures related to the Company’s definition of Average Physical and Average Economic Occupancy, see page 47.	
(3)	Excludes 9,617 square feet of retail space which is 100% leased.	
(4)	Includes 35,796 square feet of retail space, which had revenue of approximately $483 and $464 for the three months ended June 30, 2016 and June 30, 2015, respectively.	
 
38

SECOND QUARTER 2016
 
SAME PROPERTY PERFORMANCE
Office and Hotel & Residential Properties

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Office (1)	 	 	Hotel & Residential (1)	 	 	Total	 	
Number of Properties	  	 	148	  	 	 	3	  	 	 	151	  	
Square feet	  	 	40,322,014	  	 	 	776,704	  	 	 	41,098,718	  	
Percent of properties in-service	  	 	96.0	% 	 	 	100.0	% 	 	 	96.1	% 	
Occupancy @ 6/30/2015	  	 	92.0	% 	 	 	N/A	  	 	 	92.0	% 	
Occupancy @ 6/30/2016	  	 	90.9	% 	 	 	N/A	  	 	 	90.9	% 	
Percent change from 2nd quarter 2016 over 2nd quarter 2015 (2):	  	 	 	 	 	 	 	 	 	 	 	 	
Combined Net Operating Income (3)	  	 	 	 	 	 	 	 	 	 	(0.8	)% 	
BXP’s Share of Combined Net Operating Income (3)	  	 	 	 	 	 	 	 	 	 	0.7	% 	
Combined Net Operating Income - cash basis (3)	  	 	 	 	 	 	 	 	 	 	3.3	% 	
BXP’s Share of Combined Net Operating Income (3) - cash basis	  	 	 	 	 	 	 	 	 	 	4.7	% 	
Same Property Lease Analysis - quarter ended June 30, 2016

 	 	 	 	 	
 	  	Total Office	 	
Vacant space available @ 4/1/2016 (sf)	  	 	3,508,157	  	
Property dispositions/ properties taken out of service (sf)	  	 	—  	  	
Square footage of leases expiring or terminated 4/1/2016-6/30/2016	  	 	1,484,034	  	
 	  	 	 	 	
Total space for lease (sf)	  	 	4,992,191	  	
 	  	 	 	 	
New tenants (sf)	  	 	591,291	  	
Renewals (sf)	  	 	742,184	  	
 	  	 	 	 	
Total space leased (sf)	  	 	1,333,475	  	
 	  	 	 	 	
Space available @ 6/30/2016 (sf)	  	 	3,658,716	  	
 	  	 	 	 	
Net (increase)/decrease in available space (sf)	  	 	(150,559	) 	
Second generation leasing information: (4)	  	 	 	 	
Leases commencing during the period (sf)	  	 	1,304,751	  	
Weighted average lease term (months)	  	 	104	  	
Weighted average free rent period (days)	  	 	88	  	
Total transaction costs per square foot (5)	  	$	70.13	  	
Increase (decrease) in gross rents (6)	  	 	18.27	% 	
Increase (decrease) in net rents (7)	  	 	28.11	% 	
 
(1)	Includes revenue and expenses from retail properties and tenants.	
(2)	See page 41 for a quantitative reconciliation of Same Property Net Operating Income (NOI) by reportable segment.	
(3)	For a quantitative reconciliation of Net income attributable to Boston Properties, Inc. common shareholders to Combined NOI, Combined NOI—cash basis, BXP’s Share of Combined NOI and BXP’s Share of Combined NOI—cash basis, see page 40. For disclosures relating to the Company’s use of Combined NOI and BXP’s Share of Combined NOI see pages 47-48.	
(4)	Second generation leases are defined as leases for space that had previously been under lease by the Company. Of the 1,304,751 square feet of second generation leases that commenced in Q2 2016, leases for 1,163,010 square feet were signed in prior periods.	
(5)	Total transaction costs include tenant improvements and leasing commissions and exclude free rent concessions.	
(6)	Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 1,081,775 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).	
(7)	Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 1,081,775 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).	
 
39

SECOND QUARTER 2016
 
RECONCILIATION OF NET INCOME TO NET OPERATING INCOME (NOI)
(in thousands)

 	  	For the three months ended	 	
 	  	June 30, 2016	 	 	June 30, 2015	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	96,597	  	 	$	79,460	  	
Preferred dividends	  	 	2,589	  	 	 	2,618	  	
 	  	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc.	  	 	99,186	  	 	 	82,078	  	
Net income attributable to noncontrolling interests:	  	 	 	 	 	 	 	 	
Noncontrolling interest—common units of the Operating Partnership	  	 	11,357	  	 	 	9,394	  	
Noncontrolling interest—redeemable preferred units of the Operating Partnership	  	 	—  	  	 	 	3	  	
Noncontrolling interest in property partnerships (1)	  	 	6,814	  	 	 	9,264	  	
 	  	 	 	 	 	 	 	 	
Net income	  	 	117,357	  	 	 	100,739	  	
Add:	  	 	 	 	 	 	 	 	
Interest expense	  	 	105,003	  	 	 	108,534	  	
Depreciation and amortization	  	 	153,175	  	 	 	167,844	  	
Transaction costs	  	 	913	  	 	 	208	  	
General and administrative expense	  	 	25,418	  	 	 	22,284	  	
Subtract:	  	 	 	 	 	 	 	 	
Gains (losses) from investments in securities	  	 	(478	) 	 	 	24	  	
Interest and other income	  	 	(1,524	) 	 	 	(1,293	) 	
Income from unconsolidated joint ventures	  	 	(2,234	) 	 	 	(3,078	) 	
Development and management services income	  	 	(5,533	) 	 	 	(4,862	) 	
 	  	 	 	 	 	 	 	 	
Consolidated NOI	  	 	392,097	  	 	 	390,400	  	
Add:	  	 	 	 	 	 	 	 	
BXP’s share of NOI from unconsolidated joint ventures (2)	  	 	10,672	  	 	 	11,374	  	
 	  	 	 	 	 	 	 	 	
Combined NOI	  	 	402,769	  	 	 	401,774	  	
Subtract:	  	 	 	 	 	 	 	 	
Partners’ share of NOI from consolidated joint ventures (3)	  	 	(44,208	) 	 	 	(55,975	) 	
 	  	 	 	 	 	 	 	 	
BXP’s Share of Combined NOI	  	 	358,561	  	 	 	345,799	  	
Subtract:	  	 	 	 	 	 	 	 	
BXP’s share of Combined Termination income	  	 	(7,614	) 	 	 	(5,419	) 	
 	  	 	 	 	 	 	 	 	
BXP’s Share of Combined NOI (excluding termination income)	  	$	350,947	  	 	$	340,380	  	
 	  	 	 	 	 	 	 	 	
Combined NOI	  	$	402,769	  	 	$	401,774	  	
Subtract:	  	 	 	 	 	 	 	 	
NOI from non Same Properties (4)	  	 	(12,796	) 	 	 	(9,408	) 	
Termination income	  	 	(7,658	) 	 	 	(6,860	) 	
 	  	 	 	 	 	 	 	 	
Combined Same Property NOI	  	 	382,315	  	 	 	385,506	  	
Subtract:	  	 	 	 	 	 	 	 	
Partners’ share of NOI from consolidated joint ventures (3)	  	 	(44,208	) 	 	 	(55,975	) 	
Add:	  	 	 	 	 	 	 	 	
Partners’ share of Termination Income from consolidated joint ventures (3)	  	 	44	  	 	 	1,441	  	
Partners’ share of NOI from non Same Properties from consolidated joint ventures (4)(5)	  	 	—  	  	 	 	4,969	  	
 	  	 	 	 	 	 	 	 	
BXP’s Share of Combined Same Property NOI	  	$	338,151	  	 	$	335,941	  	
 	  	 	 	 	 	 	 	 	
NOI—cash basis reconciliation	  	 	 	 	 	 	 	 	
Combined Same Property NOI	  	$	382,315	  	 	$	385,506	  	
Subtract:	  	 	 	 	 	 	 	 	
Straight-line rent and fair value lease revenue	  	 	(8,310	) 	 	 	(27,686	) 	
Add:	  	 	 	 	 	 	 	 	
Straight-line ground rent expense (6)	  	 	935	  	 	 	1,106	  	
Lease transaction costs that qualify as inducements in accordance with GAAP (7)	  	 	377	  	 	 	4,355	  	
 	  	 	 	 	 	 	 	 	
Combined Same Property NOI—cash basis	  	 	375,317	  	 	 	363,281	  	
Subtract:	  	 	 	 	 	 	 	 	
Partners’ share of NOI from Same Property—cash basis (3)(4)	  	 	(40,415	) 	 	 	(43,474	) 	
 	  	 	 	 	 	 	 	 	
BXP’s Share of Combined Same Property NOI—cash basis	  	$	334,902	  	 	$	319,807	  	

(1)	These partnerships include 505 9th Street, N.W. in Washington, DC, which was sold on September 18, 2015, Fountain Square in Reston, VA, of which the Company acquired the remaining 50% interest on September 15, 2015, 767 Fifth Avenue (The GM Building), 601 Lexington Avenue and Times Square Tower in New York City, Salesforce Tower in San Francisco, CA and 100 Federal Street and Atlantic Wharf Office Building in Boston, MA. For additional information, refer to page 9.	
(2)	For disclosures related to the calculation of BXP’s Share of NOI from unconsolidated joint ventures, see page 18.	
(3)	For disclosures related to the calculation of Partners’ share of NOI and NOI - cash basis from consolidated joint ventures, see page 20.	
(4)	Pages 22-24 indicate by footnote the properties which are not included as part of Same Property NOI. Non Same Properties include dispositions that occurred prior to June 30, 2016 and therefore are no longer a part of the Company’s property portfolio.	
(5)	On September 15, 2015, the Company acquired its partner’s 50% interest in the entity that owns Fountain Square. As a result, the Partners’ share of NOI from non Same Properties from consolidated joint ventures for the three months ended June 30, 2015 is included in Partners’ share of NOI from non Same Properties from consolidated joint ventures.	
(6)	For additional information, refer to page 12.	
(7)	For additional information, refer to page 42.	
 
40

SECOND QUARTER 2016
 
SAME PROPERTY NET OPERATING INCOME BY REPORTABLE SEGMENT
(dollars in thousands)

 	  	Office (1)	 	 	Hotel & Residential	 	
 	  	For the three months ended	 	  	 	 	 	 	 	 	For the three months ended	 	  	 	 	 	 	 	
 	  	30-Jun-16	 	  	30-Jun-15	 	  	$ Change	 	 	% Change	 	 	30-Jun-16	 	  	30-Jun-15	 	  	$ Change	 	 	% Change	 	
Rental Revenue	  	$	583,888	  	  	$	581,168	  	  	 	 	 	 	 	 	 	 	$	16,896	  	  	$	17,214	  	  	 	 	 	 	 	 	 	
Less: Termination Income	  	 	7,654	  	  	 	6,680	  	  	 	 	 	 	 	 	 	 	 	—  	  	  	 	—  	  	  	 	 	 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income)	  	 	576,234	  	  	 	574,488	  	  	$	1,746	  	 	 	0.3	% 	 	 	16,896	  	  	 	17,214	  	  	$	(318	) 	 	 	(1.8	)% 	
Operating expenses and real estate taxes	  	 	211,555	  	  	 	207,364	  	  	 	4,191	  	 	 	2.0	% 	 	 	9,584	  	  	 	10,026	  	  	 	(442	) 	 	 	(4.4	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Net Operating Income (2)	  	$	364,679	  	  	$	367,124	  	  	$	(2,445	) 	 	 	(0.7	)% 	 	$	7,312	  	  	$	7,188	  	  	$	124	  	 	 	1.7	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income)	  	$	576,234	  	  	$	574,488	  	  	 	 	 	 	 	 	 	 	$	16,896	  	  	$	17,214	  	  	 	 	 	 	 	 	 	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Straight-line rent and fair value lease revenue	  	 	6,526	  	  	 	27,606	  	  	 	(21,080	) 	 	 	(76.4	)% 	 	 	19	  	  	 	24	  	  	 	(5	) 	 	 	(20.8	)% 	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Lease transaction costs that qualify as inducements in accordance with GAAP (3)	  	 	377	  	  	 	4,285	  	  	 	(3,908	) 	 	 	(91.2	)% 	 	 	—  	  	  	 	—  	  	  	 	—  	  	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Subtotal	  	 	570,085	  	  	 	551,167	  	  	 	18,918	  	 	 	3.4	% 	 	 	16,877	  	  	 	17,190	  	  	 	(313	) 	 	 	(1.8	)% 	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Operating expenses and real estate taxes	  	 	211,555	  	  	 	207,364	  	  	 	4,191	  	 	 	2.0	% 	 	 	9,584	  	  	 	10,026	  	  	 	(442	) 	 	 	(4.4	)% 	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Straight-line ground rent expense (4)	  	 	935	  	  	 	1,106	  	  	 	(171	) 	 	 	(15.5	)% 	 	 	—  	  	  	 	—  	  	  	 	—  	  	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Net Operating Income (5) - cash basis	  	$	359,465	  	  	$	344,909	  	  	$	14,556	  	 	 	4.2	% 	 	$	7,293	  	  	$	7,164	  	  	$	129	  	 	 	1.8	% 	

 	  	Consolidated Total (1)	 	 	Unconsolidated Joint Ventures (BXP’s Share)	 	
 	  	For the three months ended	 	  	 	 	 	 	 	 	For the three months ended	 	  	 	 	 	 	 	
 	  	30-Jun-16	 	  	30-Jun-15	 	  	$ Change	 	 	% Change	 	 	30-Jun-16	 	  	30-Jun-15	 	  	$ Change	 	 	% Change	 	
Rental Revenue	  	$	600,784	  	  	$	598,382	  	  	 	 	 	 	 	 	 	 	$	18,255	  	  	$	19,264	  	  	 	 	 	 	 	 	 	
Less: Termination Income	  	 	7,654	  	  	 	6,680	  	  	 	 	 	 	 	 	 	 	 	4	  	  	 	180	  	  	 	 	 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income)	  	 	593,130	  	  	 	591,702	  	  	$	1,428	  	 	 	0.2	% 	 	 	18,251	  	  	 	19,084	  	  	$	(833	) 	 	 	(4.4	)% 	
Operating expenses and real estate taxes	  	 	221,139	  	  	 	217,390	  	  	 	3,749	  	 	 	1.7	% 	 	 	7,927	  	  	 	7,890	  	  	 	37	  	 	 	0.5	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Net Operating Income (2)	  	$	371,991	  	  	$	374,312	  	  	$	(2,321	) 	 	 	(0.6	)% 	 	$	10,324	  	  	$	11,194	  	  	$	(870	) 	 	 	(7.8	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income)	  	$	593,130	  	  	$	591,702	  	  	 	 	 	 	 	 	 	 	$	18,251	  	  	$	19,084	  	  	 	 	 	 	 	 	 	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Straight-line rent and fair value lease revenue	  	 	6,545	  	  	 	27,630	  	  	 	(21,085	) 	 	 	(76.3	)% 	 	 	1,765	  	  	 	56	  	  	 	1,709	  	 	 	3051.8	% 	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Lease transaction costs that qualify as inducements in accordance with GAAP (3)	  	 	377	  	  	 	4,285	  	  	 	(3,908	) 	 	 	(91.2	)% 	 	 	—  	  	  	 	70	  	  	 	(70	) 	 	 	(100.0	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Subtotal	  	 	586,962	  	  	 	568,357	  	  	 	18,605	  	 	 	3.3	% 	 	 	16,486	  	  	 	19,098	  	  	 	(2,612	) 	 	 	(13.7	)% 	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Operating expenses and real estate taxes	  	 	221,139	  	  	 	217,390	  	  	 	3,749	  	 	 	1.7	% 	 	 	7,927	  	  	 	7,890	  	  	 	37	  	 	 	0.5	% 	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Straight-line ground rent expense (4)	  	 	935	  	  	 	1,106	  	  	 	(171	) 	 	 	(15.5	)% 	 	 	—  	  	  	 	—  	  	  	 	—  	  	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Net Operating Income (5) - cash basis	  	$	366,758	  	  	$	352,073	  	  	$	14,685	  	 	 	4.2	% 	 	$	8,559	  	  	$	11,208	  	  	$	(2,649	) 	 	 	(23.6	)% 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Combined	 	 	BXP’s Share of Combined (6)	 	
 	  	For the three months ended	 	  	 	 	 	 	 	 	For the three months ended	 	  	 	 	 	 	 	
 	  	30-Jun-16	 	  	30-Jun-15	 	  	$ Change	 	 	% Change	 	 	30-Jun-16	 	  	30-Jun-15	 	  	$ Change	 	 	% Change	 	
Rental Revenue	  	$	619,039	  	  	$	617,646	  	  	 	 	 	 	 	 	 	 	$	549,430	  	  	$	542,143	  	  	 	 	 	 	 	 	 	
Less: Termination Income	  	 	7,658	  	  	 	6,860	  	  	 	 	 	 	 	 	 	 	 	7,614	  	  	 	5,463	  	  	 	 	 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income)	  	 	611,381	  	  	 	610,786	  	  	$	595	  	 	 	0.1	% 	 	 	541,816	  	  	 	536,680	  	  	$	5,136	  	 	 	1.0	% 	
Operating expenses and real estate taxes	  	 	229,066	  	  	 	225,280	  	  	 	3,786	  	 	 	1.7	% 	 	 	203,665	  	  	 	200,739	  	  	 	2,926	  	 	 	1.5	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Net Operating Income (2)	  	$	382,315	  	  	$	385,506	  	  	$	(3,191	) 	 	 	(0.8	)% 	 	$	338,151	  	  	$	335,941	  	  	$	2,210	  	 	 	0.7	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income)	  	$	611,381	  	  	$	610,786	  	  	 	 	 	 	 	 	 	 	$	541,816	  	  	$	536,680	  	  	 	 	 	 	 	 	 	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Straight-line rent and fair value lease revenue	  	 	8,310	  	  	$	27,686	  	  	 	(19,376	) 	 	 	(70.0	)% 	 	 	4,561	  	  	 	20,381	  	  	 	(15,820	) 	 	 	(77.6	)% 	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Lease transaction costs that qualify as inducements in accordance with GAAP (3)	  	 	377	  	  	$	4,355	  	  	 	(3,978	) 	 	 	(91.3	)% 	 	 	377	  	  	 	3,141	  	  	 	(2,764	) 	 	 	(88.0	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Subtotal	  	 	603,448	  	  	$	587,455	  	  	 	15,993	  	 	 	2.7	% 	 	 	537,632	  	  	 	519,440	  	  	 	18,192	  	 	 	3.5	% 	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Operating expenses and real estate taxes	  	 	229,066	  	  	$	225,280	  	  	 	3,786	  	 	 	1.7	% 	 	 	203,665	  	  	 	200,739	  	  	 	2,926	  	 	 	1.5	% 	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Straight-line ground rent expense (4)	  	 	935	  	  	$	1,106	  	  	 	(171	) 	 	 	(15.5	)% 	 	 	935	  	  	 	1,106	  	  	 	(171	) 	 	 	(15.5	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Net Operating Income (5) - cash basis	  	$	375,317	  	  	$	363,281	  	  	$	12,036	  	 	 	3.3	% 	 	$	334,902	  	  	$	319,807	  	  	$	15,095	  	 	 	4.7	% 	

(1)	Includes 100% share of consolidated joint ventures. Same Property consolidated joint venture properties includes Fountain Square in Reston, VA, of which the Company acquired the remaining 50% interest on September 15, 2015, 767 Fifth Avenue (The GM Building), 601 Lexington Avenue and Times Square Tower in New York City and 100 Federal Street and Atlantic Wharf Office Building in Boston, MA.	
(2)	For a quantitative reconciliation of net operating income (NOI) to net income attributable to Boston Properties, Inc. common shareholders, see page 40. For disclosures relating to the Company’s use of NOI, see pages 47-48.	
(3)	Leasing transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 12. For additional information related to second generation transaction costs, see page 42.	
(4)	For additional information, see page 12.	
(5)	For a quantitative reconciliation of NOI to NOI on a cash basis see page 40. For disclosures relating to the Company’s use of NOI, see pages 47-48.	
(6)	See page 20 for the partners’ share of each line item. On September 15, 2015, the Company acquired its partner’s 50% interest in the entity that owns Fountain Square. As a result, the partner’s share of NOI for the three months ended June 30, 2015 is included in Partners’ share of consolidated joint ventures NOI from non Same Properties.	
 
41

SECOND QUARTER 2016
 
LEASING ACTIVITY
for the three months ended June 30, 2016
All In-Service Properties

 	 	 	 	 	
 	  	Total	 	
Vacant space available @ 4/1/2016 (sf)	  	 	3,688,984	  	
Property dispositions/ properties taken out of service (sf)	  	 	—  	  	
Properties acquired vacant space (sf)	  	 	—  	  	
Properties placed in-service (sf)(1)	  	 	447,957	  	
Leases expiring or terminated 4/1/2016-6/30/2016 (sf)	  	 	1,484,034	  	
 	  	 	 	 	
Total space available for lease (sf)	  	 	5,620,975	  	
 	  	 	 	 	
1st generation leases (sf)	  	 	446,934	  	
2nd generation leases with new tenants (sf)	  	 	562,567	  	
2nd generation lease renewals (sf)	  	 	742,184	  	
 	  	 	 	 	
Total space leased (sf)	  	 	1,751,685	  	
 	  	 	 	 	
Vacant space available for lease @ 6/30/2016 (sf)	  	 	3,869,290	  	
 	  	 	 	 	
Net (increase)/decrease in available space (sf)	  	 	(180,306	) 	
Second generation leasing information: (2)	  	 	 	 	
Leases commencing during the period (sf)	  	 	1,304,751	  	
Weighted average lease term (months)	  	 	104	  	
Weighted average free rent period (days)	  	 	88	  	
Total transaction costs per square foot (3)	  	$	70.13	  	
Increase (decrease) in gross rents (4)	  	 	18.27	% 	
Increase (decrease) in net rents (5)	  	 	28.11	% 	

 	  	 	 	  	 	 	  	Incr (decr)	 	 	Incr (decr)	 	 	 	 	  	 	 	
 	  	All leases	 	  	All leases	 	  	in 2nd gen.	 	 	in 2nd gen.	 	 	Total	 	  	Total square feet of leases	 	
 	  	1st Generation (sf)	 	  	2nd Generation (sf)	 	  	gross cash rents (4)	 	 	net cash rents (5)	 	 	Leased (sf) (6)	 	  	executed in the quarter (7)	 	
Boston	  	 	224,193	  	  	 	185,134	  	  	 	40.30	% 	 	 	75.88	% 	 	 	409,327	  	  	 	98,742	  	
New York	  	 	158,265	  	  	 	479,600	  	  	 	14.33	% 	 	 	22.69	% 	 	 	637,865	  	  	 	436,825	  	
San Francisco	  	 	52,642	  	  	 	323,003	  	  	 	41.19	% 	 	 	68.62	% 	 	 	375,645	  	  	 	236,595	  	
Washington, DC	  	 	11,834	  	  	 	317,014	  	  	 	7.15	% 	 	 	6.73	% 	 	 	328,848	  	  	 	153,439	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total / Weighted Average	  	 	446,934	  	  	 	1,304,751	  	  	 	18.27	% 	 	 	28.11	% 	 	 	1,751,685	  	  	 	925,601	  	

(1)	Total vacant square feet of properties placed in service in Q2 2016 consist of 76,497 square feet at 601 Massachusetts Avenue, 130,000 square feet at 804 Carnegie Center and 241,460 square feet at 10 Citypoint.	
(2)	Second generation leases are defined as leases for space that had previously been leased by the Company. Of the 1,304,751 square feet of second generation leases that commenced in Q2 2016, leases for 1,163,010 square feet were signed in prior periods.	
(3)	Total transaction costs include tenant improvements and leasing commissions and exclude free rent concessions.	
(4)	Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 1,081,775 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).	
(5)	Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 1,081,775 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the tenant is not expected to occupy the space on a long-term basis (e.g., the tenant is occupying “swing space”).	
(6)	Represents leases for which rental revenue recognition has commenced in accordance with GAAP during the quarter.	
(7)	Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter and recognized in the current quarter is 145,869.	
 
42

SECOND QUARTER 2016
 
HISTORICALLY GENERATED CAPITAL EXPENDITURES,
TENANT IMPROVEMENT COSTS and LEASING COMMISSIONS
(dollars in thousands, except PSF amounts)
Historical Capital Expenditures (1)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Q2 2016	 	 	Q1 2016	 	 	2015	 	 	2014	 	 	2013	 	
Recurring capital expenditures	 	$	9,344	  	 	$	21,585	  	 	$	52,471	  	 	$	42,610	  	 	$	51,026	  	
Hotel improvements, equipment upgrades and replacements	 	 	434	  	 	 	360	  	 	 	2,430	  	 	 	2,894	  	 	 	2,070	  	
Planned capital expenditures associated with acquisition properties	 	 	—  	  	 	 	87	  	 	 	6,069	  	 	 	13,087	  	 	 	20,506	  	
Repositioning capital expenditures	 	 	12,475	(2) 	 	 	13,015	(2) 	 	 	9,820	  	 	 	—  	  	 	 	—  	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	$	22,253	  	 	$	35,047	  	 	$	70,790	  	 	$	58,591	  	 	$	73,602	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2nd Generation Tenant Improvements and Leasing Commissions

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Q2 2016	 	  	Q1 2016	 	  	2015	 	  	2014	 	  	2013	 	
Square feet	  	 	1,304,751	  	  	 	1,376,563	  	  	 	5,204,123	  	  	 	3,936,046	  	  	 	3,610,088	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Tenant improvements and lease commissions PSF	  	$	70.13	  	  	$	48.87	  	  	$	45.40	  	  	$	29.60	  	  	$	36.99	  	

(1)	Includes the Company’s share of consolidated and unconsolidated joint ventures amounts.	
(2)	Includes capital expenditures related to the repositioning activities designed to enhance revenue potential at 1330 Connecticut Avenue and Metropolitan Square in Washington, DC, Prudential Center Retail Improvements in Boston, MA, and 399 Park Avenue in New York City.	
 
43

SECOND QUARTER 2016
 
ACQUISITIONS/DISPOSITIONS
as of June 30, 2016
ACQUISITIONS
 
For the period from January 1, 2016 through June 30, 2016

 	  	 	  	 	 	  	 	 	  	Anticipated	 	  	 	 	  	 	 	
 	  	 	  	 	 	  	Initial	 	  	Future	 	  	Total	 	  	Percentage	 	
Property	  	Date Acquired	  	Square Feet	 	  	Investment	 	  	Investment	 	  	Investment	 	  	Leased	 	
3625-3635 Peterson Way	  	April 22, 2016	  	 	218,366	  	  	$	78,000,000	  	  	$	—  	  	  	$	78,000,000	  	  	 	100	% 	
 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Acquisitions	  	 	  	 	218,366	  	  	$	78,000,000	  	  	$	—  	  	  	$	78,000,000	  	  	 	100	% 	
 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
DISPOSITIONS
 
For the period from January 1, 2016 through June 30, 2016

 	  	 	  	 	 	  	Gross	 	  	Net Cash	 	  	 	 	
Property	  	Date Disposed	  	Square Feet	 	  	Sales Price	 	  	Proceeds	 	  	Book Gain	 	
415 Main Street	  	February 1, 2016	  	 	231,028	  	  	$	105,360,000	  	  	$	104,868,000	  	  	$	60,803,000	  	
 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Dispositions	  	 	  	 	231,028	  	  	$	105,360,000	  	  	$	104,868,000	  	  	$	60,803,000	(1) 	

(1)	Excludes approximately $6,820,000 of gain on sale of real estate recognized during the three months ended March 31, 2016 related to a previously deferred gain amount from a 2014 sale of real estate.	
 
44

SECOND QUARTER 2016
 
VALUE CREATION PIPELINE - CONSTRUCTION IN PROGRESS (1)
as of June 30, 2016

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Construction
Properties	 	Actual /
Estimated
Initial
Occupancy	 	Actual /
Estimated
Stabilization
Date	 	Location	 	# of
Buildings	 	 	Square feet	 	 	Investment
to Date (2)	 	 	Estimated
Total
Investment (2)	 	 	Total
Financing(2)	 	 	Amount
Drawn at
6/30/2016
(2)	 	 	Estimated
Future Equity
Requirement (2)	 	 	Percentage
Leased (3)	 	 	Percentage
Placed
in service (4)	 	
Office and Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1265 Main Street (50% Ownership)	 	Q4 2016	 	Q4 2016	 	Waltham, MA	 	 	1	  	 	 	115,000	  	 	$	19,395,177	  	 	$	26,090,000	  	 	$	—  	  	 	$	—  	  	 	$	6,694,823	  	 	 	100	% 	 	 	—  	  	
Prudential Center Retail Expansion	 	Q1 2016	 	Q1 2017	 	Boston, MA	 	 	—  	  	 	 	15,000	  	 	 	9,211,073	  	 	 	10,760,000	  	 	 	—  	  	 	 	—  	  	 	 	1,548,927	  	 	 	100	% 	 	 	12	% 	
888 Boylston Street	 	Q3 2016	 	Q4 2017	 	Boston, MA	 	 	1	  	 	 	425,000	  	 	 	212,810,471	  	 	 	271,500,000	  	 	 	—  	  	 	 	—  	  	 	 	58,689,529	  	 	 	69	% 	 	 	—  	  	
Salesforce Tower (95% ownership)	 	Q3 2017	 	Q1 2019	 	San Francisco, CA	 	 	1	  	 	 	1,400,000	  	 	 	559,744,670	  	 	 	1,073,500,000	  	 	 	(25,389,074	)(5) 	 	 	—  	  	 	 	539,144,404	  	 	 	59	% 	 	 	—  	  	
The Hub on Causeway (50% ownership)	 	Q4 2018	 	Q4 2019	 	Boston, MA	 	 	1	  	 	 	385,000	  	 	 	19,339,785	  	 	 	141,870,000	  	 	 	—  	  	 	 	—  	  	 	 	122,530,215	  	 	 	33	% 	 	 	—  	  	
Dock72 (50% ownership)	 	Q2 2018	 	Q1 2020	 	Brooklyn, NY	 	 	1	  	 	 	670,000	  	 	 	22,461,937	  	 	 	204,900,000	  	 	 	—  	  	 	 	—  	  	 	 	182,438,063	  	 	 	33	% 	 	 	—  	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Office Properties under Construction	 	 	 	 	 	 	 	 	5	  	 	 	3,010,000	  	 	$	842,963,113	  	 	$	1,728,620,000	  	 	$	(25,389,074	) 	 	$	—  	  	 	$	911,045,961	  	 	 	53	% 	 	 	0	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Residential	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cambridge Residential / 88 Ames (274 units)	 	Q1 2018	 	Q1 2019	 	Cambridge, MA	 	 	1	  	 	 	164,000	  	 	$	15,581,155	  	 	$	140,170,000	  	 	$	—  	  	 	$	—  	  	 	$	124,588,845	  	 	 	N/A	  	 	 	—  	  	
Reston Signature Site (508 units)	 	Q4 2017	 	Q2 2020	 	Reston, VA	 	 	1	  	 	 	490,000	  	 	 	47,752,254	(6) 	 	 	217,232,000	(6) 	 	 	—  	  	 	 	—  	  	 	 	169,479,746	  	 	 	N/A	  	 	 	—  	  	
Reston Signature Site - Retail	 	 	 	 	 	 	 	 	—  	  	 	 	24,600	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	81	% 	 	 	—  	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Residential Properties under Construction	 	 	 	 	 	 	 	 	2	  	 	 	678,600	  	 	$	63,333,409	  	 	$	357,402,000	  	 	$	—  	  	 	$	—  	  	 	$	294,068,591	  	 	 	59	%(7) 	 	 	—  	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Redevelopment Properties	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reservoir Place North	 	Q1 2017	 	Q3 2017	 	Waltham, MA	 	 	1	  	 	 	73,000	  	 	$	14,906,086	  	 	$	24,510,000	  	 	$	—  	  	 	$	—  	  	 	$	9,603,914	  	 	 	—  	  	 	 	4	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Redevelopment Properties under Construction	 	 	 	 	 	 	 	 	1	  	 	 	73,000	  	 	$	14,906,086	  	 	$	24,510,000	  	 	$	—  	  	 	$	—  	  	 	$	9,603,914	  	 	 	—  	  	 	 	4	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Properties Under Construction and Redevelopment	 	 	 	 	 	 	 	 	8	  	 	 	3,761,600	  	 	$	921,202,608	  	 	$	2,110,532,000	  	 	$	(25,389,074	) 	 	$	—  	  	 	$	1,214,718,466	  	 	 	52	%(7) 	 	 	0	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
PROJECTS FULLY PLACED IN-SERVICE DURING 2016

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Actual / Estimated	 	Actual / Estimated	 	 	 	# of	 	 	 	 	 	Investment	 	 	Estimated
Total	 	 	Total
Financing	 	 	Amount
Drawn at	 	 	Estimated
Future Equity	 	 	Percentage	 	
 	 	Initial Occupancy	 	Stabilization Date	 	Location	 	Buildings	 	 	Square feet	 	 	to Date (2)	 	 	Investment (2)	 	 	(2)	 	 	6/30/2016 (2)	 	 	Requirement (2)	 	 	Leased (3)	 	
804 Carnegie Center	 	Q2 2016	 	Q2 2016	 	Princeton, NJ	 	 	1	  	 	 	130,000	  	 	$	45,993,815	  	 	$	47,000,000	  	 	$	—  	  	 	$	—  	  	 	$	1,006,185	  	 	 	100	% 	
601 Massachusetts Avenue	 	Q3 2015	 	Q1 2017	 	Washington, DC	 	 	1	  	 	 	478,883	  	 	 	302,605,705	  	 	 	339,760,000	  	 	 	—  	  	 	 	—  	  	 	 	37,154,295	  	 	 	90	% 	
10 CityPoint	 	Q2 2016	 	Q2 2016	 	Waltham, MA	 	 	1	  	 	 	241,460	  	 	 	84,715,237	  	 	 	100,400,000	  	 	 	—  	  	 	 	—  	  	 	 	15,684,763	  	 	 	97	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Projects placed In-Service	 	 	 	 	 	 	 	 	3	  	 	 	850,343	  	 	$	433,314,757	  	 	$	487,160,000	  	 	$	—  	  	 	$	—  	  	 	$	53,845,243	  	 	 	94	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
IN-SERVICE PROPERTIES HELD FOR REDEVELOPMENT

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	# of	 	 	Existing	 	 	 	 	 	Annualized
Rental Obligations	 	 	Encumbered
with secured	 	Central Business
District (CBD) or	 	Incremental Estimated	 	
 	 	Sub Market	 	Buildings	 	 	Square Feet	 	 	Leased %	 	 	Per Leased SF (8)	 	 	debt (Y/N)	 	Suburban (S)	 	Future SF (9)	 	
North First Business Park	 	San Jose, CA	 	 	5	  	 	 	190,636	  	 	 	100.0	% 	 	$	18.77	  	 	N	 	S	 	 	1,359,364	  	
3625-3635 Peterson Way	 	Santa Clara, CA	 	 	1	  	 	 	218,366	  	 	 	100.0	% 	 	 	21.84	  	 	N	 	S	 	 	413,690	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Properties held for Redevelopment	 	 	 	 	6	  	 	 	409,002	  	 	 	100.0	% 	 	$	20.41	  	 	 	 	 	 	 	1,773,054	  	

(1)	A project is classified as Construction in Progress when construction or supply contracts have been signed, physical improvements have commenced or a lease has been signed.	
(2)	Represents the Company’s share. Includes income (loss) and interest carry.	
(3)	Represents percentage leased as of July 22, 2016, including leases with future commencement dates and excluding residential units.	
(4)	Represents the portion of the project that no longer qualifies for capitalization of interest in accordance with GAAP.	
(5)	Under the joint venture agreement, if the project is funded with 100% equity, the Company has agreed to fund 50% of our partner’s equity requirement as a notional construction loan. We will fund approximately $25 million at a rate of LIBOR plus 3.0% and receive priority distributions from all distributions to our partner until the principal and interest are repaid.	
(6)	Excludes $10 million of the purchase price for the site that is allocated to rights for future development in Reston Town Center.	
(7)	Includes approximately 9,000 square feet of retail space from Cambridge Residential / 88 Ames residential development which is 0% leased.	
(8)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(9)	Incremental Future Square Footage is included in Approximate Developable Square Feet of Value Creation Pipeline—Owned Land Parcels on page 46.	
 
45

SECOND QUARTER 2016
 
VALUE CREATION PIPELINE
as of June 30, 2016
Owned Land Parcels

 	 	 	 	 	 	 	 	 	
 	  	 	 	  	Approximate	 	
 	  	 	 	  	Developable	 	
Location	  	Acreage	 	  	Square Feet	 	
San Jose, CA (1)	  	 	28.0	  	  	 	2,199,000	  	
Reston, VA	  	 	33.8	  	  	 	1,160,000	  	
Waltham, MA	  	 	11.3	  	  	 	805,000	  	
Springfield, VA	  	 	17.8	  	  	 	800,000	  	
Dulles, VA	  	 	76.6	  	  	 	760,000	  	
Rockville, MD	  	 	58.1	  	  	 	759,000	  	
Santa Clara, CA (1)(2)	  	 	14.5	  	  	 	414,000	  	
Gaithersburg, MD	  	 	12.5	  	  	 	240,000	  	
Washington, DC (50% ownership)	  	 	1.3	  	  	 	520,000	  	
Marlborough, MA	  	 	50.0	  	  	 	400,000	  	
Annapolis, MD (50% ownership)	  	 	20.0	  	  	 	300,000	  	
Andover, MA	  	 	10.0	  	  	 	110,000	  	
 	  	 	 	 	  	 	 	 	
 	  	 	333.9	  	  	 	8,467,000	  	
 	  	 	 	 	  	 	 	 	
Land Purchase Options

 	 	 	 	 	 	 	 	 	
 	  	 	 	  	Approximate	 	
 	  	 	 	  	Developable	 	
Location	  	Acreage	 	  	Square Feet	 	
Princeton, NJ	  	 	134.1	  	  	 	1,650,000	  	
Boston, MA (50% ownership)	  	 	—  	  	  	 	1,415,000	  	
Boston, MA (3)	  	 	 	 	  	 	1,300,000	  	
Cambridge, MA	  	 	—  	  	  	 	940,000	  	
Brooklyn, NY (50% ownership)	  	 	1.3	  	  	 	600,000	  	
San Francisco, CA	  	 	2.3	  	  	 	TBD	  	
 	  	 	 	 	  	 	 	 	
 	  	 	137.7	  	  	 	5,905,000	  	

(1)	Excludes the existing square footage related to in-service properties being held for future re-development included on page 45.	
(2)	On April 22, 2016, the Company acquired 3625-3635 Peterson Way located in Santa Clara, California for a purchase price of approximately $78.0 million in cash. 3625-3635 Peterson Way is an approximately 218,000 net rentable square foot office property. The property is 100% leased to a single tenant through March 2021. Following the lease expiration, the Company intends to develop the site into a Class A office campus containing an aggregate of approximately 632,000 net rentable square feet.	
(3)	The Company has begun the City and State permitting processes for approximately 1.3 million square feet of office, retail and residential development. Zoning was enacted in Q1 2016, that supports the filings. The Company assumed the option to acquire these air rights in Q3 2015, as part of the Amendment to the Ground and Air Rights lease assumed in 2010 at the time it acquired its interests in both 100 and 200 Clarendon Street.	
 
46

SECOND QUARTER 2016
 
DEFINITIONS
This section contains definitions of certain non-GAAP financial measures and other terms the Company provides in other sections of this document, as well as the reasons why management believes the non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.
Annualized Rental Obligations
Annualized Rental Obligations is defined as rental obligations at the end of the reporting period, including contractual base rents (but excluding percentage rent) and budgeted reimbursements from tenants under existing leases, multiplied by twelve. These annualized amounts exclude rent abatements.
Average Economic Occupancy
Average Economic Occupancy is defined as total possible revenue less vacancy loss as a percentage of total possible revenue. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.
Average Monthly Rental Rates
Average Rental Rates are calculated by the Company as rental revenue in accordance with GAAP, divided by the weighted monthly average number of occupied units.
Average Physical Occupancy
Average Physical Occupancy is defined as the average number of occupied units divided by the total number of units, expressed as a percentage.
BXP’s Share of Combined Debt to BXP’s Share of Combined Market Capitalization Ratio
BXP’s Share of Combined Debt to BXP’s Share of Combined Market Capitalization Ratio, defined as BXP’s Share of Combined Debt (which equals the Company’s consolidated debt, plus the Company’s share of unconsolidated joint venture debt, minus the Company’s joint venture partners’ share of consolidated debt) as a percentage of the market value of the Company’s outstanding equity securities plus BXP’s Share of Combined Debt, is an alternative measure of leverage used by some analysts in the REIT sector. BXP’s Share of Combined Market Capitalization is the sum of (A) BXP’s Share of Combined Debt plus (B) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) as of February 6, 2015, which was the date earned, 2012 OPP Units that were issued in the form of LTIP Units and (5) as of February 4, 2016, which was the date earned, 2013 MYLTIP Units that were issued in the form of LTIP Units plus (C) outstanding shares of 5.25% Series B Cumulative Redeemable Preferred Stock multiplied by the fixed liquidation preference of $2,500 per share. The calculation of BXP’s Share of Combined Market Capitalization does not include LTIP Units issued in the form of 2014, 2015 and 2016 MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned.
The Company presents this ratio because, following the consolidation of 767 Venture, LLC (the entity that owns 767 Fifth Avenue (The GM Building)) effective June 1, 2013, the Company’s consolidated debt increased significantly compared to prior periods even though the Company’s economic interest in 767 Venture, LLC remained substantially unchanged at 60%. Similarly, after selling an interest in 601 Lexington Avenue, the Company’s economic interest in the property decreased to 55% even though it continues to consolidate the related mortgage indebtedness. Accordingly, the Company believes the presentation of BXP’s Share of Combined Debt may provide investors with a more complete picture of the Company’s share of consolidated and unconsolidated debt. In addition, in light of the difference between its consolidated debt and BXP’s Share of Combined Debt, the Company believes that also presenting BXP’s Share of Combined Debt to BXP’s Share of Combined Market Capitalization may provide investors with a more complete picture of its leverage in relation to the overall size of the Company. Investors should understand that BXP’s Share of Combined Debt to BXP’s Share of Combined Market Capitalization Ratio is in part a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and does not necessarily reflect the Company’s capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. BXP’s Share of Combined Debt to BXP’s Share of Combined Market Capitalization ratio should be 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.
BXP’s Share of Combined Net Operating Income (NOI)
BXP’s Share of Combined NOI is a non-GAAP financial measure equal to Combined NOI less the Company’s partners’ share of NOI from consolidated joint ventures. In some cases the Company also presents BXP’s Share of Combined NOI on a cash basis, which is BXP’s Share of Combined NOI after eliminating the effects of straight-lining of rent and fair value lease revenue and lease transaction costs that qualify as inducements in accordance with GAAP. In addition to Consolidated NOI and Combined NOI, the Company uses BXP’s Share of Combined NOI internally as a performance measure and believe BXP’s Share of Combined NOI provides useful information to investors regarding its financial condition and results of operations because it does not include the Company’s partners’ share of consolidated joint ventures, which have become significant. Therefore, the Company believes BXP’s Share of Combined NOI is a useful measure for evaluating the operating performance of its share of all of its real estate assets, including those held by its consolidated and unconsolidated joint ventures. The Company’s management also uses BXP’s Share of Combined NOI to evaluate regional property level performance and to make decisions about resource allocations. Further, like Consolidated NOI and Combined NOI, the Company believes BXP’s Share of Combined NOI is useful to investors as a performance measure because, when compared across periods, BXP’s Share of Combined NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to Boston Properties, Inc. common shareholders. BXP’s Share of Combined NOI presented by the Company may not be comparable to the share of combined NOI reported by other REITs that define it differently. The Company believes that in order to facilitate a clear understanding of its operating results, BXP’s Share of Combined NOI should be examined in conjunction with net income attributable to Boston Properties, Inc. common shareholders as presented in its consolidated financial statements. BXP’s Share of Combined NOI should not be considered as an alternative to net income attributable to Boston Properties, Inc. common shareholders as an indication of its performance or to cash flows as a measure of its liquidity or ability to make distributions.
BXP’s Share of Combined NOI (excluding termination income) by location and building type (in thousands):

 	  	Boston	 	  	New York	 	  	San Francisco	 	  	Washington, DC	 	  	Total	 	
Office	  	$	101,892	  	  	$	114,086	  	  	$	53,054	  	  	$	74,603	  	  	$	343,635	  	
Residential	  	 	667	  	  	 	—  	  	  	 	—  	  	  	 	1,815	  	  	 	2,482	  	
Hotel	  	 	4,830	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	4,830	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	107,389	  	  	$	114,086	  	  	$	53,054	  	  	$	76,418	  	  	$	350,947	(1) 	

 
(1)	See page 40 for a reconciliation of Net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of Combined NOI (excluding termination income).	
 
47

SECOND QUARTER 2016
 
DEFINITIONS
BXP’s Share of Combined Rental Obligations
BXP’s Share of Combined Rental Obligations is defined as the Company’s share of rental obligations, which is contractual base rents (but excluding percentage rent) and budgeted reimbursements from tenants under existing leases, from the consolidated portfolio plus the Company’s share of rental obligations from its unconsolidated joint venture portfolio less the Company’s partners’ share of rental obligations from its consolidated joint ventures. These amounts exclude rent abatements.
Combined Debt
Combined Debt equals the Company’s consolidated debt, plus the Company’s share of unconsolidated joint venture debt.
Combined Net Operating Income (NOI)
Combined NOI is a non-GAAP financial measure equal to Consolidated NOI plus the Company’s share of NOI from unconsolidated joint ventures. In addition to Consolidated NOI, the Company uses Combined NOI internally as a performance measures and believe Combined NOI provides useful information to investors regarding its financial condition and results of operations because it includes the impact of the Company’s share of NOI from unconsolidated joint ventures. Therefore, the Company believes Combined NOI is a useful measure for evaluating the operating performance of all of its real estate assets, including those held by its unconsolidated joint ventures. The Company’s management also uses Combined NOI to evaluate regional property level performance and to make decisions about resource allocations. Further, like Consolidated NOI, the Company believes Combined NOI is useful to investors as a performance measure because, when compared across periods, Combined NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to Boston Properties, Inc. common shareholders. In some cases the Company also presents Combined NOI on a cash basis, which is Combined NOI after eliminating the effects of straight-lining of rent and fair value lease revenue and lease transaction costs that qualify as inducements in accordance with GAAP because some investors prefer evaluating the Company’s operating performance and that of its peers in both manners. Combined NOI presented by the Company may not be comparable to Combined NOI reported by other REITs that define Combined NOI differently. The Company believes that in order to facilitate a clear understanding of its operating results, Combined NOI should be examined in conjunction with net income attributable to Boston Properties, Inc. common shareholders as presented in its consolidated financial statements. Combined NOI should not be considered as an alternative to net income attributable to Boston Properties, Inc. common shareholders as an indication of its performance or to cash flows as a measure of its liquidity or ability to make distributions.
Consolidated Debt to Consolidated Market Capitalization Ratio
Consolidated Debt to Consolidated Market Capitalization Ratio, defined as consolidated debt as a percentage of the market value of the Company’s outstanding equity securities plus the Company’s consolidated debt, is a measure of leverage commonly used by analysts in the REIT sector. Consolidated Market Capitalization is the sum of (A) the Company’s consolidated indebtedness outstanding plus (B) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) as of February 6, 2015, which was the date earned, 2012 OPP Units that were issued in the form of LTIP Units and (5) as of February 4, 2016, which was the date earned, 2013 MYLTIP Units that were issued in the form of LTIP Units plus (C) outstanding shares of 5.25% Series B Cumulative Redeemable Preferred Stock multiplied by the fixed liquidation preference of $2,500 per share. The calculation of consolidated market capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned, and therefore 2014, 2015 and 2016 MYLTIP Units are not included. The Company is presenting this ratio because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes. Investors should understand that the Company’s Consolidated Debt to Consolidated Market Capitalization Ratio is in part a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and does not necessarily reflect its capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like BXP, whose assets are primarily income-producing real estate, the Consolidated Debt to Consolidated Market Capitalization Ratio may provide investors with an alternate indication of leverage, so long as it is 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.
Consolidated Net Operating Income (NOI)
Consolidated NOI is a non-GAAP financial measure equal to net income attributable to Boston Properties, Inc. common shareholders, the most directly comparable GAAP financial measure, plus preferred dividends, net income attributable to noncontrolling interests, plus corporate general and administrative expense, transaction costs, depreciation and amortization and interest expense, less development and management services income, income from unconsolidated joint ventures, interest and other income and gains (losses) from investments in securities. In some cases the Company also presents Consolidated NOI on a cash basis, which is Consolidated NOI after eliminating the effects of straight-lining of rent and fair value lease revenue and lease transaction costs that qualify as inducements in accordance with GAAP. The Company uses Consolidated NOI internally as a performance measure and believes Consolidated NOI provides useful information to investors regarding its financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, the Company believes Consolidated NOI is a useful measure for evaluating the operating performance of its real estate assets. The Company’s management also uses Consolidated NOI to evaluate regional property level performance and to make decisions about resource allocations. Further, the Company believes Consolidated NOI is useful to investors as a performance measure because, when compared across periods, Consolidated NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income. Consolidated NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. Consolidated NOI presented by the Company may not be comparable to Consolidated NOI reported by other REITs that define Consolidated NOI differently. The Company believes that in order to facilitate a clear understanding of its operating results, Consolidated NOI should be examined in conjunction with net income attributable to Boston Properties, Inc. common shareholders as presented in the Company’s consolidated financial statements. Consolidated NOI should not be considered as an alternative to net income attributable to Boston Properties, Inc. common shareholders as an indication of its performance or to cash flows as a measure of its liquidity or ability to make distributions.
 
48

SECOND QUARTER 2016
 
DEFINITIONS
Funds Available for Distribution (FAD)
In addition to FFO, the Company presents Funds Available for Distribution (FAD), which is a non-GAAP financial measure that is calculated by (1) adding to FFO lease transaction costs that qualify as rent inducements, non-real estate depreciation, non-cash losses from early extinguishments of debt, stock-based compensation, partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences) and unearned portion of capitalized fees, (2) eliminating the effects of straight-line rent, straight-line ground rent expense adjustment, fair value interest adjustment and fair value lease revenue, and (3) subtracting recurring capital expenditures, hotel improvements, equipment upgrades and replacements, 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences), non-cash termination income adjustment (fair value lease amounts) and impairment of non-depreciable real estate. The Company believes that the presentation of FAD provides useful information to investors regarding the Company’s results of operations because FAD, by presenting net income attributable to the Company’s common shareholders after making the adjustments described above, provides supplemental information regarding the Company’s operating performance that would not otherwise be available and may be useful to an investor in assessing the Company’s operating performance. Additionally, although FAD is not intended to be a liquidity measure, as it does not make adjustments to reflect changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, the Company believes that FAD may provide investors with useful supplemental information regarding the Company’s ability to generate cash from its operating performance and the impact of the Company’s operating performance on its ability to make distributions to its stockholders. Furthermore, the Company believes that FAD is frequently used by analysts, investors and other interested parties in the evaluation of its performance as a REIT and, as a result, by presenting FAD the Company is assisting these parties in their evaluation. FAD should not be considered as a substitute for net income (loss) attributable to the Company’s common shareholders determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
Funds from Operations (FFO)
Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), the Company calculates Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. common shareholders (computed in accordance with GAAP, including non-recurring items) for gains (or losses) from sales of properties, impairment losses on depreciable real estate consolidated on the Company’s balance sheet, impairment losses on its investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures, real estate-related depreciation and amortization, and the Company’s share of income (loss) from unconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure, but the Company believes the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing the Company’s operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies. The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently.
FFO should not be considered as a substitute for net income attributable to Boston Properties, Inc. common shareholders (determined in accordance with GAAP). FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not a measure of liquidity or an indicator of the Company’s ability to make cash distributions. The Company believes that to more comprehensively understand its operating performance, FFO should be considered along with its reported net income attributable to Boston Properties, Inc. and its cash flows in accordance with GAAP, as presented in its consolidated financial statements.
Future Annualized Rental Obligations
Future Annualized Rental Obligations is defined as (A) rental obligations, which are the sum of (1) contractual base rents at lease expiration (excluding percentage rent) plus (2) budgeted reimbursements from tenants at the end of the current reporting period, multiplied by (B) twelve. These annualized amounts exclude rent abatements.
In-Service Properties
The Company treats a property as being “in-service” upon the earlier of (i) lease-up and completion of tenant improvements or (ii) one year after cessation of major construction activity under GAAP. The determination as to when a property should be treated as “in-service” involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics the Company specifies a single date for treating a property as “in-service,” which is generally later than the date the property is partially placed in-service for GAAP. Under GAAP a property may be placed in-service in stages as construction is completed and the property is held available for occupancy. In accordance with GAAP, when a portion of a property has been substantially completed and occupied or held available for occupancy, the Company ceases capitalization on that portion, though it may not treat the property as being “in-service,” and continue to capitalize only those costs associated with the portion still under construction. In-service properties include properties held by the Company’s unconsolidated joint ventures. In-service Office properties exclude hotel and residential properties.
Market Rents
Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could vary. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.
Same Properties
In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired, repositioned, or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” Pages 22-24 indicate by footnote the “In-Service Properties” which are not included in “Same Properties.”
 
49

Exhibit 99.2

 

800 Boylston Street
Boston, MA 02199
AT THE COMPANY
Michael LaBelle
Executive Vice President,
Chief Financial Officer and Treasurer
(617) 236-3352
Arista Joyner
Investor Relations Manager
(617) 236-3343
BOSTON PROPERTIES ANNOUNCES
SECOND QUARTER 2016 RESULTS
BOSTON, MA, July 26, 2016 - Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, reported results today for the second quarter ended June 30, 2016.
Net income available to common shareholders was $96.6 million for the quarter ended June 30, 2016, compared to $79.5 million for the quarter ended June 30, 2015. Net income available to common shareholders per share (EPS) for the quarter ended June 30, 2016 was $0.63 basic and $0.63 on a diluted basis. This compares to EPS for the quarter ended June 30, 2015 of $0.52 basic and $0.52 on a diluted basis. The weighted-average number of basic and diluted shares outstanding totaled approximately 153,662,000 and 153,860,000, respectively, for the quarter ended June 30, 2016 and 153,450,000 and 153,815,000, respectively, for the quarter ended June 30, 2015.
Funds from Operations (FFO) for the quarter ended June 30, 2016 were $220.6 million, or $1.44 per share basic and $1.43 per share diluted. This compares to FFO for the quarter ended June 30, 2015 of $208.7 million, or $1.36 per share basic and $1.36 per share diluted.
The Company’s reported FFO of $1.43 per share diluted was greater than the guidance previously provided of $1.36-$1.38 per share diluted primarily due to earlier than anticipated tenant termination income of $0.04 per share and better than expected portfolio operations of $0.02 per share.
 
–more–

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended June 30, 2016. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.
As of June 30, 2016, the Company’s portfolio consisted of 168 properties aggregating approximately 46.5 million square feet, including eight properties under construction/redevelopment totaling approximately 3.8 million square feet. The overall percentage of leased space for the 157 properties in service (excluding the Company’s two residential properties and hotel) as of June 30, 2016 was 90.8%.
Significant events during the second quarter included:
 
 	•	 	On April 4, 2016, a joint venture in which the Company has a 50% interest extended the loan collateralized by its Annapolis Junction Building Seven property. At the time of the extension, the outstanding balance of the loan totaled approximately $21.5 million and was scheduled to mature on April 4, 2016. The extended loan has a total commitment amount of $22.0 million, bears interest at a variable rate equal to LIBOR plus 1.65% per annum and matures on April 4, 2017, with one, one-year extension option, subject to certain conditions. Annapolis Junction Building Seven is a Class A office property with approximately 127,000 net rentable square feet located in Annapolis, Maryland.	
 
 	•	 	On April 11, 2016, the Company used available cash to repay the mortgage loan collateralized by its Fountain Square property located in Reston, Virginia totaling approximately $211.3 million. The mortgage loan bore interest at a fixed rate of 5.71% per annum and was scheduled to mature on October 11, 2016. There was no prepayment penalty.	
 
 	•	 	On April 11, 2016, a joint venture in which the Company has a 50% interest received a Notice of Event of Default from the lender for the loan collateralized by its Annapolis Junction Building One property. The Event of Default relates to the loan to value ratio not being in compliance with the loan agreement. The joint venture is currently in discussions with the lender regarding the Event of Default, although there can be no assurance as to the outcome of those discussions. The loan has an outstanding balance of approximately $39.8 million, is non-recourse to the Company, bears interest at a variable rate equal to LIBOR plus 1.75% per annum and has a stated maturity date of March 31, 2018, with one, three-year extension option, subject to certain conditions. Annapolis Junction Building One is a Class A office property with approximately 118,000 net rentable square feet located in Annapolis, Maryland.	
 
 	•	 	On April 22, 2016, the Company acquired 3625-3635 Peterson Way located in Santa Clara, California for a purchase price of approximately $78.0 million in cash. 3625-3635 Peterson Way is an approximately 218,000 net rentable square foot office property. The property is 100% leased to a single tenant through March 2021. Following the lease expiration, the Company intends to develop the site into a Class A office campus containing an aggregate of approximately 632,000 net rentable square feet.	
 
–more–

 	•	 	On May 27, 2016, the Company completed and fully placed in-service 601 Massachusetts Avenue, a Class A office project with approximately 479,000 net rentable square feet located in Washington, DC. The property is 90% leased.	
 
 	•	 	On May 27, 2016, the Company completed and fully placed in-service 804 Carnegie Center, a Class A office project with approximately 130,000 net rentable square feet located in Princeton, New Jersey. The property is 100% leased.	
 
 	•	 	On June 24, 2016, the Company completed and fully placed in-service 10 CityPoint, a Class A office project with approximately 241,000 net rentable square feet located in Waltham, Massachusetts. The property is 97% leased.	
Transactions completed subsequent to June 30, 2016:
 
 	•	 	On July 1, 2016, the Company entered the Los Angeles market through its acquisition of a 49.8% interest in an existing joint venture that owns and operates Colorado Center located in Santa Monica, California for a gross purchase price of approximately $511.1 million, or approximately $503.6 million in cash net of credits for free rent, unfunded leasing costs and other adjustments. Colorado Center is a six-building office complex that sits on a 15-acre site and contains an aggregate of approximately 1,184,000 net rentable square feet with an underground parking garage for 3,100 vehicles. The property is 68% leased.	
EPS and FFO per Share Guidance:
The Company’s guidance for the third quarter and full year 2016 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release and otherwise referenced during the conference call referred to below. The estimates do not include possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, other possible capital markets activity or possible future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense and any gains or losses associated with disposition activity. The Company is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses or gains or losses associated with disposition activities. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth below.
As shown below, the Company has updated its projected EPS (diluted) for the full year 2016 to $3.04 - $3.11 per share from $3.00 - $3.10 per share. This is an increase of approximately $0.03 per share at the mid-point of the Company’s guidance consisting of $0.02 per share due to the acquisition of a 49.8% interest in the joint venture that owns Colorado Center (net of $0.03 per share of real estate depreciation and amortization expense) and $0.01 per share due to higher portfolio performance. In addition, the Company has updated its projected guidance for FFO per share (diluted) for the full year 2016 to $5.92 - $5.99 per share from $5.85 - $5.95 per share. This is an increase of approximately $0.06 per share at the mid-point of the Company’s guidance consisting of $0.05 per share from the acquisition of a 49.8% interest in Colorado Center and $0.01 per share due to higher portfolio performance.
 
–more–

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Third Quarter 2016	 	  	Full Year 2016	 	
 	  	Low	 	  	High	 	  	Low	 	  	High	 	
Projected EPS (diluted)	  	$	0.57	  	  	$	0.59	  	  	$	3.04	  	  	$	3.11	  	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected Company Share of Real Estate
Depreciation and Amortization	  	 	0.83	  	  	 	0.83	  	  	 	3.27	  	  	 	3.27	  	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected Company Share of Gains on Sales of
Real Estate	  	 	—  	  	  	 	—  	  	  	 	0.39	  	  	 	0.39	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected FFO per Share (diluted)	  	$	1.40	  	  	$	1.42	  	  	$	5.92	  	  	$	5.99	  	

–more–

Boston Properties will host a conference call on Wednesday, July 27, 2016 at 10:00 AM Eastern Time, open to the general public, to discuss the second quarter 2016 results, the 2016 projections and related assumptions, and other related matters that may be of interest to investors. The number to call for this interactive teleconference is (877) 706-4503 (Domestic) or (281) 913-8731 (International) and entering the passcode 23627785. A replay of the conference call will be available through August 12, 2016, by dialing (855) 859-2056 (Domestic) or (404) 537-3406 (International) and entering the passcode 23627785. There will also be a live audio webcast of the call which may be accessed on the Company’s website at www.bostonproperties.com  in the Investor Relations section. Shortly after the call a replay of the webcast will be available in the Investor Relations section of the Company’s website and archived for up to twelve months following the call.
Additionally, a copy of Boston Properties’ second quarter 2016 “Supplemental Operating and Financial Data” and this press release are available in the Investor Relations section of the Company’s website at www.bostonproperties.com .
Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of primarily Class A office space, five retail properties, four residential properties (including two properties under construction) and one hotel. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC.
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties’ control and could materially affect actual results, performance or achievements. These factors include, without limitation, the Company’s ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Boston Properties does not undertake a duty to update or revise any forward-looking statement, including its guidance for the third quarter and full fiscal year 2016, whether as a result of new information, future events or otherwise.
Financial tables follow.
 
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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

 	  	June 30,
2016	 	 	December 31,
2015	 	
 	  	(in thousands, except for share and
par value amounts)	 	
ASSETS	  	 	 	 	 	 	 	 	
Real estate, at cost	  	$	18,690,403	  	 	$	18,465,405	  	
Construction in progress	  	 	865,359	  	 	 	763,935	  	
Land held for future development	  	 	241,106	  	 	 	252,195	  	
Less: accumulated depreciation	  	 	(4,056,716	) 	 	 	(3,925,894	) 	
 	  	 	 	 	 	 	 	 	
Total real estate	  	 	15,740,152	  	 	 	15,555,641	  	
Cash and cash equivalents	  	 	1,180,044	  	 	 	723,718	  	
Cash held in escrows	  	 	65,654	  	 	 	73,790	  	
Investments in securities	  	 	21,775	  	 	 	20,380	  	
Tenant and other receivables, net	  	 	84,861	  	 	 	97,865	  	
Accrued rental income, net	  	 	776,816	  	 	 	754,883	  	
Deferred charges, net	  	 	697,823	  	 	 	704,867	  	
Prepaid expenses and other assets	  	 	144,222	  	 	 	185,118	  	
Investments in unconsolidated joint ventures	  	 	252,618	  	 	 	235,224	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	18,963,965	  	 	$	18,351,486	  	
 	  	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  	 	 	 	 	 	 	 	
Liabilities:	  	 	 	 	 	 	 	 	
Mortgage notes payable, net	  	$	3,189,013	  	 	$	3,435,242	  	
Unsecured senior notes, net	  	 	6,257,274	  	 	 	5,264,819	  	
Unsecured line of credit	  	 	—  	  	 	 	—  	  	
Mezzanine notes payable	  	 	307,797	  	 	 	308,482	  	
Outside members’ notes payable	  	 	180,000	  	 	 	180,000	  	
Accounts payable and accrued expenses	  	 	287,464	  	 	 	274,709	  	
Dividends and distributions payable	  	 	113,071	  	 	 	327,320	  	
Accrued interest payable	  	 	222,175	  	 	 	190,386	  	
Other liabilities	  	 	508,952	  	 	 	483,601	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	11,065,746	  	 	 	10,464,559	  	
 	  	 	 	 	 	 	 	 	
Commitments and contingencies	  	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	
Equity:	  	 	 	 	 	 	 	 	
Stockholders’ equity attributable to Boston Properties, Inc.:	  	 	 	 	 	 	 	 	
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	  	 	—  	  	 	 	—  	  	
Preferred stock, $0.01 par value, 50,000,000 shares authorized; 5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at June 30, 2016 and December 31, 2015	  	 	200,000	  	 	 	200,000	  	
Common stock, $0.01 par value, 250,000,000 shares authorized, 153,753,830 and 153,658,866 issued and 153,674,930 and 153,579,966 outstanding at June 30, 2016 and December 31, 2015, respectively	  	 	1,537	  	 	 	1,536	  	
Additional paid-in capital	  	 	6,316,191	  	 	 	6,305,687	  	
Dividends in excess of earnings	  	 	(702,361	) 	 	 	(780,952	) 	
Treasury common stock at cost, 78,900 shares at June 30, 2016 and December 31, 2015	  	 	(2,722	) 	 	 	(2,722	) 	
Accumulated other comprehensive loss	  	 	(79,748	) 	 	 	(14,114	) 	
 	  	 	 	 	 	 	 	 	
Total stockholders’ equity attributable to Boston Properties, Inc.	  	 	5,732,897	  	 	 	5,709,435	  	
Noncontrolling interests:	  	 	 	 	 	 	 	 	
Common units of the Operating Partnership	  	 	612,385	  	 	 	603,092	  	
Property partnerships	  	 	1,552,937	  	 	 	1,574,400	  	
 	  	 	 	 	 	 	 	 	
Total equity	  	 	7,898,219	  	 	 	7,886,927	  	
 	  	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	18,963,965	  	 	$	18,351,486	  	

–more–

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 	  	Three months ended
June 30,	 	 	Six months ended June 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	  	(in thousands, except for per share amounts)	 	
Revenue	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Base rent	  	$	493,386	  	 	$	486,609	  	 	$	1,029,514	  	 	$	977,291	  	
Recoveries from tenants	  	 	85,706	  	 	 	86,795	  	 	 	175,292	  	 	 	175,388	  	
Parking and other	  	 	26,113	  	 	 	26,552	  	 	 	50,938	  	 	 	51,340	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total rental revenue	  	 	605,205	  	 	 	599,956	  	 	 	1,255,744	  	 	 	1,204,019	  	
Hotel revenue	  	 	12,808	  	 	 	13,403	  	 	 	21,565	  	 	 	22,488	  	
Development and management services	  	 	5,533	  	 	 	4,862	  	 	 	12,222	  	 	 	10,190	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	  	 	623,546	  	 	 	618,221	  	 	 	1,289,531	  	 	 	1,236,697	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental	  	 	217,938	  	 	 	214,464	  	 	 	437,110	  	 	 	435,814	  	
Hotel	  	 	7,978	  	 	 	8,495	  	 	 	15,612	  	 	 	16,071	  	
General and administrative	  	 	25,418	  	 	 	22,284	  	 	 	54,771	  	 	 	51,075	  	
Transaction costs	  	 	913	  	 	 	208	  	 	 	938	  	 	 	535	  	
Depreciation and amortization	  	 	153,175	  	 	 	167,844	  	 	 	312,623	  	 	 	322,067	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	  	 	405,422	  	 	 	413,295	  	 	 	821,054	  	 	 	825,562	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	218,124	  	 	 	204,926	  	 	 	468,477	  	 	 	411,135	  	
Other income (expense)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from unconsolidated joint ventures	  	 	2,234	  	 	 	3,078	  	 	 	4,025	  	 	 	17,912	  	
Interest and other income	  	 	1,524	  	 	 	1,293	  	 	 	3,029	  	 	 	2,700	  	
Gains (losses) from investments in securities	  	 	478	  	 	 	(24	) 	 	 	737	  	 	 	369	  	
Interest expense	  	 	(105,003	) 	 	 	(108,534	) 	 	 	(210,312	) 	 	 	(217,291	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	117,357	  	 	 	100,739	  	 	 	265,956	  	 	 	214,825	  	
Gains on sales of real estate	  	 	—  	  	 	 	—  	  	 	 	67,623	  	 	 	95,084	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	117,357	  	 	 	100,739	  	 	 	333,579	  	 	 	309,909	  	
Net income attributable to noncontrolling interests	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interests in property partnerships	  	 	(6,814	) 	 	 	(9,264	) 	 	 	(17,278	) 	 	 	(24,472	) 	
Noncontrolling interest—redeemable preferred units of the Operating Partnership	  	 	—  	  	 	 	(3	) 	 	 	—  	  	 	 	(6	) 	
Noncontrolling interest—common units of the Operating Partnership	  	 	(11,357	) 	 	 	(9,394	) 	 	 	(32,771	) 	 	 	(29,530	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc.	  	 	99,186	  	 	 	82,078	  	 	 	283,530	  	 	 	255,901	  	
Preferred dividends	  	 	(2,589	) 	 	 	(2,618	) 	 	 	(5,207	) 	 	 	(5,207	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	96,597	  	 	$	79,460	  	 	$	278,323	  	 	$	250,694	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	0.63	  	 	$	0.52	  	 	$	1.81	  	 	$	1.63	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of common shares outstanding	  	 	153,662	  	 	 	153,450	  	 	 	153,644	  	 	 	153,341	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	0.63	  	 	$	0.52	  	 	$	1.81	  	 	$	1.63	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of common and common equivalent shares outstanding	  	 	153,860	  	 	 	153,815	  	 	 	153,889	  	 	 	153,845	  	

–more–

BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)

 	  	Three months ended
June 30,	 	 	Six months ended June 30,	 	
 	  	2016	 	 	2015	 	 	2016	 	 	2015	 	
 	  	(in thousands, except for per share amounts)	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	96,597	  	 	$	79,460	  	 	$	278,323	  	 	$	250,694	  	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Preferred dividends	  	 	2,589	  	 	 	2,618	  	 	 	5,207	  	 	 	5,207	  	
Noncontrolling interest - common units of the Operating Partnership	  	 	11,357	  	 	 	9,394	  	 	 	32,771	  	 	 	29,530	  	
Noncontrolling interest - redeemable preferred units of the Operating Partnership	  	 	—  	  	 	 	3	  	 	 	—  	  	 	 	6	  	
Noncontrolling interests in property partnerships	  	 	6,814	  	 	 	9,264	  	 	 	17,278	  	 	 	24,472	  	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gains on sales of real estate	  	 	—  	  	 	 	—  	  	 	 	67,623	  	 	 	95,084	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	117,357	  	 	 	100,739	  	 	 	265,956	  	 	 	214,825	  	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Real estate depreciation and amortization (2)	  	 	157,431	  	 	 	171,384	  	 	 	321,011	  	 	 	320,138	  	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interests in property partnerships’ share of funds from operations	  	 	26,183	  	 	 	36,699	  	 	 	56,202	  	 	 	73,214	  	
Noncontrolling interest - redeemable preferred units of the Operating Partnership	  	 	—  	  	 	 	3	  	 	 	—  	  	 	 	6	  	
Preferred dividends	  	 	2,589	  	 	 	2,618	  	 	 	5,207	  	 	 	5,207	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.)	  	 	246,016	  	 	 	232,803	  	 	 	525,558	  	 	 	456,536	  	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations	  	 	25,421	  	 	 	24,072	  	 	 	54,277	  	 	 	47,423	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds from operations attributable to Boston Properties, Inc. common shareholders	  	$	220,595	  	 	$	208,731	  	 	$	471,281	  	 	$	409,113	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties, Inc.’s percentage share of funds from operations - basic	  	 	89.67	% 	 	 	89.66	% 	 	 	89.67	% 	 	 	89.61	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding - basic	  	 	153,662	  	 	 	153,450	  	 	 	153,644	  	 	 	153,341	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO per share basic	  	$	1.44	  	 	$	1.36	  	 	$	3.07	  	 	$	2.67	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding - diluted	  	 	153,860	  	 	 	153,815	  	 	 	153,889	  	 	 	153,845	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO per share diluted	  	$	1.43	  	 	$	1.36	  	 	$	3.06	  	 	$	2.66	  	

–more–

(1)	Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. common shareholders (computed in accordance with GAAP, including non-recurring items) for gains (or losses) from sales of properties, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures, real estate-related depreciation and amortization, and our share of income (loss) from unconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.	
 
    	Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently.	
 
    	FFO should not be considered as a substitute for net income attributable to Boston Properties, Inc. common shareholders (determined in accordance with GAAP). FFO does not represent cash generated from operating activities determined in accordance with GAAP, and is not a measure of liquidity or an indicator of our ability to make cash distributions. We believe that to more comprehensively understand our operating performance, FFO should be considered along with our reported net income attributable to Boston Properties, Inc. and our cash flows in accordance with GAAP, as presented in our consolidated financial statements.	
 
(2)	Real estate depreciation and amortization consists of depreciation and amortization from the Consolidated Statements of Operations of $153,175, $167,844, $312,623 and $322,067 and our share of unconsolidated joint venture real estate depreciation and amortization of $4,618, $3,886, $9,114 and $(1,246), less corporate-related depreciation and amortization of $362, $346, $726 and $683 for the three and six months ended June 30, 2016 and 2015, respectively.	
 
–more–

BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES

 	  	% Leased by Location	 	
 	  	June 30, 2016	 	 	December 31, 2015	 	
Boston	  	 	91.3	% 	 	 	90.6	% 	
New York	  	 	90.7	% 	 	 	91.5	% 	
San Francisco	  	 	90.5	% 	 	 	93.8	% 	
Washington, DC	  	 	90.3	% 	 	 	91.0	% 	
 	  	 	 	 	 	 	 	 	
Total Portfolio	  	 	90.8	% 	 	 	91.4	% 	
 	  	 	 	 	 	 	 	 	
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