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): April 25, 2017

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))	
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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 April 25, 2017, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the first quarter of 2017. 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 March 31, 2017.	
 	 	
*99.2	  	Press release dated April 25, 2017.	
 
*	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: April 25, 2017	 	 	 	 	 	 	
 
3

EXHIBIT INDEX

Exhibit No.	  	Description	
 	 	
*99.1	  	Boston Properties, Inc. Supplemental Operating and Financial Data for the quarter ended March 31, 2017.	
 	 	
*99.2	  	Press release dated April 25, 2017.	
 
*	Filed herewith.	
 
4

Exhibit 99.1

Supplemental Operating and Financial Data
for the Quarter Ended March 31, 2017

FIRST QUARTER 2017
 
Table of Contents

 	 	 	 	 	
 	  	Page	 	
Company Profile	  	 	3	 	
Investor Information	  	 	4	 	
Research Coverage	  	 	5	 	
Guidance and Assumptions	  	 	6	 	
Financial Highlights	  	 	7-8	 	
Consolidated Balance Sheets	  	 	9	 	
Consolidated Income Statements	  	 	10	 	
Funds From Operations	  	 	11	 	
Funds Available for Distribution	  	 	12	 	
Interest Coverage Ratios	  	 	13	 	
Capital Structure	  	 	14	 	
Debt Analysis	  	 	15-16	 	
Unconsolidated Joint Ventures	  	 	17-18	 	
Consolidated Joint Ventures	  	 	19-20	 	
Reconciliation of Net Income Attributable to Boston Properties, Inc. Common Shareholders to Same Property Performance	  	 	21-22	 	
Same Property Net Operating Income by Reportable Segment	  	 	23	 	
Residential and Hotel Performance	  	 	24	 	
Capital Expenditures, Tenant Improvements and Leasing Commissions	  	 	25	 	
Portfolio Overview	  	 	26	 	
In-Service Property Listing	  	 	27-29	 	
Occupancy by Location	  	 	30	 	
Top 20 Tenants and Tenant Diversification	  	 	31	 	
Aggregate Lease Expiration Roll Out	  	 	32	 	
Boston Lease Expiration Roll Out	  	 	33-34	 	
New York Lease Expiration Roll Out	  	 	35-36	 	
San Francisco and Los Angeles Lease Expiration Roll Out	  	 	37-38	 	
Washington, DC Lease Expiration Roll Out	  	 	39-40	 	
CBD/Suburban Lease Expiration Roll Out	  	 	41-42	 	
Leasing Activity	  	 	43	 	
Acquisitions/Dispositions	  	 	44	 	
Value Creation Pipeline—Construction in Progress	  	 	45	 	
Value Creation Pipeline—Land Parcels and Purchase Options	  	 	46	 	
Definitions	  	 	47-48	 	
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 that 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 of issuance of this report 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: 601 Massachusetts Avenue, Washington, DC)
 
2

FIRST QUARTER 2017
 
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 Class A 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. Boston Properties is a fully integrated real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of primarily Class A office space totaling 47.7 million square feet and consisting of 164 office properties (including six properties under construction/redevelopment), 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 36 individuals averages 31 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 select 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) with unique amenities and locations 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, (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 and (3) provide superior service to our tenants;	
 
 	•	 	be astute in market timing for investment decisions by acquiring properties in times of opportunity, developing into economic growth and selectively selling assets at attractive prices, 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 and employer of choice for talented real estate professionals.	
Snapshot
(as of March 31, 2017)

Corporate Headquarters	  	Boston, Massachusetts	
Markets	  	Boston, Los Angeles, New York, San Francisco and Washington, DC	
Fiscal Year-End	  	December 31	
Total Properties (includes unconsolidated joint ventures)	  	174	
Total Square Feet (includes unconsolidated joint ventures)	  	47.7 million	
Common shares outstanding, plus common units and LTIP units (including Outperformance Plan Units and 2013 and 2014 Multi-Year Long-Term Incentive Program (“MYLTIP”) Units) on an as-converted basis (excludes 2015, 2016 and 2017 MYLTIP Units because not yet earned) (1)	  	171.9 million	
Dividend—Quarter/Annualized	  	$0.75/$3.00	
Dividend Yield	  	2.27%	
Consolidated Market Capitalization	  	$32.9 billion	
BXP’s Share of Market Capitalization (2)	  	$32.0 billion	
Senior Debt Ratings	  	A- (S&P); BBB+ (Fitch); Baa2 (Moody’s)	
 
(1)	For additional detail, see page 14.	
(2)	For the Company’s definition of BXP’s Share of Market Capitalization and related disclosures, see page 47. For a quantitative reconciliation of Consolidated Market Capitalization to BXP’s Share of Market Capitalization, see page 14.	
 
3

FIRST QUARTER 2017
 
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
Senior Executive Vice President	  	John F. Powers
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
Executive Vice President, Washington, DC Region	  	Michael R. Walsh
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):

 	  	Q1 2017	 	 	Q4 2016	 	 	Q3 2016	 	 	Q2 2016	 	 	Q1 2016	 	
High Closing Price	  	$	139.88	 	 	$	133.39	 	 	$	143.61	 	 	$	133.13	 	 	$	127.26	 	
Low Closing Price	  	$	127.00	 	 	$	114.07	 	 	$	130.03	 	 	$	123.71	 	 	$	108.18	 	
Average Closing Price	  	$	132.59	 	 	$	124.31	 	 	$	138.78	 	 	$	128.38	 	 	$	118.69	 	
Closing Price, at the end of the quarter	  	$	132.41	 	 	$	125.78	 	 	$	136.29	 	 	$	131.90	 	 	$	127.08	 	
 	 	 	 	 	 	
Dividends per share	  	$	0.75	 	 	$	0.75	 	 	$	0.65	 	 	$	0.65	 	 	$	0.65	 	
Closing dividend yield—annualized	  	 	2.27	% 	 	 	2.39	% 	 	 	1.91	% 	 	 	1.97	% 	 	 	2.05	% 	
Closing common shares outstanding, plus common units and LTIP units (including Outperformance Plan Units and 2013 and 2014 MYLTIP Units) on an as-converted basis (excludes 2015, 2016 and 2017 MYLTIP Units because not yet earned) (thousands) (1)	  	 	171,938	 	 	 	171,774	 	 	 	171,775	 	 	 	171,772	 	 	 	171,763	 	
Closing market value of outstanding shares and units (thousands)	  	$	22,966,310	 	 	$	21,805,734	 	 	$	23,611,215	 	 	$	22,856,727	 	 	$	22,027,642	 	
 
(1)	For additional detail, see page 14.	

Timing	
Quarterly results for the next four quarters will be announced according to the following schedule:	
 	 	
Second Quarter, 2017	  	Tentatively August 1, 2017	
Third Quarter, 2017	  	Tentatively November 1, 2017	
Fourth Quarter, 2017	  	Tentatively January 30, 2018	
First Quarter, 2018	  	Tentatively April 24, 2018	
 
4

FIRST QUARTER 2017
 
RESEARCH COVERAGE

Equity Research Coverage	  	 	  	Debt Research Coverage	  	Rating Agencies	
 	 	 	 	
Jacob Kilstein	  	Anthony Paolone	  	Andrew Mollay	  	Stephen Boyd	
Argus Research Company	  	J.P. Morgan Securities	  	Bank of America Merrill Lynch	  	Fitch Ratings	
646.747.5447	  	212.622.6682	  	646.855.6435	  	212.908.9153	
 	 	 	 	
Jeffrey Spector / Jamie Feldman	  	Craig Mailman / Jordan Sadler	  	Peter Troisi	  	Ranjini Venkatesan	
Bank of America Merrill Lynch	  	KeyBanc Capital Markets	  	Barclays	  	Moody’s Investors Service	
646.855.1363 / 646.855.5808	  	917.368.2316 / 917.368.2280	  	212.412.3695	  	212.553.3828	
 	 	 	 	
Ross Smotrich	  	Richard Anderson	  	Thomas Cook	  	Anita Ogbara	
Barclays Capital	  	Mizuho Securities	  	Citi Investment Research	  	Standard & Poor’s	
212.526.2306	  	212.205.8445	  	212.723.1112	  	212.438.5077	
 	 	 	 	
John Kim	  	Sumit Sharma / Vikram Malhotra	  	Mark Streeter	  	 	
BMO Capital	  	Morgan Stanley	  	J.P. Morgan Securities	  	 	
212.885.4115	  	212.761.7567 / 212.761.7064	  	212.834.5086	  	 	
 	 	 	 	
Tom Catherwood	  	Brad Schwer	  	Thierry Perrein / Jason Jones	  	 	
BTIG	  	Morningstar	  	Wells Fargo	  	 	
212.593.7510	  	312.244.7061	  	704.715.8455 / 704.715.7932	  	 	
 	 	 	 	
Thomas Lesnick / Ryan Wineman	  	Mike Carroll	  	 	  	 	
Capital One Securities	  	RBC Capital Markets	  	 	  	 	
571.633.8191 / 571.633.8414	  	440.715.2649	  	 	  	 	
 	 	 	 	
Michael Bilerman / Emmanuel Korchman	  	David Rodgers / Richard Schiller	  	 	  	 	
Citigroup Global Markets	  	RW Baird	  	 	  	 	
212.816.1383 / 212.816.1382	  	216.737.7341 / 312.609.5485	  	 	  	 	
 	 	 	 	
Barry Oxford	  	Alexander Goldfarb / Daniel Santos	  	 	  	 	
D.A. Davidson & Co.	  	Sandler O’Neill & Partners	  	 	  	 	
212.240.9871	  	212.466.7937 / 212.466.7927	  	 	  	 	
 	 	 	 	
Vincent Chao / Mike Husseini	  	John Guinee / Erin Aslakson	  	 	  	 	
Deutsche Bank Securities	  	Stifel, Nicolaus & Company	  	 	  	 	
212.250.6799 / 212.250.7703	  	443.224.1307 / 443.224.1350	  	 	  	 	
 	 	 	 	
Steve Sakwa / Robert Simone	  	Michael Lewis	  	 	  	 	
Evercore ISI	  	SunTrust Robinson Humphrey	  	 	  	 	
212.446.9462 / 212.446.9459	  	212.319.5659	  	 	  	 	
 	 	 	 	
Jed Reagan / Tyler Grant	  	Nick Yulico	  	 	  	 	
Green Street Advisors	  	UBS Securities	  	 	  	 	
949.640.8780	  	212.713.3402	  	 	  	 	
 	 	 	 	
Jonathan Petersen / Omotayo Okusanya	  	Blaine Heck	  	 	  	 	
Jefferies & Co.	  	Wells Fargo Securities	  	 	  	 	
212.284.1705 / 212.336.7076	  	443.263.6529	  	 	  	 	
 
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

FIRST QUARTER 2017
 
GUIDANCE
 
The Company’s guidance for the second quarter 2017 and full year 2017 for diluted earnings per common share attributable to Boston Properties, Inc. common shareholders (“EPS”) and diluted funds from operations (“FFO”) per common share attributable to Boston Properties, Inc. common shareholders 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 April 25, 2017 and otherwise referenced during the Company’s conference call scheduled for April 26, 2017. 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 on depreciable real estate or gains or losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 48. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth below.

 	  	Second Quarter 2017	 	  	Full Year 2017	 	
 	  	Low	 	  	High	 	  	Low	 	  	High	 	
Projected EPS (diluted)	  	$	0.77	 	  	$	0.79	 	  	$	2.60	 	  	$	2.68	 	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected Company share of real estate depreciation and amortization	  	 	0.86	 	  	 	0.86	 	  	 	3.57	 	  	 	3.57	 	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected Company share of gains on sales of real estate	  	 	0.02	 	  	 	0.02	 	  	 	0.02	 	  	 	0.02	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected FFO per share (diluted)	  	$	1.61	 	  	$	1.63	 	  	$	6.15	 	  	$	6.23	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
ASSUMPTIONS
(dollars in thousands)

 

 	 	 	 	 	 	 	 	 	
 	  	Full Year 2017	 	
 	  	Low	 	 	High	 	
Operating property activity:	  	 	 	 	 	 	 	 	
Average In-service portfolio occupancy	  	 	90.0	% 	 	 	91.0	% 	
Increase in BXP’s Share of Same Property net operating income	  	 	1.50	% 	 	 	3.00	% 	
Increase in BXP’s Share of Same Property net operating income—cash basis	  	 	1.00	% 	 	 	3.00	% 	
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year	  	$	17,000	 	 	$	23,000	 	
BXP’s Share of Straight-line rent and fair value lease revenue (non-cash revenue)	  	$	65,000	 	 	$	85,000	 	
Hotel net operating income	  	$	13,000	 	 	$	15,000	 	
Termination income(1)	  	$	21,000	 	 	$	25,000	 	
Other income (expense):	  	 	 	 	 	 	 	 	
Development and management services income	  	$	28,000	 	 	$	33,000	 	
General and administrative expense	  	$	(115,000	) 	 	$	(110,000	) 	
Net interest expense	  	$	(368,000	) 	 	$	(355,000	) 	
Noncontrolling interest:	  	 	 	 	 	 	 	 	
Noncontrolling interest in property partnerships’ share of FFO	  	$	(132,000	) 	 	$	(117,000	) 	
 
(1)	Includes $13,000-$14,000 of termination income in the second quarter of 2017.	
 
6

FIRST QUARTER 2017
 
FINANCIAL HIGHLIGHTS
(unaudited and in thousands, except ratios and 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 most directly comparable GAAP financial measures and the non-GAAP financial measures presented are shown on pages 11-13. Definitions of these non-GAAP financial measures 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, and, if applicable, the other purposes for which management uses the measures, can be found on pages 47-48.

 	  	Three Months Ended	 	
 	  	31-Mar-17	 	 	31-Dec-16	 	 	30-Sep-16	 	 	30-Jun-16	 	 	31-Mar-16	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	97,083	 	 	$	147,214	 	 	$	76,753	 	 	$	96,597	 	 	$	181,747	 	
Net income attributable to Boston Properties, Inc. per share—basic	  	$	0.63	 	 	$	0.96	 	 	$	0.50	 	 	$	0.63	 	 	$	1.18	 	
Net income attributable to Boston Properties, Inc. per share—diluted	  	$	0.63	 	 	$	0.96	 	 	$	0.50	 	 	$	0.63	 	 	$	1.18	 	
FFO attributable to Boston Properties, Inc. (1)	  	$	228,383	 	 	$	236,898	 	 	$	219,564	 	 	$	220,595	 	 	$	250,688	 	
FFO per share—diluted (1)	  	$	1.48	 	 	$	1.54	 	 	$	1.42	 	 	$	1.43	 	 	$	1.63	 	
Dividends per common share	  	$	0.75	 	 	$	0.75	 	 	$	0.65	 	 	$	0.65	 	 	$	0.65	 	
Funds available for distribution to common shareholders and common unitholders (FAD) (1) (2)	  	$	178,002	 	 	$	151,183	 	 	$	149,725	 	 	$	160,948	 	 	$	188,204	 	
Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Coverage Ratio (excluding capitalized interest) (3)	  	 	3.88	 	 	 	3.86	 	 	 	3.49	 	 	 	3.63	 	 	 	3.79	 	
Interest Coverage Ratio (including capitalized interest) (3)	  	 	3.40	 	 	 	3.46	 	 	 	3.17	 	 	 	3.28	 	 	 	3.45	 	
FFO Payout Ratio (2)	  	 	50.68	% 	 	 	48.70	% 	 	 	45.77	% 	 	 	45.45	% 	 	 	39.88	% 	
FAD Payout Ratio (2)	  	 	72.49	% 	 	 	85.28	% 	 	 	74.63	% 	 	 	69.42	% 	 	 	59.35	% 	
Selected Items (4):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenue	  	$	632,228	 	 	$	636,061	 	 	$	625,228	 	 	$	623,546	 	 	$	665,985	 	
Partners’ share of revenue from consolidated joint ventures	  	 	(70,178	) 	 	 	(69,766	) 	 	 	(69,391	) 	 	 	(69,609	) 	 	 	(73,667	) 	
BXP’s share of revenue from unconsolidated joint ventures	  	 	25,650	 	 	 	24,828	 	 	 	25,271	 	 	 	18,825	 	 	 	18,447	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of revenue	  	$	587,700	 	 	$	591,123	 	 	$	581,108	 	 	$	572,762	 	 	$	610,765	 	
Straight-line rent (5)	  	$	12,023	 	 	$	14,711	 	 	$	11,107	 	 	$	(6,503	) 	 	$	14,424	 	
Partners’ share of straight-line rent from consolidated joint ventures	  	 	(590	) 	 	 	(1,103	) 	 	 	(707	) 	 	 	(718	) 	 	 	(1,696	) 	
BXP’s share of straight-line rent from unconsolidated joint ventures	  	 	3,563	 	 	 	3,696	 	 	 	3,285	 	 	 	1,787	 	 	 	1,064	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of straight-line rent	  	$	14,996	 	 	$	17,304	 	 	$	13,685	 	 	$	(5,434	) 	 	$	13,792	 	
Fair value lease revenue (6)	  	$	5,390	 	 	$	6,840	 	 	$	6,547	 	 	$	8,808	 	 	$	8,186	 	
Partners’ share of fair value lease revenue from consolidated joint ventures (6)	  	 	(1,575	) 	 	 	(2,194	) 	 	 	(2,084	) 	 	 	(3,031	) 	 	 	(2,810	) 	
BXP’s share of fair value lease revenue from unconsolidated joint ventures (6)	  	 	493	 	 	 	494	 	 	 	511	 	 	 	(1	) 	 	 	(1	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of fair value lease revenue	  	$	4,308	 	 	$	5,140	 	 	$	4,974	 	 	$	5,776	 	 	$	5,375	 	
Lease termination fees (7)	  	$	3,918	 	 	$	504	 	 	$	(170	) 	 	$	7,654	 	 	$	51,306	 	
Partners’ share of lease termination fees from consolidated joint ventures	  	 	(1,310	) 	 	 	(31	) 	 	 	421	 	 	 	(44	) 	 	 	(1,852	) 	
BXP’s share of termination income from unconsolidated joint ventures	  	 	316	 	 	 	13	 	 	 	8	 	 	 	4	 	 	 	(9	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of termination income	  	$	2,924	 	 	$	486	 	 	$	259	 	 	$	7,614	 	 	$	49,445	 	
Fair value interest adjustment and hedge amortization	  	$	10,323	 	 	$	10,145	 	 	$	10,378	 	 	$	11,272	 	 	$	12,321	 	
Partners’ share of fair value interest adjustment and hedge amortization from consolidated joint ventures	  	 	(4,627	) 	 	 	(4,598	) 	 	 	(4,569	) 	 	 	(4,540	) 	 	 	(4,511	) 	
BXP’s share of fair value interest adjustment and hedge amortization from unconsolidated joint ventures	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of fair value interest adjustment	  	$	5,696	 	 	$	5,547	 	 	$	5,809	 	 	$	6,732	 	 	$	7,810	 	
Ground rent expense (8)	  	$	3,459	 	 	$	3,460	 	 	$	3,471	 	 	$	3,469	 	 	$	3,471	 	
Losses from early extinguishments of debt	  	$	—  	 	 	$	—  	 	 	$	(371	) 	 	$	—  	 	 	$	—  	 	
Capitalized interest	  	$	12,345	 	 	$	10,281	 	 	$	9,788	 	 	$	9,899	 	 	$	9,269	 	
Capitalized wages	  	$	3,947	 	 	$	5,376	 	 	$	4,155	 	 	$	4,467	 	 	$	4,344	 	
Operating margins [(rental revenue—rental expense)/rental revenue]	  	 	63.1	% 	 	 	63.6	% 	 	 	62.3	% 	 	 	64.0	% 	 	 	66.3	% 	
Income from unconsolidated joint ventures	  	$	3,084	 	 	$	2,585	 	 	$	1,464	 	 	$	2,234	 	 	$	1,791	 	
BXP’s share of funds from operations (FFO) from unconsolidated joint ventures	  	$	12,125	(9) 	 	$	11,277	 	 	$	10,592	 	 	$	6,852	 	 	$	6,287	 	
Net income attributable to noncontrolling interests in property partnerships	  	$	4,424	 	 	$	(2,121	) 	 	$	(17,225	) 	 	$	6,814	 	 	$	10,464	 	
FFO attributable to noncontrolling interests in property partnerships	  	$	25,839	(10) 	 	$	25,135	 	 	$	23,682	 	 	$	26,183	 	 	$	30,019	 	
 
(1)	For the Company’s definitions and related disclosures, see pages 47-48.	
(2)	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 11. 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.	
(3)	For a quantitative reconciliation and related disclosures, see page 13.	
(4)	Partners’ share and BXP’s share of line items below are based upon percentage ownership interests in the applicable joint ventures. For additional details, see page 47.	
(5)	During the three months ended June 30, 2016, the Company recognized lump-sum rental income from three tenants totaling approximately $15.4 million that will be straight-lined through each tenant’s lease term. These amounts are in addition to the tenants’ monthly rental payments.	
(6)	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.	
(7)	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, includes a distribution received by the Company from its unsecured creditor claim against Lehman Brothers, Inc. of approximately $1.4 million.	
(8)	Includes non-cash straight-line adjustments to ground rent. See page 13 for the straight-line adjustments to the ground rent expense.	
(9)	For additional detail, see page 18.	
(10)	For additional detail, see page 20.	
 
7

FIRST QUARTER 2017
 
FINANCIAL HIGHLIGHTS (continued)
(unaudited and in thousands, except ratios and 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. Definitions of these non-GAAP financial measures 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 and, if applicable, the other purposes for which management uses the measures, can be found on pages 47-48.

 	  	31-Mar-17	 	 	31-Dec-16	 	 	30-Sep-16	 	 	30-Jun-16	 	 	31-Mar-16	 	
Balance Sheet Items:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Above-market rents (included within Prepaid Expenses and Other Assets)	  	$	33,923	 	 	$	37,079	 	 	$	40,346	 	 	$	43,780	 	 	$	47,388	 	
Below-market rents (included within Other Liabilities)	  	$	123,545	 	 	$	132,495	 	 	$	142,595	 	 	$	152,576	 	 	$	160,504	 	
Accrued ground rent expense, net liability (included within Prepaid Expenses and Other Assets and Other Liabilities)	  	$	43,356	 	 	$	42,717	 	 	$	41,718	 	 	$	40,687	 	 	$	39,752	 	
Outside members’ notes payable (1)	  	$	180,000	 	 	$	180,000	 	 	$	180,000	 	 	$	180,000	 	 	$	180,000	 	
Accrued interest payable on outside members’ notes payable (included within Accrued Interest Payable) (1)	  	$	162,936	 	 	$	153,758	 	 	$	144,825	 	 	$	136,131	 	 	$	127,670	 	
Capitalization:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common Stock Price @ Quarter End	  	$	132.41	 	 	$	125.78	 	 	$	136.29	 	 	$	131.90	 	 	$	127.08	 	
Equity Value @ Quarter End	  	$	22,966,310	 	 	$	21,805,734	 	 	$	23,611,215	 	 	$	22,856,727	 	 	$	22,027,642	 	
Consolidated Debt	  	$	9,886,845	 	 	$	9,796,133	 	 	$	9,808,922	 	 	$	9,934,084	 	 	$	10,160,366	 	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of Unconsolidated Joint Venture Debt (2)	  	 	317,719	 	 	 	318,193	 	 	 	350,225	 	 	 	350,831	 	 	 	351,394	 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of Consolidated Debt (5)	  	 	1,138,446	 	 	 	1,144,473	 	 	 	1,150,462	 	 	 	1,156,399	 	 	 	1,162,292	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s Share of Debt (3)(4)	  	$	9,066,118	 	 	$	8,969,853	 	 	$	9,008,685	 	 	$	9,128,516	 	 	$	9,349,468	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Market Capitalization	  	$	32,853,155	 	 	$	31,601,867	 	 	$	33,420,137	 	 	$	32,790,811	 	 	$	32,188,008	 	
Consolidated Debt/Consolidated Market Capitalization (3)	  	 	30.09	% 	 	 	31.00	% 	 	 	29.35	% 	 	 	30.30	% 	 	 	31.57	% 	
BXP’s Share of Market Capitalization (3)(4)	  	$	32,032,428	(6) 	 	$	30,775,587	 	 	$	32,619,900	 	 	$	31,985,243	 	 	$	31,377,110	 	
BXP’s Share of Debt/BXP’s Share of Market Capitalization (3)(4)	  	 	28.30	%(6) 	 	 	29.15	% 	 	 	27.62	% 	 	 	28.54	% 	 	 	29.80	% 	
 
(1)	Amount is allocated to the Company’s 767 Fifth Avenue (The GM Building) partners through noncontrolling interests in property partnerships.	
(2)	Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 17.	
(3)	For the Company’s definitions, see pages 47-48.	
(4)	Partners’ share and BXP’s share of line items are based upon percentage ownership interests in the applicable joint ventures. For additional details, see page 47.	
(5)	Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 19.	
(6)	For additional detail, see page 14.	
 
8

FIRST QUARTER 2017
 
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)

 	  	31-Mar-17	 	 	31-Dec-16	 	 	30-Sep-16	 	 	30-Jun-16	 	 	31-Mar-16	 	
ASSETS	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Real estate	  	$	18,931,136	 	 	$	18,862,648	 	 	$	18,704,856	 	 	$	18,690,403	 	 	$	18,424,542	 	
Construction in progress (1)	  	 	1,211,324	 	 	 	1,037,959	 	 	 	954,013	 	 	 	865,359	 	 	 	857,578	 	
Land held for future development (2)	  	 	249,800	 	 	 	246,656	 	 	 	243,887	 	 	 	241,106	 	 	 	256,952	 	
Less accumulated depreciation	  	 	(4,302,283	) 	 	 	(4,222,235	) 	 	 	(4,113,553	) 	 	 	(4,056,716	) 	 	 	(3,969,648	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total real estate	  	 	16,089,977	 	 	 	15,925,028	 	 	 	15,789,203	 	 	 	15,740,152	 	 	 	15,569,424	 	
Cash and cash equivalents	  	 	302,939	 	 	 	356,914	 	 	 	419,323	 	 	 	1,180,044	 	 	 	1,605,678	 	
Cash held in escrows	  	 	51,244	 	 	 	63,174	 	 	 	63,980	 	 	 	65,654	 	 	 	71,349	 	
Investments in securities	  	 	25,817	 	 	 	23,814	 	 	 	23,022	 	 	 	21,775	 	 	 	21,077	 	
Tenant and other receivables, net	  	 	73,012	 	 	 	92,548	 	 	 	76,258	 	 	 	84,861	 	 	 	73,759	 	
Accrued rental income, net	  	 	812,124	 	 	 	799,138	 	 	 	785,569	 	 	 	776,816	 	 	 	767,864	 	
Deferred charges, net	  	 	666,677	 	 	 	686,163	 	 	 	680,192	 	 	 	697,823	 	 	 	693,976	 	
Prepaid expenses and other assets	  	 	150,905	 	 	 	129,666	 	 	 	176,693	 	 	 	144,222	 	 	 	136,799	 	
Investments in unconsolidated joint ventures	  	 	793,932	 	 	 	775,198	 	 	 	775,659	 	 	 	252,618	 	 	 	235,904	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	18,966,627	 	 	$	18,851,643	 	 	$	18,789,899	 	 	$	18,963,965	 	 	$	19,175,830	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage notes payable, net	  	$	2,046,959	 	 	$	2,063,087	 	 	$	2,077,707	 	 	$	3,189,013	 	 	$	3,416,622	 	
Unsecured senior notes, net	  	 	7,248,152	 	 	 	7,245,953	 	 	 	7,243,767	 	 	 	6,257,274	 	 	 	6,255,602	 	
Unsecured line of credit	  	 	105,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Mezzanine notes payable	  	 	306,734	 	 	 	307,093	 	 	 	307,448	 	 	 	307,797	 	 	 	308,142	 	
Outside members’ notes payable	  	 	180,000	 	 	 	180,000	 	 	 	180,000	 	 	 	180,000	 	 	 	180,000	 	
Accounts payable and accrued expenses	  	 	313,723	 	 	 	298,524	 	 	 	312,979	 	 	 	287,464	 	 	 	252,727	 	
Dividends and distributions payable	  	 	130,418	 	 	 	130,308	 	 	 	113,038	 	 	 	113,071	 	 	 	113,079	 	
Accrued interest payable	  	 	266,714	 	 	 	243,933	 	 	 	234,628	 	 	 	222,175	 	 	 	221,578	 	
Other liabilities	  	 	446,489	 	 	 	450,821	 	 	 	461,079	 	 	 	508,952	 	 	 	498,290	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	11,044,189	 	 	 	10,919,719	 	 	 	10,930,646	 	 	 	11,065,746	 	 	 	11,246,040	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	  	 	200,000	 	 	 	200,000	 	 	 	200,000	 	 	 	200,000	 	 	 	200,000	 	
Common stock, $0.01 par value, 250,000,000 shares authorized, 153,849,231, 153,790,175, 153,773,012, 153,674,930 and 153,604,966 outstanding, respectively	  	 	1,538	 	 	 	1,538	 	 	 	1,538	 	 	 	1,537	 	 	 	1,536	 	
Additional paid-in capital	  	 	6,339,970	 	 	 	6,333,424	 	 	 	6,326,580	 	 	 	6,316,191	 	 	 	6,306,723	 	
Dividends in excess of earnings	  	 	(712,270	) 	 	 	(693,694	) 	 	 	(725,522	) 	 	 	(702,361	) 	 	 	(699,048	) 	
Treasury common stock, at cost	  	 	(2,722	) 	 	 	(2,722	) 	 	 	(2,722	) 	 	 	(2,722	) 	 	 	(2,722	) 	
Accumulated other comprehensive loss	  	 	(50,983	) 	 	 	(52,251	) 	 	 	(73,943	) 	 	 	(79,748	) 	 	 	(56,706	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity attributable to Boston Properties, Inc.	  	 	5,775,533	 	 	 	5,786,295	 	 	 	5,725,931	 	 	 	5,732,897	 	 	 	5,749,783	 	
Noncontrolling interests:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common units of the Operating Partnership	  	 	617,252	 	 	 	614,982	 	 	 	608,280	 	 	 	612,385	 	 	 	616,095	 	
Property partnerships	  	 	1,529,653	 	 	 	1,530,647	 	 	 	1,525,042	 	 	 	1,552,937	 	 	 	1,563,912	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	  	 	7,922,438	 	 	 	7,931,924	 	 	 	7,859,253	 	 	 	7,898,219	 	 	 	7,929,790	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	18,966,627	 	 	$	18,851,643	 	 	$	18,789,899	 	 	$	18,963,965	 	 	$	19,175,830	 	

(1)	Represents the portion of the Company’s consolidated development projects that qualifies for interest capitalization. Such portion generally excludes intangible assets.	
(2)	Includes land held for future development and pre-development costs.	
 
9

FIRST QUARTER 2017
 
CONSOLIDATED INCOME STATEMENTS
(unaudited and in thousands, except for per share amounts)

 	  	Three Months Ended	 	
 	  	31-Mar-17	 	 	31-Dec-16	 	 	30-Sep-16	 	 	30-Jun-16	 	 	31-Mar-16	 	
Revenue	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Base rent	  	$	503,562	 	 	$	498,941	 	 	$	489,312	 	 	$	493,386	 	 	$	536,128	 	
Recoveries from tenants	  	 	89,164	 	 	 	91,123	 	 	 	92,560	 	 	 	85,706	 	 	 	89,586	 	
Parking and other	  	 	25,610	 	 	 	25,334	 	 	 	24,638	 	 	 	26,113	 	 	 	24,825	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total rental revenue	  	 	618,336	 	 	 	615,398	 	 	 	606,510	 	 	 	605,205	 	 	 	650,539	 	
Hotel revenue	  	 	7,420	 	 	 	10,965	 	 	 	12,354	 	 	 	12,808	 	 	 	8,757	 	
Development and management services	  	 	6,472	 	 	 	9,698	 	 	 	6,364	 	 	 	5,533	 	 	 	6,689	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	  	 	632,228	 	 	 	636,061	 	 	 	625,228	 	 	 	623,546	 	 	 	665,985	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating	  	 	116,415	 	 	 	113,669	 	 	 	117,728	 	 	 	113,212	 	 	 	114,467	 	
Real estate taxes	  	 	109,435	 	 	 	108,556	 	 	 	109,480	 	 	 	104,726	 	 	 	104,705	 	
Demolition costs	  	 	2,437	 	 	 	1,873	 	 	 	1,352	 	 	 	—  	 	 	 	—  	 	
Hotel operating	  	 	7,091	 	 	 	7,736	 	 	 	8,118	 	 	 	7,978	 	 	 	7,634	 	
General and administrative (1)	  	 	31,386	 	 	 	25,293	 	 	 	25,165	 	 	 	25,418	 	 	 	29,353	 	
Transaction costs	  	 	34	 	 	 	1,200	 	 	 	249	 	 	 	913	 	 	 	25	 	
Impairment loss	  	 	—  	 	 	 	—  	 	 	 	1,783	 	 	 	—  	 	 	 	—  	 	
Depreciation and amortization (2)	  	 	159,205	 	 	 	178,032	 	 	 	203,748	 	 	 	153,175	 	 	 	159,448	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	  	 	426,003	 	 	 	436,359	 	 	 	467,623	 	 	 	405,422	 	 	 	415,632	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	206,225	 	 	 	199,702	 	 	 	157,605	 	 	 	218,124	 	 	 	250,353	 	
Other income (expense)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from unconsolidated joint ventures	  	 	3,084	 	 	 	2,585	 	 	 	1,464	 	 	 	2,234	 	 	 	1,791	 	
Gain on sale of investment in unconsolidated joint venture (3)	  	 	—  	 	 	 	59,370	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Interest and other income	  	 	614	 	 	 	573	 	 	 	3,628	 	 	 	1,524	 	 	 	1,505	 	
Gains from investments in securities (1)	  	 	1,042	 	 	 	560	 	 	 	976	 	 	 	478	 	 	 	259	 	
Interest expense (4)	  	 	(95,534	) 	 	 	(97,896	) 	 	 	(104,641	) 	 	 	(105,003	) 	 	 	(105,309	) 	
Losses from early extinguishments of debt	  	 	—  	 	 	 	—  	 	 	 	(371	) 	 	 	—  	 	 	 	—  	 	
Losses from interest rate contracts	  	 	—  	 	 	 	—  	 	 	 	(140	) 	 	 	—  	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	115,431	 	 	 	164,894	 	 	 	58,521	 	 	 	117,357	 	 	 	148,599	 	
Gains on sales of real estate	  	 	133	 	 	 	—  	 	 	 	12,983	 	 	 	—  	 	 	 	67,623	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	115,564	 	 	 	164,894	 	 	 	71,504	 	 	 	117,357	 	 	 	216,222	 	
Net income attributable to noncontrolling interests	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest in property partnerships	  	 	(4,424	) 	 	 	2,121	 	 	 	17,225	 	 	 	(6,814	) 	 	 	(10,464	) 	
Noncontrolling interest—common units of the Operating Partnership (5)	  	 	(11,432	) 	 	 	(17,097	) 	 	 	(9,387	) 	 	 	(11,357	) 	 	 	(21,393	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc.	  	 	99,708	 	 	 	149,918	 	 	 	79,342	 	 	 	99,186	 	 	 	184,365	 	
Preferred dividends	  	 	(2,625	) 	 	 	(2,704	) 	 	 	(2,589	) 	 	 	(2,589	) 	 	 	(2,618	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	97,083	 	 	$	147,214	 	 	$	76,753	 	 	$	96,597	 	 	$	181,747	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME PER SHARE OF COMMON STOCK (EPS)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc. per share—basic	  	$	0.63	 	 	$	0.96	 	 	$	0.50	 	 	$	0.63	 	 	$	1.18	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc. per share—diluted	  	$	0.63	 	 	$	0.96	 	 	$	0.50	 	 	$	0.63	 	 	$	1.18	 	

(1)	General and administrative expense includes $(1,042), $(560), $(976), $(478) and $(259) and gains from investments in securities include $1,042, $560, $976, $478 and $259 for the three months ended March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016, respectively, related to the Company’s deferred compensation plan.	
(2)	For the three months ended September 30, 2016, includes approximately $50.8 million of accelerated depreciation expense related to the redevelopment of the Company’s 601 Lexington Avenue property.	
(3)	On October 20, 2016, the Company and its partner in the unconsolidated joint venture that owns Metropolitan Square located in Washington, DC, completed the sale of an 80% interest in the joint venture for a gross sale price of approximately $282.4 million, including the assumption by the buyer of its pro rata share of the mortgage loan collateralized by the property totaling approximately $133.4 million and certain unfunded leasing costs totaling approximately $14.2 million. Net cash proceeds to the Company totaled approximately $58.2 million, resulting in a gain on sale of investment totaling approximately $59.4 million. The Company continues to own a 20% interest in the joint venture.	
(4)	For the three months ended March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016, interest expense includes $9,178, $8,933, $8,694, $8,461 and $8,234, 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.	
(5)	Equals noncontrolling interest—common units of the Operating Partnership’s share of 10.33%, 10.25%, 10.28%, 10.33% and 10.32% of income before net income attributable to noncontrolling interests in Operating Partnership after deduction for preferred distributions for the three months ended March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016, respectively.	
 
10

FIRST QUARTER 2017
 
FUNDS FROM OPERATIONS (FFO)
(unaudited and in thousands, except for per share amounts)

 	  	Three Months Ended	 	
 	  	31-Mar-17	 	 	31-Dec-16	 	 	30-Sep-16	 	 	30-Jun-16	 	 	31-Mar-16	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	97,083	 	 	$	147,214	 	 	$	76,753	 	 	$	96,597	 	 	$	181,747	 	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Preferred dividends	  	 	2,625	 	 	 	2,704	 	 	 	2,589	 	 	 	2,589	 	 	 	2,618	 	
Noncontrolling interest—common units of the Operating Partnership	  	 	11,432	 	 	 	17,097	 	 	 	9,387	 	 	 	11,357	 	 	 	21,393	 	
Noncontrolling interests in property partnerships	  	 	4,424	 	 	 	(2,121	) 	 	 	(17,225	) 	 	 	6,814	 	 	 	10,464	 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gains on sales of real estate	  	 	133	 	 	 	—  	 	 	 	12,983	 	 	 	—  	 	 	 	67,623	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	115,431	 	 	 	164,894	 	 	 	58,521	 	 	 	117,357	 	 	 	148,599	 	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	159,205	 	 	 	178,032	 	 	 	203,748	 	 	 	153,175	 	 	 	159,448	 	
Noncontrolling interests in property partnerships’ share of depreciation and amortization	  	 	(21,415	) 	 	 	(27,256	) 	 	 	(40,907	) 	 	 	(19,369	) 	 	 	(19,555	) 	
BXP’s share of depreciation and amortization from unconsolidated joint ventures	  	 	9,041	 	 	 	8,692	 	 	 	9,128	 	 	 	4,618	 	 	 	4,496	 	
Corporate-related depreciation and amortization	  	 	(525	) 	 	 	(449	) 	 	 	(393	) 	 	 	(362	) 	 	 	(364	) 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of investment in unconsolidated joint venture	  	 	—  	 	 	 	59,370	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Noncontrolling interests in property partnerships	  	 	4,424	 	 	 	(2,121	) 	 	 	(17,225	) 	 	 	6,814	 	 	 	10,464	 	
Preferred dividends	  	 	2,625	 	 	 	2,704	 	 	 	2,589	 	 	 	2,589	 	 	 	2,618	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) (“Basic FFO”)	  	 	254,688	 	 	 	263,960	 	 	 	244,733	 	 	 	246,016	 	 	 	279,542	 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest—common units of the Operating Partnership’s share of FFO	  	 	26,305	 	 	 	27,062	 	 	 	25,169	 	 	 	25,421	 	 	 	28,854	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO attributable to Boston Properties, Inc. common shareholders	  	$	228,383	 	 	$	236,898	 	 	$	219,564	 	 	$	220,595	 	 	$	250,688	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties, Inc.’s percentage share of Basic FFO	  	 	89.67	% 	 	 	89.75	% 	 	 	89.72	% 	 	 	89.67	% 	 	 	89.68	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO per share—basic	  	$	1.48	 	 	$	1.54	 	 	$	1.43	 	 	$	1.44	 	 	$	1.63	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding—basic	  	 	153,860	 	 	 	153,814	 	 	 	153,754	 	 	 	153,662	 	 	 	153,626	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO per share—diluted	  	$	1.48	 	 	$	1.54	 	 	$	1.42	 	 	$	1.43	 	 	$	1.63	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding—diluted	  	 	154,214	 	 	 	153,991	 	 	 	154,136	 	 	 	153,860	 	 	 	153,917	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation to Diluted FFO:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Basic FFO	  	$	254,688	 	 	$	263,960	 	 	$	244,733	 	 	$	246,016	 	 	$	279,542	 	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effect of dilutive securities—stock-based compensation	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted FFO	  	 	254,688	 	 	 	263,960	 	 	 	244,733	 	 	 	246,016	 	 	 	279,542	 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest—common units of the Operating Partnership’s share of diluted FFO	  	 	26,251	 	 	 	27,034	 	 	 	25,113	 	 	 	25,391	 	 	 	28,805	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties, Inc.’s share of Diluted FFO	  	$	228,437	 	 	$	236,926	 	 	$	219,620	 	 	$	220,625	 	 	$	250,737	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Shares/Units for Diluted FFO:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Shares/units for Basic FFO	  	 	171,581	 	 	 	171,385	 	 	 	171,379	 	 	 	171,370	 	 	 	171,309	 	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effect of dilutive securities—stock-based compensation (shares/units)	  	 	354	 	 	 	177	 	 	 	382	 	 	 	198	 	 	 	291	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares/units for Diluted FFO	  	 	171,935	 	 	 	171,562	 	 	 	171,761	 	 	 	171,568	 	 	 	171,600	 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest—common units of the Operating Partnership’s share of Diluted FFO (shares/units)	  	 	17,721	 	 	 	17,571	 	 	 	17,625	 	 	 	17,708	 	 	 	17,683	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties, Inc.’s share of shares/units for Diluted FFO	  	 	154,214	 	 	 	153,991	 	 	 	154,136	 	 	 	153,860	 	 	 	153,917	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties, Inc.’s percentage share of Diluted FFO	  	 	89.69	% 	 	 	89.76	% 	 	 	89.74	% 	 	 	89.68	% 	 	 	89.70	% 	

11

FIRST QUARTER 2017
 
FUNDS AVAILABLE FOR DISTRIBUTION (FAD)
(in thousands, except for ratio amounts)

 	  	Three Months Ended	 	
 	  	31-Mar-17	 	 	31-Dec-16	 	 	30-Sep-16	 	 	30-Jun-16	 	 	31-Mar-16	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	97,083	 	 	$	147,214	 	 	$	76,753	 	 	$	96,597	 	 	$	181,747	 	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Preferred dividends	  	 	2,625	 	 	 	2,704	 	 	 	2,589	 	 	 	2,589	 	 	 	2,618	 	
Noncontrolling interest—common units of the Operating Partnership	  	 	11,432	 	 	 	17,097	 	 	 	9,387	 	 	 	11,357	 	 	 	21,393	 	
Noncontrolling interests in property partnerships	  	 	4,424	 	 	 	(2,121	) 	 	 	(17,225	) 	 	 	6,814	 	 	 	10,464	 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gains on sales of real estate	  	 	133	 	 	 	—  	 	 	 	12,983	 	 	 	—  	 	 	 	67,623	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	115,431	 	 	 	164,894	 	 	 	58,521	 	 	 	117,357	 	 	 	148,599	 	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	159,205	 	 	 	178,032	 	 	 	203,748	 	 	 	153,175	 	 	 	159,448	 	
Noncontrolling interests in property partnerships’ share of depreciation and amortization	  	 	(21,415	) 	 	 	(27,256	) 	 	 	(40,907	) 	 	 	(19,369	) 	 	 	(19,555	) 	
BXP’s share of depreciation and amortization from unconsolidated joint ventures	  	 	9,041	 	 	 	8,692	 	 	 	9,128	 	 	 	4,618	 	 	 	4,496	 	
Corporate-related depreciation and amortization	  	 	(525	) 	 	 	(449	) 	 	 	(393	) 	 	 	(362	) 	 	 	(364	) 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of investment in unconsolidated joint venture	  	 	—  	 	 	 	59,370	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Noncontrolling interests in property partnerships	  	 	4,424	 	 	 	(2,121	) 	 	 	(17,225	) 	 	 	6,814	 	 	 	10,464	 	
Preferred dividends	  	 	2,625	 	 	 	2,704	 	 	 	2,589	 	 	 	2,589	 	 	 	2,618	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic FFO	  	 	254,688	 	 	 	263,960	 	 	 	244,733	 	 	 	246,016	 	 	 	279,542	 	
Straight-line rent (1)	  	 	(12,023	) 	 	 	(14,711	) 	 	 	(11,107	) 	 	 	6,503	 	 	 	(14,424	) 	
Partners’ share of straight-line rent from consolidated joint ventures	  	 	590	 	 	 	1,103	 	 	 	707	 	 	 	718	 	 	 	1,696	 	
BXP’s share of straight-line rent from unconsolidated joint ventures	  	 	(3,563	) 	 	 	(3,696	) 	 	 	(3,285	) 	 	 	(1,787	) 	 	 	(1,064	) 	
Lease transaction costs that qualify as rent inducements (2)	  	 	682	 	 	 	487	 	 	 	861	 	 	 	2,200	 	 	 	5,305	 	
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated joint ventures (2)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(17	) 	
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated joint ventures (2)	  	 	132	 	 	 	43	 	 	 	15	 	 	 	—  	 	 	 	—  	 	
Fair value lease revenue (3)	  	 	(5,390	) 	 	 	(6,840	) 	 	 	(6,547	) 	 	 	(8,808	) 	 	 	(8,186	) 	
Partners’ share of fair value lease revenue from consolidated joint ventures (3)	  	 	1,575	 	 	 	2,194	 	 	 	2,084	 	 	 	3,031	 	 	 	2,810	 	
BXP’s share of fair value lease revenue from unconsolidated joint ventures (3)	  	 	(493	) 	 	 	(494	) 	 	 	(511	) 	 	 	1	 	 	 	1	 	
Non-cash losses (gains) from early extinguishments of debt	  	 	—  	 	 	 	—  	 	 	 	371	 	 	 	—  	 	 	 	—  	 	
Non-cash termination income adjustment (fair value lease amounts)	  	 	(403	) 	 	 	7	 	 	 	—  	 	 	 	141	 	 	 	29	 	
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated joint ventures	  	 	161	 	 	 	(3	) 	 	 	—  	 	 	 	(41	) 	 	 	—  	 	
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated joint ventures	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Straight-line ground rent expense adjustment (4)	  	 	639	 	 	 	998	 	 	 	1,031	 	 	 	935	 	 	 	987	 	
Stock-based compensation	  	 	10,802	 	 	 	7,621	 	 	 	7,643	 	 	 	7,578	 	 	 	10,069	 	
Non-real estate depreciation	  	 	525	 	 	 	449	 	 	 	393	 	 	 	362	 	 	 	364	 	
Impairment loss	  	 	—  	 	 	 	—  	 	 	 	1,783	 	 	 	—  	 	 	 	—  	 	
Fair value interest adjustment	  	 	(10,323	) 	 	 	(10,145	) 	 	 	(10,378	) 	 	 	(11,272	) 	 	 	(12,321	) 	
Partners’ share of fair value interest adjustment from consolidated joint ventures	  	 	4,627	 	 	 	4,598	 	 	 	4,569	 	 	 	4,540	 	 	 	4,511	 	
BXP’s share of fair value interest adjustment from unconsolidated joint ventures	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
2nd generation tenant improvements and leasing commissions	  	 	(48,730	) 	 	 	(75,708	) 	 	 	(69,742	) 	 	 	(74,719	) 	 	 	(58,100	) 	
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated joint ventures	  	 	123	 	 	 	449	 	 	 	805	 	 	 	1,247	 	 	 	2,525	 	
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated joint ventures	  	 	(1,164	) 	 	 	(1,472	) 	 	 	(18	) 	 	 	(8,616	) 	 	 	(4,769	) 	
Unearned portion of capitalized fees from consolidated joint ventures	  	 	537	 	 	 	1,787	 	 	 	250	 	 	 	2,697	 	 	 	1,191	 	
Maintenance capital expenditures (5)	  	 	(10,677	) 	 	 	(16,334	) 	 	 	(11,889	) 	 	 	(9,654	) 	 	 	(21,961	) 	
Partners’ share of maintenance capital expenditures from consolidated joint ventures (5)	  	 	2,129	 	 	 	1,197	 	 	 	377	 	 	 	422	 	 	 	573	 	
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (5)	  	 	(211	) 	 	 	(437	) 	 	 	(283	) 	 	 	(112	) 	 	 	(197	) 	
Hotel improvements, equipment upgrades and replacements	  	 	(6,231	) 	 	 	(3,870	) 	 	 	(2,137	) 	 	 	(434	) 	 	 	(360	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds available for distribution to common shareholders and common unitholders (FAD) (A)	  	$	178,002	 	 	$	151,183	 	 	$	149,725	 	 	$	160,948	 	 	$	188,204	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Distributions to common shareholders and unitholders (excluding any special distributions) (B)	  	$	129,040	 	 	$	128,930	 	 	$	111,739	 	 	$	111,737	 	 	$	111,708	 	
FAD Payout Ratio (B÷A)	  	 	72.49	% 	 	 	85.28	% 	 	 	74.63	% 	 	 	69.42	% 	 	 	59.35	% 	

(1)	During the three months ended June 30, 2016, the Company recognized lump-sum rental income from three tenants totaling approximately $15.4 million that will be straight-lined through each tenant’s lease term. These amounts are in addition to the tenants’ monthly rental payments.	
(2)	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 in the period the lease commences.	
(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)	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. See page 7.	
(5)	Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures – see page 25 for additional detail.	
 
12

FIRST QUARTER 2017
 
INTEREST COVERAGE RATIOS
(in thousands, except for ratio amounts)

 	  	Three Months Ended	 	
 	  	31-Mar-17	 	 	31-Dec-16	 	 	30-Sep-16	 	 	30-Jun-16	 	 	31-Mar-16	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	97,083	 	 	$	147,214	 	 	$	76,753	 	 	$	96,597	 	 	$	181,747	 	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Preferred dividends	  	 	2,625	 	 	 	2,704	 	 	 	2,589	 	 	 	2,589	 	 	 	2,618	 	
Noncontrolling interest—common units of the Operating Partnership	  	 	11,432	 	 	 	17,097	 	 	 	9,387	 	 	 	11,357	 	 	 	21,393	 	
Noncontrolling interests in property partnerships	  	 	4,424	 	 	 	(2,121	) 	 	 	(17,225	) 	 	 	6,814	 	 	 	10,464	 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gains on sales of real estate	  	 	133	 	 	 	—  	 	 	 	12,983	 	 	 	—  	 	 	 	67,623	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	115,431	 	 	 	164,894	 	 	 	58,521	 	 	 	117,357	 	 	 	148,599	 	
Noncontrolling interests in property partnerships	  	 	(4,424	) 	 	 	2,121	 	 	 	17,225	 	 	 	(6,814	) 	 	 	(10,464	) 	
Interest expense	  	 	95,534	 	 	 	97,896	 	 	 	104,641	 	 	 	105,003	 	 	 	105,309	 	
Partners’ share of interest expense from consolidated joint ventures	  	 	(17,259	) 	 	 	(17,579	) 	 	 	(17,460	) 	 	 	(17,177	) 	 	 	(16,988	) 	
BXP’s share of interest expense from unconsolidated joint ventures	  	 	3,749	 	 	 	3,654	 	 	 	4,025	 	 	 	4,010	 	 	 	4,015	 	
Depreciation and amortization expense	  	 	159,205	 	 	 	178,032	 	 	 	203,748	 	 	 	153,175	 	 	 	159,448	 	
Noncontrolling interests in property partnerships’ share of depreciation and amortization	  	 	(21,415	) 	 	 	(27,256	) 	 	 	(40,907	) 	 	 	(19,369	) 	 	 	(19,555	) 	
BXP’s share of depreciation and amortization from unconsolidated joint ventures	  	 	9,041	 	 	 	8,692	 	 	 	9,128	 	 	 	4,618	 	 	 	4,496	 	
Gain on sale of investment in unconsolidated joint venture	  	 	—  	 	 	 	(59,370	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Losses from early extinguishments of debt	  	 	—  	 	 	 	—  	 	 	 	371	 	 	 	—  	 	 	 	—  	 	
Impairment loss	  	 	—  	 	 	 	—  	 	 	 	1,783	 	 	 	—  	 	 	 	—  	 	
Non-cash termination income adjustment (fair value lease amounts)	  	 	(403	) 	 	 	7	 	 	 	—  	 	 	 	141	 	 	 	29	 	
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated joint ventures	  	 	161	 	 	 	(3	) 	 	 	—  	 	 	 	(41	) 	 	 	—  	 	
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated joint ventures	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Stock-based compensation	  	 	10,802	 	 	 	7,621	 	 	 	7,643	 	 	 	7,578	 	 	 	10,069	 	
Straight-line ground rent expense adjustment (1)	  	 	639	 	 	 	998	 	 	 	1,031	 	 	 	935	 	 	 	987	 	
Straight-line rent (2)	  	 	(12,023	) 	 	 	(14,711	) 	 	 	(11,107	) 	 	 	6,503	 	 	 	(14,424	) 	
Partners’ share of straight-line rent from consolidated joint ventures	  	 	590	 	 	 	1,103	 	 	 	707	 	 	 	718	 	 	 	1,696	 	
BXP’s share of straight-line rent from unconsolidated joint ventures	  	 	(3,563	) 	 	 	(3,696	) 	 	 	(3,285	) 	 	 	(1,787	) 	 	 	(1,064	) 	
Lease transaction costs that qualify as rent inducements (3)	  	 	682	 	 	 	487	 	 	 	861	 	 	 	2,200	 	 	 	5,305	 	
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated joint ventures (3)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(17	) 	
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated joint ventures (3)	  	 	132	 	 	 	43	 	 	 	15	 	 	 	—  	 	 	 	—  	 	
Fair value lease revenue (4)	  	 	(5,390	) 	 	 	(6,840	) 	 	 	(6,547	) 	 	 	(8,808	) 	 	 	(8,186	) 	
Partners’ share of fair value lease revenue from consolidated joint ventures (4)	  	 	1,575	 	 	 	2,194	 	 	 	2,084	 	 	 	3,031	 	 	 	2,810	 	
BXP’s share of fair value lease revenue from unconsolidated joint ventures (4)	  	 	(493	) 	 	 	(494	) 	 	 	(511	) 	 	 	1	 	 	 	1	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal (A)	  	$	332,571	 	 	$	337,793	 	 	$	331,966	 	 	$	351,274	 	 	$	372,066	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Divided by:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	  	$	95,534	 	 	$	97,896	 	 	$	104,641	 	 	$	105,003	 	 	$	105,309	 	
Partners’ share of interest expense from consolidated joint ventures	  	 	(17,259	) 	 	 	(17,579	) 	 	 	(17,460	) 	 	 	(17,177	) 	 	 	(16,988	) 	
BXP’s share of interest expense from unconsolidated joint ventures	  	 	3,749	 	 	 	3,654	 	 	 	4,025	 	 	 	4,010	 	 	 	4,015	 	
Fair value interest adjustment	  	 	10,323	 	 	 	10,145	 	 	 	10,378	 	 	 	11,272	 	 	 	12,321	 	
Partners’ share of fair value interest adjustment from consolidated joint ventures	  	 	(4,627	) 	 	 	(4,598	) 	 	 	(4,569	) 	 	 	(4,540	) 	 	 	(4,511	) 	
BXP’s share of fair value interest adjustment from unconsolidated joint ventures	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Amortization of financing costs	  	 	(1,967	) 	 	 	(1,964	) 	 	 	(1,889	) 	 	 	(1,704	) 	 	 	(1,829	) 	
Partners’ share of amortization of financing costs from consolidated joint ventures	  	 	9	 	 	 	39	 	 	 	38	 	 	 	38	 	 	 	38	 	
BXP’s share of amortization of financing costs from unconsolidated joint ventures	  	 	(100	) 	 	 	(100	) 	 	 	(113	) 	 	 	(112	) 	 	 	(120	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense excluding capitalized interest (B)	  	 	85,662	 	 	 	87,493	 	 	 	95,051	 	 	 	96,790	 	 	 	98,235	 	
Capitalized interest	  	 	12,345	 	 	 	10,281	 	 	 	9,788	 	 	 	10,222	 	 	 	9,525	 	
Partners’ share of capitalized interest from consolidated joint ventures	  	 	(251	) 	 	 	(203	) 	 	 	(21	) 	 	 	—  	 	 	 	—  	 	
BXP’s share of capitalized interest from unconsolidated joint ventures	  	 	(6	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense including capitalized interest (C)	  	$	97,750	 	 	$	97,571	 	 	$	104,818	 	 	$	107,012	 	 	$	107,760	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Coverage Ratio (excluding capitalized interest) (A ÷ B) (5)	  	 	3.88	 	 	 	3.86	 	 	 	3.49	 	 	 	3.63	 	 	 	3.79	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Coverage Ratio (including capitalized interest) (A ÷ C) (5)	  	 	3.40	 	 	 	3.46	 	 	 	3.17	 	 	 	3.28	 	 	 	3.45	 	

(1)	Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the 100 Clarendon Street garage and Back Bay Station concourse level, which are adjacent to the the Company’s 200 Clarendon Street property. 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. See page 7.	
(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)	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.	
(5)	The Company believes that the presentation of its Interest Coverage Ratio provides investors with useful information about the Company’s financial condition because it measures the margin it has for paying interest expense as of a certain date. In addition, by analyzing interest coverage ratios over a period of time, trends may emerge that provide investors a better sense of whether a company’s financial condition is improving or worsening. The ratios may also be used to compare the ability of different companies to meet their interest expense obligations, which can help when making an investment decision. The Company presents its Interest Coverage Ratio in two ways—including capitalized interest and excluding capitalized interest. GAAP requires the capitalization of interest expense during development. Therefore, for a company like Boston Properties, Inc. that is an active developer of real estate, presenting the Interest Coverage Ratio (excluding capitalized interest) provides an alternative measure of financial condition that may be more indicative of the Company’s ability to meet its interest expense obligations.	
 
13

FIRST QUARTER 2017
 
CAPITAL STRUCTURE
(in thousands, except percentages)
Consolidated Debt

 	 	 	 	 	
 	  	Aggregate Principal
March 31, 2017	 	
Mortgage Notes Payable	  	$	2,026,578	 	
Mezzanine Notes Payable	  	 	306,000	 	
Unsecured Line of Credit	  	 	105,000	 	
Unsecured Senior Notes, at face value	  	 	7,300,000	 	
Outside Members’ Notes Payable	  	 	180,000	 	
 	  	 	 	 	
Subtotal	  	 	9,917,578	 	
Fair Value Interest Adjustment on Mortgage Notes Payable	  	 	22,622	 	
Fair Value Interest Adjustment on Mezzanine Notes Payable	  	 	734	 	
Discount on Unsecured Senior Notes	  	 	(18,132	) 	
Deferred Financing Costs, Net	  	 	(35,957	) 	
 	  	 	 	 	
Consolidated Debt	  	$	9,886,845	 	
 	  	 	 	 	
Boston Properties Limited Partnership Unsecured Senior Notes (1)

Settlement
Date	 	  	Maturity
Date	 	  	Principal	 	  	Effective Yield
(on issue
date)	 	 	Coupon	 	 	Public Offering
Price	 	 	Discount	 	  	Deferred Financing
Costs, Net	 	  	Unsecured Senior
Notes, net	 	
 	8/17/2016	 	  	 	10/1/2026	 	  	$	1,000,000	 	  	 	3.495	% 	 	 	2.750	% 	 	 	99.271	% 	 	$	6,925	 	  	$	7,692	 	  	$	985,383	 	
 	1/20/2016	 	  	 	2/1/2026	 	  	 	1,000,000	 	  	 	3.766	% 	 	 	3.650	% 	 	 	99.708	% 	 	 	2,631	 	  	 	7,194	 	  	 	990,175	 	
 	6/27/2013	 	  	 	2/1/2024	 	  	 	700,000	 	  	 	3.916	% 	 	 	3.800	% 	 	 	99.694	% 	 	 	1,460	 	  	 	3,843	 	  	 	694,697	 	
 	4/11/2013	 	  	 	9/1/2023	 	  	 	500,000	 	  	 	3.279	% 	 	 	3.125	% 	 	 	99.379	% 	 	 	2,044	 	  	 	2,580	 	  	 	495,376	 	
 	6/11/2012	 	  	 	2/1/2023	 	  	 	1,000,000	 	  	 	3.954	% 	 	 	3.850	% 	 	 	99.779	% 	 	 	1,311	 	  	 	4,560	 	  	 	994,129	 	
 	11/10/2011	 	  	 	11/15/2018	 	  	 	850,000	 	  	 	3.853	% 	 	 	3.700	% 	 	 	99.767	% 	 	 	502	 	  	 	2,782	 	  	 	846,716	 	
 	11/18/2010	 	  	 	5/15/2021	 	  	 	850,000	 	  	 	4.289	% 	 	 	4.125	% 	 	 	99.260	% 	 	 	2,796	 	  	 	2,032	 	  	 	845,172	 	
 	4/19/2010	 	  	 	11/15/2020	 	  	 	700,000	 	  	 	5.708	% 	 	 	5.625	% 	 	 	99.891	% 	 	 	310	 	  	 	1,437	 	  	 	698,253	 	
 	10/9/2009	 	  	 	10/15/2019	 	  	 	700,000	 	  	 	5.967	% 	 	 	5.875	% 	 	 	99.931	% 	 	 	153	 	  	 	1,596	 	  	 	698,251	 	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	 	 	  	 	 	 	  	$	7,300,000	 	  	 	 	 	 	 	 	 	 	 	 	 	 	$	18,132	 	  	$	33,716	 	  	$	7,248,152	 	
 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Equity

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Shares/Units Outstanding
as of 3/31/2017	 	  	Common Stock
Equivalents	 	  	Equivalent
Value (2)	 	
Common Stock	  	 	153,849	 	  	 	153,849	 	  	$	20,371,146	 	
Common Operating Partnership Units	  	 	18,089	 	  	 	18,089	 	  	 	2,395,164	 	
5.25% Series B Cumulative Redeemable Preferred Stock (non-callable through March 27, 2018)	  	 	80	 	  	 	—  	 	  	 	200,000	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity	  	 	 	 	  	 	171,938	 	  	$	22,966,310	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	
Consolidated Debt	  	 	 	 	  	 	 	 	  	$	9,886,845	 	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	
BXP’s share of unconsolidated joint venture debt (3)	  	 	 	 	  	 	 	 	  	 	317,719	 	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	
Partners’ share of consolidated debt (4)	  	 	 	 	  	 	 	 	  	 	1,138,446	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	
BXP’s Share of Debt (5)	  	 	 	 	  	 	 	 	  	$	9,066,118	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	
Consolidated Market Capitalization	  	 	 	 	  	 	 	 	  	$	32,853,155	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	
BXP’s Share of Market Capitalization (5)	  	 	 	 	  	 	 	 	  	$	32,032,428	 	

(1)	All unsecured senior notes are rated A- (stable), BBB+ (stable) and Baa2 (positive) by S&P, Fitch and Moody’s, respectively.	
(2)	Values based on March 31, 2017 closing price of $132.41 per share of common stock, except the Series B Preferred Stock is valued at its fixed liquidation preference.	
(3)	Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 17.	
(4)	Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 19.	
(5)	For the Company’s definitions, see pages 47-48.	
 
14

FIRST QUARTER 2017
 
DEBT ANALYSIS (1)
as of March 31, 2017
(dollars in thousands)
Debt Maturities and Principal Payments

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	2017	 	 	2018	 	 	2019	 	 	2020	 	 	2021	 	 	Thereafter	 	 	Total	 	
Floating Rate Debt:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage Notes Payable	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Unsecured Line of Credit	  	 	—  	 	 	 	105,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	105,000	(2) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Floating Rate Debt	  	$	—  	 	 	$	105,000	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	105,000	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed Rate Debt:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
767 Fifth Avenue (The GM Building) (60% ownership)	  	$	1,300,000	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	1,300,000	(3)(4) 	
601 Lexington Avenue (55% ownership)	  	 	9,847	 	 	 	13,684	 	 	 	14,349	 	 	 	15,045	 	 	 	15,776	 	 	 	614,710	 	 	 	683,411	 	
New Dominion Technology Park, Building One	  	 	1,465	 	 	 	3,100	 	 	 	3,340	 	 	 	3,598	 	 	 	22,906	 	 	 	—  	 	 	 	34,409	 	
University Place	  	 	1,305	 	 	 	1,849	 	 	 	1,981	 	 	 	2,123	 	 	 	1,500	 	 	 	—  	 	 	 	8,758	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage Notes Payable	  	 	1,312,617	 	 	 	18,633	 	 	 	19,670	 	 	 	20,766	 	 	 	40,182	 	 	 	614,710	 	 	 	2,026,578	 	
Fair Value Interest Adjustment	  	 	22,622	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	22,622	 	
Deferred Financing Costs, Net	  	 	(520	) 	 	 	(431	) 	 	 	(431	) 	 	 	(431	) 	 	 	(342	) 	 	 	(86	) 	 	 	(2,241	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage Notes Payable, Net	  	$	1,334,719	 	 	$	18,202	 	 	$	19,239	 	 	$	20,335	 	 	$	39,840	 	 	$	614,624	 	 	$	2,046,959	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mezzanine Notes Payable	  	$	306,000	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	306,000	(4) 	
Fair Value Interest Adjustment	  	 	734	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	734	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mezzanine Notes Payable	  	$	306,734	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	306,734	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unsecured Senior Notes, Face Amount	  	$	—  	 	 	$	850,000	 	 	$	700,000	 	 	$	700,000	 	 	$	850,000	 	 	$	4,200,000	 	 	$	7,300,000	 	
Discount Amortization	  	 	(1,992	) 	 	 	(2,696	) 	 	 	(2,503	) 	 	 	(2,528	) 	 	 	(2,063	) 	 	 	(6,350	) 	 	 	(18,132	) 	
Deferred Financing Costs, Net	  	 	(4,639	) 	 	 	(6,019	) 	 	 	(5,036	) 	 	 	(4,510	) 	 	 	(3,648	) 	 	 	(9,864	) 	 	 	(33,716	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unsecured Senior Notes, Net	  	$	(6,631	) 	 	$	841,285	 	 	$	692,461	 	 	$	692,962	 	 	$	844,289	 	 	$	4,183,786	 	 	$	7,248,152	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Outside Members’ Notes Payable	  	$	180,000	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	180,000	(4) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Fixed Rate Debt	  	$	1,814,822	 	 	$	859,487	 	 	$	711,700	 	 	$	713,297	 	 	$	884,129	 	 	$	4,798,410	 	 	$	9,781,845	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Debt	  	$	1,814,822	 	 	$	964,487	 	 	$	711,700	 	 	$	713,297	 	 	$	884,129	 	 	$	4,798,410	 	 	$	9,886,845	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% of Consolidated Debt	  	 	18.36	% 	 	 	9.76	% 	 	 	7.20	% 	 	 	7.21	% 	 	 	8.94	% 	 	 	48.53	% 	 	 	100.00	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balloon Payments	  	$	1,786,000	 	 	$	955,000	 	 	$	700,000	 	 	$	700,000	 	 	$	872,906	 	 	$	4,810,648	 	 	$	9,824,554	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Scheduled Principal Amortization	  	$	12,617	 	 	$	18,633	 	 	$	19,670	 	 	$	20,766	 	 	$	17,276	 	 	$	4,062	 	 	$	93,024	 	
GAAP Weighted Average Floating Rate Debt (5) (6)	  	 	—  	 	 	 	2.45	% 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2.45	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GAAP Weighted Average Fixed Rate Debt (5) (6)	  	 	3.04	% 	 	 	3.89	% 	 	 	5.96	% 	 	 	5.70	% 	 	 	4.39	% 	 	 	3.85	% 	 	 	4.06	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total GAAP Weighted Average Rate (5) (6)	  	 	3.04	% 	 	 	3.73	% 	 	 	5.96	% 	 	 	5.70	% 	 	 	4.39	% 	 	 	3.85	% 	 	 	4.04	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Stated Weighted Average Rate (6)	  	 	5.96	% 	 	 	3.58	% 	 	 	5.87	% 	 	 	5.63	% 	 	 	4.32	% 	 	 	3.78	% 	 	 	4.47	% 	

Unsecured Line of Credit - Matures July 26, 2018 (2)

 	 	 	 	 	 	 	 	 	 	 	 	 	
Facility	  	Outstanding
at 3/31/2017	 	  	Letters of
Credit	 	  	Remaining Capacity
at 3/31/2017	 	
$1,000,000	  	$	105,000	 	  	$	6,040	 	  	$	888,960	 	
Unsecured and Secured Debt Analysis (6)

 	  	% of Total Debt	 	 	Stated Weighted
Average Rate	 	 	GAAP Weighted
Average Rate	 	 	Weighted Average
Maturity (years)	 	
Unsecured Debt	  	 	75.75	% 	 	 	4.09	% 	 	 	4.18	% 	 	 	5.6	 	
Secured Debt	  	 	24.25	% 	 	 	5.64	% 	 	 	3.62	% 	 	 	1.9	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Debt	  	 	100.00	% 	 	 	4.47	% 	 	 	4.04	% 	 	 	4.7	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Floating and Fixed Rate Debt Analysis (6)

 	  	% of Total Debt	 	 	Stated Weighted
Average Rate	 	 	GAAP Weighted
Average Rate	 	 	Weighted Average
Maturity (years)	 	
Floating Rate Debt	  	 	1.08	% 	 	 	1.93	% 	 	 	2.45	% 	 	 	1.3	 	
Fixed Rate Debt	  	 	98.92	% 	 	 	4.50	% 	 	 	4.06	% 	 	 	4.7	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Debt	  	 	100.00	% 	 	 	4.47	% 	 	 	4.04	% 	 	 	4.7	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Rate Hedging Instruments

 	  	Notional Amount	 	  	Weighted-Average
10-Year Swap Rate	 	 	Effective Date	 	  	Termination Date	 	
Forward-starting interest rate swaps (4)	  	 	450,000	 	  	 	2.619	% 	 	 	June 7, 2017	 	  	 	June 7, 2027	 	
 
(1)	Excludes unconsolidated joint ventures. For information on BXP’s unconsolidated joint venture debt, see page 17.	
(2)	On April 24, 2017, Boston Properties Limited Partnership extended the maturity date from July 26, 2018 to April 24, 2022 and increased the capacity from $1.0 million to $1.5 billion.	
(3)	This property has a fair value interest adjustment that is shown on the Fair Value Interest Adjustment line.	
(4)	On April 24, 2017, the Company’s consolidated entity in which it has a 60% interest and that owns 767 Fifth Avenue (the General Motors Building) entered into an interest rate lock and commitment agreement with a group of lenders for a fixed interest rate of 3.43% per annum on a ten-year financing totaling $2.3 billion. The Company expects to close on the financing by the end of June 2017, although there can be no assurance that the financing will be consummated on the terms currently contemplated or at all. In conjunction with the interest rate lock and commitment agreement, the consolidated entity terminated its forward-starting interest rate swap contracts with notional amounts aggregating $450.0 million and will pay approximately $14.4 million, which amount will increase the Company’s interest expense over the ten-year term of the financing, resulting in an estimated effective interest rate of approximately 3.65% per annum, including the estimated amortization of financing costs and additional mortgage recording taxes.	
(5)	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.	
(6)	Percentage of total debt, weighted average rates and weighted average maturities exclude the Outside Members’ Notes Payable because they are allocated to the Company’s partners through noncontrolling interests in property partnerships.	
 
15

FIRST QUARTER 2017
 
SENIOR UNSECURED DEBT COVENANT COMPLIANCE RATIOS
(dollars 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 March 31, 2017 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 evaluating the Company’s unsecured debt securities.

 	  	 	 	 	Senior Notes	 	 	Senior Notes	 	
 	  	 	 	 	Issued Prior to	 	 	Issued On or After	 	
 	  	 	 	 	October 9, 2009	 	 	October 9, 2009	 	
 	  	 	 	 	March 31, 2017	 	
Total Assets:	  	 	 	 	 	 	 	 	 	 	 	 	
Capitalized Property Value (1)	  	 	 	 	 	$	23,172,351	 	 	$	23,631,893	 	
Cash and Cash Equivalents	  	 	 	 	 	 	302,939	 	 	 	302,939	 	
Investments in Securities	  	 	 	 	 	 	25,817	 	 	 	25,817	 	
Undeveloped Land, at Cost (including Joint Venture %)	  	 	 	 	 	 	295,805	 	 	 	295,805	 	
Development in Process, at Cost (including Joint Venture %)	  	 	 	 	 	 	1,438,245	 	 	 	1,438,245	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Total Assets	  	 	 	 	 	$	25,235,157	 	 	$	25,694,699	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Unencumbered Assets	  	 	 	 	 	$	19,867,798	 	 	$	20,308,553	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Secured Debt (Fixed and Variable) (2)	  	 	 	 	 	$	2,049,564	 	 	$	2,049,564	 	
Mezzanine Notes Payable (3)	  	 	 	 	 	 	306,000	 	 	 	306,000	 	
Unconsolidated Joint Venture Debt (4)	  	 	 	 	 	 	318,942	 	 	 	318,942	 	
Outside Members’ Notes Payable	  	 	 	 	 	 	180,000	 	 	 	180,000	 	
Contingent Liabilities & Letters of Credit	  	 	 	 	 	 	12,043	 	 	 	12,043	 	
Unsecured Debt (5)	  	 	 	 	 	 	7,405,000	 	 	 	7,405,000	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Total Outstanding Debt	  	 	 	 	 	$	10,271,549	 	 	$	10,271,549	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated EBITDA:	  	 	 	 	 	 	 	 	 	 	 	 	
Income before Gains on Sales of Real Estate (per Consolidated Income Statement)	  	 	 	 	 	$	115,431	 	 	$	115,431	 	
Subtract: Income from Unconsolidated Joint Ventures (per Consolidated Income Statement)	  	 	 	 	 	 	(3,084	) 	 	 	(3,084	) 	
Subtract: Gains from Investments in Securities (per Consolidated Income Statement)	  	 	 	 	 	 	(1,042	) 	 	 	(1,042	) 	
Add: Interest Expense (per Consolidated Income Statement)	  	 	 	 	 	 	95,534	 	 	 	95,534	 	
Add: Depreciation and Amortization (per Consolidated Income Statement)	  	 	 	 	 	 	159,205	 	 	 	159,205	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	 	 	 	 	366,044	 	 	 	366,044	 	
Add: BXP’s share of unconsolidated joint venture EBITDA	  	 	 	 	 	 	15,777	 	 	 	15,777	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated EBITDA	  	 	 	 	 	$	381,821	 	 	$	381,821	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Interest Expense:	  	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense (per Consolidated Income Statement)	  	 	 	 	 	$	95,534	 	 	$	95,534	 	
Add: BXP’s share of unconsolidated joint venture interest expense	  	 	 	 	 	 	3,749	 	 	 	3,749	 	
Less: Amortization of financing costs (including BXP’s share of unconsolidated joint ventures)	  	 	 	 	 	 	(2,067	) 	 	 	(2,067	) 	
Less: Interest expense funded by construction loan draws	  	 	 	 	 	 	—  	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Interest Expense	  	 	 	 	 	$	97,216	 	 	$	97,216	 	

Covenant Ratios and Related Data	  	Test	 	 	Actual	 	 	Actual	 	
Total Outstanding Debt/Total Assets	  	 	Less than 60%	 	 	 	40.7	% 	 	 	40.0	% 	
Secured Debt/Total Assets	  	 	Less than 50%	 	 	 	10.6	% 	 	 	10.4	% 	
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)	  	 	Greater than 1.50x	 	 	 	3.93	 	 	 	3.93	 	
Unencumbered Assets/ Unsecured Debt	  	 	Greater than 150%	 	 	 	268.3	% 	 	 	274.3	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Unencumbered Consolidated Property EBITDA (6)	  	 	 	 	 	$	325,852	 	 	$	325,852	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Unencumbered Interest Coverage (Unencumbered Consolidated Property EBITDA to Unsecured Interest Expense)	  	 	 	 	 	 	4.39	 	 	 	4.39	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
% of Unencumbered Consolidated Property EBITDA to Consolidated EBITDA	  	 	 	 	 	 	85.3	% 	 	 	85.3	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
# of in-service unencumbered properties	  	 	 	 	 	 	152	 	 	 	152	 	

(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)	Includes capital lease obligations of $22,986 and excludes aggregate fair value interest adjustment of $22,622 and deferred financing costs, net of $2,241.	
(3)	Excludes aggregate fair value interest adjustment of $734.	
(4)	Excludes aggregate deferred financing costs, net of $1,223.	
(5)	Excludes aggregate debt discount of $18,132 and deferred financing costs, net of $33,716.	
(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 March 31, 2017, these excluded amounts were approximately $(24,040), $75,399, $378 and $4,232, respectively.	
 
16

FIRST QUARTER 2017
 
UNCONSOLIDATED JOINT VENTURES (1)
as of March 31, 2017
(dollars in thousands)
Balance Sheet Information

 	 	 	 	 	 	 	 	 	 	 	 	 	
Property	  	BXP’s Nominal
Ownership	 	 	Net Equity	 	  	Mortgage/
Construction
Loans
Payable, Net	 	
540 Madison Avenue	  	 	60.00	% 	 	$	67,652	 	  	$	71,857	 	
Market Square North	  	 	50.00	% 	 	 	(7,837	) 	  	 	61,281	 	
Metropolitan Square	  	 	20.00	% 	 	 	2,007	 	  	 	33,061	 	
901 New York Avenue	  	 	25.00	% 	 	 	(10,167	) 	  	 	55,904	 	
Wisconsin Place Parking Facility	  	 	33.33	% 	 	 	41,151	 	  	 	—  	 	
Annapolis Junction (2)	  	 	50.00	% 	 	 	19,920	 	  	 	44,291	 	
500 North Capitol Street, N.W.	  	 	30.00	% 	 	 	(3,606	) 	  	 	31,391	 	
Colorado Center	  	 	49.80	% 	 	 	512,643	 	  	 	—  	 	
The Hub on Causeway—Podium	  	 	50.00	% 	 	 	36,888	 	  	 	—  	 	
The Hub on Causeway—Hotel	  	 	50.00	% 	 	 	1,167	 	  	 	—  	 	
The Hub on Causeway—Residential	  	 	50.00	% 	 	 	21,666	 	  	 	—  	 	
1001 6th Street	  	 	50.00	% 	 	 	42,474	 	  	 	—  	 	
Dock 72	  	 	50.00	% 	 	 	43,497	 	  	 	—  	 	
1265 Main Street	  	 	50.00	% 	 	 	4,866	 	  	 	19,934	 	
 	  	 	 	 	 	 	772,321	 	  	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	
Investments with deficit balances reflected within Other Liabilities	  	 	 	 	 	 	21,610	 	  	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	
Investment in Joint Ventures	  	 	 	 	 	$	793,931	 	  	$	317,719	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	
Debt Maturities and Principal Payments by Property

Property	  	2017	 	 	2018	 	 	2019	 	 	2020	 	 	2021	 	 	Thereafter	 	 	Total	 	
540 Madison Avenue (60%)	  	$	—  	 	 	$	72,000	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	72,000	 	
Market Square North (50%)	  	 	867	 	 	 	1,205	 	 	 	1,265	 	 	 	58,091	 	 	 	—  	 	 	 	—  	 	 	 	61,428	 	
901 New York Avenue (25%)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	970	 	 	 	1,095	 	 	 	54,185	 	 	 	56,250	 	
Metropolitan Square (20%)	  	 	418	 	 	 	586	 	 	 	620	 	 	 	31,501	 	 	 	 	 	 	 	—  	 	 	 	33,125	 	
500 North Capitol Street, N.W. (30%)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	31,500	 	 	 	31,500	 	
1265 Main Street (50%)	  	 	278	 	 	 	383	 	 	 	398	 	 	 	413	 	 	 	429	 	 	 	18,238	 	 	 	20,139	 	
Annapolis Junction Building One (50%)	  	 	256	 	 	 	19,519	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	19,775	(3) 	
Annapolis Junction Buildings Seven & Eight (50%)	  	 	244	 	 	 	326	 	 	 	17,723	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	18,293	 	
Annapolis Junction Building Six (50%)	  	 	203	 	 	 	6,229	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6,432	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Dock 72 (50%)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	  	 	2,266	 	 	 	100,248	 	 	 	20,006	 	 	 	90,975	 	 	 	1,524	 	 	 	103,923	 	 	 	318,942	 	
Deferred Financing Costs, Net	  	 	(283	) 	 	 	(263	) 	 	 	(186	) 	 	 	(115	) 	 	 	(77	) 	 	 	(299	) 	 	 	(1,223	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage/Construction Loans Payable, Net	  	$	1,983	 	 	$	99,985	 	 	$	19,820	 	 	$	90,860	 	 	$	1,447	 	 	$	103,624	 	 	$	317,719	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GAAP Weighted Average Rate	  	 	4.46	% 	 	 	3.38	% 	 	 	3.51	% 	 	 	5.20	% 	 	 	3.54	% 	 	 	3.86	% 	 	 	4.09	% 	
% of Total Mortgage/Construction Loans Payable, Net	  	 	0.62	% 	 	 	31.47	% 	 	 	6.24	% 	 	 	28.60	% 	 	 	0.46	% 	 	 	32.61	% 	 	 	100.00	% 	
Balloon Payments	  	$	—  	 	 	$	97,453	 	 	$	17,397	 	 	$	88,387	 	 	$	—  	 	 	$	95,437	 	 	$	298,674	 	
Scheduled Amortization	  	$	2,266	 	 	$	2,795	 	 	$	2,609	 	 	$	2,588	 	 	$	1,524	 	 	$	8,486	 	 	$	20,268	 	
Floating and Fixed Rate Debt Analysis

 	  	% of Total Debt	 	 	Stated Weighted
Average Rate	 	 	GAAP Weighted
Average Rate	 	 	Weighted Average
Maturity (years)	 	
Floating Rate Debt	  	 	36.56	% 	 	 	3.18	% 	 	 	3.36	% 	 	 	1.4	 	
Fixed Rate Debt	  	 	63.44	% 	 	 	4.44	% 	 	 	4.50	% 	 	 	6.2	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Debt	  	 	100.00	% 	 	 	3.98	% 	 	 	4.09	% 	 	 	4.4	 	

(1)	Amounts represent the Company’s share based on its ownership percentage.	
(2)	Annapolis Junction includes four in-service properties and two undeveloped land parcels.	
(3)	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. On October 17, 2016, the lender notified the joint venture that it has elected to charge the default rate on the loan. The default rate is defined as LIBOR plus 5.75% per annum. Subsequently, the cash flows generated from the property have become insufficient to fund debt service payments and capital improvements necessary to lease and operate the property and the joint venture is not prepared to fund additional cash shortfalls at this time. Consequently, the joint venture is not current on making debt service payments and remains in default. The loan has one, three-year extension option, subject to certain conditions including that no event of default exists or is ongoing.	
 
17

FIRST QUARTER 2017
 
UNCONSOLIDATED JOINT VENTURES (continued)
(unaudited and dollars in thousands)
Results of Operations
for the three months ended March 31, 2017

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	540
Madison
Avenue	 	 	Market
Square
North	 	 	Metropolitan
Square	 	 	901 New
York
Avenue	 	 	Wisconsin
Place
Parking
Facility	 	 	Annapolis
Junction (1)	 	 	500 North
Capitol
Street, N.W.	 	 	Colorado
Center	 	 	1001
6th Street	 	 	1265 Main
Street	 	 	Total
Unconsolidated
Joint Ventures	 	
REVENUE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental (2)	 	$	6,481	 	 	$	3,274	 	 	$	4,663	 	 	$	6,584	 	 	$	951	 	 	$	1,881	 	 	$	2,886	 	 	$	12,041	 	 	$	368	 	 	$	1,004	 	 	$	40,133	 	
Operating recoveries	 	 	826	 	 	 	864	 	 	 	1,300	 	 	 	1,256	 	 	 	378	 	 	 	520	 	 	 	1,248	 	 	 	406	 	 	 	—  	 	 	 	208	 	 	 	7,006	 	
Straight-line rent	 	 	(66	) 	 	 	1,253	 	 	 	1,847	 	 	 	658	 	 	 	—  	 	 	 	40	 	 	 	113	 	 	 	3,155	 	 	 	—  	 	 	 	—  	 	 	 	7,000	 	
Fair value lease revenue	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	96	 	 	 	—  	 	 	 	—  	 	 	 	96	 	
Termination income	 	 	526	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	526	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	 	 	7,767	 	 	 	5,391	 	 	 	7,810	 	 	 	8,498	 	 	 	1,329	 	 	 	2,441	 	 	 	4,247	 	 	 	15,698	 	 	 	368	 	 	 	1,212	 	 	 	54,761	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EXPENSES	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating	 	 	3,608	 	 	 	2,332	 	 	 	3,526	 	 	 	3,426	 	 	 	723	 	 	 	1,639	 	 	 	1,353	 	 	 	4,766	 	 	 	492	 	 	 	214	 	 	 	22,079	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET OPERATING INCOME/(LOSS)	 	 	4,159	 	 	 	3,059	 	 	 	4,284	 	 	 	5,072	 	 	 	606	 	 	 	802	 	 	 	2,894	 	 	 	10,932	 	 	 	(124	) 	 	 	998	 	 	 	32,682	 	
Interest	 	 	749	 	 	 	1,514	 	 	 	2,379	 	 	 	2,076	 	 	 	—  	 	 	 	1,092	 	 	 	1,103	 	 	 	—  	 	 	 	—  	 	 	 	387	 	 	 	9,300	 	
Depreciation and amortization	 	 	1,923	 	 	 	972	 	 	 	1,877	 	 	 	1,645	 	 	 	1,383	 	 	 	1,032	 	 	 	954	 	 	 	4,095	 	 	 	—  	 	 	 	428	 	 	 	14,309	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SUBTOTAL	 	 	2,672	 	 	 	2,486	 	 	 	4,256	 	 	 	3,721	 	 	 	1,383	 	 	 	2,124	 	 	 	2,057	 	 	 	4,095	 	 	 	—  	 	 	 	815	 	 	 	23,609	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET INCOME/(LOSS)	 	$	1,487	 	 	$	573	 	 	$	28	 	 	$	1,351	 	 	$	(777	) 	 	$	(1,322	) 	 	$	837	 	 	$	6,837	 	 	$	(124	) 	 	$	183	 	 	$	9,073	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s nominal ownership percentage	 	 	60.00	% 	 	 	50.00	% 	 	 	20.00	% 	 	 	25.00	% 	 	 	33.33	% 	 	 	50.00	% 	 	 	30.00	% 	 	 	49.80	% 	 	 	50.00	% 	 	 	50.00	% 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of net income/(loss)	 	$	892	 	 	$	287	 	 	$	6	 	 	$	372	(3) 	 	$	(259	) 	 	$	(661	) 	 	$	251	 	 	$	3,405	 	 	$	(62	) 	 	$	92	 	 	$	4,323	 	
Basis differential	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Straight-line rent	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	660	 	 	 	(4	) 	 	 	—  	 	 	 	660	 	
Fair value lease revenue	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	445	 	 	 	(4	) 	 	 	—  	 	 	 	445	 	
Depreciation and amortization	 	 	176	 	 	 	(2	) 	 	 	(3	) 	 	 	(8	) 	 	 	(7	) 	 	 	(2	) 	 	 	7	 	 	 	(2,501	) 	 	 	(4	) 	 	 	(4	) 	 	 	(2,344	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total basis differential (5)	 	 	176	 	 	 	(2	) 	 	 	(3	) 	 	 	(8	) 	 	 	(7	) 	 	 	(2	) 	 	 	7	 	 	 	(1,396	) 	 	 	(4	) 	 	 	(4	) 	 	 	(1,239	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income/(loss) from unconsolidated joint ventures	 	$	1,068	 	 	$	285	 	 	$	3	 	 	$	364	(3) 	 	$	(266	) 	 	$	(663	) 	 	$	258	 	 	$	2,009	 	 	$	(62	) 	 	$	88	 	 	$	3,084	 	
Gain on investment	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
BXP’s share of depreciation & amortization	 	 	1,035	 	 	 	480	 	 	 	372	 	 	 	1,152	(3) 	 	 	458	 	 	 	509	 	 	 	283	 	 	 	4,542	 	 	 	—  	 	 	 	210	 	 	 	9,041	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of Funds from Operations (FFO)	 	$	2,103	 	 	$	765	 	 	$	375	 	 	$	1,516	 	 	$	192	 	 	$	(154	) 	 	$	541	 	 	$	6,551	 	 	$	(62	) 	 	$	298	 	 	$	12,125	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of interest expense	 	$	449	 	 	$	757	 	 	$	476	 	 	$	996	(3) 	 	$	—  	 	 	$	546	 	 	$	331	 	 	$	—  	 	 	$	—  	 	 	$	194	 	 	$	3,749	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of amortization of financing costs	 	$	31	 	 	$	10	 	 	$	5	 	 	$	21	 	 	$	—  	 	 	$	29	 	 	$	4	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	100	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of capitalized interest	 	$	—  	 	 	$	—  	 	 	$	(6	) 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	(6	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of non-cash termination income adjustment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of revenue (6)	 	$	4,660	 	 	$	2,696	 	 	$	1,562	 	 	$	4,079	(3) 	 	$	443	 	 	$	1,221	 	 	$	1,274	 	 	$	8,925	 	 	$	184	 	 	$	606	 	 	$	25,650	 	
BXP’s share of operating expenses	 	 	2,165	 	 	 	1,166	 	 	 	705	 	 	 	1,644	(3) 	 	 	241	 	 	 	820	 	 	 	406	 	 	 	2,373	 	 	 	246	 	 	 	107	 	 	 	9,873	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of net operating income/(loss) (6)	 	 	2,495	 	 	 	1,530	 	 	 	857	 	 	 	2,435	(3) 	 	 	202	 	 	 	401	 	 	 	868	 	 	 	6,552	 	 	 	(62	) 	 	 	499	 	 	 	15,777	 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of termination income	 	 	316	 	 	 	—  	 	 	 	—  	 	 	 	—  	(3) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	316	 	
BXP’s share of net operating income/(loss) (excluding termination income) (6)	 	 	2,179	 	 	 	1,530	 	 	 	857	 	 	 	2,435	(3) 	 	 	202	 	 	 	401	 	 	 	868	 	 	 	6,552	 	 	 	(62	) 	 	 	499	 	 	 	15,461	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of straight-line rent	 	 	(40	) 	 	 	627	 	 	 	369	 	 	 	316	(3) 	 	 	—  	 	 	 	20	 	 	 	34	 	 	 	2,237	 	 	 	—  	 	 	 	—  	 	 	 	3,563	 	
BXP’s share of fair value lease revenue	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	(3) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	493	 	 	 	—  	 	 	 	—  	 	 	 	493	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of lease transaction costs that qualify as rent inducements	 	 	—  	 	 	 	132	 	 	 	—  	 	 	 	—  	(3) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	132	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of net operating income/(loss)—cash basis (excluding termination income) (6)	 	$	2,219	 	 	$	1,035	 	 	$	488	 	 	$	2,119	(3) 	 	$	202	 	 	$	381	 	 	$	834	 	 	$	3,822	 	 	$	(62	) 	 	$	499	 	 	$	11,537	 	

(1)	Annapolis Junction includes four properties in service and two undeveloped land parcels.	
(2)	Includes approximately $136 of management services income and approximately $38 of interest and other income.	
(3)	Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement.	
(4)	The Company’s purchase price allocation under ASC 805 for Colorado Center differs from the historical basis of the venture resulting in the majority of the basis differential for this venture.	
(5)	Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.	
(6)	Includes the Company’s share of approximately $81 of management services income and approximately $15 of interest and other income.	
 
18

FIRST QUARTER 2017
 
CONSOLIDATED JOINT VENTURES
(unaudited and in thousands)
Balance Sheets
as of March 31, 2017

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	  	$	3,389,041	 	 	$	2,198,963	 	  	$	874,294	 	 	$	6,462,298	 	
Cash and cash held in escrows	  	 	116,548	 	 	 	132,923	 	  	 	26,924	 	 	 	276,395	 	
Other assets	  	 	124,129	 	 	 	185,907	 	  	 	(20	) 	 	 	310,016	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total assets	  	$	3,629,718	 	 	$	2,517,793	 	  	$	901,198	 	 	$	7,048,709	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Liabilities:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Mortgage notes payable, net	  	$	1,322,427	 	 	$	681,736	 	  	$	—  	 	 	$	2,004,163	 	
Mezzanine notes payable	  	 	306,734	 	 	 	—  	 	  	 	—  	 	 	 	306,734	 	
Outside members’ notes payable	  	 	180,000	 	 	 	—  	 	  	 	—  	 	 	 	180,000	 	
Accrued interest on related party notes	  	 	162,936	 	 	 	—  	 	  	 	—  	 	 	 	162,936	 	
Other liabilities	  	 	153,403	 	 	 	83,913	 	  	 	85,723	 	 	 	323,039	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	2,125,500	 	 	 	765,649	 	  	 	85,723	 	 	 	2,976,872	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Equity:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Boston Properties, Inc.	  	 	1,108,836	(1) 	 	 	643,082	 	  	 	790,185	 	 	 	2,542,103	 	
Noncontrolling interests	  	 	395,382	 	 	 	1,109,062	 	  	 	25,290	 	 	 	1,529,734	(2) 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total equity	  	 	1,504,218	 	 	 	1,752,144	 	  	 	815,475	 	 	 	4,071,837	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	3,629,718	 	 	$	2,517,793	 	  	$	901,198	 	 	$	7,048,709	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Partners’ share of mortgage notes payable, net	  	$	528,971	 	 	$	306,781	 	  	$	—  	 	 	$	835,752	 	
Partners’ share of mezzanine notes payable	  	 	122,694	 	 	 	—  	 	  	 	—  	 	 	 	122,694	 	
Outside members’ notes payable	  	 	180,000	 	 	 	—  	 	  	 	—  	 	 	 	180,000	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Partners’ share of consolidated debt	  	$	831,664	 	 	$	306,781	 	  	$	—  	 	 	$	1,138,446	 	

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

FIRST QUARTER 2017
 
CONSOLIDATED JOINT VENTURES (continued)
(unaudited and in thousands)
Income Statements
for the three months ended March 31, 2017

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	 	 	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	  	$	68,075	 	 	$	85,728	 	 	$	—  	 	 	$	153,803	 	
Straight-line rent	  	 	916	 	 	 	497	 	 	 	—  	 	 	 	1,413	 	
Fair value lease revenue	  	 	3,673	 	 	 	236	 	 	 	—  	 	 	 	3,909	 	
Termination income	  	 	4,929	 	 	 	(1,472	) 	 	 	—  	 	 	 	3,457	 	
Parking and other	  	 	826	 	 	 	1,255	 	 	 	—  	 	 	 	2,081	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	  	 	78,419	 	 	 	86,244	 	 	 	—  	 	 	 	164,663	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EXPENSES	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating	  	 	27,637	 	 	 	32,438	 	 	 	5	 	 	 	60,080	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET OPERATING INCOME	  	 	50,782	 	 	 	53,806	 	 	 	(5	) 	 	 	104,583	 	
Management services income	  	 	(398	) 	 	 	(653	) 	 	 	—  	 	 	 	(1,051	) 	
Interest and other income	  	 	(27	) 	 	 	(204	) 	 	 	—  	 	 	 	(231	) 	
Interest expense	  	 	23,535	 	 	 	7,895	 	 	 	—  	 	 	 	31,430	 	
Interest expense—outside members’ notes	  	 	9,178	 	 	 	—  	 	 	 	—  	 	 	 	9,178	 	
Fair value interest adjustment	  	 	(11,567	) 	 	 	—  	 	 	 	—  	 	 	 	(11,567	) 	
Depreciation and amortization	  	 	30,191	 	 	 	20,822	 	 	 	—  	 	 	 	51,013	 	
Other	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SUBTOTAL	  	 	50,912	 	 	 	27,860	 	 	 	—  	 	 	 	78,772	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET INCOME/(LOSS)	  	$	(130	) 	 	$	25,946	 	 	$	(5	) 	 	$	25,811	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s ownership percentage	  	 	60.00	% 	 	 	55.00	% 	 	 	95.00	% 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of NOI (1)	  	$	20,313	 	 	$	24,213	 	 	$	—  	 	 	$	44,526	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of NOI	  	$	30,469	 	 	$	29,593	 	 	$	(5	) 	 	$	60,058	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unearned portion of capitalized fees (2)	  	$	81	 	 	$	456	 	 	$	—  	 	 	$	537	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of partners’ noncontrolling interest (NCI):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income/(loss)	  	$	(130	) 	 	$	25,946	 	 	$	(5	) 	 	$	25,811	 	
Add depreciation & amortization—BXP’s basis difference	  	 	31	 	 	 	31	 	 	 	—  	 	 	 	62	 	
Special allocation—BXP’s basis	  	 	—  	 	 	 	(90	) 	 	 	—  	 	 	 	(90	) 	
Add partners’ share of outside members’ loan interest	  	 	9,178	 	 	 	—  	 	 	 	—  	 	 	 	9,178	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income/(loss) before interest allocation	  	$	9,079	 	 	$	25,887	 	 	$	(5	) 	 	$	34,961	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of net income before interest allocation (1)	  	$	3,632	 	 	$	11,649	 	 	$	—  	 	 	$	15,281	 	
Partners’ share of outside members’ loan interest (1)	  	 	(9,178	) 	 	 	—  	 	 	 	—  	 	 	 	(9,178	) 	
Allocation of management and other fees to non-controlling partners (1)	  	 	(618	) 	 	 	(996	) 	 	 	—  	 	 	 	(1,614	) 	
Accretion and adjustments (1)	  	 	—  	 	 	 	—  	 	 	 	(65	) 	 	 	(65	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ NCI (1)	  	$	(6,164	) 	 	$	10,653	 	 	$	(65	) 	 	$	4,424	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of partners’ share of FFO:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income/(loss)	  	$	(130	) 	 	$	25,946	 	 	$	(5	) 	 	$	25,811	 	
Add depreciation & amortization	  	 	30,191	 	 	 	20,822	 	 	 	—  	 	 	 	51,013	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Entity FFO	  	$	30,061	 	 	$	46,768	 	 	$	(5	) 	 	$	76,824	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ NCI (1)	  	$	(6,164	) 	 	$	10,653	 	 	$	(65	) 	 	$	4,424	 	
Partners’ share of depreciation and amortization after BXP’s basis differential (1)	  	 	12,064	 	 	 	9,351	 	 	 	—  	 	 	 	21,415	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share FFO (1)	  	$	5,900	 	 	$	20,004	 	 	$	(65	) 	 	$	25,839	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of BXP’s share of FFO:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of net income/(loss) adjusted for partners’ NCI	  	$	6,034	 	 	$	15,293	 	 	$	60	 	 	$	21,387	 	
Depreciation & amortization—BXP’s basis difference	  	 	31	 	 	 	31	 	 	 	—  	 	 	 	62	 	
BXP’s share of depreciation & amortization	  	 	18,096	 	 	 	11,435	 	 	 	—  	 	 	 	29,531	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of FFO	  	$	24,161	 	 	$	26,759	 	 	$	60	 	 	$	50,980	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of select items (1):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of revenue	  	$	31,368	 	 	$	38,810	 	 	$	—  	 	 	$	70,178	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of interest expense	  	$	13,968	 	 	$	3,291	 	 	$	—  	 	 	$	17,259	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of fair value interest adjustment	  	$	(4,627	) 	 	$	—  	 	 	$	—  	 	 	$	(4,627	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of amortization of financing costs	  	$	4	 	 	$	5	 	 	$	—  	 	 	$	9	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of capitalized interest	  	$	(6	) 	 	$	257	 	 	$	—  	 	 	$	251	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of non-cash termination income adjustment (fair value lease amounts)	  	$	(161	) 	 	$	—  	 	 	$	—  	 	 	$	(161	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Partners’ share of NOI (1):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue	  	$	31,368	 	 	$	38,810	 	 	$	—  	 	 	$	70,178	 	
Less: Termination income	  	 	1,972	 	 	 	(662	) 	 	 	—  	 	 	 	1,310	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue (excluding termination income)	  	 	29,396	 	 	 	39,472	 	 	 	—  	 	 	 	68,868	 	
Operating expenses	  	 	11,055	 	 	 	14,597	 	 	 	—  	 	 	 	25,652	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI (excluding termination income)	  	$	18,341	 	 	$	24,875	 	 	$	—  	 	 	$	43,216	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue (excluding termination income)	  	$	29,396	 	 	$	39,472	 	 	 	—  	 	 	$	68,868	 	
Less: Straight-line rent	  	 	366	 	 	 	224	 	 	 	—  	 	 	 	590	 	
Fair value lease revenue	  	 	1,469	 	 	 	106	 	 	 	—  	 	 	 	1,575	 	
Add: Lease transaction costs that qualify as rent inducements (3)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	  	 	27,561	 	 	 	39,142	 	 	 	—  	 	 	 	66,703	 	
Less: Operating expenses	  	 	11,055	 	 	 	14,597	 	 	 	—  	 	 	 	25,652	 	
Straight-line ground rent expense	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI—cash basis (excluding termination income)	  	$	16,506	 	 	$	24,545	 	 	$	—  	 	 	$	41,051	 	

(1)	Amounts represent the partners’ share based on their respective ownership percentage.	
(2)	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.	
(3)	Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Leasing transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 12.	

20

FIRST QUARTER 2017
 
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO BOSTON PROPERTIES, INC. COMMON SHAREHOLDERS TO NET OPERATING INCOME (NOI)
(in thousands)

 	  	For the three months ended	 	
 	  	March 31, 2017	 	 	March 31, 2016	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	97,083	 	 	$	181,747	 	
Preferred dividends	  	 	2,625	 	 	 	2,618	 	
 	  	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc.	  	 	99,708	 	 	 	184,365	 	
Net income attributable to noncontrolling interests:	  	 	 	 	 	 	 	 	
Noncontrolling interest—common units of the Operating Partnership	  	 	11,432	 	 	 	21,393	 	
Noncontrolling interest in property partnerships	  	 	4,424	 	 	 	10,464	 	
 	  	 	 	 	 	 	 	 	
Net income	  	 	115,564	 	 	 	216,222	 	
Gains on sales of real estate	  	 	(133	) 	 	 	(67,623	) 	
 	  	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	115,431	 	 	 	148,599	 	
Add:	  	 	 	 	 	 	 	 	
Interest expense	  	 	95,534	 	 	 	105,309	 	
Depreciation and amortization	  	 	159,205	 	 	 	159,448	 	
Transaction costs	  	 	34	 	 	 	25	 	
General and administrative expense	  	 	31,386	 	 	 	29,353	 	
Subtract:	  	 	 	 	 	 	 	 	
Gains from investments in securities	  	 	(1,042	) 	 	 	(259	) 	
Interest and other income	  	 	(614	) 	 	 	(1,505	) 	
Income from unconsolidated joint ventures	  	 	(3,084	) 	 	 	(1,791	) 	
Development and management services income	  	 	(6,472	) 	 	 	(6,689	) 	
 	  	 	 	 	 	 	 	 	
Net Operating Income (NOI)	  	 	390,378	 	 	 	432,490	 	
Add:	  	 	 	 	 	 	 	 	
BXP’s share of NOI from unconsolidated joint ventures	  	 	15,777	(1) 	 	 	10,161	 	
Subtract:	  	 	 	 	 	 	 	 	
Partners’ share of NOI from consolidated joint ventures	  	 	(44,526	)(2) 	 	 	(48,044	) 	
 	  	 	 	 	 	 	 	 	
BXP’s Share of NOI	  	 	361,629	 	 	 	394,607	 	
Subtract:	  	 	 	 	 	 	 	 	
Termination income	  	 	(3,918	) 	 	 	(51,306	) 	
BXP’s share of termination income from unconsolidated joint ventures	  	 	(316	)(1) 	 	 	9	 	
Add:	  	 	 	 	 	 	 	 	
Partners’ share of termination income from consolidated joint ventures	  	 	1,310	(2) 	 	 	1,852	 	
 	  	 	 	 	 	 	 	 	
BXP’s Share of NOI (excluding termination income)	  	$	358,705	 	 	$	345,162	 	
 	  	 	 	 	 	 	 	 	
Net Operating Income (NOI)	  	$	390,378	 	 	$	432,490	 	
Subtract:	  	 	 	 	 	 	 	 	
Termination income	  	 	(3,918	) 	 	 	(51,306	) 	
NOI from non Same Properties (excluding termination income) (3)	  	 	(10,750	) 	 	 	(11,683	) 	
 	  	 	 	 	 	 	 	 	
Same Property NOI (excluding termination income)	  	 	375,710	 	 	 	369,501	 	
Subtract:	  	 	 	 	 	 	 	 	
Partners’ share of NOI from consolidated joint ventures (excluding termination income)	  	 	(43,216	)(2) 	 	 	(46,192	) 	
Add:	  	 	 	 	 	 	 	 	
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income) (3)	  	 	(218	) 	 	 	1,568	 	
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)	  	 	15,461	(1) 	 	 	10,170	 	
Subtract:	  	 	 	 	 	 	 	 	
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) (3)	  	 	(7,053	) 	 	 	(1,280	) 	
 	  	 	 	 	 	 	 	 	
BXP’s Share of Same Property NOI (excluding termination income)	  	$	340,684	 	 	$	333,767	 	

(1)	For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures, see page 18.	
(2)	For disclosures related to the calculation of Partners’ share from consolidated joint ventures, see page 20.	
(3)	Pages 27-29 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, non Same Properties include properties that were sold prior to March 31, 2017 and therefore are no longer a part of the Company’s property portfolio.	
 
21

FIRST QUARTER 2017
 
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO BOSTON PROPERTIES, INC. COMMON SHAREHOLDERS TO NET OPERATING INCOME (NOI) - CASH BASIS
(in thousands)

 	  	For the three months ended	 	
 	  	March 31, 2017	 	 	March 31, 2016	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	97,083	 	 	$	181,747	 	
Preferred dividends	  	 	2,625	 	 	 	2,618	 	
 	  	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc.	  	 	99,708	 	 	 	184,365	 	
Net income attributable to noncontrolling interests:	  	 	 	 	 	 	 	 	
Noncontrolling interest—common units of the Operating Partnership	  	 	11,432	 	 	 	21,393	 	
Noncontrolling interest in property partnerships	  	 	4,424	 	 	 	10,464	 	
 	  	 	 	 	 	 	 	 	
Net income	  	 	115,564	 	 	 	216,222	 	
Gains on sales of real estate	  	 	(133	) 	 	 	(67,623	) 	
 	  	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	115,431	 	 	 	148,599	 	
Add:	  	 	 	 	 	 	 	 	
Interest expense	  	 	95,534	 	 	 	105,309	 	
Depreciation and amortization	  	 	159,205	 	 	 	159,448	 	
Transaction costs	  	 	34	 	 	 	25	 	
General and administrative expense	  	 	31,386	 	 	 	29,353	 	
Subtract:	  	 	 	 	 	 	 	 	
Gains from investments in securities	  	 	(1,042	) 	 	 	(259	) 	
Interest and other income	  	 	(614	) 	 	 	(1,505	) 	
Income from unconsolidated joint ventures	  	 	(3,084	) 	 	 	(1,791	) 	
Development and management services income	  	 	(6,472	) 	 	 	(6,689	) 	
 	  	 	 	 	 	 	 	 	
Net Operating Income (NOI)	  	 	390,378	 	 	 	432,490	 	
Subtract:	  	 	 	 	 	 	 	 	
Straight-line rent	  	 	(12,023	) 	 	 	(14,424	) 	
Fair value lease revenue	  	 	(5,390	) 	 	 	(8,186	) 	
Add:	  	 	 	 	 	 	 	 	
Straight-line ground rent expense adjustment (1)	  	 	941	 	 	 	982	 	
Lease transaction costs that qualify as rent inducements (2)	  	 	682	 	 	 	5,305	 	
 	  	 	 	 	 	 	 	 	
NOI—cash basis	  	 	374,588	 	 	 	416,167	 	
Subtract:	  	 	 	 	 	 	 	 	
Termination income	  	 	(3,918	) 	 	 	(51,306	) 	
NOI—cash basis from non Same Properties (excluding termination income) (3)	  	 	(8,187	) 	 	 	(10,625	) 	
 	  	 	 	 	 	 	 	 	
Same Property NOI—cash basis (excluding termination income)	  	 	362,483	 	 	 	354,236	 	
Subtract:	  	 	 	 	 	 	 	 	
Partners’ share of NOI—cash basis from consolidated joint ventures (excluding termination income)	  	 	(41,051	)(4) 	 	 	(41,703	) 	
Add:	  	 	 	 	 	 	 	 	
Partners’ share of NOI—cash basis from non Same Properties from consolidated joint ventures (excluding termination income) (3)	  	 	(279	) 	 	 	1,570	 	
BXP’s share of NOI—cash basis from unconsolidated joint ventures (excluding termination income)	  	 	11,537	(5) 	 	 	9,110	 	
Subtract:	  	 	 	 	 	 	 	 	
BXP’s share of NOI—cash basis from non Same Properties from unconsolidated joint ventures (excluding termination income) (3)	  	 	(4,322	) 	 	 	(1,382	) 	
 	  	 	 	 	 	 	 	 	
BXP’s Share of Same Property NOI—cash basis (excluding termination income)	  	$	328,368	 	 	$	321,831	 	

(1)	In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Station concourse level in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(302) and $5 for the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017, the Company has remaining lease payments aggregating approximately $27.8 million, all of which it expects to incur by the end of 2019 with no payments thereafter. Under GAAP, the Company is recognizing expense of $(87) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Station. As a result, the amounts excluded from the adjustment each quarter through 2019 may vary significantly.	
(2)	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 in the Company’s FAD calculation on page 13.	
(3)	Pages 27-29 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, non Same Properties include dispositions that occurred prior to March 31, 2017 and therefore are no longer a part of the Company’s property portfolio.	
(4)	For disclosures related to the calculation of Partners’ share from consolidated joint ventures, see page 20.	
(5)	For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures, see page 18.	
 
22

FIRST QUARTER 2017
 
SAME PROPERTY NET OPERATING INCOME (NOI) BY REPORTABLE SEGMENT
(dollars in thousands)

 	  	Office (1)	 	 	Hotel & Residential	 	
 	  	For the three months ended	 	  	 	 	 	 	 	 	For the three months ended	 	  	 	 	 	 	 	
 	  	31-Mar-17	 	  	31-Mar-16	 	  	$ Change	 	 	% Change	 	 	31-Mar-17	 	  	31-Mar-16	 	  	$ Change	 	 	% Change	 	
Rental Revenue	  	$	597,357	 	  	$	630,158	 	  	 	 	 	 	 	 	 	 	$	11,376	 	  	$	12,806	 	  	 	 	 	 	 	 	 	
Less: Termination income	  	 	5,389	 	  	 	51,306	 	  	 	 	 	 	 	 	 	 	 	—  	 	  	 	—  	 	  	 	 	 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	  	 	591,968	 	  	 	578,852	 	  	$	13,116	 	 	 	2.3	% 	 	 	11,376	 	  	 	12,806	 	  	$	(1,430	) 	 	 	(11.2	)% 	
Less: Operating expenses and real estate taxes	  	 	218,992	 	  	 	212,923	 	  	 	6,069	 	 	 	2.9	% 	 	 	8,642	 	  	 	9,234	 	  	 	(592	) 	 	 	(6.4	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
NOI (excluding termination income) (3)	  	$	372,976	 	  	$	365,929	 	  	$	7,047	 	 	 	1.9	% 	 	$	2,734	 	  	$	3,572	 	  	$	(838	) 	 	 	(23.5	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	  	$	591,968	 	  	$	578,852	 	  	 	 	 	 	 	 	 	 	$	11,376	 	  	$	12,806	 	  	 	 	 	 	 	 	 	
Less: Straight-line rent and fair value lease revenue	  	 	14,840	 	  	 	16,651	 	  	 	(1,811	) 	 	 	(10.9	)% 	 	 	10	 	  	 	19	 	  	 	(9	) 	 	 	(47.4	)% 	
Add: Lease transaction costs that qualify as rent inducements (4)	  	 	682	 	  	 	423	 	  	 	259	 	 	 	61.2	% 	 	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	—  	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Subtotal	  	 	577,810	 	  	 	562,624	 	  	 	15,186	 	 	 	2.7	% 	 	 	11,366	 	  	 	12,787	 	  	 	(1,421	) 	 	 	(11.1	)% 	
Less: Operating expenses and real estate taxes	  	 	218,992	 	  	 	212,923	 	  	 	6,069	 	 	 	2.9	% 	 	 	8,642	 	  	 	9,234	 	  	 	(592	) 	 	 	(6.4	)% 	
Add: Straight-line ground rent expense (5)	  	 	941	 	  	 	982	 	  	 	(41	) 	 	 	(4.2	)% 	 	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	—  	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
NOI (excluding termination income)—cash basis	  	$	359,759	 	  	$	350,683	 	  	$	9,076	 	 	 	2.6	% 	 	$	2,724	 	  	$	3,553	 	  	$	(829	) 	 	 	(23.3	)% 	

 	  	Consolidated Total (1)	 	 	Unconsolidated Joint Ventures (BXP’s Share)	 	
 	  	For the three months ended	 	  	 	 	 	 	 	 	For the three months ended	 	  	 	 	 	 	 	
 	  	31-Mar-17	 	  	31-Mar-16	 	  	$ Change	 	 	% Change	 	 	31-Mar-17	 	  	31-Mar-16	 	  	$ Change	 	 	% Change	 	
Rental Revenue	  	$	608,733	 	  	$	642,964	 	  	 	 	 	 	 	 	 	 	$	16,117	 	  	$	16,055	 	  	 	 	 	 	 	 	 	
Less: Termination income	  	 	5,389	 	  	 	51,306	 	  	 	 	 	 	 	 	 	 	 	316	 	  	 	7	 	  	 	 	 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	  	 	603,344	 	  	 	591,658	 	  	$	11,686	 	 	 	2.0	% 	 	 	15,801	 	  	 	16,048	 	  	$	(247	) 	 	 	(1.5	)% 	
Less: Operating expenses and real estate taxes	  	 	227,634	 	  	 	222,157	 	  	 	5,477	 	 	 	2.5	% 	 	 	7,393	 	  	 	7,157	 	  	 	236	 	 	 	3.3	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
NOI (excluding termination income) (3)	  	$	375,710	 	  	$	369,501	 	  	$	6,209	 	 	 	1.7	% 	 	$	8,408	 	  	$	8,891	 	  	$	(483	) 	 	 	(5.4	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	  	$	603,344	 	  	$	591,658	 	  	 	 	 	 	 	 	 	 	$	15,801	 	  	$	16,048	 	  	 	 	 	 	 	 	 	
Less: Straight-line rent and fair value lease revenue	  	 	14,850	 	  	 	16,670	 	  	 	(1,820	) 	 	 	(10.9	)% 	 	 	1,325	 	  	 	1,163	 	  	 	162	 	 	 	13.9	% 	
Add: Lease transaction costs that qualify as rent inducements (4)	  	 	682	 	  	 	423	 	  	 	259	 	 	 	61.2	% 	 	 	132	 	  	 	—  	 	  	 	132	 	 	 	100.0	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Subtotal	  	 	589,176	 	  	 	575,411	 	  	 	13,765	 	 	 	2.4	% 	 	 	14,608	 	  	 	14,885	 	  	 	(277	) 	 	 	(1.9	)% 	
Less: Operating expenses and real estate taxes	  	 	227,634	 	  	 	222,157	 	  	 	5,477	 	 	 	2.5	% 	 	 	7,393	 	  	 	7,157	 	  	 	236	 	 	 	3.3	% 	
Add: Straight-line ground rent expense (5)	  	 	941	 	  	 	982	 	  	 	(41	) 	 	 	(4.2	)% 	 	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	—  	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
NOI (excluding termination income)—cash basis (6)	  	$	362,483	 	  	$	354,236	 	  	$	8,247	 	 	 	2.3	% 	 	$	7,215	 	  	$	7,728	 	  	$	(513	) 	 	 	(6.6	)% 	

 	  	Partners’ Share of Consolidated Joint Ventures	 	 	BXP’s Share (7)	 	
 	  	For the three months ended	 	  	 	 	 	 	 	 	For the three months ended	 	  	 	 	 	 	 	
 	  	31-Mar-17	 	  	31-Mar-16	 	  	$ Change	 	 	% Change	 	 	31-Mar-17	 	  	31-Mar-16	 	  	$ Change	 	 	% Change	 	
Rental Revenue	  	$	70,373	 	  	$	71,230	 	  	 	 	 	 	 	 	 	 	$	554,477	 	  	$	587,789	 	  	 	 	 	 	 	 	 	
Less: Termination income	  	 	1,972	 	  	 	1,852	 	  	 	 	 	 	 	 	 	 	 	3,733	 	  	 	49,461	 	  	 	 	 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	  	 	68,401	 	  	 	69,378	 	  	$	(977	) 	 	 	(1.4	)% 	 	 	550,744	 	  	 	538,328	 	  	$	12,416	 	 	 	2.3	% 	
Less: Operating expenses and real estate taxes	  	 	24,967	 	  	 	24,753	 	  	 	214	 	 	 	0.9	% 	 	 	210,060	 	  	 	204,561	 	  	 	5,499	 	 	 	2.7	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
NOI (excluding termination income) (3)	  	$	43,434	 	  	$	44,625	 	  	$	(1,191	) 	 	 	(2.7	)% 	 	$	340,684	 	  	$	333,767	 	  	$	6,917	 	 	 	2.1	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	  	$	68,401	 	  	$	69,378	 	  	 	 	 	 	 	 	 	 	$	550,744	 	  	$	538,328	 	  	 	 	 	 	 	 	 	
Less: Straight-line rent and fair value lease revenue	  	 	2,104	 	  	 	4,509	 	  	 	(2,405	) 	 	 	(53.3	)% 	 	 	14,071	 	  	 	13,324	 	  	 	747	 	 	 	5.6	% 	
Add: Lease transaction costs that qualify as rent inducements (4)	  	 	—  	 	  	 	17	 	  	 	(17	) 	 	 	(100.0	)% 	 	 	814	 	  	 	406	 	  	 	408	 	 	 	100.5	% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Subtotal	  	 	66,297	 	  	 	64,886	 	  	 	1,411	 	 	 	2.2	% 	 	 	537,487	 	  	 	525,410	 	  	 	12,077	 	 	 	2.3	% 	
Less: Operating expenses and real estate taxes	  	 	24,967	 	  	 	24,753	 	  	 	214	 	 	 	0.9	% 	 	 	210,060	 	  	 	204,561	 	  	 	5,499	 	 	 	2.7	% 	
Add: Straight-line ground rent expense (5)	  	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	941	 	  	 	982	 	  	 	(41	) 	 	 	(4.2	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
NOI (excluding termination income)—cash basis (6)	  	$	41,330	 	  	$	40,133	 	  	$	1,197	 	 	 	3.0	% 	 	$	328,368	 	  	$	321,831	 	  	$	6,537	 	 	 	2.0	% 	

(1)	Includes 100% share of consolidated joint ventures. Same Property consolidated joint venture properties includes 767 Fifth Avenue (The GM Building), 601 Lexington Avenue (excluding the portion removed from the complex as part of a planned redevelopment) and Times Square Tower in New York City and 100 Federal Street and Atlantic Wharf Office Building in Boston, MA.	
(2)	Rental Revenue (excluding termination income) is used internally by the Company as a performance measure and provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s properties.	
(3)	For a quantitative reconciliation of net income attributable to Boston Properties, Inc. common shareholders to net operating income (NOI) (excluding termination income), see page 21. For disclosures relating to the Company’s use of NOI, see page 48.	
(4)	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 in the Company’s FAD calculation on page 13.	
(5)	Excludes the straight-line impact of approximately $(302) and $5 for the three months ended March 31, 2017 and 2016, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Station concourse level. For additional information, see page 22.	
(6)	For a quantitative reconciliation of net income attributable to Boston Properties, Inc. common shareholders to NOI—cash basis (excluding termination income), see page 22. For disclosures relating to the Company’s use of NOI, see page 48.	
(7)	BXP’s Share represents consolidated plus the Company’ share of unconsolidated joint ventures less the partners’ share of consolidated joint ventures. For disclosures relating to the Company’s use of BXP’s Share, see page 47.	

23

FIRST QUARTER 2017
 
RESIDENTIAL and HOTEL PERFORMANCE

Rental Rates and Occupancy	  	  	 	 	  	 	 	  	 	
 	  	First Quarter	 	 	Percent	 	
 	  	2017	 	 	2016	 	 	Change	 	
The Avant at Reston Town Center (359 units)	  	 	 	 	 	 	 	 	 	 	 	 	
Reston, VA	  	 	 	 	 	 	 	 	 	 	 	 	
Average Monthly Rental Rate (1)	  	$	2,370	 	 	$	2,327	 	 	 	1.8	% 	
Average Rental Rate Per Occupied Square Foot (1)	  	$	2.58	 	 	$	2.55	 	 	 	1.2	% 	
Average Physical Occupancy (1) (2)	  	 	89.8	% 	 	 	92.9	% 	 	 	(3.3	)% 	
Average Economic Occupancy (2)	  	 	89.9	% 	 	 	92.8	% 	 	 	(3.1	)% 	
The Lofts at Atlantic Wharf (86 units)	  	 	 	 	 	 	 	 	 	 	 	 	
Boston, MA	  	 	 	 	 	 	 	 	 	 	 	 	
Average Monthly Rental Rate (3)	  	$	4,167	 	 	$	4,153	 	 	 	0.3	% 	
Average Rental Rate Per Occupied Square Foot (3)	  	$	4.67	 	 	$	4.57	 	 	 	2.2	% 	
Average Physical Occupancy (2) (3)	  	 	93.8	% 	 	 	96.1	% 	 	 	(2.4	)% 	
Average Economic Occupancy (2)	  	 	96.6	% 	 	 	97.6	% 	 	 	(1.0	)% 	
Boston Marriott Cambridge (433 rooms)	  	 	 	 	 	 	 	 	 	 	 	 	
Cambridge, MA	  	 	 	 	 	 	 	 	 	 	 	 	
Average Occupancy	  	 	66.5	%(4) 	 	 	75.2	% 	 	 	(11.6	)% 	
Average Daily Rate	  	$	219.87	(4) 	 	$	223.48	 	 	 	(1.6	)% 	
Revenue per available room	  	$	146.12	(4) 	 	$	168.08	 	 	 	(13.1	)% 	

Net Operating Income (dollars in thousands) (5)	  	  	 	 	  	 	 	  	 	 	  	 	 	  	 	  	  	 	
 	  	Residential	 	 	Hotel	 	
 	  	First Quarter	 	 	Percent	 	 	First Quarter	 	  	Percent	 	
 	  	2017	 	 	2016	 	 	Change	 	 	2017	 	 	2016	 	  	Change	 	
Rental Revenue	  	$	3,956	(6) 	 	$	4,049	(6) 	 	 	(2.3	)% 	 	$	7,420	 	 	$	8,757	 	  	 	(15.3	)% 	
Less: Operating expenses and real estate taxes	  	 	1,551	 	 	 	1,600	 	 	 	(3.1	)% 	 	 	7,091	 	 	 	7,634	 	  	 	(7.1	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net Operating Income	  	$	2,405	(6) 	 	$	2,449	(6) 	 	 	(1.8	)% 	 	$	329	(4) 	 	$	1,123	 	  	 	(70.7	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Rental Revenue	  	$	3,956	(6) 	 	$	4,049	(6) 	 	 	 	 	 	$	7,420	 	 	$	8,757	 	  	 	 	 	
Less: Straight-line rent and fair value lease revenue	  	 	13	 	 	 	18	 	 	 	(27.8	)% 	 	 	(3	) 	 	 	1	 	  	 	(400.0	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Subtotal	  	 	3,943	 	 	 	4,031	 	 	 	(2.2	)% 	 	 	7,423	 	 	 	8,756	 	  	 	(15.2	)% 	
Less: Operating expenses and real estate taxes	  	 	1,551	 	 	 	1,600	 	 	 	(3.1	)% 	 	 	7,091	 	 	 	7,634	 	  	 	(7.1	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net Operating Income—cash basis	  	$	2,392	(6) 	 	$	2,431	(6) 	 	 	(1.6	)% 	 	$	332	(4) 	 	$	1,122	 	  	 	(70.4	)% 	

(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 Occupancy and Average Economic Occupancy, see page 47.	
(3)	Excludes 9,617 square feet of retail space which is 100% leased.	
(4)	The hotel is undergoing a room renovation project on all of its 433 rooms. For additional information, see page 25.	
(5)	For disclosures related to the Company’s definition of Net Operating Income, see page 48.	
(6)	Includes 35,796 square feet of retail space, which had revenue of approximately $498 and $500 for the three months ended March 31, 2017 and March 31, 2016, respectively.	
 
24

FIRST QUARTER 2017
 
CAPITAL EXPENDITURES, TENANT IMPROVEMENT COSTS and LEASING COMMISSIONS
(dollars in thousands, except PSF amounts)
Capital Expenditures

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Q1 2017	 	 	2016	 	 	2015	 	 	2014	 	
Maintenance capital expenditures	  	$	10,677	 	 	$	59,838	 	 	$	56,383	 	 	$	45,618	 	
Partners’ share of maintenance capital expenditures from consolidated joint ventures	  	 	(2,129	) 	 	 	(2,569	) 	 	 	(5,565	) 	 	 	(4,377	) 	
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures	  	 	211	 	 	 	1,029	 	 	 	1,653	 	 	 	1,369	 	
Hotel improvements, equipment upgrades and replacements (1)	  	 	6,231	 	 	 	6,801	 	 	 	2,430	 	 	 	2,894	 	
Planned capital expenditures associated with acquisition properties	  	 	—  	 	 	 	87	 	 	 	6,914	 	 	 	14,652	 	
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated joint ventures	  	 	—  	 	 	 	—  	 	 	 	(845	) 	 	 	(1,565	) 	
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated joint ventures	  	 	62	 	 	 	230	 	 	 	—  	 	 	 	—  	 	
Repositioning capital expenditures (2)	  	 	30,722	 	 	 	58,446	 	 	 	9,744	 	 	 	—  	 	
Partners’ share of repositioning capital expenditures from consolidated joint ventures	  	 	(5,740	) 	 	 	(2,746	) 	 	 	—  	 	 	 	—  	 	
BXP’s share of repositioning capital expenditures from unconsolidated joint ventures (3)	  	 	41	 	 	 	494	 	 	 	76	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total BXP’s Share of Capital Expenditures	  	$	40,075	 	 	$	121,610	 	 	$	70,790	 	 	$	58,591	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2nd Generation Tenant Improvements and Leasing Commissions (4)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Q1 2017	 	  	2016	 	  	2015	 	  	2014	 	
Square feet	  	 	914,880	 	  	 	4,970,991	 	  	 	5,204,123	 	  	 	3,936,046	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Tenant improvements and lease commissions PSF	  	$	55.92	 	  	$	62.04	 	  	$	45.40	 	  	$	29.60	 	

(1)	Includes capital expenditures related to a room renovation project totaling approximately $5,600 the quarter ended Q1 2017 and $3,200 in prior periods.	
(2)	Q1 2017 amount includes capital expenditures related to the repositioning activities designed to enhance revenue potential at 1330 Connecticut Avenue in Washington, DC, 100 Federal Street (55% ownership) and Prudential Center Retail Improvements in Boston, MA, and 399 Park Avenue and 767 Fifth Avenue (the GM Building) (60% ownership) in New York City.	
(3)	Includes capital expenditures related to the repositioning activities designed to enhance revenue potential at Metropolitan Square in Washington, DC.	
(4)	Includes 100% of unconsolidated joint ventures.	
 
25

FIRST QUARTER 2017
 
PORTFOLIO OVERVIEW
for the three months ended March 31, 2017
(dollars in thousands)
Rentable Square Footage of In-Service Properties by Location and Unit Type (1) (2)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Geographic Area	  	Office	 	 	Retail	 	 	Residential	 	 	Hotel	 	 	Total	 	
Boston	  	 	12,756,805	 	 	 	879,024	 	 	 	77,480	 	 	 	330,000	 	 	 	14,043,309	 	
New York	  	 	11,106,131	 	 	 	402,873	 	 	 	—  	 	 	 	—  	 	 	 	11,509,004	 	
San Francisco and Los Angeles	  	 	6,846,557	 	 	 	354,765	 	 	 	—  	 	 	 	—  	 	 	 	7,201,322	 	
Washington, DC	  	 	9,899,728	 	 	 	688,619	 	 	 	329,168	 	 	 	—  	 	 	 	10,917,515	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	 	40,609,221	 	 	 	2,325,281	 	 	 	406,648	 	 	 	330,000	 	 	 	43,671,150	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% of Total	  	 	93.0	% 	 	 	5.3	% 	 	 	0.9	% 	 	 	0.8	% 	 	 	100.0	% 	
Rentable Square Footage and Rental Revenue of In-Service Properties by Unit Type (1) (2)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unit Type	  	Square Feet	 	  	Consolidated
Revenue	 	 	Partners’ Share
of Revenue from
Consolidated
Joint Ventures (3)	 	 	BXP’s Share of
Revenue from
Unconsolidated
Joint Ventures (4)	 	  	Total	 	  	% of
Total	 	
Office	  	 	40,609,221	 	  	$	546,853	 	 	$	(64,123	) 	 	$	22,540	 	  	$	505,270	 	  	 	86.9	% 	
Retail	  	 	2,325,281	 	  	 	42,616	 	 	 	(5,160	) 	 	 	766	 	  	 	38,222	 	  	 	6.6	% 	
Residential	  	 	406,648	 	  	 	3,338	 	 	 	—  	 	 	 	—  	 	  	 	3,338	 	  	 	0.6	% 	
Hotel	  	 	330,000	 	  	 	7,339	(5) 	 	 	—  	 	 	 	—  	 	  	 	7,339	 	  	 	1.3	% 	
Parking and other	  	 	N/A	 	  	 	25,610	(6) 	 	 	(895	) 	 	 	2,248	 	  	 	26,963	 	  	 	4.6	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total	  	 	43,671,150	 	  	$	625,756	 	 	$	(70,178	) 	 	$	25,554	 	  	$	581,132	 	  	 	100.0	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Rentable Square Footage of In-Service Same Properties by Unit Type (1) (2) (7)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Same Properties	  	Office	 	 	Retail	 	 	Residential	 	 	Hotel	 	 	Total	 	
Square Feet	  	 	38,382,719	 	 	 	2,250,564	 	 	 	406,648	 	 	 	330,000	 	 	 	41,369,931	 	
% of Properties In-Service	  	 	94.5	% 	 	 	96.8	% 	 	 	100.0	% 	 	 	100.0	% 	 	 	94.7	% 	
Percentage of BXP’s Share of Net Operating Income (excluding termination income) by Location and Type of Property (1) (8)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Geographic Area	  	Office	 	 	Residential	 	 	Hotel	 	 	Total	 	
Boston	  	 	28.7	% 	 	 	0.2	% 	 	 	0.1	% 	 	 	29.0	% 	
New York	  	 	31.5	% 	 	 	—  	 	 	 	—  	 	 	 	31.5	% 	
San Francisco and Los Angeles	  	 	18.6	% 	 	 	—  	 	 	 	—  	 	 	 	18.6	% 	
Washington, DC	  	 	20.4	% 	 	 	0.5	% 	 	 	—  	 	 	 	20.9	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	 	99.2	% 	 	 	0.7	% 	 	 	0.1	% 	 	 	100.0	% 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
Geographic Area	  	CBD	 	 	Suburban	 	 	Total	 	
Boston	  	 	22.5	% 	 	 	6.5	% 	 	 	29.0	% 	
New York	  	 	28.8	% 	 	 	2.7	% 	 	 	31.5	% 	
San Francisco and Los Angeles	  	 	15.2	% 	 	 	3.4	% 	 	 	18.6	% 	
Washington, DC	  	 	8.8	% 	 	 	12.1	% 	 	 	20.9	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Total	  	 	75.3	% 	 	 	24.7	% 	 	 	100.0	% 	

(1)	For the definition of In-Service Properties and related disclosures, see page 48.	
(2)	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 27-29.	
(3)	For additional information, see page 20.	
(4)	Represents the Company’s share. For additional information, see page 18.	
(5)	Excludes approximately $81 of revenue from retail tenants that is included in Retail above.	
(6)	Includes approximately $2,000 of other income.	
(7)	Pages 27-29 indicate by footnote the properties that are not included as part of Same Properties.	
(8)	BXP’s Share of Net Operating Income (NOI) (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income attributable to Boston Properties, Inc. common shareholders to BXP’s Share of NOI (excluding termination income), see page 21. For disclosures relating to the Company’s use of BXP’s Share of NOI (excluding termination income), see pages 47-48.	
 
26

FIRST QUARTER 2017
 
IN-SERVICE PROPERTY LISTING
as of March 31, 2017

 	 	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	 	 	 	1,746,221	 	 	 	80.5	% 	 	$	64.27	 	 	N	 	CBD	
100 Federal Street (55% ownership)	 	 	CBD Boston MA	 	 	 	1	 	 	 	1,265,037	 	 	 	80.8	% 	 	 	53.23	 	 	N	 	CBD	
800 Boylston Street—The Prudential Center	 	 	CBD Boston MA	 	 	 	1	 	 	 	1,235,777	 	 	 	97.8	% 	 	 	60.08	 	 	N	 	CBD	
111 Huntington Avenue—The Prudential Center	 	 	CBD Boston MA	 	 	 	1	 	 	 	860,455	 	 	 	100.0	% 	 	 	63.90	 	 	N	 	CBD	
Atlantic Wharf Office (55% ownership)	 	 	CBD Boston MA	 	 	 	1	 	 	 	793,827	 	 	 	100.0	% 	 	 	68.94	 	 	N	 	CBD	
(3) Prudential Center (retail shops)	 	 	CBD Boston MA	 	 	 	1	 	 	 	539,820	 	 	 	96.5	% 	 	 	81.18	 	 	N	 	CBD	
101 Huntington Avenue—The Prudential Center	 	 	CBD Boston MA	 	 	 	1	 	 	 	505,583	 	 	 	89.7	% 	 	 	47.63	 	 	N	 	CBD	
(3) Star Market at the Prudential Center	 	 	CBD Boston MA	 	 	 	1	 	 	 	57,235	 	 	 	100.0	% 	 	 	54.37	 	 	N	 	CBD	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	8	 	 	 	7,003,955	 	 	 	90.3	% 	 	$	62.36	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
355 Main Street	 	 	East Cambridge MA	 	 	 	1	 	 	 	265,342	 	 	 	100.0	% 	 	$	71.46	 	 	N	 	CBD	
90 Broadway	 	 	East Cambridge MA	 	 	 	1	 	 	 	223,771	 	 	 	100.0	% 	 	 	52.85	 	 	N	 	CBD	
255 Main Street	 	 	East Cambridge MA	 	 	 	1	 	 	 	215,629	 	 	 	85.1	% 	 	 	57.07	 	 	N	 	CBD	
300 Binney Street	 	 	East Cambridge MA	 	 	 	1	 	 	 	195,191	 	 	 	100.0	% 	 	 	53.30	 	 	N	 	CBD	
150 Broadway	 	 	East Cambridge MA	 	 	 	1	 	 	 	177,226	 	 	 	100.0	% 	 	 	47.53	 	 	N	 	CBD	
105 Broadway	 	 	East Cambridge MA	 	 	 	1	 	 	 	152,664	 	 	 	100.0	% 	 	 	61.47	 	 	N	 	CBD	
325 Main Street	 	 	East Cambridge MA	 	 	 	1	 	 	 	115,361	 	 	 	100.0	% 	 	 	47.99	 	 	N	 	CBD	
(4) 145 Broadway	 	 	East Cambridge MA	 	 	 	1	 	 	 	79,616	 	 	 	86.3	% 	 	 	47.50	 	 	N	 	CBD	
250 Binney Street	 	 	East Cambridge MA	 	 	 	1	 	 	 	67,362	 	 	 	100.0	% 	 	 	43.40	 	 	N	 	CBD	
University Place	 	 	Mid-Cambridge MA	 	 	 	1	 	 	 	195,282	 	 	 	100.0	% 	 	 	47.80	 	 	Y	 	CBD	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	10	 	 	 	1,687,444	 	 	 	97.5	% 	 	$	55.06	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bay Colony Corporate Center	 	 	Route 128 Mass Turnpike MA	 	 	 	4	 	 	 	995,699	 	 	 	79.2	% 	 	$	38.16	 	 	N	 	S	
Reservoir Place	 	 	Route 128 Mass Turnpike MA	 	 	 	1	 	 	 	526,985	 	 	 	98.2	% 	 	 	34.76	 	 	N	 	S	
140 Kendrick Street	 	 	Route 128 Mass Turnpike MA	 	 	 	3	 	 	 	380,987	 	 	 	87.8	% 	 	 	37.70	 	 	N	 	S	
Weston Corporate Center	 	 	Route 128 Mass Turnpike MA	 	 	 	1	 	 	 	356,995	 	 	 	100.0	% 	 	 	52.46	 	 	N	 	S	
Waltham Weston Corporate Center	 	 	Route 128 Mass Turnpike MA	 	 	 	1	 	 	 	301,667	 	 	 	91.8	% 	 	 	36.62	 	 	N	 	S	
230 CityPoint	 	 	Route 128 Mass Turnpike MA	 	 	 	1	 	 	 	298,890	 	 	 	86.7	% 	 	 	35.36	 	 	N	 	S	
200 West Street	 	 	Route 128 Mass Turnpike MA	 	 	 	1	 	 	 	256,245	 	 	 	99.3	% 	 	 	36.79	 	 	N	 	S	
(5) 10 CityPoint	 	 	Route 128 Mass Turnpike MA	 	 	 	1	 	 	 	241,460	 	 	 	96.6	% 	 	 	45.09	 	 	N	 	S	
77 CityPoint	 	 	Route 128 Mass Turnpike MA	 	 	 	1	 	 	 	209,707	 	 	 	100.0	% 	 	 	47.63	 	 	N	 	S	
(5)(6) 1265 Main Street (50% ownership)	 	 	Route 128 Mass Turnpike MA	 	 	 	1	 	 	 	114,969	 	 	 	100.0	% 	 	 	43.86	 	 	Y	 	S	
195 West Street	 	 	Route 128 Mass Turnpike MA	 	 	 	1	 	 	 	63,500	 	 	 	100.0	% 	 	 	40.81	 	 	N	 	S	
Quorum Office Park	 	 	Route 128 Northwest MA	 	 	 	2	 	 	 	267,527	 	 	 	90.0	% 	 	 	19.41	 	 	N	 	S	
Lexington Office Park	 	 	Route 128 Northwest MA	 	 	 	2	 	 	 	165,581	 	 	 	76.1	% 	 	 	26.75	 	 	N	 	S	
40 Shattuck Road	 	 	Route 128 Northwest MA	 	 	 	1	 	 	 	121,542	 	 	 	70.6	% 	 	 	22.65	 	 	N	 	S	
91 Hartwell Avenue	 	 	Route 128 Northwest MA	 	 	 	1	 	 	 	119,216	 	 	 	100.0	% 	 	 	27.82	 	 	N	 	S	
201 Spring Street	 	 	Route 128 Northwest MA	 	 	 	1	 	 	 	106,300	 	 	 	100.0	% 	 	 	37.82	 	 	N	 	S	
33 Hayden Avenue	 	 	Route 128 Northwest MA	 	 	 	1	 	 	 	80,872	 	 	 	100.0	% 	 	 	43.26	 	 	N	 	S	
32 Hartwell Avenue	 	 	Route 128 Northwest MA	 	 	 	1	 	 	 	69,154	 	 	 	100.0	% 	 	 	24.64	 	 	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	% 	 	 	41.63	 	 	N	 	S	
181 Spring Street	 	 	Route 128 Northwest MA	 	 	 	1	 	 	 	55,793	 	 	 	100.0	% 	 	 	31.13	 	 	N	 	S	
92 Hayden Avenue	 	 	Route 128 Northwest MA	 	 	 	1	 	 	 	31,100	 	 	 	100.0	% 	 	 	41.81	 	 	N	 	S	
17 Hartwell Avenue	 	 	Route 128 Northwest MA	 	 	 	1	 	 	 	30,000	 	 	 	100.0	% 	 	 	38.16	 	 	N	 	S	
(3) The Point	 	 	Route 128 Northwest MA	 	 	 	1	 	 	 	16,300	 	 	 	84.7	% 	 	 	52.44	 	 	N	 	S	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	31	 	 	 	4,930,553	 	 	 	89.7	% 	 	$	37.52	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Total Boston Office:	 	 	 	49	 	 	 	13,621,952	 	 	 	91.0	% 	 	$	52.46	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	 	 	 	14,043,309	 	 	 	 	 	 	 	 	 	 	 	 	 	

(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)	Property held for redevelopment.	
(5)	Not included in Same Property analysis.	
(6)	This is an unconsolidated joint venture property.	
 
27

FIRST QUARTER 2017
 
IN-SERVICE PROPERTY LISTING (continued)
as of March 31, 2017

 	  	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	 	  	 	1,845,092	 	  	 	92.2	% 	 	$	150.55	 	  	 	Y	 	  	 	CBD	 	
399 Park Avenue	  	 	Park Avenue NY	 	  	 	1	 	  	 	1,713,251	 	  	 	96.6	% 	 	 	89.50	 	  	 	N	 	  	 	CBD	 	
(3) 601 Lexington Avenue (55% ownership)	  	 	Park Avenue NY	 	  	 	1	 	  	 	1,435,613	 	  	 	96.6	% 	 	 	94.35	 	  	 	Y	 	  	 	CBD	 	
599 Lexington Avenue	  	 	Park Avenue NY	 	  	 	1	 	  	 	1,058,805	 	  	 	94.4	% 	 	 	88.44	 	  	 	N	 	  	 	CBD	 	
Times Square Tower (55% ownership)	  	 	Times Square NY	 	  	 	1	 	  	 	1,251,940	 	  	 	96.2	% 	 	 	78.57	 	  	 	N	 	  	 	CBD	 	
250 West 55th Street	  	 	Times Square /West Side NY	 	  	 	1	 	  	 	980,901	 	  	 	86.7	% 	 	 	86.78	 	  	 	N	 	  	 	CBD	 	
510 Madison Avenue	  	 	Fifth/Madison Avenue NY	 	  	 	1	 	  	 	355,598	 	  	 	100.0	% 	 	 	124.74	 	  	 	N	 	  	 	CBD	 	
(4) 540 Madison Avenue (60% ownership)	  	 	Fifth/Madison Avenue NY	 	  	 	1	 	  	 	283,695	 	  	 	93.6	% 	 	 	100.07	 	  	 	Y	 	  	 	CBD	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	  	 	 	 	  	 	8	 	  	 	8,924,895	 	  	 	94.3	% 	 	$	102.50	 	  	 	 	 	  	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
One Tower Center	  	 	East Brunswick NJ	 	  	 	1	 	  	 	412,797	 	  	 	21.8	% 	 	$	32.05	 	  	 	N	 	  	 	S	 	
510 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	234,160	 	  	 	100.0	% 	 	 	34.50	 	  	 	N	 	  	 	S	 	
210 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	159,468	 	  	 	100.0	% 	 	 	37.29	 	  	 	N	 	  	 	S	 	
206 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	161,763	 	  	 	100.0	% 	 	 	31.79	 	  	 	N	 	  	 	S	 	
212 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	151,547	 	  	 	86.9	% 	 	 	37.04	 	  	 	N	 	  	 	S	 	
214 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	148,942	 	  	 	66.9	% 	 	 	35.21	 	  	 	N	 	  	 	S	 	
506 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	140,312	 	  	 	56.4	% 	 	 	38.70	 	  	 	N	 	  	 	S	 	
508 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	134,433	 	  	 	100.0	% 	 	 	34.36	 	  	 	N	 	  	 	S	 	
202 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	134,381	 	  	 	86.3	% 	 	 	38.21	 	  	 	N	 	  	 	S	 	
(5) 804 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	130,000	 	  	 	100.0	% 	 	 	36.40	 	  	 	N	 	  	 	S	 	
504 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	121,990	 	  	 	99.4	% 	 	 	30.60	 	  	 	N	 	  	 	S	 	
101 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	121,620	 	  	 	100.0	% 	 	 	36.27	 	  	 	N	 	  	 	S	 	
502 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	121,460	 	  	 	71.8	% 	 	 	35.70	 	  	 	N	 	  	 	S	 	
701 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	120,000	 	  	 	100.0	% 	 	 	39.76	 	  	 	N	 	  	 	S	 	
104 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	102,830	 	  	 	37.0	% 	 	 	36.36	 	  	 	N	 	  	 	S	 	
105 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	69,955	 	  	 	56.3	% 	 	 	32.99	 	  	 	N	 	  	 	S	 	
302 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	64,926	 	  	 	100.0	% 	 	 	33.36	 	  	 	N	 	  	 	S	 	
211 Carnegie Center	  	 	Princeton NJ	 	  	 	1	 	  	 	47,025	 	  	 	100.0	% 	 	 	33.40	 	  	 	N	 	  	 	S	 	
201 Carnegie Center	  	 	Princeton NJ	 	  	 	—  	 	  	 	6,500	 	  	 	100.0	% 	 	 	33.72	 	  	 	N	 	  	 	S	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	  	 	 	 	  	 	18	 	  	 	2,584,109	 	  	 	76.7	% 	 	$	35.27	 	  	 	 	 	  	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	  	 	Total New York:	 	  	 	26	 	  	 	11,509,004	 	  	 	90.4	% 	 	$	89.69	 	  	 	 	 	  	 	 	 	

 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
San Francisco and Los Angeles	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Office	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Embarcadero Center Four	  	 	CBD San Francisco CA	 	  	 	1	 	  	 	938,109	 	  	 	88.2	% 	 	$	67.68	 	  	 	N	 	  	 	CBD	 	
Embarcadero Center One	  	 	CBD San Francisco CA	 	  	 	1	 	  	 	831,470	 	  	 	94.6	% 	 	 	60.55	 	  	 	N	 	  	 	CBD	 	
Embarcadero Center Two	  	 	CBD San Francisco CA	 	  	 	1	 	  	 	787,995	 	  	 	91.8	% 	 	 	66.78	 	  	 	N	 	  	 	CBD	 	
Embarcadero Center Three	  	 	CBD San Francisco CA	 	  	 	1	 	  	 	781,036	 	  	 	88.7	% 	 	 	60.58	 	  	 	N	 	  	 	CBD	 	
680 Folsom Street	  	 	CBD San Francisco CA	 	  	 	2	 	  	 	524,793	 	  	 	98.9	% 	 	 	60.07	 	  	 	N	 	  	 	CBD	 	
535 Mission Street	  	 	CBD San Francisco CA	 	  	 	1	 	  	 	307,235	 	  	 	100.0	% 	 	 	74.33	 	  	 	N	 	  	 	CBD	 	
690 Folsom Street	  	 	CBD San Francisco CA	 	  	 	1	 	  	 	26,080	 	  	 	100.0	% 	 	 	72.62	 	  	 	N	 	  	 	CBD	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	  	 	 	 	  	 	8	 	  	 	4,196,718	 	  	 	92.5	% 	 	$	64.32	 	  	 	 	 	  	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
601 and 651 Gateway	  	 	South San Francisco CA	 	  	 	2	 	  	 	506,279	 	  	 	97.7	% 	 	$	40.62	 	  	 	N	 	  	 	S	 	
611 Gateway	  	 	South San Francisco CA	 	  	 	1	 	  	 	260,337	 	  	 	31.5	% 	 	 	38.96	 	  	 	N	 	  	 	S	 	
Mountain View Research Park	  	 	Mountain View CA	 	  	 	15	 	  	 	540,433	 	  	 	100.0	% 	 	 	42.57	 	  	 	N	 	  	 	S	 	
2440 West El Camino Real	  	 	Mountain View CA	 	  	 	1	 	  	 	141,392	 	  	 	100.0	% 	 	 	57.12	 	  	 	N	 	  	 	S	 	
453 Ravendale Drive	  	 	Mountain View CA	 	  	 	1	 	  	 	29,620	 	  	 	65.7	% 	 	 	32.61	 	  	 	N	 	  	 	S	 	
(5)(6) 3625-3635 Peterson Way	  	 	Santa Clara CA	 	  	 	1	 	  	 	218,366	 	  	 	100.0	% 	 	 	22.22	 	  	 	N	 	  	 	S	 	
(6) North First Business Park	  	 	San Jose CA	 	  	 	5	 	  	 	190,636	 	  	 	87.2	% 	 	 	23.03	 	  	 	N	 	  	 	S	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	  	 	 	 	  	 	26	 	  	 	1,887,063	 	  	 	88.1	% 	 	$	38.31	 	  	 	 	 	  	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
(4)(5) Colorado Center (49.8% ownership)	  	 	West Los Angeles CA	 	  	 	6	 	  	 	1,117,541	 	  	 	84.0	% 	 	$	57.38	 	  	 	N	 	  	 	CBD	 	

	Total San Francisco and
Los Angeles:	 
 	  	 	40	 	  	 	7,201,322	 	  	 	90.0	% 	 	$	56.65	 	  	 	 	 	  	 	 	 	

(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)	Approximately 13% of this complex was removed from the in-service portfolio upon commencement of construction of the planned redevelopment that occurred during the third quarter of 2016. As a result, the portion related to the planned redevelopment is not included in the Company’s Same Property analysis.	
(4)	This is an unconsolidated joint venture property.	
(5)	Not included in Same Property analysis.	
(6)	Property held for redevelopment.	
 
28

FIRST QUARTER 2017
 
IN-SERVICE PROPERTY LISTING (continued)
as of March 31, 2017

 	 	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	 	 	 	99.2	% 	 	$	59.84	 	 	N	 	CBD	
500 E Street, S.W.	 	Southwest Washington DC	 	 	1	 	 	 	251,994	 	 	 	100.0	% 	 	 	49.52	 	 	N	 	CBD	
(3)(4) Metropolitan Square (20% ownership)	 	East End Washington DC	 	 	1	 	 	 	607,041	 	 	 	74.8	% 	 	 	61.40	 	 	Y	 	CBD	
(3) 901 New York Avenue (25% ownership)	 	East End Washington DC	 	 	1	 	 	 	539,680	 	 	 	89.8	% 	 	 	66.13	 	 	Y	 	CBD	
(5) 601 Massachusetts Avenue	 	East End Washington DC	 	 	1	 	 	 	478,883	 	 	 	91.1	% 	 	 	73.23	 	 	N	 	CBD	
(3) Market Square North (50% ownership)	 	East End Washington DC	 	 	1	 	 	 	415,386	 	 	 	73.1	% 	 	 	66.57	 	 	Y	 	CBD	
2200 Pennsylvania Avenue	 	CBD Washington DC	 	 	1	 	 	 	458,831	 	 	 	100.0	% 	 	 	90.18	 	 	N	 	CBD	
1333 New Hampshire Avenue	 	CBD Washington DC	 	 	1	 	 	 	315,371	 	 	 	100.0	% 	 	 	47.21	 	 	N	 	CBD	
1330 Connecticut Avenue	 	CBD Washington DC	 	 	1	 	 	 	253,121	 	 	 	98.0	% 	 	 	61.28	 	 	N	 	CBD	
Sumner Square	 	CBD Washington DC	 	 	1	 	 	 	208,892	 	 	 	98.5	% 	 	 	51.01	 	 	N	 	CBD	
(3) 500 North Capitol Street, N.W. (30% ownership)	 	Capitol Hill Washington DC	 	 	1	 	 	 	230,860	 	 	 	100.0	% 	 	 	68.99	 	 	Y	 	CBD	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	11	 	 	 	4,391,088	 	 	 	91.4	% 	 	$	64.59	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
South of Market	 	Reston VA	 	 	3	 	 	 	623,666	 	 	 	97.7	% 	 	$	55.97	 	 	N	 	S	
Fountain Square	 	Reston VA	 	 	2	 	 	 	518,345	 	 	 	90.5	% 	 	 	49.31	 	 	N	 	S	
One Freedom Square	 	Reston VA	 	 	1	 	 	 	432,581	 	 	 	100.0	% 	 	 	48.36	 	 	N	 	S	
Two Freedom Square	 	Reston VA	 	 	1	 	 	 	421,757	 	 	 	100.0	% 	 	 	47.44	 	 	N	 	S	
One and Two Discovery Square	 	Reston VA	 	 	2	 	 	 	366,990	 	 	 	96.0	% 	 	 	45.18	 	 	N	 	S	
One Reston Overlook	 	Reston VA	 	 	1	 	 	 	319,519	 	 	 	100.0	% 	 	 	39.25	 	 	N	 	S	
Reston Corporate Center	 	Reston VA	 	 	2	 	 	 	261,046	 	 	 	100.0	% 	 	 	40.76	 	 	N	 	S	
Democracy Tower	 	Reston VA	 	 	1	 	 	 	259,441	 	 	 	100.0	% 	 	 	60.85	 	 	N	 	S	
(6) Fountain Square Retail	 	Reston VA	 	 	1	 	 	 	237,209	 	 	 	96.4	% 	 	 	55.13	 	 	N	 	S	
Two Reston Overlook	 	Reston VA	 	 	1	 	 	 	134,615	 	 	 	95.2	% 	 	 	38.58	 	 	N	 	S	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	15	 	 	 	3,575,169	 	 	 	97.4	% 	 	$	48.98	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wisconsin Place Office	 	Montgomery County MD	 	 	1	 	 	 	299,186	 	 	 	97.6	% 	 	$	51.42	 	 	N	 	S	
2600 Tower Oaks Boulevard	 	Montgomery County MD	 	 	1	 	 	 	179,421	 	 	 	51.1	% 	 	 	33.01	 	 	N	 	S	
New Dominion Technology Park—Building Two	 	Herndon VA	 	 	1	 	 	 	257,400	 	 	 	100.0	% 	 	 	41.49	 	 	N	 	S	
New Dominion Technology Park—Building One	 	Herndon VA	 	 	1	 	 	 	235,201	 	 	 	100.0	% 	 	 	35.37	 	 	Y	 	S	
Kingstowne Two	 	Springfield VA	 	 	1	 	 	 	156,251	 	 	 	74.1	% 	 	 	42.27	 	 	N	 	S	
Kingstowne One	 	Springfield VA	 	 	1	 	 	 	151,483	 	 	 	75.6	% 	 	 	40.82	 	 	N	 	S	
7601 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	114,028	 	 	 	100.0	% 	 	 	18.88	 	 	N	 	S	
7435 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	103,557	 	 	 	83.4	% 	 	 	22.71	 	 	N	 	S	
8000 Grainger Court	 	Springfield VA	 	 	1	 	 	 	88,775	 	 	 	100.0	% 	 	 	20.93	 	 	N	 	S	
(6) Kingstowne Retail	 	Springfield VA	 	 	1	 	 	 	88,288	 	 	 	100.0	% 	 	 	36.37	 	 	N	 	S	
7500 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	79,971	 	 	 	100.0	% 	 	 	16.58	 	 	N	 	S	
7501 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	75,756	 	 	 	100.0	% 	 	 	28.84	 	 	N	 	S	
7450 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	62,402	 	 	 	0.0	% 	 	 	—  	 	 	N	 	S	
7374 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	57,321	 	 	 	100.0	% 	 	 	17.94	 	 	N	 	S	
8000 Corporate Court	 	Springfield VA	 	 	1	 	 	 	52,539	 	 	 	100.0	% 	 	 	14.38	 	 	N	 	S	
7451 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	45,615	 	 	 	67.4	% 	 	 	26.41	 	 	N	 	S	
7300 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	32,000	 	 	 	0.0	% 	 	 	—  	 	 	N	 	S	
7375 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	26,865	 	 	 	79.2	% 	 	 	28.77	 	 	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	
(3) Annapolis Junction Building Six (50% ownership)	 	Anne Arundel County MD	 	 	1	 	 	 	119,339	 	 	 	48.9	% 	 	 	30.72	 	 	Y	 	S	
(3) Annapolis Junction Building One (50% ownership)	 	Anne Arundel County MD	 	 	1	 	 	 	117,599	 	 	 	19.6	% 	 	 	112.98	 	 	Y	 	S	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	22	 	 	 	2,595,911	 	 	 	77.4	% 	 	$	35.30	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total Washington Office:	 	 	48	 	 	 	10,562,168	 	 	 	90.0	% 	 	$	52.68	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	 	 	 	10,917,515	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total In-Service Properties:	 	 	166	 	 	 	43,671,150	 	 	 	90.4	%(7) 	 	$	63.20	(7) 	 	 	 	 	

(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 an unconsolidated joint venture property.	
(4)	On October 20, 2016, the Company and its partner in the unconsolidated joint venture that owns Metropolitan Square, completed the sale of an 80% interest in the joint venture. Prior to the sale, the Company owned a 51% interest in the joint venture. Following the sale, the Company continues to own a 20% interest in the joint venture. As a result, 31% of operating activities prior to the sale is not included in the Company’s Same Property analysis.	
(5)	Not included in Same Property analysis.	
(6)	This is a retail property.	
(7)	Excludes Hotel and Residential properties. For disclosures relating to the Company’s Hotel and Residential properties, see page 24.	
 
29

FIRST QUARTER 2017
 
OCCUPANCY BY LOCATION
Total In-Service Properties (1)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	CBD	 	 	Suburban	 	 	Total	 	
Location	  	31-Mar-17	 	 	31-Mar-16	 	 	31-Mar-17	 	 	31-Mar-16	 	 	31-Mar-17	 	 	31-Mar-16	 	
Boston	  	 	91.7	% 	 	 	91.7	% 	 	 	89.7	% 	 	 	89.4	% 	 	 	91.0	% 	 	 	90.9	% 	
New York	  	 	94.3	% 	 	 	95.8	% 	 	 	76.7	% 	 	 	75.8	% 	 	 	90.4	% 	 	 	91.5	% 	
San Francisco and Los Angeles	  	 	90.7	% 	 	 	91.3	% 	 	 	88.1	% 	 	 	87.6	% 	 	 	90.0	% 	 	 	90.2	% 	
Washington, DC	  	 	91.4	% 	 	 	93.1	% 	 	 	89.0	% 	 	 	89.5	% 	 	 	90.0	% 	 	 	90.9	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Portfolio	  	 	92.3	% 	 	 	93.3	% 	 	 	87.1	% 	 	 	87.0	% 	 	 	90.4	% 	 	 	91.0	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Same Property Portfolio (1) (2)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	CBD	 	 	Suburban	 	 	Total	 	
Location	  	31-Mar-17	 	 	31-Mar-16	 	 	31-Mar-17	 	 	31-Mar-16	 	 	31-Mar-17	 	 	31-Mar-16	 	
Boston	  	 	91.7	% 	 	 	91.7	% 	 	 	89.1	% 	 	 	89.1	% 	 	 	90.8	% 	 	 	90.8	% 	
New York	  	 	94.3	% 	 	 	95.8	% 	 	 	75.5	% 	 	 	75.8	% 	 	 	90.3	% 	 	 	91.4	% 	
San Francisco and Los Angeles	  	 	92.5	% 	 	 	91.3	% 	 	 	86.5	% 	 	 	87.6	% 	 	 	90.8	% 	 	 	90.2	% 	
Washington, DC	  	 	91.5	% 	 	 	93.1	% 	 	 	89.0	% 	 	 	89.5	% 	 	 	90.0	% 	 	 	90.9	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Portfolio	  	 	92.7	% 	 	 	93.3	% 	 	 	86.5	% 	 	 	86.9	% 	 	 	90.4	% 	 	 	90.9	% 	

(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 48.	
 
30

FIRST QUARTER 2017
 
TOP 20 TENANTS LISTING AND PORTFOLIO TENANT DIVERSIFICATION
 
TOP 20 TENANTS (1)

 	 	 	 	 	 	 	
 	  	 	  	% of BXP’s Share of	 	
 	  	Tenant	  	Annualized Rental
Obligations	 	
1.	  	Arnold & Porter Kaye Scholer	  	 	3.23	% 	
2.	  	US Government	  	 	2.75	% 	
3.	  	Citibank	  	 	2.31	% 	
4.	  	Biogen	  	 	1.94	% 	
5.	  	Shearman & Sterling	  	 	1.83	% 	
6.	  	Ropes & Gray	  	 	1.56	% 	
7.	  	Kirkland & Ellis	  	 	1.42	% 	
8.	  	O’Melveny & Myers	  	 	1.29	% 	
9.	  	Wellington Management	  	 	1.21	% 	
10.	  	Bank of America	  	 	1.16	% 	
11.	  	Google	  	 	1.07	% 	
12.	  	Weil Gotshal Manges	  	 	1.06	% 	
13.	  	Aramis (Estee Lauder)	  	 	1.02	% 	
14.	  	Mass Financial Services	  	 	0.90	% 	
15.	  	Microsoft	  	 	0.86	% 	
16.	  	Morrison Foerster	  	 	0.85	% 	
17.	  	Morgan Lewis & Bockius	  	 	0.85	% 	
18.	  	Hunton & Williams	  	 	0.84	% 	
19.	  	Starr Indemnity & Liability Co.	  	 	0.82	% 	
20.	  	Smithsonian Institution	  	 	0.78	% 	
 	  	 	  	 	 	 	
 	  	BXP’s Share of Annualized Rental Obligations	  	 	27.75	% 	
 	  	 	  	 	 	 	
 	  	BXP’s Share of Square Feet	  	 	23.47	% 	
NOTABLE SIGNED DEALS (2)

 	 	 	 	 	 	 	
Tenant	  	Property	  	Square Feet	 	
salesforce.com	  	Salesforce Tower	  	 	732,000	 	
Akamai Technologies	  	145 Broadway	  	 	476,583	 	
TENANT DIVERSIFICATION (1)

 
 
(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations and Rental Obligations, see pages 47-48.	
(2)	Represents leases signed with occupancy commencing in the future.	
 
31

FIRST QUARTER 2017
 
LEASE EXPIRATIONS (1) (2) (3)

IN-SERVICE OFFICE PROPERTIES
 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	Annualized	 	 	 	 	
 	 	 	 	Rentable Square	 	 	Current Annualized	 	 	Current Annualized	 	 	Rental Obligations	 	 	Rental Obligations	 	 	 	 	
 	 	Year of Lease	 	Footage Subject to	 	 	Rental Obligations	 	 	Rental Obligations	 	 	Under Expiring Leases	 	 	Under Expiring Leases with	 	 	Percentage of	 	
 	 	Expiration	 	Expiring Leases	 	 	Under Expiring Leases	 	 	Under Expiring Leases p.s.f.	 	 	with future step-ups	 	 	future step-ups - p.s.f.	 	 	Total Square Feet	 	
 	 	2017	 	 	1,943,895	 	 	$	126,790,643	 	 	$	65.23	 	 	$	127,284,211	 	 	$	65.48	 	 	 	5.04	%(4) 	
 	 	2018	 	 	1,477,338	 	 	 	87,169,140	 	 	 	59.00	 	 	 	88,526,259	 	 	 	59.92	 	 	 	3.83	% 	
 	 	2019	 	 	3,456,384	 	 	 	182,869,606	 	 	 	52.91	 	 	 	187,541,467	 	 	 	54.26	 	 	 	8.96	% 	
 	 	2020	 	 	4,255,250	 	 	 	267,918,613	 	 	 	62.96	 	 	 	277,454,880	 	 	 	65.20	 	 	 	11.03	% 	
 	 	2021	 	 	3,709,769	 	 	 	195,495,709	 	 	 	52.70	 	 	 	209,041,159	 	 	 	56.35	 	 	 	9.62	% 	
 	 	2022	 	 	4,070,668	 	 	 	235,309,544	 	 	 	57.81	 	 	 	256,565,675	 	 	 	63.03	 	 	 	10.55	% 	
 	 	2023	 	 	1,486,881	 	 	 	84,657,401	 	 	 	56.94	 	 	 	96,482,578	 	 	 	64.89	 	 	 	3.86	% 	
 	 	2024	 	 	2,688,026	 	 	 	158,785,262	 	 	 	59.07	 	 	 	174,288,602	 	 	 	64.84	 	 	 	6.97	% 	
 	 	2025	 	 	2,455,894	 	 	 	142,168,405	 	 	 	57.89	 	 	 	161,647,140	 	 	 	65.82	 	 	 	6.37	% 	
 	 	2026	 	 	2,624,028	 	 	 	199,813,668	 	 	 	76.15	 	 	 	218,820,088	 	 	 	83.39	 	 	 	6.80	% 	
 	 	Thereafter	 	 	8,338,848	 	 	 	567,016,865	 	 	 	68.00	 	 	 	741,956,540	 	 	 	88.98	 	 	 	21.62	% 	
 	
IN-SERVICE RETAIL PROPERTIES
 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	Annualized	 	 	 	 	
 	 	 	 	Rentable Square	 	 	Current Annualized	 	 	Current Annualized	 	 	Rental Obligations	 	 	Rental Obligations	 	 	 	 	
 	 	Year of Lease	 	Footage Subject to	 	 	Rental Obligations	 	 	Rental Obligations	 	 	Under Expiring Leases	 	 	Under Expiring Leases with	 	 	Percentage of	 	
 	 	Expiration	 	Expiring Leases	 	 	Under Expiring Leases	 	 	Under Expiring Leases p.s.f.	 	 	with future step-ups	 	 	future step-ups - p.s.f.	 	 	Total Square Feet	 	
 	 	2017	 	 	135,911	 	 	$	11,382,548	 	 	$	83.75	 	 	$	11,379,779	 	 	$	83.73	 	 	 	6.65	%(4) 	
 	 	2018	 	 	109,188	 	 	 	17,292,875	 	 	 	158.38	 	 	 	17,853,868	 	 	 	163.51	 	 	 	5.35	% 	
 	 	2019	 	 	111,901	 	 	 	7,754,090	 	 	 	69.29	 	 	 	7,854,451	 	 	 	70.19	 	 	 	5.48	% 	
 	 	2020	 	 	190,608	 	 	 	12,124,857	 	 	 	63.61	 	 	 	12,486,897	 	 	 	65.51	 	 	 	9.33	% 	
 	 	2021	 	 	159,421	 	 	 	21,565,276	 	 	 	135.27	 	 	 	23,300,529	 	 	 	146.16	 	 	 	7.81	% 	
 	 	2022	 	 	219,201	 	 	 	19,457,238	 	 	 	88.76	 	 	 	21,295,121	 	 	 	97.15	 	 	 	10.73	% 	
 	 	2023	 	 	179,599	 	 	 	14,545,305	 	 	 	80.99	 	 	 	15,941,113	 	 	 	88.76	 	 	 	8.79	% 	
 	 	2024	 	 	113,927	 	 	 	10,576,160	 	 	 	92.83	 	 	 	12,064,677	 	 	 	105.90	 	 	 	5.58	% 	
 	 	2025	 	 	132,139	 	 	 	8,697,613	 	 	 	65.82	 	 	 	9,658,544	 	 	 	73.09	 	 	 	6.47	% 	
 	 	2026	 	 	111,807	 	 	 	13,271,896	 	 	 	118.70	 	 	 	15,850,090	 	 	 	141.76	 	 	 	5.47	% 	
 	 	Thereafter	 	 	578,540	 	 	 	48,688,505	 	 	 	84.16	 	 	 	81,038,847	 	 	 	140.07	 	 	 	28.33	% 	
 	 	
 	 	TOTAL IN-SERVICE PROPERTIES
 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	Annualized	 	 	 	 	
 	 	 	 	Rentable Square	 	 	Current Annualized	 	 	Current Annualized	 	 	Rental Obligations	 	 	Rental Obligations Under	 	 	 	 	
 	 	Year of Lease	 	Footage Subject to	 	 	Rental Obligations	 	 	Rental Obligations Under	 	 	Under Expiring Leases	 	 	Expiring Leases with	 	 	Percentage of	 	
 	 	Expiration	 	Expiring Leases	 	 	Under Expiring Leases	 	 	Expiring Leases p.s.f.	 	 	with future step-ups	 	 	future step-ups - p.s.f.	 	 	Total Square Feet	 	
 	 	2017	 	 	2,079,806	 	 	$	138,173,190	 	 	$	66.44	 	 	$	138,663,989	 	 	$	66.67	 	 	 	5.12	%(4) 	
 	 	2018	 	 	1,586,526	 	 	 	104,462,015	 	 	 	65.84	 	 	 	106,380,127	 	 	 	67.05	 	 	 	3.91	% 	
 	 	2019	 	 	3,568,285	 	 	 	190,623,696	 	 	 	53.42	 	 	 	195,395,918	 	 	 	54.76	 	 	 	8.79	% 	
 	 	2020	 	 	4,445,858	 	 	 	280,043,470	 	 	 	62.99	 	 	 	289,941,778	 	 	 	65.22	 	 	 	10.95	% 	
 	 	2021	 	 	3,869,190	 	 	 	217,060,985	 	 	 	56.10	 	 	 	232,341,689	 	 	 	60.05	 	 	 	9.53	% 	
 	 	2022	 	 	4,289,869	 	 	 	254,766,781	 	 	 	59.39	 	 	 	277,860,796	 	 	 	64.77	 	 	 	10.56	% 	
 	 	2023	 	 	1,666,480	 	 	 	99,202,706	 	 	 	59.53	 	 	 	112,423,691	 	 	 	67.46	 	 	 	4.10	% 	
 	 	2024	 	 	2,801,953	 	 	 	169,361,421	 	 	 	60.44	 	 	 	186,353,279	 	 	 	66.51	 	 	 	6.90	% 	
 	 	2025	 	 	2,588,033	 	 	 	150,866,019	 	 	 	58.29	 	 	 	171,305,684	 	 	 	66.19	 	 	 	6.37	% 	
 	 	2026	 	 	2,735,835	 	 	 	213,085,563	 	 	 	77.89	 	 	 	234,670,178	 	 	 	85.78	 	 	 	6.74	% 	
 	 	Thereafter	 	 	8,917,388	 	 	 	615,705,369	 	 	 	69.05	 	 	 	822,995,387	 	 	 	92.29	 	 	 	21.96	% 	
 
(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.	
 
32

FIRST QUARTER 2017
 
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	 	
2017	 	 	433,182	 	 	$	21,284,767	 	 	$	49.14	 	 	$	21,448,783	 	  	$	49.51	(4) 	
2018	 	 	396,765	 	 	 	15,843,855	 	 	 	39.93	 	 	 	16,216,890	 	  	 	40.87	 	
2019	 	 	1,067,654	 	 	 	50,005,043	 	 	 	46.84	 	 	 	50,501,014	 	  	 	47.30	 	
2020	 	 	470,776	 	 	 	21,442,339	 	 	 	45.55	 	 	 	22,811,208	 	  	 	48.45	 	
2021	 	 	1,076,189	 	 	 	43,590,487	 	 	 	40.50	 	 	 	44,705,149	 	  	 	41.54	 	
2022	 	 	1,618,064	 	 	 	79,192,752	 	 	 	48.94	 	 	 	82,977,687	 	  	 	51.28	 	
2023	 	 	542,834	 	 	 	27,822,295	 	 	 	51.25	 	 	 	31,632,293	 	  	 	58.27	 	
2024	 	 	590,533	 	 	 	28,652,474	 	 	 	48.52	 	 	 	31,709,853	 	  	 	53.70	 	
2025	 	 	1,110,895	 	 	 	63,370,828	 	 	 	57.04	 	 	 	71,044,322	 	  	 	63.95	 	
2026	 	 	1,058,212	 	 	 	70,152,925	 	 	 	66.29	 	 	 	77,352,671	 	  	 	73.10	 	
Thereafter	 	 	3,184,042	 	 	 	169,170,598	 	 	 	53.13	 	 	 	195,094,763	 	  	 	61.27	 	
 	
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	 	
2017	 	 	52,558	 	 	$	4,320,835	 	 	$	82.21	 	 	$	4,318,066	 	  	$	82.16	(4) 	
2018	 	 	25,952	 	 	 	3,335,728	 	 	 	128.53	 	 	 	3,338,868	 	  	 	128.66	 	
2019	 	 	11,788	 	 	 	1,992,396	 	 	 	169.02	 	 	 	2,001,242	 	  	 	169.77	 	
2020	 	 	92,460	 	 	 	5,867,657	 	 	 	63.46	 	 	 	5,999,044	 	  	 	64.88	 	
2021	 	 	37,303	 	 	 	2,964,453	 	 	 	79.47	 	 	 	3,106,529	 	  	 	83.28	 	
2022	 	 	81,343	 	 	 	4,848,285	 	 	 	59.60	 	 	 	5,369,319	 	  	 	66.01	 	
2023	 	 	79,937	 	 	 	7,481,778	 	 	 	93.60	 	 	 	8,022,432	 	  	 	100.36	 	
2024	 	 	70,570	 	 	 	4,184,280	 	 	 	59.29	 	 	 	4,569,948	 	  	 	64.76	 	
2025	 	 	30,224	 	 	 	3,640,084	 	 	 	120.44	 	 	 	4,037,377	 	  	 	133.58	 	
2026	 	 	18,912	 	 	 	4,803,536	 	 	 	253.99	 	 	 	5,669,177	 	  	 	299.77	 	
Thereafter	 	 	326,922	 	 	 	18,106,221	 	 	 	55.38	 	 	 	20,197,882	 	  	 	61.78	 	
 	
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	 	
2017	 	 	485,740	 	 	$	25,605,602	 	 	$	52.71	 	 	$	25,766,849	 	  	$	53.05	(4) 	
2018	 	 	422,717	 	 	 	19,179,583	 	 	 	45.37	 	 	 	19,555,758	 	  	 	46.26	 	
2019	 	 	1,079,442	 	 	 	51,997,439	 	 	 	48.17	 	 	 	52,502,256	 	  	 	48.64	 	
2020	 	 	563,236	 	 	 	27,309,996	 	 	 	48.49	 	 	 	28,810,252	 	  	 	51.15	 	
2021	 	 	1,113,492	 	 	 	46,554,940	 	 	 	41.81	 	 	 	47,811,678	 	  	 	42.94	 	
2022	 	 	1,699,407	 	 	 	84,041,037	 	 	 	49.45	 	 	 	88,347,006	 	  	 	51.99	 	
2023	 	 	622,771	 	 	 	35,304,073	 	 	 	56.69	 	 	 	39,654,725	 	  	 	63.67	 	
2024	 	 	661,103	 	 	 	32,836,754	 	 	 	49.67	 	 	 	36,279,801	 	  	 	54.88	 	
2025	 	 	1,141,119	 	 	 	67,010,911	 	 	 	58.72	 	 	 	75,081,699	 	  	 	65.80	 	
2026	 	 	1,077,124	 	 	 	74,956,461	 	 	 	69.59	 	 	 	83,021,849	 	  	 	77.08	 	
Thereafter	 	 	3,510,964	 	 	 	187,276,819	 	 	 	53.34	 	 	 	215,292,645	 	  	 	61.32	 	
 
(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.	
 
33

FIRST QUARTER 2017
 
IN-SERVICE BOSTON REGION PROPERTIES
Quarterly Lease Expirations - Boston 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 2017	  	 	1,000	 	  	$	61,424	 	  	$	61.42	 	  	$	61,424	 	  	$	61.42	(4) 	
Q2 2017	  	 	201,787	 	  	 	9,795,044	 	  	 	48.54	 	  	 	9,897,833	 	  	 	49.05	 	
Q3 2017	  	 	64,598	 	  	 	2,618,752	 	  	 	40.54	 	  	 	2,618,752	 	  	 	40.54	 	
Q4 2017	  	 	165,797	 	  	 	8,809,547	 	  	 	53.13	 	  	 	8,870,775	 	  	 	53.50	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	433,182	 	  	$	21,284,767	 	  	$	49.14	 	  	$	21,448,783	 	  	$	49.51	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	72,336	 	  	$	2,705,598	 	  	$	37.40	 	  	$	2,720,040	 	  	$	37.60	 	
Q2 2018	  	 	104,891	 	  	 	4,425,711	 	  	 	42.19	 	  	 	4,473,788	 	  	 	42.65	 	
Q3 2018	  	 	32,969	 	  	 	1,406,871	 	  	 	42.67	 	  	 	1,416,879	 	  	 	42.98	 	
Q4 2018	  	 	186,569	 	  	 	7,305,675	 	  	 	39.16	 	  	 	7,606,183	 	  	 	40.77	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	396,765	 	  	$	15,843,855	 	  	$	39.93	 	  	$	16,216,890	 	  	$	40.87	 	

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 2017	  	 	8,500	 	  	$	574,667	 	  	$	67.61	 	  	$	574,667	 	  	$	67.61	(4) 	
Q2 2017	  	 	28,534	 	  	 	2,215,444	 	  	 	77.64	 	  	 	2,212,674	 	  	 	77.55	 	
Q3 2017	  	 	3,390	 	  	 	593,929	 	  	 	175.20	 	  	 	593,929	 	  	 	175.20	 	
Q4 2017	  	 	12,134	 	  	 	936,796	 	  	 	77.20	 	  	 	936,796	 	  	 	77.20	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	52,558	 	  	$	4,320,835	 	  	$	82.21	 	  	$	4,318,066	 	  	$	82.16	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	1,970	 	  	$	351,532	 	  	$	178.44	 	  	$	351,532	 	  	$	178.44	 	
Q2 2018	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2018	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2018	  	 	23,982	 	  	 	2,984,196	 	  	 	124.43	 	  	 	2,987,336	 	  	 	124.57	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	25,952	 	  	$	3,335,728	 	  	$	128.53	 	  	$	3,338,868	 	  	$	128.66	 	

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 2017	  	 	9,500	 	  	$	636,091	 	  	$	66.96	 	  	$	636,091	 	  	$	66.96	(4) 	
Q2 2017	  	 	230,321	 	  	 	12,010,488	 	  	 	52.15	 	  	 	12,110,507	 	  	 	52.58	 	
Q3 2017	  	 	67,988	 	  	 	3,212,680	 	  	 	47.25	 	  	 	3,212,680	 	  	 	47.25	 	
Q4 2017	  	 	177,931	 	  	 	9,746,343	 	  	 	54.78	 	  	 	9,807,571	 	  	 	55.12	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	485,740	 	  	$	25,605,602	 	  	$	52.71	 	  	$	25,766,849	 	  	$	53.05	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	74,306	 	  	$	3,057,130	 	  	$	41.14	 	  	$	3,071,572	 	  	$	41.34	 	
Q2 2018	  	 	104,891	 	  	 	4,425,711	 	  	 	42.19	 	  	 	4,473,788	 	  	 	42.65	 	
Q3 2018	  	 	32,969	 	  	 	1,406,871	 	  	 	42.67	 	  	 	1,416,879	 	  	 	42.98	 	
Q4 2018	  	 	210,551	 	  	 	10,289,871	 	  	 	48.87	 	  	 	10,593,519	 	  	 	50.31	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	422,717	 	  	$	19,179,583	 	  	$	45.37	 	  	$	19,555,758	 	  	$	46.26	 	

(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.	
 
34

FIRST QUARTER 2017
 
IN-SERVICE NEW YORK REGION PROPERTIES
Lease Expirations - New York 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	 	
2017	  	 	797,769	 	  	$	70,919,581	 	  	$	88.90	 	  	$	70,627,331	 	  	$	88.53	 	
2018	  	 	382,152	 	  	 	36,533,084	 	  	 	95.60	 	  	 	36,559,484	 	  	 	95.67	 	
2019	  	 	510,629	 	  	 	41,030,008	 	  	 	80.35	 	  	 	41,216,569	 	  	 	80.72	 	
2020	  	 	1,795,352	 	  	 	143,957,208	 	  	 	80.18	 	  	 	147,938,629	 	  	 	82.40	 	
2021	  	 	389,290	 	  	 	34,772,820	 	  	 	89.32	 	  	 	35,298,630	 	  	 	90.67	 	
2022	  	 	939,791	 	  	 	83,297,468	 	  	 	88.63	 	  	 	87,881,306	 	  	 	93.51	 	
2023	  	 	124,853	 	  	 	9,863,540	 	  	 	79.00	 	  	 	10,630,674	 	  	 	85.15	 	
2024	  	 	1,059,454	 	  	 	73,856,740	 	  	 	69.71	 	  	 	80,637,828	 	  	 	76.11	 	
2025	  	 	562,478	 	  	 	40,325,339	 	  	 	71.69	 	  	 	44,700,914	 	  	 	79.47	 	
2026	  	 	878,186	 	  	 	77,571,553	 	  	 	88.33	 	  	 	79,628,988	 	  	 	90.67	 	
Thereafter	  	 	2,571,244	 	  	 	231,515,010	 	  	 	90.04	 	  	 	327,667,565	 	  	 	127.44	 	
 	
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	 	
2017	  	 	33,891	 	  	$	3,922,957	 	  	$	115.75	 	  	$	3,922,957	 	  	$	115.75	 	
2018	  	 	8,114	 	  	 	9,051,991	 	  	 	1,115.60	 	  	 	9,577,713	 	  	 	1,180.39	 	
2019	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
2020	  	 	3,452	 	  	 	264,336	 	  	 	76.57	 	  	 	264,336	 	  	 	76.57	 	
2021	  	 	26,225	 	  	 	12,515,230	 	  	 	477.23	 	  	 	13,524,391	 	  	 	515.71	 	
2022	  	 	70,543	 	  	 	11,122,824	 	  	 	157.67	 	  	 	12,162,273	 	  	 	172.41	 	
2023	  	 	1,847	 	  	 	1,839,144	 	  	 	995.75	 	  	 	2,256,696	 	  	 	1,221.82	 	
2024	  	 	11,919	 	  	 	4,378,804	 	  	 	367.38	 	  	 	5,225,743	 	  	 	438.44	 	
2025	  	 	1,872	 	  	 	654,764	 	  	 	349.77	 	  	 	730,700	 	  	 	390.33	 	
2026	  	 	34,807	 	  	 	4,452,097	 	  	 	127.91	 	  	 	5,701,724	 	  	 	163.81	 	
Thereafter	  	 	108,479	 	  	 	24,307,499	 	  	 	224.08	 	  	 	53,341,111	 	  	 	491.72	 	
 	
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	 	
2017	  	 	831,660	 	  	$	74,842,538	 	  	$	89.99	 	  	$	74,550,288	 	  	$	89.64	 	
2018	  	 	390,266	 	  	 	45,585,075	 	  	 	116.81	 	  	 	46,137,198	 	  	 	118.22	 	
2019	  	 	510,629	 	  	 	41,030,008	 	  	 	80.35	 	  	 	41,216,569	 	  	 	80.72	 	
2020	  	 	1,798,804	 	  	 	144,221,544	 	  	 	80.18	 	  	 	148,202,965	 	  	 	82.39	 	
2021	  	 	415,515	 	  	 	47,288,050	 	  	 	113.81	 	  	 	48,823,021	 	  	 	117.50	 	
2022	  	 	1,010,334	 	  	 	94,420,292	 	  	 	93.45	 	  	 	100,043,580	 	  	 	99.02	 	
2023	  	 	126,700	 	  	 	11,702,684	 	  	 	92.37	 	  	 	12,887,371	 	  	 	101.72	 	
2024	  	 	1,071,373	 	  	 	78,235,544	 	  	 	73.02	 	  	 	85,863,571	 	  	 	80.14	 	
2025	  	 	564,350	 	  	 	40,980,103	 	  	 	72.61	 	  	 	45,431,614	 	  	 	80.50	 	
2026	  	 	912,993	 	  	 	82,023,649	 	  	 	89.84	 	  	 	85,330,712	 	  	 	93.46	 	
Thereafter	  	 	2,679,723	 	  	 	255,822,509	 	  	 	95.47	 	  	 	381,008,676	 	  	 	142.18	 	
 
(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.	
 
35

FIRST QUARTER 2017
 
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 2017	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
Q2 2017	  	 	155,419	 	  	 	14,165,734	 	  	 	91.15	 	  	 	13,860,540	 	  	 	89.18	 	
Q3 2017	  	 	522,915	 	  	 	43,106,113	 	  	 	82.43	 	  	 	43,106,113	 	  	 	82.43	 	
Q4 2017	  	 	119,435	 	  	 	13,647,734	 	  	 	114.27	 	  	 	13,660,678	 	  	 	114.38	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	797,769	 	  	$	70,919,581	 	  	$	88.90	 	  	$	70,627,331	 	  	$	88.53	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	86,020	 	  	$	10,233,807	 	  	$	118.97	 	  	$	10,233,807	 	  	$	118.97	 	
Q2 2018	  	 	82,751	 	  	 	8,986,479	 	  	 	108.60	 	  	 	8,986,479	 	  	 	108.60	 	
Q3 2018	  	 	135,436	 	  	 	12,723,156	 	  	 	93.94	 	  	 	12,723,156	 	  	 	93.94	 	
Q4 2018	  	 	77,945	 	  	 	4,589,642	 	  	 	58.88	 	  	 	4,616,042	 	  	 	59.22	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	382,152	 	  	$	36,533,084	 	  	$	95.60	 	  	$	36,559,484	 	  	$	95.67	 	

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 2017	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
Q2 2017	  	 	5,471	 	  	 	1,174,637	 	  	 	214.70	 	  	 	1,174,637	 	  	 	214.70	 	
Q3 2017	  	 	27,659	 	  	 	2,696,934	 	  	 	97.51	 	  	 	2,696,934	 	  	 	97.51	 	
Q4 2017	  	 	761	 	  	 	51,386	 	  	 	67.52	 	  	 	51,386	 	  	 	67.52	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	33,891	 	  	$	3,922,957	 	  	$	115.75	 	  	$	3,922,957	 	  	$	115.75	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
Q2 2018	  	 	1,600	 	  	 	300,000	 	  	 	187.50	 	  	 	300,000	 	  	 	187.50	 	
Q3 2018	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2018	  	 	6,514	 	  	 	8,751,991	 	  	 	1,343.57	 	  	 	9,277,713	 	  	 	1,424.27	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	8,114	 	  	$	9,051,991	 	  	$	1,115.60	 	  	$	9,577,713	 	  	$	1,180.39	 	

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 2017	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
Q2 2017	  	 	160,890	 	  	 	15,340,372	 	  	 	95.35	 	  	 	15,035,178	 	  	 	93.45	 	
Q3 2017	  	 	550,574	 	  	 	45,803,047	 	  	 	83.19	 	  	 	45,803,047	 	  	 	83.19	 	
Q4 2017	  	 	120,196	 	  	 	13,699,119	 	  	 	113.97	 	  	 	13,712,064	 	  	 	114.08	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	831,660	 	  	$	74,842,538	 	  	$	89.99	 	  	$	74,550,288	 	  	$	89.64	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	86,020	 	  	$	10,233,807	 	  	$	118.97	 	  	$	10,233,807	 	  	$	118.97	 	
Q2 2018	  	 	84,351	 	  	 	9,286,479	 	  	 	110.09	 	  	 	9,286,479	 	  	 	110.09	 	
Q3 2018	  	 	135,436	 	  	 	12,723,156	 	  	 	93.94	 	  	 	12,723,156	 	  	 	93.94	 	
Q4 2018	  	 	84,459	 	  	 	13,341,633	 	  	 	157.97	 	  	 	13,893,756	 	  	 	164.50	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	390,266	 	  	$	45,585,075	 	  	$	116.81	 	  	$	46,137,198	 	  	$	118.22	 	

(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.	
 
36

FIRST QUARTER 2017
 
IN-SERVICE SAN FRANCISCO AND LOS ANGELES REGIONS PROPERTIES
Lease Expirations - San Francisco and Los Angeles Regions (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	 	
2017	 	 	339,449	 	 	$	16,153,932	 	 	$	47.59	 	 	$	16,688,064	 	 	$	49.16	(4) 	
2018	 	 	197,671	 	 	 	10,704,102	 	 	 	54.15	 	 	 	10,921,682	 	 	 	55.25	 	
2019	 	 	862,643	 	 	 	42,247,554	 	 	 	48.97	 	 	 	44,419,449	 	 	 	51.49	 	
2020	 	 	677,095	 	 	 	43,042,959	 	 	 	63.57	 	 	 	44,392,042	 	 	 	65.56	 	
2021	 	 	1,016,427	 	 	 	50,768,857	 	 	 	49.95	 	 	 	56,450,057	 	 	 	55.54	 	
2022	 	 	786,422	 	 	 	39,871,116	 	 	 	50.70	 	 	 	48,413,311	 	 	 	61.56	 	
2023	 	 	359,376	 	 	 	24,353,630	 	 	 	67.77	 	 	 	28,120,209	 	 	 	78.25	 	
2024	 	 	397,923	 	 	 	23,212,748	 	 	 	58.33	 	 	 	24,045,546	 	 	 	60.43	 	
2025	 	 	314,111	 	 	 	18,035,195	 	 	 	57.42	 	 	 	21,427,421	 	 	 	68.22	 	
2026	 	 	280,908	 	 	 	19,564,538	 	 	 	69.65	 	 	 	23,105,867	 	 	 	82.25	 	
Thereafter	 	 	905,304	 	 	 	60,199,161	 	 	 	66.50	 	 	 	80,959,815	 	 	 	89.43	 	
 	
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	 	
2017	 	 	37,196	 	 	$	1,583,890	 	 	$	42.58	 	 	$	1,583,890	 	 	$	42.58	 	
2018	 	 	35,502	 	 	 	2,168,350	 	 	 	61.08	 	 	 	2,180,765	 	 	 	61.43	 	
2019	 	 	13,325	 	 	 	706,136	 	 	 	52.99	 	 	 	725,413	 	 	 	54.44	 	
2020	 	 	34,976	 	 	 	2,174,794	 	 	 	62.18	 	 	 	2,293,643	 	 	 	65.58	 	
2021	 	 	22,163	 	 	 	1,447,127	 	 	 	65.29	 	 	 	1,519,725	 	 	 	68.57	 	
2022	 	 	29,192	 	 	 	1,246,014	 	 	 	42.68	 	 	 	1,325,750	 	 	 	45.41	 	
2023	 	 	30,950	 	 	 	1,751,838	 	 	 	56.60	 	 	 	1,840,576	 	 	 	59.47	 	
2024	 	 	9,388	 	 	 	641,262	 	 	 	68.31	 	 	 	739,132	 	 	 	78.73	 	
2025	 	 	22,933	 	 	 	1,456,630	 	 	 	63.52	 	 	 	1,671,315	 	 	 	72.88	 	
2026	 	 	24,494	 	 	 	1,741,713	 	 	 	71.11	 	 	 	1,980,777	 	 	 	80.87	 	
Thereafter	 	 	30,174	 	 	 	1,685,939	 	 	 	55.87	 	 	 	2,083,919	 	 	 	69.06	 	
 	
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	 	
2017	 	 	376,645	 	 	$	17,737,822	 	 	$	47.09	 	 	$	18,271,954	 	 	$	48.51	(4) 	
2018	 	 	233,173	 	 	 	12,872,452	 	 	 	55.21	 	 	 	13,102,446	 	 	 	56.19	 	
2019	 	 	875,968	 	 	 	42,953,690	 	 	 	49.04	 	 	 	45,144,863	 	 	 	51.54	 	
2020	 	 	712,071	 	 	 	45,217,752	 	 	 	63.50	 	 	 	46,685,685	 	 	 	65.56	 	
2021	 	 	1,038,590	 	 	 	52,215,984	 	 	 	50.28	 	 	 	57,969,781	 	 	 	55.82	 	
2022	 	 	815,614	 	 	 	41,117,130	 	 	 	50.41	 	 	 	49,739,061	 	 	 	60.98	 	
2023	 	 	390,326	 	 	 	26,105,468	 	 	 	66.88	 	 	 	29,960,785	 	 	 	76.76	 	
2024	 	 	407,311	 	 	 	23,854,010	 	 	 	58.56	 	 	 	24,784,678	 	 	 	60.85	 	
2025	 	 	337,044	 	 	 	19,491,825	 	 	 	57.83	 	 	 	23,098,736	 	 	 	68.53	 	
2026	 	 	305,402	 	 	 	21,306,251	 	 	 	69.76	 	 	 	25,086,643	 	 	 	82.14	 	
Thereafter	 	 	935,478	 	 	 	61,885,099	 	 	 	66.15	 	 	 	83,043,734	 	 	 	88.77	 	
 
(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.	
 
37

FIRST QUARTER 2017
 
IN-SERVICE SAN FRANCISCO AND LOS ANGELES REGIONS PROPERTIES
Quarterly Lease Expirations - San Francisco and Los Angeles Regions (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 2017	  	 	4,772	 	  	$	207,208	 	  	$	43.42	 	  	$	207,208	 	  	$	43.42	(4) 	
Q2 2017	  	 	116,656	 	  	 	4,369,156	 	  	 	37.45	 	  	 	4,369,156	 	  	 	37.45	 	
Q3 2017	  	 	166,644	 	  	 	9,363,310	 	  	 	56.19	 	  	 	9,753,827	 	  	 	58.53	 	
Q4 2017	  	 	51,377	 	  	 	2,214,257	 	  	 	43.10	 	  	 	2,357,873	 	  	 	45.89	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	339,449	 	  	$	16,153,932	 	  	$	47.59	 	  	$	16,688,064	 	  	$	49.16	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	77,815	 	  	$	4,397,569	 	  	$	56.51	 	  	$	4,458,323	 	  	$	57.29	 	
Q2 2018	  	 	45,300	 	  	 	2,767,590	 	  	 	61.09	 	  	 	2,820,193	 	  	 	62.26	 	
Q3 2018	  	 	52,379	 	  	 	2,502,276	 	  	 	47.77	 	  	 	2,582,390	 	  	 	49.30	 	
Q4 2018	  	 	22,177	 	  	 	1,036,667	 	  	 	46.75	 	  	 	1,060,776	 	  	 	47.83	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	197,671	 	  	$	10,704,102	 	  	$	54.15	 	  	$	10,921,682	 	  	$	55.25	 	

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 2017	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
Q2 2017	  	 	160	 	  	 	40,470	 	  	 	252.93	 	  	 	40,470	 	  	 	252.93	 	
Q3 2017	  	 	7,046	 	  	 	496,243	 	  	 	70.43	 	  	 	496,243	 	  	 	70.43	 	
Q4 2017	  	 	29,990	 	  	 	1,047,178	 	  	 	34.92	 	  	 	1,047,178	 	  	 	34.92	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	37,196	 	  	$	1,583,890	 	  	$	42.58	 	  	$	1,583,890	 	  	$	42.58	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	22,835	 	  	$	1,317,919	 	  	$	57.71	 	  	$	1,317,919	 	  	$	57.71	 	
Q2 2018	  	 	2,802	 	  	 	198,173	 	  	 	70.73	 	  	 	199,741	 	  	 	71.29	 	
Q3 2018	  	 	2,771	 	  	 	135,778	 	  	 	49.00	 	  	 	137,352	 	  	 	49.57	 	
Q4 2018	  	 	7,094	 	  	 	516,480	 	  	 	72.81	 	  	 	525,753	 	  	 	74.11	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	35,502	 	  	$	2,168,350	 	  	$	61.08	 	  	$	2,180,765	 	  	$	61.43	 	

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 2017	  	 	4,772	 	  	$	207,208	 	  	$	43.42	 	  	$	207,208	 	  	$	43.42	(4) 	
Q2 2017	  	 	116,816	 	  	 	4,409,626	 	  	 	37.75	 	  	 	4,409,626	 	  	 	37.75	 	
Q3 2017	  	 	173,690	 	  	 	9,859,553	 	  	 	56.77	 	  	 	10,250,070	 	  	 	59.01	 	
Q4 2017	  	 	81,367	 	  	 	3,261,435	 	  	 	40.08	 	  	 	3,405,051	 	  	 	41.85	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	376,645	 	  	$	17,737,822	 	  	$	47.09	 	  	$	18,271,954	 	  	$	48.51	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	100,650	 	  	$	5,715,487	 	  	$	56.79	 	  	$	5,776,241	 	  	$	57.39	 	
Q2 2018	  	 	48,102	 	  	 	2,965,763	 	  	 	61.66	 	  	 	3,019,934	 	  	 	62.78	 	
Q3 2018	  	 	55,150	 	  	 	2,638,055	 	  	 	47.83	 	  	 	2,719,742	 	  	 	49.32	 	
Q4 2018	  	 	29,271	 	  	 	1,553,147	 	  	 	53.06	 	  	 	1,586,529	 	  	 	54.20	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	233,173	 	  	$	12,872,452	 	  	$	55.21	 	  	$	13,102,446	 	  	$	56.19	 	

(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.	
 
38

FIRST QUARTER 2017
 
IN-SERVICE WASHINGTON, DC REGION PROPERTIES
Lease Expirations - Washington, DC 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	 	
2017	 	 	373,495	 	 	$	18,432,363	 	 	$	49.35	 	 	$	18,520,032	 	 	$	49.59	 	
2018	 	 	500,750	 	 	 	24,088,099	 	 	 	48.10	 	 	 	24,828,203	 	 	 	49.58	 	
2019	 	 	1,015,458	 	 	 	49,587,002	 	 	 	48.83	 	 	 	51,404,435	 	 	 	50.62	 	
2020	 	 	1,312,027	 	 	 	59,476,108	 	 	 	45.33	 	 	 	62,313,001	 	 	 	47.49	 	
2021	 	 	1,227,863	 	 	 	66,363,545	 	 	 	54.05	 	 	 	72,587,323	 	 	 	59.12	 	
2022	 	 	726,391	 	 	 	32,948,208	 	 	 	45.36	 	 	 	37,293,371	 	 	 	51.34	 	
2023	 	 	459,818	 	 	 	22,617,936	 	 	 	49.19	 	 	 	26,099,401	 	 	 	56.76	 	
2024	 	 	640,116	 	 	 	33,063,300	 	 	 	51.65	 	 	 	37,895,376	 	 	 	59.20	 	
2025	 	 	468,410	 	 	 	20,437,044	 	 	 	43.63	 	 	 	24,474,483	 	 	 	52.25	 	
2026	 	 	406,722	 	 	 	32,524,652	 	 	 	79.97	 	 	 	38,732,562	 	 	 	95.23	 	
Thereafter	 	 	1,678,258	 	 	 	106,132,095	 	 	 	63.24	 	 	 	138,234,397	 	 	 	82.37	 	
 
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	 	
2017	 	 	12,266	 	 	$	1,554,865	 	 	$	126.76	 	 	$	1,554,865	 	 	$	126.76	 	
2018	 	 	39,620	 	 	 	2,736,806	 	 	 	69.08	 	 	 	2,756,523	 	 	 	69.57	 	
2019	 	 	86,788	 	 	 	5,055,558	 	 	 	58.25	 	 	 	5,127,796	 	 	 	59.08	 	
2020	 	 	59,720	 	 	 	3,818,070	 	 	 	63.93	 	 	 	3,929,875	 	 	 	65.81	 	
2021	 	 	73,730	 	 	 	4,638,467	 	 	 	62.91	 	 	 	5,149,885	 	 	 	69.85	 	
2022	 	 	38,123	 	 	 	2,240,114	 	 	 	58.76	 	 	 	2,437,778	 	 	 	63.95	 	
2023	 	 	66,865	 	 	 	3,472,545	 	 	 	51.93	 	 	 	3,821,409	 	 	 	57.15	 	
2024	 	 	22,050	 	 	 	1,371,814	 	 	 	62.21	 	 	 	1,529,854	 	 	 	69.38	 	
2025	 	 	77,110	 	 	 	2,946,135	 	 	 	38.21	 	 	 	3,219,152	 	 	 	41.75	 	
2026	 	 	33,594	 	 	 	2,274,550	 	 	 	67.71	 	 	 	2,498,412	 	 	 	74.37	 	
Thereafter	 	 	112,965	 	 	 	4,588,847	 	 	 	40.62	 	 	 	5,415,936	 	 	 	47.94	 	
 
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	 	
2017	 	 	385,761	 	 	$	19,987,228	 	 	$	51.81	 	 	$	20,074,897	 	 	$	52.04	 	
2018	 	 	540,370	 	 	 	26,824,905	 	 	 	49.64	 	 	 	27,584,725	 	 	 	51.05	 	
2019	 	 	1,102,246	 	 	 	54,642,560	 	 	 	49.57	 	 	 	56,532,230	 	 	 	51.29	 	
2020	 	 	1,371,747	 	 	 	63,294,178	 	 	 	46.14	 	 	 	66,242,876	 	 	 	48.29	 	
2021	 	 	1,301,593	 	 	 	71,002,011	 	 	 	54.55	 	 	 	77,737,208	 	 	 	59.72	 	
2022	 	 	764,514	 	 	 	35,188,322	 	 	 	46.03	 	 	 	39,731,149	 	 	 	51.97	 	
2023	 	 	526,683	 	 	 	26,090,480	 	 	 	49.54	 	 	 	29,920,810	 	 	 	56.81	 	
2024	 	 	662,166	 	 	 	34,435,113	 	 	 	52.00	 	 	 	39,425,229	 	 	 	59.54	 	
2025	 	 	545,520	 	 	 	23,383,179	 	 	 	42.86	 	 	 	27,693,635	 	 	 	50.77	 	
2026	 	 	440,316	 	 	 	34,799,203	 	 	 	79.03	 	 	 	41,230,974	 	 	 	93.64	 	
Thereafter	 	 	1,791,223	 	 	 	110,720,942	 	 	 	61.81	 	 	 	143,650,333	 	 	 	80.20	 	
 
(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.	
 
39

FIRST QUARTER 2017
 
IN-SERVICE WASHINGTON, DC REGION PROPERTIES
Quarterly Lease Expirations - Washington, DC 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 2017	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
Q2 2017	  	 	129,637	 	  	 	6,744,214	 	  	 	52.02	 	  	 	6,786,362	 	  	 	52.35	 	
Q3 2017	  	 	47,147	 	  	 	2,836,327	 	  	 	60.16	 	  	 	2,842,621	 	  	 	60.29	 	
Q4 2017	  	 	196,711	 	  	 	8,851,822	 	  	 	45.00	 	  	 	8,891,049	 	  	 	45.20	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	373,495	 	  	$	18,432,363	 	  	$	49.35	 	  	$	18,520,032	 	  	$	49.59	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	130,547	 	  	$	4,211,354	 	  	$	32.26	 	  	$	4,216,484	 	  	$	32.30	 	
Q2 2018	  	 	183,073	 	  	 	10,402,951	 	  	 	56.82	 	  	 	10,826,950	 	  	 	59.14	 	
Q3 2018	  	 	114,127	 	  	 	5,207,079	 	  	 	45.63	 	  	 	5,350,844	 	  	 	46.88	 	
Q4 2018	  	 	73,003	 	  	 	4,266,715	 	  	 	58.45	 	  	 	4,433,924	 	  	 	60.74	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	500,750	 	  	$	24,088,099	 	  	$	48.10	 	  	$	24,828,203	 	  	$	49.58	 	

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 2017	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
Q2 2017	  	 	1,909	 	  	 	912,000	 	  	 	477.74	 	  	 	912,000	 	  	 	477.74	 	
Q3 2017	  	 	6,842	 	  	 	455,172	 	  	 	66.53	 	  	 	455,172	 	  	 	66.53	 	
Q4 2017	  	 	3,515	 	  	 	187,693	 	  	 	53.40	 	  	 	187,693	 	  	 	53.40	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	12,266	 	  	$	1,554,865	 	  	$	126.76	 	  	$	1,554,865	 	  	$	126.76	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	7,698	 	  	$	523,569	 	  	$	68.01	 	  	$	523,569	 	  	$	68.01	 	
Q2 2018	  	 	12,433	 	  	 	806,462	 	  	 	64.86	 	  	 	816,788	 	  	 	65.70	 	
Q3 2018	  	 	8,283	 	  	 	577,582	 	  	 	69.73	 	  	 	584,527	 	  	 	70.57	 	
Q4 2018	  	 	11,206	 	  	 	829,193	 	  	 	74.00	 	  	 	831,638	 	  	 	74.21	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	39,620	 	  	$	2,736,806	 	  	$	69.08	 	  	$	2,756,523	 	  	$	69.57	 	

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 2017	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
Q2 2017	  	 	131,546	 	  	 	7,656,214	 	  	 	58.20	 	  	 	7,698,362	 	  	 	58.52	 	
Q3 2017	  	 	53,989	 	  	 	3,291,498	 	  	 	60.97	 	  	 	3,297,793	 	  	 	61.08	 	
Q4 2017	  	 	200,226	 	  	 	9,039,515	 	  	 	45.15	 	  	 	9,078,743	 	  	 	45.34	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	385,761	 	  	$	19,987,228	 	  	$	51.81	 	  	$	20,074,897	 	  	$	52.04	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	138,245	 	  	$	4,734,923	 	  	$	34.25	 	  	$	4,740,054	 	  	$	34.29	 	
Q2 2018	  	 	195,506	 	  	 	11,209,413	 	  	 	57.34	 	  	 	11,643,738	 	  	 	59.56	 	
Q3 2018	  	 	122,410	 	  	 	5,784,660	 	  	 	47.26	 	  	 	5,935,371	 	  	 	48.49	 	
Q4 2018	  	 	84,209	 	  	 	5,095,908	 	  	 	60.52	 	  	 	5,265,562	 	  	 	62.53	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	540,370	 	  	$	26,824,905	 	  	$	49.64	 	  	$	27,584,725	 	  	$	51.05	 	

(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.	
 
40

FIRST QUARTER 2017
 
CBD PROPERTIES
Lease Expirations (1) (2) (3)

 	  	Boston	 	 	San Francisco and Los Angeles	 	
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	 	
2017	  	 	362,368	 	  	$	21,497,150	 	  	$	59.32	 	  	$	21,555,609	 	  	$	59.49	(4) 	 	 	195,055	 	  	$	12,242,235	 	  	$	62.76	 	  	$	12,380,632	 	  	$	63.47	(4) 	
2018	  	 	130,696	 	  	 	9,193,416	 	  	 	70.34	 	  	 	9,385,520	 	  	 	71.81	 	 	 	174,130	 	  	 	10,637,576	 	  	 	61.09	 	  	 	10,811,671	 	  	 	62.09	 	
2019	  	 	578,351	 	  	 	32,459,798	 	  	 	56.12	 	  	 	32,788,581	 	  	 	56.69	 	 	 	384,479	 	  	 	22,537,510	 	  	 	58.62	 	  	 	23,533,226	 	  	 	61.21	 	
2020	  	 	270,329	 	  	 	16,705,376	 	  	 	61.80	 	  	 	17,145,738	 	  	 	63.43	 	 	 	617,436	 	  	 	41,084,055	 	  	 	66.54	 	  	 	42,123,648	 	  	 	68.22	 	
2021	  	 	428,476	 	  	 	25,028,162	 	  	 	58.41	 	  	 	25,274,088	 	  	 	58.99	 	 	 	692,909	 	  	 	42,675,355	 	  	 	61.59	 	  	 	47,688,407	 	  	 	68.82	 	
2022	  	 	982,487	 	  	 	57,204,167	 	  	 	58.22	 	  	 	61,204,303	 	  	 	62.30	 	 	 	402,698	 	  	 	22,839,144	 	  	 	56.72	 	  	 	27,873,021	 	  	 	69.22	 	
2023	  	 	410,671	 	  	 	27,678,114	 	  	 	67.40	 	  	 	30,674,099	 	  	 	74.69	 	 	 	349,669	 	  	 	23,931,728	 	  	 	68.44	 	  	 	27,134,138	 	  	 	77.60	 	
2024	  	 	337,119	 	  	 	20,055,185	 	  	 	59.49	 	  	 	21,825,037	 	  	 	64.74	 	 	 	382,799	 	  	 	22,869,363	 	  	 	59.74	 	  	 	23,573,686	 	  	 	61.58	 	
2025	  	 	686,806	 	  	 	45,257,345	 	  	 	65.90	 	  	 	51,036,217	 	  	 	74.31	 	 	 	331,402	 	  	 	19,291,156	 	  	 	58.21	 	  	 	22,845,373	 	  	 	68.94	 	
2026	  	 	944,535	 	  	 	70,244,449	 	  	 	74.37	 	  	 	77,596,710	 	  	 	82.15	 	 	 	305,402	 	  	 	21,306,251	 	  	 	69.76	 	  	 	25,086,643	 	  	 	82.14	 	
Thereafter	  	 	2,839,177	 	  	 	161,308,801	 	  	 	56.82	 	  	 	185,818,694	 	  	 	65.45	 	 	 	935,478	 	  	 	61,885,099	 	  	 	66.15	 	  	 	83,043,734	 	  	 	88.77	 	
 	 	 	
 	  	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	 	
2017	  	 	715,285	 	  	$	70,430,093	 	  	$	98.46	 	  	$	70,443,037	 	  	$	98.48	 	 	 	51,916	 	  	$	3,007,249	 	  	$	57.93	 	  	$	3,007,249	 	  	$	57.93	 	
2018	  	 	310,287	 	  	 	42,705,534	 	  	 	137.63	 	  	 	43,231,256	 	  	 	139.33	 	 	 	116,353	 	  	 	6,959,160	 	  	 	59.81	 	  	 	7,193,862	 	  	 	61.83	 	
2019	  	 	349,132	 	  	 	35,084,420	 	  	 	100.49	 	  	 	35,241,671	 	  	 	100.94	 	 	 	466,480	 	  	 	29,740,304	 	  	 	63.75	 	  	 	31,136,899	 	  	 	66.75	 	
2020	  	 	1,486,479	 	  	 	133,442,214	 	  	 	89.77	 	  	 	136,955,603	 	  	 	92.13	 	 	 	456,420	 	  	 	25,800,684	 	  	 	56.53	 	  	 	27,272,722	 	  	 	59.75	 	
2021	  	 	311,243	 	  	 	43,756,910	 	  	 	140.59	 	  	 	45,112,516	 	  	 	144.94	 	 	 	552,128	 	  	 	36,731,463	 	  	 	66.53	 	  	 	40,560,408	 	  	 	73.46	 	
2022	  	 	928,087	 	  	 	91,576,759	 	  	 	98.67	 	  	 	96,976,710	 	  	 	104.49	 	 	 	104,042	 	  	 	6,062,280	 	  	 	58.27	 	  	 	6,683,321	 	  	 	64.24	 	
2023	  	 	91,631	 	  	 	10,526,230	 	  	 	114.88	 	  	 	11,736,080	 	  	 	128.08	 	 	 	48,609	 	  	 	3,075,172	 	  	 	63.26	 	  	 	3,651,470	 	  	 	75.12	 	
2024	  	 	679,827	 	  	 	64,652,057	 	  	 	95.10	 	  	 	71,477,940	 	  	 	105.14	 	 	 	193,400	 	  	 	12,721,210	 	  	 	65.78	 	  	 	14,705,364	 	  	 	76.04	 	
2025	  	 	296,170	 	  	 	31,389,929	 	  	 	105.99	 	  	 	34,358,435	 	  	 	116.01	 	 	 	85,677	 	  	 	4,514,075	 	  	 	52.69	 	  	 	5,441,486	 	  	 	63.51	 	
2026	  	 	747,948	 	  	 	76,758,644	 	  	 	102.63	 	  	 	79,317,870	 	  	 	106.05	 	 	 	354,808	 	  	 	30,557,048	 	  	 	86.12	 	  	 	36,049,549	 	  	 	101.60	 	
Thereafter	  	 	2,425,418	 	  	 	246,256,042	 	  	 	101.53	 	  	 	370,942,038	 	  	 	152.94	 	 	 	1,501,610	 	  	 	98,334,899	 	  	 	65.49	 	  	 	127,495,235	 	  	 	84.91	 	
 
(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.	
 
41

FIRST QUARTER 2017
 
SUBURBAN 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	 	
2017	  	 	123,372	 	  	$	4,108,452	 	  	$	33.30	 	  	$	4,211,240	 	  	$	34.13	(4) 	 	 	181,590	 	  	$	5,495,587	 	  	$	30.26	 	  	$	5,891,322	 	  	$	32.44	(4) 	
2018	  	 	292,021	 	  	 	9,986,168	 	  	 	34.20	 	  	 	10,170,238	 	  	 	34.83	 	 	 	59,043	 	  	 	2,234,875	 	  	 	37.85	 	  	 	2,290,776	 	  	 	38.80	 	
2019	  	 	501,091	 	  	 	19,537,640	 	  	 	38.99	 	  	 	19,713,676	 	  	 	39.34	 	 	 	491,489	 	  	 	20,416,179	 	  	 	41.54	 	  	 	21,611,637	 	  	 	43.97	 	
2020	  	 	292,907	 	  	 	10,604,620	 	  	 	36.20	 	  	 	11,664,514	 	  	 	39.82	 	 	 	94,635	 	  	 	4,133,697	 	  	 	43.68	 	  	 	4,562,037	 	  	 	48.21	 	
2021	  	 	685,016	 	  	 	21,526,778	 	  	 	31.43	 	  	 	22,537,590	 	  	 	32.90	 	 	 	345,681	 	  	 	9,540,629	 	  	 	27.60	 	  	 	10,281,375	 	  	 	29.74	 	
2022	  	 	716,920	 	  	 	26,836,870	 	  	 	37.43	 	  	 	27,142,703	 	  	 	37.86	 	 	 	412,916	 	  	 	18,277,987	 	  	 	44.27	 	  	 	21,866,040	 	  	 	52.96	 	
2023	  	 	212,100	 	  	 	7,625,959	 	  	 	35.95	 	  	 	8,980,626	 	  	 	42.34	 	 	 	40,657	 	  	 	2,173,740	 	  	 	53.47	 	  	 	2,826,647	 	  	 	69.52	 	
2024	  	 	323,984	 	  	 	12,781,570	 	  	 	39.45	 	  	 	14,454,765	 	  	 	44.62	 	 	 	24,512	 	  	 	984,647	 	  	 	40.17	 	  	 	1,210,992	 	  	 	49.40	 	
2025	  	 	454,313	 	  	 	21,753,566	 	  	 	47.88	 	  	 	24,045,482	 	  	 	52.93	 	 	 	5,642	 	  	 	200,669	 	  	 	35.57	 	  	 	253,362	 	  	 	44.91	 	
2026	  	 	132,589	 	  	 	4,712,012	 	  	 	35.54	 	  	 	5,425,138	 	  	 	40.92	 	 	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Thereafter	  	 	671,787	 	  	 	25,968,018	 	  	 	38.66	 	  	 	29,473,950	 	  	 	43.87	 	 	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
 	 	 	
 	  	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	 	
2017	  	 	116,375	 	  	$	4,412,446	 	  	$	37.92	 	  	$	4,107,252	 	  	$	35.29	 	 	 	333,845	 	  	$	16,979,979	 	  	$	50.86	 	  	$	17,067,648	 	  	$	51.12	 	
2018	  	 	79,979	 	  	 	2,879,541	 	  	 	36.00	 	  	 	2,905,942	 	  	 	36.33	 	 	 	424,017	 	  	 	19,865,745	 	  	 	46.85	 	  	 	20,390,863	 	  	 	48.09	 	
2019	  	 	161,497	 	  	 	5,945,588	 	  	 	36.82	 	  	 	5,974,897	 	  	 	37.00	 	 	 	635,766	 	  	 	24,902,256	 	  	 	39.17	 	  	 	25,395,331	 	  	 	39.94	 	
2020	  	 	312,325	 	  	 	10,779,331	 	  	 	34.51	 	  	 	11,247,361	 	  	 	36.01	 	 	 	915,327	 	  	 	37,493,494	 	  	 	40.96	 	  	 	38,970,155	 	  	 	42.58	 	
2021	  	 	104,272	 	  	 	3,531,140	 	  	 	33.86	 	  	 	3,710,506	 	  	 	35.58	 	 	 	749,465	 	  	 	34,270,548	 	  	 	45.73	 	  	 	37,176,800	 	  	 	49.60	 	
2022	  	 	82,247	 	  	 	2,843,533	 	  	 	34.57	 	  	 	3,066,870	 	  	 	37.29	 	 	 	660,472	 	  	 	29,126,042	 	  	 	44.10	 	  	 	33,047,828	 	  	 	50.04	 	
2023	  	 	35,069	 	  	 	1,176,454	 	  	 	33.55	 	  	 	1,151,290	 	  	 	32.83	 	 	 	478,074	 	  	 	23,015,308	 	  	 	48.14	 	  	 	26,269,340	 	  	 	54.95	 	
2024	  	 	391,546	 	  	 	13,583,488	 	  	 	34.69	 	  	 	14,385,631	 	  	 	36.74	 	 	 	468,766	 	  	 	21,713,903	 	  	 	46.32	 	  	 	24,719,866	 	  	 	52.73	 	
2025	  	 	268,180	 	  	 	9,590,174	 	  	 	35.76	 	  	 	11,073,180	 	  	 	41.29	 	 	 	459,843	 	  	 	18,869,105	 	  	 	41.03	 	  	 	22,252,149	 	  	 	48.39	 	
2026	  	 	165,045	 	  	 	5,265,005	 	  	 	31.90	 	  	 	6,012,842	 	  	 	36.43	 	 	 	85,508	 	  	 	4,242,155	 	  	 	49.61	 	  	 	5,181,426	 	  	 	60.60	 	
Thereafter	  	 	254,305	 	  	 	9,566,467	 	  	 	37.62	 	  	 	10,066,638	 	  	 	39.58	 	 	 	289,613	 	  	 	12,386,043	 	  	 	42.77	 	  	 	16,155,097	 	  	 	55.78	 	
 
(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.	
 
42

FIRST QUARTER 2017
 
LEASING ACTIVITY
for the three months ended March 31, 2017
All In-Service Properties

 	 	 	 	 	
 	  	Total	 	
Vacant space available @ 1/1/2017 (sf)	  	 	4,196,275	 	
Property dispositions/ properties taken out of service (sf)	  	 	—  	 	
Properties acquired vacant space (sf)	  	 	—  	 	
Properties placed in-service (sf) (1)	  	 	9,480	 	
Leases expiring or terminated 1/1/2017-3/31/2017 (sf)	  	 	843,647	 	
 	  	 	 	 	
Total space available for lease (sf)	  	 	5,049,402	 	
 	  	 	 	 	
1st generation leases (sf)	  	 	23,865	 	
2nd generation leases with new tenants (sf)	  	 	624,425	 	
2nd generation lease renewals (sf)	  	 	290,455	 	
 	  	 	 	 	
Total space leased (sf)	  	 	938,745	 	
 	  	 	 	 	
Vacant space available for lease @ 3/31/2017 (sf)	  	 	4,110,657	 	
 	  	 	 	 	
Net (increase)/decrease in available space (sf)	  	 	85,618	 	
Second generation leasing information: (2)	  	 	 	 	
Leases commencing during the period (sf)	  	 	914,880	 	
Weighted average lease term (months)	  	 	85	 	
Weighted average free rent period (days)	  	 	82	 	
Total transaction costs per square foot (3)	  	$	55.92	 	
Increase (decrease) in gross rents (4)	  	 	13.12	% 	
Increase (decrease) in net rents (5)	  	 	19.54	% 	

 	  	 	 	  	 	 	  	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	  	 	9,632	 	  	 	203,608	 	  	 	(0.86	%) 	 	 	(1.34	%) 	 	 	213,240	 	  	 	157,454	 	
New York	  	 	9,723	 	  	 	184,224	 	  	 	(8.91	%) 	 	 	(14.69	%) 	 	 	193,947	 	  	 	110,194	 	
San Francisco and Los Angeles	  	 	—  	 	  	 	326,717	 	  	 	46.48	% 	 	 	74.34	% 	 	 	326,717	 	  	 	182,661	 	
Washington, DC	  	 	4,510	 	  	 	200,331	 	  	 	4.77	% 	 	 	4.87	% 	 	 	204,841	 	  	 	114,879	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total / Weighted Average	  	 	23,865	 	  	 	914,880	 	  	 	13.12	% 	 	 	19.54	% 	 	 	938,745	 	  	 	565,188	 	

(1)	Total square feet of properties placed in service in Q1 2017 consist of 9,480 square feet at Prudential Center Retail Expansion at Prudential Center Retail.	
(2)	Second generation leases are defined as leases for space that had previously been leased by the Company. Of the 914,880 square feet of second generation leases that commenced in Q1 2017, leases for 775,145 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 609,624 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 609,624 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 139,735.	
 
43

FIRST QUARTER 2017
 
ACQUISITIONS/DISPOSITIONS
 
as of March 31, 2017
ACQUISITIONS
 
For the period from January 1, 2017 through March 31, 2017

 	  	 	  	 	  	 	 	  	 	 	  	Anticipated	 	  	 	 	  	 	 	
 	  	 	  	 	  	 	 	  	Initial	 	  	Future	 	  	Total	 	  	Percentage	 	
Property	  	Location	  	Date Acquired	  	Square Feet	 	  	Investment	 	  	Investment	 	  	Investment	 	  	Leased	 	
Not Applicable	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Acquisitions	  	 	  	 	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	 	—  	 	
 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
DISPOSITIONS
 
For the period from January 1, 2017 through March 31, 2017

 	  	 	  	 	  	 	 	  	Gross	 	  	Net Cash	 	  	 	 	  	 	 	
Property	  	Location	  	Date Disposed	  	Square Feet	 	  	Sales Price	 	  	Proceeds	 	  	Book Gain	 	  	 	 	
Not Applicable	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Dispositions of Real Estate	  	 	  	 	  	$	—  	 	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	 	 	 	

44

FIRST QUARTER 2017
 
VALUE CREATION PIPELINE —   CONSTRUCTION IN PROGRESS (1)
as of March 31, 2017

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	  	 	  	 	 	  	 	 	  	 	 	  	BXP’s Share	 	  	 	 	 	 	 	
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	 	  	Amount Drawn at
3/31/2017	 	 	Estimated
Future Equity
Requirement (2)	 	  	Percentage
Leased (3)	 	 	Percentage
Placed in
service (4)	 	
Office and Retail	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
888 Boylston Street	  	Q3 2016	  	Q4 2017	  	 	Boston, MA	 	  	 	1	 	  	 	425,000	 	  	 	237,730,779	 	 	 	271,500,000	 	 	 	—  	 	  	 	—  	 	 	 	33,769,221	 	  	 	84	% 	 	 	28	% 	
Salesforce Tower (95% ownership)	  	Q1 2018	  	Q1 2019	  	 	San Francisco, CA	 	  	 	1	 	  	 	1,400,000	 	  	 	837,244,891	 	 	 	1,073,500,000	 	 	 	(25,389,074)(5)	 	  	 	(11,777,969)(5)	 	 	 	249,866,214	 	  	 	69%	 	 	 	—  	 	
The Hub on Causeway (50% ownership)	  	Q1 2019	  	Q4 2019	  	 	Boston, MA	 	  	 	1	 	  	 	385,000	 	  	 	31,806,101	 	 	 	141,870,000	 	 	 	—  	 	  	 	—  	 	 	 	110,063,899	 	  	 	42	% 	 	 	—  	 	
Dock 72 (50% ownership)	  	Q2 2018	  	Q1 2020	  	 	Brooklyn, NY	 	  	 	1	 	  	 	670,000	 	  	 	50,111,090	 	 	 	204,900,000	 	 	 	125,000,000	 	  	 	—  	 	 	 	29,788,910	 	  	 	33	% 	 	 	—  	 	
 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total Office Properties under Construction	  	 	  	 	  	 	 	 	  	 	4	 	  	 	2,880,000	 	  	$	1,156,892,861	 	 	$	1,691,770,000	 	 	$	99,610,926	 	  	$	(11,777,969	) 	 	$	423,488,244	 	  	 	59	% 	 	 	6	% 	
 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Residential	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Proto at Cambridge (274 units)	  	Q2 2018	  	Q1 2019	  	 	Cambridge, MA	 	  	 	1	 	  	 	164,000	 	  	$	33,627,868	 	 	$	140,170,000	 	 	$	—  	 	  	$	—  	 	 	$	106,542,132	 	  	 	N/A	 	 	 	—  	 	
Signature at Reston (508 Units)	  	Q1 2018	  	Q2 2020	  	 	Reston, VA	 	  	 	1	 	  	 	490,000	 	  	 	113,528,985	(6) 	 	 	234,854,000	(6) 	 	 	—  	 	  	 	—  	 	 	 	121,325,015	 	  	 	N/A	 	 	 	—  	 	
Signature at Reston - Retail	  	 	  	 	  	 	 	 	  	 	—  	 	  	 	24,600	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	  	 	—  	 	 	 	—  	 	  	 	81	% 	 	 	—  	 	
 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total Residential Properties under Construction	  	 	  	 	  	 	 	 	  	 	2	 	  	 	678,600	 	  	$	147,156,853	 	 	$	375,024,000	 	 	$	—  	 	  	$	—  	 	 	$	227,867,147	 	  	 	59	%(7) 	 	 	—  	 	
 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Redevelopment Properties	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Reservoir Place North	  	Q1 2018	  	Q1 2018	  	 	Waltham, MA	 	  	 	1	 	  	 	73,000	 	  	$	15,721,202	 	 	$	24,510,000	 	 	$	—  	 	  	$	—  	 	 	$	8,788,798	 	  	 	—  	 	 	 	4	% 	
191 Spring Street	  	Q4 2017	  	Q3 2018	  	 	Lexington, MA	 	  	 	1	 	  	 	160,000	 	  	 	4,796,215	 	 	 	53,920,000	 	 	 	—  	 	  	 	—  	 	 	 	49,123,785	 	  	 	49	% 	 	 	—  	 	
One Five Nine East 53rd (55% ownership) (8)	  	Q4 2018	  	Q4 2019	  	 	New York, NY	 	  	 	—  	 	  	 	220,000	 	  	 	25,432,663	 	 	 	106,000,000	 	 	 	—  	 	  	 	—  	 	 	 	80,567,337	 	  	 	—  	 	 	 	—  	 	
 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total Redevelopment Properties under Construction	  	 	  	 	  	 	 	 	  	 	2	 	  	 	453,000	 	  	$	45,950,080	 	 	$	184,430,000	 	 	$	—  	 	  	$	—  	 	 	$	138,479,920	 	  	 	17	% 	 	 	1	% 	
 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total Properties Under Construction and Redevelopment	  	 	  	 	  	 	 	 	  	 	8	 	  	 	4,011,600	 	  	$	1,349,999,794	 	 	$	2,251,224,000	 	 	$	99,610,926	 	  	$	(11,777,969	) 	 	$	789,835,311	 	  	 	54	%(7) 	 	 	5	% 	
 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
PROJECTS FULLY PLACED IN—   SERVICE DURING 2017

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	  	 	  	 	  	 	 	  	 	 	  	BXP’s Share	 	
 	  	Actual /
Estimated
Initial
Occupancy	  	Actual /
Estimated
Stabilization
Date	  	Location	  	# of
Buildings	 	  	Square feet	 	  	Investment
to Date (2)	 	  	Estimated
Total
Investment (2)	 	  	Total
Financing	 	  	Amount
Drawn at
March 31,
2017	 	  	Estimated
Future
Equity
Requirement (2)	 	  	Percentage
Leased (3)	 	
Prudential Center Retail Expansion	  	Q1 2016	  	Q3 2017	  	Boston, MA	  	 	—  	 	  	 	15,000	 	  	$	9,710,412	 	  	$	10,760,000	 	  	$	—  	 	  	$	—  	 	  	$	1,049,588	 	  	 	100	% 	
 	  	 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Projects placed In—   Service	  	 	  	 	  	 	  	 	—  	 	  	 	15,000	 	  	$	9,710,412	 	  	$	10,760,000	 	  	$	—  	 	  	$	—  	 	  	$	1,049,588	 	  	 	100	% 	
 	  	 	  	 	  	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
IN- SERVICE PROPERTIES HELD FOR REDEVELOPMENT

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Sub Market	 	  	# of
Buildings
	 	  	Existing
Square Feet
	 	  	Leased%
	 	 	Annualized
Rental Obligations
Per Leased SF (9)	 	  	Encumbered
with secured
debt (Y/N)	 	  	Central
Business
District
(CBD) or
Suburban
(S)	 	  	Incremental Estimated
Future SF (10)	 	
North First Business Park	  	 	San Jose CA	 	  	 	5	 	  	 	190,636	 	  	 	87.2	% 	 	$	23.03	 	  	 	N	 	  	 	S	 	  	 	1,359,364	 	
3625-3635 Peterson Way	  	 	Santa Clara CA	 	  	 	1	 	  	 	218,366	 	  	 	100.0	% 	 	 	22.22	 	  	 	N	 	  	 	S	 	  	 	413,690	 	
145 Broadway	  	 	Cambridge, MA	 	  	 	1	 	  	 	79,616	 	  	 	86.3	% 	 	 	47.50	 	  	 	N	 	  	 	CBD	 	  	 	406,432	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Properties held for Redevelopment	  	 	 	 	  	 	7	 	  	 	488,618	 	  	 	92.8	% 	 	$	26.35	 	  	 	 	 	  	 	 	 	  	 	2,179,486	 	

(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 and capitalize interest has commenced.	
(2)	Includes income (loss) and interest carry.	
(3)	Represents percentage leased as of April 25, 2017, 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, structured as preferred equity. The Company will fund approximately $25.4 million at a rate of LIBOR plus 3.0% per annum and receive priority distributions from all distributions to our partner until the principal and interest are repaid. As of March 31, 2017, the Company has funded $11,777,969.	
(6)	Includes approximately $17 million for overbuilding parking structure to support future development requirements and 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 at the Proto at Cambridge residential development, which is 0% leased.	
(8)	Formerly the low- rise portion of 601 Lexington Avenue.	
(9)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(10)	Incremental Future Square Footage is included in Approximate Developable Square Feet of Value Creation Pipeline—Owned Land Parcels and Land Purchase Options on page 46.	
 
45

FIRST QUARTER 2017
 
VALUE CREATION PIPELINE
as of March 31, 2017
Owned Land Parcels

 	 	 	 	 	
 	  	Approximate	 	
 	  	Developable	 	
Location	  	Square Feet	 	
San Jose, CA (1)	  	 	2,199,000	 	
Reston, VA	  	 	1,160,000	 	
Waltham, MA	  	 	805,000	 	
Springfield, VA	  	 	800,000	 	
Rockville, MD	  	 	759,000	 	
Washington, DC (50% ownership)	  	 	520,000	 	
Santa Clara, CA (1)	  	 	414,000	 	
Marlborough, MA	  	 	400,000	 	
Boston, MA (50% Ownership)	  	 	320,000	 	
Dulles, VA	  	 	310,000	 	
Annapolis, MD (50% ownership)	  	 	300,000	 	
Gaithersburg, MD	  	 	240,000	 	
Andover, MA (2)	  	 	110,000	 	
 	  	 	 	 	
 	  	 	8,337,000	 	
 	  	 	 	 	
Land Purchase Options

 	 	 	 	 	
 	  	Approximate	 	
 	  	Developable	 	
Location	  	Square Feet	 	
Princeton, NJ	  	 	1,650,000	 	
Boston, MA	  	 	1,300,000	 	
Cambridge, MA (1)	  	 	940,000	 	
Brooklyn, NY (50% ownership)	  	 	600,000	 	
Boston, MA (50% ownership)	  	 	525,000	 	
Washington, DC	  	 	482,000	 	
Oakland, CA (3)	  	 	324,000	 	
San Francisco, CA	  	 	TBD	 	
 	  	 	 	 	
 	  	 	5,821,000	 	

(1)	Excludes the existing square footage related to in-service properties being held for future re-development included on page 45.	
(2)	On April 19, 2017, the Company completed the sale of an approximately 9.2 acre parcel of land, which can accommodate 110,000 square feet of development, located at 30 Shattuck Road in Andover, Massachusetts for a gross sale price of approximately $5 million.	
(3)	On April 21, 2017, the Company exercised its option to ground lease, with the future right to purchase, real property adjacent to the MacArthur BART station located in Oakland, California, that could support the development of a 402-unit residential building and supporting retail space.	
 
46

FIRST QUARTER 2017
 
DEFINITIONS
This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this supplemental report and, where applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. 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.
The Company also presents certain of these measures (1) on a “BXP’s Share” basis, which is defined as the consolidated amount, plus the Company’s share of the measure from its unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest), minus the Company’s partners’ share of the amount from its consolidated joint ventures (calculated based upon the partners’ percentage ownership interests). Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because it includes the Company’s share of the applicable amount from unconsolidated joint ventures and excludes the Company’s partners’ share from consolidated joint ventures. The Company has several significant joint ventures and presenting various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its economic interest in these joint ventures. The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, partnership agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, liquidations, etc. As a result, presentations of BXP’s Share of a measure should be considered with and as a supplement to the Company’s financial information presented in accordance with GAAP.
Annualized Rental Obligations
Annualized Rental Obligations is defined as Rental Obligations at the end of the reporting period, multiplied by twelve (12).
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.
Debt to Market Capitalization Ratio
Consolidated Debt to Consolidated Market Capitalization Ratio is defined as consolidated debt as a percentage of the market value of the Company’s outstanding equity securities plus the Company’s consolidated debt, and it 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 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, as reported by the New York Stock Exchange, 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) on and after February 6, 2015, which was the end of the performance period for 2012 OPP Units and thus the date earned, common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, (5) on and after February 4, 2016, which was the end of the performance period for 2013 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2013 MYLTIP Units that were issued in the form of LTIP Units and (6) on and after February 3, 2017, which was the end of the performance period for 2014 MYLTIP Units and thus the date earned, common units issuable upon conversion of 2014 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 their 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. Because their three-year performance periods have not yet ended, 2015, 2016 and 2017 MYLTIP Units are not included. The Company also presents  BXP’s Share of Market Capitalization , which is calculated in a similar manner, except that BXP’s Share of Debt is utilized instead of the Company’s consolidated debt in both the numerator and the denominator. The Company presents these ratios 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 and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, 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. However, for a company like Boston Properties, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are 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.
Funds Available for Distribution (FAD) and FAD Payout Ratio
In addition to FFO, the Company presents Funds Available for Distribution to common shareholders and common unitholders (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 (gains) from early extinguishments of debt, stock-based compensation expense, 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 maintenance 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 impairments 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 provides supplemental information regarding the Company’s operating performance that would not otherwise be available and may be useful to investors in assessing the Company’s operating performance. Additionally, although the Company does not consider FAD 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 shareholders. 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 Boston Properties, Inc.‘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.
FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

47

FIRST QUARTER 2017
 
DEFINITIONS (continued)
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) 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. In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to Boston Properties, Inc. common shareholders as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to Boston Properties, Inc. 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.
In-Service Properties
The Company treats a property as being “in-service” upon the earlier of (1) lease-up and completion of tenant improvements or (2) one year after cessation of major construction activity as determined under GAAP. The determination as to when an entire 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 under 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 either occupied or held available for occupancy, the Company ceases capitalizing costs on that portion, even though it may not treat the property as being “in-service,” and continues 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.
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.
Net Operating Income (NOI)
Net operating income (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 (1) preferred dividends, net income attributable to noncontrolling interests, corporate general and administrative expense, transaction costs, depreciation and amortization and interest expense, less (2) gains on sales of real estate, development and management services income, income from unconsolidated joint ventures, interest and other income and gains from investments in securities. In some cases the Company also presents (1) NOI – cash basis, which is NOI after eliminating the effects of straight-lining of rent, fair value lease revenue, ground rent expense, and lease transaction costs that qualify as rent inducements in accordance with GAAP and (2) NOI and NOI – cash basis, in each case excluding termination income.
The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company’s results of operations and financial condition because, when compared across periods, they reflect 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. 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. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and ground rent expenses. Similar to depreciation and amortization, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s properties.
Rental Obligations
Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from tenants under existing leases. These amounts exclude rent abatements.
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 27-29 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”
 
48

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
FIRST QUARTER 2017 RESULTS
BOSTON, MA, April 25, 2017 - Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, reported results today for the first quarter ended March 31, 2017.
Net income attributable to common shareholders was $97.1 million for the quarter ended March 31, 2017, compared to $181.7 million for the quarter ended March 31, 2016. Net income attributable to common shareholders per share (EPS) for the quarter ended March 31, 2017 was $0.63 basic and $0.63 on a diluted basis. This compares to EPS for the quarter ended March 31, 2016 of $1.18 basic and $1.18 on a diluted basis. Net income attributable to common shareholders for the quarter ended March 31, 2016 included gains on sales of real estate aggregating approximately $67.6 million, or $0.39 per share basic and $0.39 per share on a diluted basis, and lease termination income from a tenant in New York City totaling approximately $45.0 million, or $0.26 per share basic and $0.26 per share on a diluted basis. The weighted-average number of basic and diluted shares outstanding totaled approximately 153,860,000 and 154,214,000, respectively, for the quarter ended March 31, 2017 and 153,626,000 and 153,917,000, respectively, for the quarter ended March 31, 2016.
Funds from Operations (FFO) for the quarter ended March 31, 2017 were $228.4 million, or $1.48 per share basic and $1.48 per share diluted. This compares to FFO for the quarter ended March 31, 2016 of $250.7 million, or $1.63 per share basic and $1.63 per share diluted. FFO for the quarter ended March 31, 2016 included lease termination income from a tenant in New York City totaling approximately $45.0 million, or $0.26 per share basic and $0.26 per share on a diluted basis.
The Company’s reported FFO of $1.48 per share diluted equaled the mid-point of the guidance previously provided of $1.47-$1.49 per share diluted.
 
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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 March 31, 2017. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.
As of March 31, 2017, the Company’s portfolio consisted of 174 properties aggregating approximately 47.7 million square feet, including eight properties under construction/redevelopment totaling approximately 4.0 million square feet. The overall percentage of leased space for the 163 properties in service (excluding the Company’s two residential properties and hotel) as of March 31, 2017 was 90.4%.
Transactions completed subsequent to March 31, 2017:
 
 	•	 	On April 19, 2017, the Company completed the sale of a parcel of land at 30 Shattuck Road located in Andover, Massachusetts for a gross sale price of approximately $5.0 million.	
 
 	•	 	On April 21, 2017, the Company exercised its option to ground lease, with the future right to purchase, real property adjacent to the MacArthur BART station located in Oakland, California, that could support the development of a 402-unit residential building and supporting retail space.	
 
 	•	 	On April 24, 2017, the Company’s Operating Partnership amended and restated its revolving credit agreement (as amended and restated, the “2017 Credit Facility”). Among other things, the amendment and restatement (1) increased the total commitment of the revolving line of credit (the “Revolving Facility”) from $1.0 billion to $1.5 billion, (2) extended the maturity date from July 26, 2018 to April 24, 2022, (3) reduced the per annum variable interest rates, and (4) added a $500.0 million delayed draw term loan facility (the “Delayed Draw Facility”) that permits the Company’s Operating Partnership to borrow until the first anniversary of the closing date. Based on the Company’s Operating Partnership’s current credit rating, (1) the applicable Eurocurrency margins for the Revolving Facility and Delayed Draw Facility are 87.5 basis points and 95 basis points, respectively and (2) the facility fee on the Revolving Facility commitment is 0.15%. The Delayed Draw Facility has a fee on unused commitments equal to 0.15% per annum. For additional detail on the terms and conditions of the 2017 Credit Facility, refer to the Company’s Form 8-K filed on April 25, 2017.	
 
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 	•	 	On April 24, 2017, the Company’s consolidated entity in which it has a 60% interest and that owns 767 Fifth Avenue (the General Motors Building) located in New York City entered into an interest rate lock and commitment agreement with a group of lenders for a fixed interest rate of 3.43% per annum on a ten-year financing totaling $2.3 billion. The Company expects to close on the financing by the end of June 2017, although there can be no assurance that the financing will be consummated on the terms currently contemplated or at all. In conjunction with the interest rate lock and commitment agreement, the consolidated entity terminated its forward-starting interest rate swap contracts with notional amounts aggregating $450.0 million and will pay approximately $14.4 million, which amount will increase the Company’s interest expense over the ten-year term of the financing, resulting in an estimated effective interest rate of approximately 3.65% per annum, including the estimated amortization of financing costs and additional mortgage recording taxes.	
EPS and FFO per Share Guidance:
The Company’s guidance for the second quarter and full year 2017 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 on depreciable real estate 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 2017 to $2.60 - $2.68 per share from $2.56 - $2.66 per share. This is an increase of $0.03 per share at the mid-point consisting primarily of a $0.02 per share gain on sale of real estate from the sale of the Company’s 30 Shattuck Road land parcel in the second quarter 2017 and $0.01 per share due to improvement in property operations.
In addition, the Company expects to refinance the mortgage and mezzanine debt secured by its 767 Fifth Avenue property. In conjunction with the refinancing, the Company will repay the outside members’ notes payable of $180 million and accrued interest reducing interest expense by approximately $0.13 per share in 2017. The interest expense is specifically allocated to the outside members causing the interest savings to be entirely offset by an approximately $0.13 per share increase in noncontrolling interests in property partnerships’ share of net income. The Company expects to complete the transaction in June 2017.
The Company’s second quarter 2017 estimates include an approximately $0.05 per share gain on early extinguishment of debt related to the refinancing of the mortgage and mezzanine debt secured by 767 Fifth Avenue consisting of the acceleration of the remaining balance of the historical fair value debt adjustment.

 	  	Second Quarter 2017	 	  	Full Year 2017	 	
 	  	Low	 	  	High	 	  	Low	 	  	High	 	
 	 	 	 	 	
Projected EPS (diluted)	  	$	0.77	 	  	$	0.79	 	  	$	2.60	 	  	$	2.68	 	
 	 	 	 	 	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected Company Share of Real Estate Depreciation and Amortization	  	 	0.86	 	  	 	0.86	 	  	 	3.57	 	  	 	3.57	 	
 	 	 	 	 	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected Company Share of Gains on Sales of Real Estate	  	 	0.02	 	  	 	0.02	 	  	 	0.02	 	  	 	0.02	 	

Projected FFO per Share (diluted)	  	$	1.61	 	  	$	1.63	 	  	$	6.15	 	  	$	6.23	 	

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Boston Properties will host a conference call on Wednesday, April 26, 2017 at 10:00 AM Eastern Time, open to the general public, to discuss the first quarter 2017 results, the 2017 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 41573754. A replay of the conference call will be available through May 10, 2017, by dialing (855) 859-2056 (Domestic) or (404) 537-3406 (International) and entering the passcode 41573754. 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’ first quarter 2017 “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 real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of primarily Class A office space totaling 47.7 million square feet and consisting of 164 office properties (including six properties under construction), 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 satisfy the closing conditions to the pending transactions described above, 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 second quarter and full fiscal year 2017, 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)
 	 	
 	  	March 31,
2017	 	 	December 31,
2016	 	
 	  	(in thousands, except for share and
par value amounts)	 	
ASSETS	  	 	 	 	 	 	 	 	
Real estate, at cost	  	$	18,931,136	 	 	$	18,862,648	 	
Construction in progress	  	 	1,211,324	 	 	 	1,037,959	 	
Land held for future development	  	 	249,800	 	 	 	246,656	 	
Less: accumulated depreciation	  	 	(4,302,283	) 	 	 	(4,222,235	) 	
 	  	 	 	 	 	 	 	 	
Total real estate	  	 	16,089,977	 	 	 	15,925,028	 	
Cash and cash equivalents	  	 	302,939	 	 	 	356,914	 	
Cash held in escrows	  	 	51,244	 	 	 	63,174	 	
Investments in securities	  	 	25,817	 	 	 	23,814	 	
Tenant and other receivables, net	  	 	73,012	 	 	 	92,548	 	
Accrued rental income, net	  	 	812,124	 	 	 	799,138	 	
Deferred charges, net	  	 	666,677	 	 	 	686,163	 	
Prepaid expenses and other assets	  	 	150,905	 	 	 	129,666	 	
Investments in unconsolidated joint ventures	  	 	793,932	 	 	 	775,198	 	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	18,966,627	 	 	$	18,851,643	 	
 	  	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  	 	 	 	 	 	 	 	
Liabilities:	  	 	 	 	 	 	 	 	
Mortgage notes payable, net	  	$	2,046,959	 	 	$	2,063,087	 	
Unsecured senior notes, net	  	 	7,248,152	 	 	 	7,245,953	 	
Unsecured line of credit	  	 	105,000	 	 	 	—  	 	
Mezzanine notes payable	  	 	306,734	 	 	 	307,093	 	
Outside members’ notes payable	  	 	180,000	 	 	 	180,000	 	
Accounts payable and accrued expenses	  	 	313,723	 	 	 	298,524	 	
Dividends and distributions payable	  	 	130,418	 	 	 	130,308	 	
Accrued interest payable	  	 	266,714	 	 	 	243,933	 	
Other liabilities	  	 	446,489	 	 	 	450,821	 	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	11,044,189	 	 	 	10,919,719	 	
 	  	 	 	 	 	 	 	 	
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 March 31, 2017 and December 31, 2016	  	 	200,000	 	 	 	200,000	 	
Common stock, $0.01 par value, 250,000,000 shares authorized, 153,928,131 and 153,869,075 issued and 153,849,231 and 153,790,175 outstanding at March 31, 2017 and December 31, 2016, respectively	  	 	1,538	 	 	 	1,538	 	
Additional paid-in capital	  	 	6,339,970	 	 	 	6,333,424	 	
Dividends in excess of earnings	  	 	(712,270	) 	 	 	(693,694	) 	
Treasury common stock at cost, 78,900 shares at March 31, 2017 and December 31, 2016	  	 	(2,722	) 	 	 	(2,722	) 	
Accumulated other comprehensive loss	  	 	(50,983	) 	 	 	(52,251	) 	
 	  	 	 	 	 	 	 	 	
Total stockholders’ equity attributable to Boston Properties, Inc.	  	 	5,775,533	 	 	 	5,786,295	 	
Noncontrolling interests:	  	 	 	 	 	 	 	 	
Common units of the Operating Partnership	  	 	617,252	 	 	 	614,982	 	
Property partnerships	  	 	1,529,653	 	 	 	1,530,647	 	
 	  	 	 	 	 	 	 	 	
Total equity	  	 	7,922,438	 	 	 	7,931,924	 	
 	  	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	18,966,627	 	 	$	18,851,643	 	

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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 	 	
 	  	Three months ended March 31,	 	
 	  	2017	 	 	2016	 	
 	  	(in thousands, except for per share amounts)	 	
Revenue	  	 	 	 	 	 	 	 	
Rental	  	 	 	 	 	 	 	 	
Base rent	  	$	503,562	 	 	$	536,128	 	
Recoveries from tenants	  	 	89,164	 	 	 	89,586	 	
Parking and other	  	 	25,610	 	 	 	24,825	 	
 	  	 	 	 	 	 	 	 	
Total rental revenue	  	 	618,336	 	 	 	650,539	 	
Hotel revenue	  	 	7,420	 	 	 	8,757	 	
Development and management services	  	 	6,472	 	 	 	6,689	 	
 	  	 	 	 	 	 	 	 	
Total revenue	  	 	632,228	 	 	 	665,985	 	
 	  	 	 	 	 	 	 	 	
Expenses	  	 	 	 	 	 	 	 	
Operating	  	 	 	 	 	 	 	 	
Rental	  	 	228,287	 	 	 	219,172	 	
Hotel	  	 	7,091	 	 	 	7,634	 	
General and administrative	  	 	31,386	 	 	 	29,353	 	
Transaction costs	  	 	34	 	 	 	25	 	
Depreciation and amortization	  	 	159,205	 	 	 	159,448	 	
 	  	 	 	 	 	 	 	 	
Total expenses	  	 	426,003	 	 	 	415,632	 	
 	  	 	 	 	 	 	 	 	
Operating income	  	 	206,225	 	 	 	250,353	 	
Other income (expense)	  	 	 	 	 	 	 	 	
Income from unconsolidated joint ventures	  	 	3,084	 	 	 	1,791	 	
Interest and other income	  	 	614	 	 	 	1,505	 	
Gains from investments in securities	  	 	1,042	 	 	 	259	 	
Interest expense	  	 	(95,534	) 	 	 	(105,309	) 	
 	  	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	115,431	 	 	 	148,599	 	
Gains on sales of real estate	  	 	133	 	 	 	67,623	 	
 	  	 	 	 	 	 	 	 	
Net income	  	 	115,564	 	 	 	216,222	 	
Net income attributable to noncontrolling interests	  	 	 	 	 	 	 	 	
Noncontrolling interests in property partnerships	  	 	(4,424	) 	 	 	(10,464	) 	
Noncontrolling interest—common units of the Operating Partnership	  	 	(11,432	) 	 	 	(21,393	) 	
 	  	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc.	  	 	99,708	 	 	 	184,365	 	
Preferred dividends	  	 	(2,625	) 	 	 	(2,618	) 	
 	  	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	97,083	 	 	$	181,747	 	
 	  	 	 	 	 	 	 	 	
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:	  	 	 	 	 	 	 	 	
Net income	  	$	0.63	 	 	$	1.18	 	
 	  	 	 	 	 	 	 	 	
Weighted average number of common shares outstanding	  	 	153,860	 	 	 	153,626	 	
 	  	 	 	 	 	 	 	 	
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:	  	 	 	 	 	 	 	 	
Net income	  	$	0.63	 	 	$	1.18	 	
 	  	 	 	 	 	 	 	 	
Weighted average number of common and common equivalent shares outstanding	  	 	154,214	 	 	 	153,917	 	

–more–

 	 	 	 	 	 	 	 	 	
BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
 	 	
 	  	Three months ended March 31,	 	
 	  	2017	 	 	2016	 	
 	  	(in thousands, except for per share amounts)	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	97,083	 	 	$	181,747	 	
Add:	  	 	 	 	 	 	 	 	
Preferred dividends	  	 	2,625	 	 	 	2,618	 	
Noncontrolling interest—common units of the Operating Partnership	  	 	11,432	 	 	 	21,393	 	
Noncontrolling interests in property partnerships	  	 	4,424	 	 	 	10,464	 	
Less:	  	 	 	 	 	 	 	 	
Gains on sales of real estate	  	 	133	 	 	 	67,623	 	
 	  	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	115,431	 	 	 	148,599	 	
Add:	  	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	159,205	 	 	 	159,448	 	
Noncontrolling interests in property partnerships’ share of depreciation and amortization	  	 	(21,415	) 	 	 	(19,555	) 	
Company’s share of depreciation and amortization from unconsolidated joint ventures	  	 	9,041	 	 	 	4,496	 	
Corporate-related depreciation and amortization	  	 	(525	) 	 	 	(364	) 	
Less:	  	 	 	 	 	 	 	 	
Noncontrolling interests in property partnerships	  	 	4,424	 	 	 	10,464	 	
Preferred dividends	  	 	2,625	 	 	 	2,618	 	
 	  	 	 	 	 	 	 	 	
Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.)	  	 	254,688	 	 	 	279,542	 	
Less:	  	 	 	 	 	 	 	 	
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations	  	 	26,305	 	 	 	28,854	 	
 	  	 	 	 	 	 	 	 	
Funds from operations attributable to Boston Properties, Inc. common shareholders	  	$	228,383	 	 	$	250,688	 	
 	  	 	 	 	 	 	 	 	
Boston Properties, Inc.’s percentage share of funds from operations - basic	  	 	89.67	% 	 	 	89.68	% 	
 	  	 	 	 	 	 	 	 	
Weighted average shares outstanding - basic	  	 	153,860	 	 	 	153,626	 	
 	  	 	 	 	 	 	 	 	
FFO per share basic	  	$	1.48	 	 	$	1.63	 	
 	  	 	 	 	 	 	 	 	
Weighted average shares outstanding - diluted	  	 	154,214	 	 	 	153,917	 	
 	  	 	 	 	 	 	 	 	
FFO per share diluted	  	$	1.48	 	 	$	1.63	 	

–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) 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.	
 
    	In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to Boston Properties, Inc. common shareholders as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to Boston Properties, Inc. 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.	
 
–more–

 	 	 	 	 	 	 	 	 	
BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
 	 	
 	  	% Leased by Location	 	
 	  	March 31, 2017	 	 	December 31, 2016	 	
Boston	  	 	91.0	% 	 	 	90.7	% 	
New York	  	 	90.4	% 	 	 	90.2	% 	
San Francisco and Los Angeles	  	 	90.0	% 	 	 	89.8	% 	
Washington, DC	  	 	90.0	% 	 	 	89.9	% 	
 	  	 	 	 	 	 	 	 	
Total Portfolio	  	 	90.4	% 	 	 	90.2	% 	
 	  	 	 	 	 	 	 	 	
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