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): January 30, 2018

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 January 30, 2018, Boston Properties, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the fourth 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 December 31, 2017.	
 	 	
*99.2	  	Press release dated January 30, 2018.	
 
*	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: January 30, 2018
 
3

Exhibit 99.1

 

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

FOURTH 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,” “budgeted,” “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: Rendering of 7750 Wisconsin Avenue (Marriott International Headquarters), Bethesda, MD)
 
2

FOURTH 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 50.3 million square feet and consisting of 167 office properties (including eight properties under construction/redevelopment), six residential properties (including four properties under construction), five retail properties, 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 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 30 years of real estate experience and 19 years with Boston Properties. We believe that our size, management depth, financial strength, reputation, and relationships of key personnel provide a competitive advantage to realize growth through property development and acquisitions. Boston Properties benefits from the reputation and relationships of key personnel, including Owen D. Thomas, Chief Executive Officer; Douglas T. Linde, President; Raymond A. Ritchey, Senior Executive Vice President; and Michael E. LaBelle, Executive Vice President, Chief Financial Officer and Treasurer. Our senior management team’s national reputation helps us attract business and investment opportunities. In addition, our other executive officers that serve as Regional Managers have strong reputations that assist in identifying and closing on new opportunities, having opportunities brought to us, and in negotiating with tenants and build-to-suit prospects. Additionally, Boston Properties’ Board of Directors consists of 11 distinguished members, the majority of whom are Independent Directors.
Strategy
Boston Properties’ primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the Company maintains consistent strategies that include the following:
 
 	•	 	concentrating on 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 December 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)	  	179	
Total Square Feet (includes unconsolidated joint ventures)	  	50.3 million	
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (“MYLTIP”) Units) on an as-converted basis (1)	  	172.0 million	
Dividend - Quarter/Annualized (2)	  	$0.80/$3.20	
Dividend Yield	  	2.46%	
Consolidated Market Capitalization	  	$32.8 billion	
BXP’s Share of Market Capitalization (3)	  	$32.2 billion	
Senior Debt Ratings	  	A- (S&P); BBB+ (Fitch); Baa2 (Moody’s)	
 
(1)	For additional detail, see page 14.	
(2)	The Company increased its regular quarterly cash dividend to $0.80 from $0.75 per share of common stock beginning with the period from October 1, 2017 to December 31, 2017.	
(3)	For the Company’s definition of BXP’s Share of Market Capitalization and related disclosures, see page 47. For a reconciliation of Consolidated Market Capitalization to BXP’s Share of Market Capitalization, see page 14.	
 
3

FOURTH QUARTER 2017
 
INVESTOR INFORMATION

Board of Directors	  	Management	 	
Joel I. Klein	  	Dr. Jacob A. Frenkel	  	Raymond A. Ritchey	  	John F. Powers	 	
Lead Independent Director	  	Director, Chair of Nominating & Corporate Governance Committee	  	Senior Executive Vice President	  	Executive Vice President,
New York Region	 	
 	  	 	  	 	  	 	 	 	
Owen D. Thomas	  	 	  	Michael E. LaBelle	  	Frank D. Burt	 	 	
Chief Executive Officer and Director	  	Matthew J. Lustig
Director	  	Executive Vice President, Chief Financial Officer and Treasurer	  	Senior Vice President, General Counsel	 	 	
 	  	 	  	 	  	 	 	 	 	
Douglas T. Linde	  	 	  	 	  	 	 	 	 	
President and Director	  	Alan J. Patricof	  	Peter D. Johnston	  	Michael R. Walsh	 	 	 	
 	  	Director	  	Executive Vice President,
Washington, DC Region	  	Senior Vice President, Chief Accounting Officer	 	 	 	
Bruce W. Duncan	  	 	  	 	  	 	 	 	 	
Director	  	Martin Turchin	  	 	  	 	 	 	 	
 	  	Director	  	Bryan J. Koop	  	 	 	 	 	
Karen E. Dykstra	  	 	  	Executive Vice President,	  	 	 	 	 	
Director	  	David A. Twardock	  	Boston Region	  	 	 	 	 	
 	  	Director, Chair of Audit Committee	  	 	  	 	 	 	 	
Carol B. Einiger	  	 	  	Robert E. Pester	  	 	 	 	 	 	
Director, Chair of Compensation Committee	  	 	  	Executive Vice President,	  	 	 	 	 	 	
 	  	 	  	San Francisco Region	  	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Chairman Emeritus	  	 	  	 	 	 	 	 	 	
Mortimer B. Zuckerman	  	 	  	 	  	 	 	 	 	 	 	
 	 	 	 	 	 	
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
 
Stock Exchange Listing  New York Stock Exchange	  	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
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):

 	  	Q4 2017	 	 	Q3 2017	 	 	Q2 2017	 	 	Q1 2017	 	 	Q4 2016	 	
High Closing Price	  	$	130.96	 	 	$	124.95	 	 	$	136.87	 	 	$	139.88	 	 	$	133.39	 	
Low Closing Price	  	$	120.68	 	 	$	117.70	 	 	$	120.27	 	 	$	127.00	 	 	$	114.07	 	
Average Closing Price	  	$	125.40	 	 	$	121.10	 	 	$	126.45	 	 	$	132.59	 	 	$	124.31	 	
Closing Price, at the end of the quarter	  	$	130.03	 	 	$	122.88	 	 	$	123.02	 	 	$	132.41	 	 	$	125.78	 	
Dividends per share	  	$	0.80	(1) 	 	$	0.75	 	 	$	0.75	 	 	$	0.75	 	 	$	0.75	 	
Closing dividend yield - annualized	  	 	2.46	% 	 	 	2.44	% 	 	 	2.44	% 	 	 	2.27	% 	 	 	2.39	% 	
 	 	 	 	 	 	
Closing common shares outstanding, plus common units and LTIP units (other than unearned MYLTIP Units) on an as-converted basis (thousands) (2)	  	 	171,954	 	 	 	171,951	 	 	 	171,949	 	 	 	171,938	 	 	 	171,774	 	
 	 	 	 	 	 	
Closing market value of outstanding shares and units (thousands) (2)	  	$	22,559,179	 	 	$	21,329,339	 	 	$	21,353,166	 	 	$	22,966,310	 	 	$	21,805,734	 	
 
(1)	The Company increased its regular quarterly cash dividend to $0.80 from $0.75 per share of common stock beginning with the period from October 1, 2017 to December 31, 2017.	
(2)	For additional detail, see page 14.	
Timing
 
Quarterly results for the next four quarters will be announced according to the following schedule:

First Quarter, 2018	  	Tentatively April 24, 2018	
Second Quarter, 2018	  	Tentatively July 31, 2018	
Third Quarter, 2018	  	Tentatively October 30, 2018	
Fourth Quarter, 2018	  	Tentatively January 29, 2019	
 
4

FOURTH 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	 	Mark Streeter	 	Anita Ogbara	
Barclays Capital	 	Mizuho Securities	 	J.P. Morgan Securities	 	Standard & Poor’s	
212.526.2306	 	212.205.8445	 	212.834.5086	 	212.438.5077	
 	 	 	 	
John Kim	 	Vikram Malhotra	 	Thierry Perrein / Kevin McClure	 	 	
BMO Capital	 	Morgan Stanley	 	Wells Fargo	 	 	
212.885.4115	 	212.761.7064	 	704.715.8455 / 704.410.3252	 	 	
 	 	 	 	
Tom Catherwood	 	Brad Schwer	 	 	 	 	
BTIG	 	Morningstar	 	 	 	 	
212.738.6140	 	312.244.7061	 	 	 	 	
 	 	 	 	
Michael Bilerman / Emmanuel Korchman	 	Mike Carroll	 	 	 	 	
Citigroup Global Markets	 	RBC Capital Markets	 	 	 	 	
212.816.1383 / 212.816.1382	 	440.715.2649	 	 	 	 	
 	 	 	 	
Barry Oxford	 	David Rodgers / Richard Schiller	 	 	 	 	
D.A. Davidson & Co.	 	RW Baird	 	 	 	 	
212.240.9871	 	216.737.7341 / 312.609.5485	 	 	 	 	
 	 	 	 	
Vincent Chao / Mike Husseini	 	Alexander Goldfarb / Daniel Santos	 	 	 	 	
Deutsche Bank Securities	 	Sandler O’Neill & Partners	 	 	 	 	
212.250.6799 / 212.250.7703	 	212.466.7937 / 212.466.7927	 	 	 	 	
 	 	 	 	
Steve Sakwa / Robert Simone	 	John Guinee / Aaren Wolf	 	 	 	 	
Evercore ISI	 	Stifel, Nicolaus & Company	 	 	 	 	
212.446.9462 / 212.446.9459	 	443.224.1307 / 443.224.1206	 	 	 	 	
 	 	 	 	
Jed Reagan	 	Michael Lewis	 	 	 	 	
Green Street Advisors	 	SunTrust Robinson Humphrey	 	 	 	 	
949.640.8780	 	212.319.5659	 	 	 	 	
 	 	 	 	
Andrew Rosivach	 	Nick Yulico	 	 	 	 	
Goldman Sachs	 	UBS Securities	 	 	 	 	
212.902.2796	 	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

FOURTH QUARTER 2017
 
GUIDANCE
 
The Company’s guidance for the first quarter 2018 and full year 2018 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, the timing of the lease-up of available space and development deliveries and the earnings impact of the events referenced in the earnings release issued on January 30, 2018 and otherwise referenced during the Company’s conference call scheduled for January 31, 2018. 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.

 	  	First Quarter 2018	 	  	Full Year 2018	 	
 	  	Low	 	  	 	 	  	High	 	  	Low	 	  	 	 	  	High	 	
Projected EPS (diluted)	  	$	1.15	 	  	 	—	 	  	$	1.17	 	  	$	3.24	 	  	 	—	 	  	$	3.37	 	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
 	 	 	 	 	 	 	
Projected Company share of real estate depreciation and amortization	  	 	0.88	 	  	 	—	 	  	 	0.88	 	  	 	3.55	 	  	 	—	 	  	 	3.55	 	
 	 	 	 	 	 	 	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected Company share of gains on sales of real estate	  	 	0.56	 	  	 	—	 	  	 	0.56	 	  	 	0.56	 	  	 	—	 	  	 	0.56	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected FFO per share (diluted)	  	$	1.47	 	  	 	—	 	  	$	1.49	 	  	$	6.23	 	  	 	—	 	  	$	6.36	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
ASSUMPTIONS
(dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Full Year 2018	 	
 	  	Low	 	 	 	 	  	High	 	
Operating property activity:	  	 	 	 	 	 	 	 	  	 	 	 	
Average In-service portfolio occupancy	  	 	90.0	% 	 	 	—	 	  	 	92.0	% 	
Increase in BXP’s Share of Same Property net operating income (excluding termination income)	  	 	0.50	% 	 	 	—	 	  	 	2.50	% 	
Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income)	  	 	0.50	% 	 	 	—	 	  	 	2.50	% 	
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excludes asset sales)	  	$	40,000	 	 	 	—	 	  	$	50,000	 	
BXP’s Share of incremental net operating income related to asset sales over prior year	  	$	(8,000	) 	 	 	 	 	  	$	(8,000	) 	
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)	  	$	55,000	 	 	 	—	 	  	$	75,000	 	
Hotel net operating income	  	$	13,000	 	 	 	—	 	  	$	15,000	 	
Termination income	  	$	4,000	 	 	 	—	 	  	$	8,000	 	
 	 	 	 	
Other income (expense):	  	 	 	 	 	 	 	 	  	 	 	 	
Development and management services income	  	$	29,000	 	 	 	—	 	  	$	34,000	 	
General and administrative expense	  	$	(120,000	) 	 	 	—	 	  	$	(115,000	) 	
Net interest expense	  	$	(380,000	) 	 	 	—	 	  	$	(365,000	) 	
 	 	 	 	
Noncontrolling interest:	  	 	 	 	 	 	 	 	  	 	 	 	
Noncontrolling interest in property partnerships’ share of FFC	  	$	(140,000	) 	 	 	—	 	  	$	(127,000	) 	
 
6

FOURTH 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-Dec-17	 	 	30-Sep-17	 	 	30-Jun-17	 	 	31-Mar-17	 	 	31-Dec-16	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	103,829	 	 	$	117,337	 	 	$	133,709	 	 	$	97,083	 	 	$	147,214	 	
Net income attributable to Boston Properties, Inc. per share - basic	  	$	0.67	 	 	$	0.76	 	 	$	0.87	 	 	$	0.63	 	 	$	0.96	 	
Net income attributable to Boston Properties, Inc. per share - diluted	  	$	0.67	 	 	$	0.76	 	 	$	0.87	 	 	$	0.63	 	 	$	0.96	 	
FFO attributable to Boston Properties, Inc. (1)	  	$	230,132	 	 	$	243,015	 	 	$	257,881	 	 	$	228,383	 	 	$	236,898	 	
Diluted FFO per share (1)	  	$	1.49	 	 	$	1.57	 	 	$	1.67	 	 	$	1.48	 	 	$	1.54	 	
Dividends per common share	  	$	0.80	 	 	$	0.75	 	 	$	0.75	 	 	$	0.75	 	 	$	0.75	 	
Funds available for distribution to common shareholders and common unitholders (FAD) (1) (2)	  	$	157,576	 	 	$	193,686	 	 	$	172,723	 	 	$	178,002	 	 	$	151,183	 	
 	 	 	 	 	 	
Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Interest Coverage Ratio (excluding capitalized interest) (3)	  	 	4.00	 	 	 	4.25	 	 	 	4.28	 	 	 	3.88	 	 	 	3.86	 	
Interest Coverage Ratio (including capitalized interest) (3)	  	 	3.31	 	 	 	3.54	 	 	 	3.67	 	 	 	3.40	 	 	 	3.46	 	
FFO Payout Ratio (2)	  	 	53.69	% 	 	 	47.77	% 	 	 	44.91	% 	 	 	50.68	% 	 	 	48.70	% 	
FAD Payout Ratio (2)	  	 	87.36	% 	 	 	66.63	% 	 	 	74.72	% 	 	 	72.49	% 	 	 	85.28	% 	
 	 	 	 	 	 	
Selected Items (4):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Revenue	  	$	655,229	 	 	$	657,712	 	 	$	656,907	 	 	$	632,228	 	 	$	636,061	 	
Partners’ share of revenue from consolidated joint ventures	  	 	(71,299	) 	 	 	(72,598	) 	 	 	(73,027	) 	 	 	(70,178	) 	 	 	(69,766	) 	
BXP’s share of revenue from unconsolidated joint ventures	  	 	26,725	 	 	 	26,047	 	 	 	26,174	 	 	 	25,650	 	 	 	24,828	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s Share of revenue	  	$	610,655	 	 	$	611,161	 	 	$	610,054	 	 	$	587,700	 	 	$	591,123	 	
 	 	 	 	 	 	
Straight-line rent	  	$	22,323	 	 	$	16,105	 	 	$	3,060	 	 	$	12,023	 	 	$	14,711	 	
Partners’ share of straight-line rent from consolidated joint ventures	  	 	(3,373	) 	 	 	(1,960	) 	 	 	3,326	 	 	 	(590	) 	 	 	(1,103	) 	
BXP’s share of straight-line rent from unconsolidated joint ventures	  	 	2,864	 	 	 	2,691	 	 	 	2,435	 	 	 	3,563	 	 	 	3,696	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s Share of straight-line rent	  	$	21,814	 	 	$	16,836	 	 	$	8,821	 	 	$	14,996	 	 	$	17,304	 	
 	 	 	 	 	 	
Fair value lease revenue (5)	  	$	5,655	 	 	$	5,781	 	 	$	5,464	 	 	$	5,390	 	 	$	6,840	 	
Partners’ share of fair value lease revenue from consolidated joint ventures (5)	  	 	(1,696	) 	 	 	(1,721	) 	 	 	(1,580	) 	 	 	(1,575	) 	 	 	(2,194	) 	
BXP’s share of fair value lease revenue from unconsolidated joint ventures (5)	  	 	457	 	 	 	415	 	 	 	492	 	 	 	493	 	 	 	494	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s Share of fair value lease revenue	  	$	4,416	 	 	$	4,475	 	 	$	4,376	 	 	$	4,308	 	 	$	5,140	 	
 	 	 	 	 	 	
Lease termination fees	  	$	756	 	 	$	4,783	 	 	$	13,601	 	 	$	3,918	 	 	$	504	 	
Partners’ share of lease termination fees from consolidated joint ventures	  	 	(6	) 	 	 	(1,233	) 	 	 	(2,506	) 	 	 	(1,310	) 	 	 	(31	) 	
BXP’s share of termination income from unconsolidated joint ventures	  	 	66	 	 	 	28	 	 	 	404	 	 	 	316	 	 	 	13	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s Share of termination income	  	$	816	 	 	$	3,578	 	 	$	11,499	 	 	$	2,924	 	 	$	486	 	
 	 	 	 	 	 	
Fair value interest adjustment and hedge amortization	  	$	(1,602	) 	 	$	(1,606	) 	 	$	7,319	 	 	$	10,323	 	 	$	10,145	 	
Partners’ share of fair value interest adjustment and hedge amortization from consolidated joint ventures	  	 	144	 	 	 	144	 	 	 	(3,464	) 	 	 	(4,627	) 	 	 	(4,598	) 	
BXP’s share of fair value interest adjustment and hedge amortization from unconsolidated joint ventures	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s Share of fair value interest adjustment and hedge amortization	  	$	(1,458	) 	 	$	(1,462	) 	 	$	3,855	 	 	$	5,696	 	 	$	5,547	 	
 	 	 	 	 	 	
Ground rent expense (6)	  	$	3,531	 	 	$	3,702	 	 	$	3,462	 	 	$	3,459	 	 	$	3,460	 	
Gains (losses) from early extinguishments of debt	  	$	(13,858	) 	 	$	—  	 	 	$	14,354	 	 	$	—  	 	 	$	—  	 	
Capitalized interest	  	$	17,784	 	 	$	16,658	 	 	$	14,283	 	 	$	12,345	 	 	$	10,281	 	
Capitalized wages (7)	  	$	4,996	 	 	$	4,710	 	 	$	4,930	 	 	$	3,947	 	 	$	5,376	 	
Operating margins [(rental revenue - rental expense)/rental revenue]	  	 	63.1	% 	 	 	62.6	% 	 	 	63.8	% 	 	 	63.1	% 	 	 	63.6	% 	
Income from unconsolidated joint ventures	  	$	4,197	 	 	$	843	 	 	$	3,108	 	 	$	3,084	 	 	$	2,585	 	
BXP’s share of FFO from unconsolidated joint ventures	  	$	10,507	(8) 	 	$	10,125	 	 	$	12,737	 	 	$	12,125	 	 	$	11,277	 	
Net income attributable to noncontrolling interests in property partnerships	  	$	13,865	 	 	$	14,340	 	 	$	15,203	 	 	$	4,424	 	 	$	(2,121	) 	
FFO attributable to noncontrolling interests in property partnerships	  	$	32,761	(9) 	 	$	32,892	 	 	$	34,530	 	 	$	25,839	 	 	$	25,135	 	
 
(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 Diluted FFO per share. 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)	Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in place at the property acquisition dates.	
(6)	Includes non-cash straight-line adjustments to ground rent expense. See page 13 for the straight-line adjustments to the ground rent expense.	
(7)	Includes internal wages, associated with leasing, of $1,515, $1,531, $1,414, $899 and $2,606 for the three months ended December 31, 2017, September 30, 2017, June 30, 2017, March 31, 2017 and December 31, 2016, respectively.	
(8)	For additional detail, see page 18.	
(9)	For additional detail, see page 20.	
 
7

FOURTH 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-Dec-17	 	 	30-Sep-17	 	 	30-Jun-17	 	 	31-Mar-17	 	 	31-Dec-16	 	
Balance Sheet Items:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Above-market rents (included within Prepaid Expenses and Other Assets)	 	$	25,393	 	 	$	28,112	 	 	$	30,810	 	 	$	33,923	 	 	$	37,079	 	
Below-market rents (included within Other Liabilities)	 	$	98,753	 	 	$	107,127	 	 	$	115,869	 	 	$	123,545	 	 	$	132,495	 	
Accrued rental income liability (included within Other Liabilities)	 	$	36,305	 	 	$	32,490	 	 	$	34,600	 	 	$	38,468	 	 	$	31,829	 	
Accrued ground rent expense, net liability (included within Prepaid Expenses and Other Assets and Other Liabilities)	 	$	45,205	 	 	$	44,307	 	 	$	43,753	 	 	$	43,356	 	 	$	42,717	 	
Investments in unconsolidated joint ventures with deficit balances (included within Other Liabilities) (1)	 	$	25,945	 	 	$	22,863	 	 	$	20,605	 	 	$	21,610	 	 	$	22,087	 	
Outside members’ notes payable	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	180,000	 	 	$	180,000	 	
Accrued interest payable on outside members’ notes payable (included within Accrued Interest Payable)	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	162,936	 	 	$	153,758	 	
 	 	 	 	 	 	
Capitalization:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Common Stock Price @ Quarter End	 	$	130.03	 	 	$	122.88	 	 	$	123.02	 	 	$	132.41	 	 	$	125.78	 	
Equity Value @ Quarter End	 	$	22,559,179	 	 	$	21,329,339	 	 	$	21,353,166	 	 	$	22,966,310	 	 	$	21,805,734	 	
 	 	 	 	 	 	
Consolidated Debt	 	$	10,271,611	 	 	$	10,234,634	 	 	$	10,236,639	 	 	$	9,886,845	 	 	$	9,796,133	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of Unconsolidated Joint Venture Debt (2)	 	 	608,874	 	 	 	591,622	 	 	 	317,724	 	 	 	317,719	 	 	 	318,193	 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of Consolidated Debt (3)	 	 	1,209,280	 	 	 	1,210,389	 	 	 	1,211,485	 	 	 	1,138,446	 	 	 	1,144,473	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s Share of Debt (4)(5)	 	 	$9,671,205	 	 	 	$9,615,867	 	 	 	$9,342,878	 	 	 	$9,066,118	 	 	 	$8,969,853	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Market Capitalization	 	$	32,830,790	 	 	$	31,563,973	 	 	$	31,589,805	 	 	$	32,853,155	 	 	$	31,601,867	 	
Consolidated Debt/Consolidated Market Capitalization	 	 	31.29	% 	 	 	32.43	% 	 	 	32.40	% 	 	 	30.09	% 	 	 	31.00	% 	
BXP’s Share of Market Capitalization (4)(5)	 	$	32,230,384	(6) 	 	$	30,945,206	 	 	$	30,696,044	 	 	$	32,032,428	 	 	$	30,775,587	 	
BXP’s Share of Debt/BXP’s Share of Market Capitalization (4)(5)	 	 	30.01	%(6) 	 	 	31.07	% 	 	 	30.44	% 	 	 	28.30	% 	 	 	29.15	% 	
 
(1)	For additional detail, see page 17.	
(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)	Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 19.	
(4)	For the Company’s definitions, see pages 47-48.	
(5)	BXP’s Share of a line item is based upon the Company’s percentage ownership interests in the applicable joint ventures. For additional details, see page 47.	
(6)	For additional detail, see page 14.	
 
8

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

 	  	31-Dec-17	 	 	30-Sep-17	 	 	30-Jun-17	 	 	31-Mar-17	 	 	31-Dec-16	 	
ASSETS	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Real estate	  	$	19,610,199	 	 	$	19,260,022	 	 	$	19,015,077	 	 	$	18,931,136	 	 	$	18,862,648	 	
Construction in progress (1)	  	 	1,269,338	 	 	 	1,386,638	 	 	 	1,348,838	 	 	 	1,211,324	 	 	 	1,037,959	 	
Land held for future development (2)	  	 	204,925	 	 	 	212,585	 	 	 	250,451	 	 	 	249,800	 	 	 	246,656	 	
Less accumulated depreciation	  	 	(4,577,454	) 	 	 	(4,484,798	) 	 	 	(4,379,446	) 	 	 	(4,302,283	) 	 	 	(4,222,235	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total real estate	  	 	16,507,008	 	 	 	16,374,447	 	 	 	16,234,920	 	 	 	16,089,977	 	 	 	15,925,028	 	
Cash and cash equivalents	  	 	434,767	 	 	 	493,055	 	 	 	492,435	 	 	 	302,939	 	 	 	356,914	 	
Cash held in escrows	  	 	70,602	 	 	 	83,779	 	 	 	47,345	 	 	 	51,244	 	 	 	63,174	 	
Investments in securities	  	 	29,161	 	 	 	27,981	 	 	 	26,781	 	 	 	25,817	 	 	 	23,814	 	
Tenant and other receivables, net	  	 	92,186	 	 	 	79,750	 	 	 	88,687	 	 	 	73,012	 	 	 	92,548	 	
Accrued rental income, net	  	 	861,575	 	 	 	835,415	 	 	 	820,022	 	 	 	812,124	 	 	 	799,138	 	
Deferred charges, net	  	 	679,038	 	 	 	657,474	 	 	 	658,219	 	 	 	666,677	 	 	 	686,163	 	
Prepaid expenses and other assets	  	 	77,971	 	 	 	144,817	 	 	 	93,985	 	 	 	150,905	 	 	 	129,666	 	
Investments in unconsolidated joint ventures	  	 	619,925	 	 	 	611,800	 	 	 	819,368	 	 	 	793,932	 	 	 	775,198	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	19,372,233	 	 	$	19,308,518	 	 	$	19,281,762	 	 	$	18,966,627	 	 	$	18,851,643	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage notes payable, net	  	$	2,979,281	 	 	$	2,982,067	 	 	$	2,986,283	 	 	$	2,046,959	 	 	$	2,063,087	 	
Unsecured senior notes, net	  	 	7,247,330	 	 	 	7,252,567	 	 	 	7,250,356	 	 	 	7,248,152	 	 	 	7,245,953	 	
Unsecured line of credit	  	 	45,000	 	 	 	—  	 	 	 	—  	 	 	 	105,000	 	 	 	—  	 	
Unsecured term loan	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Mezzanine notes payable	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	306,734	 	 	 	307,093	 	
Outside members’ notes payable	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	180,000	 	 	 	180,000	 	
Accounts payable and accrued expenses	  	 	331,500	 	 	 	325,440	 	 	 	303,559	 	 	 	313,723	 	 	 	298,524	 	
Dividends and distributions payable	  	 	139,040	 	 	 	130,434	 	 	 	130,432	 	 	 	130,418	 	 	 	130,308	 	
Accrued interest payable	  	 	83,646	 	 	 	99,100	 	 	 	85,172	 	 	 	266,714	 	 	 	243,933	 	
Other liabilities	  	 	443,980	 	 	 	419,215	 	 	 	452,608	 	 	 	446,489	 	 	 	450,821	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	11,269,777	 	 	 	11,208,823	 	 	 	11,208,410	 	 	 	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	  	 	200,000	 	 	 	200,000	 	 	 	200,000	 	 	 	200,000	 	 	 	200,000	 	
Common stock, $0.01 par value, 250,000,000 shares authorized, 154,325,286, 154,322,266, 154,307,529, 153,849,231 and 153,790,175 outstanding, respectively	  	 	1,543	 	 	 	1,543	 	 	 	1,543	 	 	 	1,538	 	 	 	1,538	 	
Additional paid-in capital	  	 	6,377,908	 	 	 	6,370,932	 	 	 	6,363,034	 	 	 	6,339,970	 	 	 	6,333,424	 	
Dividends in excess of earnings	  	 	(712,343	) 	 	 	(692,739	) 	 	 	(694,320	) 	 	 	(712,270	) 	 	 	(693,694	) 	
Treasury common stock, at cost	  	 	(2,722	) 	 	 	(2,722	) 	 	 	(2,722	) 	 	 	(2,722	) 	 	 	(2,722	) 	
Accumulated other comprehensive loss	  	 	(50,429	) 	 	 	(51,796	) 	 	 	(53,161	) 	 	 	(50,983	) 	 	 	(52,251	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity attributable to Boston Properties, Inc.	  	 	5,813,957	 	 	 	5,825,218	 	 	 	5,814,374	 	 	 	5,775,533	 	 	 	5,786,295	 	
 	 	 	 	 	 	
Noncontrolling interests:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common units of the Operating Partnership	  	 	604,739	 	 	 	605,802	 	 	 	604,997	 	 	 	617,252	 	 	 	614,982	 	
Property partnerships	  	 	1,683,760	 	 	 	1,668,675	 	 	 	1,653,981	 	 	 	1,529,653	 	 	 	1,530,647	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	  	 	8,102,456	 	 	 	8,099,695	 	 	 	8,073,352	 	 	 	7,922,438	 	 	 	7,931,924	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	19,372,233	 	 	$	19,308,518	 	 	$	19,281,762	 	 	$	18,966,627	 	 	$	18,851,643	 	

(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

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

 	  	Three Months Ended	 	
 	  	31-Dec-17	 	 	30-Sep-17	 	 	30-Jun-17	 	 	31-Mar-17	 	 	31-Dec-16	 	
Revenue	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Base rent	  	$	511,995	 	 	$	513,269	 	 	$	520,542	 	 	$	503,562	 	 	$	498,941	 	
Recoveries from tenants	  	 	94,697	 	 	 	94,476	 	 	 	89,163	 	 	 	89,164	 	 	 	91,123	 	
Parking and other	  	 	26,836	 	 	 	26,092	 	 	 	26,462	 	 	 	25,610	 	 	 	25,334	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total rental revenue	  	 	633,528	 	 	 	633,837	 	 	 	636,167	 	 	 	618,336	 	 	 	615,398	 	
Hotel revenue	  	 	11,744	 	 	 	13,064	 	 	 	13,375	 	 	 	7,420	 	 	 	10,965	 	
Development and management services	  	 	9,957	 	 	 	10,811	 	 	 	7,365	 	 	 	6,472	 	 	 	9,698	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	  	 	655,229	 	 	 	657,712	 	 	 	656,907	 	 	 	632,228	 	 	 	636,061	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating	  	 	121,066	 	 	 	120,274	 	 	 	116,415	 	 	 	116,415	 	 	 	113,669	 	
Real estate taxes	  	 	112,399	 	 	 	115,040	 	 	 	109,509	 	 	 	109,435	 	 	 	108,556	 	
Demolition costs	  	 	430	 	 	 	2,027	 	 	 	4,530	 	 	 	2,437	 	 	 	1,873	 	
Hotel operating	  	 	8,117	 	 	 	8,447	 	 	 	8,404	 	 	 	7,091	 	 	 	7,736	 	
General and administrative (1)	  	 	29,396	 	 	 	25,792	 	 	 	27,141	 	 	 	31,386	 	 	 	25,293	 	
Transaction costs	  	 	96	 	 	 	239	 	 	 	299	 	 	 	34	 	 	 	1,200	 	
Depreciation and amortization	  	 	154,259	 	 	 	152,164	 	 	 	151,919	 	 	 	159,205	 	 	 	178,032	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	  	 	425,763	 	 	 	423,983	 	 	 	418,217	 	 	 	426,003	 	 	 	436,359	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	229,466	 	 	 	233,729	 	 	 	238,690	 	 	 	206,225	 	 	 	199,702	 	
Other income (expense)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from unconsolidated joint ventures	  	 	4,197	 	 	 	843	 	 	 	3,108	 	 	 	3,084	 	 	 	2,585	 	
Gain on sale of investment in unconsolidated joint venture	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	59,370	 	
Interest and other income	  	 	2,336	 	 	 	1,329	 	 	 	1,504	 	 	 	614	 	 	 	573	 	
Gains from investments in securities (1)	  	 	962	 	 	 	944	 	 	 	730	 	 	 	1,042	 	 	 	560	 	
Interest expense	  	 	(91,772	) 	 	 	(92,032	) 	 	 	(95,143	) 	 	 	(95,534	) 	 	 	(97,896	) 	
Gains (losses) from early extinguishments of debt	  	 	(13,858	) 	 	 	—  	 	 	 	14,354	 	 	 	—  	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	131,331	 	 	 	144,813	 	 	 	163,243	 	 	 	115,431	 	 	 	164,894	 	
Gains on sales of real estate	  	 	872	 	 	 	2,891	 	 	 	3,767	 	 	 	133	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	132,203	 	 	 	147,704	 	 	 	167,010	 	 	 	115,564	 	 	 	164,894	 	
Net income attributable to noncontrolling interests	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest in property partnerships	  	 	(13,865	) 	 	 	(14,340	) 	 	 	(15,203	) 	 	 	(4,424	) 	 	 	2,121	 	
Noncontrolling interest - common units of the Operating Partnership (2)	  	 	(11,884	) 	 	 	(13,402	) 	 	 	(15,473	) 	 	 	(11,432	) 	 	 	(17,097	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc.	  	 	106,454	 	 	 	119,962	 	 	 	136,334	 	 	 	99,708	 	 	 	149,918	 	
Preferred dividends	  	 	(2,625	) 	 	 	(2,625	) 	 	 	(2,625	) 	 	 	(2,625	) 	 	 	(2,704	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	103,829	 	 	$	117,337	 	 	$	133,709	 	 	$	97,083	 	 	$	147,214	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
INCOME PER SHARE OF COMMON STOCK (EPS)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc. per share - basic	  	$	0.67	 	 	$	0.76	 	 	$	0.87	 	 	$	0.63	 	 	$	0.96	 	

Net income attributable to Boston Properties, Inc. per share - diluted	  	$	0.67	 	 	$	0.76	 	 	$	0.87	 	 	$	0.63	 	 	$	0.96	 	

(1)	General and administrative expense includes $(962), $(944), $(730), $(1,042) and $(560) and gains from investments in securities include $962, $944, $730, $1,042 and $560 for the three months ended December 31, 2017, September 30, 2017, June 30, 2017, March 31, 2017 and December 31, 2016, respectively, related to the Company’s deferred compensation plan.	
(2)	Equals noncontrolling interest - common units of the Operating Partnership’s share of 10.10%, 10.10%, 10.19%, 10.33% and 10.25% of income before net income attributable to noncontrolling interests in Operating Partnership after deduction for preferred distributions for the three months ended December 31, 2017, September 30, 2017, June 30, 2017, March 31, 2017 and December 31, 2016, respectively.	
 
10

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

 	 	Three Months Ended	 	
 	 	31-Dec-17	 	 	30-Sep-17	 	 	30-Jun-17	 	 	31-Mar-17	 	 	31-Dec-16	 	
Net income attributable to Boston Properties, Inc. common shareholders	 	$	103,829	 	 	$	117,337	 	 	$	133,709	 	 	$	97,083	 	 	$	147,214	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Preferred dividends	 	 	2,625	 	 	 	2,625	 	 	 	2,625	 	 	 	2,625	 	 	 	2,704	 	
Noncontrolling interest - common units of the Operating Partnership	 	 	11,884	 	 	 	13,402	 	 	 	15,473	 	 	 	11,432	 	 	 	17,097	 	
Noncontrolling interests in property partnerships	 	 	13,865	 	 	 	14,340	 	 	 	15,203	 	 	 	4,424	 	 	 	(2,121	) 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gains on sales of real estate	 	 	872	 	 	 	2,891	 	 	 	3,767	 	 	 	133	 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	 	 	131,331	 	 	 	144,813	 	 	 	163,243	 	 	 	115,431	 	 	 	164,894	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	154,259	 	 	 	152,164	 	 	 	151,919	 	 	 	159,205	 	 	 	178,032	 	
Noncontrolling interests in property partnerships’ share of depreciation and amortization	 	 	(18,896	) 	 	 	(18,552	) 	 	 	(19,327	) 	 	 	(21,415	) 	 	 	(27,256	) 	
BXP’s share of depreciation and amortization from unconsolidated joint ventures	 	 	6,310	 	 	 	9,282	 	 	 	9,629	 	 	 	9,041	 	 	 	8,692	 	
Corporate-related depreciation and amortization	 	 	(541	) 	 	 	(434	) 	 	 	(486	) 	 	 	(525	) 	 	 	(449	) 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of investment in unconsolidated joint venture	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	59,370	 	
Noncontrolling interests in property partnerships	 	 	13,865	 	 	 	14,340	 	 	 	15,203	 	 	 	4,424	 	 	 	(2,121	) 	
Preferred dividends	 	 	2,625	 	 	 	2,625	 	 	 	2,625	 	 	 	2,625	 	 	 	2,704	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) (“Basic FFO”)	 	 	255,973	 	 	 	270,308	 	 	 	287,150	 	 	 	254,688	 	 	 	263,960	 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest - common units of the Operating Partnership’s share of FFO	 	 	25,841	 	 	 	27,293	 	 	 	29,269	 	 	 	26,305	 	 	 	27,062	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO attributable to Boston Properties, Inc. common shareholders	 	$	230,132	 	 	$	243,015	 	 	$	257,881	 	 	$	228,383	 	 	$	236,898	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties, Inc.’s percentage share of Basic FFO	 	 	89.90	% 	 	 	89.90	% 	 	 	89.81	% 	 	 	89.67	% 	 	 	89.75	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic FFO per share	 	$	1.49	 	 	$	1.57	 	 	$	1.67	 	 	$	1.48	 	 	$	1.54	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding - basic	 	 	154,362	 	 	 	154,355	 	 	 	154,177	 	 	 	153,860	 	 	 	153,814	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted FFO per share	 	$	1.49	 	 	$	1.57	 	 	$	1.67	 	 	$	1.48	 	 	$	1.54	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding - diluted	 	 	154,526	 	 	 	154,483	 	 	 	154,331	 	 	 	154,214	 	 	 	153,991	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation to Diluted FFO:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Basic FFO	 	$	255,973	 	 	$	270,308	 	 	$	287,150	 	 	$	254,688	 	 	$	263,960	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effect of dilutive securities - stock-based compensation	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted FFO	 	 	255,973	 	 	 	270,308	 	 	 	287,150	 	 	 	254,688	 	 	 	263,960	 	
 	 	 	 	 	 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO	 	 	25,816	 	 	 	27,272	 	 	 	29,243	 	 	 	26,251	 	 	 	27,034	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties, Inc.’s share of Diluted FFO	 	$	230,157	 	 	$	243,036	 	 	$	257,907	 	 	$	228,437	 	 	$	236,926	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Shares/Units for Diluted FFO:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Shares/units for Basic FFO	 	 	171,695	 	 	 	171,691	 	 	 	171,675	 	 	 	171,581	 	 	 	171,385	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effect of dilutive securities - stock-based compensation (shares/units)	 	 	164	 	 	 	128	 	 	 	154	 	 	 	354	 	 	 	177	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shares/units for Diluted FFO	 	 	171,859	 	 	 	171,819	 	 	 	171,829	 	 	 	171,935	 	 	 	171,562	 	
 	 	 	 	 	 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)	 	 	17,333	 	 	 	17,336	 	 	 	17,498	 	 	 	17,721	 	 	 	17,571	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties, Inc.’s share of shares/units for Diluted FFO	 	 	154,526	 	 	 	154,483	 	 	 	154,331	 	 	 	154,214	 	 	 	153,991	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties, Inc.’s percentage share of Diluted FFO	 	 	89.91	% 	 	 	89.91	% 	 	 	89.82	% 	 	 	89.69	% 	 	 	89.76	% 	

11

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

 	 	Three Months Ended	 	
 	 	31-Dec-17	 	 	30-Sep-17	 	 	30-Jun-17	 	 	31-Mar-17	 	 	31-Dec-16	 	
Net income attributable to Boston Properties, Inc. common shareholders	 	$	103,829	 	 	$	117,337	 	 	$	133,709	 	 	$	97,083	 	 	$	147,214	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Preferred dividends	 	 	2,625	 	 	 	2,625	 	 	 	2,625	 	 	 	2,625	 	 	 	2,704	 	
Noncontrolling interest - common units of the Operating Partnership	 	 	11,884	 	 	 	13,402	 	 	 	15,473	 	 	 	11,432	 	 	 	17,097	 	
Noncontrolling interests in property partnerships	 	 	13,865	 	 	 	14,340	 	 	 	15,203	 	 	 	4,424	 	 	 	(2,121	) 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gains on sales of real estate	 	 	872	 	 	 	2,891	 	 	 	3,767	 	 	 	133	 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	 	 	131,331	 	 	 	144,813	 	 	 	163,243	 	 	 	115,431	 	 	 	164,894	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	154,259	 	 	 	152,164	 	 	 	151,919	 	 	 	159,205	 	 	 	178,032	 	
Noncontrolling interests in property partnerships’ share of depreciation and amortization	 	 	(18,896	) 	 	 	(18,552	) 	 	 	(19,327	) 	 	 	(21,415	) 	 	 	(27,256	) 	
BXP’s share of depreciation and amortization from unconsolidated joint ventures	 	 	6,310	 	 	 	9,282	 	 	 	9,629	 	 	 	9,041	 	 	 	8,692	 	
Corporate-related depreciation and amortization	 	 	(541	) 	 	 	(434	) 	 	 	(486	) 	 	 	(525	) 	 	 	(449	) 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of investment in unconsolidated joint venture	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	59,370	 	
Noncontrolling interests in property partnerships	 	 	13,865	 	 	 	14,340	 	 	 	15,203	 	 	 	4,424	 	 	 	(2,121	) 	
Preferred dividends	 	 	2,625	 	 	 	2,625	 	 	 	2,625	 	 	 	2,625	 	 	 	2,704	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic FFO	 	 	255,973	 	 	 	270,308	 	 	 	287,150	 	 	 	254,688	 	 	 	263,960	 	
 	 	 	 	 	 	
Straight-line rent	 	 	(22,323	) 	 	 	(16,105	) 	 	 	(3,060	) 	 	 	(12,023	) 	 	 	(14,711	) 	
Partners’ share of straight-line rent from consolidated joint ventures	 	 	3,373	 	 	 	1,960	 	 	 	(3,326	) 	 	 	590	 	 	 	1,103	 	
BXP’s share of straight-line rent from unconsolidated joint ventures	 	 	(2,864	) 	 	 	(2,691	) 	 	 	(2,435	) 	 	 	(3,563	) 	 	 	(3,696	) 	
Lease transaction costs that qualify as rent inducements (1)	 	 	225	 	 	 	(102	) 	 	 	115	 	 	 	682	 	 	 	487	 	
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated joint ventures (1)	 	 	(16	) 	 	 	(9	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated joint ventures (1)	 	 	485	 	 	 	208	 	 	 	223	 	 	 	132	 	 	 	43	 	
Fair value lease revenue (2)	 	 	(5,655	) 	 	 	(5,781	) 	 	 	(5,464	) 	 	 	(5,390	) 	 	 	(6,840	) 	
Partners’ share of fair value lease revenue from consolidated joint ventures (2)	 	 	1,696	 	 	 	1,721	 	 	 	1,580	 	 	 	1,575	 	 	 	2,194	 	
BXP’s share of fair value lease revenue from unconsolidated joint ventures (2)	 	 	(457	) 	 	 	(415	) 	 	 	(492	) 	 	 	(493	) 	 	 	(494	) 	
Non-cash losses (gains) from early extinguishments of debt	 	 	—  	 	 	 	—  	 	 	 	(14,444	) 	 	 	—  	 	 	 	—  	 	
Partners’ share of non-cash losses (gains) from early extinguishments of debt from consolidated joint ventures	 	 	—  	 	 	 	—  	 	 	 	5,878	 	 	 	—  	 	 	 	—  	 	
BXP’s share of non-cash losses (gains) from early extinguishments of debt from unconsolidated joint ventures	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Non-cash termination income adjustment (fair value lease amounts)	 	 	—  	 	 	 	(243	) 	 	 	(525	) 	 	 	(403	) 	 	 	7	 	
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated joint ventures	 	 	—  	 	 	 	97	 	 	 	210	 	 	 	161	 	 	 	(3	) 	
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated joint ventures	 	 	—  	 	 	 	—  	 	 	 	(214	) 	 	 	—  	 	 	 	—  	 	
Straight-line ground rent expense adjustment (3)	 	 	898	 	 	 	554	 	 	 	398	 	 	 	639	 	 	 	998	 	
Stock-based compensation	 	 	8,101	 	 	 	8,023	 	 	 	8,435	 	 	 	10,802	 	 	 	7,621	 	
Non-real estate depreciation	 	 	541	 	 	 	434	 	 	 	486	 	 	 	525	 	 	 	449	 	
Fair value interest adjustment and hedge amortization	 	 	1,602	 	 	 	1,606	 	 	 	(7,319	) 	 	 	(10,323	) 	 	 	(10,145	) 	
Partners’ share of fair value interest adjustment and hedge amortization from consolidated joint ventures	 	 	(144	) 	 	 	(144	) 	 	 	3,464	 	 	 	4,627	 	 	 	4,598	 	
BXP’s share of fair value interest adjustment and hedge amortization from unconsolidated joint ventures	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
2nd generation tenant improvements and leasing commissions	 	 	(82,343	) 	 	 	(54,238	) 	 	 	(85,427	) 	 	 	(48,730	) 	 	 	(75,708	) 	
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated joint ventures	 	 	6,379	 	 	 	1,050	 	 	 	200	 	 	 	123	 	 	 	449	 	
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated joint ventures	 	 	(2,857	) 	 	 	(1,163	) 	 	 	(159	) 	 	 	(1,164	) 	 	 	(1,472	) 	
Unearned portion of capitalized fees from consolidated joint ventures	 	 	8,030	 	 	 	591	 	 	 	607	 	 	 	537	 	 	 	1,787	 	
Maintenance capital expenditures (4)	 	 	(14,221	) 	 	 	(12,032	) 	 	 	(11,643	) 	 	 	(10,677	) 	 	 	(16,334	) 	
Partners’ share of maintenance capital expenditures from consolidated joint ventures (4)	 	 	2,021	 	 	 	457	 	 	 	1,004	 	 	 	2,129	 	 	 	1,197	 	
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (4)	 	 	(243	) 	 	 	(111	) 	 	 	(17	) 	 	 	(211	) 	 	 	(437	) 	
Hotel improvements, equipment upgrades and replacements	 	 	(625	) 	 	 	(289	) 	 	 	(2,502	) 	 	 	(6,231	) 	 	 	(3,870	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds available for distribution to common shareholders and common unitholders (FAD)  (A)	 	$	157,576	 	 	$	193,686	 	 	$	172,723	 	 	$	178,002	 	 	$	151,183	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Distributions to common shareholders and unitholders (excluding any special distributions)  (B)	 	$	137,659	 	 	$	129,056	 	 	$	129,055	 	 	$	129,040	 	 	$	128,930	 	
 	 	 	 	 	 	
FAD Payout Ratio (B÷A)	 	 	87.36	% 	 	 	66.63	% 	 	 	74.72	% 	 	 	72.49	% 	 	 	85.28	% 	

(1)	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.	
(2)	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.	
(3)	Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $34.4 million, which it expects to incur by the end of 2021 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.	
(4)	Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures. See page 25 for additional detail.	
 
12

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

 	 	Three Months Ended	 	
 	 	31-Dec-17	 	 	30-Sep-17	 	 	30-Jun-17	 	 	31-Mar-17	 	 	31-Dec-16	 	
Net income attributable to Boston Properties, Inc. common shareholders	 	$	103,829	 	 	$	117,337	 	 	$	133,709	 	 	$	97,083	 	 	$	147,214	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Preferred dividends	 	 	2,625	 	 	 	2,625	 	 	 	2,625	 	 	 	2,625	 	 	 	2,704	 	
Noncontrolling interest - common units of the Operating Partnership	 	 	11,884	 	 	 	13,402	 	 	 	15,473	 	 	 	11,432	 	 	 	17,097	 	
Noncontrolling interests in property partnerships	 	 	13,865	 	 	 	14,340	 	 	 	15,203	 	 	 	4,424	 	 	 	(2,121	) 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gains on sales of real estate	 	 	872	 	 	 	2,891	 	 	 	3,767	 	 	 	133	 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	 	 	131,331	 	 	 	144,813	 	 	 	163,243	 	 	 	115,431	 	 	 	164,894	 	
Noncontrolling interests in property partnerships	 	 	(13,865	) 	 	 	(14,340	) 	 	 	(15,203	) 	 	 	(4,424	) 	 	 	2,121	 	
Interest expense	 	 	91,772	 	 	 	92,032	 	 	 	95,143	 	 	 	95,534	 	 	 	97,896	 	
Partners’ share of interest expense from consolidated joint ventures	 	 	(11,624	) 	 	 	(11,816	) 	 	 	(16,401	) 	 	 	(17,259	) 	 	 	(17,579	) 	
BXP’s share of interest expense from unconsolidated joint ventures	 	 	6,406	 	 	 	5,661	 	 	 	3,822	 	 	 	3,749	 	 	 	3,654	 	
Depreciation and amortization expense	 	 	154,259	 	 	 	152,164	 	 	 	151,919	 	 	 	159,205	 	 	 	178,032	 	
Noncontrolling interests in property partnerships’ share of depreciation and amortization	 	 	(18,896	) 	 	 	(18,552	) 	 	 	(19,327	) 	 	 	(21,415	) 	 	 	(27,256	) 	
BXP’s share of depreciation and amortization from unconsolidated joint ventures	 	 	6,310	 	 	 	9,282	 	 	 	9,629	 	 	 	9,041	 	 	 	8,692	 	
Gain on sale of investment in unconsolidated joint venture	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(59,370	) 	
Non-cash losses (gains) from early extinguishments of debt	 	 	—  	 	 	 	—  	 	 	 	(14,444	) 	 	 	—  	 	 	 	—  	 	
Partners’ share of non-cash losses (gains) from early extinguishments of debt from consolidated joint ventures	 	 	—  	 	 	 	—  	 	 	 	5,878	 	 	 	—  	 	 	 	—  	 	
BXP’s share of non-cash losses (gains) from early extinguishments of debt from unconsolidated joint ventures	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Non-cash termination income adjustment (fair value lease amounts)	 	 	—  	 	 	 	(243	) 	 	 	(525	) 	 	 	(403	) 	 	 	7	 	
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated joint ventures	 	 	—  	 	 	 	97	 	 	 	210	 	 	 	161	 	 	 	(3	) 	
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated joint ventures	 	 	—  	 	 	 	—  	 	 	 	(214	) 	 	 	—  	 	 	 	—  	 	
Stock-based compensation	 	 	8,101	 	 	 	8,023	 	 	 	8,435	 	 	 	10,802	 	 	 	7,621	 	
Straight-line ground rent expense adjustment (1)	 	 	898	 	 	 	554	 	 	 	398	 	 	 	639	 	 	 	998	 	
Straight-line rent	 	 	(22,323	) 	 	 	(16,105	) 	 	 	(3,060	) 	 	 	(12,023	) 	 	 	(14,711	) 	
Partners’ share of straight-line rent from consolidated joint ventures	 	 	3,373	 	 	 	1,960	 	 	 	(3,326	) 	 	 	590	 	 	 	1,103	 	
BXP’s share of straight-line rent from unconsolidated joint ventures	 	 	(2,864	) 	 	 	(2,691	) 	 	 	(2,435	) 	 	 	(3,563	) 	 	 	(3,696	) 	
Lease transaction costs that qualify as rent inducements (2)	 	 	225	 	 	 	(102	) 	 	 	115	 	 	 	682	 	 	 	487	 	
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated joint ventures (2)	 	 	(16	) 	 	 	(9	) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated joint ventures (2)	 	 	485	 	 	 	208	 	 	 	223	 	 	 	132	 	 	 	43	 	
Fair value lease revenue (3)	 	 	(5,655	) 	 	 	(5,781	) 	 	 	(5,464	) 	 	 	(5,390	) 	 	 	(6,840	) 	
Partners’ share of fair value lease revenue from consolidated joint ventures (3)	 	 	1,696	 	 	 	1,721	 	 	 	1,580	 	 	 	1,575	 	 	 	2,194	 	
BXP’s share of fair value lease revenue from unconsolidated joint ventures (3)	 	 	(457	) 	 	 	(415	) 	 	 	(492	) 	 	 	(493	) 	 	 	(494	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal (A)	 	$	329,156	 	 	$	346,461	 	 	$	359,704	 	 	$	332,571	 	 	$	337,793	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Divided by:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Interest expense	 	$	91,772	 	 	$	92,032	 	 	$	95,143	 	 	$	95,534	 	 	$	97,896	 	
Partners’ share of interest expense from consolidated joint ventures	 	 	(11,624	) 	 	 	(11,816	) 	 	 	(16,401	) 	 	 	(17,259	) 	 	 	(17,579	) 	
BXP’s share of interest expense from unconsolidated joint ventures	 	 	6,406	 	 	 	5,661	 	 	 	3,822	 	 	 	3,749	 	 	 	3,654	 	
Fair value interest adjustment and hedge amortization	 	 	(1,602	) 	 	 	(1,606	) 	 	 	7,319	 	 	 	10,323	 	 	 	10,145	 	
Partners’ share of fair value interest adjustment and hedge amortization from consolidated joint ventures	 	 	144	 	 	 	144	 	 	 	(3,464	) 	 	 	(4,627	) 	 	 	(4,598	) 	
BXP’s share of fair value interest adjustment and hedge amortization from unconsolidated joint ventures	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Amortization of financing costs	 	 	(3,108	) 	 	 	(3,070	) 	 	 	(2,442	) 	 	 	(1,967	) 	 	 	(1,964	) 	
Partners’ share of amortization of financing costs from consolidated joint ventures	 	 	382	 	 	 	382	 	 	 	206	 	 	 	9	 	 	 	39	 	
BXP’s share of amortization of financing costs from unconsolidated joint ventures	 	 	(118	) 	 	 	(112	) 	 	 	(102	) 	 	 	(100	) 	 	 	(100	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense excluding capitalized interest  (B)	 	 	82,252	 	 	 	81,615	 	 	 	84,081	 	 	 	85,662	 	 	 	87,493	 	
 	 	 	 	 	 	
Capitalized interest	 	 	17,784	 	 	 	16,658	 	 	 	14,283	 	 	 	12,345	 	 	 	10,281	 	
Partners’ share of capitalized interest from consolidated joint ventures	 	 	(693	) 	 	 	(518	) 	 	 	(238	) 	 	 	(251	) 	 	 	(203	) 	
BXP’s share of capitalized interest from unconsolidated joint ventures	 	 	9	 	 	 	8	 	 	 	(6	) 	 	 	(6	) 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted interest expense including capitalized interest  (C)	 	$	99,352	 	 	$	97,763	 	 	$	98,120	 	 	$	97,750	 	 	$	97,571	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Coverage Ratio (excluding capitalized interest)  (A÷B)  (4)	 	 	4.00	 	 	 	4.25	 	 	 	4.28	 	 	 	3.88	 	 	 	3.86	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Coverage Ratio (including capitalized interest)  (A÷C)  (4)	 	 	3.31	 	 	 	3.54	 	 	 	3.67	 	 	 	3.40	 	 	 	3.46	 	

(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 Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $34.4 million, which it expects to incur by the end of 2021 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)	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.	
(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)	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 declining. The ratios may also be used to compare the financial condition of different companies, 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 and therefore its overall financial condition.	
 
13

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

 	 	 	 	 	
 	  	Aggregate Principal	 	
 	  	December 31, 2017	 	
Mortgage Notes Payable	  	$	3,013,961	 	
Unsecured Line of Credit	  	 	45,000	 	
Unsecured Senior Notes, at face value	  	 	7,300,000	 	
 	  	 	 	 	
Subtotal	  	 	10,358,961	 	
Discount on Unsecured Senior Notes	  	 	(17,893	) 	
Deferred Financing Costs, Net	  	 	(69,457	) 	
 	  	 	 	 	
Consolidated Debt	  	$	10,271,611	 	
 	  	 	 	 	
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	 	
10/9/2009	  	 	10/15/2019	 	  	 	700,000	 	  	 	5.967	% 	 	 	5.875	% 	 	 	99.931	% 	 	 	111	 	  	 	1,006	 	  	 	698,883	 	
4/19/2010	  	 	11/15/2020	 	  	 	700,000	 	  	 	5.708	% 	 	 	5.625	% 	 	 	99.891	% 	 	 	251	 	  	 	1,607	 	  	 	698,142	 	
11/18/2010	  	 	5/15/2021	 	  	 	850,000	 	  	 	4.289	% 	 	 	4.125	% 	 	 	99.260	% 	 	 	2,321	 	  	 	2,282	 	  	 	845,397	 	
6/11/2012	  	 	2/1/2023	 	  	 	1,000,000	 	  	 	3.954	% 	 	 	3.850	% 	 	 	99.779	% 	 	 	1,158	 	  	 	3,974	 	  	 	994,868	 	
4/11/2013	  	 	9/1/2023	 	  	 	500,000	 	  	 	3.279	% 	 	 	3.125	% 	 	 	99.379	% 	 	 	1,828	 	  	 	2,278	 	  	 	495,894	 	
6/27/2013	  	 	2/1/2024	 	  	 	700,000	 	  	 	3.916	% 	 	 	3.800	% 	 	 	99.694	% 	 	 	1,318	 	  	 	3,421	 	  	 	695,261	 	
1/20/2016	  	 	2/1/2026	 	  	 	1,000,000	 	  	 	3.766	% 	 	 	3.650	% 	 	 	99.708	% 	 	 	2,439	 	  	 	6,584	 	  	 	990,977	 	
8/17/2016	  	 	10/1/2026	 	  	 	1,000,000	 	  	 	3.495	% 	 	 	2.750	% 	 	 	99.271	% 	 	 	6,441	 	  	 	7,085	 	  	 	986,474	 	
12/4/2017	  	 	1/15/2025	 	  	 	850,000	 	  	 	3.350	% 	 	 	3.200	% 	 	 	99.757	% 	 	 	2,026	 	  	 	6,540	 	  	 	841,434	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
 	  	 	 	 	  	$	7,300,000	 	  	 	 	 	 	 	 	 	 	 	 	 	 	$	17,893	 	  	$	34,777	 	  	$	7,247,330	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Equity

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Shares/Units	 	 	 	 	 	 	 	
 	 	Outstanding	 	 	Common Stock	 	 	Equivalent	 	
 	 	as of 12/31/2017	 	 	Equivalents	 	 	Value (2)	 	
Common Stock	 	 	154,325	 	 	 	154,325	 	 	$	20,066,880	 	
Common Operating Partnership Units	 	 	17,629	 	 	 	17,629	 	 	 	2,292,299	 	
5.25% Series B Cumulative Redeemable Preferred Stock (non-callable through March 27, 2018)	 	 	80	 	 	 	—  	 	 	 	200,000	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity	 	 	 	 	 	 	171,954	 	 	$	22,559,179	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Debt	 	 	 	 	 	 	 	 	 	$	10,271,611	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of unconsolidated joint venture debt (3)	 	 	 	 	 	 	 	 	 	 	608,874	 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of consolidated debt (4)	 	 	 	 	 	 	 	 	 	 	1,209,280	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s Share of Debt (5)	 	 	 	 	 	 	 	 	 	$	9,671,205	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Market Capitalization	 	 	 	 	 	 	 	 	 	$	32,830,790	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s Share of Market Capitalization (5)	 	 	 	 	 	 	 	 	 	$	32,230,384	 	

(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 December 31, 2017 closing price of $130.03 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

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	2018	 	 	2019	 	 	2020	 	 	2021	 	 	2022	 	 	Thereafter	 	 	Total	 	
Floating Rate Debt:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage Notes Payable	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
Unsecured Line of Credit	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	45,000	 	 	 	—  	 	 	 	45,000	 	
Unsecured Term Loan	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Floating Rate Debt	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	45,000	 	 	$	—  	 	 	$	45,000	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed Rate Debt:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
767 Fifth Avenue (The GM Building) (60% ownership)	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	2,300,000	 	 	$	2,300,000	 	
601 Lexington Avenue (55% ownership)	 	 	13,684	 	 	 	14,349	 	 	 	15,045	 	 	 	15,776	 	 	 	614,710	 	 	 	—  	 	 	 	673,564	 	
New Dominion Technology Park, Building One	 	 	3,100	 	 	 	3,340	 	 	 	3,598	 	 	 	22,906	 	 	 	—  	 	 	 	—  	 	 	 	32,944	 	
University Place	 	 	1,849	 	 	 	1,981	 	 	 	2,123	 	 	 	1,500	 	 	 	—  	 	 	 	—  	 	 	 	7,453	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage Notes Payable	 	 	18,633	 	 	 	19,670	 	 	 	20,766	 	 	 	40,182	 	 	 	614,710	 	 	 	2,300,000	 	 	 	3,013,961	 	
 	 	 	 	 	 	 	 	
Deferred Financing Costs, Net	 	 	(3,925	) 	 	 	(3,925	) 	 	 	(3,925	) 	 	 	(3,836	) 	 	 	(3,578	) 	 	 	(15,491	) 	 	 	(34,680	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage Notes Payable, Net	 	$	14,708	 	 	$	15,745	 	 	$	16,841	 	 	$	36,346	 	 	$	611,132	 	 	$	2,284,509	 	 	$	2,979,281	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unsecured Senior Notes, Face Amount	 	$	—  	 	 	$	700,000	 	 	$	700,000	 	 	$	850,000	 	 	$	—  	 	 	$	5,050,000	 	 	$	7,300,000	 	
Discount Amortization	 	 	(2,686	) 	 	 	(2,774	) 	 	 	(2,807	) 	 	 	(2,352	) 	 	 	(2,149	) 	 	 	(5,125	) 	 	 	(17,893	) 	
Deferred Financing Costs, Net	 	 	(6,114	) 	 	 	(5,971	) 	 	 	(5,445	) 	 	 	(4,583	) 	 	 	(4,305	) 	 	 	(8,359	) 	 	 	(34,777	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unsecured Senior Notes, Net	 	$	(8,800	) 	 	$	691,255	 	 	$	691,748	 	 	$	843,065	 	 	$	(6,454	) 	 	$	5,036,516	 	 	$	7,247,330	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Fixed Rate Debt	 	$	5,908	 	 	$	707,000	 	 	$	708,589	 	 	$	879,411	 	 	$	604,678	 	 	$	 7,321,025	 	 	$	10,226,611	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Debt	 	$	5,908	 	 	$	707,000	 	 	$	708,589	 	 	$	879,411	 	 	$	649,678	 	 	$	7,321,025	 	 	$	10,271,611	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% of Consolidated Debt	 	 	0.06	% 	 	 	6.88	% 	 	 	6.90	% 	 	 	8.56	% 	 	 	6.33	% 	 	 	71.27	% 	 	 	100.00	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balloon Payments	 	$	—  	 	 	$	700,000	 	 	$	700,000	 	 	$	872,906	 	 	$	655,648	 	 	$	7,350,000	 	 	$	10,278,554	 	
Scheduled Principal Amortization	 	$	18,633	 	 	$	19,670	 	 	$	20,766	 	 	$	17,276	 	 	$	4,062	 	 	$	—  	 	 	$	80,407	 	
 	 	 	 	 	 	 	 	
GAAP Weighted Average Floating Rate Debt (2)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	2.46	% 	 	 	—  	 	 	 	2.46	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GAAP Weighted Average Fixed Rate Debt (2)	 	 	5.52	% 	 	 	5.96	% 	 	 	5.70	% 	 	 	4.39	% 	 	 	4.79	% 	 	 	3.65	% 	 	 	4.09	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total GAAP Weighted Average Rate (2)	 	 	5.52	% 	 	 	5.96	% 	 	 	5.70	% 	 	 	4.39	% 	 	 	4.63	% 	 	 	3.65	% 	 	 	4.08	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Stated Weighted Average Rate	 	 	5.46	% 	 	 	5.87	% 	 	 	5.63	% 	 	 	4.32	% 	 	 	4.59	% 	 	 	3.52	% 	 	 	3.98	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unsecured Credit Facility - Matures April 24, 2022

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	 	  	Outstanding	 	  	Letters of	 	  	Remaining Capacity	 	
 	  	Facility	 	  	at 12/31/2017	 	  	Credit	 	  	at 12/31/2017	 	
Unsecured Line of Credit	  	$	1,500,000	 	  	$	45,000	 	  	$	1,610	 	  	$	1,453,390	 	
Unsecured Term Loan (3)	  	$	500,000	 	  	$	—  	 	  	 	N/A	 	  	$	500,000	 	
Unsecured and Secured Debt Analysis

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	 	 	Stated Weighted	 	 	GAAP Weighted	 	 	Weighted Average	 	
 	  	% of Total Debt	 	 	Average Rate	 	 	Average Rate	 	 	Maturity (years)	 	
Unsecured Debt	  	 	70.99	% 	 	 	4.05	% 	 	 	4.14	% 	 	 	5.6	 	
Secured Debt	  	 	29.01	% 	 	 	3.78	% 	 	 	3.95	% 	 	 	8.2	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Debt	  	 	100.00	% 	 	 	3.98	% 	 	 	4.08	% 	 	 	6.4	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Floating and Fixed Rate Debt Analysis

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	 	 	Stated Weighted	 	 	GAAP Weighted	 	 	Weighted Average	 	
 	  	% of Total Debt	 	 	Average Rate	 	 	Average Rate	 	 	Maturity (years)	 	
Floating Rate Debt	  	 	0.44	% 	 	 	2.35	% 	 	 	2.46	% 	 	 	4.3	 	
Fixed Rate Debt	  	 	99.56	% 	 	 	3.98	% 	 	 	4.09	% 	 	 	6.4	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Debt	  	 	100.00	% 	 	 	3.98	% 	 	 	4.08	% 	 	 	6.4	 	

(1)	Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 17.	
(2)	The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges and the effects of hedging transactions.	
(3)	The Company’s ability to draw upon the Unsecured Term Loan will expire on April 24, 2018.	
 
15

FOURTH 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 December 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
Issued Prior to
December 4, 2017	 	 	Senior Notes
issued On or After
December 4, 2017	 	
 	  	 	 	 	December 31, 2017	 	
Total Assets:	  	 	 	 	 	 	 	 	 	 	 	 	
Capitalized Property Value (1)	  	 	 	 	 	$	24,478,671	 	 	$	26,753,978	 	
Cash and Cash Equivalents	  	 	 	 	 	 	434,767	 	 	 	434,767	 	
Investments in Securities	  	 	 	 	 	 	29,161	 	 	 	29,161	 	
Undeveloped Land, at Cost (including BXP’s share of unconsolidated joint ventures)	  	 	 	 	 	 	250,930	 	 	 	250,930	 	
Development in Process, at Cost (including BXP’s share of unconsolidated joint ventures)	  	 	 	 	 	 	1,858,002	 	 	 	1,858,002	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Total Assets	  	 	 	 	 	$	27,051,531	 	 	$	29,326,838	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Unencumbered Assets	  	 	 	 	 	$	20,631,707	 	 	$	22,424,361	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated Secured Debt (Fixed and Variable) (2)	  	 	 	 	 	$	3,067,141	 	 	$	3,067,141	 	
Unconsolidated Joint Venture Debt (3)	  	 	 	 	 	 	611,395	 	 	 	611,395	 	
Contingent Liabilities & Letters of Credit	  	 	 	 	 	 	9,076	 	 	 	9,076	 	
Unsecured Debt (4)	  	 	 	 	 	 	7,345,000	 	 	 	7,345,000	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Total Outstanding Debt	  	 	 	 	 	$	11,032,612	 	 	$	11,032,612	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated EBITDA:	  	 	 	 	 	 	 	 	 	 	 	 	
Income before Gains on Sales of Real Estate (per Consolidated Income Statement)	  	 	 	 	 	$	131,331	 	 	$	131,331	 	
Subtract: Income from Unconsolidated Joint Ventures (per Consolidated Income Statement)	  	 	 	 	 	 	(4,197	) 	 	 	(4,197	) 	
Subtract: Gains from Investments in Securities (per Consolidated Income Statement)	  	 	 	 	 	 	(962	) 	 	 	(962	) 	
Add: Losses from Early Extinguishments of Debt (per Consolidated Income Statement)	  	 	 	 	 	 	13,858	 	 	 	13,858	 	
Add: Interest Expense (per Consolidated Income Statement)	  	 	 	 	 	 	91,772	 	 	 	91,772	 	
Add: Depreciation and Amortization (per Consolidated Income Statement)	  	 	 	 	 	 	154,259	 	 	 	154,259	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	 	 	 	 	386,061	 	 	 	386,061	 	
Add: BXP’s share of unconsolidated joint venture EBITDA	  	 	 	 	 	 	16,459	 	 	 	16,459	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated EBITDA	  	 	 	 	 	$	402,520	 	 	$	402,520	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Interest Expense:	  	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense (per Consolidated Income Statement)	  	 	 	 	 	$	91,772	 	 	$	91,772	 	
Add: BXP’s share of unconsolidated joint venture interest expense	  	 	 	 	 	 	6,406	 	 	 	6,406	 	
Less: Amortization of financing costs (including BXP’s share of unconsolidated joint ventures)	  	 	 	 	 	 	(3,226	) 	 	 	(3,226	) 	
Less: Interest expense funded by construction loan draws	  	 	 	 	 	 	—  	 	 	 	—  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted Interest Expense	  	 	 	 	 	$	94,952	 	 	$	94,952	 	

 	  	Test	 	 	Actual	 	 	Actual	 	
Covenant Ratios and Related Data	  	 	 	 	 	 	 	 	 	 	 	 	
Total Outstanding Debt/Total Assets	  	 	Less than 60%	 	 	 	40.8	% 	 	 	37.6	% 	
Secured Debt/Total Assets	  	 	Less than 50%	 	 	 	13.6	% 	 	 	12.5	% 	
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)	  	 	Greater than 1.50x	 	 	 	4.24	 	 	 	4.24	 	
Unencumbered Assets/ Unsecured Debt	  	 	Greater than 150%	 	 	 	280.9	% 	 	 	305.3	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Unencumbered Consolidated Property EBITDA (5)	  	 	 	 	 	$	332,993	 	 	$	332,993	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Unencumbered Interest Coverage (Unencumbered Consolidated Property EBITDA to Unsecured Interest Expense)	  	 	 	 	 	 	4.42	 	 	 	4.42	 	
 	 	 	 	 	 	 	 	 	 	
% of Unencumbered Consolidated Property EBITDA to Consolidated EBITDA	  	 	 	 	 	 	82.7	% 	 	 	82.7	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
# of in-service unencumbered properties	  	 	 	 	 	 	147	 	 	 	147	 	

(1)	Capitalized Property Value for senior notes issued prior to December 4, 2017 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. Capitalized property value for senior notes issued on or after December 4, 2017 is determined for each property and is the greater of (a) annualized EBITDA capitalized at 7.0% and (b) the undepreciated book value as determined under GAAP.	
(2)	Includes capital lease obligations of $53,180 and excludes deferred financing costs, net of $34,680.	
(3)	Excludes aggregate deferred financing costs, net of $2,521.	
(4)	Excludes aggregate debt discount of $17,893 and deferred financing costs, net of $34,777.	
(5)	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 December 31, 2017, these excluded amounts were approximately $(16,841), $84,994, $551 and $823, respectively.	
 
16

FOURTH QUARTER 2017
 
UNCONSOLIDATED JOINT VENTURES (1)
as of December 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	% 	 	$	66,179	 	  	$	71,949	 	
Market Square North	  	 	50.00	% 	 	 	(8,258	) 	  	 	60,446	 	
Metropolitan Square	  	 	20.00	% 	 	 	3,339	 	  	 	32,659	 	
901 New York Avenue	  	 	25.00	% 	 	 	(13,811	) 	  	 	55,937	 	
Wisconsin Place Parking Facility	  	 	33.33	% 	 	 	39,710	 	  	 	—  	 	
Annapolis Junction (2)	  	 	50.00	% 	 	 	18,381	 	  	 	44,506	 	
500 North Capitol Street, N.W.	  	 	30.00	% 	 	 	(3,876	) 	  	 	31,404	 	
Colorado Center	  	 	50.00	% 	 	 	254,439	 	  	 	274,505	 	
The Hub on Causeway - Podium	  	 	50.00	% 	 	 	67,121	 	  	 	431	 	
The Hub on Causeway - Hotel	  	 	50.00	% 	 	 	1,690	 	  	 	—  	 	
The Hub on Causeway - Residential	  	 	50.00	% 	 	 	28,212	 	  	 	—  	 	
1001 6th Street	  	 	50.00	% 	 	 	42,657	 	  	 	—  	 	
Dock 72	  	 	50.00	% 	 	 	72,104	 	  	 	17,370	 	
7750 Wisconsin Avenue	  	 	50.00	% 	 	 	21,452	 	  	 	—  	 	
1265 Main Street	  	 	50.00	% 	 	 	4,641	 	  	 	19,667	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	
 	  	 	 	 	 	 	593,980	 	  	 	 	 	
Investments with deficit balances reflected within Other Liabilities	 	 	 	25,945	 	  	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	
Investment in Joint Ventures	  	 	 	 	 	$	619,925	 	  	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	
Mortgage/Construction Loans Payable, Net	  	 	 	 	 	 	 	 	  	$	608,874	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	
Debt Maturities and Principal Payments by Property

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Property	  	2018	 	 	2019	 	 	2020	 	 	2021	 	 	2022	 	 	Thereafter	 	 	Total	 	
540 Madison Avenue (60%)	  	$	72,000	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	72,000	 	
Market Square North (50%)	  	 	1,205	 	 	 	1,265	 	 	 	58,090	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	60,560	 	
901 New York Avenue (25%)	  	 	—  	 	 	 	—  	 	 	 	970	 	 	 	1,095	 	 	 	1,135	 	 	 	53,050	 	 	 	56,250	 	
Metropolitan Square (20%)	  	 	586	 	 	 	620	 	 	 	31,501	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	32,707	 	
500 North Capitol Street, N.W. (30%)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	31,500	 	 	 	31,500	 	
1265 Main Street (50%)	  	 	383	 	 	 	398	 	 	 	413	 	 	 	429	 	 	 	445	 	 	 	17,793	 	 	 	19,861	 	
Annapolis Junction Building One (50%)	  	 	19,775	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	19,775	(3) 	
Annapolis Junction Buildings Seven & Eight (50%)	  	 	326	 	 	 	17,723	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	18,049	 	
Annapolis Junction Building Six (50%)	  	 	6,808	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6,808	 	
Colorado Center (50%)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	275,000	 	 	 	275,000	 	
The Hub on Causeway - Podium (50%)	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	431	 	 	 	—  	 	 	 	—  	 	 	 	431	 	
Dock 72 (50%)	  	 	—  	 	 	 	—  	 	 	 	18,454	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	18,454	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	101,083	 	 	 	20,006	 	 	 	109,428	 	 	 	1,955	 	 	 	1,580	 	 	 	377,343	 	 	 	611,395	 	
 	 	 	 	 	 	 	 	
Deferred Financing Costs, Net	  	 	(681	) 	 	 	(598	) 	 	 	(527	) 	 	 	(128	) 	 	 	(128	) 	 	 	(459	) 	 	 	(2,521	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage/Construction Loans Payable, Net	  	$	100,402	 	 	$	19,408	 	 	$	108,901	 	 	$	1,827	 	 	$	1,452	 	 	$	376,884	 	 	$	608,874	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
GAAP Weighted Average Rate	  	 	3.84	% 	 	 	3.83	% 	 	 	4.96	% 	 	 	3.07	% 	 	 	3.43	% 	 	 	3.66	% 	 	 	3.95	% 	
 	 	 	 	 	 	 	 	
% of Total Mortgage/Construction Loans Payable, Net	  	 	16.49	% 	 	 	3.19	% 	 	 	17.88	% 	 	 	0.30	% 	 	 	0.24	% 	 	 	61.90	% 	 	 	100.00	% 	
 	 	 	 	 	 	 	 	
Balloon Payments	  	$	98,288	 	 	$	17,424	 	 	$	106,840	 	 	$	431	 	 	$	—  	 	 	$	370,031	 	 	$	593,014	 	
Scheduled Amortization	  	$	2,795	 	 	$	2,582	 	 	$	2,588	 	 	$	1,524	 	 	$	1,580	 	 	$	7,312	 	 	$	18,381	 	
Floating and Fixed Rate Debt Analysis

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	% of Total Debt	 	 	Stated Weighted
Average Rate	 	 	GAAP Weighted
Average Rate	 	 	Weighted Average
Maturity (years)	 	
Floating Rate Debt	  	 	22.05	% 	 	 	3.68	% 	 	 	3.88	% 	 	 	1.0	 	
Fixed Rate Debt	  	 	77.95	% 	 	 	3.93	% 	 	 	3.97	% 	 	 	7.8	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Debt	  	 	100.00	% 	 	 	3.87	% 	 	 	3.95	% 	 	 	6.3	 	

(1)	Amounts represent the Company’s share based on its ownership percentage. For additional details, see page 47.	
(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

FOURTH QUARTER 2017
 
UNCONSOLIDATED JOINT VENTURES (continued)
(unaudited and dollars in thousands)
 
Results of Operations
for the three months ended December 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	 	 	1265 Main
Street	 	 	Other
Joint
Ventures (2)	 	 	Total
Unconsolidated
Joint Ventures	 	
REVENUE	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental (3)	  	$	6,135	 	 	$	4,668	 	 	$	4,998	 	 	$	7,081	 	 	$	1,009	 	 	$	2,231	 	 	$	2,992	 	 	$	13,326	 	 	$	994	 	 	$	789	 	 	$	44,223	 	
Operating recoveries	  	 	738	 	 	 	778	 	 	 	1,446	 	 	 	1,275	 	 	 	430	 	 	 	701	 	 	 	1,246	 	 	 	509	 	 	 	315	 	 	 	—  	 	 	 	7,438	 	
Straight-line rent	  	 	89	 	 	 	82	 	 	 	1,533	 	 	 	468	 	 	 	—  	 	 	 	245	 	 	 	19	 	 	 	2,859	 	 	 	—  	 	 	 	—  	 	 	 	5,295	 	
Fair value lease revenue	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	96	 	 	 	—  	 	 	 	—  	 	 	 	96	 	
Termination income	  	 	111	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	111	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	  	 	7,073	 	 	 	5,528	 	 	 	7,977	 	 	 	8,824	 	 	 	1,439	 	 	 	3,177	 	 	 	4,257	 	 	 	16,790	 	 	 	1,309	 	 	 	789	 	 	 	57,163	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EXPENSES	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating	  	 	3,311	 	 	 	2,334	 	 	 	3,983	 	 	 	3,623	 	 	 	783	 	 	 	1,731	 	 	 	1,442	 	 	 	5,330	 	 	 	334	 	 	 	359	 	 	 	23,230	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET OPERATING INCOME/(LOSS)	  	 	3,762	 	 	 	3,194	 	 	 	3,994	 	 	 	5,201	 	 	 	656	 	 	 	1,446	 	 	 	2,815	 	 	 	11,460	 	 	 	975	 	 	 	430	 	 	 	33,933	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Interest	  	 	894	 	 	 	1,492	 	 	 	2,335	 	 	 	2,075	 	 	 	—  	 	 	 	1,223	 	 	 	1,128	 	 	 	5,033	 	 	 	382	 	 	 	—  	 	 	 	14,562	 	
Depreciation and amortization	  	 	1,994	 	 	 	1,018	 	 	 	1,949	 	 	 	1,465	 	 	 	1,383	 	 	 	1,075	 	 	 	948	 	 	 	4,325	 	 	 	397	 	 	 	—  	 	 	 	14,554	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SUBTOTAL	  	 	2,888	 	 	 	2,510	 	 	 	4,284	 	 	 	3,540	 	 	 	1,383	 	 	 	2,298	 	 	 	2,076	 	 	 	9,358	 	 	 	779	 	 	 	—  	 	 	 	29,116	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET INCOME/(LOSS)	  	$	874	 	 	$	684	 	 	$	(290	) 	 	$	1,661	 	 	$	(727	) 	 	$	(852	) 	 	$	739	 	 	$	2,102	 	 	$	196	 	 	$	430	 	 	$	4,817	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s nominal ownership percentage	  	 	60.00	% 	 	 	50.00	% 	 	 	20.00	% 	 	 	25.00	% 	 	 	33.33	% 	 	 	50.00	% 	 	 	30.00	% 	 	 	50.00	% 	 	 	50.00	% 	 	 	50.00	% 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of net income/(loss)	  	$	524	 	 	$	342	 	 	$	(58	) 	 	$	3,955	(4) 	 	$	(240	) 	 	$	(426	) 	 	$	222	 	 	$	1,051	 	 	$	98	 	 	$	413	 	 	$	5,881	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Basis differential	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Straight-line rent	  	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	680	(5) 	 	$	—  	 	 	$	—  	 	 	$	680	 	
Fair value lease revenue	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	409	(5) 	 	 	—  	 	 	 	—  	 	 	 	409	 	
Depreciation and amortization	  	 	168	 	 	 	(180	) 	 	 	(201	) 	 	 	(20	) 	 	 	(8	) 	 	 	(12	) 	 	 	4	 	 	 	(2,516	)(5) 	 	 	(8	) 	 	 	—  	 	 	 	(2,773	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total basis differential (6)	  	 	168	 	 	 	(180	) 	 	 	(201	) 	 	 	(20	) 	 	 	(8	) 	 	 	(12	) 	 	 	4	 	 	 	(1,427	)(5) 	 	 	(8	) 	 	 	—  	 	 	 	(1,684	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income/(loss) from unconsolidated joint ventures	  	$	692	 	 	$	162	 	 	$	(259	) 	 	$	3,935	(4) 	 	$	(248	) 	 	$	(438	) 	 	$	226	 	 	$	(376	) 	 	$	90	 	 	$	413	 	 	$	4,197	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Gain on investment	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
BXP’s share of depreciation & amortization	  	 	1,093	 	 	 	693	 	 	 	602	 	 	 	(2,352	)(4) 	 	 	466	 	 	 	553	 	 	 	294	 	 	 	4,754	 	 	 	207	 	 	 	—  	 	 	 	6,310	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of Funds from Operations (FFO)	  	$	1,785	 	 	$	855	 	 	$	343	 	 	$	1,583	 	 	$	218	 	 	$	115	 	 	$	520	 	 	$	4,378	 	 	$	297	 	 	$	413	 	 	$	10,507	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of interest expense	  	$	537	 	 	$	746	 	 	$	467	 	 	$	999	(4) 	 	$	—  	 	 	$	612	 	 	$	338	 	 	$	2,516	 	 	$	191	 	 	$	—  	 	 	$	6,406	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of amortization of financing costs	  	$	31	 	 	$	12	 	 	$	5	 	 	$	21	 	 	$	—  	 	 	$	29	 	 	$	4	 	 	$	13	 	 	$	3	 	 	$	—  	 	 	$	118	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of capitalized interest	  	$	—  	 	 	$	—  	 	 	$	9	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	9	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of revenue (7)	  	$	4,244	 	 	$	2,764	 	 	$	1,595	 	 	$	4,246	(4) 	 	$	479	 	 	$	1,588	 	 	$	1,277	 	 	$	9,483	 	 	$	655	 	 	$	394	 	 	$	26,725	 	
BXP’s share of operating expenses	  	 	1,987	 	 	 	1,167	 	 	 	797	 	 	 	1,744	(4) 	 	 	261	 	 	 	866	 	 	 	433	 	 	 	2,665	 	 	 	167	 	 	 	179	 	 	 	10,266	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of net operating income/(loss) (7)	  	 	2,257	 	 	 	1,597	 	 	 	798	 	 	 	2,502	(4) 	 	 	218	 	 	 	722	 	 	 	844	 	 	 	6,818	 	 	 	488	 	 	 	215	 	 	 	16,459	 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of termination income	  	 	66	 	 	 	—  	 	 	 	—  	 	 	 	—  	(4) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	66	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of net operating income/(loss) (excluding termination income) (7)	  	 	2,191	 	 	 	1,597	 	 	 	798	 	 	 	2,502	(4) 	 	 	218	 	 	 	722	 	 	 	844	 	 	 	6,818	 	 	 	488	 	 	 	215	 	 	 	16,393	 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of straight-line rent	  	 	54	 	 	 	41	 	 	 	307	 	 	 	225	(4) 	 	 	—  	 	 	 	122	 	 	 	6	 	 	 	2,109	 	 	 	—  	 	 	 	—  	 	 	 	2,864	 	
BXP’s share of fair value lease revenue	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	(4) 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	457	 	 	 	—  	 	 	 	—  	 	 	 	457	 	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of lease transaction costs that qualify as rent inducements	  	 	—  	 	 	 	51	 	 	 	345	 	 	 	—  	(4) 	 	 	—  	 	 	 	89	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	485	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of net operating income/(loss) - cash (excluding termination income) (7)	  	$	2,137	 	 	$	1,607	 	 	$	836	 	 	$	2,277	(4) 	 	$	218	 	 	$	689	 	 	$	838	 	 	$	4,252	 	 	$	488	 	 	$	215	 	 	$	13,557	 	

(1)	Annapolis Junction includes four properties in service and two undeveloped land parcels.	
(2)	Includes The Hub on Causeway, 1001 6th Street, Dock 72 and 7750 Wisconsin Avenue.	
(3)	Includes approximately $70 of management services income and approximately $346 of interest and other income.	
(4)	Reflects the allocation percentages pursuant to the achievement of specified investment return thresholds as provided for in the joint venture agreement.	
(5)	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.	
(6)	Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.	
(7)	Includes the Company’s share of approximately $39 of management services income and approximately $172 of interest and other income.	
 
18

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s ownership percentage	  	 	60.00	% 	 	 	55.00	% 	 	 	95.00	% 	 	 	 	 	

 	  	 	 	 	Norges Joint Ventures	 	 	 	 	 	 	 	
 	  	767 Fifth Avenue
(The GM Building)  (1)	 	 	Times Square Tower
601 Lexington Avenue
100 Federal Street
Atlantic Wharf Office  (1)	 	 	Salesforce Tower (1)	 	 	Total
Consolidated
Joint Ventures	 	
ASSETS	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Real estate, net	  	$	3,426,370	 	 	$	2,266,834	 	 	$	986,278	 	 	$	6,679,482	 	
Cash and cash held in escrows	  	 	143,055	 	 	 	162,996	 	 	 	5,039	 	 	 	311,090	 	
Other assets	  	 	109,157	 	 	 	175,403	 	 	 	210	 	 	 	284,770	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	3,678,582	 	 	$	2,605,233	 	 	$	991,527	 	 	$	7,275,342	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Mortgage notes payable, net	  	$	2,266,986	 	 	$	672,142	 	 	$	—  	 	 	$	2,939,128	 	
Other liabilities	  	 	141,418	 	 	 	85,336	 	 	 	56,382	 	 	 	283,136	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	2,408,404	 	 	 	757,478	 	 	 	56,382	 	 	 	3,222,264	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties, Inc.	  	 	763,170	 	 	 	695,741	 	 	 	910,317	 	 	 	2,369,228	 	
Noncontrolling interests	  	 	507,008	 	 	 	1,152,014	 	 	 	24,828	 	 	 	1,683,850	(2) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity	  	 	1,270,178	 	 	 	1,847,755	 	 	 	935,145	 	 	 	4,053,078	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	3,678,582	 	 	$	2,605,233	 	 	$	991,527	 	 	$	7,275,342	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of consolidated debt	  	$	906,816	 	 	$	302,464	 	 	$	—  	 	 	$	1,209,280	 	

(1)	Certain balances contain amounts that eliminate in consolidation.	
(2)	Amount excludes preferred shareholders’ capital of approximately $0.1 million.	
 
19

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	 	 	Norges Joint Ventures	 	 	 	 	 	 	 	
 	  	 	 	 	Times Square Tower	 	 	 	 	 	 	 	
 	  	 	 	 	601 Lexington Avenue	 	 	 	 	 	Total	 	
 	  	767 Fifth Avenue	 	 	100 Federal Street	 	 	 	 	 	Consolidated	 	
 	  	(The GM Building)	 	 	Atlantic Wharf Office	 	 	Salesforce Tower	 	 	Joint Ventures	 	
REVENUE	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental	  	$	65,932	 	 	$	86,046	 	 	$	3,462	 	 	$	155,440	 	
Straight-line rent	  	 	3,573	 	 	 	4,630	 	 	 	(2,791	) 	 	 	5,412	 	
Fair value lease revenue	  	 	3,976	 	 	 	236	 	 	 	—  	 	 	 	4,212	 	
Termination income	  	 	—  	 	 	 	14	 	 	 	—  	 	 	 	14	 	
Parking and other	  	 	776	 	 	 	1,435	 	 	 	—  	 	 	 	2,211	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	  	 	74,257	 	 	 	92,361	 	 	 	671	 	 	 	167,289	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EXPENSES	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating	  	 	28,462	 	 	 	32,792	 	 	 	291	 	 	 	61,545	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET OPERATING INCOME	  	 	45,795	 	 	 	59,569	 	 	 	380	 	 	 	105,744	 	
 	 	 	 	 	
Development and management services income	  	 	(537	) 	 	 	(910	) 	 	 	(50	) 	 	 	(1,497	) 	
Interest and other income	  	 	(336	) 	 	 	(424	) 	 	 	(33	) 	 	 	(793	) 	
Interest expense	  	 	21,103	 	 	 	7,073	 	 	 	—  	 	 	 	28,176	 	
Depreciation and amortization	  	 	24,151	 	 	 	20,604	 	 	 	129	 	 	 	44,884	 	
Other	  	 	—  	 	 	 	39	 	 	 	—  	 	 	 	39	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SUBTOTAL	  	 	44,381	 	 	 	26,382	 	 	 	46	 	 	 	70,809	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET INCOME/(LOSS)	  	$	1,414	 	 	$	33,187	 	 	$	334	 	 	$	34,935	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s ownership percentage	  	 	60.00	% 	 	 	55.00	% 	 	 	95.00	% 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of NOI (1)	  	$	18,318	 	 	$	26,806	 	 	$	19	 	 	$	45,143	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of NOI	  	$	27,477	 	 	$	32,763	 	 	$	361	 	 	$	60,601	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Unearned portion of capitalized fees (2)	  	$	4,613	 	 	$	3,408	 	 	$	9	 	 	$	8,030	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of partners’ noncontrolling interest (NCI):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income/(loss)	  	$	1,414	 	 	$	33,187	 	 	$	334	 	 	$	34,935	 	
Add depreciation & amortization - BXP’s basis difference	  	 	52	 	 	 	49	 	 	 	14	 	 	 	115	 	
Special allocation - BXP’s basis	  	 	—  	 	 	 	(88	) 	 	 	—  	 	 	 	(88	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income/(loss) before interest allocation	  	$	1,466	 	 	$	33,148	 	 	$	348	 	 	$	34,962	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of net income before interest allocation (1)	  	$	586	 	 	$	14,917	 	 	$	17	 	 	$	15,520	 	
Allocation of management and other fees to non-controlling partners (1)	  	 	(720	) 	 	 	(783	) 	 	 	(16	) 	 	 	(1,519	) 	
Accretion and adjustments (1)	  	 	—  	 	 	 	39	 	 	 	(175	) 	 	 	(136	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ NCI (1)	  	$	(134	) 	 	$	14,173	 	 	$	(174	) 	 	$	13,865	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of partners’ share of FFO:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income/(loss)	  	$	1,414	 	 	$	33,187	 	 	$	334	 	 	$	34,935	 	
Add depreciation & amortization	  	 	24,151	 	 	 	20,604	 	 	 	129	 	 	 	44,884	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Entity FFO	  	$	25,565	 	 	$	53,791	 	 	$	463	 	 	$	79,819	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ NCI (1)	  	$	(134	) 	 	$	14,173	 	 	$	(174	) 	 	$	13,865	 	
Partners’ share of depreciation and amortization after BXP’s basis differential (1)	  	 	9,640	 	 	 	9,250	 	 	 	6	 	 	 	18,896	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share FFO (1)	  	$	9,506	 	 	$	23,423	 	 	$	(168	) 	 	$	32,761	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of BXP’s share of FFO:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of net income/(loss) adjusted for partners’ NCI	  	$	1,548	 	 	$	19,014	 	 	$	508	 	 	$	21,070	 	
Depreciation & amortization - BXP’s basis difference	  	 	52	 	 	 	49	 	 	 	14	 	 	 	115	 	
BXP’s share of depreciation & amortization	  	 	14,459	 	 	 	11,305	 	 	 	109	 	 	 	25,873	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BXP’s share of FFO	  	$	16,059	 	 	$	30,368	 	 	$	631	 	 	$	47,058	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of select items (1):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of revenue	  	$	29,703	 	 	$	41,562	 	 	$	34	 	 	$	71,299	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of interest expense	  	$	8,441	 	 	$	3,183	 	 	$	—  	 	 	$	11,624	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of hedge amortization	  	$	144	 	 	$	—  	 	 	$	—  	 	 	$	144	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of amortization of financing costs	  	$	346	 	 	$	36	 	 	$	—  	 	 	$	382	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Partners’ share of capitalized interest	  	$	117	 	 	$	576	 	 	$	—  	 	 	$	693	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Partners’ share of NOI (1):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue	  	$	29,703	 	 	$	41,562	 	 	$	34	 	 	$	71,299	 	
Less: Termination income	  	 	—  	 	 	 	6	 	 	 	—  	 	 	 	6	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue (excluding termination income)	  	 	29,703	 	 	 	41,556	 	 	 	34	 	 	 	71,293	 	
 	 	 	 	 	
Operating expenses	  	 	11,385	 	 	 	14,756	 	 	 	15	 	 	 	26,156	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI (excluding termination income)	  	$	18,318	 	 	$	26,800	 	 	$	19	 	 	$	45,137	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue (excluding termination income)	  	$	29,703	 	 	$	41,556	 	 	 	34	 	 	$	71,293	 	
Less: Straight-line rent	  	 	1,429	 	 	 	2,084	 	 	 	(140	) 	 	 	3,373	 	
  Fair value lease revenue	  	 	1,590	 	 	 	106	 	 	 	—  	 	 	 	1,696	 	
Add: Lease transaction costs that qualify as rent inducements (3)	  	 	16	 	 	 	—  	 	 	 	—  	 	 	 	16	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	  	 	26,700	 	 	 	39,366	 	 	 	174	 	 	 	66,240	 	
 	 	 	 	 	
Less: Operating expenses	  	 	11,385	 	 	 	14,756	 	 	 	15	 	 	 	26,156	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI - cash (excluding termination income)	  	$	15,315	 	 	$	24,610	 	 	$	159	 	 	$	40,084	 	

(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

FOURTH 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	 	
 	 	December 31, 2017	 	 	December 31, 2016	 	
Net income attributable to Boston Properties, Inc. common shareholders	 	$	103,829	 	 	$	147,214	 	
Preferred dividends	 	 	2,625	 	 	 	2,704	 	
 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc.	 	 	106,454	 	 	 	149,918	 	
Net income attributable to noncontrolling interests:	 	 	 	 	 	 	 	 	
Noncontrolling interest - common units of the Operating Partnership	 	 	11,884	 	 	 	17,097	 	
Noncontrolling interest in property partnerships	 	 	13,865	 	 	 	(2,121	) 	
 	 	 	 	 	 	 	 	 	
Net income	 	 	132,203	 	 	 	164,894	 	
Gains on sales of real estate	 	 	(872	) 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	 	 	131,331	 	 	 	164,894	 	
 	 	 	
Add:	 	 	 	 	 	 	 	 	
Interest expense	 	 	91,772	 	 	 	97,896	 	
Losses from early extinguishments of debt	 	 	13,858	 	 	 	—  	 	
Depreciation and amortization	 	 	154,259	 	 	 	178,032	 	
Transaction costs	 	 	96	 	 	 	1,200	 	
General and administrative expense	 	 	29,396	 	 	 	25,293	 	
Subtract:	 	 	 	 	 	 	 	 	
Gains from investments in securities	 	 	(962	) 	 	 	(560	) 	
Interest and other income	 	 	(2,336	) 	 	 	(573	) 	
Gain on sale of investment in unconsolidated joint venture	 	 	—  	 	 	 	(59,370	) 	
Income from unconsolidated joint ventures	 	 	(4,197	) 	 	 	(2,585	) 	
Development and management services income	 	 	(9,957	) 	 	 	(9,698	) 	
 	 	 	 	 	 	 	 	 	
Net Operating Income (NOI)	 	 	403,260	 	 	 	394,529	 	
 	 	 	
Add:	 	 	 	 	 	 	 	 	
BXP’s share of NOI from unconsolidated joint ventures	 	 	16,459	(1) 	 	 	14,762	 	
 	 	 	
Subtract:	 	 	 	 	 	 	 	 	
Partners’ share of NOI from consolidated joint ventures	 	 	(45,143	)(2) 	 	 	(43,983	) 	
 	 	 	 	 	 	 	 	 	
BXP’s Share of NOI	 	 	374,576	 	 	 	365,308	 	
 	 	 	
Subtract:	 	 	 	 	 	 	 	 	
Termination income	 	 	(756	) 	 	 	(504	) 	
BXP’s share of termination income from unconsolidated joint ventures	 	 	(66	)(1) 	 	 	(13	) 	
Add:	 	 	 	 	 	 	 	 	
Partners’ share of termination income from consolidated joint ventures	 	 	6	(2) 	 	 	31	 	
 	 	 	 	 	 	 	 	 	
BXP’s Share of NOI (excluding termination income)	 	$	373,760	 	 	$	364,822	 	
 	 	 	 	 	 	 	 	 	
Net Operating Income (NOI)	 	$	403,260	 	 	$	394,529	 	
Subtract:	 	 	 	 	 	 	 	 	
Termination income	 	 	(756	) 	 	 	(504	) 	
NOI from non Same Properties (excluding termination income) (3)	 	 	(5,227	) 	 	 	(135	) 	
 	 	 	 	 	 	 	 	 	
Same Property NOI (excluding termination income)	 	 	397,277	 	 	 	393,890	 	
 	 	 	
Subtract:	 	 	 	 	 	 	 	 	
Partners’ share of NOI from consolidated joint ventures (excluding termination income)	 	 	(45,137	)(2) 	 	 	(43,952	) 	
Add:	 	 	 	 	 	 	 	 	
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income) (3)	 	 	48	 	 	 	(562	) 	
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)	 	 	16,393	(1) 	 	 	14,749	 	
Subtract:	 	 	 	 	 	 	 	 	
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) (3)	 	 	—  	 	 	 	(273	) 	
 	 	 	 	 	 	 	 	 	
BXP’s Share of Same Property NOI (excluding termination income)	 	$	368,581	 	 	$	363,852	 	

(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 December 31, 2017 and therefore are no longer a part of the Company’s property portfolio.	
 
21

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

 	 	For the three months ended	 	
 	 	December 31, 2017	 	 	December 31, 2016	 	
Net income attributable to Boston Properties, Inc. common shareholders	 	$	103,829	 	 	$	147,214	 	
Preferred dividends	 	 	2,625	 	 	 	2,704	 	
 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc.	 	 	106,454	 	 	 	149,918	 	
Net income attributable to noncontrolling interests:	 	 	 	 	 	 	 	 	
Noncontrolling interest - common units of the Operating Partnership	 	 	11,884	 	 	 	17,097	 	
Noncontrolling interest in property partnerships	 	 	13,865	 	 	 	(2,121	) 	
 	 	 	 	 	 	 	 	 	
Net income	 	 	132,203	 	 	 	164,894	 	
Gains on sales of real estate	 	 	(872	) 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	 	 	131,331	 	 	 	164,894	 	
 	 	 	
Add:	 	 	 	 	 	 	 	 	
Interest expense	 	 	91,772	 	 	 	97,896	 	
Losses from early extinguishments of debt	 	 	13,858	 	 	 	—  	 	
Depreciation and amortization	 	 	154,259	 	 	 	178,032	 	
Transaction costs	 	 	96	 	 	 	1,200	 	
General and administrative expense	 	 	29,396	 	 	 	25,293	 	
Subtract:	 	 	 	 	 	 	 	 	
Gains from investments in securities	 	 	(962	) 	 	 	(560	) 	
Interest and other income	 	 	(2,336	) 	 	 	(573	) 	
Gain on sale of investment in unconsolidated joint venture	 	 	—  	 	 	 	(59,370	) 	
Income from unconsolidated joint ventures	 	 	(4,197	) 	 	 	(2,585	) 	
Development and management services income	 	 	(9,957	) 	 	 	(9,698	) 	
 	 	 	 	 	 	 	 	 	
Net Operating Income (NOI)	 	 	403,260	 	 	 	394,529	 	
 	 	 	
Subtract:	 	 	 	 	 	 	 	 	
Straight-line rent	 	 	(22,323	) 	 	 	(14,711	) 	
Fair value lease revenue	 	 	(5,655	) 	 	 	(6,840	) 	
Termination income	 	 	(756	) 	 	 	(504	) 	
Add:	 	 	 	 	 	 	 	 	
Straight-line ground rent expense adjustment (1)	 	 	929	 	 	 	971	 	
Lease transaction costs that qualify as rent inducements (2)	 	 	225	 	 	 	487	 	
 	 	 	 	 	 	 	 	 	
NOI - cash (excluding termination income)	 	 	375,680	 	 	 	373,932	 	
 	 	 	
Subtract:	 	 	 	 	 	 	 	 	
NOI - cash from non Same Properties (excluding termination income) (3)	 	 	(6,884	) 	 	 	(23	) 	
 	 	 	 	 	 	 	 	 	
Same Property NOI - cash (excluding termination income)	 	 	368,796	 	 	 	373,909	 	
 	 	 	
Subtract:	 	 	 	 	 	 	 	 	
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income)	 	 	(40,084	)(4) 	 	 	(40,655	) 	
Add:	 	 	 	 	 	 	 	 	
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income) (3)	 	 	192	 	 	 	(600	) 	
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)	 	 	13,557	(5) 	 	 	10,602	 	
Subtract:	 	 	 	 	 	 	 	 	
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) (3)	 	 	—  	 	 	 	(153	) 	
 	 	 	 	 	 	 	 	 	
BXP’s Share of Same Property NOI - cash (excluding termination income)	 	$	342,461	 	 	$	343,103	 	

(1)	In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(31) and $27 for the three months ended December 31, 2017 and 2016, respectively. As of December 31, 2017, the Company has remaining lease payments aggregating approximately $26.4 million, all of which it expects to incur by the end of 2021 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 Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2021 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 12.	
(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 December 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

FOURTH 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-Dec-17	 	 	31-Dec-16	 	 	$ Change	 	 	% Change	 	 	31-Dec-17	 	 	31-Dec-16	 	 	$ Change	 	 	% Change	 	
Rental Revenue	 	$	619,807	 	 	$	606,923	 	 	 	 	 	 	 	 	 	 	$	15,880	 	 	$	15,155	 	 	 	 	 	 	 	 	 	
Less: Termination income	 	 	737	 	 	 	502	 	 	 	 	 	 	 	 	 	 	 	—  	 	 	 	—  	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	 	 	619,070	 	 	 	606,421	 	 	$	12,649	 	 	 	2.1	% 	 	 	15,880	 	 	 	15,155	 	 	$	725	 	 	 	4.8	% 	
 	 	 	 	 	 	 	 	 	
Less: Operating expenses and real estate taxes	 	 	228,017	 	 	 	218,303	 	 	 	9,714	 	 	 	4.4	% 	 	 	9,656	 	 	 	9,383	 	 	 	273	 	 	 	2.9	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI (excluding termination income) (3)	 	$	391,053	 	 	$	388,118	 	 	$	2,935	 	 	 	0.8	% 	 	$	6,224	 	 	$	5,772	 	 	$	452	 	 	 	7.8	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	 	$	619,070	 	 	$	606,421	 	 	 	 	 	 	 	 	 	 	$	15,880	 	 	$	15,155	 	 	 	 	 	 	 	 	 	
Less: Straight-line rent and fair value lease revenue	 	 	29,633	 	 	 	21,425	 	 	$	8,208	 	 	 	38.3	% 	 	 	2	 	 	 	14	 	 	$	(12	) 	 	 	(85.7	)% 	
 	 	 	 	 	 	 	 	 	
Add: Lease transaction costs that qualify as rent inducements (4)	 	 	225	 	 	 	487	 	 	 	(262	) 	 	 	(53.8	)% 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	 	 	589,662	 	 	 	585,483	 	 	 	4,179	 	 	 	0.7	% 	 	 	15,878	 	 	 	15,141	 	 	 	737	 	 	 	4.9	% 	
 	 	 	 	 	 	 	 	 	
Less: Operating expenses and real estate taxes	 	 	228,017	 	 	 	218,303	 	 	 	9,714	 	 	 	4.4	% 	 	 	9,656	 	 	 	9,383	 	 	 	273	 	 	 	2.9	% 	
Add: Straight-line ground rent expense (5)	 	 	929	 	 	 	971	 	 	 	(42	) 	 	 	(4.3	)% 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI (excluding termination income) - cash	 	$	362,574	 	 	$	368,151	 	 	$	(5,577	) 	 	 	(1.5	)% 	 	$	6,222	 	 	$	5,758	 	 	$	464	 	 	 	8.1	% 	

 	 	Consolidated Total (1)	 	 	Unconsolidated Joint Ventures (BXP’s share)	 	
 	 	For the three months ended	 	 	 	 	 	 	 	 	For the three months ended	 	 	 	 	 	 	 	
 	 	31-Dec-17	 	 	31-Dec-16	 	 	$ Change	 	 	% Change	 	 	31-Dec-17	 	 	31-Dec-16	 	 	$ Change	 	 	% Change	 	
Rental Revenue	 	$	635,687	 	 	$	622,078	 	 	 	 	 	 	 	 	 	 	$	26,725	 	 	$	24,369	 	 	 	 	 	 	 	 	 	
Less: Termination income	 	 	737	 	 	 	502	 	 	 	 	 	 	 	 	 	 	 	66	 	 	 	13	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	 	 	634,950	 	 	 	621,576	 	 	$	13,374	 	 	 	2.2	% 	 	 	26,659	 	 	 	24,356	 	 	$	2,303	 	 	 	9.5	% 	
 	 	 	 	 	 	 	 	 	
Less: Operating expenses and real estate taxes	 	 	237,673	 	 	 	227,686	 	 	 	9,987	 	 	 	4.4	% 	 	 	10,266	 	 	 	9,880	 	 	 	386	 	 	 	3.9	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI (excluding termination income) (3)	 	$	397,277	 	 	$	393,890	 	 	$	3,387	 	 	 	0.9	% 	 	$	16,393	 	 	$	14,476	 	 	$	1,917	 	 	 	13.2	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	 	$	634,950	 	 	$	621,576	 	 	 	 	 	 	 	 	 	 	$	26,659	 	 	$	24,356	 	 	 	 	 	 	 	 	 	
Less: Straight-line rent and fair value lease revenue	 	 	29,635	 	 	 	21,439	 	 	$	8,196	 	 	 	38.2	% 	 	 	3,321	 	 	 	4,070	 	 	$	(749	) 	 	 	(18.4	)% 	
 	 	 	 	 	 	 	 	 	
Add: Lease transaction costs that qualify as rent inducements (4)	 	 	225	 	 	 	487	 	 	 	(262	) 	 	 	(53.8	)% 	 	 	485	 	 	 	43	 	 	 	442	 	 	 	1,027.9	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	 	 	605,540	 	 	 	600,624	 	 	 	4,916	 	 	 	0.8	% 	 	 	23,823	 	 	 	20,329	 	 	 	3,494	 	 	 	17.2	% 	
 	 	 	 	 	 	 	 	 	
Less: Operating expenses and real estate taxes	 	 	237,673	 	 	 	227,686	 	 	 	9,987	 	 	 	4.4	% 	 	 	10,266	 	 	 	9,880	 	 	 	386	 	 	 	3.9	% 	
Add: Straight-line ground rent expense (5)	 	 	929	 	 	 	971	 	 	 	(42	) 	 	 	(4.3	)% 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI (excluding termination income) - cash (6)	 	$	368,796	 	 	$	373,909	 	 	$	(5,113	) 	 	 	(1.4	)% 	 	$	13,557	 	 	$	10,449	 	 	$	3,108	 	 	 	29.7	% 	

 	 	Partners’ share of Consolidated Joint Ventures	 	 	BXP’s Share (7)	 	
 	 	For the three months ended	 	 	 	 	 	 	 	 	For the three months ended	 	 	 	 	 	 	 	
 	 	31-Dec-17	 	 	31-Dec-16	 	 	$ Change	 	 	% Change	 	 	31-Dec-17	 	 	31-Dec-16	 	 	$ Change	 	 	% Change	 	
Rental Revenue	 	$	70,875	 	 	$	69,395	 	 	 	 	 	 	 	 	 	 	$	591,537	 	 	$	577,052	 	 	 	 	 	 	 	 	 	
Less: Termination income	 	 	—  	 	 	 	30	 	 	 	 	 	 	 	 	 	 	 	803	 	 	 	485	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	 	 	70,875	 	 	 	69,365	 	 	$	1,510	 	 	 	2.2	% 	 	 	590,734	 	 	 	576,567	 	 	$	14,167	 	 	 	2.5	% 	
 	 	 	 	 	 	 	 	 	
Less: Operating expenses and real estate taxes	 	 	25,786	 	 	 	24,851	 	 	 	935	 	 	 	3.8	% 	 	 	222,153	 	 	 	212,715	 	 	 	9,438	 	 	 	4.4	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI (excluding termination income) (3)	 	$	45,089	 	 	$	44,514	 	 	$	575	 	 	 	1.3	% 	 	$	368,581	 	 	$	363,852	 	 	$	4,729	 	 	 	1.3	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental revenue (excluding termination income) (2)	 	$	70,875	 	 	$	69,365	 	 	 	 	 	 	 	 	 	 	$	590,734	 	 	$	576,567	 	 	 	 	 	 	 	 	 	
Less: Straight-line rent and fair value lease revenue	 	 	5,213	 	 	 	3,259	 	 	$	1,954	 	 	 	60.0	% 	 	 	27,743	 	 	 	22,250	 	 	$	5,493	 	 	 	24.7	% 	
 	 	 	 	 	 	 	 	 	
Add: Lease transaction costs that qualify as rent inducements (4)	 	 	16	 	 	 	—  	 	 	 	16	 	 	 	100.0	% 	 	 	694	 	 	 	530	 	 	 	164	 	 	 	30.9	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal	 	 	65,678	 	 	 	66,106	 	 	 	(428	) 	 	 	(0.6	)% 	 	 	563,685	 	 	 	554,847	 	 	 	8,838	 	 	 	1.6	% 	
 	 	 	 	 	 	 	 	 	
Less: Operating expenses and real estate taxes	 	 	25,786	 	 	 	24,851	 	 	 	935	 	 	 	3.8	% 	 	 	222,153	 	 	 	212,715	 	 	 	9,438	 	 	 	4.4	% 	
Add: Straight-line ground rent expense (5)	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	929	 	 	 	971	 	 	 	(42	) 	 	 	(4.3	)% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI (excluding termination income) - cash (6)	 	$	39,892	 	 	$	41,255	 	 	$	(1,363	) 	 	 	(3.3	)% 	 	$	342,461	 	 	$	343,103	 	 	$	(642	) 	 	 	(0.2	)% 	

(1)	Includes 100% share of consolidated joint ventures. Same Property consolidated joint venture properties include (a) 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 (b) 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 12.	
(5)	Excludes the straight-line impact of approximately $(31) and $27 for the three months ended December 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 Transit Station. For additional information, see page 22.	
(6)	For a quantitative reconciliation of net income attributable to Boston Properties, Inc. common shareholders to NOI - cash (excluding termination income), see page 22. For disclosures relating to the Company’s use of NOI, see page 48.	
(7)	For disclosures relating to the Company’s definition and use of BXP’s Share, see page 47.	
 
23

FOURTH QUARTER 2017
 
RESIDENTIAL and HOTEL PERFORMANCE
Rental Rates and Occupancy

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Fourth Quarter	 	 	Percent	 	 	YTD	 	 	Percent	 	
 	  	2017	 	 	2016	 	 	Change	 	 	2017	 	 	2016	 	 	Change	 	
The Avant at Reston Town Center (359 units)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reston, VA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Monthly Rental Rate (1)	  	$	2,390	 	 	$	2,417	 	 	 	(1.1	)% 	 	$	2,391	 	 	$	2,385	 	 	 	0.3	% 	
Average Rental Rate Per Occupied Square Foot (1)	  	$	2.65	 	 	$	2.64	 	 	 	0.4	% 	 	$	2.64	 	 	$	2.62	 	 	 	0.8	% 	
Average Physical Occupancy (1) (2)	  	 	93.7	% 	 	 	91.9	% 	 	 	2.0	% 	 	 	93.8	% 	 	 	93.6	% 	 	 	0.2	% 	
Average Economic Occupancy (2)	  	 	92.0	% 	 	 	92.2	% 	 	 	(0.2	)% 	 	 	92.7	% 	 	 	93.6	% 	 	 	(1.0	)% 	
 	 	 	 	 	 	 	
The Lofts at Atlantic Wharf (86 units)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston, MA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Monthly Rental Rate (3)	  	$	4,237	 	 	$	4,167	 	 	 	1.7	% 	 	$	4,245	 	 	$	4,154	 	 	 	2.2	% 	
Average Rental Rate Per Occupied Square Foot (3)	  	$	4.69	 	 	$	4.65	 	 	 	0.9	% 	 	$	4.70	 	 	$	4.61	 	 	 	2.0	% 	
Average Physical Occupancy (2) (3)	  	 	93.8	% 	 	 	93.8	% 	 	 	0.0	% 	 	 	94.3	% 	 	 	95.6	% 	 	 	(1.4	)% 	
Average Economic Occupancy (2)	  	 	93.2	% 	 	 	94.1	% 	 	 	(1.0	)% 	 	 	94.8	% 	 	 	96.5	% 	 	 	(1.8	)% 	
 	 	 	 	 	 	 	
Boston Marriott Cambridge (437 rooms)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cambridge, MA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Occupancy	  	 	76.7	% 	 	 	71.3	% 	 	 	7.6	% 	 	 	79.9	% 	 	 	79.5	% 	 	 	0.5	% 	
Average Daily Rate	  	$	285.11	 	 	$	279.21	 	 	 	2.1	% 	 	$	276.67	 	 	$	271.38	 	 	 	1.9	% 	
Revenue per available room	  	$	289.19	 	 	$	199.10	 	 	 	45.2	% 	 	$	221.17	 	 	$	215.71	 	 	 	2.5	% 	
Net Operating Income (dollars in thousands) (4)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Residential	 	 	Hotel	 	
 	  	Fourth Quarter	 	 	Percent	 	 	Fourth Quarter	 	  	Percent	 	
 	  	2017	 	 	2016	 	 	Change	 	 	2017	 	 	2016	 	  	Change	 	
Rental Revenue	  	$	4,136	(5) 	 	$	4,190	(5) 	 	 	(1.3	)% 	 	$	11,744	 	 	$	10,965	 	  	 	7.1	% 	
Less: Operating expenses and real estate taxes	  	 	1,539	 	 	 	1,647	 	 	 	(6.6	)% 	 	 	8,117	 	 	 	7,736	 	  	 	4.9	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net Operating Income	  	$	2,597	(5) 	 	$	2,543	(5) 	 	 	2.1	% 	 	$	3,627	 	 	$	3,229	 	  	 	12.3	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Rental Revenue	  	$	4,136	(5) 	 	$	4,190	(5) 	 	 	 	 	 	$	11,744	 	 	$	10,965	 	  	 	 	 	
Less: Straight-line rent and fair value lease revenue	  	 	8	 	 	 	13	 	 	 	(38.5	)% 	 	 	(6	) 	 	 	1	 	  	 	(700.0	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Subtotal	  	 	4,128	 	 	 	4,177	 	 	 	(1.2	)% 	 	 	11,750	 	 	 	10,964	 	  	 	7.2	% 	
 	 	 	 	 	 	 	
Less: Operating expenses and real estate taxes	  	 	1,539	 	 	 	1,647	 	 	 	(6.6	)% 	 	 	8,117	 	 	 	7,736	 	  	 	4.9	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net Operating Income - cash basis	  	$	2,589	(5) 	 	$	2,530	(5) 	 	 	2.3	% 	 	$	3,633	 	 	$	3,228	 	  	 	12.5	% 	

(1)	Excludes 26,179 square feet of retail space that 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 that is 100% leased.	
(4)	For disclosures related to the Company’s definition of Net Operating Income, see page 48.	
(5)	Includes 35,796 square feet of retail space, which had revenue of approximately $497 and $600 for the three months ended December 31, 2017 and 2016, respectively.	
 
24

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Q4 2017	 	 	Q3 2017	 	 	Q2 2017	 	 	Q1 2017	 	 	2016	 	 	2015	 	 	2014	 	
Maintenance capital expenditures	 	$	14,221	 	 	$	12,032	 	 	$	11,643	 	 	$	10,677	 	 	$	59,838	 	 	$	56,383	 	 	$	45,618	 	
Partners’ share of maintenance capital expenditures from consolidated joint ventures	 	 	(2,021	) 	 	 	(457	) 	 	 	(1,004	) 	 	 	(2,129	) 	 	 	(2,569	) 	 	 	(5,565	) 	 	 	(4,377	) 	
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures	 	 	243	 	 	 	111	 	 	 	17	 	 	 	211	 	 	 	1,029	 	 	 	1,653	 	 	 	1,369	 	
 	 	 	 	 	 	 	 	
Hotel improvements, equipment upgrades and replacements (1)	 	 	625	 	 	 	289	 	 	 	2,502	 	 	 	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	 	 	528	 	 	 	538	 	 	 	396	 	 	 	62	 	 	 	230	 	 	 	—  	 	 	 	—  	 	
 	 	 	 	 	 	 	 	
Repositioning capital expenditures (2)	 	 	39,812	 	 	 	41,155	 	 	 	39,582	 	 	 	30,722	 	 	 	58,446	 	 	 	9,744	 	 	 	—  	 	
Partners’ share of repositioning capital expenditures from consolidated joint ventures	 	 	(11,234	) 	 	 	(11,050	) 	 	 	(9,357	) 	 	 	(5,740	) 	 	 	(2,746	) 	 	 	—  	 	 	 	—  	 	
BXP’s share of repositioning capital expenditures from unconsolidated joint ventures (3)	 	 	124	 	 	 	144	 	 	 	105	 	 	 	41	 	 	 	494	 	 	 	76	 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total BXP’s Share of Capital Expenditures	 	$	42,298	 	 	$	42,762	 	 	$	43,884	 	 	$	40,075	 	 	$	121,610	 	 	$	70,790	 	 	$	58,591	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2nd Generation Tenant Improvements and Leasing Commissions (4)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Q4 2017	 	  	Q3 2017	 	  	Q2 2017	 	  	Q1 2017	 	  	2016	 	  	2015	 	  	2014	 	
Square feet	  	 	1,337,718	 	  	 	1,296,142	 	  	 	1,340,600	 	  	 	914,880	 	  	 	4,970,991	 	  	 	5,204,123	 	  	 	3,936,046	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Tenant improvements and lease commissions PSF	  	$	65.82	 	  	$	43.66	 	  	$	63.96	 	  	$	55.92	 	  	$	62.04	 	  	$	45.40	 	  	$	29.60	 	

(1)	Includes capital expenditures related to a rooms renovation project that was completed during Q3 2017.	
(2)	Q4 2017 amount includes capital expenditures related to the repositioning activities designed to enhance revenue potential at (a) 1330 Connecticut Avenue and 1333 New Hampshire Avenue in Washington, DC, (b) 100 Federal Street (55% ownership) in Boston, MA, and (c) 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

FOURTH QUARTER 2017
 
PORTFOLIO OVERVIEW
for the three months ended December 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	  	 	13,014,106	 	 	 	914,586	 	 	 	77,480	 	 	 	330,000	 	 	 	14,336,172	 	
New York	  	 	11,245,176	 	 	 	386,828	 	 	 	—  	 	 	 	—  	 	 	 	11,632,004	 	
San Francisco and Los Angeles	  	 	6,848,860	 	 	 	355,090	 	 	 	—  	 	 	 	—  	 	 	 	7,203,950	 	
Washington, DC	  	 	9,903,031	 	 	 	695,785	 	 	 	329,195	 	 	 	—  	 	 	 	10,928,011	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	 	41,011,173	 	 	 	2,352,289	 	 	 	406,675	 	 	 	330,000	 	 	 	44,100,137	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
% of Total	  	 	93.1	% 	 	 	5.3	% 	 	 	0.9	% 	 	 	0.7	% 	 	 	100.0	% 	
Rentable Square Footage and Rental Revenue of In-Service Properties by Unit Type (1) (2)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	 	  	Rental Revenue	 	  	 	 	
 	  	 	 	  	 	 	 	Partners’ share	 	 	BXP’s share	 	  	 	 	  	 	 	
 	  	 	 	  	 	 	 	from Consolidated	 	 	from Unconsolidated	 	  	 	 	  	 	 	
Unit Type	  	Square Feet	 	  	Consolidated	 	 	Joint Ventures (3)	 	 	Joint Ventures (4)	 	  	Total	 	  	% of Total	 	
Office	  	 	41,011,173	 	  	$	555,650	 	 	$	(64,246	) 	 	$	22,777	 	  	$	514,181	 	  	 	85.6	% 	
Retail	  	 	2,352,289	 	  	 	47,621	 	 	 	(6,097	) 	 	 	1,072	 	  	 	42,596	 	  	 	7.1	% 	
Residential	  	 	406,675	 	  	 	3,509	 	 	 	—  	 	 	 	—  	 	  	 	3,509	 	  	 	0.6	% 	
Hotel	  	 	330,000	 	  	 	11,656	(5) 	 	 	—  	 	 	 	—  	 	  	 	11,656	 	  	 	1.9	% 	
Parking and other	  	 	N/A	 	  	 	26,836	(6) 	 	 	(956	) 	 	 	2,665	 	  	 	28,545	 	  	 	4.8	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total	  	 	44,100,137	 	  	$	645,272	 	 	$	(71,299	) 	 	$	26,514	 	  	$	600,487	 	  	 	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	  	 	40,478,263	 	 	 	2,298,500	 	 	 	406,675	 	 	 	330,000	 	 	 	43,513,438	 	
% of Properties In-Service	  	 	98.7	% 	 	 	97.7	% 	 	 	100.0	% 	 	 	100.0	% 	 	 	98.7	% 	
Percentage of BXP’s Share of Net Operating Income (excluding termination income) by Location and Type of Property (8)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Geographic Area	  	Office	 	 	Residential	 	 	Hotel	 	 	Total	 	
Boston	  	 	31.8	% 	 	 	0.2	% 	 	 	1.0	% 	 	 	33.0	% 	
New York	  	 	28.6	% 	 	 	—  	 	 	 	—  	 	 	 	28.6	% 	
San Francisco and Los Angeles	  	 	17.9	% 	 	 	—  	 	 	 	—  	 	 	 	17.9	% 	
Washington, DC	  	 	20.0	% 	 	 	0.5	% 	 	 	—  	 	 	 	20.5	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	  	 	98.3	% 	 	 	0.7	% 	 	 	1.0	% 	 	 	100.0	% 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
Geographic Area	  	CBD	 	 	Suburban	 	 	Total	 	
Boston	  	 	25.8	% 	 	 	7.2	% 	 	 	33.0	% 	
New York	  	 	26.0	% 	 	 	2.6	% 	 	 	28.6	% 	
San Francisco and Los Angeles	  	 	14.7	% 	 	 	3.2	% 	 	 	17.9	% 	
Washington, DC	  	 	8.8	% 	 	 	11.7	% 	 	 	20.5	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
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)	For additional information, see page 18.	
(5)	Excludes approximately $88 of revenue from retail tenants that is included in Retail above.	
(6)	Includes approximately $3,000 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

FOURTH QUARTER 2017
 
IN-SERVICE PROPERTY LISTING
as of December 31, 2017

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Encumbered	 	 	Central	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	with secured	 	 	Business	 	
 	 	 	 	 	 	Number of	 	 	 	 	 	 	 	 	Rental Obligations	 	 	debt	 	 	District (CBD) or	 	
 	 	 	 	Sub Market	 	Buildings	 	 	Square Feet	 	 	Leased % (1)	 	 	Per Leased SF (2)	 	 	(Y/N)	 	 	Suburban (S)	 	
Boston	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	200 Clarendon Street	 	CBD Boston MA	 	 	1	 	 	 	1,764,440	 	 	 	92.1	% 	 	$	62.74	 	 	 	N	 	 	 	CBD	 	
 	 	100 Federal Street (55% ownership)	 	CBD Boston MA	 	 	1	 	 	 	1,247,849	 	 	 	93.5	% 	 	 	54.44	 	 	 	N	 	 	 	CBD	 	
 	 	800 Boylston Street - The Prudential Center	 	CBD Boston MA	 	 	1	 	 	 	1,235,538	 	 	 	95.2	% 	 	 	61.09	 	 	 	N	 	 	 	CBD	 	
 	 	111 Huntington Avenue - The Prudential Center	 	CBD Boston MA	 	 	1	 	 	 	860,455	 	 	 	97.3	% 	 	 	62.65	 	 	 	N	 	 	 	CBD	 	
 	 	Atlantic Wharf Office (55% ownership)	 	CBD Boston MA	 	 	1	 	 	 	793,827	 	 	 	100.0	% 	 	 	69.80	 	 	 	N	 	 	 	CBD	 	
(3)(4)	 	Prudential Center (retail shops)	 	CBD Boston MA	 	 	1	 	 	 	594,109	 	 	 	95.6	% 	 	 	87.99	 	 	 	N	 	 	 	CBD	 	
 	 	101 Huntington Avenue - The Prudential Center	 	CBD Boston MA	 	 	1	 	 	 	505,584	 	 	 	90.3	% 	 	 	49.55	 	 	 	N	 	 	 	CBD	 	
(5)	 	888 Boylston Street - The Prudential Center	 	CBD Boston MA	 	 	1	 	 	 	363,320	 	 	 	88.7	% 	 	 	68.51	 	 	 	N	 	 	 	CBD	 	
(3)	 	Star Market at the Prudential Center	 	CBD Boston MA	 	 	1	 	 	 	57,235	 	 	 	100.0	% 	 	 	54.44	 	 	 	N	 	 	 	CBD	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	9	 	 	 	7,422,357	 	 	 	94.3	% 	 	$	63.28	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	355 Main Street	 	East Cambridge MA	 	 	1	 	 	 	265,342	 	 	 	100.0	% 	 	$	66.01	 	 	 	N	 	 	 	CBD	 	
 	 	90 Broadway	 	East Cambridge MA	 	 	1	 	 	 	223,771	 	 	 	100.0	% 	 	 	52.75	 	 	 	N	 	 	 	CBD	 	
 	 	255 Main Street	 	East Cambridge MA	 	 	1	 	 	 	215,629	 	 	 	98.8	% 	 	 	55.41	 	 	 	N	 	 	 	CBD	 	
 	 	300 Binney Street	 	East Cambridge MA	 	 	1	 	 	 	195,191	 	 	 	100.0	% 	 	 	53.13	 	 	 	N	 	 	 	CBD	 	
 	 	150 Broadway	 	East Cambridge MA	 	 	1	 	 	 	177,226	 	 	 	100.0	% 	 	 	47.57	 	 	 	N	 	 	 	CBD	 	
 	 	105 Broadway	 	East Cambridge MA	 	 	1	 	 	 	152,664	 	 	 	100.0	% 	 	 	62.51	 	 	 	N	 	 	 	CBD	 	
 	 	325 Main Street	 	East Cambridge MA	 	 	1	 	 	 	115,361	 	 	 	100.0	% 	 	 	49.67	 	 	 	N	 	 	 	CBD	 	
 	 	250 Binney Street	 	East Cambridge MA	 	 	1	 	 	 	67,362	 	 	 	100.0	% 	 	 	44.40	 	 	 	N	 	 	 	CBD	 	
 	 	University Place	 	Mid-Cambridge MA	 	 	1	 	 	 	195,282	 	 	 	100.0	% 	 	 	47.80	 	 	 	Y	 	 	 	CBD	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	9	 	 	 	1,607,828	 	 	 	99.8	% 	 	$	54.52	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Bay Colony Corporate Center	 	Route 128 Mass Turnpike MA	 	 	4	 	 	 	997,209	 	 	 	90.3	% 	 	$	40.80	 	 	 	N	 	 	 	S	 	
 	 	Reservoir Place	 	Route 128 Mass Turnpike MA	 	 	1	 	 	 	526,985	 	 	 	99.0	% 	 	 	37.22	 	 	 	N	 	 	 	S	 	
 	 	140 Kendrick Street	 	Route 128 Mass Turnpike MA	 	 	3	 	 	 	380,987	 	 	 	100.0	% 	 	 	37.96	 	 	 	N	 	 	 	S	 	
 	 	Weston Corporate Center	 	Route 128 Mass Turnpike MA	 	 	1	 	 	 	356,995	 	 	 	100.0	% 	 	 	52.54	 	 	 	N	 	 	 	S	 	
 	 	Waltham Weston Corporate Center	 	Route 128 Mass Turnpike MA	 	 	1	 	 	 	301,667	 	 	 	93.4	% 	 	 	37.34	 	 	 	N	 	 	 	S	 	
 	 	230 CityPoint	 	Route 128 Mass Turnpike MA	 	 	1	 	 	 	298,890	 	 	 	92.2	% 	 	 	36.56	 	 	 	N	 	 	 	S	 	
 	 	200 West Street	 	Route 128 Mass Turnpike MA	 	 	1	 	 	 	256,245	 	 	 	94.7	% 	 	 	37.39	 	 	 	N	 	 	 	S	 	
 	 	10 CityPoint	 	Route 128 Mass Turnpike MA	 	 	1	 	 	 	241,199	 	 	 	96.8	% 	 	 	48.70	 	 	 	N	 	 	 	S	 	
 	 	77 CityPoint	 	Route 128 Mass Turnpike MA	 	 	1	 	 	 	209,707	 	 	 	100.0	% 	 	 	48.18	 	 	 	N	 	 	 	S	 	
(6)	 	1265 Main Street (50% ownership)	 	Route 128 Mass Turnpike MA	 	 	1	 	 	 	114,969	 	 	 	100.0	% 	 	 	44.81	 	 	 	Y	 	 	 	S	 	
(5)	 	Reservoir Place North	 	Route 128 Mass Turnpike MA	 	 	1	 	 	 	73,258	 	 	 	0.0	% 	 	 	—  	 	 	 	N	 	 	 	S	 	
 	 	195 West Street	 	Route 128 Mass Turnpike MA	 	 	1	 	 	 	63,500	 	 	 	100.0	% 	 	 	41.24	 	 	 	N	 	 	 	S	 	
 	 	Quorum Office Park	 	Route 128 Northwest MA	 	 	2	 	 	 	267,527	 	 	 	90.0	% 	 	 	19.47	 	 	 	N	 	 	 	S	 	
 	 	Lexington Office Park	 	Route 128 Northwest MA	 	 	2	 	 	 	166,693	 	 	 	68.4	% 	 	 	28.14	 	 	 	N	 	 	 	S	 	
 	 	91 Hartwell Avenue	 	Route 128 Northwest MA	 	 	1	 	 	 	119,216	 	 	 	93.2	% 	 	 	28.03	 	 	 	N	 	 	 	S	 	
 	 	201 Spring Street	 	Route 128 Northwest MA	 	 	1	 	 	 	106,300	 	 	 	100.0	% 	 	 	37.87	 	 	 	N	 	 	 	S	 	
 	 	33 Hayden Avenue	 	Route 128 Northwest MA	 	 	1	 	 	 	80,872	 	 	 	100.0	% 	 	 	43.43	 	 	 	N	 	 	 	S	 	
 	 	32 Hartwell Avenue	 	Route 128 Northwest MA	 	 	1	 	 	 	69,154	 	 	 	100.0	% 	 	 	28.33	 	 	 	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	% 	 	 	42.77	 	 	 	N	 	 	 	S	 	
 	 	181 Spring Street	 	Route 128 Northwest MA	 	 	1	 	 	 	55,793	 	 	 	100.0	% 	 	 	37.89	 	 	 	N	 	 	 	S	 	
 	 	92 Hayden Avenue	 	Route 128 Northwest MA	 	 	1	 	 	 	31,100	 	 	 	100.0	% 	 	 	40.50	 	 	 	N	 	 	 	S	 	
 	 	17 Hartwell Avenue	 	Route 128 Northwest MA	 	 	1	 	 	 	30,000	 	 	 	100.0	% 	 	 	45.38	 	 	 	N	 	 	 	S	 	
(3)	 	The Point	 	Route 128 Northwest MA	 	 	1	 	 	 	16,300	 	 	 	84.7	% 	 	 	57.65	 	 	 	N	 	 	 	S	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	31	 	 	 	4,884,630	 	 	 	91.9	% 	 	$	39.35	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Boston Office:	 	 	49	 	 	 	13,914,815	 	 	 	94.1	% 	 	$	53.95	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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 (437 rooms)	 	East Cambridge MA	 	 	1	 	 	 	334,260	 	 	 	 	 	 	 	 	 	 	 	N	 	 	 	CBD	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Boston Hotel:	 	 	1	 	 	 	334,260	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Boston:	 	 	51	 	 	 	14,336,172	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

(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)	Includes approximately 54,000 square feet of retail space, that was a part of 888 Boylston Street during development, that is excluded from Same Property analysis.	
(5)	Not included in Same Property analysis.	
(6)	This is an unconsolidated joint venture property.	
 
27

FOURTH QUARTER 2017
 
IN-SERVICE PROPERTY LISTING (continued)
as of December 31, 2017

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Central	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	Encumbered	 	 	Business	 	
 	 	 	 	 	 	Number of	 	 	 	 	 	 	 	 	Rental Obligations	 	 	with secured	 	 	District (CBD) or	 	
 	 	 	 	Sub Market	 	Buildings	 	 	Square Feet	 	 	Leased % (1)	 	 	Per Leased SF (2)	 	 	debt (Y/N)	 	 	Suburban (S)	 	
New York	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	767 Fifth Avenue (The GM Building) (60% ownership)	 	Plaza District NY	 	 	1	 	 	 	1,855,282	 	 	 	90.6	% 	 	$	150.18	 	 	 	Y	 	 	 	CBD	 	
 	 	399 Park Avenue	 	Park Avenue NY	 	 	1	 	 	 	1,723,871	 	 	 	75.8	% 	 	 	86.35	 	 	 	N	 	 	 	CBD	 	
(3)	 	601 Lexington Avenue (55% ownership)	 	Park Avenue NY	 	 	1	 	 	 	1,437,044	 	 	 	98.7	% 	 	 	96.27	 	 	 	Y	 	 	 	CBD	 	
 	 	599 Lexington Avenue	 	Park Avenue NY	 	 	1	 	 	 	1,062,601	 	 	 	94.5	% 	 	 	90.29	 	 	 	N	 	 	 	CBD	 	
 	 	Times Square Tower (55% ownership)	 	Times Square NY	 	 	1	 	 	 	1,252,109	 	 	 	95.8	% 	 	 	79.23	 	 	 	N	 	 	 	CBD	 	
 	 	250 West 55th Street	 	Times Square / West Side NY	 	 	1	 	 	 	981,143	 	 	 	89.2	% 	 	 	88.24	 	 	 	N	 	 	 	CBD	 	
 	 	510 Madison Avenue	 	Fifth/Madison Avenue NY	 	 	1	 	 	 	355,598	 	 	 	96.9	% 	 	 	126.53	 	 	 	N	 	 	 	CBD	 	
(4)	 	540 Madison Avenue (60% ownership)	 	Fifth/Madison Avenue NY	 	 	1	 	 	 	283,715	 	 	 	88.9	% 	 	 	98.63	 	 	 	Y	 	 	 	CBD	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	8	 	 	 	8,951,363	 	 	 	90.3	% 	 	$	103.10	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	One Tower Center	 	East Brunswick NJ	 	 	1	 	 	 	412,997	 	 	 	37.3	% 	 	$	30.80	 	 	 	N	 	 	 	S	 	
 	 	510 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	234,160	 	 	 	100.0	% 	 	 	35.00	 	 	 	N	 	 	 	S	 	
 	 	206 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	161,763	 	 	 	100.0	% 	 	 	31.79	 	 	 	N	 	 	 	S	 	
 	 	210 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	159,468	 	 	 	100.0	% 	 	 	37.85	 	 	 	N	 	 	 	S	 	
 	 	212 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	151,547	 	 	 	54.6	% 	 	 	37.48	 	 	 	N	 	 	 	S	 	
 	 	214 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	148,942	 	 	 	61.2	% 	 	 	36.34	 	 	 	N	 	 	 	S	 	
 	 	506 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	140,312	 	 	 	29.9	% 	 	 	40.17	 	 	 	N	 	 	 	S	 	
 	 	508 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	134,433	 	 	 	100.0	% 	 	 	34.92	 	 	 	N	 	 	 	S	 	
 	 	202 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	134,381	 	 	 	82.5	% 	 	 	38.21	 	 	 	N	 	 	 	S	 	
 	 	804 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	130,000	 	 	 	100.0	% 	 	 	37.10	 	 	 	N	 	 	 	S	 	
 	 	504 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	121,990	 	 	 	100.0	% 	 	 	30.75	 	 	 	N	 	 	 	S	 	
 	 	101 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	121,620	 	 	 	100.0	% 	 	 	36.48	 	 	 	N	 	 	 	S	 	
 	 	502 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	121,460	 	 	 	71.8	% 	 	 	35.89	 	 	 	N	 	 	 	S	 	
 	 	701 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	120,000	 	 	 	100.0	% 	 	 	39.76	 	 	 	N	 	 	 	S	 	
 	 	104 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	102,830	 	 	 	39.8	% 	 	 	36.15	 	 	 	N	 	 	 	S	 	
(5)	 	103 Carnegie Center	 	Princeton NJ	 	 	1	 	 	 	96,332	 	 	 	77.7	% 	 	 	28.75	 	 	 	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	% 	 	 	33.74	 	 	 	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	% 	 	 	34.36	 	 	 	N	 	 	 	S	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	19	 	 	 	2,680,641	 	 	 	75.5	% 	 	$	35.04	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total New York:	 	 	27	 	 	 	11,632,004	 	 	 	86.9	% 	 	$	89.46	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
San Francisco and Los Angeles	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Embarcadero Center Four	 	CBD San Francisco CA	 	 	1	 	 	 	938,749	 	 	 	87.8	% 	 	$	69.95	 	 	 	N	 	 	 	CBD	 	
 	 	Embarcadero Center One	 	CBD San Francisco CA	 	 	1	 	 	 	832,030	 	 	 	93.0	% 	 	 	63.44	 	 	 	N	 	 	 	CBD	 	
 	 	Embarcadero Center Two	 	CBD San Francisco CA	 	 	1	 	 	 	789,114	 	 	 	94.6	% 	 	 	67.77	 	 	 	N	 	 	 	CBD	 	
 	 	Embarcadero Center Three	 	CBD San Francisco CA	 	 	1	 	 	 	781,475	 	 	 	89.7	% 	 	 	62.13	 	 	 	N	 	 	 	CBD	 	
 	 	680 Folsom Street	 	CBD San Francisco CA	 	 	2	 	 	 	524,793	 	 	 	98.9	% 	 	 	61.23	 	 	 	N	 	 	 	CBD	 	
 	 	535 Mission Street	 	CBD San Francisco CA	 	 	1	 	 	 	307,235	 	 	 	100.0	% 	 	 	75.34	 	 	 	N	 	 	 	CBD	 	
 	 	690 Folsom Street	 	CBD San Francisco CA	 	 	1	 	 	 	26,080	 	 	 	100.0	% 	 	 	72.62	 	 	 	N	 	 	 	CBD	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	8	 	 	 	4,199,476	 	 	 	92.8	% 	 	$	66.09	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	601 and 651 Gateway	 	South San Francisco CA	 	 	2	 	 	 	506,279	 	 	 	100.0	% 	 	$	41.52	 	 	 	N	 	 	 	S	 	
 	 	611 Gateway	 	South San Francisco CA	 	 	1	 	 	 	260,197	 	 	 	29.8	% 	 	 	39.45	 	 	 	N	 	 	 	S	 	
 	 	Mountain View Research Park	 	Mountain View CA	 	 	15	 	 	 	540,433	 	 	 	94.3	% 	 	 	46.87	 	 	 	N	 	 	 	S	 	
 	 	2440 West El Camino Real	 	Mountain View CA	 	 	1	 	 	 	141,392	 	 	 	100.0	% 	 	 	66.38	 	 	 	N	 	 	 	S	 	
 	 	453 Ravendale Drive	 	Mountain View CA	 	 	1	 	 	 	29,620	 	 	 	65.7	% 	 	 	38.29	 	 	 	N	 	 	 	S	 	
(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	 	 	 	54.9	% 	 	 	24.31	 	 	 	N	 	 	 	S	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	26	 	 	 	1,886,923	 	 	 	83.6	% 	 	$	41.53	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(4)	 	Colorado Center (50.0% ownership)	 	West Los Angeles CA	 	 	6	 	 	 	1,117,551	 	 	 	85.6	% 	 	$	58.32	 	 	 	Y	 	 	 	CBD	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total San Francisco and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Los Angeles:	 	 	40	 	 	 	7,203,950	 	 	 	89.3	% 	 	$	58.91	 	 	 	 	 	 	 	 	 	

(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)	Excludes the portion that was removed from the in-service portfolio in Q3 2016 as part of a planned redevelopment. For additional detail, see page 45.	
(4)	This is an unconsolidated joint venture property.	
(5)	Not included in Same Property analysis.	
(6)	Property held for redevelopment.	
 
28

FOURTH QUARTER 2017
 
IN-SERVICE PROPERTY LISTING (continued)
as of December 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	 	 	 	100.0	% 	 	$	60.89	 	 	 	N	 	 	 	CBD	 	
(3)	 	500 E Street, S.W.	 	Southwest Washington DC	 	 	1	 	 	 	262,202	 	 	 	100.0	% 	 	 	45.49	 	 	 	N	 	 	 	CBD	 	
(4)(5)	 	Metropolitan Square (20% ownership)	 	East End Washington DC	 	 	1	 	 	 	606,927	 	 	 	74.8	% 	 	 	62.95	 	 	 	Y	 	 	 	CBD	 	
(4)	 	901 New York Avenue (25% ownership)	 	East End Washington DC	 	 	1	 	 	 	539,435	 	 	 	90.9	% 	 	 	66.99	 	 	 	Y	 	 	 	CBD	 	
 	 	601 Massachusetts Avenue	 	East End Washington DC	 	 	1	 	 	 	478,818	 	 	 	96.4	% 	 	 	75.30	 	 	 	N	 	 	 	CBD	 	
(4)	 	Market Square North (50% ownership)	 	East End Washington DC	 	 	1	 	 	 	416,043	 	 	 	76.6	% 	 	 	67.02	 	 	 	Y	 	 	 	CBD	 	
 	 	2200 Pennsylvania Avenue	 	CBD Washington DC	 	 	1	 	 	 	458,831	 	 	 	100.0	% 	 	 	91.54	 	 	 	N	 	 	 	CBD	 	
 	 	1333 New Hampshire Avenue	 	CBD Washington DC	 	 	1	 	 	 	315,371	 	 	 	100.0	% 	 	 	48.30	 	 	 	N	 	 	 	CBD	 	
 	 	1330 Connecticut Avenue	 	CBD Washington DC	 	 	1	 	 	 	253,145	 	 	 	86.8	% 	 	 	61.47	 	 	 	N	 	 	 	CBD	 	
 	 	Sumner Square	 	CBD Washington DC	 	 	1	 	 	 	208,892	 	 	 	98.5	% 	 	 	51.91	 	 	 	N	 	 	 	CBD	 	
(4)	 	500 North Capitol Street, N.W. (30% ownership)	 	Capitol Hill Washington DC	 	 	1	 	 	 	230,860	 	 	 	100.0	% 	 	 	70.07	 	 	 	Y	 	 	 	CBD	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	11	 	 	 	4,401,553	 	 	 	92.0	% 	 	$	65.44	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	South of Market	 	Reston VA	 	 	3	 	 	 	623,666	 	 	 	98.7	% 	 	$	56.84	 	 	 	N	 	 	 	S	 	
 	 	Fountain Square	 	Reston VA	 	 	2	 	 	 	518,345	 	 	 	88.0	% 	 	 	50.32	 	 	 	N	 	 	 	S	 	
 	 	One Freedom Square	 	Reston VA	 	 	1	 	 	 	432,585	 	 	 	92.8	% 	 	 	49.51	 	 	 	N	 	 	 	S	 	
 	 	Two Freedom Square	 	Reston VA	 	 	1	 	 	 	421,757	 	 	 	100.0	% 	 	 	47.96	 	 	 	N	 	 	 	S	 	
 	 	One and Two Discovery Square	 	Reston VA	 	 	2	 	 	 	366,990	 	 	 	97.7	% 	 	 	46.25	 	 	 	N	 	 	 	S	 	
 	 	One Reston Overlook	 	Reston VA	 	 	1	 	 	 	319,519	 	 	 	100.0	% 	 	 	40.01	 	 	 	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	% 	 	 	62.10	 	 	 	N	 	 	 	S	 	
(6)	 	Fountain Square Retail	 	Reston VA	 	 	1	 	 	 	237,209	 	 	 	96.6	% 	 	 	52.22	 	 	 	N	 	 	 	S	 	
 	 	Two Reston Overlook	 	Reston VA	 	 	1	 	 	 	134,615	 	 	 	100.0	% 	 	 	39.45	 	 	 	N	 	 	 	S	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	15	 	 	 	3,575,173	 	 	 	96.7	% 	 	$	49.57	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Wisconsin Place Office	 	Montgomery County MD	 	 	1	 	 	 	299,186	 	 	 	100.0	% 	 	$	51.85	 	 	 	N	 	 	 	S	 	
 	 	2600 Tower Oaks Boulevard	 	Montgomery County MD	 	 	1	 	 	 	179,421	 	 	 	50.2	% 	 	 	29.41	 	 	 	N	 	 	 	S	 	
 	 	New Dominion Technology Park - Building Two	 	Herndon VA	 	 	1	 	 	 	257,400	 	 	 	100.0	% 	 	 	42.87	 	 	 	N	 	 	 	S	 	
 	 	New Dominion Technology Park - Building One	 	Herndon VA	 	 	1	 	 	 	235,201	 	 	 	100.0	% 	 	 	35.55	 	 	 	Y	 	 	 	S	 	
 	 	Kingstowne Two	 	Springfield VA	 	 	1	 	 	 	156,251	 	 	 	79.0	% 	 	 	39.46	 	 	 	N	 	 	 	S	 	
 	 	Kingstowne One	 	Springfield VA	 	 	1	 	 	 	151,483	 	 	 	78.3	% 	 	 	41.41	 	 	 	N	 	 	 	S	 	
 	 	7601 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	114,028	 	 	 	100.0	% 	 	 	18.93	 	 	 	N	 	 	 	S	 	
 	 	7435 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	103,557	 	 	 	83.4	% 	 	 	23.10	 	 	 	N	 	 	 	S	 	
 	 	8000 Grainger Court	 	Springfield VA	 	 	1	 	 	 	88,775	 	 	 	100.0	% 	 	 	21.08	 	 	 	N	 	 	 	S	 	
(6)	 	Kingstowne Retail	 	Springfield VA	 	 	1	 	 	 	88,288	 	 	 	100.0	% 	 	 	36.56	 	 	 	N	 	 	 	S	 	
 	 	7500 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	79,971	 	 	 	100.0	% 	 	 	16.63	 	 	 	N	 	 	 	S	 	
 	 	7501 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	75,756	 	 	 	100.0	% 	 	 	29.01	 	 	 	N	 	 	 	S	 	
 	 	7450 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	62,402	 	 	 	100.0	% 	 	 	15.44	 	 	 	N	 	 	 	S	 	
 	 	7374 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	57,321	 	 	 	100.0	% 	 	 	18.05	 	 	 	N	 	 	 	S	 	
 	 	8000 Corporate Court	 	Springfield VA	 	 	1	 	 	 	52,539	 	 	 	100.0	% 	 	 	14.70	 	 	 	N	 	 	 	S	 	
 	 	7451 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	45,615	 	 	 	67.4	% 	 	 	26.69	 	 	 	N	 	 	 	S	 	
 	 	7300 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	32,000	 	 	 	0.0	% 	 	 	—  	 	 	 	N	 	 	 	S	 	
 	 	7375 Boston Boulevard	 	Springfield VA	 	 	1	 	 	 	26,865	 	 	 	100.0	% 	 	 	26.41	 	 	 	N	 	 	 	S	 	
(4)	 	Annapolis Junction Building Seven (50% ownership)	 	Anne Arundel County MD	 	 	1	 	 	 	127,229	 	 	 	100.0	% 	 	 	31.79	 	 	 	Y	 	 	 	S	 	
(4)	 	Annapolis Junction Building Eight (50% ownership)	 	Anne Arundel County MD	 	 	1	 	 	 	125,685	 	 	 	0.0	% 	 	 	—  	 	 	 	Y	 	 	 	S	 	
(4)	 	Annapolis Junction Building Six (50% ownership)	 	Anne Arundel County MD	 	 	1	 	 	 	119,339	 	 	 	75.2	% 	 	 	30.57	 	 	 	Y	 	 	 	S	 	
(4)	 	Annapolis Junction Building One (50% ownership)	 	Anne Arundel County MD	 	 	1	 	 	 	117,599	 	 	 	34.6	% 	 	 	95.81	 	 	 	Y	 	 	 	S	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	22	 	 	 	2,595,911	 	 	 	82.6	% 	 	$	35.03	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Washington Office:	 	 	48	 	 	 	10,572,637	 	 	 	91.3	% 	 	$	53.00	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Residential	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	The Avant at Reston Town Center (359 units)	 	Reston VA	 	 	1	 	 	 	355,374	 	 	 	 	 	 	 	 	 	 	 	N	 	 	 	S	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Washington Residential:	 	 	1	 	 	 	355,374	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Washington, DC:	 	 	49	 	 	 	10,928,011	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total In-Service Properties:	 	 	167	 	 	 	44,100,137	 	 	 	90.7	%(7) 	 	$	63.66	(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)	On January 9, 2018, the Company completed the sale of this property. For additional information, reference the Company’s fourth quarter earnings press release.	
(4)	This is an unconsolidated joint venture property.	
(5)	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.	
(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

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	CBD	 	 	Suburban	 	 	Total	 	
Location	  	31-Dec-17	 	 	31-Dec-16	 	 	31-Dec-17	 	 	31-Dec-16	 	 	31-Dec-17	 	 	31-Dec-16	 	
Boston	  	 	95.3	% 	 	 	91.8	% 	 	 	91.9	% 	 	 	88.7	% 	 	 	94.1	% 	 	 	90.7	% 	
New York	  	 	90.3	% 	 	 	94.2	% 	 	 	75.5	% 	 	 	76.4	% 	 	 	86.9	% 	 	 	90.2	% 	
San Francisco and Los Angeles	  	 	91.3	% 	 	 	90.6	% 	 	 	83.6	% 	 	 	87.6	% 	 	 	89.3	% 	 	 	89.8	% 	
Washington, DC	  	 	92.0	% 	 	 	92.2	% 	 	 	90.8	% 	 	 	88.3	% 	 	 	91.3	% 	 	 	89.9	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Portfolio	  	 	92.4	% 	 	 	92.4	% 	 	 	87.7	% 	 	 	86.4	% 	 	 	90.7	% 	 	 	90.2	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Same Property Portfolio (1) (2)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	CBD	 	 	Suburban	 	 	Total	 	
Location	  	31-Dec-17	 	 	31-Dec-16	 	 	31-Dec-17	 	 	31-Dec-16	 	 	31-Dec-17	 	 	31-Dec-16	 	
Boston	  	 	95.8	% 	 	 	91.7	% 	 	 	93.3	% 	 	 	89.2	% 	 	 	94.9	% 	 	 	90.8	% 	
New York	  	 	90.3	% 	 	 	94.2	% 	 	 	75.5	% 	 	 	76.4	% 	 	 	87.0	% 	 	 	90.2	% 	
San Francisco and Los Angeles	  	 	91.3	% 	 	 	90.6	% 	 	 	83.6	% 	 	 	87.6	% 	 	 	89.3	% 	 	 	89.8	% 	
Washington, DC	  	 	92.0	% 	 	 	92.2	% 	 	 	90.8	% 	 	 	88.3	% 	 	 	91.3	% 	 	 	89.9	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Portfolio	  	 	92.5	% 	 	 	92.4	% 	 	 	88.1	% 	 	 	86.5	% 	 	 	90.9	% 	 	 	90.3	% 	

(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

FOURTH 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	  	 	3.22	% 	
2.	  	US Government	  	 	2.71	% 	
3.	  	Biogen	  	 	1.93	% 	
4.	  	Kirkland & Ellis	  	 	1.71	% 	
5.	  	Shearman & Sterling	  	 	1.71	% 	
6.	  	Ropes & Gray	  	 	1.56	% 	
7.	  	O’Melveny & Myers	  	 	1.28	% 	
8.	  	Google	  	 	1.27	% 	
9.	  	Wellington Management	  	 	1.21	% 	
10.	  	Bank of America	  	 	1.17	% 	
11.	  	Starr Indemnity & Liability Co.	  	 	1.16	% 	
12.	  	Weil Gotshal & Manges	  	 	1.05	% 	
13.	  	Aramis (Estee Lauder)	  	 	1.01	% 	
14.	  	Mass Financial Services	  	 	0.97	% 	
15.	  	Citibank	  	 	0.89	% 	
16.	  	Microsoft	  	 	0.86	% 	
17.	  	Hunton & Williams	  	 	0.85	% 	
18.	  	Morrison & Foerster	  	 	0.84	% 	
19.	  	WeWork	  	 	0.83	% 	
20.	  	Smithsonian Institution	  	 	0.79	% 	
 	  	 	  	 	 	 	
 	  	BXP’s Share of Annualized Rental Obligations	  	 	27.02	% 	
 	  	 	  	 	 	 	
 	  	BXP’s Share of Square Feet	  	 	22.32	% 	
NOTABLE SIGNED DEALS (2)

 	 	 	 	 	 	 	
Tenant	  	Property	  	Square Feet	 	
salesforce.com	  	Salesforce Tower	  	 	886,000	(3) 	
Marriott International	  	7750 Wisconsin Avenue	  	 	722,000	(4) 	
US Government	  	6595 Springfield Center Drive	  	 	625,000	 	
Akamai Technologies	  	145 Broadway	  	 	477,000	 	

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.	
(3)	As of December 31, 2017, approximately 100,000 square feet has been placed in-service.	
(4)	Subject to adjustment based on final building design, which is currently estimated to be approximately 740,000 rentable square feet, see page 45.	
 
31

FOURTH QUARTER 2017
 
LEASE EXPIRATIONS (1) (2) (3)
IN-SERVICE OFFICE PROPERTIES

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Year of Lease
Expiration	  	Rentable Square
Footage Subject to
Expiring Leases	 	  	Current Annualized
Rental Obligations Under
Expiring Leases	 	  	Current Annualized
Rental Obligations Under
Expiring Leases p.s.f.	 	  	Annualized
Rental Obligations Under
Expiring Leases
with future step-ups	 	  	Annualized
Rental Obligations Under
Expiring Leases with
future step-ups - p.s.f.	 	  	Percentage of
Total Square Feet	 	
2017	  	 	238,416	 	  	$	12,860,091	 	  	$	53.94	 	  	$	12,860,091	 	  	$	53.94	 	  	 	0.61	%(4) 	
2018	  	 	1,494,085	 	  	 	93,148,101	 	  	 	62.34	 	  	 	93,591,073	 	  	 	62.64	 	  	 	3.84	% 	
2019	  	 	3,236,284	 	  	 	166,391,887	 	  	 	51.41	 	  	 	169,215,570	 	  	 	52.29	 	  	 	8.31	% 	
2020	  	 	4,019,717	 	  	 	248,602,065	 	  	 	61.85	 	  	 	252,563,118	 	  	 	62.83	 	  	 	10.32	% 	
2021	  	 	3,740,678	 	  	 	199,990,992	 	  	 	53.46	 	  	 	211,656,341	 	  	 	56.58	 	  	 	9.60	% 	
2022	  	 	4,031,493	 	  	 	246,072,799	 	  	 	61.04	 	  	 	257,031,640	 	  	 	63.76	 	  	 	10.35	% 	
2023	  	 	1,737,479	 	  	 	97,541,176	 	  	 	56.14	 	  	 	110,261,480	 	  	 	63.46	 	  	 	4.46	% 	
2024	  	 	3,019,318	 	  	 	177,627,452	 	  	 	58.83	 	  	 	192,350,137	 	  	 	63.71	 	  	 	7.75	% 	
2025	  	 	2,495,962	 	  	 	144,303,377	 	  	 	57.81	 	  	 	163,445,961	 	  	 	65.48	 	  	 	6.41	% 	
2026	  	 	2,618,481	 	  	 	196,750,472	 	  	 	75.14	 	  	 	217,089,530	 	  	 	82.91	 	  	 	6.72	% 	
Thereafter	  	 	10,164,908	 	  	 	698,817,204	 	  	 	68.75	 	  	 	897,889,416	 	  	 	88.33	 	  	 	26.10	% 	
IN-SERVICE RETAIL PROPERTIES

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Year of Lease
Expiration	  	Rentable Square
Footage Subject to
Expiring Leases	 	  	Current Annualized
Rental Obligations Under
Expiring Leases	 	  	Current Annualized
Rental Obligations Under
Expiring Leases p.s.f.	 	  	Annualized
Rental Obligations Under
Expiring Leases
with future step-ups	 	  	Annualized
Rental Obligations Under
Expiring Leases with
future step-ups - p.s.f.	 	  	Percentage of
Total Square Feet	 	
2017	  	 	3,277	 	  	$	318,757	 	  	$	97.27	 	  	$	318,757	 	  	$	97.27	 	  	 	0.16	%(4) 	
2018	  	 	80,421	 	  	 	16,145,372	 	  	 	200.76	 	  	 	16,399,239	 	  	 	203.92	 	  	 	3.91	% 	
2019	  	 	118,818	 	  	 	8,443,154	 	  	 	71.06	 	  	 	9,203,262	 	  	 	77.46	 	  	 	5.77	% 	
2020	  	 	198,836	 	  	 	12,814,738	 	  	 	64.45	 	  	 	12,861,292	 	  	 	64.68	 	  	 	9.66	% 	
2021	  	 	150,963	 	  	 	21,233,849	 	  	 	140.66	 	  	 	22,785,426	 	  	 	150.93	 	  	 	7.33	% 	
2022	  	 	240,960	 	  	 	18,728,167	 	  	 	77.72	 	  	 	19,298,301	 	  	 	80.09	 	  	 	11.71	% 	
2023	  	 	206,303	 	  	 	16,641,466	 	  	 	80.67	 	  	 	17,996,292	 	  	 	87.23	 	  	 	10.02	% 	
2024	  	 	115,562	 	  	 	10,864,784	 	  	 	94.02	 	  	 	12,320,161	 	  	 	106.61	 	  	 	5.61	% 	
2025	  	 	132,139	 	  	 	8,888,365	 	  	 	67.27	 	  	 	9,783,872	 	  	 	74.04	 	  	 	6.42	% 	
2026	  	 	111,807	 	  	 	13,823,596	 	  	 	123.64	 	  	 	16,143,593	 	  	 	144.39	 	  	 	5.43	% 	
Thereafter	  	 	699,289	 	  	 	60,351,080	 	  	 	86.30	 	  	 	96,869,238	 	  	 	138.53	 	  	 	33.97	% 	
TOTAL IN-SERVICE PROPERTIES

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Year of Lease
Expiration	  	Rentable Square
Footage Subject to
Expiring Leases	 	  	Current Annualized
Rental Obligations Under
Expiring Leases	 	  	Current Annualized
Rental Obligations Under
Expiring Leases p.s.f.	 	  	Annualized
Rental Obligations Under
Expiring Leases
with future step-ups	 	  	Annualized
Rental Obligations Under
Expiring Leases with
future step-ups - p.s.f.	 	  	Percentage of
Total Square Feet	 	
2017	  	 	241,693	 	  	$	13,178,848	 	  	$	54.53	 	  	$	13,178,848	 	  	$	54.53	 	  	 	0.59	%(4) 	
2018	  	 	1,574,506	 	  	 	109,293,473	 	  	 	69.41	 	  	 	109,990,312	 	  	 	69.86	 	  	 	3.84	% 	
2019	  	 	3,355,102	 	  	 	174,835,041	 	  	 	52.11	 	  	 	178,418,832	 	  	 	53.18	 	  	 	8.18	% 	
2020	  	 	4,218,553	 	  	 	261,416,803	 	  	 	61.97	 	  	 	265,424,410	 	  	 	62.92	 	  	 	10.29	% 	
2021	  	 	3,891,641	 	  	 	221,224,842	 	  	 	56.85	 	  	 	234,441,767	 	  	 	60.24	 	  	 	9.49	% 	
2022	  	 	4,272,453	 	  	 	264,800,966	 	  	 	61.98	 	  	 	276,329,942	 	  	 	64.68	 	  	 	10.42	% 	
2023	  	 	1,943,782	 	  	 	114,182,643	 	  	 	58.74	 	  	 	128,257,772	 	  	 	65.98	 	  	 	4.74	% 	
2024	  	 	3,134,880	 	  	 	188,492,236	 	  	 	60.13	 	  	 	204,670,298	 	  	 	65.29	 	  	 	7.64	% 	
2025	  	 	2,628,101	 	  	 	153,191,742	 	  	 	58.29	 	  	 	173,229,833	 	  	 	65.91	 	  	 	6.41	% 	
2026	  	 	2,730,288	 	  	 	210,574,068	 	  	 	77.13	 	  	 	233,233,122	 	  	 	85.42	 	  	 	6.66	% 	
Thereafter	  	 	10,864,197	 	  	 	759,168,283	 	  	 	69.88	 	  	 	994,758,653	 	  	 	91.56	 	  	 	26.49	% 	
 
(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties. Does not include residential units 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

FOURTH QUARTER 2017
 
IN-SERVICE BOSTON REGION PROPERTIES
Lease Expirations - Boston 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	  	 	129,975	 	  	$	7,293,283	 	  	$	56.11	 	  	$	7,293,283	 	  	$	56.11	(4) 	
2018	  	 	301,377	 	  	 	11,991,733	 	  	 	39.79	 	  	 	12,004,319	 	  	 	39.83	 	
2019	  	 	768,442	 	  	 	36,606,486	 	  	 	47.64	 	  	 	36,741,792	 	  	 	47.81	 	
2020	  	 	560,530	 	  	 	27,895,995	 	  	 	49.77	 	  	 	28,842,108	 	  	 	51.46	 	
2021	  	 	1,088,879	 	  	 	44,534,651	 	  	 	40.90	 	  	 	45,562,848	 	  	 	41.84	 	
2022	  	 	1,523,763	 	  	 	79,421,799	 	  	 	52.12	 	  	 	80,878,668	 	  	 	53.08	 	
2023	  	 	692,538	 	  	 	35,333,026	 	  	 	51.02	 	  	 	40,332,926	 	  	 	58.24	 	
2024	  	 	833,442	 	  	 	40,729,145	 	  	 	48.87	 	  	 	43,080,677	 	  	 	51.69	 	
2025	  	 	1,093,249	 	  	 	62,034,817	 	  	 	56.74	 	  	 	69,436,611	 	  	 	63.51	 	
2026	  	 	1,063,282	 	  	 	71,751,228	 	  	 	67.48	 	  	 	78,900,356	 	  	 	74.20	 	
Thereafter	  	 	4,056,465	 	  	 	214,186,106	 	  	 	52.80	 	  	 	255,394,320	 	  	 	62.96	 	
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	  	 	3	 	  	$	193,000	 	  	$	64,333.32	 	  	$	193,000	 	  	$	64,333.32	(4) 	
2018	  	 	27,714	 	  	 	3,463,984	 	  	 	124.99	 	  	 	3,463,984	 	  	 	124.99	 	
2019	  	 	11,787	 	  	 	1,988,674	 	  	 	168.72	 	  	 	1,992,032	 	  	 	169.00	 	
2020	  	 	93,218	 	  	 	6,190,455	 	  	 	66.41	 	  	 	6,305,591	 	  	 	67.64	 	
2021	  	 	30,208	 	  	 	2,468,156	 	  	 	81.71	 	  	 	2,575,611	 	  	 	85.26	 	
2022	  	 	110,729	 	  	 	7,228,345	 	  	 	65.28	 	  	 	7,309,280	 	  	 	66.01	 	
2023	  	 	80,258	 	  	 	7,852,405	 	  	 	97.84	 	  	 	8,310,597	 	  	 	103.55	 	
2024	  	 	72,205	 	  	 	4,404,860	 	  	 	61.00	 	  	 	4,834,235	 	  	 	66.95	 	
2025	  	 	30,224	 	  	 	3,806,380	 	  	 	125.94	 	  	 	4,159,596	 	  	 	137.63	 	
2026	  	 	18,912	 	  	 	5,121,496	 	  	 	270.81	 	  	 	5,945,295	 	  	 	314.37	 	
Thereafter	  	 	371,482	 	  	 	23,307,131	 	  	 	62.74	 	  	 	25,181,225	 	  	 	67.79	 	
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	  	 	129,978	 	  	$	7,486,283	 	  	$	57.60	 	  	$	7,486,283	 	  	$	57.60	(4) 	
2018	  	 	329,091	 	  	 	15,455,717	 	  	 	46.96	 	  	 	15,468,303	 	  	 	47.00	 	
2019	  	 	780,229	 	  	 	38,595,160	 	  	 	49.47	 	  	 	38,733,825	 	  	 	49.64	 	
2020	  	 	653,748	 	  	 	34,086,450	 	  	 	52.14	 	  	 	35,147,699	 	  	 	53.76	 	
2021	  	 	1,119,087	 	  	 	47,002,807	 	  	 	42.00	 	  	 	48,138,459	 	  	 	43.02	 	
2022	  	 	1,634,492	 	  	 	86,650,144	 	  	 	53.01	 	  	 	88,187,948	 	  	 	53.95	 	
2023	  	 	772,796	 	  	 	43,185,430	 	  	 	55.88	 	  	 	48,643,522	 	  	 	62.94	 	
2024	  	 	905,647	 	  	 	45,134,005	 	  	 	49.84	 	  	 	47,914,913	 	  	 	52.91	 	
2025	  	 	1,123,473	 	  	 	65,841,196	 	  	 	58.61	 	  	 	73,596,208	 	  	 	65.51	 	
2026	  	 	1,082,194	 	  	 	76,872,725	 	  	 	71.03	 	  	 	84,845,652	 	  	 	78.40	 	
Thereafter	  	 	4,427,947	 	  	 	237,493,237	 	  	 	53.64	 	  	 	280,575,545	 	  	 	63.36	 	

(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

FOURTH 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	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
Q2 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	129,975	 	  	 	7,293,283	 	  	 	56.11	 	  	 	7,293,283	 	  	 	56.11	(4) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	129,975	 	  	$	7,293,283	 	  	$	56.11	 	  	$	7,293,283	 	  	$	56.11	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	35,453	 	  	$	1,281,320	 	  	$	36.14	 	  	$	1,281,320	 	  	$	36.14	 	
Q2 2018	  	 	95,651	 	  	 	3,516,928	 	  	 	36.77	 	  	 	3,516,928	 	  	 	36.77	 	
Q3 2018	  	 	24,486	 	  	 	981,372	 	  	 	40.08	 	  	 	981,372	 	  	 	40.08	 	
Q4 2018	  	 	145,787	 	  	 	6,212,113	 	  	 	42.61	 	  	 	6,224,699	 	  	 	42.70	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	301,377	 	  	$	11,991,733	 	  	$	39.79	 	  	$	12,004,319	 	  	$	39.83	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
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	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	3	 	  	 	193,000	 	  	 	64,333.32	 	  	 	193,000	 	  	 	64,333.32	(4) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	3	 	  	$	193,000	 	  	$	64,333.32	 	  	$	193,000	 	  	$	64,333.32	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	8,001	 	  	$	985,956	 	  	$	123.23	 	  	$	985,956	 	  	$	123.23	 	
Q2 2018	  	 	88	 	  	 	9,680	 	  	 	110.00	 	  	 	9,680	 	  	 	110.00	 	
Q3 2018	  	 	194	 	  	 	193,062	 	  	 	995.17	 	  	 	193,062	 	  	 	995.17	 	
Q4 2018	  	 	19,431	 	  	 	2,275,286	 	  	 	117.10	 	  	 	2,275,286	 	  	 	117.10	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	27,714	 	  	$	3,463,984	 	  	$	124.99	 	  	$	3,463,984	 	  	$	124.99	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
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	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	129,978	 	  	 	7,486,283	 	  	 	57.60	 	  	 	7,486,283	 	  	 	57.60	(4) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	129,978	 	  	$	7,486,283	 	  	$	57.60	 	  	$	7,486,283	 	  	$	57.60	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	43,454	 	  	$	2,267,275	 	  	$	52.18	 	  	$	2,267,275	 	  	$	52.18	 	
Q2 2018	  	 	95,739	 	  	 	3,526,608	 	  	 	36.84	 	  	 	3,526,608	 	  	 	36.84	 	
Q3 2018	  	 	24,680	 	  	 	1,174,434	 	  	 	47.59	 	  	 	1,174,434	 	  	 	47.59	 	
Q4 2018	  	 	165,218	 	  	 	8,487,400	 	  	 	51.37	 	  	 	8,499,986	 	  	 	51.45	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	329,091	 	  	$	15,455,717	 	  	$	46.96	 	  	$	15,468,303	 	  	$	47.00	 	

(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

FOURTH 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	  	 	34,351	 	  	$	2,263,191	 	  	$	65.88	 	  	$	2,263,191	 	  	$	65.88	(4) 	
2018	  	 	482,197	 	  	 	41,764,044	 	  	 	86.61	 	  	 	41,841,387	 	  	 	86.77	 	
2019	  	 	458,181	 	  	 	31,857,943	 	  	 	69.53	 	  	 	32,862,478	 	  	 	71.72	 	
2020	  	 	1,433,293	 	  	 	114,977,548	 	  	 	80.22	 	  	 	114,964,929	 	  	 	80.21	 	
2021	  	 	400,964	 	  	 	35,125,643	 	  	 	87.60	 	  	 	35,504,349	 	  	 	88.55	 	
2022	  	 	906,634	 	  	 	83,716,658	 	  	 	92.34	 	  	 	84,902,762	 	  	 	93.65	 	
2023	  	 	187,158	 	  	 	13,279,366	 	  	 	70.95	 	  	 	14,294,874	 	  	 	76.38	 	
2024	  	 	1,086,352	 	  	 	75,440,194	 	  	 	69.44	 	  	 	82,135,987	 	  	 	75.61	 	
2025	  	 	554,375	 	  	 	40,251,480	 	  	 	72.61	 	  	 	44,249,749	 	  	 	79.82	 	
2026	  	 	867,569	 	  	 	71,766,411	 	  	 	82.72	 	  	 	76,327,428	 	  	 	87.98	 	
Thereafter	  	 	3,293,444	 	  	 	305,886,142	 	  	 	92.88	 	  	 	410,312,661	 	  	 	124.58	 	
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	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
2018	  	 	14,052	 	  	 	9,900,333	 	  	 	704.55	 	  	 	10,167,078	 	  	 	723.53	 	
2019	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
2020	  	 	14,562	 	  	 	789,723	 	  	 	54.23	 	  	 	575,874	 	  	 	39.55	 	
2021	  	 	26,225	 	  	 	12,704,596	 	  	 	484.45	 	  	 	13,713,757	 	  	 	522.93	 	
2022	  	 	50,346	 	  	 	7,140,609	 	  	 	141.83	 	  	 	7,378,059	 	  	 	146.55	 	
2023	  	 	1,847	 	  	 	1,893,637	 	  	 	1,025.25	 	  	 	2,256,696	 	  	 	1,221.82	 	
2024	  	 	11,919	 	  	 	4,419,121	 	  	 	370.76	 	  	 	5,225,743	 	  	 	438.44	 	
2025	  	 	1,872	 	  	 	656,702	 	  	 	350.80	 	  	 	732,638	 	  	 	391.37	 	
2026	  	 	34,807	 	  	 	4,665,743	 	  	 	134.05	 	  	 	5,719,108	 	  	 	164.31	 	
Thereafter	  	 	129,097	 	  	 	28,402,530	 	  	 	220.01	 	  	 	61,221,133	 	  	 	474.23	 	
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	  	 	34,351	 	  	$	2,263,191	 	  	$	65.88	 	  	$	2,263,191	 	  	$	65.88	(4) 	
2018	  	 	496,249	 	  	 	51,664,377	 	  	 	104.11	 	  	 	52,008,466	 	  	 	104.80	 	
2019	  	 	458,181	 	  	 	31,857,943	 	  	 	69.53	 	  	 	32,862,478	 	  	 	71.72	 	
2020	  	 	1,447,855	 	  	 	115,767,270	 	  	 	79.96	 	  	 	115,540,802	 	  	 	79.80	 	
2021	  	 	427,189	 	  	 	47,830,239	 	  	 	111.97	 	  	 	49,218,105	 	  	 	115.21	 	
2022	  	 	956,980	 	  	 	90,857,268	 	  	 	94.94	 	  	 	92,280,821	 	  	 	96.43	 	
2023	  	 	189,005	 	  	 	15,173,003	 	  	 	80.28	 	  	 	16,551,571	 	  	 	87.57	 	
2024	  	 	1,098,271	 	  	 	79,859,315	 	  	 	72.71	 	  	 	87,361,730	 	  	 	79.54	 	
2025	  	 	556,247	 	  	 	40,908,182	 	  	 	73.54	 	  	 	44,982,387	 	  	 	80.87	 	
2026	  	 	902,376	 	  	 	76,432,154	 	  	 	84.70	 	  	 	82,046,537	 	  	 	90.92	 	
Thereafter	  	 	3,422,541	 	  	 	334,288,672	 	  	 	97.67	 	  	 	471,533,794	 	  	 	137.77	 	
 
(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.	
 
35

FOURTH QUARTER 2017
 
IN-SERVICE NEW YORK REGION PROPERTIES
Quarterly Lease Expirations - New York 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	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	34,351	 	  	 	2,263,191	 	  	 	65.88	 	  	 	2,263,191	 	  	 	65.88	(4) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	34,351	 	  	$	2,263,191	 	  	$	65.88	 	  	$	2,263,191	 	  	$	65.88	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	148,483	 	  	$	13,301,560	 	  	$	89.58	 	  	$	13,363,838	 	  	$	90.00	 	
Q2 2018	  	 	93,732	 	  	 	10,156,004	 	  	 	108.35	 	  	 	10,156,004	 	  	 	108.35	 	
Q3 2018	  	 	178,005	 	  	 	14,068,724	 	  	 	79.04	 	  	 	14,068,724	 	  	 	79.04	 	
Q4 2018	  	 	61,977	 	  	 	4,237,756	 	  	 	68.38	 	  	 	4,252,821	 	  	 	68.62	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	482,197	 	  	$	41,764,044	 	  	$	86.61	 	  	$	41,841,387	 	  	$	86.77	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
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	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	4,600	 	  	$	357,428	 	  	$	77.70	 	  	$	357,428	 	  	$	77.70	 	
Q2 2018	  	 	2,177	 	  	 	480,551	 	  	 	220.74	 	  	 	480,551	 	  	 	220.74	 	
Q3 2018	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2018	  	 	7,275	 	  	 	9,062,353	 	  	 	1,245.68	 	  	 	9,329,099	 	  	 	1,282.35	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	14,052	 	  	$	9,900,333	 	  	$	704.55	 	  	$	10,167,078	 	  	$	723.53	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
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	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	34,351	 	  	 	2,263,191	 	  	 	65.88	 	  	 	2,263,191	 	  	 	65.88	(4) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	34,351	 	  	$	2,263,191	 	  	$	65.88	 	  	$	2,263,191	 	  	$	65.88	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	153,083	 	  	$	13,658,988	 	  	$	89.23	 	  	$	13,721,266	 	  	$	89.63	 	
Q2 2018	  	 	95,909	 	  	 	10,636,555	 	  	 	110.90	 	  	 	10,636,555	 	  	 	110.90	 	
Q3 2018	  	 	178,005	 	  	 	14,068,724	 	  	 	79.04	 	  	 	14,068,724	 	  	 	79.04	 	
Q4 2018	  	 	69,252	 	  	 	13,300,110	 	  	 	192.05	 	  	 	13,581,920	 	  	 	196.12	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	496,249	 	  	$	51,664,377	 	  	$	104.11	 	  	$	52,008,466	 	  	$	104.80	 	

(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.	
 
36

FOURTH QUARTER 2017
 
IN-SERVICE SAN FRANCISCO AND LOS ANGELES REGIONS PROPERTIES
Lease Expirations - San Francisco and Los Angeles Regions (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	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
2018	  	 	239,670	 	  	 	14,554,595	 	  	 	60.73	 	  	 	14,592,222	 	  	 	60.88	 	
2019	  	 	879,597	 	  	 	43,620,371	 	  	 	49.59	 	  	 	44,914,912	 	  	 	51.06	 	
2020	  	 	687,661	 	  	 	44,268,697	 	  	 	64.38	 	  	 	44,962,932	 	  	 	65.39	 	
2021	  	 	1,022,864	 	  	 	52,374,403	 	  	 	51.20	 	  	 	57,460,532	 	  	 	56.18	 	
2022	  	 	865,627	 	  	 	48,981,905	 	  	 	56.59	 	  	 	53,653,000	 	  	 	61.98	 	
2023	  	 	352,459	 	  	 	23,992,304	 	  	 	68.07	 	  	 	27,178,142	 	  	 	77.11	 	
2024	  	 	450,282	 	  	 	27,526,689	 	  	 	61.13	 	  	 	28,697,137	 	  	 	63.73	 	
2025	  	 	338,088	 	  	 	19,760,031	 	  	 	58.45	 	  	 	23,531,316	 	  	 	69.60	 	
2026	  	 	280,908	 	  	 	20,153,689	 	  	 	71.74	 	  	 	23,125,823	 	  	 	82.33	 	
Thereafter	  	 	958,691	 	  	 	64,524,230	 	  	 	67.30	 	  	 	86,724,975	 	  	 	90.46	 	
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	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
2018	  	 	16,705	 	  	 	1,195,151	 	  	 	71.54	 	  	 	1,179,827	 	  	 	70.63	 	
2019	  	 	13,325	 	  	 	715,632	 	  	 	53.71	 	  	 	725,413	 	  	 	54.44	 	
2020	  	 	31,336	 	  	 	1,974,643	 	  	 	63.02	 	  	 	2,047,392	 	  	 	65.34	 	
2021	  	 	22,163	 	  	 	1,456,377	 	  	 	65.71	 	  	 	1,520,608	 	  	 	68.61	 	
2022	  	 	40,589	 	  	 	1,912,485	 	  	 	47.12	 	  	 	2,045,374	 	  	 	50.39	 	
2023	  	 	39,592	 	  	 	2,225,404	 	  	 	56.21	 	  	 	2,345,403	 	  	 	59.24	 	
2024	  	 	9,388	 	  	 	652,687	 	  	 	69.52	 	  	 	730,329	 	  	 	77.79	 	
2025	  	 	22,933	 	  	 	1,478,050	 	  	 	64.45	 	  	 	1,671,387	 	  	 	72.88	 	
2026	  	 	24,494	 	  	 	1,760,789	 	  	 	71.89	 	  	 	1,980,777	 	  	 	80.87	 	
Thereafter	  	 	65,228	 	  	 	2,963,184	 	  	 	45.43	 	  	 	3,766,739	 	  	 	57.75	 	
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	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
2018	  	 	256,375	 	  	 	15,749,745	 	  	 	61.43	 	  	 	15,772,050	 	  	 	61.52	 	
2019	  	 	892,922	 	  	 	44,336,003	 	  	 	49.65	 	  	 	45,640,326	 	  	 	51.11	 	
2020	  	 	718,997	 	  	 	46,243,340	 	  	 	64.32	 	  	 	47,010,324	 	  	 	65.38	 	
2021	  	 	1,045,027	 	  	 	53,830,780	 	  	 	51.51	 	  	 	58,981,140	 	  	 	56.44	 	
2022	  	 	906,216	 	  	 	50,894,391	 	  	 	56.16	 	  	 	55,698,374	 	  	 	61.46	 	
2023	  	 	392,051	 	  	 	26,217,708	 	  	 	66.87	 	  	 	29,523,544	 	  	 	75.31	 	
2024	  	 	459,670	 	  	 	28,179,376	 	  	 	61.30	 	  	 	29,427,466	 	  	 	64.02	 	
2025	  	 	361,021	 	  	 	21,238,081	 	  	 	58.83	 	  	 	25,202,703	 	  	 	69.81	 	
2026	  	 	305,402	 	  	 	21,914,478	 	  	 	71.76	 	  	 	25,106,599	 	  	 	82.21	 	
Thereafter	  	 	1,023,919	 	  	 	67,487,415	 	  	 	65.91	 	  	 	90,491,714	 	  	 	88.38	 	

(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.	
 
37

FOURTH 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	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
Q2 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	129,749	 	  	$	8,719,137	 	  	$	67.20	 	  	$	8,719,137	 	  	$	67.20	 	
Q2 2018	  	 	51,307	 	  	 	2,965,034	 	  	 	57.79	 	  	 	2,972,305	 	  	 	57.93	 	
Q3 2018	  	 	28,021	 	  	 	1,366,657	 	  	 	48.77	 	  	 	1,369,139	 	  	 	48.86	 	
Q4 2018	  	 	30,593	 	  	 	1,503,767	 	  	 	49.15	 	  	 	1,531,641	 	  	 	50.07	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	239,670	 	  	$	14,554,595	 	  	$	60.73	 	  	$	14,592,222	 	  	$	60.88	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
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	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	2,288	 	  	$	191,733	 	  	$	83.80	 	  	$	191,733	 	  	$	83.80	 	
Q2 2018	  	 	400	 	  	 	45,203	 	  	 	113.01	 	  	 	45,203	 	  	 	113.01	 	
Q3 2018	  	 	2,771	 	  	 	137,352	 	  	 	49.57	 	  	 	137,352	 	  	 	49.57	 	
Q4 2018	  	 	11,246	 	  	 	820,862	 	  	 	72.99	 	  	 	805,539	 	  	 	71.63	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	16,705	 	  	$	1,195,151	 	  	$	71.54	 	  	$	1,179,827	 	  	$	70.63	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
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	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	  	$	—  	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	132,037	 	  	$	8,910,871	 	  	$	67.49	 	  	$	8,910,871	 	  	$	67.49	 	
Q2 2018	  	 	51,707	 	  	 	3,010,237	 	  	 	58.22	 	  	 	3,017,508	 	  	 	58.36	 	
Q3 2018	  	 	30,792	 	  	 	1,504,009	 	  	 	48.84	 	  	 	1,506,491	 	  	 	48.92	 	
Q4 2018	  	 	41,839	 	  	 	2,324,629	 	  	 	55.56	 	  	 	2,337,181	 	  	 	55.86	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	256,375	 	  	$	15,749,745	 	  	$	61.43	 	  	$	15,772,050	 	  	$	61.52	 	

(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.	
 
38

FOURTH QUARTER 2017
 
IN-SERVICE WASHINGTON, DC REGION PROPERTIES
Lease Expirations - Washington, DC Region (1) (2) (3)
OFFICE

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Year of Lease
Expiration	 	Rentable Square
Footage Subject to
Expiring Leases	 	 	Current Annualized
Rental Obligations Under
Expiring Leases	 	 	Per
Square
Foot	 	 	Annualized
Rental Obligations Under
Expiring Leases
with future step-ups	 	 	Per
Square
Foot	 	
2017	 	 	74,090	 	 	$	3,303,616	 	 	$	44.59	 	 	$	3,303,616	 	 	$	44.59	(4) 	
2018	 	 	470,841	 	 	 	24,837,729	 	 	 	52.75	 	 	 	25,153,144	 	 	 	53.42	 	
2019	 	 	1,130,064	 	 	 	54,307,088	 	 	 	48.06	 	 	 	54,696,387	 	 	 	48.40	 	
2020	 	 	1,338,233	 	 	 	61,459,826	 	 	 	45.93	 	 	 	63,793,149	 	 	 	47.67	 	
2021	 	 	1,227,971	 	 	 	67,956,295	 	 	 	55.34	 	 	 	73,128,612	 	 	 	59.55	 	
2022	 	 	735,469	 	 	 	33,952,437	 	 	 	46.16	 	 	 	37,597,210	 	 	 	51.12	 	
2023	 	 	505,324	 	 	 	24,936,481	 	 	 	49.35	 	 	 	28,455,539	 	 	 	56.31	 	
2024	 	 	649,242	 	 	 	33,931,423	 	 	 	52.26	 	 	 	38,436,335	 	 	 	59.20	 	
2025	 	 	510,250	 	 	 	22,257,049	 	 	 	43.62	 	 	 	26,228,285	 	 	 	51.40	 	
2026	 	 	406,722	 	 	 	33,079,143	 	 	 	81.33	 	 	 	38,735,922	 	 	 	95.24	 	
Thereafter	 	 	1,856,308	 	 	 	114,220,725	 	 	 	61.53	 	 	 	145,457,460	 	 	 	78.36	 	
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	 	 	3,274	 	 	$	125,757	 	 	$	38.41	 	 	$	125,757	 	 	$	38.41	(4) 	
2018	 	 	21,950	 	 	 	1,585,905	 	 	 	72.25	 	 	 	1,588,349	 	 	 	72.36	 	
2019	 	 	93,706	 	 	 	5,738,847	 	 	 	61.24	 	 	 	6,485,816	 	 	 	69.21	 	
2020	 	 	59,720	 	 	 	3,859,917	 	 	 	64.63	 	 	 	3,932,436	 	 	 	65.85	 	
2021	 	 	72,367	 	 	 	4,604,721	 	 	 	63.63	 	 	 	4,975,450	 	 	 	68.75	 	
2022	 	 	39,296	 	 	 	2,446,727	 	 	 	62.26	 	 	 	2,565,589	 	 	 	65.29	 	
2023	 	 	84,606	 	 	 	4,670,020	 	 	 	55.20	 	 	 	5,083,597	 	 	 	60.09	 	
2024	 	 	22,050	 	 	 	1,388,117	 	 	 	62.95	 	 	 	1,529,854	 	 	 	69.38	 	
2025	 	 	77,110	 	 	 	2,947,234	 	 	 	38.22	 	 	 	3,220,250	 	 	 	41.76	 	
2026	 	 	33,594	 	 	 	2,275,568	 	 	 	67.74	 	 	 	2,498,412	 	 	 	74.37	 	
Thereafter	 	 	133,482	 	 	 	5,678,234	 	 	 	42.54	 	 	 	6,700,141	 	 	 	50.20	 	
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	 	 	77,364	 	 	$	3,429,373	 	 	$	44.33	 	 	$	3,429,373	 	 	$	44.33	(4) 	
2018	 	 	492,791	 	 	 	26,423,634	 	 	 	53.62	 	 	 	26,741,493	 	 	 	54.27	 	
2019	 	 	1,223,770	 	 	 	60,045,935	 	 	 	49.07	 	 	 	61,182,204	 	 	 	49.99	 	
2020	 	 	1,397,953	 	 	 	65,319,744	 	 	 	46.73	 	 	 	67,725,585	 	 	 	48.45	 	
2021	 	 	1,300,338	 	 	 	72,561,016	 	 	 	55.80	 	 	 	78,104,063	 	 	 	60.06	 	
2022	 	 	774,765	 	 	 	36,399,164	 	 	 	46.98	 	 	 	40,162,799	 	 	 	51.84	 	
2023	 	 	589,930	 	 	 	29,606,501	 	 	 	50.19	 	 	 	33,539,135	 	 	 	56.85	 	
2024	 	 	671,292	 	 	 	35,319,540	 	 	 	52.61	 	 	 	39,966,189	 	 	 	59.54	 	
2025	 	 	587,360	 	 	 	25,204,283	 	 	 	42.91	 	 	 	29,448,535	 	 	 	50.14	 	
2026	 	 	440,316	 	 	 	35,354,711	 	 	 	80.29	 	 	 	41,234,334	 	 	 	93.65	 	
Thereafter	 	 	1,989,790	 	 	 	119,898,959	 	 	 	60.26	 	 	 	152,157,601	 	 	 	76.47	 	
 
(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties. Does not include residential units.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
(4)	Includes square feet expiring on the last day of the quarter.	
 
39

FOURTH 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	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	74,090	 	  	 	3,303,616	 	  	 	44.59	 	  	 	3,303,616	 	  	 	44.59	(4) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	74,090	 	  	$	3,303,616	 	  	$	44.59	 	  	$	3,303,616	 	  	$	44.59	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	63,369	 	  	$	2,962,165	 	  	$	46.74	 	  	$	2,972,553	 	  	$	46.91	 	
Q2 2018	  	 	157,242	 	  	 	9,227,437	 	  	 	58.68	 	  	 	9,370,247	 	  	 	59.59	 	
Q3 2018	  	 	122,516	 	  	 	6,338,811	 	  	 	51.74	 	  	 	6,401,817	 	  	 	52.25	 	
Q4 2018	  	 	127,714	 	  	 	6,309,315	 	  	 	49.40	 	  	 	6,408,527	 	  	 	50.18	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	470,841	 	  	$	24,837,729	 	  	$	52.75	 	  	$	25,153,144	 	  	$	53.42	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
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	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	3,274	 	  	 	125,757	 	  	 	38.41	 	  	 	125,757	 	  	 	38.41	(4) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	3,274	 	  	$	125,757	 	  	$	38.41	 	  	$	125,757	 	  	$	38.41	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	3,467	 	  	$	258,554	 	  	$	74.58	 	  	$	258,554	 	  	$	74.58	 	
Q2 2018	  	 	6,617	 	  	 	434,134	 	  	 	65.61	 	  	 	434,134	 	  	 	65.61	 	
Q3 2018	  	 	660	 	  	 	64,023	 	  	 	97.01	 	  	 	64,023	 	  	 	97.01	 	
Q4 2018	  	 	11,206	 	  	 	829,193	 	  	 	74.00	 	  	 	831,638	 	  	 	74.21	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	21,950	 	  	$	1,585,905	 	  	$	72.25	 	  	$	1,588,349	 	  	$	72.36	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
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	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q3 2017	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	
Q4 2017	  	 	77,364	 	  	 	3,429,373	 	  	 	44.33	 	  	 	3,429,373	 	  	 	44.33	(4) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2017	  	 	77,364	 	  	$	3,429,373	 	  	$	44.33	 	  	$	3,429,373	 	  	$	44.33	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Q1 2018	  	 	66,836	 	  	$	3,220,720	 	  	$	48.19	 	  	$	3,231,108	 	  	$	48.34	 	
Q2 2018	  	 	163,859	 	  	 	9,661,571	 	  	 	58.96	 	  	 	9,804,381	 	  	 	59.83	 	
Q3 2018	  	 	123,176	 	  	 	6,402,834	 	  	 	51.98	 	  	 	6,465,840	 	  	 	52.49	 	
Q4 2018	  	 	138,920	 	  	 	7,138,509	 	  	 	51.39	 	  	 	7,240,164	 	  	 	52.12	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total 2018	  	 	492,791	 	  	$	26,423,634	 	  	$	53.62	 	  	$	26,741,493	 	  	$	54.27	 	

(1)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(2)	Includes 100% of joint venture properties. Does not include residential units.	
(3)	Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement tenants with future commencement dates. In those cases, the data is included in the year in which the future lease expires.	
(4)	Includes square feet expiring on the last day of the quarter.	
 
40

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

 	 	Boston	 	 	San Francisco and Los Angeles	 	
 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	 	 	
Year of Lease
Expiration	 	Rentable Square
Footage Subject to
Expiring Leases	 	 	Current Annualized
Rental Obligations
Under Expiring Leases	 	 	Per
Square
Foot	 	 	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	 	 	Rental Obligations
Under Expiring Leases
with future step-ups	 	 	Per
Square
Foot	 	
2017	 	 	125,303	 	 	$	7,378,993	 	 	$	58.89	 	 	$	7,378,993	 	 	$	58.89	(4) 	 	 	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
2018	 	 	111,460	 	 	 	7,767,188	 	 	 	69.69	 	 	 	7,771,485	 	 	 	69.72	 	 	 	186,977	 	 	 	13,112,775	 	 	 	70.13	 	 	 	13,119,795	 	 	 	70.17	 	
2019	 	 	359,669	 	 	 	22,448,175	 	 	 	62.41	 	 	 	22,493,810	 	 	 	62.54	 	 	 	379,136	 	 	 	22,902,154	 	 	 	60.41	 	 	 	23,412,546	 	 	 	61.75	 	
2020	 	 	332,262	 	 	 	20,861,961	 	 	 	62.79	 	 	 	21,616,970	 	 	 	65.06	 	 	 	617,578	 	 	 	41,651,192	 	 	 	67.44	 	 	 	42,159,264	 	 	 	68.27	 	
2021	 	 	421,381	 	 	 	24,816,503	 	 	 	58.89	 	 	 	24,996,900	 	 	 	59.32	 	 	 	699,346	 	 	 	44,145,101	 	 	 	63.12	 	 	 	48,705,333	 	 	 	69.64	 	
2022	 	 	1,030,680	 	 	 	63,295,471	 	 	 	61.41	 	 	 	64,774,892	 	 	 	62.85	 	 	 	461,731	 	 	 	29,635,598	 	 	 	64.18	 	 	 	32,377,909	 	 	 	70.12	 	
2023	 	 	458,390	 	 	 	30,956,450	 	 	 	67.53	 	 	 	35,315,312	 	 	 	77.04	 	 	 	326,131	 	 	 	21,774,405	 	 	 	66.77	 	 	 	24,520,584	 	 	 	75.19	 	
2024	 	 	348,466	 	 	 	21,257,845	 	 	 	61.00	 	 	 	23,008,544	 	 	 	66.03	 	 	 	435,158	 	 	 	27,194,729	 	 	 	62.49	 	 	 	28,216,475	 	 	 	64.84	 	
2025	 	 	629,204	 	 	 	41,502,768	 	 	 	65.96	 	 	 	47,267,116	 	 	 	75.12	 	 	 	355,379	 	 	 	21,037,412	 	 	 	59.20	 	 	 	24,949,341	 	 	 	70.20	 	
2026	 	 	949,605	 	 	 	72,085,992	 	 	 	75.91	 	 	 	79,361,774	 	 	 	83.57	 	 	 	305,402	 	 	 	21,914,478	 	 	 	71.76	 	 	 	25,106,599	 	 	 	82.21	 	
Thereafter	 	 	3,723,813	 	 	 	209,439,462	 	 	 	56.24	 	 	 	249,874,514	 	 	 	67.10	 	 	 	1,023,919	 	 	 	67,487,415	 	 	 	65.91	 	 	 	90,491,714	 	 	 	88.38	 	
 	 	 	
 	 	New York	 	 	Washington, DC	 	
 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	 	 	
Year of Lease
Expiration	 	Rentable Square
Footage Subject to
Expiring Leases	 	 	Current Annualized
Rental Obligations
Under Expiring Leases	 	 	Per
Square
Foot	 	 	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	 	 	Rental Obligations
Under Expiring Leases
with future step-ups	 	 	Per
Square
Foot	 	
2017	 	 	13,437	 	 	$	1,571,170	 	 	$	116.93	 	 	$	1,571,170	 	 	$	116.93	(4) 	 	 	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
2018	 	 	400,997	 	 	 	48,066,096	 	 	 	119.87	 	 	 	48,332,841	 	 	 	120.53	 	 	 	94,113	 	 	 	5,484,297	 	 	 	58.27	 	 	 	5,564,259	 	 	 	59.12	 	
2019	 	 	271,328	 	 	 	25,031,962	 	 	 	92.26	 	 	 	25,962,954	 	 	 	95.69	 	 	 	468,760	 	 	 	30,698,280	 	 	 	65.49	 	 	 	31,268,114	 	 	 	66.70	 	
2020	 	 	1,124,810	 	 	 	104,445,120	 	 	 	92.86	 	 	 	103,900,224	 	 	 	92.37	 	 	 	466,219	 	 	 	26,710,376	 	 	 	57.29	 	 	 	27,817,363	 	 	 	59.67	 	
2021	 	 	312,270	 	 	 	44,085,637	 	 	 	141.18	 	 	 	45,410,826	 	 	 	145.42	 	 	 	592,007	 	 	 	39,884,194	 	 	 	67.37	 	 	 	43,215,888	 	 	 	73.00	 	
2022	 	 	890,092	 	 	 	88,530,172	 	 	 	99.46	 	 	 	89,868,037	 	 	 	100.96	 	 	 	129,424	 	 	 	7,966,091	 	 	 	61.55	 	 	 	8,619,105	 	 	 	66.60	 	
2023	 	 	107,282	 	 	 	12,667,506	 	 	 	118.08	 	 	 	13,822,863	 	 	 	128.85	 	 	 	51,638	 	 	 	3,321,504	 	 	 	64.32	 	 	 	3,864,532	 	 	 	74.84	 	
2024	 	 	684,054	 	 	 	65,475,287	 	 	 	95.72	 	 	 	72,171,691	 	 	 	105.51	 	 	 	193,400	 	 	 	12,948,162	 	 	 	66.95	 	 	 	14,705,364	 	 	 	76.04	 	
2025	 	 	286,397	 	 	 	31,175,913	 	 	 	108.86	 	 	 	33,846,216	 	 	 	118.18	 	 	 	86,404	 	 	 	4,622,044	 	 	 	53.49	 	 	 	5,501,394	 	 	 	63.67	 	
2026	 	 	717,436	 	 	 	70,490,868	 	 	 	98.25	 	 	 	75,291,450	 	 	 	104.95	 	 	 	354,808	 	 	 	31,032,153	 	 	 	87.46	 	 	 	36,049,549	 	 	 	101.60	 	
Thereafter	 	 	3,165,596	 	 	 	324,676,715	 	 	 	102.56	 	 	 	461,453,380	 	 	 	145.77	 	 	 	1,524,627	 	 	 	100,156,156	 	 	 	65.69	 	 	 	127,983,436	 	 	 	83.94	 	
 
(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

FOURTH QUARTER 2017
 
SUBURBAN PROPERTIES
Lease Expirations (1) (2) (3)

 	 	Boston	 	 	San Francisco	 	
 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	 	 	
Year of Lease
Expiration	 	Rentable Square
Footage Subject to
Expiring Leases	 	 	Current Annualized
Rental Obligations
Under Expiring Leases	 	 	Per
Square
Foot	 	 	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	 	 	Rental Obligations
Under Expiring Leases
with future step-ups	 	 	Per
Square
Foot	 	
2017	 	 	4,675	 	 	$	107,291	 	 	$	22.95	 	 	$	107,291	 	 	$	22.95	(4) 	 	 	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	
2018	 	 	217,631	 	 	 	7,688,529	 	 	 	35.33	 	 	 	7,696,818	 	 	 	35.37	 	 	 	69,398	 	 	 	2,636,970	 	 	 	38.00	 	 	 	2,652,255	 	 	 	38.22	 	
2019	 	 	420,560	 	 	 	16,146,985	 	 	 	38.39	 	 	 	16,240,014	 	 	 	38.62	 	 	 	513,786	 	 	 	21,433,849	 	 	 	41.72	 	 	 	22,227,780	 	 	 	43.26	 	
2020	 	 	321,486	 	 	 	13,224,489	 	 	 	41.14	 	 	 	13,530,729	 	 	 	42.09	 	 	 	101,419	 	 	 	4,592,148	 	 	 	45.28	 	 	 	4,851,060	 	 	 	47.83	 	
2021	 	 	697,706	 	 	 	22,186,304	 	 	 	31.80	 	 	 	23,141,559	 	 	 	33.17	 	 	 	345,681	 	 	 	9,685,679	 	 	 	28.02	 	 	 	10,275,807	 	 	 	29.73	 	
2022	 	 	603,812	 	 	 	23,354,673	 	 	 	38.68	 	 	 	23,413,056	 	 	 	38.78	 	 	 	444,485	 	 	 	21,258,792	 	 	 	47.83	 	 	 	23,320,465	 	 	 	52.47	 	
2023	 	 	314,406	 	 	 	12,228,980	 	 	 	38.90	 	 	 	13,328,210	 	 	 	42.39	 	 	 	65,920	 	 	 	4,443,304	 	 	 	67.40	 	 	 	5,002,960	 	 	 	75.89	 	
2024	 	 	557,181	 	 	 	23,876,160	 	 	 	42.85	 	 	 	24,906,368	 	 	 	44.70	 	 	 	24,512	 	 	 	984,647	 	 	 	40.17	 	 	 	1,210,992	 	 	 	49.40	 	
2025	 	 	494,269	 	 	 	24,338,429	 	 	 	49.24	 	 	 	26,329,092	 	 	 	53.27	 	 	 	5,642	 	 	 	200,669	 	 	 	35.57	 	 	 	253,362	 	 	 	44.91	 	
2026	 	 	132,589	 	 	 	4,786,733	 	 	 	36.10	 	 	 	5,483,878	 	 	 	41.36	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
Thereafter	 	 	704,134	 	 	 	28,053,776	 	 	 	39.84	 	 	 	30,701,031	 	 	 	43.60	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	
 	 	 	
 	 	New York	 	 	Washington, DC	 	
 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Annualized	 	 	 	 	
Year of Lease
Expiration	 	Rentable Square
Footage Subject to
Expiring Leases	 	 	Current Annualized
Rental Obligations
Under Expiring Leases	 	 	Per
Square
Foot	 	 	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	 	 	Rental Obligations
Under Expiring Leases
with future step-ups	 	 	Per
Square
Foot	 	
2017	 	 	20,914	 	 	$	692,021	 	 	$	33.09	 	 	$	692,021	 	 	$	33.09	(4) 	 	 	77,364	 	 	$	3,429,373	 	 	$	44.33	 	 	$	3,429,373	 	 	$	44.33	(4) 	
2018	 	 	95,252	 	 	 	3,598,281	 	 	 	37.78	 	 	 	3,675,624	 	 	 	38.59	 	 	 	398,678	 	 	 	20,939,337	 	 	 	52.52	 	 	 	21,177,234	 	 	 	53.12	 	
2019	 	 	186,853	 	 	 	6,825,981	 	 	 	36.53	 	 	 	6,899,524	 	 	 	36.92	 	 	 	755,010	 	 	 	29,347,655	 	 	 	38.87	 	 	 	29,914,090	 	 	 	39.62	 	
2020	 	 	323,045	 	 	 	11,322,150	 	 	 	35.05	 	 	 	11,640,579	 	 	 	36.03	 	 	 	931,734	 	 	 	38,609,368	 	 	 	41.44	 	 	 	39,908,221	 	 	 	42.83	 	
2021	 	 	114,919	 	 	 	3,744,602	 	 	 	32.58	 	 	 	3,807,279	 	 	 	33.13	 	 	 	708,331	 	 	 	32,676,822	 	 	 	46.13	 	 	 	34,888,175	 	 	 	49.25	 	
2022	 	 	66,888	 	 	 	2,327,095	 	 	 	34.79	 	 	 	2,412,784	 	 	 	36.07	 	 	 	645,341	 	 	 	28,433,072	 	 	 	44.06	 	 	 	31,543,694	 	 	 	48.88	 	
2023	 	 	81,723	 	 	 	2,505,497	 	 	 	30.66	 	 	 	2,728,707	 	 	 	33.39	 	 	 	538,292	 	 	 	26,284,997	 	 	 	48.83	 	 	 	29,674,603	 	 	 	55.13	 	
2024	 	 	414,217	 	 	 	14,384,028	 	 	 	34.73	 	 	 	15,190,040	 	 	 	36.67	 	 	 	477,892	 	 	 	22,371,378	 	 	 	46.81	 	 	 	25,260,825	 	 	 	52.86	 	
2025	 	 	269,850	 	 	 	9,732,270	 	 	 	36.07	 	 	 	11,136,170	 	 	 	41.27	 	 	 	500,956	 	 	 	20,582,239	 	 	 	41.09	 	 	 	23,947,142	 	 	 	47.80	 	
2026	 	 	184,940	 	 	 	5,941,286	 	 	 	32.13	 	 	 	6,755,086	 	 	 	36.53	 	 	 	85,508	 	 	 	4,322,558	 	 	 	50.55	 	 	 	5,184,786	 	 	 	60.64	 	
Thereafter	 	 	256,945	 	 	 	9,611,957	 	 	 	37.41	 	 	 	10,080,414	 	 	 	39.23	 	 	 	465,163	 	 	 	19,742,803	 	 	 	42.44	 	 	 	24,174,165	 	 	 	51.97	 	
 
(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

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

 	 	 	 	 	
 	  	Total	 	
Vacant space available at October 1, 2017 (sf)	  	 	4,257,942	 	
Leases expiring or terminated beginning October 1, 2017 through December 31, 2017 (sf)	  	 	1,358,020	 	
 	  	 	 	 	
Total space available for lease (sf)	  	 	5,615,962	 	
 	  	 	 	 	
1st generation leases (sf)	  	 	238,716	 	
2nd generation leases with new tenants (sf)	  	 	922,775	 	
2nd generation lease renewals (sf)	  	 	414,943	 	
 	  	 	 	 	
Total space leased (sf)	  	 	1,576,434	 	
 	  	 	 	 	
Vacant space available for lease at December 31, 2017 (sf)	  	 	4,039,528	 	
 	  	 	 	 	
Net (increase)/decrease in available space (sf)	  	 	218,414	 	
 	 	
Second generation leasing information: (1)	  	 	 	 	
Leases commencing during the period (sf)	  	 	1,337,718	 	
Weighted average lease term (months)	  	 	113	 	
Weighted average free rent period (days)	  	 	79	 	
Total transaction costs per square foot (2)	  	$	65.82	 	
Increase (decrease) in gross rents (3)	  	 	0.50	% 	
Increase (decrease) in net rents (4)	  	 	0.22	% 	

 	  	All leases
1st Generation (sf)	 	  	All leases
2nd Generation (sf)	 	  	Incr (decr)
in 2nd gen.
gross cash rents (3)	 	 	Incr (decr)
in 2nd gen.
net cash rents (4)	 	 	Total
Leased (sf) (5)	 	  	Total square feet of leases
executed in the quarter (6)	 	
Boston	  	 	131,485	 	  	 	526,381	 	  	 	6.00	% 	 	 	8.15	% 	 	 	657,866	 	  	 	702,329	 	
New York	  	 	4,006	 	  	 	552,752	 	  	 	(3.77	%) 	 	 	(6.68	%) 	 	 	556,758	 	  	 	653,039	 	
San Francisco and Los Angeles	  	 	100,172	 	  	 	90,754	 	  	 	62.08	% 	 	 	85.45	% 	 	 	190,926	 	  	 	371,399	 	
Washington, DC	  	 	3,053	 	  	 	167,831	 	  	 	(5.87	%) 	 	 	(8.19	%) 	 	 	170,884	 	  	 	665,252	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total / Weighted Average	  	 	238,716	 	  	 	1,337,718	 	  	 	0.50	% 	 	 	0.22	% 	 	 	1,576,434	 	  	 	2,392,019	 	

(1)	Second generation leases are defined as leases for space that had previously been leased by the Company. Of the 1,337,718 square feet of second generation leases that commenced in Q4 2017, leases for 1,024,217 square feet were signed in prior periods.	
(2)	Total transaction costs include tenant improvements and leasing commissions and exclude free rent concessions.	
(3)	Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 950,634 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”).	
(4)	Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 950,634 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 leases for which rental revenue recognition has commenced in accordance with GAAP during the quarter.	
(6)	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 for which the Company recognized rental revenue in the current quarter is 317,507.	
 
43

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Property	 	Location	 	Date Acquired	 	Square Feet	 	 	Initial
Investment	 	 	Anticipated
Future
Investment	 	 	Total
Investment	 	 	Percentage
Leased	 	
103 Carnegie Center	 	Princeton, NJ	 	May 15, 2017	 	 	96,332	 	 	$	15,760,000	 	 	$	2,000,000	 	 	$	17,760,000	 	 	 	78	% 	
7750 Wisconsin Avenue (50% ownership interest) (1)	 	Bethesda, MD	 	August 7, 2017	 	 	740,000	 	 	 	20,757,000	 	 	 	190,343,000	 	 	 	211,100,000	 	 	 	100	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Acquisitions	 	 	 	 	 	 	836,332	 	 	$	36,517,000	 	 	$	192,343,000	 	 	$	228,860,000	 	 	 	97	% 	

(1)	On August 7, 2017, the Company entered into a joint venture to develop an approximately 722,000 net rentable square foot (subject to adjustment based on final building design) build-to-suit Class A office building and below-grade parking garage at 7750 Wisconsin Avenue in Bethesda, Maryland. The joint venture entered into a lease agreement with an affiliate of Marriott International, Inc., under which Marriott will lease 100% of the office building and garage for a term of 20 years, and the building will serve as Marriott’s new worldwide headquarters. For its initial contribution, the joint venture partner contributed land with an initial fair value of $72.0 million and cash and improvements aggregating approximately $4.9 million. The Company contributed cash and improvements aggregating approximately $20.8 million for its initial contribution, of which $11.0 million was distributed to the joint venture partner.	
DISPOSITIONS
For the period from January 1, 2017 through December 31, 2017

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Property	 	Location	 	Date Disposed	 	Square Feet	 	 	Gross
Sales Price	 	 	Net Cash
Proceeds	 	 	Book Gain	 	
30 Shattuck Road (land parcel)	 	Andover, MA	 	April 19, 2017	 	 	N/A	 	 	$	5,000,000	 	 	$	4,977,000	 	 	$	3,739,000	 	
40 Shattuck Road	 	Andover, MA	 	June 13, 2017	 	 	121,542	 	 	 	12,000,000	 	 	 	11,939,000	 	 	 	28,000	 	
Reston Eastgate (land parcel)	 	Reston, VA	 	August 30, 2017	 	 	N/A	 	 	 	14,000,000	 	 	 	13,179,000	 	 	 	2,833,000	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Dispositions	 	 	 	 	 	 	121,542	 	 	$	31,000,000	 	 	$	30,095,000	 	 	$	6,600,000	(1) 	

(1)	Excludes approximately $1,063,000 of gains on sales of real estate recognized during the year ended December 31, 2017 related to previously deferred gain amounts from sales of real estate occurring in prior years.	
 
44

FOURTH QUARTER 2017
 
VALUE CREATION PIPELINE - CONSTRUCTION IN PROGRESS (1)
as of December 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 I
Investment (2)	 	 	Total
Financing	 	 	Amount
Drawn at
December 31, 2017	 	 	Estimated
Future
Equity
Requirement (2)	 	 	Percentage
Leased (3)	 	 	Percentage
Placed in
service (4)	 	
Office and Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Salesforce Tower (95% ownership)	 	Q4 2017	 	Q3 2019	 	San Francisco, CA	 	 	1	 	 	 	1,400,000	 	 	 	941,871,530	 	 	 	1,073,500,000	 	 	 	(25,389,074	)(5) 	 	 	(16,385,347	)(5) 	 	 	140,632,197	 	 	 	97	% 	 	 	7	% 	
The Hub on Causeway (50% ownership)	 	Q1 2019	 	Q4 2019	 	Boston, MA	 	 	1	 	 	 	385,000	 	 	 	58,698,604	 	 	 	141,870,000	 	 	 	102,300,000	 	 	 	431,381	 	 	 	—  	 	 	 	80	% 	 	 	—  	 	
145 Broadway	 	Q4 2019	 	Q4 2019	 	Cambridge, MA	 	 	1	 	 	 	485,000	 	 	 	90,960,436	 	 	 	375,000,000	 	 	 	—  	 	 	 	—  	 	 	 	284,039,564	 	 	 	98	% 	 	 	—  	 	
Dock 72 (50% ownership)	 	Q4 2018	 	Q1 2020	 	Brooklyn, NY	 	 	1	 	 	 	670,000	 	 	 	98,593,962	 	 	 	204,900,000	 	 	 	125,000,000	 	 	 	18,453,624	 	 	 	—  	 	 	 	33	% 	 	 	—  	 	
6595 Springfield Center Drive (TSA Headquarters)	 	Q3 2020	 	Q4 2020	 	Springfield, VA	 	 	1	 	 	 	634,000	 	 	 	43,239,985	 	 	 	313,700,000	 	 	 	—  	 	 	 	—  	 	 	 	270,460,015	 	 	 	98	% 	 	 	—  	 	
20 CityPoint	 	Q3 2019	 	Q1 2021	 	Waltham, MA	 	 	1	 	 	 	211,000	 	 	 	15,073,414	 	 	 	97,000,000	 	 	 	—  	 	 	 	—  	 	 	 	81,926,586	 	 	 	52	% 	 	 	 	 	
7750 Wisconsin Avenue (Marriott International Headquarters) (50% ownership)	 	Q3 2022	 	Q3 2022	 	Bethesda, MD	 	 	1	 	 	 	740,000	(6) 	 	 	21,415,910	 	 	 	211,100,000	 	 	 	—  	 	 	 	—  	 	 	 	189,684,090	 	 	 	100	% 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Office Properties under Construction	 	 	 	 	 	 	 	 	7	 	 	 	4,525,000	 	 	$	1,269,853,841	 	 	$	2,417,070,000	 	 	$	201,910,926	 	 	$	2,499,658	 	 	$	966,742,452	 	 	 	85	% 	 	 	5	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Residential	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proto Kendall Square (280 units)	 	Q2 2018	 	Q2 2019	 	Cambridge, MA	 	 	1	 	 	 	149,600	 	 	$	83,670,133	 	 	$	140,170,000	 	 	$	—  	 	 	$	—  	 	 	$	56,499,867	 	 	 	N/A	 	 	 	—  	 	
Proto Kendall Square - Retail	 	 	 	 	 	 	 	 	—  	 	 	 	14,400	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	26	% 	 	 	—  	 	
The Hub on Causeway - Residential (440 units) (50% ownership)	 	Q4 2019	 	Q4 2021	 	Boston, MA	 	 	1	 	 	 	320,000	 	 	 	32,587,954	 	 	 	153,500,000	 	 	 	—  	 	 	 	—  	 	 	 	120,912,046	 	 	 	N/A	 	 	 	—  	 	
Signature at Reston (508 units)	 	Q1 2018	 	Q2 2020	 	Reston, VA	 	 	1	 	 	 	490,000	 	 	 	194,241,547	(7) 	 	 	234,854,000	(7) 	 	 	—  	 	 	 	—  	 	 	 	40,612,453	 	 	 	N/A	 	 	 	—  	 	
Signature at Reston - Retail	 	 	 	 	 	 	 	 	—  	 	 	 	24,600	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	81	% 	 	 	—  	 	
MacArthur Station Residences (402 units) (8)	 	Q2 2020	 	Q4 2021	 	Oakland, CA	 	 	1	 	 	 	324,000	 	 	 	8,687,255	 	 	 	263,600,000	 	 	 	—  	 	 	 	—  	 	 	 	254,912,745	 	 	 	N/A	 	 	 	—  	 	

Total Residential Properties under Construction	 	 	 	 	 	 	 	 	4	 	 	 	1,322,600	 	 	$	319,186,889	 	 	$	792,124,000	 	 	$	—  	 	 	$	—  	 	 	$	472,937,111	 	 	 	61	% 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Redevelopment Properties	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
191 Spring Street	 	Q4 2017	 	Q4 2018	 	Lexington, MA	 	 	1	 	 	 	171,000	 	 	$	42,813,476	 	 	$	53,920,000	 	 	$	—  	 	 	$	—  	 	 	$	11,106,524	 	 	 	88	% 	 	 	46	% 	
One Five Nine East 53rd (55% ownership) (9)	 	Q4 2018	 	Q4 2019	 	New York, NY	 	 	—  	 	 	 	220,000	 	 	 	65,232,149	 	 	 	106,000,000	 	 	 	—  	 	 	 	—  	 	 	 	40,767,851	 	 	 	—  	 	 	 	—  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Redevelopment Properties under Construction	 	 	 	 	 	 	 	 	1	 	 	 	391,000	 	 	$	108,045,625	 	 	$	159,920,000	 	 	$	—  	 	 	$	—  	 	 	$	51,874,375	 	 	 	38	% 	 	 	18	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Properties Under Construction and Redevelopment	 	 	 	 	 	 	 	 	12	 	 	 	6,238,600	 	 	$	1,697,086,355	 	 	$	3,369,114,000	 	 	$	201,910,926	 	 	$	2,499,658	 	 	$	1,491,553,938	 	 	 	81%	 	 	 	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
December 31, 2017	 	 	Estimated
Future
Equity
Requirement (2)	 	 	Percentage
Leased (3)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Prudential Center Retail Expansion	 	Q1 2016	 	Q3 2017	 	Boston, MA	 	 	—  	 	 	 	15,000	 	 	$	10,889,905	 	 	$	10,890,000	 	 	$	—  	 	 	$	—  	 	 	$	95	 	 	 	100	% 	 	 	 	 	
888 Boylston Street	 	Q3 2016	 	Q4 2017	 	Boston, MA	 	 	1	 	 	 	417,000	 	 	 	248,554,845	 	 	 	265,280,000	 	 	 	—  	 	 	 	—  	 	 	 	16,725,155	 	 	 	94	% 	 	 	 	 	
Reservoir Place North	 	Q1 2019	 	Q1 2019	 	Waltham, MA	 	 	1	 	 	 	73,000	 	 	 	16,712,119	 	 	 	24,510,000	 	 	 	—  	 	 	 	—  	 	 	 	7,797,881	 	 	 	—  	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Projects placed In-Service	 	 	 	 	 	 	 	 	2	 	 	 	505,000	 	 	$	276,156,869	 	 	$	300,680,000	 	 	$	—  	 	 	$	—  	 	 	$	24,523,131	 	 	 	81	% 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
IN-SERVICE PROPERTIES HELD FOR REDEVELOPMENT

 	 	Sub Market	 	# of
Buildings	 	 	Existing
Square Feet	 	 	Leased %	 	 	Annualized
Rental Obligations
Per Leased SF (10)	 	 	Encumbered
with secured
debt (Y/N)	 	 	Central Business
District (CBD) or
Suburban (S)	 	 	Incremental Estimated
Future SF (11)	 	
North First Business Park	 	San Jose CA	 	 	5	 	 	 	190,636	 	 	 	54.9	% 	 	$	24.31	 	 	 	N	 	 	 	S	 	 	 	1,359,364	 	
3625-3635 Peterson Way	 	Santa Clara CA	 	 	1	 	 	 	218,366	 	 	 	100.0	% 	 	 	22.22	 	 	 	N	 	 	 	S	 	 	 	413,690	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Properties held for Redevelopment	 	 	 	 	6	 	 	 	409,002	 	 	 	79.0	% 	 	$	22.90	 	 	 	 	 	 	 	 	 	 	 	1,773,054	 	

(1)	A project is classified as Construction in Progress when construction or supply contracts have been signed, physical improvements have commenced or a lease has been signed and capitalized interest has commenced.	
(2)	Includes income (loss) and interest carry on debt and equity investment.	
(3)	Represents percentage leased as of January 26, 2018, 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 its 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 its partner until the principal and interest are repaid. As of December 31, 2017, the Company has funded $16,385,347.	
(6)	Represents estimate of rentable square feet based on current building design.	
(7)	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.	
(8)	Project is subject to a 99 year ground lease (including extension options) with an option to purchase in the future.	
(9)	The low-rise portion of 601 Lexington Avenue.	
(10)	For disclosures relating to the Company’s definition of Annualized Rental Obligations, see page 47.	
(11)	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

FOURTH QUARTER 2017
 
VALUE CREATION PIPELINE
as of December 31, 2017
Owned Land Parcels

 	 	 	 	 	
 	  	Approximate	 	
 	  	Developable	 	
Location	  	Square Feet	 	
San Jose, CA (1)	  	 	2,199,000	 	
Reston, VA	  	 	810,000	 	
Rockville, MD	  	 	759,000	 	
Waltham, MA	  	 	605,000	 	
Washington, DC (50% ownership)	  	 	520,000	 	
Springfield, VA	  	 	422,000	 	
Santa Clara, CA (1)	  	 	414,000	 	
Marlborough, MA	  	 	400,000	 	
Dulles, VA	  	 	310,000	 	
Annapolis, MD (50% ownership)	  	 	300,000	 	
Gaithersburg, MD	  	 	240,000	 	
 	  	 	 	 	
 	  	 	6,979,000	 	
 	  	 	 	 	
Land Purchase Options

 	 	 	 	 	
 	  	Approximate	 	
 	  	Developable	 	
Location	  	Square Feet	 	
Princeton, NJ	  	 	1,650,000	 	
Boston, MA	  	 	1,300,000	 	
Cambridge, MA	  	 	623,000	 	
Brooklyn, NY (50% ownership)	  	 	600,000	 	
Boston, MA (50% ownership)	  	 	525,000	 	
Washington, DC	  	 	482,000	 	
San Francisco, CA	  	 	TBD	 	
 	  	 	 	 	
 	  	 	5,180,000	 	

(1)	Excludes the existing square footage related to in-service properties being held for future re-development listed on page 45.	
 
46

FOURTH 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 the Company files or furnishes to the SEC from time to time.
The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest), minus the Company’s partners’ share of the amount from the Company’s 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 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, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, liquidations and other matters. Moreover, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. As a result, presentations of BXP’s Share of a financial measure should not be considered a substitute for, and should only be considered together 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 monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12).
Average Economic Occupancy
Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. 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 Monthly Rental Rates are calculated by the Company as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP, by (B) the number of occupied units for each month within the applicable fiscal period.
Average Physical Occupancy
Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.
Debt to Market Capitalization Ratio
Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage.  Consolidated Market Capitalization  is the sum of (x) the Company’s Consolidated Debt plus (y) 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

FOURTH 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 and real estate-related depreciation and amortization. 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 addition, under 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 therefore vary materially. 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, impairment loss, losses from early extinguishment of debt, losses from interest rate contracts 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 , 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, 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
BOSTON PROPERTIES ANNOUNCES
FOURTH QUARTER 2017 RESULTS
BOSTON, MA, January 30, 2018 - Boston Properties, Inc. (NYSE: BXP), the largest public owner and developer of office buildings in the United States, reported results today for the fourth quarter ended December 31, 2017.
Results for the quarter ended December 31, 2017
 
•	 	Net income attributable to common shareholders was $103.8 million compared to $147.2 million for the quarter ended December 31, 2016. Net income attributable to common shareholders per share (EPS) was $0.67 basic and $0.67 on a diluted basis, compared to $0.96 basic and $0.96 on a diluted basis for the quarter ended December 31, 2016.  Net income attributable to common shareholders for the quarter ended December 31, 2016 includes a gain on sale of investment in unconsolidated joint venture of approximately $59.4 million, or $0.35 per share basic and $0.34 per share on a diluted basis.	
 
•	 	Funds from Operations (FFO) were $230.1 million, or $1.49 per share basic and $1.49 per share diluted. This compares to FFO of $236.9 million, or $1.54 per share basic and $1.54 per share diluted, for the quarter ended December 31, 2016.	
 
 	•	 	FFO of $1.49 per share diluted was lower than the mid-point of the Company’s guidance previously provided of $1.53 - $1.54 per share diluted primarily due to:	
 
 	•	 	$0.08 per share due to a loss from early extinguishment of debt;	
 
 	•	 	$0.03 per share due to better than expected portfolio operations; and	
 
 	•	 	$0.01 per share due to better than expected development and management services revenue.	
 
•	 	The Company updated its guidance for full year 2018 EPS and FFO per share as follows:	
 
 	•	 	Projected EPS (diluted) for 2018 updated to $3.24 - $3.37 per share from $2.55 - $2.71 per share; and	
 
 	•	 	Projected FFO per share (diluted) for 2018 updated to $6.23 - $6.36 per share from $6.20 - $6.36 per share.	
 
•	 	Capital Markets Highlights -	
 
 	•	 	Increased regular quarterly dividend 6.7% to $0.80 per share of common stock.	
 
 	•	 	Completed a public offering of $850.0 million of 3.200% unsecured senior notes due 2025 from which the net proceeds were used to redeem $850.0 million of 3.700% senior notes due November 15, 2018.	
 
–more–

•	 	Development Highlights -	
 
 	•	 	Partially placed in-service Salesforce Tower, a 1.4 million net rentable square foot office project that is 97% leased.	
 
 	•	 	Partially placed in-service 191 Spring Street, a 171,000 net rentable square foot redevelopment project that is 88% leased.	
 
 	•	 	Commenced construction of a 320,000 square foot/440-unit residential project at the Hub on Causeway mixed-use development in Boston, MA.	
 
 	•	 	Commenced construction of a 211,000 net rentable square foot office project in Waltham, MA that is 52% leased.	
 
 	•	 	Entered into a lease for 61% of 2100 Pennsylvania Avenue, a 469,000 net rentable square foot office project in Washington, DC, for which construction is expected to begin in 2019.	
Results for the year ended December 31, 2017
 
•	 	Net income attributable to common shareholders was $451.9 million compared to $502.3 million for the year ended December 31, 2016. Net income attributable to common shareholders per share (EPS) was $2.93 basic and $2.93 on a diluted basis, compared to $3.27 basic and $3.26 on a diluted basis for the year ended December 31, 2016.	
 
•	 	Funds from Operations (FFO) were $959.4 million, or $6.22 per share basic and $6.22 per share diluted. This compares to FFO of $927.7 million, or $6.04 per share basic and $6.03 per share diluted, for the year ended December 31, 2016.	
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 and year ended December 31, 2017. In the opinion of management, the Company has made all adjustments considered necessary for a fair presentation of these reported results.
At December 31, 2017, the Company’s portfolio consisted of 179 properties aggregating approximately 50.3 million square feet, including twelve properties under construction/redevelopment totaling approximately 6.2 million square feet. The overall percentage of leased space for the 164 properties in service (excluding the Company’s two residential properties and hotel) as of December 31, 2017 was 90.7%.
 
–more–

Significant events during the fourth quarter included:
Development activities
 
•	 	On November 17, 2017, the Company partially placed in-service 191 Spring Street, a Class A office redevelopment project with approximately 171,000 net rentable square feet located in Lexington, Massachusetts. The property is 88% leased.	
 
•	 	On November 28, 2017, the Company commenced construction of its 20 CityPoint development project totaling approximately 211,000 net rentable square feet of Class A office space located in Waltham, Massachusetts. The project is 52% leased with initial occupancy expected during the third quarter of 2019.	
 
•	 	On December 1, 2017, a consolidated entity in which the Company has a 95% interest partially placed in-service Salesforce Tower, a Class A office project with approximately 1,400,000 net rentable square feet located in San Francisco, California. The property is 97% leased.	
 
•	 	On December 1, 2017, a joint venture in which the Company has a 50% interest commenced construction of a residential project aggregating approximately 320,000 square feet comprised of 440 residential units at its Hub on Causeway mixed-use development project located in Boston, Massachusetts.	
 
•	 	On December 1, 2017, the Company entered into a 16-year lease with a tenant for approximately 288,000 net rentable square feet of Class A office space to be located in the Company’s 2100 Pennsylvania Avenue development project. In 2016, the Company entered into a development agreement with The George Washington University to pursue the development of 2100 Pennsylvania Avenue, a Class A office property with approximately 469,000 net rentable square feet on land parcels located in Washington, DC. The development agreement provides for the execution of a 75-year ground lease for the property upon completion of the entitlement process and relocation of existing tenants anticipated to occur in 2019.	
Capital markets activities
 
•	 	On December 4, 2017, the Company’s Operating Partnership completed a public offering of $850.0 million in aggregate principal amount of its 3.200% unsecured senior notes due 2025. The notes were priced at 99.757% of the principal amount to yield an effective rate (including financing fees) of approximately 3.350% per annum to maturity. The notes will mature on January 15, 2025, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $841.1 million after deducting underwriting discounts and transaction expenses.	
 
•	 	On December 17, 2017, the Company’s Operating Partnership completed the redemption of $850.0 million in aggregate principal amount of its 3.700% senior notes due November 15, 2018. The redemption price was approximately $865.5 million. The redemption price included approximately $2.8 million of accrued and unpaid interest to, but not including, the redemption date. Excluding the accrued and unpaid interest, the redemption price was approximately 101.49% of the principal amount being redeemed. The Company recognized a loss from early extinguishment of debt totaling approximately $13.9 million, which amount included the payment of the redemption premium totaling approximately $12.7 million.	
 
–more–

•	 	On December 18, 2017, the Company declared a regular quarterly cash dividend of $0.80 per share of common stock for the period from October 1, 2017 to December 31, 2017, payable on January 30, 2018 to shareholders of record as of the close of business on December 29, 2017. This represents an increase of approximately 6.7%, or $0.05 per share, over the most recent quarterly cash dividend of $0.75 per share.	
Transaction completed subsequent to December 31, 2017:
 
•	 	On January 9, 2018, the Company completed the sale of its 500 E Street, S.W. property located in Washington, DC for a net contract sale price of approximately $118.6 million. After adjusting for outstanding lease related costs assumed by the buyer, the gross sale price was approximately $127.6 million. 500 E Street, S.W. is an approximately 262,000 net rentable square foot Class A office property. The property is 100% leased with 21% expecting to vacate in February 2019.	
 
•	 	On January 24, 2018, the Company entered into a lease agreement with a tenant for a build-to-suit project with approximately 276,000 net rentable square feet of Class A office space at the Company’s 17Fifty Presidents Street development project located in Reston, Virginia. The Company expects that the building will be complete and available for occupancy during the first quarter of 2020.	
EPS and FFO per Share Guidance:
The Company’s guidance for the first quarter and full year 2018 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 set forth below, the Company has updated its projected EPS (diluted) for the full year 2018 to $3.24 - $3.37 per share from $2.65 - $2.81 per share. This is an increase of approximately $0.58 per share at the mid-point of the Company’s guidance consisting of $0.56 per share related to gains on the sale of real estate, lower interest expense of $0.04 per share and $0.03 per share of better than expected portfolio performance. These items are offset by an unbudgeted asset sale in January 2018 that the Company expects will result in a decrease of ($0.05) per share.
 
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In addition, the Company has updated its projected guidance for FFO per share (diluted) for the full year to $6.23 - $6.36 per share from $6.20 - $6.36 per share. This is an increase of approximately $0.02 per share at the mid-point of the Company’s guidance and results from $0.03 per share of better than expected portfolio performance and lower expected interest expense of $0.04 per share. These items are offset by the unbudgeted asset sale in January 2018 projected to result in a decrease of ($0.05) per share.

 	  	First Quarter 2018	 	  	Full Year 2018	 	
 	  	Low	 	  	 	 	  	High	 	  	Low	 	  	 	 	  	High	 	
Projected EPS (diluted)	  	$	1.15	 	  	 	–	 	  	$	1.17	 	  	$	3.24	 	  	 	–	 	  	$	3.37	 	
Add:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected Company Share of Real Estate Depreciation and Amortization	  	 	0.88	 	  	 	–	 	  	 	0.88	 	  	 	3.55	 	  	 	–	 	  	 	3.55	 	
Less:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected Company Share of Gains on Sales of Real Estate	  	 	0.56	 	  	 	–	 	  	 	0.56	 	  	 	0.56	 	  	 	–	 	  	 	0.56	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Projected FFO per Share (diluted)	  	 	$1.47	 	  	 	–	 	  	 	$1.49	 	  	 	$6.23	 	  	 	–	 	  	 	$6.36	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Boston Properties will host a conference call on Wednesday, January 31, 2018 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter and full year 2017 results, the 2018 projections and related assumptions, and other matters that may be of interest to investors. The number to call for this interactive teleconference is (877) 796-3880 (Domestic) or (443) 961-9013 (International) and entering the passcode 41517728. A replay of the conference call will be available through February 14, 2018, by dialing (855) 859-2056 (Domestic) or (404) 537-3406 (International) and entering the passcode 41517728. 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’ fourth 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 50.3 million square feet and consisting of 167 office properties (including eight properties under construction), six residential properties (including four properties under construction), five retail properties 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.
 
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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,” “budgeted,” “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 first quarter and full fiscal year 2018, 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)
 	 	
 	  	December 31, 2017	 	 	December 31, 2016	 	
 	  	(in thousands, except for share and par
value amounts)	 	
ASSETS	  	 	 	 	 	 	 	 	
Real estate, at cost	  	$	19,610,199	 	 	$	18,862,648	 	
Construction in progress	  	 	1,269,338	 	 	 	1,037,959	 	
Land held for future development	  	 	204,925	 	 	 	246,656	 	
Less: accumulated depreciation	  	 	(4,577,454	) 	 	 	(4,222,235	) 	
 	  	 	 	 	 	 	 	 	
Total real estate	  	 	16,507,008	 	 	 	15,925,028	 	
Cash and cash equivalents	  	 	434,767	 	 	 	356,914	 	
Cash held in escrows	  	 	70,602	 	 	 	63,174	 	
Investments in securities	  	 	29,161	 	 	 	23,814	 	
Tenant and other receivables, net	  	 	92,186	 	 	 	92,548	 	
Accrued rental income, net	  	 	861,575	 	 	 	799,138	 	
Deferred charges, net	  	 	679,038	 	 	 	686,163	 	
Prepaid expenses and other assets	  	 	77,971	 	 	 	129,666	 	
Investments in unconsolidated joint ventures	  	 	619,925	 	 	 	775,198	 	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	19,372,233	 	 	$	18,851,643	 	
 	  	 	 	 	 	 	 	 	
LIABILITIES AND EQUITY	  	 	 	 	 	 	 	 	
Liabilities:	  	 	 	 	 	 	 	 	
Mortgage notes payable, net	  	$	2,979,281	 	 	$	2,063,087	 	
Unsecured senior notes, net	  	 	7,247,330	 	 	 	7,245,953	 	
Unsecured line of credit	  	 	45,000	 	 	 	—  	 	
Unsecured term loan	  	 	—  	 	 	 	—  	 	
Mezzanine notes payable	  	 	—  	 	 	 	307,093	 	
Outside members’ notes payable	  	 	—  	 	 	 	180,000	 	
Accounts payable and accrued expenses	  	 	331,500	 	 	 	298,524	 	
Dividends and distributions payable	  	 	139,040	 	 	 	130,308	 	
Accrued interest payable	  	 	83,646	 	 	 	243,933	 	
Other liabilities	  	 	443,980	 	 	 	450,821	 	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	11,269,777	 	 	 	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 December 31, 2017 and December 31, 2016	  	 	200,000	 	 	 	200,000	 	
Common stock, $0.01 par value, 250,000,000 shares authorized,154,404,186 and 153,869,075 issued and 154,325,286 and 153,790,175 outstanding at December 31, 2017 and December 31, 2016, respectively	  	 	1,543	 	 	 	1,538	 	
Additional paid-in capital	  	 	6,377,908	 	 	 	6,333,424	 	
Dividends in excess of earnings	  	 	(712,343	) 	 	 	(693,694	) 	
Treasury common stock at cost, 78,900 shares at December 31, 2017 and December 31, 2016	  	 	(2,722	) 	 	 	(2,722	) 	
Accumulated other comprehensive loss	  	 	(50,429	) 	 	 	(52,251	) 	
 	  	 	 	 	 	 	 	 	
Total stockholders’ equity attributable to Boston Properties, Inc.	  	 	5,813,957	 	 	 	5,786,295	 	
Noncontrolling interests:	  	 	 	 	 	 	 	 	
Common units of the Operating Partnership	  	 	604,739	 	 	 	614,982	 	
Property partnerships	  	 	1,683,760	 	 	 	1,530,647	 	
 	  	 	 	 	 	 	 	 	
Total equity	  	 	8,102,456	 	 	 	7,931,924	 	
 	  	 	 	 	 	 	 	 	
Total liabilities and equity	  	$	19,372,233	 	 	$	18,851,643	 	

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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 	 	
 	  	Three months ended
December 31,	 	 	Year ended
December 31,	 	
 	  	2017	 	 	2016	 	 	2017	 	 	2016	 	
 	  	(in thousands, except for per share amounts)	 	
Revenue	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Base rent	  	$	511,995	 	 	$	498,941	 	 	$	2,049,368	 	 	$	2,017,767	 	
Recoveries from tenants	  	 	94,697	 	 	 	91,123	 	 	 	367,500	 	 	 	358,975	 	
Parking and other	  	 	26,836	 	 	 	25,334	 	 	 	105,000	 	 	 	100,910	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total rental revenue	  	 	633,528	 	 	 	615,398	 	 	 	2,521,868	 	 	 	2,477,652	 	
Hotel revenue	  	 	11,744	 	 	 	10,965	 	 	 	45,603	 	 	 	44,884	 	
Development and management services	  	 	9,957	 	 	 	9,698	 	 	 	34,605	 	 	 	28,284	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	  	 	655,229	 	 	 	636,061	 	 	 	2,602,076	 	 	 	2,550,820	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Expenses	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Rental	  	 	233,895	 	 	 	224,098	 	 	 	929,977	 	 	 	889,768	 	
Hotel	  	 	8,117	 	 	 	7,736	 	 	 	32,059	 	 	 	31,466	 	
General and administrative	  	 	29,396	 	 	 	25,293	 	 	 	113,715	 	 	 	105,229	 	
Transaction costs	  	 	96	 	 	 	1,200	 	 	 	668	 	 	 	2,387	 	
Impairment loss	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1,783	 	
Depreciation and amortization	  	 	154,259	 	 	 	178,032	 	 	 	617,547	 	 	 	694,403	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total expenses	  	 	425,763	 	 	 	436,359	 	 	 	1,693,966	 	 	 	1,725,036	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	229,466	 	 	 	199,702	 	 	 	908,110	 	 	 	825,784	 	
Other income (expense)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from unconsolidated joint ventures	  	 	4,197	 	 	 	2,585	 	 	 	11,232	 	 	 	8,074	 	
Gain on sale of investment in unconsolidated joint venture	  	 	—  	 	 	 	59,370	 	 	 	—  	 	 	 	59,370	 	
Interest and other income	  	 	2,336	 	 	 	573	 	 	 	5,783	 	 	 	7,230	 	
Gains from investments in securities	  	 	962	 	 	 	560	 	 	 	3,678	 	 	 	2,273	 	
Gains (losses) from early extinguishments of debt	  	 	(13,858	) 	 	 	—  	 	 	 	496	 	 	 	(371	) 	
Losses from interest rate contracts	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	(140	) 	
Interest expense	  	 	(91,772	) 	 	 	(97,896	) 	 	 	(374,481	) 	 	 	(412,849	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	131,331	 	 	 	164,894	 	 	 	554,818	 	 	 	489,371	 	
Gains on sales of real estate	  	 	872	 	 	 	—  	 	 	 	7,663	 	 	 	80,606	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	132,203	 	 	 	164,894	 	 	 	562,481	 	 	 	569,977	 	
Net income attributable to noncontrolling interests	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interests in property partnerships	  	 	(13,865	) 	 	 	2,121	 	 	 	(47,832	) 	 	 	2,068	 	
Noncontrolling interest—common units of the Operating Partnership	  	 	(11,884	) 	 	 	(17,097	) 	 	 	(52,210	) 	 	 	(59,260	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc.	  	 	106,454	 	 	 	149,918	 	 	 	462,439	 	 	 	512,785	 	
Preferred dividends	  	 	(2,625	) 	 	 	(2,704	) 	 	 	(10,500	) 	 	 	(10,500	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	103,829	 	 	$	147,214	 	 	$	451,939	 	 	$	502,285	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	0.67	 	 	$	0.96	 	 	$	2.93	 	 	$	3.27	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of common shares outstanding	  	 	154,362	 	 	 	153,814	 	 	 	154,190	 	 	 	153,715	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	0.67	 	 	$	0.96	 	 	$	2.93	 	 	$	3.26	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of common and common equivalent shares outstanding	  	 	154,526	 	 	 	153,991	 	 	 	154,390	 	 	 	153,977	 	

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BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
 	 	
 	  	Three months ended
December 31,	 	 	Year ended
December 31,	 	
 	  	2017	 	 	2016	 	 	2017	 	 	2016	 	
 	  	(in thousands, except for per share amounts)	 	
Net income attributable to Boston Properties, Inc. common shareholders	  	$	103,829	 	 	$	147,214	 	 	$	451,939	 	 	$	502,285	 	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Preferred dividends	  	 	2,625	 	 	 	2,704	 	 	 	10,500	 	 	 	10,500	 	
Noncontrolling interest - common units of the Operating Partnership	  	 	11,884	 	 	 	17,097	 	 	 	52,210	 	 	 	59,260	 	
Noncontrolling interests in property partnerships	  	 	13,865	 	 	 	(2,121	) 	 	 	47,832	 	 	 	(2,068	) 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gains on sales of real estate	  	 	872	 	 	 	—  	 	 	 	7,663	 	 	 	80,606	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before gains on sales of real estate	  	 	131,331	 	 	 	164,894	 	 	 	554,818	 	 	 	489,371	 	
Add:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	154,259	 	 	 	178,032	 	 	 	617,547	 	 	 	694,403	 	
Noncontrolling interests in property partnerships’ share of depreciation and amortization	  	 	(18,896	) 	 	 	(27,256	) 	 	 	(78,190	) 	 	 	(107,087	) 	
Company’s share of depreciation and amortization from unconsolidated joint ventures	  	 	6,310	 	 	 	8,692	 	 	 	34,262	 	 	 	26,934	 	
Corporate-related depreciation and amortization	  	 	(541	) 	 	 	(449	) 	 	 	(1,986	) 	 	 	(1,568	) 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gain on sale of investment in unconsolidated joint venture	  	 	—  	 	 	 	59,370	 	 	 	—  	 	 	 	59,370	 	
Noncontrolling interests in property partnerships	  	 	13,865	 	 	 	(2,121	) 	 	 	47,832	 	 	 	(2,068	) 	
Preferred dividends	  	 	2,625	 	 	 	2,704	 	 	 	10,500	 	 	 	10,500	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.)	  	 	255,973	 	 	 	263,960	 	 	 	1,068,119	 	 	 	1,034,251	 	
Less:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations	  	 	25,841	 	 	 	27,062	 	 	 	108,707	 	 	 	106,504	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds from operations attributable to Boston Properties, Inc. common shareholders	  	$	230,132	 	 	$	236,898	 	 	$	959,412	 	 	$	927,747	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Boston Properties, Inc.’s percentage share of funds from operations - basic	  	 	89.90	% 	 	 	89.75	% 	 	 	89.82	% 	 	 	89.70	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding - basic	  	 	154,362	 	 	 	153,814	 	 	 	154,190	 	 	 	153,715	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO per share basic	  	$	1.49	 	 	$	1.54	 	 	$	6.22	 	 	$	6.04	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding - diluted	  	 	154,526	 	 	 	153,991	 	 	 	154,390	 	 	 	153,977	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FFO per share diluted	  	$	1.49	 	 	$	1.54	 	 	$	6.22	 	 	$	6.03	 	

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(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 and real estate-related depreciation and amortization. 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.
 
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BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
 	 	
 	  	% Leased by Location	 	
 	  	December 31, 2017	 	 	December 31, 2016	 	
Boston	  	 	94.1	% 	 	 	90.7	% 	
New York	  	 	86.9	% 	 	 	90.2	% 	
San Francisco and Los Angeles	  	 	89.3	% 	 	 	89.8	% 	
Washington, DC	  	 	91.3	% 	 	 	89.9	% 	
 	  	 	 	 	 	 	 	 	
Total Portfolio	  	 	90.7	% 	 	 	90.2	% 	
 	  	 	 	 	 	 	 	 	
AT THE COMPANY
Michael LaBelle
Executive Vice President,
Chief Financial Officer and Treasurer
(617) 236-3352
Arista Joyner
Investor Relations Manager
(617) 236-3343
 
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