Boston Properties, Inc. (NYSE:BXP) Q1 2021 Earnings Conference Call April 28, 2021 10:00 AM ET Company Representatives Owen Thomas - Chief Executive Officer Doug Linde - President Mike LaBelle - Chief Financial Officer Ray Ritchey - Senior Executive, Vice President Bryan Koop - Executive Vice President, Boston Region John Powers - Executive Vice President, New York Region Ray Ritchey - Senior Executive Vice President Sara Buda - VP of Investor Relations Conference Call Participants Alexander Goldfarb - Pipe ...

Company Overview - Boston Properties' complete portfolio totals 51.6 million square feet across 196 properties as of March 31, 2021 [1] - The dividend yield is 3.9% [8] - The consolidated market capitalization is $30.1 billion [8] - BXP's share of market capitalization is $30.1 billion [8] Financial Performance (Q1 2021 vs Q1 2020) - BXP's Share of Revenue decreased by $39.6 million, from $720.4 million to $680.8 million [14] - Funds From Operations (FFO) decreased by $45.7 million, from $316.2 million to $270.5 million [15] - BXP's Share of Same Property NOI (excluding termination income) decreased by $24.2 million, from $433.3 million to $409.1 million [16] - Funds Available for Distribution (FAD) decreased by $54.0 million, from $235.9 million to $181.9 million [18] COVID-19 Impact on Financials - COVID-19 related decreases included in BXP's Share of Revenue for Q1 2021 totaled $18.3 million [14] - COVID-19 related decreases included in Funds from Operations (FFO) for Q1 2021 totaled $13.5 million [15] - COVID-19 related decreases included in BXP's Share of Same Property NOI (excluding termination income) for Q1 2021 totaled $13.1 million [16] - COVID-19 related decreases included in Funds Available for Distribution (FAD) for Q1 2021 totaled $22.0 million [18] Leasing Activity - Total space leased in Q1 2021 was 1.3 million square feet [42] - Second generation leases commencing during the period covered 1.1 million square feet [42] - The increase in net rents for second-generation leases was 14.67% [42] Capital Structure - Consolidated debt totaled $12.5 billion [19] - BXP's Share of Debt totaled $12.5 billion [19] - Consolidated Debt to Consolidated Market Capitalization was 41.62% [19] - BXP's Share of Debt to BXP's Share of Market Capitalization was 41.57% [19]

[Explanatory Note](index=3&type=section&id=Explanatory%20Note) This report combines the annual reports of Boston Properties, Inc. (BXP) and its operating partnership, Boston Properties Limited Partnership (BPLP), detailing their UPREIT structure and financial distinctions - This report combines the Annual Reports on Form 10-K for **Boston Properties, Inc. (BXP)**, a **Real Estate Investment Trust (REIT)**, and its operating partnership, **Boston Properties Limited Partnership (BPLP)**. BXP is the sole general partner of BPLP and conducts substantially all of its business through it[6](index=6&type=chunk) - As of December 31, 2020, BXP held an approximate **90.0% ownership interest** in BPLP. This structure is commonly referred to as an **Umbrella Partnership REIT (UPREIT)**[6](index=6&type=chunk) - The primary differences between the consolidated financial statements of BXP and BPLP relate to **shareholders' equity, partners' capital, and noncontrolling interests**. The limited partners of BPLP are accounted for as partners' capital in BPLP's statements and as noncontrolling interests in BXP's statements[6](index=6&type=chunk)[7](index=7&type=chunk) [Part I](index=7&type=section&id=Part%20I) [Business](index=7&type=section&id=Item%201.%20Business) Boston Properties (BXP) is a self-managed Real Estate Investment Trust (REIT) and one of the largest publicly-traded office REITs in the U.S. The company develops, owns, and manages a portfolio of primarily Class A office properties concentrated in five key markets: Boston, Los Angeles, New York, San Francisco, and Washington, DC. As of December 31, 2020, its portfolio consisted of 196 properties totaling 51.2 million square feet. The company's strategy focuses on maximizing returns through targeted geographic concentration, development of high-quality assets, opportunistic acquisitions, and maintaining a strong capital structure. Significant activities in 2020 included strategic dispositions, completion of several development projects, and formation of new joint ventures. The company also emphasizes sustainability, ranking as an industry leader by GRESB, and focuses on human capital management, including diversity and inclusion initiatives Portfolio Overview as of December 31, 2020 | Property Type | Number of Properties | Net Rentable Square Feet (approx.) | | :--- | :--- | :--- | | **Total Portfolio** | **196** | **51.2 million** | | Office Properties | 177 | 3.7 million (under construction) | | Retail Properties | 12 | - | | Residential Properties | 6 | - | | Hotel | 1 | - | - In 2020, the company completed several significant transactions, including: - **Dispositions:** Sold New Dominion Technology Park for **$256.0 million** and a portion of Capital Gallery for **$253.7 million** - **Joint Venture:** Formed a joint venture for the Gateway Commons complex by contributing properties valued at approximately **$350.0 million** for a **50% interest** - **Development:** Completed and placed in-service **17Fifty Presidents Street (276,000 sq. ft.)** and **20 CityPoint (211,000 sq. ft.)** - **Financing:** BPLP issued **$1.25 billion** of **3.250% unsecured senior notes** due 2031[20](index=20&type=chunk)[22](index=22&type=chunk)[24](index=24&type=chunk) - The company's business strategy is to target **five carefully selected geographic markets** (Boston, Los Angeles, New York, San Francisco, and Washington, DC) with high barriers to entry, and to be a leading developer and owner in each[32](index=32&type=chunk) - BXP is recognized as a sustainability leader, earning a fifth consecutive **5 Star rating** from the Global Real Estate Sustainability Benchmark (GRESB) in 2020. The company has **28.8 million square feet** of its portfolio LEED certified[42](index=42&type=chunk) - As of December 31, 2020, the company had approximately **750 employees**. **32% of employees** have worked at BXP for ten or more years, with an average tenure of **9.8 years**[50](index=50&type=chunk)[57](index=57&type=chunk) [Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) The company identifies the COVID-19 pandemic as its most significant risk, expecting continued material adverse effects on its financial condition, tenants, and operations due to factors like reduced economic activity, rent collection issues, and potential long-term shifts away from in-person work. Other major risks include economic downturns in its five core markets, which generate substantially all of its revenue. The company is also exposed to general real estate risks such as competition, leasing challenges, and tenant bankruptcies. Financial risks include rising interest rates impacting variable-rate debt and refinancing capabilities, restrictive debt covenants, and potential discontinuation of LIBOR. Structural risks involve potential conflicts of interest with BPLP unitholders and provisions that may discourage takeovers. Additionally, the company faces risks related to maintaining its REIT status, potential environmental liabilities, and cybersecurity threats - The COVID-19 pandemic is a primary risk, expected to materially and adversely affect financial conditions, results of operations, and tenants. Key concerns include tenants' inability to pay rent, reduced leasing activity, construction delays, and a potential long-term shift away from collective in-person work environments[89](index=89&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk) - The company's performance is highly dependent on the economic climates of its **five core markets**: Boston, Los Angeles, New York, San Francisco, and Washington, DC, as substantially all revenue is derived from properties in these locations[96](index=96&type=chunk) - The company faces significant real estate industry risks, including competition from other properties, potential difficulties in renewing leases or re-leasing space, and adverse effects from major tenants' bankruptcies or insolvencies[103](index=103&type=chunk)[104](index=104&type=chunk)[107](index=107&type=chunk) - Financial risks include the impact of rising interest rates on variable rate debt, restrictive covenants in debt agreements that could affect financial condition, and risks associated with using debt to fund acquisitions and developments[144](index=144&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - Failure for BXP to qualify as a **REIT** would result in it being taxed as a corporation, which would substantially reduce funds available for dividend payments[167](index=167&type=chunk) - The company faces risks from the physical effects of climate change, as many of its properties are located in coastal areas that could experience rising sea-levels and increased storm intensity[135](index=135&type=chunk) [Unresolved Staff Comments](index=47&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[185](index=185&type=chunk) [Properties](index=48&type=section&id=Item%202.%20Properties) As of December 31, 2020, the company's portfolio consisted of 196 properties totaling approximately 51.2 million net rentable square feet. This includes 177 office properties, 12 retail properties, 6 residential properties, and one hotel. The in-service portfolio was 90.1% leased. The tenant base is diversified, with the technology, media, and life sciences sector representing the largest portion at 30%, followed by legal services at 19%. Salesforce.com is the largest tenant by square footage Historical In-Service Property Performance | Year Ended Dec 31 | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Percentage Leased** | 90.1% | 93.0% | 91.4% | 90.7% | 90.2% | | **Avg. Annualized Revenue per sq. ft.** | $72.67 | $69.72 | $66.63 | $63.66 | $62.54 | Top 5 Tenants by Square Feet (as of Dec 31, 2020) | Rank | Tenant | Square Feet | % of In-Service Portfolio | | :--- | :--- | :--- | :--- | | 1. | salesforce.com | 905,742 | 2.30% | | 2. | Arnold & Porter Kaye Scholer | 813,679 | 2.07% | | 3. | U.S. Government | 810,511 | 2.06% | | 4. | Biogen | 772,212 | 1.96% | | 5. | Akamai Technologies | 658,578 | 1.67% | Tenant Diversification by Sector (as of Dec 31, 2020) | Sector | % of In-Service Portfolio | | :--- | :--- | | Technology, Media and Life Sciences | 30% | | Legal Services | 19% | | Financial Services - all other | 13% | | Other Professional Services | 9% | | Financial Services - commercial and investment banking | 7% | - Leases representing approximately **8.1%** of the total portfolio square feet (including unconsolidated joint ventures) are scheduled to expire in 2021[39](index=39&type=chunk)[203](index=203&type=chunk) [Legal Proceedings](index=54&type=section&id=Item%203.%20Legal%20Proceedings) The company is subject to various legal proceedings and claims in the ordinary course of business, many of which are covered by insurance. Management does not believe the final outcomes will have a material adverse effect on its financial position, operations, or liquidity - The company states that the final outcome of ordinary course legal proceedings is not expected to have a material adverse effect on its financial position[204](index=204&type=chunk) [Mine Safety Disclosures](index=54&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[205](index=205&type=chunk) [Part II](index=55&type=section&id=Part%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=55&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Boston Properties, Inc.'s (BXP) common stock is listed on the New York Stock Exchange under the symbol "BXP". There is no public trading market for the common units of Boston Properties Limited Partnership (BPLP). The company has a policy of paying regular quarterly dividends to maintain its REIT qualification. A stock performance graph shows BXP's cumulative total return underperforming the S&P 500 Index but outperforming the Equity REIT Index and Office REIT Index over the five-year period ending December 31, 2020, though it saw a significant drop in 2020 - BXP's common stock trades on the NYSE under the symbol "**BXP**". As of February 22, 2021, there were approximately **1,106 stockholders of record**[208](index=208&type=chunk) - There is no established public trading market for BPLP's common units. As of February 22, 2021, BXP held **155,805,646** of the **173,490,466 outstanding common units**[208](index=208&type=chunk) Cumulative Total Return Comparison (2015-2020) | Index | 12/31/2015 | 12/31/2020 | | :--- | :--- | :--- | | **Boston Properties, Inc.** | **$100.00** | **$85.85** | | S&P 500 Index | $100.00 | $203.04 | | Equity REIT Index | $100.00 | $126.25 | | Office REIT Index | $100.00 | $109.16 | [Selected Financial Data](index=57&type=section&id=Item%206.%20Selected%20Financial%20Data) This section provides a five-year summary of selected financial data for both Boston Properties, Inc. (BXP) and Boston Properties Limited Partnership (BPLP). For 2020, BXP reported total revenues of $2.77 billion and net income attributable to common shareholders of $862.2 million, or $5.54 per diluted share. This represents a significant increase in net income from $511.0 million in 2019, primarily driven by gains on sales of real estate. Funds from Operations (FFO) attributable to common shareholders decreased to $978.2 million in 2020 from $1.09 billion in 2019. BPLP reported similar trends with total revenues of $2.77 billion and net income attributable to common unitholders of $980.0 million Boston Properties, Inc. (BXP) Selected Financial Data (in thousands, except per share data) | Metric | 2020 | 2019 | | :--- | :--- | :--- | | Total Revenue | $2,765,686 | $2,960,562 | | Net Income Attributable to BXP Common Shareholders | $862,227 | $511,034 | | Diluted EPS | $5.54 | $3.30 | | FFO Attributable to BXP Common Shareholders | $978,191 | $1,085,844 | | Total Assets | $22,858,190 | $21,284,905 | | Total Indebtedness | $13,047,758 | $11,811,806 | Boston Properties Limited Partnership (BPLP) Selected Financial Data (in thousands, except per unit data) | Metric | 2020 | 2019 | | :--- | :--- | :--- | | Total Revenue | $2,765,686 | $2,960,562 | | Net Income Attributable to BPLP Common Unitholders | $979,979 | $580,102 | | Diluted EPU | $5.67 | $3.36 | | FFO Attributable to BPLP Common Unitholders | $1,086,501 | $1,209,601 | | Total Assets | $22,586,907 | $20,993,574 | | Total Indebtedness | $13,047,758 | $11,811,806 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=62&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant negative impact of the COVID-19 pandemic on 2020 financial results, particularly on retail, parking, and hotel revenues, and the necessity of rent-related write-offs. Despite these challenges, office tenant rent collections remained strong at 99.7%. Net income increased substantially year-over-year due to significant gains on property sales, while Same Property Net Operating Income (NOI) declined by 7.7% due to pandemic-related pressures. The company highlights its strong liquidity position, with approximately $1.7 billion in cash and $1.5 billion available on its credit facility, which it believes is sufficient to fund its development pipeline and meet obligations. The development pipeline of 3.7 million square feet was 87% pre-leased as of February 2021. Management remains focused on leasing, completing developments, and maintaining a conservative balance sheet [Outlook](index=64&type=section&id=MD%26A_Outlook) The economic recovery remains slow at the start of 2021, with commercial real estate continuing to be negatively impacted by the COVID-19 pandemic. While physical occupancy of properties remained low in 2020, the company signed 1.2 million square feet of leases in Q4 2020, indicating continued long-term demand for its Class A office space. The future impact on office demand is unclear as companies evaluate post-pandemic space needs. The company's development pipeline of 3.7 million square feet is 87% pre-leased as of February 2021 - Rent collections for Q4 2020 were **99.1% of total billings**, with office tenants paying **99.7%** and retail tenants paying **84.6%**[242](index=242&type=chunk) - In Q4 2020, the company recorded write-offs of approximately **$40.1 million**, primarily associated with accrued rent from tenants in the co-working sector. Revenue from these tenants will be recognized on a cash basis starting in Q1 2021[243](index=243&type=chunk) - The overall occupancy of in-service office and retail properties decreased by **290 basis points** to **90.1%** at year-end 2020 from **93.0%** at year-end 2019, partly due to placing the **33%-leased Dock 72 property** into service[245](index=245&type=chunk) [Results of Operations](index=78&type=section&id=MD%26A_Results_of_Operations) For the year ended December 31, 2020, net income attributable to BXP common shareholders increased by $351.2 million compared to 2019, primarily due to a $618.3 million increase in gains on sales of real estate. However, Net Operating Income (NOI) for the total portfolio decreased by 7.2% ($132.0 million). The Same Property Portfolio NOI decreased by 7.7% ($135.8 million), driven by a $101.5 million decline in lease revenue (including $87.3 million in write-offs) and a $33.1 million drop in parking revenue due to the COVID-19 pandemic. The company's single hotel property saw its NOI decrease by $20.2 million as it was closed for a significant portion of the year Net Operating Income (NOI) Comparison (in thousands) | Portfolio | 2020 | 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Same Property** | $1,619,120 | $1,754,953 | $(135,833) | (7.74)% | | **Total Property** | $1,694,075 | $1,826,123 | $(132,048) | (7.23)% | - For the Same Property Portfolio, the company wrote off approximately **$65.4 million** of accrued rent and **$21.9 million** of accounts receivable balances in 2020, primarily from retail, entertainment, and co-working tenants[300](index=300&type=chunk) - Gains on sales of real estate for BXP increased to **$618.7 million** in 2020 from **$1.0 million** in 2019, mainly from the sales of New Dominion Technology Park (**$192.3M gain**), a portion of Capital Gallery (**$203.5M gain**), and the contribution of Gateway properties to a joint venture (**$217.7M gain**)[336](index=336&type=chunk)[337](index=337&type=chunk) - Income from unconsolidated joint ventures decreased by **$131.7 million**, primarily due to a **$60.5 million non-cash impairment charge** on the Dock 72 joint venture and a **$47.5 million gain on sale** in 2019 that did not recur[331](index=331&type=chunk) [Liquidity and Capital Resources](index=94&type=section&id=MD%26A_Liquidity_and_Capital_Resources) The company maintains a strong liquidity position with approximately $1.7 billion in cash and cash equivalents and $1.5 billion available under its revolving credit facility as of year-end 2020. Primary liquidity needs include funding development costs, debt service, and dividends. As of December 31, 2020, the company had six properties under construction/redevelopment with an estimated remaining funding requirement of approximately $849 million. Total consolidated debt stood at $13.0 billion, with a weighted-average interest rate of 3.65%. The company believes its available capital is sufficient to meet its obligations and fund opportunistic investments Properties Under Construction/Redevelopment (Company Share, as of Dec 31, 2020) | Metric | Amount (in thousands) | | :--- | :--- | | Estimated Total Investment | $2,153,800 | | Investment to Date | $1,181,748 | | **Estimated Future Equity Requirement** | **$848,712** | Cash Flow Summary (in thousands) | Cash Flow | 2020 | 2019 | | :--- | :--- | :--- | | Provided by Operating Activities | $1,156,840 | $1,181,165 | | Used in Investing Activities | $(613,719) | $(1,015,091) | | Provided by (Used in) Financing Activities | $484,322 | $(113,379) | Consolidated Debt Summary (as of Dec 31, 2020) | Debt Type | Amount (in thousands) | | :--- | :--- | | Fixed Rate Mortgage Notes | $2,909,081 | | Unsecured Senior Notes | $9,639,287 | | Unsecured Term Loan | $499,390 | | **Total Consolidated Debt** | **$13,047,758** | [Funds from Operations (FFO)](index=106&type=section&id=MD%26A_Funds_from_Operations) Funds from Operations (FFO) is a non-GAAP measure used to evaluate the operating performance of REITs. For the year ended December 31, 2020, FFO attributable to BXP common shareholders was $978.2 million, a decrease from $1.09 billion in 2019. The decline was primarily driven by the negative impacts of the COVID-19 pandemic on lease, parking, and hotel revenues. FFO for BPLP common unitholders also decreased to $1.09 billion in 2020 from $1.21 billion in 2019 FFO Reconciliation Summary for BXP (in thousands) | Description | 2020 | 2019 | | :--- | :--- | :--- | | Net income attributable to BXP common shareholders | $862,227 | $511,034 | | Adjustments (Depreciation, Gains on Sales, etc.) | $115,964 | $574,810 | | **FFO attributable to BXP common shareholders** | **$978,191** | **$1,085,844** | FFO Reconciliation Summary for BPLP (in thousands) | Description | 2020 | 2019 | | :--- | :--- | :--- | | Net income attributable to BPLP common unitholders | $979,979 | $580,102 | | Adjustments (Depreciation, Gains on Sales, etc.) | $106,522 | $629,499 | | **FFO attributable to BPLP common unitholders** | **$1,086,501** | **$1,209,601** | [Quantitative and Qualitative Disclosures About Market Risk](index=115&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk stems from its indebtedness and changes in interest rates. As of December 31, 2020, approximately 96.2% of the company's consolidated debt had fixed interest rates, mitigating risk from rate increases. The company had $500.0 million in variable rate debt outstanding. A hypothetical 100 basis point increase in market interest rates would have increased total interest expense by approximately $5.0 million on an annualized basis for 2020. The company also notes the risk related to the potential discontinuation of LIBOR after 2021 - As of December 31, 2020, approximately **96.2%** of the company's outstanding consolidated debt carried fixed interest rates[387](index=387&type=chunk) - A hypothetical **100 basis point increase** in interest rates on the company's variable rate debt would have increased annualized interest expense by approximately **$5.0 million** for the year ended December 31, 2020[387](index=387&type=chunk)[411](index=411&type=chunk) - The company acknowledges the risk of **LIBOR discontinuation** and notes that interest rates on its variable rate debt will be based on an alternative rate as specified in the applicable loan documentation[412](index=412&type=chunk) [Financial Statements and Supplementary Data](index=116&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the consolidated financial statements for both Boston Properties, Inc. (BXP) and Boston Properties Limited Partnership (BPLP) for the fiscal year ended December 31, 2020, along with comparative data for 2019 and 2018. It includes Management's Report on Internal Control over Financial Reporting, which concluded that internal controls were effective. The Report of Independent Registered Public Accounting Firm, PricewaterhouseCoopers LLP, provides an unqualified opinion on both the financial statements and the effectiveness of internal controls. The auditor's report identifies "Impairment Assessments of Long-Lived Assets and Investments in Unconsolidated Joint Ventures" as a Critical Audit Matter due to the significant management judgment involved - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2020[420](index=420&type=chunk)[459](index=459&type=chunk) - The independent auditor, **PricewaterhouseCoopers LLP**, issued an **unqualified opinion** on the consolidated financial statements and the effectiveness of internal control over financial reporting[424](index=424&type=chunk)[462](index=462&type=chunk) - The auditor identified a **Critical Audit Matter** related to the impairment assessments of long-lived assets and investments in unconsolidated joint ventures, highlighting the significant management judgment required for these evaluations, particularly in developing fair value measurements[430](index=430&type=chunk)[467](index=467&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=182&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[655](index=655&type=chunk) [Controls and Procedures](index=182&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the effectiveness of disclosure controls and procedures for both BXP and BPLP and concluded they were effective as of December 31, 2020. No material changes to internal control over financial reporting occurred during the fourth quarter of 2020 - The Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures for both BXP and BPLP were effective as of the end of the period covered by the report[656](index=656&type=chunk)[657](index=657&type=chunk) [Other Information](index=182&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[658](index=658&type=chunk) [Part III](index=183&type=section&id=Part%20III) [Directors, Executive Officers, Corporate Governance, Executive Compensation, Certain Relationships, and Principal Accountant Fees](index=183&type=section&id=Item%2010%2C%2011%2C%2013%2C%2014) The information required for Items 10 (Directors, Executive Officers and Corporate Governance), 11 (Executive Compensation), 13 (Certain Relationships and Related Transactions, and Director Independence), and 14 (Principal Accountant Fees and Services) is incorporated by reference from the company's definitive Proxy Statement for its 2021 Annual Meeting of Stockholders - Information for these sections will be included in the Proxy Statement for the 2021 Annual Meeting of Stockholders and is incorporated by reference[662](index=662&type=chunk)[663](index=663&type=chunk)[667](index=667&type=chunk)[668](index=668&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=183&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section provides information on the company's equity compensation plans as of December 31, 2020. Under plans approved by security holders, there were approximately 3.9 million securities to be issued upon exercise of outstanding options and rights, with over 8.0 million securities remaining available for future issuance. Other details regarding security ownership are incorporated by reference from the 2021 Proxy Statement Equity Compensation Plan Information as of December 31, 2020 | Plan Category | Securities to be Issued Upon Exercise (a) | Weighted-Average Exercise Price (b) | Securities Remaining for Future Issuance (c) | | :--- | :--- | :--- | :--- | | **Approved by Security Holders** | 3,886,774 | $96.97 | 8,069,531 | | **Not Approved by Security Holders** | N/A | N/A | 78,152 | [Part IV](index=185&type=section&id=Part%20IV) [Exhibits and Financial Statement Schedules](index=185&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules, and exhibits filed as part of the Form 10-K. It includes Schedule 3 for Real Estate and Accumulated Depreciation for both BXP and BPLP. A comprehensive list of exhibits, including governance documents, debt indentures, and employment agreements, is also provided, with many incorporated by reference from previous filings - This section includes the Financial Statement Schedule 3 - **Real Estate Investments and Accumulated Depreciation** as of December 31, 2020 for both Boston Properties, Inc. and Boston Properties Limited Partnership[671](index=671&type=chunk) [Form 10-K Summary](index=199&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to the company - Not Applicable[704](index=704&type=chunk)

Boston Properties, Inc. (NYSE:BXP) Q4 2020 Earnings Conference Call January 27, 2021 10:00 AM ET Company Participants Sara Buda - VP of IR Owen Thomas - CEO Doug Linde - President Mike LaBelle - CFO Ray Ritchey - Senior EVP Bob Pester - EVP, San Francisco Region Peter Johnston - EVP, Washington, DC Region Conference Call Participants Nick Yulico - Scotiabank Derek Johnston - Deutsche Bank Anthony Paolone - JPMorgan Manny Korchman - Citi Jamie Feldman - Bank of America Steve Sakwa - Evercore ISI Vikram Malho ...

BXP Investor Update: Nareit REITWorld 2020 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Please refer to the Appendix for information on how to identify these statements, as well as risks and uncertainties, including the impact of the COVID-19 pandemic and related governmental actions and changes in economic conditions that could cause the Company's actual results to differ materially from those expressed or implied by the ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13087 (Boston Properties, Inc.) Commission File Number: 0-50209 (Boston Properties Limited Partnership) BOSTON PROPERT ...

Boston Properties, Inc. (NYSE:BXP) Q3 2020 Results Conference Call October 28, 2020 10:00 AM ET Company Participants Sara Buda - Vice President of Investor Relations Owen Thomas - Chief Executive Officer Doug Linde - President Mike LaBelle - Chief Financial Officer Ray Ritchey - Senior EVP Bob Pester - EVP, San Francisco Region Bryan Koop - EVP, Boston Region John Powers - EVP, New York Region Peter Johnston - EVP, Washington, DC Region Conference Call Participants Derek Johnston - Deutsche Bank Nick Yuli ...

Table of Contents Securities registered pursuant to Section 12(b) of the Act: UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13087 (Boston Properties, Inc.) Commission File Number: 0-50209 ...

Boston Properties, Inc. (NYSE:BXP) Q2 2020 Results Conference Call July 29, 2020 10:00 AM ET Company Participants Sara Buda - Vice President of Investor Relations Owen Thomas - Chief Executive Officer Doug Linde - President Mike LaBelle - Chief Financial Officer Conference Call Participants Alexander Goldfarb - Piper Sandler Steve Sakwa - Evercore ISI Vikram Malhotra - Morgan Stanley Jamie Feldman - Bank of America Michael Bilerman - Citi Derek Johnston - Deutsche Bank. Nick Yulico - Scotiabank Frank Lee - ...

Supplemental Operating and Financial Data for the Quarter Ended June 30, 2020 THE COMPANY Boston Properties, Inc. (NYSE: BXP) ("Boston Properties," "BXP" or the "Company") is the largest publicly-traded developer, owner and manager of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, op ...