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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 March 31, 2024
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 PROPERTIES, INC.
BOSTON PROPERTIES LIMITED PARTNERSHIP
(Exact name of Registrants as specified in its charter)
Boston Properties, Inc.Delaware04-2473675
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Boston Properties Limited PartnershipDelaware04-3372948
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
Prudential Center, 800 Boylston Street, Suite 1900, Boston, Massachusetts 02199-8103
(Address of principal executive offices) (Zip Code)
(617) 236-3300
(Registrants’ telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Boston Properties, Inc.Common Stock, par value $0.01 per shareBXPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  
Boston Properties, Inc.:    Yes  x   No           Boston Properties Limited Partnership:    Yes  x    No      


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Boston Properties, Inc.:    Yes  x    No           Boston Properties Limited Partnership:    Yes  x    No      
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Boston Properties, Inc.:    
Large accelerated filer  x         Accelerated filer           Non-accelerated filer           Smaller reporting company           Emerging growth company  

Boston Properties Limited Partnership:
Large accelerated filer           Accelerated filer           Non-accelerated filer  x           Smaller reporting company             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.
Boston Properties, Inc.                  Boston Properties Limited Partnership 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Boston Properties, Inc.:    Yes      No  x        Boston Properties Limited Partnership:    Yes      No  x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Boston Properties, Inc.Common Stock, par value $0.01 per share157,058,652
(Registrant)(Class)
(Outstanding on May 2, 2024)


EXPLANATORY NOTE
This report combines the Quarterly Reports on Form 10-Q for the period ended March 31, 2024 of Boston Properties, Inc. and Boston Properties Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “BXP” mean Boston Properties, Inc., a Delaware corporation and real estate investment trust (“REIT”), and references to “BPLP” and the “Operating Partnership” mean Boston Properties Limited Partnership, a Delaware limited partnership. BPLP is the entity through which BXP conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets. BXP is the sole general partner and also a limited partner of BPLP. As the sole general partner of BPLP, BXP has exclusive control of BPLP’s day-to-day management. Therefore, unless stated otherwise or the context requires, references to the “Company,” “we,” “us” and “our” mean collectively BXP, BPLP and those entities/subsidiaries consolidated by BXP.
As of March 31, 2024, BXP owned an approximate 89.1% ownership interest in BPLP. The remaining approximate 10.9% interest was owned by limited partners. The other limited partners of BPLP (1) contributed their direct or indirect interests in properties to BPLP in exchange for common units of limited partnership interest in BPLP or (2) received long-term incentive plan units of BPLP pursuant to BXP’s Stock Option and Incentive Plans, or both. Under the limited partnership agreement of BPLP, unitholders may present their common units of BPLP for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time, generally one year from issuance). Upon presentation of a common unit for redemption, BPLP must redeem the unit for cash equal to the then value of a share of BXP’s common stock. In lieu of a cash redemption by BPLP, however, BXP may elect to acquire any common units so tendered by issuing shares of BXP common stock in exchange for the common units. If BXP so elects, its common stock will be exchanged for common units on a one-for-one basis. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. BXP generally expects that it will elect to issue its common stock in connection with each such presentation for redemption rather than having BPLP pay cash. With each such exchange or redemption, BXP’s percentage ownership in BPLP will increase. In addition, whenever BXP issues shares of its common stock other than to acquire common units of BPLP, BXP must contribute any net proceeds it receives to BPLP and BPLP must issue to BXP an equivalent number of common units of BPLP. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the Quarterly Reports on Form 10-Q of BXP and BPLP into this single report:
enhances investors’ understanding of BXP and BPLP by enabling them to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more concise and readable presentation because a substantial portion of the disclosure applies to both BXP and BPLP; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between BXP and BPLP in the context of how BXP and BPLP operate as a consolidated company. The financial results of BPLP are consolidated into the financial statements of BXP. BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving the securities of BXP. BPLP holds substantially all of the assets of BXP, including ownership interests in subsidiaries and joint ventures. BPLP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by BXP, which are contributed to the capital of BPLP in exchange for common or preferred units of partnership in BPLP, as applicable, BPLP generates all remaining capital required by the Company’s business. These sources include working capital, net cash provided by operating activities, borrowings under its credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties and interests in joint ventures.
Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of BXP and BPLP. The limited partners of BPLP are accounted for as partners’ capital in BPLP’s financial statements and as noncontrolling interests in BXP’s financial statements. The noncontrolling interests in BPLP’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in BXP’s financial statements include the same


noncontrolling interests in BPLP and limited partners of BPLP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued by each of BXP and BPLP.
In addition, the consolidated financial statements of BXP and BPLP differ in total real estate assets resulting from previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of BPLP. This accounting resulted in a step-up of the real estate assets of BXP at the time of such redemptions, resulting in a difference between the net real estate of BXP as compared to BPLP of approximately $241.2 million, or 1.2% at March 31, 2024, and a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of these properties having an allocation of the real estate step-up. The acquisition accounting was nullified on a prospective basis beginning in 2009 as a result of the Company’s adoption of a new accounting standard requiring any subsequent redemptions to be accounted for solely as an equity transaction.
To help investors better understand the key differences between BXP and BPLP, the following items in this report present information separately for BXP and BPLP:
Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP:
Note 3. Real Estate;
Note 10. Stockholders’ Equity / Partners’ Capital;
Note 11. Segment Information; and
Note 12. Earnings Per Share / Common Unit
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Liquidity and Capital Resources, includes information specific to each entity, where applicable.
This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections for each of BXP and BPLP, as well as separate Exhibits 31 and 32 certifications for each of BXP and BPLP.




BOSTON PROPERTIES, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP
FORM 10-Q
for the quarter ended March 31, 2024
TABLE OF CONTENTS
 Page
ITEM 1.
Boston Properties, Inc.
Boston Properties Limited Partnership
Boston Properties, Inc. and Boston Properties Limited Partnership
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
 



PART I. FINANCIAL INFORMATION
ITEM 1—Financial Statements.



BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
March 31, 2024December 31, 2023
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,376,175 and $7,054,075 at March 31, 2024 and December 31, 2023, respectively)
$27,063,048 $26,749,209 
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2024 and December 31, 2023, respectively)
401,486 401,680 
Right of use assets - operating leases (amounts related to VIEs of $154,217 and $158,885 at March 31, 2024 and December 31, 2023, respectively)
344,255 324,298 
Less: accumulated depreciation (amounts related to VIEs of $(1,538,940) and $(1,501,483) at March 31, 2024 and December 31, 2023, respectively)
(7,040,501)(6,881,728)
Total real estate20,768,288 20,593,459 
Cash and cash equivalents (amounts related to VIEs of $298,548 and $245,317 at March 31, 2024 and December 31, 2023, respectively)
701,695 1,531,477 
Cash held in escrows (amounts related to VIEs of $4,839 and $22,160 at March 31, 2024 and December 31, 2023, respectively)
64,939 81,090 
Investments in securities37,184 36,337 
Tenant and other receivables, net (amounts related to VIEs of $27,792 and $27,987 at March 31, 2024 and December 31, 2023, respectively)
94,115 122,407 
Note receivable, net2,274 1,714 
Related party note receivable, net88,789 88,779 
Sales-type lease receivable, net13,943 13,704 
Accrued rental income, net (amounts related to VIEs of $409,628 and $401,159 at March 31, 2024 and December 31, 2023, respectively)
1,390,217 1,355,212 
Deferred charges, net (amounts related to VIEs of $194,489 and $175,383 at March 31, 2024 and December 31, 2023, respectively)
818,424 760,421 
Prepaid expenses and other assets (amounts related to VIEs of $45,672 and $11,824 at March 31, 2024 and December 31, 2023, respectively)
146,286 64,230 
Investments in unconsolidated joint ventures1,399,824 1,377,319 
Total assets$25,525,978 $26,026,149 
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,278,396 and $3,277,185 at March 31, 2024 and December 31, 2023, respectively)
$4,368,367 $4,166,379 
Unsecured senior notes, net9,794,527 10,491,617 
Unsecured line of credit  
Unsecured term loan, net1,199,430 1,198,301 
Lease liabilities - finance leases (amounts related to VIEs of $20,831 and $20,794 at March 31, 2024 and December 31, 2023, respectively)
415,888 417,961 
Lease liabilities - operating leases (amounts related to VIEs of $148,706 and $145,826 at March 31, 2024 and December 31, 2023, respectively)
377,667 350,391 
Accounts payable and accrued expenses (amounts related to VIEs of $112,385 and $59,667 at March 31, 2024 and December 31, 2023, respectively)
374,681 458,329 
Dividends and distributions payable172,154 171,176 
Accrued interest payable
119,573 133,684 
Other liabilities (amounts related to VIEs of $105,786 and $115,275 at March 31, 2024 and December 31, 2023, respectively)
417,978 445,947 
Total liabilities17,240,265 17,833,785 
1

BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
March 31, 2024December 31, 2023
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 124,656 and 119,471 units outstanding at redemption value at March 31, 2024 and December 31, 2023, respectively
8,141 8,383 
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, none issued or outstanding
  
Common stock, $0.01 par value, 250,000,000 shares authorized, 157,128,071 and 157,019,766 issued and 157,049,171 and 156,940,866 outstanding at March 31, 2024 and December 31, 2023, respectively
1,570 1,569 
Additional paid-in capital
6,752,648 6,715,149 
Dividends in excess of earnings(890,177)(816,152)
Treasury common stock at cost, 78,900 shares at March 31, 2024 and December 31, 2023
(2,722)(2,722)
Accumulated other comprehensive loss(3,620)(21,147)
Total stockholders’ equity attributable to Boston Properties, Inc.5,857,699 5,876,697 
Noncontrolling interests:
Common units of Boston Properties Limited Partnership684,969 666,580 
Property partnerships1,734,904 1,640,704 
Total equity8,277,572 8,183,981 
Total liabilities and equity$25,525,978 $26,026,149 















The accompanying notes are an integral part of these consolidated financial statements.
2

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except for per share amounts)
Three months ended March 31,
 20242023
Revenue
Lease$788,590 $756,875 
Parking and other32,216 24,009 
Hotel8,186 8,101 
Development and management services6,154 8,980 
Direct reimbursements of payroll and related costs from management services contracts
4,293 5,235 
Total revenue839,439 803,200 
Expenses
Operating
Rental314,157 291,308 
Hotel6,015 6,671 
General and administrative50,018 55,802 
Payroll and related costs from management services contracts4,293 5,235 
Transaction costs513 911 
Depreciation and amortization218,716 208,734 
Total expenses593,712 568,661 
Other income (expense)
Income (loss) from unconsolidated joint ventures19,186 (7,569)
Interest and other income (loss)14,529 10,941 
Gains from investments in securities2,272 1,665 
Unrealized gain on non-real estate investment396 259 
Impairment loss(13,615) 
Interest expense(161,891)(134,207)
Net income106,604 105,628 
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships(17,221)(18,660)
Noncontrolling interest—common units of the Operating Partnership(9,500)(9,078)
Net income attributable to Boston Properties, Inc.$79,883 $77,890 
Basic earnings per common share attributable to Boston Properties, Inc.
Net income$0.51 $0.50 
Weighted average number of common shares outstanding156,983 156,803 
Diluted earnings per common share attributable to Boston Properties, Inc.
Net income$0.51 $0.50 
Weighted average number of common and common equivalent shares outstanding
157,132 157,043 



The accompanying notes are an integral part of these consolidated financial statements.
3

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)
 
Three months ended March 31,
 20242023
Net income$106,604 $105,628 
Other comprehensive income:
Effective portion of interest rate contracts16,351 (6,538)
Amortization of interest rate contracts (1)3,360 1,675 
Other comprehensive income (loss)19,711 (4,863)
Comprehensive income126,315 100,765 
Net income attributable to noncontrolling interests(26,721)(27,738)
Other comprehensive (income) loss attributable to noncontrolling interests(2,184)368 
Comprehensive income attributable to Boston Properties, Inc.$97,410 $73,395 
_______________
(1)Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties, Inc.’s Consolidated Statements of Operations.






























The accompanying notes are an integral part of these consolidated financial statements.
4

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
 (unaudited and in thousands)
 Common StockAdditional Paid-in CapitalDividends in Excess of EarningsTreasury Stock,
at cost
Accumulated Other Comprehensive LossNoncontrolling Interests - Common UnitsNoncontrolling Interests - Property PartnershipsTotal
 SharesAmount
Equity, December 31, 2023
156,941 $1,569 $6,715,149 $(816,152)$(2,722)$(21,147)$666,580 $1,640,704 $8,183,981 
Redemption of operating partnership units to common stock36 1 1,302 — — — (1,303)—  
Allocated net income for the period— — — 79,883 — — 9,500 17,221 106,604 
Dividends/distributions declared— — — (153,908)— — (18,864)— (172,772)
Shares issued pursuant to stock purchase plan8 — 600 — — — — — 600 
Net activity from stock option and incentive plan64 — 2,262 — — — 14,269 — 16,531 
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships— — 46,082 — — — — 96,860 142,942 
Distributions to noncontrolling interests in property partnerships— — — — — — — (20,025)(20,025)
Effective portion of interest rate contracts— — — — — 14,646 1,705 — 16,351 
Amortization of interest rate contracts— — — — — 2,881 335 144 3,360 
Reallocation of noncontrolling interest— — (12,747)— — — 12,747 —  
Equity, March 31, 2024
157,049 $1,570 $6,752,648 $(890,177)$(2,722)$(3,620)$684,969 $1,734,904 $8,277,572 
Equity, December 31, 2022
156,758 $1,568 $6,539,147 $(391,356)$(2,722)$(13,718)$683,583 $1,547,317 $8,363,819 
Redemption of operating partnership units to common stock5  195 — — — (195)—  
Allocated net income for the period— — — 77,890 — — 9,078 18,660 105,628 
Dividends/distributions declared— — — (153,693)— — (18,361)— (172,054)
Shares issued pursuant to stock purchase plan9 — 586 — — — — — 586 
Net activity from stock option and incentive plan58 — 3,448 — — — 23,971 — 27,419 
Contributions from noncontrolling interests in property partnerships— — — — — — — 7,555 7,555 
Distributions to noncontrolling interests in property partnerships— — — — — — — (21,606)(21,606)
Effective portion of interest rate contracts— — — — — (5,870)(668)— (6,538)
Amortization of interest rate contracts— — — — — 1,374 157 144 1,675 
Reallocation of noncontrolling interest— — 5,938 — — — (5,938)—  
Equity, March 31, 2023
156,830 $1,568 $6,549,314 $(467,159)$(2,722)$(18,214)$691,627 $1,552,070 $8,306,484 



The accompanying notes are an integral part of these consolidated financial statements.

5

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Three months ended March 31,
 20242023
Cash flows from operating activities:
Net income$106,604 $105,628 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization218,716 208,734 
Impairment loss13,615  
Amortization of right of use assets - operating leases1,441 652 
Non-cash compensation expense18,873 26,262 
(Income) loss from unconsolidated joint ventures(19,186)7,569 
Distributions of net cash flow from operations of unconsolidated joint ventures8,643 5,996 
Gains from investments in securities(2,272)(1,665)
Allowance for current expected credit losses (gains)4 45 
Non-cash portion of interest expense12,109 7,387 
Unrealized (gain) loss on non-real estate investment(396)(259)
Change in assets and liabilities:
Tenant and other receivables, net29,454 7,518 
Accrued rental income, net(35,945)(18,619)
Prepaid expenses and other assets(74,705)(97,762)
Right of use assets - operating lease(750) 
Lease liabilities - operating leases(1,241)(251)
Accounts payable and accrued expenses(20,725)(8,505)
Accrued interest payable(14,171)10,626 
Other liabilities(12,846)16,565 
Tenant leasing costs(29,627)(35,911)
Total adjustments90,991 128,382 
Net cash provided by operating activities197,595 234,010 
Cash flows from investing activities:
Construction in progress(181,636)(119,682)
Building and other capital improvements(32,087)(39,100)
Tenant improvements(53,377)(67,175)
Acquisition of real estate (net of cash received upon consolidation)6,086  
Capital contributions to unconsolidated joint ventures(26,457)(60,745)
Investment in non-real estate investments (733)
Issuance of note receivables (including related party)(573) 
Investments in securities, net1,425 1,843 
Net cash used in investing activities(286,619)(285,592)
Cash flows from financing activities:
Repayments of mortgage notes payable(804) 
Repayment / redemption of unsecured senior notes(700,000) 
Borrowings on unsecured term loan 1,200,000 
Payments on finance lease obligations(3,160) 
Repayment of unsecured term loan (730,000)
Deferred financing costs(108)(6,213)
Net activity from equity transactions(2,136)586 
Dividends and distributions(171,794)(171,270)
6

BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Three months ended March 31,
 20242023
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships141,118 7,555 
Distributions to noncontrolling interests in property partnerships(20,025)(21,606)
Net cash provided by (used in) financing activities(756,909)279,052 
Net increase (decrease) in cash and cash equivalents and cash held in escrows(845,933)227,470 
Cash and cash equivalents and cash held in escrows, beginning of period1,612,567 736,812 
Cash and cash equivalents and cash held in escrows, end of period$766,634 $964,282 
Reconciliation of cash and cash equivalents and cash held in escrows:
Cash and cash equivalents, beginning of period$1,531,477 $690,333 
Cash held in escrows, beginning of period81,090 46,479 
Cash and cash equivalents and cash held in escrows, beginning of period$1,612,567 $736,812 
Cash and cash equivalents, end of period$701,695 $918,952 
Cash held in escrows, end of period64,939 45,330 
Cash and cash equivalents and cash held in escrows, end of period$766,634 $964,282 
Supplemental disclosures:
Cash paid for interest$180,717 $125,698 
Interest capitalized$9,381 $10,589 
Non-cash investing and financing activities:
Write-off of fully depreciated real estate$(27,993)$(56,391)
Change in real estate included in accounts payable and accrued expenses$(48,518)$11,692 
Right of use assets obtained in exchange for lease liabilities - operating lease$25,637 $ 
Non-cash distributions to noncontrolling interests in property, net$52,786 $ 
Capitalized operating lease costs$7,548 $ 
Investment in unconsolidated joint ventures eliminated upon consolidation$(11,834)$ 
Mortgage note payable recorded upon consolidation$207,093 $ 
Real estate and intangibles recorded upon consolidation$(220,015)$ 
Dividends and distributions declared but not paid$172,154 $171,427 
Conversions of noncontrolling interests to stockholders’ equity$1,303 $195 
Issuance of restricted securities to employees and non-employee directors$41,989 $46,516 





The accompanying notes are an integral part of these consolidated financial statements.
7


BOSTON PROPERTIES LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for unit amounts)
March 31, 2024December 31, 2023
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $7,376,175 and $7,054,075 at March 31, 2024 and December 31, 2023, respectively)
$26,696,783 $26,382,944 
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2024 and December 31, 2023, respectively)
401,486 401,680 
Right of use assets - operating leases (amounts related to VIEs of $154,217 and $158,885 at March 31, 2024 and December 31, 2023, respectively)
344,255 324,298 
Less: accumulated depreciation (amounts related to VIEs of $(1,538,940) and $(1,501,483) at March 31, 2024 and December 31, 2023, respectively)
(6,915,437)(6,758,361)
Total real estate20,527,087 20,350,561 
Cash and cash equivalents (amounts related to VIEs of $298,548 and $245,317 at March 31, 2024 and December 31, 2023, respectively)
701,695 1,531,477 
Cash held in escrows (amounts related to VIEs of $4,839 and $22,160 at December 31, 2023 and December 31, 2022, respectively)
64,939 81,090 
Investments in securities37,184 36,337 
Tenant and other receivables, net (amounts related to VIEs of $27,792 and $27,987 at March 31, 2024 and December 31, 2023, respectively)
94,115 122,407 
Note receivable, net2,274 1,714 
Related party note receivable, net88,789 88,779 
Sales-type lease receivable, net13,943 13,704 
Accrued rental income, net (amounts related to VIEs of $409,628 and $401,159 at March 31, 2024 and December 31, 2023, respectively)
1,390,217 1,355,212 
Deferred charges, net (amounts related to VIEs of $194,489 and $175,383 at March 31, 2024 and December 31, 2023, respectively)
818,424 760,421 
Prepaid expenses and other assets (amounts related to VIEs of $45,672 and $11,824 at March 31, 2024 and December 31, 2023, respectively)
146,286 64,230 
Investments in unconsolidated joint ventures1,399,824 1,377,319 
Total assets$25,284,777 $25,783,251 
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,278,396 and $3,277,185 at March 31, 2024 and December 31, 2023, respectively)
$4,368,367 $4,166,379 
Unsecured senior notes, net9,794,527 10,491,617 
Unsecured line of credit  
Unsecured term loan, net1,199,430 1,198,301 
Lease liabilities - finance leases (amounts related to VIEs of $20,831 and $20,794 at March 31, 2024 and December 31, 2023, respectively)
415,888 417,961 
Lease liabilities - operating leases (amounts related to VIEs of $148,706 and $145,826 at March 31, 2024 and December 31, 2023, respectively)
377,667 350,391 
Accounts payable and accrued expenses (amounts related to VIEs of $112,385 and $59,667 at March 31, 2024 and December 31, 2023, respectively)
374,681 458,329 
Dividends and distributions payable172,154 171,176 
Accrued interest payable
119,573 133,684 
Other liabilities (amounts related to VIEs of $105,786 and $115,275 at March 31, 2024 and December 31, 2023, respectively)
417,978 445,947 
Total liabilities17,240,265 17,833,785 
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 124,656 and 119,471 units outstanding at redemption value at March 31, 2024 and December 31, 2023, respectively
8,141 8,383 
8

BOSTON PROPERTIES LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for unit amounts)
March 31, 2024December 31, 2023
Noncontrolling interests:
Redeemable partnership units— 16,492,171 and 16,508,277 common units and 2,666,636 and 2,065,861 long term incentive units outstanding at redemption value at March 31, 2024 and December 31, 2023, respectively
1,300,409 1,347,575 
Capital:
Boston Properties Limited Partnership partners’ capital— 1,762,080 and 1,755,150 general partner units and 155,287,091 and 155,185,716 limited partner units outstanding at March 31, 2024 and December 31, 2023, respectively
5,004,678 4,973,951 
Accumulated other comprehensive loss(3,620)(21,147)
Total partners’ capital5,001,058 4,952,804 
Noncontrolling interests in property partnerships1,734,904 1,640,704 
Total capital6,735,962 6,593,508 
Total liabilities and capital$25,284,777 $25,783,251 





























The accompanying notes are an integral part of these consolidated financial statements.
9

BOSTON PROPERTIES LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except for per unit amounts)
 Three months ended March 31,
 20242023
Revenue
Lease$788,590 $756,875 
Parking and other32,216 24,009 
Hotel8,186 8,101 
Development and management services6,154 8,980 
Direct reimbursements of payroll and related costs from management services contracts
4,293 5,235 
Total revenue839,439 803,200 
Expenses
Operating
Rental314,157 291,308 
Hotel6,015 6,671 
General and administrative50,018 55,802 
Payroll and related costs from management services contracts4,293 5,235 
Transaction costs513 911 
Depreciation and amortization217,019 206,872 
Total expenses592,015 566,799 
Other income (expense)
Income (loss) from unconsolidated joint ventures19,186 (7,569)
Interest and other income (loss)14,529 10,941 
Gains from investments in securities2,272 1,665 
Unrealized gain on non-real estate investment396 259 
Impairment loss(13,615) 
Interest expense(161,891)(134,207)
Net income108,301 107,490 
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships(17,221)(18,660)
Net income attributable to Boston Properties Limited Partnership$91,080 $88,830 
Basic earnings per common unit attributable to Boston Properties Limited Partnership
Net income$0.52 $0.51 
Weighted average number of common units outstanding175,255 174,652 
Diluted earnings per common unit attributable to Boston Properties Limited Partnership
Net income$0.52 $0.51 
Weighted average number of common and common equivalent units outstanding
175,404 174,892 




The accompanying notes are an integral part of these consolidated financial statements.
10

BOSTON PROPERTIES LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)
 
 Three months ended March 31,
 20242023
Net income$108,301 $107,490 
Other comprehensive income:
Effective portion of interest rate contracts16,351 (6,538)
Amortization of interest rate contracts (1)3,360 1,675 
Other comprehensive income (loss)19,711 (4,863)
Comprehensive income128,012 102,627 
Comprehensive income attributable to noncontrolling interests(17,365)(18,804)
Comprehensive income attributable to Boston Properties Limited Partnership$110,647 $83,823 
_______________
(1)Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties Limited Partnership’s Consolidated Statements of Operations.


































The accompanying notes are an integral part of these consolidated financial statements.
11

BOSTON PROPERTIES LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS
(unaudited and in thousands)
UnitsCapital
 
General PartnerLimited PartnerPartners’ Capital (General and Limited Partners)Accumulated
Other
Comprehensive Loss
Noncontrolling
Interests - Property Partnerships
Total CapitalNoncontrolling Interests - Redeemable Partnership Units
Equity, December 31, 20231,755 155,185 $4,973,951 $(21,147)$1,640,704 $6,593,508 $1,347,575 
Net activity from contributions and unearned compensation5 68 2,862 — — 2,862 14,269 
Allocated net income for the period— — 81,580 — 17,221 98,801 9,500 
Distributions— — (153,908)— — (153,908)(18,864)
Conversion of redeemable partnership units2 34 1,303 — — 1,303 (1,303)
Adjustment to reflect redeemable partnership units at redemption value— — 52,808 — — 52,808 (52,808)
Effective portion of interest rate contracts— — — 14,646 — 14,646 1,705 
Amortization of interest rate contracts— — — 2,881 144 3,025 335 
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships— — 46,082 — 96,860 142,942 — 
Distributions to noncontrolling interests in property partnerships— — — — (20,025)(20,025)— 
Equity, March 31, 2024
1,762 155,287 $5,004,678 $(3,620)$1,734,904 $6,735,962 $1,300,409 
Equity, December 31, 20221,750 155,008 $5,299,428 $(13,718)$1,547,317 $6,833,027 $1,280,886 
Net activity from contributions and unearned compensation5 62 4,032 — — 4,032 23,973 
Allocated net income for the period— — 79,752 — 18,660 98,412 9,078 
Distributions— — (153,693)— — (153,693)(18,361)
Conversion of redeemable partnership units— 5 195 — — 195 (195)
Adjustment to reflect redeemable partnership units at redemption value— — 220,222 — — 220,222 (220,222)
Effective portion of interest rate contracts— — — (5,870)— (5,870)(668)
Amortization of interest rate contracts— — — 1,374 144 1,518 157 
Contributions from noncontrolling interests in property partnerships— — — — 7,555 7,555 — 
Distributions to noncontrolling interests in property partnerships— — — — (21,606)(21,606)— 
Equity, March 31, 2023
1,755 155,075 $5,449,936 $(18,214)$1,552,070 $6,983,792 $1,074,648 

The accompanying notes are an integral part of these consolidated financial statements.
12

BOSTON PROPERTIES LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
 Three months ended March 31,
 20242023
Cash flows from operating activities:
Net income$108,301 $107,490 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization217,019 206,872 
Impairment loss13,615  
Amortization of right of use assets - operating leases1,441 652 
Non-cash compensation expense18,873 26,262 
(Income) loss from unconsolidated joint ventures(19,186)7,569 
Distributions of net cash flow from operations of unconsolidated joint ventures8,643 5,996 
Gains from investments in securities(2,272)(1,665)
Allowance for current expected credit losses (gains)4 45 
Non-cash portion of interest expense12,109 7,387 
Unrealized gain on non-real estate investment(396)(259)
Change in assets and liabilities:
Tenant and other receivables, net29,454 7,518 
Accrued rental income, net(35,945)(18,619)
Prepaid expenses and other assets(74,705)(97,762)
Right of use assets - operating lease(750) 
Lease liabilities - operating leases(1,241)(251)
Accounts payable and accrued expenses(20,725)(8,505)
Accrued interest payable(14,171)10,626 
Other liabilities(12,846)16,565 
Tenant leasing costs(29,627)(35,911)
Total adjustments89,294 126,520 
Net cash provided by operating activities197,595 234,010 
Cash flows from investing activities:
Construction in progress(181,636)(119,682)
Building and other capital improvements(32,087)(39,100)
Tenant improvements(53,377)(67,175)
Acquisition of real estate (net of cash received upon consolidation)6,086  
Capital contributions to unconsolidated joint ventures(26,457)(60,745)
Investment in non-real estate investments (733)
Issuance of note receivables (including related party)(573) 
Investments in securities, net1,425 1,843 
Net cash used in investing activities(286,619)(285,592)
Cash flows from financing activities:
Repayments of mortgage notes payable (804) 
Repayment / redemption of unsecured senior notes(700,000) 
Borrowings on unsecured term loan 1,200,000 
Payments on finance lease obligations(3,160) 
Repayment of unsecured term loan (730,000)
Deferred financing costs(108)(6,213)
Net activity from equity transactions(2,136)586 
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