Boston Properties Earnings 2020-03-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

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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, 2020



☐	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.	Delaware	04-2473675
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

Boston Properties Limited Partnership	Delaware	04-3372948
	(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:

Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Boston Properties, Inc.	Common Stock, par value $0.01 per share	BXP	New York Stock Exchange
Boston Properties, Inc.	Depository Shares Each Representing 1/100th of a share	BXP PRB	New York Stock Exchange
Boston Properties, Inc.	of 5.25% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share	BXP PRB	New York Stock Exchange

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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 share	155,369,141
(Registrant)	(Class)	(Outstanding on May 5, 2020)

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2020 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, 2020, BXP owned an approximate 89.7% ownership interest in BPLP. The remaining approximate 10.3% interest was owned by limited partners. The other limited partners of BPLP are (1) persons who contributed their direct or indirect interests in properties to BPLP in exchange for common units or preferred units of limited partnership interest in BPLP and/or (2) recipients of long-term incentive plan units of BPLP pursuant to BXP’s Stock Option and Incentive Plans. 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 provides the following benefits:


•	enhances investors’ understanding of BXP and BPLP by enabling investors 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 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 offerings 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

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noncontrolling interests at BPLP’s level and limited partners of BPLP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued at BXP and BPLP levels.

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 at BXP. This resulted in a difference between the net real estate of BXP as compared to BPLP of approximately $280.0 million, or 1.6% at March 31, 2020, and a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of certain 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 future redemptions to be accounted for solely as an equity transaction.

To help investors better understand the key differences between BXP and BPLP, certain information for BXP and BPLP in this report has been separated, as set forth below:


•	Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP:

•Note 3. Real Estate;

•Note 8. Stockholders’ Equity / Partners’ Capital;

•Note 9. Earnings Per Share / Common Unit; and

•Note 11. Segment Information


•	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable; and


•	Item 2. Liquidity and Capital Resources includes separate reconciliations of amounts to each entity’s financial statements, 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.

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BOSTON PROPERTIES, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP

FORM 10-Q

for the quarter ended March 31, 2020

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		Page
PART I. FINANCIAL INFORMATION
ITEM 1.	Financial Statements (unaudited)	1

Boston Properties, Inc.
	a) Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019	1
	b) Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019	3
	c) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019	4
	d) Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2020 and 2019	5
	e) Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019	6

Boston Properties Limited Partnership
	a) Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019	8
	b) Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019	10
	c) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019	11
	d) Consolidated Statements of Capital and Noncontrolling Interests for the three months ended March 31, 2020 and 2019	12
	e) Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019	13

Boston Properties, Inc. and Boston Properties Limited Partnership
	Notes to the Consolidated Financial Statements	15

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	75
ITEM 4.	Controls and Procedures	75

PART II. OTHER INFORMATION
ITEM 1.	Legal Proceedings	76
ITEM 1A.	Risk Factors	76
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	79
ITEM 3.	Defaults Upon Senior Securities	80
ITEM 4.	Mine Safety Disclosures	80
ITEM 5.	Other Information	80
ITEM 6.	Exhibits	81

SIGNATURES		82

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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, 2020			December 31, 2019
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,564,762 and $6,497,031 at March 31, 2020 and December 31, 2019, respectively)	$	22,342,209		$	22,502,976
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2020 and December 31, 2019, respectively)	237,394			237,394
Right of use assets - operating leases	148,057			148,640
Less: accumulated depreciation (amounts related to VIEs of $(1,082,486) and$(1,058,495) at March 31, 2020 and December 31, 2019, respectively)	(5,209,487		)	(5,266,798		)
Total real estate	17,518,173			17,622,212
Cash and cash equivalents (amounts related to VIEs of $268,415 and $280,033 at March 31, 2020 and December 31, 2019, respectively)	660,733			644,950
Cash held in escrows	197,845			46,936
Investments in securities	28,101			36,747
Tenant and other receivables, net (amounts related to VIEs of $19,954 and $28,918 at March 31, 2020 and December 31, 2019, respectively)	89,431			112,807
Related party note receivable, net	78,800			80,000
Note receivable, net	15,794			15,920
Accrued rental income, net (amounts related to VIEs of $308,482 and $298,318 at March 31, 2020 and December 31, 2019, respectively)	1,059,677			1,038,788
Deferred charges, net (amounts related to VIEs of $205,688 and $214,769 at March 31, 2020 and December 31, 2019, respectively)	667,076			689,213
Prepaid expenses and other assets (amounts related to VIEs of $52,641 and $20,931 at March 31, 2020 and December 31, 2019, respectively)	136,730			41,685
Investments in unconsolidated joint ventures	1,377,338			955,647
Total assets	$	21,829,698		$	21,284,905
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $2,916,068 and $2,918,806 at March 31, 2020 and December 31, 2019, respectively)	$	2,919,157		$	2,922,408
Unsecured senior notes, net	8,393,009			8,390,459
Unsecured line of credit	250,000			—
Unsecured term loan, net	499,058			498,939
Lease liabilities - finance leases (amounts related to VIEs of $20,198 and $20,189 at March 31, 2020 and December 31, 2019, respectively)	227,067			224,042
Lease liabilities - operating leases	200,573			200,180
Accounts payable and accrued expenses (amounts related to VIEs of $28,437 and $45,777 at March 31, 2020 and December 31, 2019, respectively)	293,831			377,553
Dividends and distributions payable	171,026			170,713
Accrued interest payable	82,388			90,016
Other liabilities (amounts related to VIEs of $142,381 and $140,110 at March 31, 2020 and December 31, 2019, respectively)	366,852			387,994
Total liabilities	13,402,961			13,262,304
Commitments and contingencies	—			—

Redeemable deferred stock units— 63,475 and 60,676 units outstanding at redemption value at March 31, 2020 and December 31, 2019, respectively	5,854			8,365

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BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except for share and par value amounts)

	March 31, 2020			December 31, 2019
Equity:
Stockholders’ equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	—			—
Preferred stock, $0.01 par value, 50,000,000 shares authorized;
5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at March 31, 2020 and December 31, 2019	200,000			200,000
Common stock, $0.01 par value, 250,000,000 shares authorized, 155,393,455 and 154,869,198 issued and 155,314,555 and 154,790,298 outstanding at March 31, 2020 and December 31, 2019, respectively	1,553			1,548
Additional paid-in capital	6,321,475			6,294,719
Dividends in excess of earnings	(416,740		)	(760,523		)
Treasury common stock at cost, 78,900 shares at March 31, 2020 and December 31, 2019	(2,722		)	(2,722		)
Accumulated other comprehensive loss	(55,700		)	(48,335		)
Total stockholders’ equity attributable to Boston Properties, Inc.	6,047,866			5,684,687
Noncontrolling interests:
Common units of Boston Properties Limited Partnership	636,572			600,860
Property partnerships	1,736,445			1,728,689
Total equity	8,420,883			8,014,236
Total liabilities and equity	$	21,829,698		$	21,284,905

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

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BOSTON PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited and in thousands, except for per share amounts)



	Three months ended March 31,
	2020			2019
Revenue
Lease	$	710,111		$	679,251
Parking and other	24,504			24,906
Hotel	6,825			8,938
Development and management services	7,879			9,277
Direct reimbursements of payroll and related costs from management services contracts	3,237			3,395
Total revenue	752,556			725,767
Expenses
Operating
Rental	262,966			257,517
Hotel	6,821			7,863
General and administrative	36,454			41,762
Payroll and related costs from management services contracts	3,237			3,395
Transaction costs	615			460
Depreciation and amortization	171,094			164,594
Total expenses	481,187			475,591
Other income (expense)
Income (loss) from unconsolidated joint ventures	(369		)	213
Gains (losses) on sales of real estate	410,165			(905		)
Interest and other income	3,017			3,753
Gains (losses) from investments in securities	(5,445		)	2,969
Impairment loss	—			(24,038		)
Interest expense	(101,591		)	(101,009		)
Net income	577,146			131,159
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(19,486		)	(18,830		)
Noncontrolling interest—common units of the Operating Partnership	(57,539		)	(11,599		)
Net income attributable to Boston Properties, Inc.	500,121			100,730
Preferred dividends	(2,625		)	(2,625		)
Net income attributable to Boston Properties, Inc. common shareholders	$	497,496		$	98,105
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income	$	3.20		$	0.63
Weighted average number of common shares outstanding	155,011			154,525
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:
Net income	$	3.20		$	0.63
Weighted average number of common and common equivalent shares outstanding	155,258			154,844

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

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BOSTON PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited and in thousands)



	Three months ended March 31,
	2020			2019
Net income	$	577,146		$	131,159
Other comprehensive (loss):
Effective portion of interest rate contracts	(9,720		)	(2,628		)
Amortization of interest rate contracts (1)	1,666			1,666
Other comprehensive (loss)	(8,054		)	(962		)
Comprehensive income	569,092			130,197
Net income attributable to noncontrolling interests	(77,025		)	(30,429		)
Other comprehensive (income) loss attributable to noncontrolling interests	689			(31		)
Comprehensive income attributable to Boston Properties, Inc.	$	492,756		$	99,737

_______________


(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.

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BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited and in thousands)

	Common Stock			Preferred Stock		Additional Paid-in Capital		Dividends in Excess of Earnings			Treasury Stock, at cost			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Common Units			Noncontrolling Interests - Property Partnerships			Total
	Shares	Amount		Preferred Stock		Additional Paid-in Capital		Dividends in Excess of Earnings			Treasury Stock, at cost			Accumulated Other Comprehensive Loss			Noncontrolling Interests - Common Units			Noncontrolling Interests - Property Partnerships			Total
Equity, December 31, 2019	154,790	$	1,548	$	200,000	$	6,294,719	$	(760,523	)	$	(2,722	)	$	(48,335	)	$	600,860		$	1,728,689		$	8,014,236
Cumulative effect of a change in accounting principle	—	—		—		—		(1,505		)	—			—			(174		)	—			(1,679		)
Redemption of operating partnership units to common stock	462	5		—		15,490		—			—			—			(15,495		)	—			—
Allocated net income for the year	—	—		—		—		500,121			—			—			57,539			19,486			577,146
Dividends/distributions declared	—	—		—		—		(154,833		)	—			—			(17,444		)	—			(172,277		)
Shares issued pursuant to stock purchase plan	2	—		—		325		—			—			—			—			—			325
Net activity from stock option and incentive plan	61	—		—		7,383		—			—			—			15,677			—			23,060
Contributions from noncontrolling interests in property partnerships	—	—		—		—		—			—			—			—			3,876			3,876
Distributions to noncontrolling interests in property partnerships	—	—		—		—		—			—			—			—			(15,750		)	(15,750		)
Effective portion of interest rate contracts	—	—		—		—		—			—			(8,732		)	(988		)	—			(9,720		)
Amortization of interest rate contracts	—	—		—		—		—			—			1,367			155			144			1,666
Reallocation of noncontrolling interest	—	—		—		3,558		—			—			—			(3,558		)	—			—
Equity, March 31, 2020	155,315	$	1,553	$	200,000	$	6,321,475	$	(416,740	)	$	(2,722	)	$	(55,700	)	$	636,572		$	1,736,445		$	8,420,883

Equity, December 31, 2018	154,458	$	1,545	$	200,000	$	6,407,623	$	(675,534	)	$	(2,722	)	$	(47,741	)	$	619,352		$	1,711,445		$	8,213,968
Cumulative effect of a change in accounting principle	—	—		—		—		(3,864		)	—			—			(445		)	(70		)	(4,379		)
Redemption of operating partnership units to common stock	14	—		—		492		—			—			—			(492		)	—			—
Allocated net income for the year	—	—		—		—		100,730			—			—			11,599			18,830			131,159
Dividends/distributions declared	—	—		—		—		(149,415		)	—			—			(17,185		)	—			(166,600		)
Shares issued pursuant to stock purchase plan	4	—		—		373		—			—			—			—			—			373
Net activity from stock option and incentive plan	39	—		—		3,059		—			—			—			13,410			—			16,469
Contributions from noncontrolling interests in property partnerships	—	—		—		—		—			—			—			—			4,387			4,387
Distributions to noncontrolling interests in property partnerships	—	—		—		—		—			—			—			—			(24,128		)	(24,128		)
Effective portion of interest rate contracts	—	—		—		—		—			—			(2,359		)	(269		)	—			(2,628		)
Amortization of interest rate contracts	—	—		—		—		—			—			1,366			156			144			1,666
Reallocation of noncontrolling interest	—	—		—		3,065		—			—			—			(3,065		)	—			—
Equity, March 31, 2019	154,515	$	1,545	$	200,000	$	6,414,612	$	(728,083	)	$	(2,722	)	$	(48,734	)	$	623,061		$	1,710,608		$	8,170,287

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

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BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited and in thousands)

	For the three months ended March 31,
	2020			2019
Cash flows from operating activities:
Net income	$	577,146		$	131,159
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	171,094			164,594
Amortization of right of use assets - operating leases	583			605
Impairment loss	—			24,038
Non-cash compensation expense	17,525			15,050
Loss (income) from unconsolidated joint ventures	369			(213		)
Distributions of net cash flow from operations of unconsolidated joint ventures	5,917			2,650
Losses (gains) from investments in securities	5,445			(2,969		)
Non-cash portion of interest expense	5,646			5,447
(Gains) losses on sales of real estate	(410,165		)	905
Change in assets and liabilities:
Tenant and other receivables, net	17,784			(14,000		)
Note receivable, net	(128		)	(125		)
Accrued rental income, net	(27,285		)	(15,570		)
Prepaid expenses and other assets	(93,819		)	(68,554		)
Lease liabilities - operating leases	393			370
Accounts payable and accrued expenses	(48,591		)	258
Accrued interest payable	(7,644		)	(160		)
Other liabilities	(21,296		)	(17,831		)
Tenant leasing costs	(17,777		)	(18,420		)
Total adjustments	(401,949		)

Price	130.12	EPS	4
Shares	155	P/E	32
MCap	20,149	P/FCF	25
Net Debt	-805	EBIT	940
TEV	19,344	TEV/EBIT	21
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-03-31	Filed 2020-05-11
10-K	2019-12-31	Filed 2020-03-02
10-Q	2019-09-30	Filed 2019-11-08
10-Q	2019-06-30	Filed 2019-08-07
10-Q	2019-03-31	Filed 2019-05-08
10-K	2018-12-31	Filed 2019-02-28
10-Q	2018-09-30	Filed 2018-11-07
10-Q	2018-06-30	Filed 2018-08-07
10-Q	2018-03-31	Filed 2018-05-08
10-K	2017-12-31	Filed 2018-02-28
10-Q	2017-09-30	Filed 2017-11-07
10-Q	2017-06-30	Filed 2017-08-08
10-Q	2017-03-31	Filed 2017-05-08
10-K	2016-12-31	Filed 2017-02-28
10-Q	2016-09-30	Filed 2016-11-07
10-Q	2016-06-30	Filed 2016-08-04
10-Q	2016-03-31	Filed 2016-05-06
10-K	2015-12-31	Filed 2016-02-29
10-Q	2015-09-30	Filed 2015-11-06
10-Q	2015-06-30	Filed 2015-08-07
10-Q	2015-03-31	Filed 2015-05-11
10-K	2014-12-31	Filed 2015-03-02
10-Q	2014-09-30	Filed 2014-11-07
10-Q	2014-06-30	Filed 2014-08-08
10-Q	2014-03-31	Filed 2014-05-09
10-K	2013-12-31	Filed 2014-02-28
10-Q	2013-09-30	Filed 2013-11-08
10-Q	2013-06-30	Filed 2013-08-09
10-Q	2013-03-31	Filed 2013-05-10
10-K	2012-12-31	Filed 2013-02-28
10-Q	2012-09-30	Filed 2012-11-08
10-Q	2012-06-30	Filed 2012-08-08
10-Q	2012-03-31	Filed 2012-05-08
10-K	2011-12-31	Filed 2012-02-28
10-Q	2011-09-30	Filed 2011-11-08
10-Q	2011-06-30	Filed 2011-08-08
10-Q	2011-03-31	Filed 2011-05-09
10-K	2010-12-31	Filed 2011-02-25
10-Q	2010-09-30	Filed 2010-11-05
10-Q	2010-06-30	Filed 2010-08-06
10-Q	2010-03-31	Filed 2010-05-06
10-K	2009-12-31	Filed 2010-02-25

8-K	2020-07-28	Earnings, Exhibits
8-K	2020-05-22
8-K	2020-05-20
8-K	2020-05-05
8-K	2020-05-01
8-K	2020-04-28
8-K	2020-03-20
8-K	2020-01-28
8-K	2019-10-29
8-K	2019-09-03
8-K	2019-07-30
8-K	2019-06-21
8-K	2019-05-21
8-K	2019-04-30
8-K	2019-01-29
8-K	2018-11-28
8-K	2018-10-30
8-K	2018-07-31
8-K	2018-05-23
8-K	2018-04-24
8-K	2018-01-30

EX-31.1	bxpbplp-2020331ex311.htm
EX-31.2	bxpbplp2020331ex312.htm
EX-31.3	bxpbplp-2020331ex313.htm
EX-31.4	bxpbplp-2020331ex314.htm
EX-32.1	bxpbplp-2020331ex321.htm
EX-32.2	bxpbplp-2020331ex322.htm
EX-32.3	bxpbplp-2020331ex323.htm
EX-32.4	bxpbplp-2020331ex324.htm

BXP 10Q Quarterly Report

Boston Properties Earnings 2020-03-31