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Boston Properties 2013 Annual Report

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Boston Properties 2013 Annual Report Boston Properties 2013 Annual Report Boston New York San Francisco Washington, DC On the Cover Pictured top: Embarcadero Center, San Francisco, CA (left) John Hancock Tower, Boston, MA (right) Pictured bottom: 767 Fifth Avenue, New York, NY (left) 2200 Pennsylvania Avenue, NW, Washington, DC (right) Contents IFC Company Description 1-7 Letter to Shareholders 8 Board of Directors and Officers 9 Form 10-K IBC Corporate Information About Boston Properties Boston Properties, Inc., a self-administered and self-managed The Company acquires, develops and manages its properties real estate investment trust (REIT), is one of the largest owners, through full-service regional offices. Its property portfolio managers and developers of Class A office properties in the is comprised primarily of Class A office properties and also United States, with a significant presence in fourmarkets: includes one hotel, three residential properties and four retail Boston, New York, San Francisco and Washington, DC. The properties. Boston Properties is well-known for its in-house Company was founded in 1970 by Mortimer B. Zuckerman building management expertise and responsiveness to tenants’ and Edward H. Linde in Boston, where it maintains its needs. The Company holds a superior track record in developing headquarters. Boston Properties became a public company premium Central Business District (CBD) office buildings, in June 1997 and is traded on the New York Stock Exchange suburban office centers and build-to-suit projects for the U.S. under the symbol “BXP.” government and a diverse array of creditworthy tenants. This Annual Report contains “forward-looking statements” within the meaning of the federal securities laws. See the discussion under “Forward-Looking Statements” in the Form 10-K for matters to be considered in this regard. Mortimer B. Zuckerman Executive Chairman Owen D. Thomas Chief Executive Officer Douglas T. Linde President To Our Shareholders Boston Properties’ fundamental operating performance was Boston Properties. Specifically, total returns in 2013 for strong in 2013. We had a very productive leasing year, continued the FTSE NAREIT Office Index and Cohen & Steers Realty to enhance our development pipeline and were active in the Majors Portfolio Index of large capitalization REITS were capital markets, taking advantage of favorable property and 2.5% and -1.5%, respectively. capital market conditions. Specifically, we: Notwithstanding our performance in 2013, Boston Properties • increased diluted FFO per share from $4.90 to $4.91, despite has provided outstanding absolute and relative shareholder the reduction of $0.11 per share of FFO from the sale of all or returns since its IPO in 1997. Specifically, Boston Properties a portion of eight assets for $1.25 billion, has delivered an annualized return of 14.3% compared to the • declared total dividends of $4.85 per share, including a S&P 500 Index annualized return of 6.4%. special dividend of $2.25 per share, • increased portfolio-wide occupancy from 91.4% to 93.4% Strategy and Market Position through the leasing of 5.1 million square feet of space, • completed four acquisitions, including three development Boston Properties remains committed to its strategy, which sites, for $523 million, has served the company and its shareholders well through • made significant progress constructing and leasing our our 17-year history as a public company. Our strategy is robust development pipeline, and as follows: • reduced our overall cost of capital by raising $1.4 billion in debt and preferred equity capital at very favorable rates. • maintain a keen focus on select markets that exhibit the strongest economic growth and investment characteristics Despite these operational accomplishments, we were not over time, currently Boston, New York, San Francisco fully satisfied with our total shareholder return of -0.6% in and Washington, DC, 2013. Though the S&P 500 Index was up 32.4% in 2013, REITs • invest in the highest quality buildings that are able to had weaker stock price performance as interest rate fears maintain a premium in occupancy and rental rates, weighed on investor sentiment toward public real estate. This particularly in difficult economic periods, was particularly true for the larger capitalization REITs, such as • in our core markets, maintain scale and a full service real estate capability (leasing, development, construction and management) to ensure we (1) see all relevant investment opportunities and (2) maintain an ability to execute on all Boston Properties’ Total Return to Shareholders types of real estate opportunities, such as acquisitions, dispositions, repositioning and development, throughout $400.00 BXP S&P 500 Index the real estate investment cycle, FTSE NAREIT Office Index $300.00 • ensure a strong balance sheet to maintain consistent access to capital and the resultant ability to make opportunistic $200.00 investments during challenging economic periods, and • foster a culture and reputation of integrity and fair dealing, $100.00 making us the counterparty of choice for real estate industry participants. $0 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 The graph assumes an investment of $100 on December 31, 2003 and the reinvestment of dividends. Data shown is based on the share price or index values, as applicable, as of December 31 of each year shown. Source: NAREIT 1 Economy and Operating Environment Five years after the most recent financial crisis and despite comprised of asset managers and advisory boutiques, to record fiscal stimulus, the U.S. economy continues to recover our buildings over the past year. at a sluggish and uneven pace. GDP growth in the U.S. was 1.9% in 2013 (3.2% in the fourth quarter); however, Lastly, technology, health care and life sciences tenants unemployment remained stubbornly high at 6.7%. In fact, are experiencing explosive employment growth, which is the absolute level of employment has not recovered to levels materially benefitting our existing and future portfolio in experienced before 2008, which is unprecedented when San Francisco, Cambridge and the Boston suburbs. Boston compared to prior recessions. However, the economic Properties intends to increase its exposure to this thriving recovery is clearly multi-speed with new economy industries tenant base in all of our markets over time. such as technology, health care and aspects of energy experiencing significantly higher growth. Many of the markets In terms of capital markets conditions, demand for real estate we selected and serve, such as San Francisco and parts of investment, particularly for high-quality office assets in our Boston, are benefitting significantly from this phenomenon. core markets, continues to be strong. Commercial real estate Though risks abound, we generally see a continuation of this transaction volumes in the U.S. are approaching 2006 levels; bifurcated recovery into 2014. however, the investor profiles and capital structures are different with substantially more equity and lower debt levels The leasing markets are also variable by industry and location. Law firms and large-scale banks are generally contracting their space use due to headcount reductions and/or densification opportunities created by new technologies. Law libraries and Boston Properties Consistently Outperforms legal assistants are less prevalent; firms increasingly prefer Market Leasing Rates denser, more collaborative open-space floor plans; and 100% BXP individual mobility creates shared office opportunities. Market 95 On the brighter side, we are having success building new, efficient buildings catering to these dynamics and engaging 90 our tenants well in advance of their lease expirations to address their long-term space needs. Further, not all financial 85 firms are shrinking, and we have had success attracting mid-size and small-scale financial firms, a growing sector 80 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 Data as of December 31 of each year. Historical information is based on a weighted- average of BXP’s four markets. Market data is provided by Econometric Advisors. 2 being deployed. Capitalization rates reflect this demand and • at Carnegie Center in Princeton, we completed an extension were not materially impacted by the 130 bps increase in the of a 234,000 square foot lease with URS Energy & Construction; 10-year U.S. Treasury rate from lows experienced in the given this deal and 437,000 square feet of additional new first half of 2013. We believe interest rates will rise as the leasing and extensions, we were able to bring Carnegie Center economy improves and the Federal Reserve tapers its market to approximately 90% leased and substantially reduce our intervention; however, the timing and magnitude of such rollovers over the next few years, increases are difficult to discern. While higher interest rates • at Reston Town Center, we completed a 214,000 square foot and resultant higher capital costs will likely be a headwind for expansion and extension of our lease with L-3 and executed real estate values, if rates are rising due to improvements in the a 154,000 square foot, long-term lease with Leidos, bringing economy, we should also experience a pickup in demand and the entire Reston Town Center complex to nearly 100% higher rental growth rates. leased, and • at Bay Colony, we executed 245,000 square feet of leases, Leasing increasing our occupancy by 16% over the last 12 months. Our leasing teams had another strong year, having executed We also made significant progress leasing our new 339 leases representing 5.1 million square feet of space in developments. At 250 West 55th Street in New York City, 2013. Most of our buildings are substantially full as overall we completed a 96,000 square foot lease with Soros Fund occupancy increased 2.0% during the year to 93.4%. Though Management and we are now 64% leased in this 989,000 leasing activity was generally robust throughout our portfolio, square foot project. We also leased 55,000 square feet to San Francisco and Princeton (our only suburban New York athenahealth at our 680 Folsom Street development in market) had particularly strong years, leasing 1.1 million and San Francisco bringing the project to 96% leased.
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