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A N N U a L R E P O 800 Boylston Street at The Prudential Center Boston, MA 02199 (617) 236-3300 www.bostonproperties.com BOSTON PROPERTIES, INC. 2018 ANNUAL REPORT ANNUAL PROPERTIES, INC. 2018 BOSTON 2018 Boston 800 Boylston Street at The Prudential Center ANNUAL Boston, MA 02199 (617) 236-3300 REPORT Los Angeles 2450 Broadway Santa Monica, CA 90404 (424) 330 New York 599 Lexington Avenue New York, NY 10022 (212) 326-4000 San Francisco Four Embarcadero Center San Francisco, CA 94111 (415) 772-0700 Washington, DC 2200 Pennsylvania Avenue, NW Washington, DC 20037 (202) 585-0800 Corporate Corporate Counsel Investor Relations Form 10-K ABOUT US Goodwin Procter LLP Investor inquiries may Boston Properties’ Form 10-K is Information 100 Northern Avenue be directed to: incorporated herein and has been Boston, MA 02210 filed with the Securities and Investor Relations Boston Properties, Inc. (NYSE: BXP), is the largest Exchange Commission. Additional Boston Properties publicly-traded developer and owner of Class A Independent Registered Public copies of the Annual Report and Accounting Firm 800 Boylston Street, Suite 1900 office properties in the United States. The Company Form 10-K may be obtained from Boston, MA 02199 the Company free of charge is a fully integrated real estate company, organized PricewaterhouseCoopers LLP (617) 236-3822 by calling Investor Relations at as a real estate investment trust (REIT), that 101 Seaport Boulevard [email protected] (617) 236-3822; or by submitting Boston, MA 02210 develops, manages, operates, acquires and owns a a request through the Contact diverse portfolio of primarily Class A office space in You may also contact us feature on the Company’s website Transfer Agent and Registrar Boston, Los Angeles, New York, San Francisco and through our website at at www.bostonproperties.com. Washington, DC. Boston Properties was founded in www.bostonproperties.com. Registered shareholders with 1970 by Mortimer B. Zuckerman and Edward H. Linde questions about their account or Annual Meeting of Shareholders and became a public company in 1997. inquiries related to our Dividend Reinvestment and Stock Purchase The annual meeting of shareholders Boston Properties’ portfolio totals 51.6 million square Plan should contact: of Boston Properties, Inc. will be feet and 197 properties, including 11 properties under held on May 21, 2019 at 9:00 a.m. Computershare Trust construction/redevelopment. Boston Properties is Eastern Time at Boston Properties Company, N.A. well-known for its in-house building management 599 Lexington Avenue Suite 1600, P.O. Box 505000 New York, NY. expertise and responsiveness to tenants’ needs. The Louisville, KY 40233 Company holds a superior track record of developing (888) 485-2389 premium Central Business District (CBD) office www.computershare.com buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy tenants. Boston Properties has earned seven consecutive Global Real Estate Sustainability Benchmark (GRESB) Green Stars and Stock Information the highest GRESB 5-star Rating. Our common stock is listed on the New York Stock Exchange (NYSE) under the ticker symbol “BXP.” On January 31, 2019, the closing sale price per common share on the NYSE was $131.87 and there were approximately 1,169 common shareholders of record. This does not include the number of persons whose shares are held in nominee or “street name” accounts through banks or brokers. The table below sets forth the quarterly high and low sales prices and distributions per common share for fiscal year 2018. 2018 Quarter Ended High Low Distributions December 31 $132.73 $107.84 $0.95 September 30 $132.82 $120.62 $0.95 June 30 $126.19 $116.00 $0.80 March 31 $130.39 $111.57 $0.80 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. This Annual Report also contains certain non-GAAP financial measures within the meaning of Regulation G. The calculations of these non-GAAP financial measures may differ from those used by other REITs. The reasons for their use and reconciliations to the most directly comparable GAAP measures are included in the Form 10-K and on the page immediately following the Form 10-K titled Boston Properties is a registered trademark, and the “bxp” logo is a “Disclosures Relating to Non-GAAP Financial Measures.” trademark of Boston Properties Limited Partnership. Design: Webster www.websterdesign.com OWEN D. THOMAS CHIEF EXECUTIVE OFFICER (PICTURED RIGHT) DOUGLAS T. LINDE PRESIDENT (PICTURED LEFT) TO OUR SHAREHOLDERS For almost five decades, Boston Properties has earned a reputation as a premier developer, owner, manager and landlord of choice for industry-leading, credit-strong tenants in geographic markets with the strongest employment growth. In 2018, we continued to honor this reputation by developing and delivering marquee, Class A properties, redeveloping and improving select existing assets and signing long-term leasing commitments. These achievements, coupled with our success in making accretive acquisitions and divesting non-core assets, underscore our unwavering commitment to increasing shareholder returns and delivering durable cash flows throughout economic cycles. RENDERING OF 17FIFTY PRESIDENTS STREET RENDERING OF 191 SPRING STREET RESTON, VA LEXINGTON, MA 2018 was one of the most productive and successful years in • commenced three new development projects totaling Boston Properties’ history. We continued to build, lease and 2.0 million square feet with an incremental projected improve world-class properties across our five markets, and development investment of $1.1 billion2 in aggregate. This importantly, we exited the year with strong year-over-year brings our active development pipeline to 11 projects, totaling FFO growth in the fourth quarter, portending the income 5.3 million square feet, with our share of total budgeted growth trajectory that we have been working toward over investment of $2.7 billion and a projected stabilized the past three years. unleveraged cash yield of approximately 7%. The commercial components of these developments are 78% pre-leased, Specifically, in 2018 we: • acquired Santa Monica Business Park3, a 1.2 million square • delivered diluted FFO per share of $6.30, representing foot office campus in Santa Monica, California, which doubled growth of 1.3% year-on-year. We also provided guidance our presence in the Los Angeles region. We also acquired a for 2019 FFO growth of 10% at the midpoint of our 25% interest in a future development site in the Hudson range estimate, Yards district of Manhattan which can accommodate up to 2.0 million square feet of office space, and • declared total dividends of $3.50 per share for the year and increased our regular quarterly dividend 18.75%, or $0.15 per • completed $708 million4 of non-core asset sales, focused in share, commencing in the third quarter, and our Washington, DC and suburban Boston markets. • delivered a total shareholder return since our 1997 IPO of 1,047%, which is 3.2x greater than the returns of the S&P 500 BXP’S TOTAL SHAREHOLDER RETURN SINCE Index and 2.1x greater than the returns of the FTSE Nareit IPO OF 1,047% All REITs Index over the same time period. 1,600% BXP S&P 500 Index While we are pleased with our financial accomplishments in 1,400% FTSE Nareit All REITs Index 2018, we are also proud of our business achievements, which 1,200% reflect the ongoing leadership, commitment and expertise of 1,000% our teams across our regions. In 2018, we achieved the following business milestones: 800% 600% • completed 334 leases comprising 7.2 million square feet, our second highest level of annual leasing in company history, 400% 200% • increased in-service portfolio occupancy 70 basis points 0% to 91.4%, ’97 ’00’99’98 ’01 ’03’02 ’05’04 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 This graph assumes an investment of $100 on June 30, 1997 and the • fully delivered 2.3 million square feet of new developments reinvestment of dividends. Data shown is based on the share price or index values, as applicable as of December 31 of each year shown. representing $1.5 billion of investment, including Salesforce Source: Thomson Reuters. Tower in San Francisco which is 100% leased,1 2 WHAT WE DO: THE BXP STRATEGY SELECT MARKETS EXPERIENCE PREMIER & INTEGRITY PROPERTIES ROBUST FINANCIAL OPERATING & STRENGTH DEVELOPMENT PLATFORM SELECT MARKETS FINANCIAL STRENGTH Focus on supply-constrained markets with the strongest Maintain a strong balance sheet and access to capital to economic growth and investment characteristics over time minimize debt costs and maximize our ability to make opportunistic investments PREMIER PROPERTIES Maintain high occupancy and achieve premium rental rates EXPERIENCE & INTEGRITY through economic cycles by focusing on delivering our Preserve our reputation of integrity and fair dealing and clients exceptional space and place be the counterparty of choice for real estate industry participants ROBUST OPERATING & DEVELOPMENT PLATFORM Provide an integrated leasing, development, construction and property management platform. Deliver attractive risk-adjusted investment returns, a leading edge portfolio and superior client service 3 WHO WE ARE: QUICK FACTS $2.6B 197 BXP Share of Revenue 20185 Properties8 $974M 51.6M Funds from Operations Attributable Square Feet Owned8 to Common Shareholders6
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