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Previous: BOSTON PROPERTIES INC, 8-K, 2000-07-27 |
Next: BOSTON PROPERTIES INC, 8-K, EX-99.2, 2000-07-27 |
<PAGE>
Exhibit 99.1
BOSTON PROPERTIES, INC.
SUPPLEMENTAL OPERATING AND FINANCIAL DATA
FOR THE QUARTER ENDED JUNE 30, 2000
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
COMPANY BACKGROUND 2
INVESTOR INFORMATION 3-4
FINANCIAL HIGHLIGHTS 5
CONSOLIDATED BALANCE SHEETS 6
CONSOLIDATED INCOME STATEMENTS 7
FUNDS FROM OPERATIONS 8
FINANCIAL RATIOS 9
CAPITAL STRUCTURE 10
DEBT ANALYSIS 11-13
JOINT VENTURES 14
PORTFOLIO OVERVIEW-SQUARE FOOTAGE 15
PROPERTY LISTING 16-19
TOP 20 TENANTS 20
PORTFOLIO OVERVIEW-FFO 21
OCCUPANCY ANALYSIS 22
OFFICE PROPERTIES-LEASE EXPIRATION ROLL OUT 23
R&D PROPERTIES-LEASE EXPIRATION ROLL OUT 24
INDUSTRIAL PROPERTIES-LEASE EXPIRATION ROLL OUT 25
GRAND TOTAL - OFFICE, R&D AND INDUSTRIAL PROPERTIES 26
BOSTON AREA LEASE EXPIRATION ROLL OUT 27
WASHINGTON DC AREA LEASE EXPIRATION ROLL OUT 28
SAN FRANCISCO AREA LEASE EXPIRATION ROLL OUT 29
NEW YORK AREA LEASE EXPIRATION ROLL OUT 30
NEW JERSEY AREA LEASE EXPIRATION ROLL OUT 31
OTHER AREA LEASE EXPIRATION ROLL OUT 32
HOTEL PERFORMANCE 33
SAME PROPERTY PERFORMANCE 34
"IN-SERVICE" PROPERTY PERFORMANCE 35
CAPITAL EXPENDITURES 36
VALUE CREATION PIPELINE - ACQUISITIONS/DISPOSITIONS 37
VALUE CREATION PIPELINE - DEVELOPMENT 38
VALUE CREATION PIPELINE - LAND PARCELS 39
</TABLE>
1
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
COMPANY BACKGROUND
Boston Properties is a fully integrated, self-administered and self-managed real
estate investment trust that develops, redevelops, acquires, manages, operates
and owns a diverse portfolio of office, industrial and hotel properties. The
Company is one of the largest owners and developers of office properties in the
United States, concentrated in the Northeast Corridor from Virginia to Greater
Boston and in Greater San Francisco.
On June 23, 1997, Boston Properties successfully completed its initial public
offering. The offering and the underwriters over-allotment option closed on the
same date resulting in 36,110,000 shares being sold at $25.00 per share for a
total offering of $902,750,000. On January 30,1998, the Company closed a
follow-on offering of 23,000,000 shares (including the underwriters'
over-allotment) at $35.125 per share for a total offering of $807,875,000. On
May 20, 1999, the Company raised an additional $141,002,500, net of issuance
costs, through the issuance of 4,000,000 shares.
Through its predecessor company founded by Mortimer B. Zuckerman and Edward H.
Linde in 1970, the Company grew through the seventies, eighties, and nineties by
developing and redeveloping Class A office properties, R&D and industrial
properties, and hotels in its primary markets of Greater Boston, Greater
Washington, DC, and midtown Manhattan.
Since the Company's Initial Offering in June 1997, the Company has acquired 47
properties adding approximately 16.0 million square feet to its portfolio,
representing an investment of approximately $3.9 billion, and the Company has
delivered 17 development properties adding approximately 2.5 million square feet
to its portfolio, representing an investment of approximately $366 million. In
addition, the Company is developing thirteen Class A Office Buildings for a
total anticipated investment of approximately $1.1 billion. The Company owns or
controls land where it can develop an additional 10.3 million square feet.
2
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
INVESTOR INFORMATION
800 Boylston Street
Boston, MA 02199
(617) 236-3300
(617) 536-5087 (fax)
<TABLE>
<S> <C>
Mortimer B. Zuckerman Chairman of the Board
Edward H.Linde President, Chief Executive Officer and Director
Robert E. Burke Executive Vice President, Operations
Douglas T. Linde Senior Vice President, Financial and Capital Markets
David G. Gaw Senior Vice President, Chief Financial Officer
Elaine M. Quinlan Director of Investor Relations
</TABLE>
TIMING
Quarterly results for 2000 will be announced according to the following
anticipated schedule:
<TABLE>
<S> <C>
Third Quarter 2000 Week of October 23-27
Year End 2000 Week of January 22-26
</TABLE>
3
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
COMMON STOCK DATA (NYSE:BXP)
Boston Properties' common stock is traded primarily on the New York Stock
Exchange under the symbol: BXP. BXP's common stock has had the following
characteristics (based on New York Stock Exchange closing prices):
<TABLE>
<CAPTION>
===============================================================================================================================
2ND QUARTER 2000 2ND QUARTER 1999
---------------- ----------------
<S> <C> <C>
High Price $ 38.9688 $ 37.1250
Low Price $ 31.7500 $ 31.2500
Closing Price $ 38.6250 $ 35.8750
Dividends per share - annualized $ 2.12 $ 1.70
Closing dividend yield - annualized 5.49% 4.74%
Closing shares, common units and preferred units (if converted) outstanding (thousands) 105,493 104,711
Closing market value of shares and units outstanding (thousands) $ 4,074,667 $ 3,756,507
===============================================================================================================================
</TABLE>
4
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
FINANCIAL HIGHLIGHTS
(UNAUDITED AND IN THOUSANDS)
<TABLE>
<CAPTION>
=================================================================================================================
THREE MONTHS ENDED
---------------------------------------------------------
JUNE 30, 2000 JUNE 30, 1999 % CHANGE
------------- ------------- --------
<S> <C> <C> <C>
INCOME ITEMS:
Revenues $ 217,259 $ 191,640 13.37%
Net Income available to common shareholders $ 34,880 $ 27,223 28.13%
Funds from Operations $ 80,640 $ 66,366 21.51%
Company's share (73.60% and 73.34%) $ 59,347 $ 48,673 21.93%
Funds from Operations per share - basic $ 0.87 $ 0.74 17.95%
Funds from Operations per share - diluted $ 0.83 $ 0.72 15.82%
Dividends per share $ 0.53 $ 0.425 24.71%
RATIOS:
Interest Coverage Ratio 2.60 2.54 2.44%
Dividend Payout Ratio 63.56% 58.72% 8.24%
===================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===================================================================================================================
JUNE 30, 2000 DECEMBER 31, 1999 % CHANGE
------------- ----------------- --------
<S> <C> <C> <C>
CAPITALIZATION:
Total Debt $ 3,395,068 $ 3,321,584 2.21%
Total Common Shares Outstanding @ Quarter End 68,027 67,910 0.17%
Total Preferred Shares Outstanding @ Quarter End
(if converted) 2,625 2,625 0.00%
Total Common Units Outstanding @ Quarter End 24,465 23,810 2.75%
Total Preferred Units Outstanding @ Quarter End
(if converted) 10,376 10,376 0.00%
Price @ Quarter End $ 38.6250 $ 31.1250 24.10%
Equity Value @ Quarter End $ 4,074,667 $ 3,259,441 25.01%
Total Market Capitalization $ 7,469,735 $ 6,581,025 13.50%
Debt/Total Market Capitalization 45.45% 50.47% -9.95%
===================================================================================================================
</TABLE>
5
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
CONSOLIDATED BALANCE SHEETS
(UNAUDITED AND IN THOUSANDS)
<TABLE>
<CAPTION>
===============================================================================================================================
JUNE 30, 2000 DECEMBER 31, 1999
----------------------- ----------------------
<S> <C> <C>
ASSETS
Real estate and equipment $ 5,172,392 $ 5,150,341
Development in progress 415,583 332,149
Land held for future development 113,729 126,934
Less accumulated depreciation (525,201) (470,591)
----------------------- ----------------------
Total real estate and equipment 5,176,503 5,138,833
Cash and cash equivalents 6,319 12,035
Escrows 33,025 40,254
Investments in securities 28,283 14,460
Tenant and other receivables, net 32,340 28,362
Accrued rental income, net 84,425 82,228
Deferred charges, net 69,599 53,733
Prepaid expenses and other assets 39,074 28,452
Investments in joint ventures 69,486 36,415
----------------------- ----------------------
TOTAL ASSETS $ 5,539,054 $ 5,434,772
======================= ======================
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgage notes payable $ 3,157,068 $ 2,955,584
Unsecured line of credit 238,000 366,000
Accounts payable and accrued expenses 53,922 66,780
Dividends payable 59,812 50,114
Accrued interest payable 6,127 8,486
Other liabilities 52,497 48,282
----------------------- ----------------------
TOTAL LIABILITIES 3,567,426 3,495,246
----------------------- ----------------------
Commitments and contingencies - -
----------------------- ----------------------
Minority interests 797,451 781,962
----------------------- ----------------------
Series A Convertible Redeemable Preferred Stock, liquidation
preference $50.00 per share, 2,000,000 shares issued and outstanding 100,000 100,000
----------------------- ----------------------
Stockholders' Equity:
Excess stock, $.01 par value, 150,000,000 shares
authorized, none issued or outstanding - -
Common stock, $.01 par value, 250,000,000 shares authorized,
68,026,797 and 67,910,434 issued and outstanding, respectively 680 679
Additional paid-in capital 1,076,593 1,067,778
Dividends in excess of earnings (11,670) (10,893)
Deferred compensation (954) -
Accumulated other comprehensive income 9,528 -
----------------------- ----------------------
Total stockholders' equity 1,074,177 1,057,564
----------------------- ----------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,539,054 $ 5,434,772
======================= ======================
===============================================================================================================================
</TABLE>
6
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
CONSOLIDATED INCOME STATEMENTS
(UNAUDITED AND IN THOUSANDS)
<TABLE>
<CAPTION>
======================================================================================================================
THREE MONTHS ENDED
-----------------------------------------
30-JUN-00 30-JUN-99 % CHANGE
------------- ------------ -----------
<S> <C> <C> <C>
Revenue:
Rental
Base Rent (1) $ 177,953 $158,070 12.58%
Recoveries from tenants 22,734 17,252 31.78%
Parking and other 12,289 12,087 1.67%
------------- ------------ -----------
Total rental revenue 13.64%
212,976 187,409
Development and management services 2,876 3,611 -20.35%
Interest and other 1,407 620 126.94%
------------- ------------ -----------
Total revenue 217,259 191,640 13.37%
------------- ------------ -----------
Expenses:
Rental expenses 64,035 60,306 6.18%
General and administrative 8,589 7,352 16.83%
Interest (2) 56,243 49,219 14.27%
Depreciation and amortization 32,395 29,443 10.03%
------------- ------------ -----------
Total expenses 161,262 146,320 10.21%
------------- ------------ -----------
Income before minority interests and before income from
unconsolidated joint ventures 55,997 45,320 23.56%
Minority interest in property partnerships (240) (139) 72.66%
Income from unconsolidated joint ventures 189.08%
------------- ------------ -----------
Income before preferred distribution and minority interest in Operating 56,419 45,410 24.24%
Partnership
Preferred distribution (6,607) (6,611) -0.06%
Minority interest in Operating Partnership (3) (13,586) (9,894) 37.32%
------------- ------------ -----------
Income before gain on sale of real estate 36,226 28,905 25.33%
Gain on sale of real estate, net 297 - -
------------- ------------ -----------
Net income before preferred dividend 36,523 28,905 26.36%
Preferred dividend (1,643) (1,682) -2.32%
------------- ------------ -----------
Net income available to common shareholders $ 34,880 $ 27,223 28.13%
============= ============ ===========
INCOME PER SHARE OF COMMON STOCK
Net income available to common shareholders per share - basic $ 0.51 $ 0.42 21.43%
============= ============ ===========
Net income available to common shareholders per share - diluted $ 0.50 $ 0.41 21.95%
============= ============ ===========
=======================================================================================================================
</TABLE>
(1) Base Rent is reported on a straight-line basis over the terms of
the respective leases. The impact of the straight-line rent
adjustment increased revenues by $3,807 and $3,424 for the three
months ended June 30, 2000 and 1999, respectively.
(2) Excludes capitalized interest of $8,575 and $3,736 for the three
months ended June 30, 2000 and 1999, respectively.
(3) Equals minority interest percent (26.40% and 26.66%,
respectively) of income before minority interest in Operating
Partnership after deduction for preferred dividends and
distributions.
7
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
FUNDS FROM OPERATIONS
(IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
==============================================================================================================================
Three Months Ended
--------------------------------
30-JUN-00 30-JUN-99 % CHANGE
---------- --------- ---------
<S> <C> <C> <C>
Income from operations before minority interests and before income from
unconsolidated joint ventures $55,997 $45,320 23.56%
Add:
Real estate depreciation and amortization (1) 32,497 29,238 11.15%
Income from unconsolidated joint ventures 662 229 189.08%
Less:
Minority property partnership's share of funds from operations 266 128 107.81%
Preferred dividends and distributions 8,250 8,293 -0.52%
------- ------- ------
Funds from Operations $80,640 $66,366 21.51%
======= ======= ======
Funds from Operations available to common shareholders (2) $59,347 $48,673 21.93%
======= ======= ======
Funds from Operations per share - basic $ 0.87 $ 0.74 17.95%
======= ======= ======
Weighted average shares outstanding - basic 67,991 65,534 3.75%
======= ======= ======
Funds from Operations per share - diluted $ 0.83 $ 0.72 15.28%
======= ======= ======
Weighted average shares outstanding - diluted 82,583 79,329 4.10%
======= ======= ======
===========================================================================================================================
</TABLE>
RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS
<TABLE>
<CAPTION>
==============================================================================================================================
For the Three Months Ended For the Three Months Ended
June 30, 2000 June 30, 1999
----------------------------------- -------------------------------------
Income Shares Per Share Income Shares Per Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
----------- ----------- --------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Basic Funds from Operations $80,640 92,385 $ 0.87 $66,366 89,352 $ 0.74
Effect of Dilutive Securities
Convertible Preferred Units 6,607 10,376 (0.02) 6,611 10,364 (0.01)
Convertible Preferred Stock 1,643 2,625 (0.01) 1,682 2,625 --
Stock Options and other 316 1,590 (0.01) -- 806 (0.01)
------- ------- ------ ------- ------- ------
Dilutive Funds from Operations (3) $89,206 106,976 $ 0.83 $74,659 103,147 $ 0.72
======= ======= ====== ======= ======= ======
Company's share of Diluted Funds from Operations $68,864 82,583 $ 0.83 $57,419 79,329 $ 0.72
======= ======= ====== ======= ======= ======
==============================================================================================================================
</TABLE>
(1) Real estate depreciation includes the Company's share of joint venture
real estate depreciation of $549 and $112, less corporate related
depreciation of $447 and $317, for the three months ended June 30,
2000 and 1999, respectively.
(2) Based on weighted average shares for the quarter. Company's share for
the quarter ended June 30, 2000 and 1999, respectively was 73.59% and
73.34%.
(3) Based on weighted average diluted shares for the quarter. Company's
share for the quarter ended June 30, 2000 and 1999 was 77.20% and
76.91%, respectively.
8
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
FINANCIAL RATIOS
<TABLE>
<CAPTION>
==========================================================================================================
THREE MONTHS ENDED
JUNE 30, 2000
------------------
<S> <C>
RATIOS COMPUTED FOR INDUSTRY COMPARISONS:
OPERATIONAL RATIOS (1)(2)
Debt Service Coverage Ratio 2.30
(EBITDA + Income from Unconsolidated Joint Ventures)/(Interest+Principal)
Interest Coverage Ratio 2.60
(EBITDA + Income from Unconsolidated Joint Venture)/Interest
Return on Shareholder's Equity 17.52%
(EBITDA - Interest)/Average Equity (book value) (%)
Return on Real Estate Investments 10.91%
(EBITDA/Average Real Estate Investments (book value)) (%)
FFO Payout Ratio 63.86%
(Dividends Declared/FFO) (%)
==========================================================================================================
</TABLE>
(1) EBITDA is equal to earnings before interest, taxes, depreciation and
amortization.
(2) FFO is calculated based on the NAREIT White Paper.
9
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
CAPITAL STRUCTURE
DEBT
(IN THOUSANDS)
<TABLE>
<CAPTION>
====================================================================
AGGREGATE PRINCIPAL
JUNE 30, 2000
-------------
<S> <C>
Mortgage Loans $3,157,068
Unsecured Line of Credit 238,000
----------
Total Debt $3,395,068
==========
====================================================================
</TABLE>
EQUITY
(IN THOUSANDS)
<TABLE>
<CAPTION>
===================================================================================================
COMMON
SHARES & UNITS STOCK $ VALUE
OUTSTANDING EQUIVALENTS EQUIVALENT (1)
----------- ----------- --------------
<S> <C> <C> <C>
Common Stock 68,027 68,027 $2,627,543
Preferred Stock 2,000 2,625 $ 101,391
Operating Partnership Units 24,465 24,465 $ 944,960
Preferred Operating Partnership Units 8,713 10,376 $ 400,773
---------- ----------
Total Equity 105,493 $4,074,667
========== ==========
Total Market Capitalization $7,469,735
==========
===================================================================================================
</TABLE>
(1) Value based on June 30, 2000 closing price of $ 38.625.
10
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
DEBT ANALYSIS
LONG-TERM DEBT MATURITIES AND PRINCIPAL PAYMENTS
(IN THOUSANDS)
<TABLE>
<CAPTION>
======================================================================================================
YEAR 2000 (1) 2001 2002 2003 2004 Thereafter Total
---- -------- ---- ---- ---- ---- ---------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Amount $146,755 $183,459 $452,375 $607,135 $127,152 $1,878,192 $3,395,068
======================================================================================================
</TABLE>
(1) For the period from July 1, 2000 through December 31, 2000.
UNSECURED LINE OF CREDIT - DUE MARCH 31, 2003
(IN THOUSANDS)
<TABLE>
<CAPTION>
===================================================================================
OUTSTANDING LETTERS OF REMAINING
FACILITY @ 6/30/2000 CREDIT CAPACITY
-------- ----------- ------ ----------
<S> <C> <C> <C> <C>
$ 500,000 238,000 34,754 $ 227,246
===================================================================================
</TABLE>
UNSECURED AND SECURED DEBT ANALYSIS
<TABLE>
<CAPTION>
===========================================================================================
WEIGHTED WEIGHTED AVERAGE
% OF DEBT AVERAGE RATE MATURITY
--------- ------------ --------
<S> <C> <C> <C>
Unsecured Debt 7.02% 7.64% 2.8 years
Secured Debt 92.98% 7.24% 5.7 years
-------------- -------------- --------------
Total Debt 100.00% 7.27% 5.5 years
============== ============== ==============
===========================================================================================
</TABLE>
FLOATING AND FIXED RATE DEBT ANALYSIS
<TABLE>
<CAPTION>
===================================================================================================
WEIGHTED WEIGHTED AVERAGE
% OF DEBT AVERAGE RATE MATURITY
<S> <C> <C> <C>
Floating Rate Debt 17.05% 8.12% 2.3 years
Fixed Rate Debt 82.95% 7.09% 6.1 years
-------------- -------------- ------------------
Total Debt 100.00% 7.27% 5.5 years
============== ============== ==================
===================================================================================================
</TABLE>
11
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
DEBT ANALYSIS
LONG-TERM DEBT MATURITIES AND PRINCIPAL PAYMENTS
(IN THOUSANDS)
<TABLE>
<CAPTION>
============================================================================================================================
PROPERTY 2000 (1) 2001 2002 2003 2004 THEREAFTER TOTAL
----------------------------- -------- ---- ---- ---- ---- ---------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Prudential Center $ 1,714 $ 3,777 $ 4,039 $ 4,319 $ 4,564 $275,226 $293,639
The Unsecured Line of Credit -- -- -- 238,000 -- -- 238,000
599 Lexington Avenue -- -- -- -- -- 225,000 225,000
280 Park Avenue 2,200 8,800 209,000 -- -- -- 220,000
Embarcadero Center One 936 1,968 2,104 2,249 2,404 147,713 157,374
Embarcadero Center Two 936 1,968 2,104 2,249 2,404 147,713 157,374
Embarcadero Center Four 1,375 2,894 3,097 3,314 3,546 141,663 155,889
875 Third Avenue 1,102 2,341 148,534 -- -- -- 151,977
5 Times Square -- -- -- 149,680 -- -- 149,680
Embarcadero Center Three 925 1,941 2,069 2,206 2,351 137,751 147,243
Two Independence Square 977 1,037 1,500 113,840 -- -- 117,354
Riverfront Plaza 1,141 2,397 2,560 2,735 2,921 105,034 116,788
Democracy Center 753 1,588 1,703 1,828 1,961 100,509 108,342
Embarcadero Center West Tower 606 1,272 1,358 1,449 1,546 91,965 98,196
100 East Pratt Street 768 1,615 1,727 1,847 1,975 84,687 92,619
The Gateway 75,000 -- -- -- -- -- 75,000
Reservoir Place 921 1,978 2,669 2,859 3,062 63,288 74,777
One Independence Square 629 74,114 -- -- -- -- 74,743
One & Two Reston Overlook 335 709 764 823 65,837 -- 68,468
2300 N Street -- -- -- 66,000 -- -- 66,000
Capital Gallery 516 1,097 1,191 1,293 1,404 52,176 57,677
504,506,508 Carnegie Center 400 846 909 979 1,053 44,585 48,772
10 and 20 Burlington Mall Road -- 37,000 -- -- -- -- 37,000
10 Cambridge Center 224 477 518 563 611 33,534 35,927
111 Huntington Avenue -- -- 33,890 -- -- -- 33,890
1301 New York Avenue 460 1,046 1,129 1,403 1,314 27,783 33,135
============================================================================================================================
</TABLE>
(1) For the period from July 1, 2000 through December 31, 2000.
12
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
DEBT ANALYSIS
LONG-TERM DEBT MATURITIES AND PRINCIPAL PAYMENTS (CONTINUED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
====================================================================================================================================
PROPERTY 2000 (1) 2001 2002 2003 2004 THEREAFTER Total
------------------------------- -------- ---- ---- ---- ---- ---------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
Eight Cambridge Center 208 442 477 515 557 26,388 28,587
510 Carnegie Center 213 475 511 550 587 25,576 27,912
Lockheed Martin Building 244 529 565 604 640 23,954 26,536
University Place 272 573 615 659 706 22,700 25,525
Reston Corporate Center 234 506 540 577 1,620 21,569 25,046
New Dominion Technology Park -- 24,188 -- -- -- -- 24,188
Sumner Square -- -- -- -- 23,653 -- 23,653
Orbital Sciences -- -- 22,460 -- -- -- 22,460
191 Spring Street 161 344 374 407 443 21,230 22,959
Bedford Business Park 253 539 587 639 695 19,257 21,970
NIMA Building 203 438 468 499 529 19,563 21,700
212 Carnegie Center 20,453 -- -- -- -- -- 20,453
202 Carnegie Center 19,017 -- -- -- -- -- 19,017
214 Carnegie Center 13,126 -- -- -- -- -- 13,126
101 Carnegie Center 141 299 322 348 345 7,058 8,513
Montvale Center 63 135 147 160 175 6,947 7,627
Newport Office Park 153 5,923 -- -- -- -- 6,076
Hilltop Business Center 78 164 176 188 201 5,009 5,816
Tower Oaks -- -- 4,226 -- -- -- 4,226
302 Carnegie Center -- -- -- 3,754 -- -- 3,754
Orbital Sciences - Phase 2 -- -- -- 554 -- -- 554
201 Carnegie Center 18 39 42 45 48 314 506
---------- ---------- ---------- ---------- ---------- ---------- ----------
$ 146,755 $ 183,459 $ 452,375 $ 607,135 $ 127,152 $1,878,192 $3,395,068
========== ========== ========== ========== ========== ========== ==========
====================================================================================================================================
</TABLE>
(1) For the period from July 1, 2000 through December 31, 2000.
13
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
JOINT VENTURES
(unaudited and in thousands)
as of June 30, 2000
<TABLE>
<CAPTION>
===================================================================================================================
ONE MARKET 140
FREEDOM SQUARE METROPOLITAN KENDRICK
SQUARE NORTH (2) SQUARE STREET COMBINED
------- -------- ------------ -------- --------
<S> <C> <C> <C> <C> <C>
Total Equity (1) $ 985 $ 31,542 $ 31,630 $ 5,329 $ 69,486
======= ======== ========== ======== ========
Mortgage/Construction loans payable (1) $19,375 $ 35,478 $ 71,308 $ 9,242 $135,403
======= ======== ========== ======== ========
BXP's ownership percentage 25.00% 50.00% 51.00% 25.00%
======= ========== ========== ========
================================================================================================================
</TABLE>
RESULTS OF OPERATIONS FOR THE UNCONSOLIDATED JOINT VENTURES
for the three months ended June 30, 2000
<TABLE>
<CAPTION>
========================================================================================================================
ONE MARKET 140
FREEDOM SQUARE METROPOLITAN KENDRICK
SQUARE NORTH (2) SQUARE(3) STREET(4) COMBINED
------ --------- --------- --------- --------
<S> <C> <C> <C> <C>
REVENUE
Total revenue $3,469 $1,829 $3,328 -- $8,626
------ ------ ------ ----- ------
EXPENSES
Operating 834 611 888 -- 2,333
Interest 886 522 1,579 -- 2,987
Depreciation and amortization 526 265 585 -- 1,376
------ ------ ------ ----- ------
Total expenses 2,246 1,398 3,052 -- 6,696
------ ------ ------ ----- ------
Net income $1,223 $ 431 $ 276 -- $1,930
====== ====== ====== ===== ======
BXP's ownership percentage 25.00% 50.00% 51.00% 25.00% --
====== ====== ====== ===== ======
BXP's share of net income $ 306 $ 215 $ 141 -- $ 662
====== ====== ====== ===== ======
========================================================================================================================
</TABLE>
(1) Represents the Company's share.
(2) Includes the residential component of the joint venture.
(3) Represents the operations for the period from May 12, 2000 through June 30,
2000, subsequent to the Company's sale of a 49% interest to a third party.
(4) Property is currently under development.
14
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
PORTFOLIO OVERVIEW- SQUARE FOOTAGE
RENTABLE SQUARE FEET OF IN-SERVICE PROPERTIES BY LOCATION AND TYPE OF PROPERTY
<TABLE>
<CAPTION>
===============================================================================================================
GEOGRAPHIC AREA OFFICE (1) R&D INDUSTRIAL TOTAL % OF TOTAL
---------- --------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Greater Boston 5,424,283 545,206 247,318 6,216,807 24.18%
Greater Washington, D.C. 5,657,137(2) 1,382,925 237,195 7,277,257 28.31%
Greater San Francisco 4,441,184 144,366 280,213 4,865,763 18.92%
Midtown Manhattan 2,844,106 -- -- 2,844,106 11.06%
Princeton/East Brunswick, NJ 2,279,904 -- -- 2,279,904 8.87%
Baltimore, MD 1,171,599 -- -- 1,171,599 4.56%
Richmond, VA 892,581 -- -- 892,581 3.47%
Bucks County, PA -- -- 161,000 161,000 0.63%
---------- ---------- ---------- ---------- ----------
22,710,794 2,072,497 925,726 25,709,017 100.00%
========== ========== ========== ========== ==========
% of Total 88.34% 8.06% 3.60% 100.00%
===============================================================================================================
</TABLE>
HOTEL PROPERTIES
<TABLE>
<CAPTION>
================================================================================================================
NUMBER OF SQUARE
HOTEL PROPERTIES ROOMS FEET
--------- --------
<S> <C> <C>
Long Wharf Marriott, Boston, MA 402 420,000
Cambridge Center Marriott, Cambridge, MA 431 330,400
Residence Inn by Marriott, Cambridge, MA 221 187,474
------- -------
Total Hotel Properties 1,054 937,874
======= =======
================================================================================================================
</TABLE>
GARAGE PROPERTY AND STRUCTURED PARKING
<TABLE>
<CAPTION>
================================================================================================================
NUMBER OF SQUARE
SPACES FEET
--------- -----------
<S> <C> <C>
GARAGE PROPERTIES
Cambridge Center North Garage 1,170 332,442
STRUCTURED PARKING 15,556 5,518,779
--------- ---------
TOTAL GARAGE PROPERTY AND STRUCTURED PARKING 16,726 5,851,221
========= =========
=================================================================================================================
</TABLE>
(1) Includes retail square footage of approximately 1,000,000.
(2) Includes 414,296 square feet at One Freedom Square which is 25% owned
by Boston Properties and 582,194 square feet at Metropolitan Square
which is 51% owned by Boston Properties.
15
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
PROPERTY LISTING
AS OF JUNE 30, 2000
<TABLE>
<CAPTION>
====================================================================================================================================
ANNUALIZED
NUMBER OF REVENUE
SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % PER OCCUPIED SF
---------- ---------- ----------- ---------- ---------------
<S> <C> <C> <C> <C> <C>
GREATER BOSTON, MA
OFFICE
THE PRUDENTIAL CENTER CBD Boston MA 3 2,149,958 99.8% $ 32.94
ONE CAMBRIDGE CENTER East Cambridge MA 1 215,385 100.0% 37.71
THREE CAMBRIDGE CENTER East Cambridge MA 1 107,484 100.0% 28.52
EIGHT CAMBRIDGE CENTER East Cambridge MA 1 177,226 100.0% 26.87
TEN CAMBRIDGE CENTER East Cambridge MA 1 152,664 100.0% 33.25
ELEVEN CAMBRIDGE CENTER East Cambridge MA 1 79,616 100.0% 37.73
UNIVERSITY PLACE Mid-Cambridge MA 1 195,282 100.0% 31.31
RESERVOIR PLACE Route 128 Mass Turnpike MA 1 529,991 94.3% 29.76
204 SECOND AVENUE Route 128 Mass Turnpike MA 1 40,974 100.0% 26.24
170 TRACER LANE Route 128 Mass Turnpike MA 1 73,258 100.0% 37.48
WALTHAM OFFICE CENTER Route 128 Mass Turnpike MA 3 131,479 100.0% 28.17
195 WEST STREET Route 128 Mass Turnpike MA 1 63,500 100.0% 26.97
200 WEST STREET Route 128 Mass Turnpike MA 1 248,341 98.0% 31.04
10 & 20 BURLINGTON MALL ROAD Route 128 Northwest MA 2 156,416 99.3% 26.82
BEDFORD BUSINESS PARK Route 128 Northwest MA 1 90,000 100.0% 20.78
32 HARTWELL AVENUE Route 128 Northwest MA 1 69,154 100.0% 15.42
91 HARTWELL AVENUE Route 128 Northwest MA 1 122,135 100.0% 24.35
92 HAYDEN AVENUE Route 128 Northwest MA 1 30,980 100.0% 26.10
100 HAYDEN AVENUE Route 128 Northwest MA 1 55,924 100.0% 30.00
33 HAYDEN AVENUE Route 128 Northwest MA 1 79,564 100.0% 24.47
LEXINGTON OFFICE PARK Route 128 Northwest MA 2 167,328 100.0% 27.30
191 SPRING STREET Route 128 Northwest MA 1 162,700 100.0% 27.43
181 SPRING STREET Route 128 Northwest MA 1 53,595 100.0% 33.03
201 SPRING STREET Route 128 Northwest MA 1 102,500 100.0% 28.58
NEWPORT OFFICE PARK Route 128 South MA 1 168,829 100.0% 23.27
----------- ------------------------- ---------------
31 5,424,283 99.2% $ 30.55
----------- ------------------------- ===============
RESEARCH & DEVELOPMENT
FOURTEEN CAMBRIDGE CENTER East Cambridge MA 1 67,362 100.0% $ 19.23
BEDFORD BUSINESS PARK Route 128 Northwest MA 2 383,704 79.2% 11.29
17 HARTWELL AVENUE Route 128 Northwest MA 1 30,000 100.0% 9.75
164 LEXINGTON ROAD Route 128 Northwest MA 1 64,140 100.0% 9.12
----------- ------------------------- ---------------
5 545,206 85.3% $ 12.04
----------- ------------------------- ===============
INDUSTRIAL
25-33 DARTMOUTH ROAD Route 128 Southwest MA 1 78,045 100.0% $ 9.84
40-46 HARVARD STREET Route 128 Southwest MA 1 169,273 89.8% 7.03
----------- ------------------------- ---------------
2 247,318 93.0% $ 7.98
----------- ------------------------- ===============
TOTAL GREATER
BOSTON, MA AREA: 38 6,216,807 97.8%
====================================================================================================================================
</TABLE>
16
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
PROPERTY LISTING
AS OF JUNE 30, 2000
<TABLE>
<CAPTION>
====================================================================================================================================
ANNUALIZED
NUMBER OF REVENUE
SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % PER OCCUPIED SF
---------- ----------- ----------- ---------- ---------------
<S> <C> <C> <C> <C> <C>
GREATER WASHINGTON, D.C.
OFFICE
2300 N. STREET, N.W. West End Washington DC 1 276,930 100.0% $ 48.26
ONE INDEPENDENCE SQUARE Southwest Washington DC 1 337,794 100.0% 38.41
TWO INDEPENDENCE SQUARE Southwest Washington DC 1 579,665 100.0% 37.50
CAPITAL GALLERY Southwest Washington DC 1 396,776 100.0% 33.92
500 E. STREET, N.W. Southwest Washington DC 1 244,268 100.0% 31.05
METROPOLITAN SQUARE East End Washington DC 1 578,598 99.5% 35.21
1301 NEW YORK AVENUE East End Washington DC 1 168,371 100.0% 33.54
SUMNER SQUARE CBD Washington DC 1 209,507 96.4% 31.32
DECOVERLY TWO Montgomery County MD 1 77,747 100.0% 21.37
DECOVERLY THREE Montgomery County MD 1 77,040 100.0% 21.13
DEMOCRACY CENTER Montgomery County MD 3 680,475 100.0% 26.34
MONTVALE CENTER Montgomery County MD 1 120,815 100.0% 20.51
ORBITAL SCIENCES - PHASE 1 Loudoun County 2 174,832 100.0% 22.93
THE ARBORETUM Fairfax County VA 1 95,584 100.0% 24.76
ONE FREEDOM SQUARE Fairfax County VA 1 414,296 91.5% 31.21
ONE RESTON OVERLOOK Fairfax County VA 1 312,685 100.0% 20.72
TWO RESTON OVERLOOK Fairfax County VA 1 131,594 100.0% 30.61
RESTON CORPORATE CENTER Fairfax County VA 2 261,046 100.0% 31.09
LOCKHEED MARTIN BUILDING Fairfax County VA 1 255,244 100.0% 39.73
NIMA BUILDING Fairfax County VA 1 263,870 100.0% 43.68
----------- ------------------------- -------------
24 5,657,137 99.2% $ 32.71
----------- ------------------------- =============
RESEARCH & DEVELOPMENT
910 CLOPPER ROAD Montgomery County MD 1 180,758 96.9% $ 15.51
930 CLOPPER ROAD Montgomery County MD 1 59,838 100.0% 15.04
FULLERTON SQUARE Fairfax County VA 2 178,294 87.0% 10.35
SUGARLAND BUSINESS PARK ONE Fairfax County VA 1 52,797 100.0% 21.72
SUGARLAND BUSINESS PARK TWO Fairfax County VA 1 59,215 100.0% 20.39
7435 BOSTON BOULEVARD Fairfax County VA 1 103,557 100.0% 13.28
7451 BOSTON BOULEVARD Fairfax County VA 1 47,001 100.0% 14.76
7450 BOSTON BOULEVARD Fairfax County VA 1 60,827 100.0% 15.96
7374 BOSTON BOULEVARD Fairfax County VA 1 57,321 100.0% 10.55
8000 GRAINGER COURT Fairfax County VA 1 90,465 100.0% 10.82
7500 BOSTON BOULEVARD Fairfax County VA 1 79,971 100.0% 10.15
7501 BOSTON BOULEVARD Fairfax County VA 1 75,756 100.0% 23.01
7601 BOSTON BOULEVARD Fairfax County VA 1 103,750 100.0% 14.12
7600 BOSTON BOULEVARD Fairfax County VA 1 69,832 100.0% 13.77
7375 BOSTON BOULEVARD Fairfax County VA 1 28,780 87.8% 17.13
8000 CORPORATE COURT Fairfax County VA 1 52,539 0.0% -
7700 BOSTON BOULEVARD Fairfax County VA 1 82,224 100.0% 20.88
----------- ------------------------- -------------
18 1,382,925 93.9% $ 14.89
----------- ------------------------- =============
INDUSTRIAL
1950 STANFORD COURT Prince Georges County MD 1 53,250 38.5% 6.13
6201 COLUMBIA PARK ROAD Prince Georges County MD 1 100,337 60.0% 8.81
2000 SOUTH CLUB DRIVE Prince Georges County MD 1 83,608 100.0% 8.88
----------- ------------------------- -------------
3 237,195 69.3% $ 8.51
----------- ------------------------- =============
TOTAL GREATER
WASHINGTON, D.C. AREA: 45 7,277,257 97.2%
====================================================================================================================================
</TABLE>
17
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
PROPERTY LISTING
AS OF JUNE 30, 2000
<TABLE>
<CAPTION>
====================================================================================================================================
ANNUALIZED
NUMBER OF REVENUE
SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % PER OCCUPIED SF
---------- ---------- ----------- ---------- ---------------
<S> <C> <C> <C> <C> <C>
MIDTOWN MANHATTAN, NY
OFFICE
599 LEXINGTON AVENUE Park Avenue NY 1 1,000,069 100.0% $ 52.68
280 PARK AVENUE Park Avenue NY 1 1,156,161 100.0% 46.11
875 THIRD AVENUE East Side NY 1 687,876 100.0% 47.33
----------- ------------------------- -------------
TOTAL MIDTOWN
MANHATTAN, NY AREA: 3 2,844,106 100.0% $ 48.72
=============
PRINCETON/EAST BRUNSWICK, NJ
OFFICE
101 CARNEGIE CENTER Princeton NJ 1 124,049 100.0% $ 23.98
104 CARNEGIE CENTER Princeton NJ 1 102,758 100.0% 28.25
105 CARNEGIE CENTER Princeton NJ 1 69,648 100.0% 27.00
201 CARNEGIE CENTER Princeton NJ - 6,500 100.0% 21.62
202 CARNEGIE CENTER Princeton NJ 1 130,554 97.7% 27.91
210 CARNEGIE CENTER Princeton NJ 1 159,498 100.0% 27.19
211 CARNEGIE CENTER Princeton NJ 1 47,025 100.0% 22.53
212 CARNEGIE CENTER Princeton NJ 1 150,069 100.0% 27.77
214 CARNEGIE CENTER Princeton NJ 1 152,214 100.0% 27.12
206 CARNEGIE CENTER Princeton NJ 1 161,763 100.0% 26.84
502 CARNEGIE CENTER Princeton NJ 1 116,374 98.2% 27.26
510 CARNEGIE CENTER Princeton NJ 1 234,160 100.0% 22.55
504 CARNEGIE CENTER Princeton NJ 1 126,190 100.0% 24.14
506 CARNEGIE CENTER Princeton NJ 1 150,888 100.0% 25.80
508 CARNEGIE CENTER Princeton NJ 1 131,085 100.0% 25.60
ONE TOWER CENTER East Brunswick NJ 1 417,129 100.0% 31.50
----------- ------------------------- -------------
TOTAL PRINCETON/EAST
BRUNSWICK, NJ AREA: 15 2,279,904 99.8% $ 26.96
=============
GREATER SAN FRANCISCO, CA
OFFICE
EMBARCADERO CENTER ONE CBD San Francisco CA 1 820,817 99.3% $ 33.08
EMBARCADERO CENTER TWO CBD San Francisco CA 1 779,173 99.2% 35.19
EMBARCADERO CENTER THREE CBD San Francisco CA 1 774,568 97.3% 32.67
EMBARCADERO CENTER FOUR CBD San Francisco CA 1 935,519 99.7% 37.04
FEDERAL RESERVE CBD San Francisco CA 1 149,592 99.2% 43.75
WEST TOWER CBD San Francisco CA 1 475,120 99.3% 43.04
THE GATEWAY South San Francisco CA 2 506,395 99.7% 32.45
----------- ------------------------- -------------
8 4,441,184 99.0% $ 35.57
----------- ------------------------- =============
RESEARCH & DEVELOPMENT
HILLTOP OFFICE CENTER South San Francisco CA 9 144,366 99.2% $ 12.48
----------- ------------------------- ==============
INDUSTRIAL
560 FORBES BOULEVARD South San Francisco CA 1 40,000 100.0% $ 9.72
430 ROZZI PLACE South San Francisco CA 1 20,000 100.0% 11.12
2391 WEST WINTON AVENUE Hayward CA 1 220,213 100.0% 4.58
----------- ------------------------- -------------
3 280,213 100.0% $ 5.78
----------- ------------------------- =============
TOTAL GREATER SAN
FRANCISCO, CA AREA: 20 4,865,763 99.1%
====================================================================================================================================
</TABLE>
18
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
PROPERTY LISTING, CONTINUED
AS OF JUNE 30, 2000
<TABLE>
<CAPTION>
====================================================================================================================================
ANNUALIZED
NUMBER OF REVENUE
SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % PER OCCUPIED SF
---------- ---------- ----------- ---------- ---------------
<S> <C> <C> <C> <C> <C>
BALTIMORE, MD
OFFICE
CANDLER BUILDING Baltimore MD 1 537,363 100.0% 16.75
100 EAST PRATT STREET Baltimore MD 1 634,236 99.6% 27.89
----------- ------------------------- ---------------
TOTAL BALTIMORE,
MD AREA: 2 1,171,599 99.8% $ 22.77
===============
RICHMOND, VA
OFFICE
RIVERFRONT PLAZA Richmond VA 1 892,581 100.0% $ 22.42
===============
BUCKS COUNTY, PA
INDUSTRIAL
38 CABOT BOULEVARD Bucks County PA 1 161,000 100.0% $ 4.44
===============
TOTAL IN SERVICE
PROPERTIES AREA: 125 25,709,017 98.5%
=========== =========================
====================================================================================================================================
</TABLE>
19
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
TOP 20 TENANTS BY SQUARE FEET LEASED
<TABLE>
<CAPTION>
==============================================================================================================
TENANT SQ. FT. % OF PORTFOLIO
---------------------------------------------- ------------------- ----------------
<S> <C> <C>
1 General Services Administration 2,004,602 7.8%
2 Lockheed Martin Corporation 716,653 2.8%
3 Gillette Company 488,177 1.9%
4 Raytheon 473,429 1.8%
5 Shearman & Sterling 427,707 1.7%
6 Marsh & McLennan, Inc. 366,102 1.4%
7 TRW 331,048 1.3%
8 AT&T 327,525 1.3%
9 Hunton & Williams 322,829 1.3%
10 Covance, Inc. 321,261 1.2%
11 Debevoise & Plimpton 307,125 1.2%
12 First Union 276,843 1.1%
13 T. Rowe Price Associates, Inc. 273,329 1.1%
14 Parexel International Corp. 265,050 1.0%
15 Andersen Consulting 248,620 1.0%
16 Bankers Trust 243,722 0.9%
17 John Hancock Advisors 233,516 0.9%
18 Biogen, Inc. 220,026 0.9%
19 Orrick, Herrington & Sutcliffe 216,300 0.8%
20 National Football League 205,145 0.8%
==============================================================================================================
</TABLE>
MAJOR SIGNED DEALS FOR FUTURE DEVELOPMENT
<TABLE>
<CAPTION>
=======================================================================================
TENANT SQ. FT.
---------------------------------------------- -----------------
<S> <C>
Ernst & Young, LLP 1,062,203
Parametric Technology Corporation 381,000
Tellabs Operations, Inc. 259,918
United States of America 235,201
Palmer & Dodge 204,412
=======================================================================================
</TABLE>
20
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
PORTFOLIO OVERVIEW - FFO
PERCENTAGE OF PROPERTY FUNDS FROM OPERATIONS (1) FOR IN-SERVICE
PROPERTIES BY LOCATION
AND TYPE OF PROPERTY FOR THE QUARTER ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
========================================================================================================
GEOGRAPHIC AREA OFFICE (2) R&D INDUSTRIAL HOTEL GARAGE TOTAL
--------------- ---------- --- ---------- ----- ------ -----
<S> <C> <C> <C> <C> <C> <C>
Greater Boston 19.6% 0.7% 0.2% 6.6% 0.4% 27.5%
Greater Washington, D.C. 20.3% 2.7% 0.2% n/a n/a 23.2%
Greater San Francisco 19.6% 0.2% 0.3% n/a n/a 20.1%
Midtown Manhattan 15.8% n/a n/a n/a n/a 15.8%
Baltimore, MD 3.5% n/a n/a n/a n/a 3.5%
Richmond, VA 2.8% n/a n/a n/a n/a 2.8%
Princeton/East Brunswick, NJ 6.9% n/a n/a n/a n/a 6.9%
Bucks County, PA n/a n/a 0.1% n/a n/a 0.1%
--------- -------- -------- -------- -------- --------
Total 88.5% 3.6% 0.8% 6.6% 0.4% 100.0%
========= ======== ======== ======== ======== ========
========================================================================================================
</TABLE>
(1) For this table, Property Funds from Operations is equal to GAAP
basis property NOI which includes the effect of straight-line
rent and excludes any deduction for interest expense.
(2) Includes Retail Center FFO (Prudential Center Boston and
Embarcadero Center).
21
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
OCCUPANCY ANALYSIS
SAME PROPERTY OCCUPANCY - BY LOCATION
<TABLE>
<CAPTION>
===================================================================
LOCATION 30-JUN-00 30-JUN-99
<S> <C> <C>
Greater Boston, MA 97.7% 98.2%
Greater Washington, D.C. 97.3% 95.8%
Midtown Manhattan, NY 100.0% 99.9%
Baltimore, MD 99.8% 100.0%
Princeton/East Brunswick, NJ 99.8% 99.8%
Richmond, VA 100.0% 96.2%
Greater San Francisco, CA 99.0% 98.0%
Bucks County, PA 100.0% 100.0%
------------- -------------
Total Portfolio 98.5% 97.8%
============= =============
===================================================================
</TABLE>
SAME PROPERTY - BY TYPE OF PROPERTY
<TABLE>
<CAPTION>
===================================================================
30-JUN-00 30-JUN-99
<S> <C> <C>
Total Office Portfolio 99.5% 98.3%
Total R&D Portfolio 92.0% 96.4%
Total Industrial Portfolio 90.3% 90.4%
------------- -------------
Total Portfolio 98.5% 97.8%
============= =============
===================================================================
</TABLE>
22
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
IN-SERVICE OFFICE PROPERTIES
LEASE EXPIRATIONS
<TABLE>
<CAPTION>
==============================================================================================================================
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES PERCENTAGE OF TOTAL
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS SQUARE FEET EXPIRING
---------- ------------ ------------ ------------------------ --------------------
<S> <C> <C> <C> <C>
2000 466,544 $ 16,372,292 $ 16,372,292 2.13%
2001 1,964,111 58,623,768 60,503,825 8.96%
2002 2,110,693 82,649,637 83,774,565 9.63%
2003 1,923,237 60,124,483 62,843,141 8.77%
2004 2,536,222 87,108,974 90,791,354 11.57%
2005 1,959,810 59,657,009 63,639,431 8.94%
2006 2,802,939 91,393,020 101,515,655 12.79%
2007 1,796,807 69,379,984 72,149,558 8.20%
2008 869,811 28,910,994 27,420,134 3.97%
2009 1,744,848 56,427,509 64,734,537 7.96%
Thereafter 4,211,163 135,006,824 164,106,188 19.21%
==============================================================================================================================
</TABLE>
OCCUPANCY BY LOCATION
<TABLE>
<CAPTION>
====================================================================================================
30-JUN-00 30-JUN-99
<S> <C> <C>
Greater Boston, MA 99.2% 96.8%
Greater Washington, D.C. 99.2% 97.3%
Midtown Manhattan, NY 100.0% 99.9%
Baltimore, MD 99.8% 100.0%
Richmond, VA 100.0% 96.2%
Princeton/East Brunswick, NJ 99.8% 99.8%
Greater San Francisco, CA 99.0% 98.3%
Bucks County, PA n/a n/a
--------------------- ----------------------
Total Office Portfolio 99.4% 98.0%
===================== ======================
====================================================================================================
</TABLE>
23
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
IN-SERVICE R&D PROPERTIES
LEASE EXPIRATIONS
<TABLE>
<CAPTION>
=============================================================================================================================
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES PERCENTAGE OF TOTAL
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS SQUARE FEET EXPIRING
---------- ------------------ --------------- -------------------- --------------------
<S> <C> <C> <C> <C>
2000 191,255 $2,007,252 $2,007,252 11.16%
2001 295,010 3,762,294 3,872,943 17.22%
2002 352,246 5,061,070 5,176,590 20.56%
2003 104,307 1,358,499 1,411,838 6.09%
2004 84,881 1,302,684 1,381,399 4.95%
2005 170,849 2,310,975 2,479,514 9.97%
2006 203,000 2,355,210 2,467,710 11.85%
2007 157,895 2,758,764 3,004,974 9.22%
2008 -- -- -- 0.00%
2009 59,838 899,946 981,557 3.49%
Thereafter 285,371 4,896,015 5,807,847 16.66%
=============================================================================================================================
</TABLE>
OCCUPANCY BY LOCATION
<TABLE>
<CAPTION>
=============================================================================================================================
30-JUN-00 30-JUN-99
<S> <C> <C>
Greater Boston, MA 85.3% 100.0%
Greater Washington, D.C. 93.9% 94.8%
Midtown Manhattan, NY n/a n/a
Baltimore, MD n/a n/a
Richmond, VA n/a n/a
Princeton/East Brunswick, NJ n/a n/a
Greater San Francisco, CA 99.2% 98.4%
Bucks County, PA n/a n/a
----------------- ---------------------
Total R&D Portfolio 92.0% 96.4%
================= =====================
=============================================================================================================================
</TABLE>
24
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
IN-SERVICE INDUSTRIAL PROPERTIES
LEASE EXPIRATIONS
<TABLE>
<CAPTION>
=================================================================================================================================
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES PERCENTAGE OF TOTAL
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS SQUARE FEET EXPIRING
---------- ---------------- ----------------- ---------------------- --------------------
<S> <C> <C> <C> <C>
2000 73,341 $ 667,274 $ 667,274 9.62%
2001 70,829 384,054 384,054 9.29%
2002 184,904 922,407 922,407 24.26%
2003 147,305 989,907 1,053,959 19.33%
2004 235,076 1,369,608 1,463,107 30.84%
2005 20,500 125,698 140,832 2.69%
2006 -- -- -- 0.00%
2007 20,000 222,456 258,783 2.62%
2008 83,608 742,152 815,347 10.97%
2009 -- -- -- 0.00%
Thereafter -- -- -- 0.00%
=================================================================================================================================
</TABLE>
OCCUPANCY BY LOCATION
<TABLE>
<CAPTION>
====================================================================================
30-JUN-00 30-JUN-99
--------- ---------
<S> <C> <C>
Greater Boston, MA 93.0% 93.0%
Greater Washington, D.C. 69.3% 87.8%
Midtown Manhattan, NY n/a n/a
Baltimore, MD n/a n/a
Richmond, VA n/a n/a
Princeton/East Brunswick, NJ n/a n/a
Greater San Francisco, CA 100.0% 100.0%
Bucks County, PA 100.0% 100.0%
------------------- ---------------------
Total Industrial
Portfolio 90.3% 95.0%
=================== =====================
====================================================================================
</TABLE>
25
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
IN-SERVICE PROPERTIES
LEASE EXPIRATION
<TABLE>
<CAPTION>
==============================================================================================================================
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES PERCENTAGE OF TOTAL
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS SQUARE FEET EXPIRING
---------- ---------------- --------------- -------------------- --------------------
<S> <C> <C> <C> <C>
2000 731,140 $ 19,046,818 $ 19,046,818 2.91%
2001 2,329,950 62,770,116 64,760,822 9.27%
2002 2,647,843 88,633,114 89,873,562 10.54%
2003 2,174,849 62,472,889 65,308,938 8.66%
2004 2,856,179 89,781,266 93,635,860 11.37%
2005 2,151,159 62,093,682 66,259,777 8.56%
2006 3,005,939 93,748,230 103,983,365 11.96%
2007 1,974,702 72,361,204 75,413,315 7.86%
2008 953,419 29,653,146 28,235,481 3.79%
2009 1,804,686 57,327,455 65,716,094 7.18%
Thereafter 4,496,534 139,902,839 169,914,035 17.90%
==============================================================================================================================
</TABLE>
OCCUPANCY BY LOCATION
<TABLE>
<CAPTION>
==============================================================================================================================
30-JUN-00 30-JUN-99
--------- ---------
<S> <C> <C>
Greater Boston, MA 97.8% 96.9%
Greater Washington, D.C. 97.2% 96.1%
Midtown Manhattan, NY 100.0% 99.9%
Baltimore, MD 99.8% 100.0%
Richmond, VA 100.0% 96.2%
Princeton/East Brunswick, NJ 99.8% 99.8%
Greater San Francisco, CA 99.1% 98.0%
Bucks County, PA 100.0% 100.0%
--------------------- ---------------------
Total Portfolio 98.5% 97.6%
===================== =====================
==============================================================================================================================
</TABLE>
26
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
IN-SERVICE GREATER BOSTON PROPERTIES
LEASE EXPIRATIONS
GREATER BOSTON
<TABLE>
<CAPTION>
=======================================================================================================================
OFFICE R&D
----------------------------------------------------------------------------- ---------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE EXPIRING LEASES
---------- ---------------- --------------- ------------ -----------------
<S> <C> <C> <C>
2000 83,324 $ 4,610,505 $ 4,610,505 -
2001 688,048 17,506,698 18,887,469 -
2002 422,983 12,844,808 13,216,787 94,140
2003 589,223 16,200,103 17,728,837 50,704
2004 748,042 26,700,645 28,879,118 -
2005 726,803 22,846,141 23,869,825 -
2006 398,040 12,193,957 13,911,419 203,000
2007 232,689 8,186,035 8,836,130 50,000
2008 5,526 676,314 781,082 -
2009 869,874 27,472,865 31,984,534 -
Thereafter 501,252 11,904,471 16,086,575 67,362
=======================================================================================================================
<CAPTION>
<CAPTION>
===================================================================================================================================
INDUSTRIAL
------------------------------------------ ------------------------------------------------------------------
ANNUALIZED ANNUALIZED
CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- --------------- -------------------- ----------------- --------------- --------------------
<S> <C> <C> <C> <C> <C>
2000 $ - $ - $ 639,711 $ 639,711 67,216
2001 - - 10,829 127,969 127,969
2002 877,197 892,197 23,904 207,563 207,563
2003 599,458 599,458 128,105 861,075 925,127
2004 - - - - -
2005 - - - - -
2006 2,355,210 2,467,710 - - -
2007 475,000 675,000 - - -
2008 - - - - -
2009 - - - - -
Thereafter 1,295,391 1,601,888 - - -
===================================================================================================================================
</TABLE>
27
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
IN-SERVICE GREATER WASHINGTON DC PROPERTIES
LEASE EXPIRATIONS
GREATER WASHINGTON
<TABLE>
<CAPTION>
==================================================================================================
OFFICE
-----------------------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- ----------------- --------------- ---------------------
<S> <C> <C> <C>
2000 162,285 $ 4,417,610 $ 4,417,610
2001 251,382 7,423,906 7,517,986
2002 243,481 6,537,994 6,848,517
2003 176,399 4,935,760 5,231,849
2004 484,939 15,829,023 16,387,274
2005 394,406 12,431,943 13,827,691
2006 775,418 30,737,913 33,323,224
2007 535,792 18,527,958 15,779,228
2008 379,466 14,758,682 11,394,134
2009 432,173 14,617,547 16,669,569
Thereafter 1,764,618 53,850,235 62,752,772
==================================================================================================
<CAPTION>
=================================================================================
R&D
---------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- --------------- --------------- --------------------
<S> <C> <C> <C>
2000 179,755 $ 1,881,421 $ 1,881,421
2001 260,313 3,335,828 3,412,285
2002 215,620 3,657,768 3,738,398
2003 23,439 330,438 347,548
2004 84,881 1,302,684 1,381,399
2005 148,330 2,048,362 2,149,900
2006 - - -
2007 107,895 2,283,764 2,329,947
2008 - - -
2009 59,838 899,946 981,557
Thereafter 218,009 3,600,642 4,205,986
=================================================================================
<CAPTION>
===========================================================================================
INDUSTRIAL
------------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- ----------------- --------------- --------------------
<S> <C> <C> <C>
2000 6,125 $ 27,563 $ 27,563
2001 - - -
2002 - - -
2003 19,200 128,832 128,832
2004 34,863 228,725 245,374
2005 20,500 125,698 140,832
2006 - - -
2007 - - -
2008 83,608 742,152 815,347
2009 - - -
Thereafter - - -
===========================================================================================
</TABLE>
28
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
IN-SERVICE GREATER SAN FRANCISCO PROPERTIES
LEASE EXPIRATIONS
GREATER SAN FRANCISCO
<TABLE>
<CAPTION>
===============================================================================================
OFFICE
-----------------------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- --------------- --------------- --------------------
<S> <C> <C> <C>
2000 83,021 $ 2,461,149 $ 2,461,149
2001 302,040 9,762,488 9,864,407
2002 328,632 10,258,341 10,501,006
2003 649,007 24,000,161 24,512,884
2004 758,202 29,991,731 30,678,256
2005 298,449 10,525,899 11,354,312
2006 873,645 28,564,176 32,367,499
2007 378,609 12,626,890 15,292,428
2008 163,421 4,956,540 5,352,938
2009 267,226 9,751,790 10,500,676
Thereafter 241,044 10,601,227 15,092,080
===============================================================================================
<CAPTION>
=================================================================================
R&D
---------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- --------------- --------------- --------------------
<S> <C> <C> <C>
2000 11,500 $ 125,831 $ 125,831
2001 34,697 426,466 460,658
2002 42,486 526,105 545,994
2003 30,164 428,554 464,832
2004 - - -
2005 22,519 262,612 329,614
2006 - - -
2007 - - -
2008 - - -
2009 - - -
Thereafter - - -
=================================================================================
<CAPTION>
=======================================================================================
INDUSTRIAL
------------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- --------------- --------------- --------------------
<S> <C> <C> <C>
2000 - $ - $ -
2001 60,000 256,085 256,085
2002 - - -
2003 - - -
2004 200,213 1,140,883 1,217,734
2005 - - -
2006 - - -
2007 20,000 222,456 258,783
2008 - - -
2009 - - -
Thereafter - - -
=======================================================================================
</TABLE>
29
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
IN-SERVICE NEW YORK PROPERTIES
LEASE EXPIRATIONS
MID-TOWN MANHATTAN
<TABLE>
<CAPTION>
=================================================================================================
OFFICE
-----------------------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- --------------- --------------- --------------------
<S> <C> <C> <C>
2000 21,089 $ 1,342,680 $ 1,342,680
2001 128,591 7,245,317 7,266,088
2002 902,959 48,000,175 48,128,160
2003 191,631 7,711,787 7,758,379
2004 18,275 986,657 1,033,656
2005 55,239 2,709,497 2,856,372
2006 25,440 1,166,580 1,235,934
2007 567,348 27,112,875 29,249,563
2008 116,485 4,954,471 5,482,147
2009 36,802 2,119,447 2,409,114
Thereafter 787,379 35,546,932 43,867,989
=================================================================================================
<CAPTION>
================================================================================
R&D
----------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- ----------------- --------------- --------------------
<S> <C> <C> <C>
2000 - $ - $ -
2001 - - -
2002 - - -
2003 - - -
2004 - - -
2005 - - -
2006 - - -
2007 - - -
2008 - - -
2009 - - -
Thereafter - - -
================================================================================
<CAPTION>
==================================================================================
INDUSTRIAL
---------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- ----------------- --------------- --------------------
<S> <C> <C> <C>
2000 $ - $ - -
2001 - - -
2002 - - -
2003 - - -
2004 - - -
2005 - - -
2006 - - -
2007 - - -
2008 - - -
2009 - - -
Thereafter - - -
==================================================================================
</TABLE>
30
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES
LEASE EXPIRATIONS
PRINCETON/EAST BRUNSWICK
<TABLE>
<CAPTION>
===============================================================================================
OFFICE
-----------------------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- --------------- --------------- --------------------
<S> <C> <C> <C>
2000 109,381 $ 3,356,576 $ 3,356,576
2001 439,417 13,032,822 13,174,946
2002 30,959 889,142 889,142
2003 129,132 3,329,693 3,504,265
2004 404,752 11,045,589 11,057,143
2005 144,483 3,477,173 3,677,131
2006 39,462 1,126,555 1,205,604
2007 37,970 1,209,022 1,221,193
2008 15,243 428,358 466,465
2009 14,515 404,890 432,933
Thereafter 903,313 22,953,051 26,155,865
===============================================================================================
<CAPTION>
===================================================================================
R&D
--------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- --------------- ----------------- --------------------
<S> <C> <C> <C>
2000 $ - $ -
2001 - - -
2002 - - -
2003 - - -
2004 - - -
2005 - - -
2006 - - -
2007 - - -
2008 - - -
2009 - - -
Thereafter - - -
===================================================================================
<CAPTION>
=======================================================================================
INDUSTRIAL
-----------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- --------------- --------------- --------------------
<S> C> <C> <C>
2000 - $ - $ -
2001 - - -
2002 - - -
2003 - - -
2004 - - -
2005 - - -
2006 - - -
2007 - - -
2008 - - -
2009 - - -
Thereafter - - -
=======================================================================================
</TABLE>
31
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
IN-SERVICE OTHER PROPERTIES
LEASE EXPIRATIONS
OTHER PROPERTIES (RICHMOND VA, BALTIMORE MD, BUCKS COUNTY, PA)
<TABLE>
<CAPTION>
===================================================================================================
OFFICE
-----------------------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- --------------- --------------- --------------------
<S> <C> <C> <C>
2000 7,444 $ 183,722 $ 183,722
2001 154,633 3,652,538 3,792,929
2002 181,679 4,118,638 4,190,953
2003 187,845 3,946,979 4,106,927
2004 122,194 2,555,328 2,755,908
2005 340,430 7,666,356 8,054,100
2006 690,934 17,603,839 19,391,975
2007 44,399 1,717,204 1,771,015
2008 189,670 3,136,630 3,943,369
2009 124,258 2,060,970 2,737,711
Thereafter 13,557 150,908 150,908
===================================================================================================
<CAPTION>
======================================================================================
R&D
--------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- ---------------- --------------- --------------------
<S> <C> <C> <C>
2000 $ - $ -
2001 - - -
2002 - - -
2003 - - -
2004 - - -
2005 - - -
2006 - - -
2007 - - -
2008 - - -
2009 - - -
Thereafter - - -
======================================================================================
<CAPTION>
<CAPTION>
===================================================================================
INDUSTRIAL
- ---------------------------------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
---------- --------------- --------------- --------------------
<S> <C> <C> <C>
2000 - $ - $ -
2001 - - -
2002 161,000 714,844 714,844
2003 - - -
2004 - - -
2005 - - -
2006 - - -
2007 - - -
2008 - - -
2009 - - -
Thereafter - - -
==================================================================================
</TABLE>
32
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
HOTEL PERFORMANCE
SAME PROPERTY HOTELS
LONG WHARF MARRIOTT - BOSTON
<TABLE>
<CAPTION>
==================================================================================================================================
SECOND QUARTER SECOND QUARTER PERCENT YTD YTD PERCENT
2000 1999 CHANGE 2000 1999 CHANGE
---- ---- ------ ---- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Occupancy 93.4% 88.0% 6.1% 90.1% 86.8% 3.8%
Average Daily Rate $ 262.62 $ 246.09 6.7% $ 232.84 $ 218.06 6.8%
REVPAR $ 245.29 $ 216.56 13.3% $ 209.79 $ 189.28 10.8%
==================================================================================================================================
</TABLE>
CAMBRIDGE CENTER MARRIOTT
<TABLE>
<CAPTION>
==================================================================================================================================
SECOND QUARTER SECOND QUARTER PERCENT YTD YTD PERCENT
2000 1999 CHANGE 2000 1999 CHANGE
---- ---- ------ ---- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Occupancy 90.0% 89.5% 0.6% 85.7% 84.1% 1.9%
Average Daily Rate $ 215.29 $ 198.18 8.6% $ 195.57 $ 178.81 9.4%
REVPAR $ 193.76 $ 169.44 14.4% $ 167.60 $ 150.38 11.5%
==================================================================================================================================
</TABLE>
RESIDENCE INN BY MARRIOTT
<TABLE>
<CAPTION>
==================================================================================================================================
SECOND QUARTER SECOND QUARTER PERCENT YTD YTD PERCENT
2000 1999 CHANGE 2000 1999 CHANGE
---- ---- ------ ---- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Occupancy 92.4% 84.5% 9.3% 90.5% 77.8% 16.3%
Average Daily Rate $ 183.81 $ 153.36 19.9% $ 164.29 $ 146.98 11.8%
REVPAR $ 169.84 $ 129.59 31.1% $ 148.68 $ 114.35 $ 30.0%
==================================================================================================================================
</TABLE>
TOTAL SAME PROPERTY HOTEL PERFORMANCE
<TABLE>
<CAPTION>
==================================================================================================================================
SECOND QUARTER SECOND QUARTER PERCENT YTD YTD PERCENT
2000 1999 CHANGE 2000 1999 CHANGE
---- ---- ------ ---- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Occupancy 91.8% 86.2% 6.5% 88.4% 83.8% 5.5%
Average Daily Rate $ 226.74 $ 207.06 9.5% $ 203.23 $ 187.11 $ 8.6%
REVPAR $ 208.40 $ 179.06 16.4% $ 179.73 $ 157.66 14.0%
==================================================================================================================================
</TABLE>
(1) Only Operational as of 2/01/99
33
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
SAME PROPERTY PERFORMANCE
OFFICE, R&D, INDUSTRIAL AND HOTEL PROPERTIES
<TABLE>
<CAPTION>
==================================================================================================================================
OFFICE R&D INDUSTRIAL HOTEL GARAGE TOTAL
<S> <C> <C> <C> <C> <C> <C>
Number of Properties 67 32 9 3 1 112
Square feet 19,675,786 2,072,497 925,726 937,874 332,442 23,944,325
Percent of in-service properties 86.6% 100.0% 100.0% 100.0% 100% 87.2%
Occupancy @ 06/30/99 98.3% 96.4% 90.4% - - 97.8%
Occupancy @ 06/30/00 99.5% 92.0% 90.3% - - 98.5%
Percent change from 2nd quarter 2000
over 2nd quarter 1999:
Revenue 5.3% 5.2% 8.7% 11.5% 69.1% 5.8%
Expense 2.6% 4.5% -13.0% 3.9% 41.2% 2.7%
Net Operating Income 6.7% 5.3% 16.9% 12.7% 88.0% 7.3%
==================================================================================================================================
</TABLE>
SAME PROPERTY LEASE ANALYSIS - QUARTER ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
====================================================================================================================
OFFICE R&D INDUSTRIAL TOTAL
<S> <C> <C> <C> <C>
Vacant space available @ 4/01/00 (sf) 142,081 124,974 69,099 336,154
Square footage of leases expiring or
terminated 04/01/00-06/30/00 481,575 182,298 182,064 845,937
----------- ---------- ---------- ----------
Total space for lease (sf) 623,656 307,272 251,163 1,182,091
----------- ---------- ---------- ----------
New tenants (sf) 376,279 9,500 - 385,779
----------- ---------- ---------- ----------
Renewals (sf) 155,336 131,727 161,000 448,063
----------- -------- -------- --------
Total space leased (sf) 531,615 141,227 161,000 833,842
=========== ======== ======== ========
Space available @ 6/30/00 92,041 166,045 90,163 348,249
=========== ======== ======== ========
Net increase (decrease) in leased
space (sf) 50,040 (41,071) (21,064) (12,095)
Average lease term (months) 92 12 24 66
2nd generation TI/Comm PSF $ 14.62 $ 0.31 $ - $ 9.37
Increase in 2nd generation net rents (1) 26.4% 7.3% - 22.2%
====================================================================================================================
</TABLE>
(1) Represents increase in net rents on a "cash to cash" basis. (Actual net
rent at time of expiration vs. initial net rent of new lease.)
34
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
ALL "IN-SERVICE" PROPERTIES - QUARTER ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
================================================================================================================
OFFICE R&D INDUSTRIAL TOTAL
<S> <C> <C> <C> <C>
Vacant space available @ 4/01/00 (sf) 194,716 124,974 69,099 388,789
Square footage of leases expiring or
terminated 4/01/00-6/30/00 497,712 182,298 182,064 862,074
------------ ------------- ------------ ------------
Total space for lease (sf) 692,428 307,272 251,163 1,250,863
============ ============= ============ ============
New tenants (sf) 389,868 9,500 - 399,368
Renewals (sf) 166,473 131,727 161,000 459,200
------------ ------------- ------------ ------------
Total space leased (sf) 556,341 141,227 161,000 858,568
============ ============= ============ ============
Space available @ 6/30/00 (sf) 136,087 166,045 90,163 392,295
============ ============= ============ ============
Net increase/(decrease) in leased space (sf) 58,629 (41,071) (21,064) (3,506)
Average lease term (months) 90 12 24 65
2nd generation TI/Comm PSF $ 14.41 $ 0.31 $ - $ 9.39
Increase in 2nd generation net rents (1) 29.1% 7.3% 0.0% 24.5%
================================================================================================================
</TABLE>
(1) Represents increase in net rents on a "cash to cash" basis (actual net
rent at time of expiration vs. initial net rent of new lease).
35
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
HISTORICALLY GENERATED CAPITAL EXPENDITURES,
TENANT IMPROVEMENT COSTS AND LEASING COMMISSIONS
(IN THOUSANDS)
HISTORICAL CAPITAL EXPENDITURES
<TABLE>
<CAPTION>
==================================================================================================================================
YTD
1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Recurring capital expenditures $ 1,618 $ 1,083 $ 1,125 $ 3,543 $ 11,611 $ 4,333
=========== =========== ============ ========== ============ ============
Hotel improvements, equipment upgrades $ 4,420 $ 3,041 $ 2,625 $ 3,872 $ 2,346 $ 1,181
=========== =========== ============ ========== ============ ============
and replacements
==================================================================================================================================
</TABLE>
2ND GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS
<TABLE>
<CAPTION>
================================================================================================================
1995 1996 1997
---- ---- ----
<S> <C> <C> <C>
Office
Square feet 768,459 970,072 1,016,427
----------- ----------- ------------
Tenant improvement and lease commissions p.s.f. $ 10.66 $ 11.40 $ 10.83
----------- ----------- ------------
R&D
Square feet 177,073 337,676 169,878
----------- ----------- ------------
Tenant improvement and lease commissions p.s.f. $ 6.99 $ 10.45 $ 2.22
----------- ----------- ------------
Industrial
Square feet 308,388 128,148 258,795
----------- ----------- ------------
Tenant improvement and lease commissions p.s.f. $ 1.00 $ 1.71 $ 0.99
----------- ----------- ------------
Average tenant improvement and lease commission p.s.f. $ 7.77 $ 10.31 $ 8.06
=========== =========== ============
================================================================================================================
<CAPTION>
===================================================================================================================
YTD
1998 1999 2000
---- ---- ----
<S> <C> <C> <C>
Office
Square feet 648,291 2,115,281 1,940,945
---------- ------------ ------------
Tenant improvement and lease commissions p.s.f. $ 9.82 $ 10.60 $ 12.96
---------- ------------ ------------
R&D
Square feet 113,428 167,231 396,657
---------- ------------ ------------
Tenant improvement and lease commissions p.s.f. $ 3.32 $ 1.94 $ 0.57
---------- ------------ ------------
Industrial
Square feet 320,608 163,962 181,000
---------- ------------ ------------
Tenant improvement and lease commissions p.s.f. $ 1.13 $ 0.60 $ 1.22
---------- ------------ ------------
Average tenant improvement and lease commission p.s.f. $ 6.57 $ 9.34 $ 10.17
========== ============ ============
===================================================================================================================
</TABLE>
36
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
VALUE CREATION PIPELINE - ACQUISITIONS/DISPOSITIONS
AS OF JUNE 30, 2000
ACQUISITIONS
<TABLE>
<CAPTION>
==================================================================================================
INITIAL
PROPERTY DATE ACQUIRED SQUARE FEET INVESTMENT
-------- ------------- ----------- ----------
<S> <C> <C> <C>
ACQUISITIONS
CLASS A OFFICE BUILDINGS
One and Two Reston Overlook Jan-00 444,286 $ 15,200,000
504, 506, 508 Carnegie Center Mar-00 408,163 66,500,000
--------------- ------------------
TOTAL VALUE CREATION PIPELINE - 852,449 $ 81,700,000
=============== ==================
ACQUISITIONS
==================================================================================================
<CAPTION>
=======================================================================================================
ANTICIPATED
FUTURE TOTAL CURRENT
PROPERTY INVESTMENT INVESTMENT OCCUPANCY
-------- ---------- ---------- ---------
<S> <C> <C> <C>
ACQUISITIONS
CLASS A OFFICE BUILDINGS
One and Two Reston Overlook $ - $ 15,200,000 (1) 100%
504, 506, 508 Carnegie Center - 66,500,000 100%
--------------- ------------------ --------------
TOTAL VALUE CREATION PIPELINE - $ - $ 81,700,000 100%
=============== ================== ==============
ACQUISITIONS
=======================================================================================================
</TABLE>
DISPOSITIONS
<TABLE>
<CAPTION>
=================================================================================================
PROPERTY DATE DISPOSED SQUARE FEET PROCEEDS
-------- ------------- ----------- --------
<S> <C> <C> <C>
140 Kendrick Street (2) May-00 381,000 $ 15,843,000
Metropolitan Square (3) May-00 582,194 30,870,000
------------------
TOTAL VALUE CREATION PIPELINE - $ 46,713,000
==================
DISPOSITIONS
=================================================================================================
<CAPTION>
========================================================================================================
NET
PROPERTY BOOK VALUE GAIN
-------- ---------- ----
<S> <C> <C>
140 Kendrick Street (2) $ 15,843,000 $ -
Metropolitan Square (3) 30,467,000 403,000
--------------- ------------------
TOTAL VALUE CREATION PIPELINE - $ 46,310,000 $ 403,000
=============== ==================
DISPOSITIONS
========================================================================================================
</TABLE>
(1) Represents the acquisition of the joint venture partner's 75% interest.
Boston Properties now owns 100% of the property.
(2) Represents the disposition of a 75% interest to a joint venture
partner. Boston Properties now retains a 25% interest.
(3) Represents the disposition of a 49% interest to a joint venture
partner. Boston Properties now retains a 51% interest.
37
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
6 VALUE CREATION PIPELINE - CONSTRUCTION IN PROGRESS
AS OF JUNE 30, 2000
<TABLE>
<CAPTION>
================================================================================================================
DEVELOPMENT PROPERTIES INITIAL OCCUPANCY STABILIZATION DATE LOCATION
---------------------- ----------------- ------------------ --------
<S> <C> <C> <C>
CLASS A OFFICE BUILDINGS
Market Square North (50% ownership) Q1 2000 Q4 2000 Washington, DC
New Dominion Tech Park - Building 1 Q4 2000 Q4 2000 Herndon, VA
302 Carnegie Center Q4 2000 Q2 2001 Princeton, NJ
2600 Tower Oaks Boulevard Q4 2000 Q3 2001 Rockville, MD
Broad Run Business Park- Building E Q1 2001 Q4 2001 Dulles, VA
140 Kendrick Street (25% ownership) Q1 2001 Q1 2001 Needham, MA
Orbital Sciences Phase II - Building 2 Q2 2001 Q2 2001 Dulles, VA
Quorum Office Park Q3 2001 Q4 2001 Chelmsford, MA
111 Huntington Avenue - Prudential Center Q3 2001 Q4 2002 Boston, MA
5 Times Square Q4 2001 Q2 2002 New York, NY
TOTAL DEVELOPMENT PROPERTIES
============================================================================================================
<CAPTION>
====================================================================================================================================
ANTICIPATED CURRENT
# OF INVESTMENT TOTAL PERCENTAGE
DEVELOPMENT PROPERTIES BUILDINGS SQUARE FEET TO DATE INVESTMENT LEASED
---------------------- --------- ----------- ------- ---------- ------
<C> <C> <C> <C> <C>
CLASS A OFFICE BUILDINGS
Market Square North (50% ownership) 1 409,843 $ 50,656,157 $ 61,631,239 (1) 87%
New Dominion Tech Park - Building 1 1 235,201 29,846,937 48,800,000 100%
302 Carnegie Center 1 64,565 8,005,744 12,900,000 23%
2600 Tower Oaks Boulevard 1 178,216 12,036,037 38,295,000 53%
Broad Run Business Park- Building E 1 124,650 1,026,288 15,912,000 (2) 0%
140 Kendrick Street (25% ownership) 3 381,000 15,597,596 20,214,000 100%
Orbital Sciences Phase II - Building 2 1 160,502 5,064,802 28,018,000 100%
Quorum Office Park 2 259,918 4,079,093 41,351,743 100%
111 Huntington Avenue - Prudential Center 1 890,000 111,056,004 290,000,000 60%
5 Times Square 1 1,099,154 216,025,644 536,100,000 100%
--------- -------------- ------------------ ------------------ -----------
TOTAL DEVELOPMENT PROPERTIES 13 3,803,049 $ 453,394,302 $1,093,221,982 82%
========= ============== ================== ================== ===========
====================================================================================================================================
</TABLE>
DEVELOPMENTS PLACED-IN-SERVICE DURING 2000
<TABLE>
<CAPTION>
========================================================================================================
PLACED # OF
IN SERVICE DATE LOCATION BUILDINGS
--------------- -------- ---------
CLASS A OFFICE BUILDING
<S> <C> <C> <C>
Orbital Sciences Phase I - Building 1 & 3 Q2 2000 Dulles, VA 2
=========
========================================================================================================
<CAPTION>
==============================================================================================================================
INVESTMENT TOTAL PERCENTAGE
SQUARE FEET TO DATE INVESTMENT LEASED
----------- ------- ---------- ------
CLASS A OFFICE BUILDING
<S> <C> <C> <C>
Orbital Sciences Phase I - Building 1 & 3 174,832 $ 29,687,127 $ 32,000,000 100%
============= ================== ================== ===========
==============================================================================================================================
</TABLE>
(1) Represents 50% of the total anticipated project-level investment.
Represents the office component.
(2) Represents 25% of the total anticipated project-level investment Net of
tenant work paid by the developer until completion that is estimated to
be $4.1 million.
38
<PAGE>
BOSTON PROPERTIES, INC.
SECOND QUARTER 2000
VALUE CREATION PIPELINE - OWNED LAND PARCELS
AS OF JUNE 30, 2000
<TABLE>
<CAPTION>
==========================================================================
NO. OF DEVELOPABLE
LOCATION PARCELS ACREAGE SQUARE FEET
-------- ------- ------- -----------
<S> <C> <C> <C>
Rockville, MD (1) 6 111.5 1,378,216
Dulles, VA 2 76.6 936,850
Boston, MA (2) 4 2.5 839,000
Reston, VA 2 5.5 775,000
Gaithersburg, MD 2 27.0 600,000
S. San Francisco, CA 2 3.6 376,425
Herndon, VA 2 25.2 370,200
Waltham, MA 2 24.0 295,000
Chelmsford, MA 1 26.0 259,918
Andover, MA 2 19.9 230,000
Springfield, VA 3 9.4 130,000
----------- ----------- ------------
28 331.2 6,190,609
=========== =========== ============
==========================================================================
</TABLE>
VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS
AS OF JUNE 30, 2000
<TABLE>
<CAPTION>
==========================================================================
NO. OF DEVELOPABLE
LOCATION PARCELS ACREAGE SQUARE FEET
<S> <C> <C> <C>
Princeton, NJ (3) 14 149.9 1,921,335
New York, NY (4) 1 0.5 1,194,918
San Jose, CA (5) 5 3.7 795,000
Cambridge, MA (6) 1 2.6 165,500
----------- ----------- ------------
21 156.7 4,076,753
=========== =========== ============
==========================================================================
</TABLE>
(1) Includes 254,000 square feet of building on a 7.5 acre parcel under a
ground lease to a third party.
(2) Boston Properties has a 50% ownership interest.
(3) $20.00/FAR plus an earnout calulation.
(4) $159.75 million for both leasehold interest and ESAC credits.
(5) $26.3 million subject to receiving all necessary permits and approvals.
(6) Prior to January 23, 2001 the cost would be $25.02/ SF of land area
then $25.92/ SF of land area prior to January 23,2002. Land area is
approximately 108,000 SF.
39
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