Exhibit 99.1
BOSTON PROPERTIES, INC.
SUPPLEMENTAL OPERATING AND FINANCIAL DATA
FOR THE QUARTER ENDED DECEMBER 31, 2000
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
INDEX
PAGE PAGE
COMPANY BACKGROUND 3 R&D PROPERTIES-LEASE EXPIRATION ROLL OUT 25
INVESTOR INFORMATION 4-5 INDUSTRIAL PROPERTIES-LEASE EXPIRATION ROLL OUT 26
FINANCIAL HIGHLIGHTS 6 GRAND TOTAL - OFFICE, R&D AND INDUSTRIAL PROPERTIES 27
CONSOLIDATED BALANCE SHEETS 7 BOSTON AREA LEASE EXPIRATION ROLL OUT 28
CONSOLIDATED INCOME STATEMENTS 8 WASHINGTON DC AREA LEASE EXPIRATION ROLL OUT 29
FUNDS FROM OPERATIONS 9 SAN FRANCISCO AREA LEASE EXPIRATION ROLL OUT 30
FINANCIAL RATIOS 10 NEW YORK AREA LEASE EXPIRATION ROLL OUT 31
CAPITAL STRUCTURE 11 PRINCETON AREA LEASE EXPIRATION ROLL OUT 32
DEBT ANALYSIS 12-14 OTHER AREA LEASE EXPIRATION ROLL OUT 33
JOINT VENTURES 15 HOTEL PERFORMANCE 34
PORTFOLIO OVERVIEW-SQUARE FOOTAGE 16 SAME PROPERTY PERFORMANCE 35
PROPERTY LISTING 17-20 "IN-SERVICE" PROPERTY PERFORMANCE 36
TOP 20 TENANTS 21 CAPITAL EXPENDITURES 37
PORTFOLIO OVERVIEW-FFO 22 VALUE CREATION PIPELINE - ACQUISITIONS/DISPOSITIONS 38
OCCUPANCY ANALYSIS 23 VALUE CREATION PIPELINE - DEVELOPMENT 39
OFFICE PROPERTIES-LEASE EXPIRATION ROLL OUT 24 VALUE CREATION PIPELINE - LAND PARCELS 40
2
BOSTON PROPERTIES, INC.
FOURTH 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. On October 31, 2000, Boston
Properties successfully completed an additional public offering resulting in
17,110,000 shares (including overallotment) being sold at $39.0625 per share for
a total offering of $668,359,000.
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 46
properties adding approximately 16.1 million square feet to its portfolio,
representing an investment of approximately $3.9 billion, and the Company has
delivered 22 development properties adding approximately 3.3 million square feet
to its portfolio, representing an investment of approximately $434.6 million. In
addition, the Company is constucting fifteen office properties for a total
anticipated investment of approximately $1.3 billion. The Company owns or
controls land where it can develop an additional 10.6 million square feet.
3
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
INVESTOR INFORMATION
800 Boylston Street
Boston, MA 02199
(617) 236-3300
(617) 536-5087 (fax)
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, Chief Financial Officer
and Treasurer
Elaine M. Quinlan Director of Investor Relations
TIMING
QUARTERLY RESULTS FOR 2001 WILL BE ANNOUNCED ACCORDING TO THE FOLLOWING
ANTICIPATED SCHEDULE:
FIRST QUARTER EARLY MAY
SECOND QUARTER EARLY AUGUST
THIRD QUARTER EARLY NOVEMBER
YEAR END EARLY FEBRUARY
4
BOSTON PROPERTIES, INC.
FOURTH 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):
FOURTH QUARTER 2000 FOURTH QUARTER 1999
------------------- -------------------
HIGH PRICE $ 44.7500 $ 31.1250
LOW PRICE $ 38.8750 $ 27.5000
CLOSING PRICE $ 43.5000 $ 31.1250
DIVIDENDS PER SHARE - ANNUALIZED $ 2.12 $ 1.80
CLOSING DIVIDEND YIELD - ANNUALIZED 4.87% 5.78%
CLOSING SHARES, COMMON UNITS AND PREFERRED UNITS (IF CONVERTED) OUTSTANDING (THOUSANDS) 124,138 104,721
CLOSING MARKET VALUE OF SHARES AND UNITS OUTSTANDING (THOUSANDS) $5,400,003 $3,259,441
5
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
FINANCIAL HIGHLIGHTS
(UNAUDITED AND IN THOUSANDS)
THREE MONTHS ENDED
------------------------------------------------------
DECEMBER 31, 2000 DECEMBER 31, 1999 % CHANGE
----------------- ----------------- --------
INCOME ITEMS:
Revenues $ 228,527 $ 205,147 11.40%
Net Income available to common shareholders $ 43,235 $ 34,372 25.79%
Funds from Operations $ 93,158 $ 69,634 33.78%
Company's share (77.17% and 74.04%, respectively) $ 71,888 $ 51,555 39.44%
Funds from Operations per share - basic $ 0.89 $ 0.76 17.23%
Funds from Operations per share - diluted $ 0.85 $ 0.74 14.25%
Dividends per share $ 0.53 $ 0.45 17.78%
RATIOS:
Interest Coverage Ratio 3.05 2.47 23.54%
Dividend Payout Ratio 62.69% 60.66% 3.35%
DECEMBER 31, 2000 DECEMBER 31, 1999 % CHANGE
----------------- ----------------- --------
CAPITALIZATION:
Total Debt $ 3,357,281 $ 3,321,584 1.07%
Total Common Shares Outstanding @ Quarter End 86,630 67,910 27.57%
Total Preferred Shares Outstanding @ Quarter End
(if converted) 2,625 2,625 0.00%
Total Common Units Outstanding @ Quarter End 23,862 23,810 0.22%
Total Preferred Units Outstanding @ Quarter End
(if converted) 11,021 10,376 6.22%
Price @ Quarter End $ 43.5000 $ 31.1250 39.76%
Equity Value @ Quarter End $ 5,400,003 $ 3,259,441 65.67%
Total Market Capitalization $ 8,757,284 $ 6,581,025 33.07%
Debt/Total Market Capitalization 38.34% 50.47% -24.04%
6
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
DECEMBER 31, 2000 DECEMBER 31, 1999
----------------- -----------------
(unaudited)
ASSETS
Real estate and equipment $ 5,197,935 $ 5,150,341
Development in progress 799,174 332,149
Land held for future development 115,670 126,934
Less accumulated depreciation (586,719) (470,591)
--------------- --------------
Total real estate and equipment 5,526,060 5,138,833
Cash and cash equivalents 280,957 12,035
Escrows 85,561 40,254
Investments in securities 7,012 14,460
Tenant and other receivables, net 26,852 28,259
Accrued rental income, net 91,684 82,228
Deferred charges, net 77,319 53,733
Prepaid expenses and other assets 41,154 28,452
Investments in joint ventures 89,871 36,518
--------------- --------------
TOTAL ASSETS $ 6,226,470 $ 5,434,772
=============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgage notes payable $ 3,357,281 $ 2,955,584
Unsecured line of credit - 366,000
Note payable 57,610
Accounts payable and accrued expenses 57,338 66,780
Dividends payable 71,274 50,114
Accrued interest payable 5,599 8,486
Other liabilities 51,926 48,282
--------------- --------------
Total liabilities 3,601,028 3,495,246
--------------- --------------
Commitments and contingencies - -
--------------- --------------
Minority interests 877,715 781,962
--------------- --------------
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,
86,630,089 and 67,910,434 issued and outstanding, respectively 866 679
Additional paid-in capital 1,674,013 1,067,778
Dividends in excess of earnings (14,559) (10,893)
Deferred compensation (848) -
Accumulated other comprehensive loss (11,745) -
--------------- --------------
Total stockholders' equity 1,647,727 1,057,564
--------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,226,470 $ 5,434,772
=============== ==============
7
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
CONSOLIDATED INCOME STATEMENTS
(UNAUDITED AND IN THOUSANDS)
THREE MONTHS ENDED
---------------------------------------
31-DEC-00 31-DEC-99 % CHANGE
--------- --------- --------
Revenue:
Rental
Base Rent (1) $183,319 $ 170,663 7.42%
Recoveries from tenants 23,736 18,864 25.83%
Parking and other 12,797 11,479 11.48%
-------- --------- --------
Total rental revenue 219,852 201,006 9.38%
Development and management services 3,405 3,344 1.82%
Interest and other 5,270 797 561.23%
-------- --------- --------
Total revenue 228,527 205,147 11.40%
-------- --------- --------
Expenses:
Rental expenses 67,335 64,947 3.68%
General and administrative 9,791 8,110 20.73%
Interest (2) 50,854 53,964 -5.76%
Depreciation and amortization 36,088 31,744 13.68%
-------- --------- --------
Total expenses 164,068 158,765 3.34%
-------- --------- --------
Income before minority interests and income (loss) from unconsolidated joint
ventures 64,459 46,382 38.97%
Minority interest in property partnership (250) (141) 77.30%
Income (loss) from unconsolidated joint ventures 402 (180) -323.33%
-------- --------- --------
Income before preferred distribution and minority interest in Operating
Partnership 64,611 46,061 40.27%
Preferred distribution (6,603) (6,649) -0.69%
Minority interest in Operating Partnership (3) (12,869) (9,803) 31.28%
-------- --------- --------
Income before gain on sales of real estate 45,139 29,609 52.45%
Gain on sales of real estate, net 73 6,417 -98.86%
-------- --------- --------
Income before extraordinary item 45,212 36,026 25.50%
Extraordinary loss, net (334) - -
-------- --------- --------
Net income before preferred dividend 44,878 36,026 24.57%
Preferred dividend (1,643) (1,654) -0.67%
-------- --------- --------
Net income available to common shareholders $ 43,235 $ 34,372 25.79%
======== ========= ========
INCOME PER SHARE OF COMMON STOCK
Net income available to common shareholders per share - basic $ 0.53 $ 0.51 3.92%
======== ========= ========
Net income available to common shareholders per share - diluted $ 0.52 $ 0.50 4.00%
======== ========= ========
(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 $2,665 and $4,060 for the three months ended
December 31, 2000 and 1999, respectively.
(2) Excludes capitalized interest of $12,812 and $6,056 for the three
months ended December 31, 2000 and 1999, respectively.
(3) Equals minority interest percent 22.83% and 25.96%, respectively of
income before minority interest in Operating Partnership after
deduction for preferred dividends and distributions.
8
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
FUNDS FROM OPERATIONS
(IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
(UNAUDITED)
THREE MONTHS ENDED
-----------------------------------------
31-DEC-00 31-DEC-99 % CHANGE
--------- --------- --------
Income from operations before minority interests and income (loss) from
unconsolidated joint ventures $ 64,459 $46,382 38.97%
Add:
Real estate depreciation and amortization (1) 36,830 31,914 15.40%
Income (loss) from unconsolidated joint ventures 402 (180) -323.33%
Less:
Minority property partnership's share of funds from operations 287 179 60.34%
Preferred dividends and distributions 8,246 8,303 -0.69%
--------- ------- --------
Funds from Operations $ 93,158 $69,634 33.78%
========= ======= ========
Funds from Operations available to common shareholders (2) $ 71,888 $51,555 39.44%
========= ======= ========
Funds from Operations per share - basic $ 0.89 $ 0.76 17.23%
========= ======= ========
Weighted average shares outstanding - basic 80,885 67,906 19.11%
========= ======= ========
Funds from Operations per share - diluted $ 0.85 $ 0.74 14.86%
========= ======= ========
Weighted average shares outstanding - diluted 96,008 81,248 18.17%
========= ======= ========
RECONCILIATION TO DILUTED FUNDS FROM OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2000 FOR THE THREE MONTHS ENDED DECEMBER 31, 1999
-------------------------------------------- --------------------------------------------
INCOME SHARES PER SHARE INCOME SHARES PER SHARE
(NUMERATOR) (DENOMINATOR) AMOUNT (NUMERATOR) (DENOMINATOR) AMOUNT
----------- ------------- ------ ----------- ------------- ------
Basic Funds from Operations $ 93,158 104,818 $ 0.89 $ 69,634 91,720 $ 0.76
Effect of Dilutive Securities
Convertible Preferred Units 6,603 10,370 (0.02) 6,649 10,377 (0.01)
Convertible Preferred Stock 1,643 2,625 (0.01) 1,654 2,625 -
Stock Options - 2,128 (0.01) - 341 (0.01)
--------- ------- ------- ---------- ------- -------
Dilutive Funds from Operations (3) $ 101,404 119,941 $ 0.85 $ 77,937 105,063 $ 0.74
========= ======= ======= ========== ======= =======
Company's share of Diluted Funds
from Operations $ 81,169 96,008 $ 0.85 $ 60,271 81,248 $ 0.74
========= ======= ======= ========== ======= =======
(1) Real estate depreciation includes the Company's share of joint venture
real estate depreciation of $1,189 and $598, less corporate related
depreciation of $447 and $428, for the three months ended December 31,
2000 and 1999, respectively.
(2) Based on weighted average shares for the quarter. Company's share for
the quarter ended December 31, 2000 and 1999 was 77.17% and 74.04%,
respectively.
(3) Based on weighted average diluted shares for the quarter. Company's
share for the quarter ended December 31, 2000 and 1999 was 80.05% and
77.33%, respectively.
9
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
FINANCIAL RATIOS
THREE MONTHS ENDED
DECEMBER 31, 2000
------------------
RATIOS COMPUTED FOR INDUSTRY COMPARISONS:
OPERATIONAL RATIOS (1)(2)
Debt Service Coverage Ratio 2.56
(EBITDA + Income from Unconsolidated Joint
Ventures)/(Interest+Principal)
Interest Coverage Ratio 3.05
(EBITDA + Income from Unconsolidated Joint Venture)/Interest
Return on Shareholder's Equity 17.50%
(EBITDA/Average Equity (book value)) (%)
Return on Real Estate Investments 11.26%
(EBITDA/Average Real Estate Investments (book value)) (%)
Dividend Payout Ratio 62.69%
(Dividends Declared/FFO) (%)
(1) EBITDA is equal to earnings before interest, taxes, depreciation and
amortization.
(2) FFO is calculated based on the NAREIT White Paper.
10
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
CAPITAL STRUCTURE
DEBT
(IN THOUSANDS)
AGGREGATE PRINCIPAL
DECEMBER 31, 2000
-----------------
Mortgage Loans $ 3,357,281
Unsecured Line of Credit -
-------------
Total Debt $ 3,357,281
=============
EQUITY
(IN THOUSANDS)
SHARES & COMMON
UNITS STOCK $ VALUE
OUTSTANDING EQUIVALENTS EQUIVALENT (1)
----------- ----------- --------------
Common Stock 86,630 86,630 $ 3,768,405
Preferred Stock 2,000 2,625 114,188
Operating Partnership Units 23,862 23,862 1,037,997
Preferred Operating Partnership Units 8,358 11,021 479,414
------- -----------
Total Equity 124,138 $ 5,400,003
======= ===========
Total Market Capitalization $ 8,757,284
===========
(1) Value based on December 31, 2000 closing price of $43.50.
11
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
DEBT ANALYSIS
DEBT MATURITIES AND PRINCIPAL PAYMENTS
(IN THOUSANDS)
YEAR 2001 2002 2003 2004 2005 THEREAFTER TOTAL
---- ---- ---- ---- ---- ---- ---------- -----
Amount $193,944 $309,162 $434,240 $134,926 $268,720 $2,016,289 $3,357,281
UNSECURED LINE OF CREDIT - DUE MARCH 31, 2003
(IN THOUSANDS)
OUTSTANDING LETTERS OF REMAINING
FACILITY @12/31/2000 CREDIT CAPACITY
-------- ----------- ------ --------
$605,000 $ - 3,254 $601,746
UNSECURED AND SECURED DEBT ANALYSIS
WEIGHTED WEIGHTED AVERAGE
% OF DEBT AVERAGE RATE MATURITY
--------- ------------ --------
Unsecured Debt 0.00% Libor + 1.25% 2.2 years
Secured Debt 100.00% 7.37% 6.0 years
------- ------------- ---------
Total Debt 100.00% 7.37% 6.0 years
======= ============= =========
FLOATING AND FIXED RATE DEBT ANALYSIS
WEIGHTED WEIGHTED AVERAGE
% OF DEBT AVERAGE RATE MATURITY
--------- ------------ --------
Floating Rate Debt 12.04% 8.56% 1.9 years
Fixed Rate Debt 87.96% 7.20% 6.5 years
------- ----- ---------
Total Debt 100.00% 7.37% 6.0 years
======= ===== =========
12
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
DEBT ANALYSIS
DEBT MATURITIES AND PRINCIPAL PAYMENTS
(IN THOUSANDS)
PROPERTY 2001 2002 2003 2004 2005 THEREAFTER TOTAL
-------- ---- ---- ---- ---- ---- ---------- -----
Embarcadero Center One, Two and
Federal Reserve $ 3,935 $ 7,207 $ 4,498 $ 4,809 $ 5,141 $ 287,286 $ 312,876
Prudential Center 3,755 4,020 4,299 4,591 4,919 270,312 291,896
280 Park Avenue 2,208 2,592 2,797 3,019 3,256 256,128 270,000
599 Lexington Avenue - - - - 225,000 - 225,000
5 Times Square - - 184,157 - - - 184,157
Embarcadero Center Four 2,897 3,098 3,315 3,544 3,797 137,898 154,549
875 Third Avenue 2,341 148,618 - - - - 150,959
Embarcadero Center Three 1,941 2,069 2,206 2,351 2,506 135,240 146,313
Two Independence Square 1,036 1,500 113,841 - - - 116,377
Riverfront Plaza 2,397 2,560 2,735 2,921 3,120 101,914 115,647
Democracy Center 1,588 1,703 1,828 1,961 2,103 98,534 107,717
Embarcadero Center West Tower 1,272 1,358 1,449 1,546 1,649 90,313 97,587
100 East Pratt Street 1,099 1,175 1,257 1,344 1,442 85,534 91,851
601 and 651 Gateway Boulevard 703 765 832 905 984 85,699 89,888
111 Huntington Avenue - 76,041 - - - - 76,041
One Independence Square 74,114 - - - - - 74,114
Reservoir Place 2,037 2,684 2,875 3,079 3,298 59,885 73,858
One & Two Reston Overlook 709 764 823 65,894 - - 68,190
2300 N Street - - 66,000 - - - 66,000
202, 206, 214 Carnegie Center 520 564 611 663 719 59,840 62,917
Capital Gallery 1,097 1,191 1,293 1,404 1,524 50,652 57,161
504,506,508 Carnegie Center 846 909 979 1,053 1,135 43,390 48,312
New Dominion Technology Park,
Building 1 (1) 40,532 - - - - - 40,532
10 and 20 Burlington Mall Road 37,000 - - - - - 37,000
10 Cambridge Center 477 518 563 611 663 32,909 35,741
1301 New York Avenue 1,046 1,129 1,403 1,314 1,418 26,400 32,710
(1) $57.61 million of financing has been funded into an escrow and will be
held until the project is completed, which is estimated to be in
Quarter 1 2001. At that time, the current construction loan will be
paid off and the remaining proceeds will be available to Boston
Properties.
13
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
DEBT ANALYSIS
DEBT MATURITIES AND PRINCIPAL PAYMENTS (CONTINUED)
(IN THOUSANDS)
PROPERTY 2001 2002 2003 2004 2005 THEREAFTER TOTAL
-------- ---- ---- ---- ---- ---- ---------- -----
Eight Cambridge Center 442 477 515 557 601 25,820 28,412
Sumner Square - - - 28,298 - - 28,298
510 Carnegie Center 473 508 547 588 635 24,902 27,653
Lockheed Martin Building 522 601 641 686 731 23,108 26,289
Orbital Sciences - Phase 1 - 25,761 - - - - 25,761
University Place 573 615 659 706 756 21,944 25,253
Reston Corporate Center 504 540 574 612 654 21,925 24,809
191 Spring Street 344 374 407 443 482 20,747 22,797
Bedford Business Park 539 587 639 695 756 18,501 21,717
NIMA Building 437 465 497 530 566 19,000 21,495
2600 Tower Oaks Boulevard - 18,083 - - - - 18,083
Quorum Office Park - - 11,111 - - - 11,111
101 Carnegie Center 299 322 348 378 408 6,593 8,348
Orbital Sciences - Phase 2 - - 8,032 - - - 8,032
Montvale Center 135 147 160 175 190 6,757 7,564
40 Shattuck Road - - 6,224 - - - 6,224
Newport Office Park 5,923 - - - - - 5,923
302 Carnegie Center - - 5,893 - - - 5,893
Hilltop Business Center 164 176 188 201 216 4,793 5,738
201 Carnegie Center 39 41 44 48 51 265 488
-------- -------- -------- -------- -------- ---------- ----------
$193,944 $309,162 $434,240 $134,926 $268,720 $2,016,289 $3,357,281
======== ======== ======== ======== ======== ========== ==========
14
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
JOINT VENTURES
(UNAUDITED AND IN THOUSANDS)
AS OF DECEMBER 31, 2000
ONE MARKET 140 265 901 TWO
FREEDOM SQUARE METROPOLITAN KENDRICK FRANKLIN DISCOVERY NEW YORK FREEDOM
SQUARE NORTH SQUARE STREET STREET SQUARE AVENUE SQUARE COMBINED
------ ----- ------ ------ ------ ------ ------ ------ --------
Total Equity (1) $ 1,262 $13,121 $ 31,447 $ 5,773 $10,597 $5,861 $11,252 $10,558 $ 89,871
======= ======= ======== ======= ======= ====== ======= ======= ========
Mortgage/Construction
loans payable (1) $19,306 $50,000 $ 71,025 $13,434 $23,800 $4,147 $ - $ - $181,712
======= ======= ======== ======= ======= ====== ======= ======= ========
BXP's ownership percentage 25.00% 50.00% 51.00% 25.00% 35.00% 50.00% 25.00% 50.00%
======= ======= ======== ======= ======= ====== ======= =======
RESULTS OF OPERATIONS FOR THE UNCONSOLIDATED JOINT VENTURES
FOR THE THREE MONTHS ENDED DECEMBER 31, 2000
ONE MARKET 140 265 901 TWO
FREEDOM SQUARE METROPOLITAN KENDRICK FRANKLIN DISCOVERY NEW YORK FREEDOM
SQUARE NORTH SQUARE STREET(2) STREET SQUARE(3) AVENUE(3) SQUARE(3) COMBINED
------ ----- ------ --------- ------ --------- --------- --------- --------
REVENUE
Total revenue $ 3,490 $ 3,625 $ 5,961 $ 540 $ 3,190 $ - $ - $ - $16,806
------- ------- ------- ------- ------- ------- ------- ------- --------
EXPENSES
Operating 657 1,231 1,879 114 1,016 - - - 4,897
Interest 1,497 1,677 2,869 206 1,463 - - - 7,712
Depreciation and amortization 761 549 1,044 91 549 - - - 2,994
------- ------- ------- ------- ------- ------- ------- ------- --------
Total expenses 2,915 3,457 5,792 411 3,028 - - - 15,603
------- ------- ------- ------- ------- ------- ------- ------- --------
Net income(loss) $ 575 $ 168 $ 169 $ 129 $ 162 $ - $ - $ - $ 1,203
======= ======= ======= ======= ======= ======= ======= ======= =======
BXP's ownership percentage 25.00% 50.00% 51.00% 25.00% 35.00% 50.00% 25.00% 50.00%
======= ======= ======= ======= ======= ======= ======= =======
BXP's share of net income(loss) $ 144 $ 84 $ 86 $ 32 $ 56 $ - $ - $ - $ 402
======= ======= ======= ======= ======= ======= ======= ======= =======
(1) Represents the Company's share.
(2) Represents the operations of two of the three buildings for the period
of December 1, 2000 through December 31, 2000.
(3) Property is currently under development.
15
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
PORTFOLIO OVERVIEW- SQUARE FOOTAGE
RENTABLE SQUARE FEET OF IN-SERVICE PROPERTIES BY LOCATION AND TYPE OF PROPERTY
GEOGRAPHIC AREA OFFICE (1) R&D INDUSTRIAL TOTAL % OF TOTAL
--------------- ---------- -------- ---------- ----- ----------
Greater Boston 5,951,019 (2) 545,206 247,318 6,743,543 25.61%
Greater Washington 6,051,112 (3) 1,142,329 183,945 7,377,386 28.01%
Greater San Francisco 4,437,776 144,366 280,213 4,862,355 18.46%
Midtown Manhattan 2,851,245 - - 2,851,245 10.83%
Princeton/East Brunswick, NJ 2,273,921 - - 2,273,921 8.63%
Baltimore, MD 1,172,686 - - 1,172,686 4.45%
Richmond, VA 894,015 - - 894,015 3.39%
Bucks County, PA - - 161,000 161,000 0.61%
------------ ------------- ----------- ------------- ----------
23,631,774 1,831,901 872,476 26,336,151 100.00%
------------ ------------- ----------- ------------- ----------
------------ ------------- ----------- ------------- ----------
% of Total 89.73% 6.96% 3.32% 100.00%
HOTEL PROPERTIES
NUMBER OF SQUARE
HOTEL PROPERTIES ROOMS FEET
---------------- --------- --------
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
--------- --------
--------- --------
STRUCTURED PARKING
NUMBER OF SQUARE
SPACES FEET
--------- ---------
TOTAL STRUCTURED PARKING 17,179 6,017,423
--------- ---------
--------- ---------
(1) Includes retail square footage of approximately 1,000,000.
(2) Includes 325,699 square feet at 265 Franklin Street which is 35% owned by
Boston Properties and 210,253 square feet at 140 Kendrick Street which is
25% owned by Boston Properties.
(3) Includes 408,773 square feet at One Freedom Square which is 25% owned by
Boston Properties, 578,340 square feet at Metropolitan Square which is 51%
owned by Boston Properties, and 401,255 square feet at Market Square North
which is 50% owned by Boston Properties.
16
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
PROPERTY LISTING
AS OF DECEMBER 31, 2000
ANNUALIZED
REVENUE
NUMBER OF PER
SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % OCCUPIED SF
--------------- --------- ----------- ---------- -----------
GREATER BOSTON
OFFICE
THE PRUDENTIAL CENTER CBD Boston MA 3 2,140,832 99.9% $32.15
265 FRANKLIN STREET (35% OWNERSHIP) CBD Boston MA 1 325,699 99.6% 34.48
ONE CAMBRIDGE CENTER East Cambridge MA 1 215,385 100.0% 38.75
THREE CAMBRIDGE CENTER East Cambridge MA 1 107,484 100.0% 28.47
EIGHT CAMBRIDGE CENTER East Cambridge MA 1 177,226 100.0% 29.91
TEN CAMBRIDGE CENTER East Cambridge MA 1 152,664 100.0% 33.27
ELEVEN CAMBRIDGE CENTER East Cambridge MA 1 79,616 100.0% 37.73
UNIVERSITY PLACE Mid-Cambridge MA 1 195,282 100.0% 31.48
RESERVOIR PLACE Route 128 Mass Turnpike MA 1 529,991 97.0% 31.53
204 SECOND AVENUE Route 128 Mass Turnpike MA 1 40,974 100.0% 26.24
140 KENDRICK STREET (25% OWNERSHIP) Route 128 Mass Turnpike MA 2 210,253 100.0% 28.92
170 TRACER LANE Route 128 Mass Turnpike MA 1 73,203 100.0% 38.32
WALTHAM OFFICE CENTER Route 128 Mass Turnpike MA 3 131,479 98.2% 28.35
195 WEST STREET Route 128 Mass Turnpike MA 1 63,500 100.0% 26.89
200 WEST STREET Route 128 Mass Turnpike MA 1 248,341 98.0% 31.66
10 & 20 BURLINGTON MALL ROAD Route 128 Northwest MA 2 156,416 99.0% 28.14
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% 28.52
92 HAYDEN AVENUE Route 128 Northwest MA 1 30,980 93.1% 25.58
100 HAYDEN AVENUE Route 128 Northwest MA 1 55,924 100.0% 31.52
33 HAYDEN AVENUE Route 128 Northwest MA 1 79,564 100.0% 24.47
LEXINGTON OFFICE PARK Route 128 Northwest MA 2 167,293 99.2% 28.55
191 SPRING STREET Route 128 Northwest MA 1 162,700 100.0% 27.55
181 SPRING STREET Route 128 Northwest MA 1 53,595 100.0% 33.53
201 SPRING STREET Route 128 Northwest MA 1 102,500 100.0% 30.08
NEWPORT OFFICE PARK Route 128 South MA 1 168,829 100.0% 23.27
------- ------------ --------- -----------
34 5,951,019 99.5% $30.98
------- ------------ --------- -----------
RESEARCH & DEVELOPMENT
FOURTEEN CAMBRIDGE CENTER East Cambridge MA 1 67,362 100.0% 19.23
BEDFORD BUSINESS PARK Route 128 Northwest MA 2 383,704 100.0% 11.79
17 HARTWELL AVENUE Route 128 Northwest MA 1 30,000 100.0% 10.00
164 LEXINGTON ROAD Route 128 Northwest MA 1 64,140 100.0% 9.12
------- ------------ --------- -----------
5 545,206 100.0% $12.30
------- ------------ --------- -----------
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% $7.92
------- ------------ --------- -----------
TOTAL GREATER BOSTON, MA AREA: 41 6,743,543 99.3%
------- ------------ ---------
------- ------------ ---------
17
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
PROPERTY LISTING
AS OF DECEMBER 31, 2000
ANNUALIZED
REVENUE
NUMBER OF PER
SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % OCCUPIED SF
--------------- --------- ----------- ---------- -----------
GREATER WASHINGTON, D.C.
OFFICE
2300 N STREET West End Washington DC 1 276,930 100.0% $49.09
ONE INDEPENDENCE SQUARE Southwest Washington DC 1 337,794 100.0% 38.49
TWO INDEPENDENCE SQUARE Southwest Washington DC 1 579,665 100.0% 37.40
CAPITAL GALLERY Southwest Washington DC 1 396,776 100.0% 34.11
500 E STREET, N.W. Southwest Washington DC 1 242,769 100.0% 31.42
METROPOLITAN SQUARE (51% OWNERSHIP) East End Washington DC 1 578,340 99.7% 35.51
1301 NEW YORK AVENUE East End Washington DC 1 168,371 100.0% 33.54
MARKET SQUARE NORTH (50% OWNERSHIP) East End Washington DC 1 401,255 100.0% 39.29
SUMNER SQUARE CBD Washington DC 1 209,507 95.3% 31.76
DECOVERLY TWO Montgomery County MD 1 77,747 100.0% 21.93
DECOVERLY THREE Montgomery County MD 1 77,040 68.4% 21.01
DEMOCRACY CENTER Montgomery County MD 3 680,475 98.7% 27.08
MONTVALE CENTER Montgomery County MD 1 120,815 100.0% 21.30
ORBITAL SCIENCES, BUILDINGS ONE AND THREE Loudoun County 2 174,832 100.0% 22.78
THE ARBORETUM Fairfax County VA 1 95,584 100.0% 24.76
ONE FREEDOM SQUARE (25% OWNERSHIP) Fairfax County VA 1 408,773 96.2% 31.26
ONE RESTON OVERLOOK Fairfax County VA 1 312,685 100.0% 20.72
TWO RESTON OVERLOOK Fairfax County VA 1 131,594 100.0% 30.83
RESTON CORPORATE CENTER Fairfax County VA 2 261,046 100.0% 31.09
LOCKHEED MARTIN BUILDING Fairfax County VA 1 255,244 100.0% 41.67
NIMA BUILDING Fairfax County VA 1 263,870 100.0% 45.57
----------------------------------------------------------
25 6,051,112 99.0% $33.52
----------------------------------------------------------
RESEARCH & DEVELOPMENT
FULLERTON SQUARE Fairfax County VA 2 178,294 81.9% 10.60
SUGARLAND BUSINESS PARK, BUILDING ONE Fairfax County VA 1 52,797 100.0% 21.72
SUGARLAND BUSINESS PARK, BUILDING TWO Fairfax County VA 1 59,215 100.0% 20.79
7435 BOSTON BOULEVARD Fairfax County VA 1 103,557 100.0% 13.44
7451 BOSTON BOULEVARD Fairfax County VA 1 47,001 100.0% 14.76
7450 BOSTON BOULEVARD Fairfax County VA 1 60,827 100.0% 16.03
7374 BOSTON BOULEVARD Fairfax County VA 1 57,321 100.0% 11.30
8000 GRAINGER COURT Fairfax County VA 1 90,465 100.0% 11.23
7500 BOSTON BOULEVARD Fairfax County VA 1 79,971 100.0% 10.95
7501 BOSTON BOULEVARD Fairfax County VA 1 75,756 100.0% 24.25
7601 BOSTON BOULEVARD Fairfax County VA 1 103,750 100.0% 14.99
7600 BOSTON BOULEVARD Fairfax County VA 1 69,832 100.0% 14.10
7375 BOSTON BOULEVARD Fairfax County VA 1 28,780 87.8% 17.16
8000 CORPORATE COURT Fairfax County VA 1 52,539 100.0% 7.50
7700 BOSTON BOULEVARD Fairfax County VA 1 82,224 100.0% 21.21
----------------------------------------------------------
16 1,142,329 96.9% $14.77
----------------------------------------------------------
INDUSTRIAL
6201 COLUMBIA PARK ROAD Prince Georges County MD 1 100,337 81.9% 5.94
2000 SOUTH CLUB DRIVE Prince Georges County MD 1 83,608 100.0% 8.88
----------------------------------------------------------
2 183,945 90.1% $7.28
----------------------------------------------------------
TOTAL GREATER WASHINGTON, DC AREA: 43 7,377,386 98.5%
----------------------------------------------
----------------------------------------------
18
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
PROPERTY LISTING
AS OF DECEMBER 31, 2000
ANNUALIZED
REVENUE
NUMBER OF PER
SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % OCCUPIED SF
--------------- --------- ----------- ---------- -----------
MIDTOWN MANHATTAN, NY
OFFICE
599 LEXINGTON AVENUE Park Avenue NY 1 1,000,497 100.0% $55.99
280 PARK AVENUE Park Avenue NY 1 1,160,622 100.0% 46.11
875 THIRD AVENUE East Side NY 1 690,126 99.6% 47.33
----------------------------------------------------------
TOTAL MIDTOWN MANHATTAN, NY AREA: 3 2,851,245 99.9% $49.87
----------------------------------------------------------
PRINCETON/EAST BRUNSWICK, NJ
OFFICE
101 CARNEGIE CENTER Princeton NJ 1 124,049 100.0% 24.72
104 CARNEGIE CENTER Princeton NJ 1 102,758 97.2% 29.07
105 CARNEGIE CENTER Princeton NJ 1 69,648 100.0% 27.00
201 CARNEGIE CENTER Princeton NJ - 6,500 100.0% 21.69
202 CARNEGIE CENTER Princeton NJ 1 128,885 100.0% 27.91
210 CARNEGIE CENTER Princeton NJ 1 158,610 94.2% 27.19
211 CARNEGIE CENTER Princeton NJ 1 47,025 100.0% 23.53
212 CARNEGIE CENTER Princeton NJ 1 150,069 100.0% 27.88
214 CARNEGIE CENTER Princeton NJ 1 152,214 100.0% 27.93
206 CARNEGIE CENTER Princeton NJ 1 161,763 100.0% 26.84
502 CARNEGIE CENTER Princeton NJ 1 116,374 100.0% 28.59
510 CARNEGIE CENTER Princeton NJ 1 234,160 100.0% 24.90
504 CARNEGIE CENTER Princeton NJ 1 121,990 100.0% 24.71
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 1 417,903 96.1% 31.50
----------------------------------------------------------
TOTAL PRINCETON/EAST BRUNSWICK, NJ 15 2,273,921 98.7% $27.46
----------------------------------------------------------
GREATER SAN FRANCISCO, CA
OFFICE
EMBARCADERO CENTER ONE CBD San Francisco CA 1 821,009 97.2% 36.75
EMBARCADERO CENTER TWO CBD San Francisco CA 1 779,172 96.4% 40.48
EMBARCADERO CENTER THREE CBD San Francisco CA 1 770,969 98.0% 36.37
EMBARCADERO CENTER FOUR CBD San Francisco CA 1 935,519 99.1% 39.25
FEDERAL RESERVE CBD San Francisco CA 1 149,592 99.2% 43.83
WEST TOWER CBD San Francisco CA 1 475,120 98.5% 43.66
THE GATEWAY South San Francisco CA 2 506,395 96.8% 34.50
----------------------------------------------------------
8 4,437,776 97.8% $38.59
----------------------------------------------------------
RESEARCH & DEVELOPMENT
----------------------------------------------------------
HILLTOP OFFICE CENTER South San Francisco CA 9 144,366 99.2% $13.46
----------------------------------------------------------
INDUSTRIAL
560 FORBES BLVD South San Francisco CA 1 40,000 100.0% 9.96
430 ROZZI PLACE South San Francisco CA 1 20,000 100.0% 11.12
2391 WEST WINTON Hayward CA 1 220,213 100.0% 4.58
----------------------------------------------------------
3 280,213 100.0% $5.81
----------------------------------------------------------
TOTAL GREATER SAN FRANCISCO, CA: 20 4,862,355 97.9%
----------------------------------------
----------------------------------------
19
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
PROPERTY LISTING
AS OF DECEMBER 31, 2000
ANNUALIZED
REVENUE
NUMBER OF PER
SUB MARKET BUILDINGS SQUARE FEET OCCUPIED % OCCUPIED SF
--------------- --------- ----------- ---------- -----------
BALTIMORE, MD
OFFICE
CANDLER BUILDING Baltimore MD 1 537,363 99.5% $16.96
100 EAST PRATT STREET Baltimore MD 1 635,323 100.0% 28.33
---------------------------------------------------------
TOTAL BALTIMORE MD AREA: 2 1,172,686 99.8% $23.12
---------------------------------------------------------
RICHMOND, VA
OFFICE
RIVERFRONT PLAZA Richmond VA 1 894,015 100.0% $22.50
---------------------------------------------------------
BUCKS COUNTY, PA
INDUSTRIAL
38 CABOT BOULEVARD Bucks County PA 1 161,000 100.0% $ 4.47
---------------------------------------------------------
TOTAL IN-SERVICE PROPERTIES: 126 26,336,151 98.9%
---------------------------------------------
---------------------------------------------
20
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
TOP 20 TENANTS BY SQUARE FEET LEASED
TENANT SQ. FT. % OF PORTFOLIO
---------------------------------------------- -------------- ------------------
1 U.S. Government 2,264,409 8.60%
2 Lockheed Martin Corporation 716,653 2.72%
3 Shearman & Sterling 568,950 2.16%
4 Gillette Company 488,177 1.85%
5 Washington Group International 473,429 1.80%
6 Marsh & McLennan, Inc. 366,102 1.39%
7 First Union 358,942 1.36%
8 TRW 331,048 1.26%
9 Hunton & Williams 322,829 1.23%
10 Debevoise & Plimpton 307,125 1.17%
11 T. Rowe Price Associates, Inc. 274,565 1.04%
12 Accenture 265,622 1.01%
13 Parexel International Corp. 265,050 1.01%
14 Credit Suisse First Boston Group 263,565 1.00%
15 Covance, Inc. 255,565 0.97%
16 Deutsche Bank 243,722 0.93%
17 John Hancock Advisors 233,516 0.89%
18 Biogen, Inc. 220,026 0.84%
19 Orrick, Herrington & Sutcliffe 210,885 0.80%
20 Parametric Technology 210,253 0.80%
MAJOR SIGNED DEALS FOR FUTURE DEVELOPMENT
TENANT SQ. FT.
-------------------------------------- ----------------
Ernst & Young, LLP 1,062,203
Arthur Andersen 620,947
Tellabs Operations, Inc. 259,918
United States of America 235,201
Palmer & Dodge 204,412
21
BOSTON PROPERTIES, INC.
FOURTH 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 DECEMBER 31, 2000
GEOGRAPHIC AREA OFFICE (2) R&D INDUSTRIAL HOTEL GARAGE TOTAL
--------------- ---------- --- ---------- ----- ------ -----
Greater Boston 21.8% 0.4% 0.3% 5.1% 0.4% 28.0%
Greater Washington 19.6% 2.2% 0.1% n/a n/a 21.9%
Greater San Francisco 20.6% 0.3% 0.2% n/a n/a 21.1%
Midtown Manhattan 15.7% n/a n/a n/a n/a 15.7%
Baltimore, MD 3.4% n/a n/a n/a n/a 3.4%
Richmond, VA 3.0% n/a n/a n/a n/a 3.0%
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 91.0% 2.9% 0.7% 5.1% 0.4% 100.0%
------- ------ ------ ------ ------ ------
------- ------ ------ ------ ------ ------
(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 and Embarcadero Center).
22
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
OCCUPANCY ANALYSIS
SAME PROPERTY OCCUPANCY - BY LOCATION
LOCATION 31-DEC-00 31-DEC-99
-------- --------- ---------
Greater Boston 99.2% 96.7%
Greater Washington 98.5% 97.2%
Midtown Manhattan 99.9% 97.7%
Baltimore, MD 99.8% 99.7%
Princeton/East Brunswick, NJ 98.4% 98.8%
Richmond, VA 100.0% 98.0%
Greater San Francisco 97.9% 96.4%
Bucks County, PA 100.0% 100.0%
--------- ---------
Total Portfolio 98.8% 97.2%
--------- ---------
--------- ---------
SAME PROPERTY - BY TYPE OF PROPERTY
31-DEC-00 31-DEC-99
--------- ---------
Total Office Portfolio 99.0% 97.8%
Total R&D Portfolio 98.0% 92.4%
Total Industrial Portfolio 95.9% 93.5%
--------- ---------
Total Portfolio 98.8% 97.2%
--------- ---------
--------- ---------
23
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
IN-SERVICE OFFICE PROPERTIES
LEASE EXPIRATIONS
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
---------- ---------------- --------------- -------------------- --------------------
2001 1,426,129 $ 45,913,191 $ 47,352,890 6.45%
2002 1,681,399 63,865,160 65,051,071 7.60%
2003 1,951,350 62,191,364 66,550,936 8.82%
2004 2,500,193 86,141,900 88,797,391 11.30%
2005 2,340,171 78,353,656 84,409,396 10.58%
2006 3,071,893 101,888,326 114,122,209 13.89%
2007 1,515,281 56,580,365 59,024,478 6.85%
2008 934,063 31,482,626 30,982,094 4.22%
2009 1,921,796 61,943,971 77,134,323 8.69%
2010 956,794 35,937,387 45,153,912 4.33%
Thereafter 5,243,958 185,565,695 227,988,311 23.71%
OCCUPANCY BY LOCATION
31-DEC-00 31-DEC-99
--------- ---------
Greater Boston 99.2% 97.5%
Greater Washington 99.0% 97.9%
Midtown Manhattan 99.9% 97.8%
Baltimore, MD 99.6% 99.7%
Richmond, VA 100.0% 98.0%
Princeton/East Brunswick, NJ 98.5% 98.9%
Greater San Francisco 98.4% 96.7%
Bucks County, PA n/a n/a
--------- ---------
Total Office Portfolio 99.1% 97.7%
--------- ---------
--------- ---------
24
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
IN-SERVICE R&D PROPERTIES
LEASE EXPIRATIONS
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
---------- ---------------- --------------- -------------------- --------------------
2001 415,246 $ 5,053,262 $ 5,053,233 30.10%
2002 312,617 4,417,575 4,472,016 22.66%
2003 115,307 1,537,848 1,590,213 8.36%
2004 68,821 938,300 1,023,166 4.99%
2005 146,003 1,727,154 1,938,882 10.58%
2006 203,000 2,487,710 2,600,210 14.72%
2007 157,895 2,858,831 3,098,987 11.45%
2008 - - - -
2009 - - - -
2010 - - - -
Thereafter 375,713 6,343,007 7,614,318 27.24%
OCCUPANCY BY LOCATION
31-DEC-00 31-DEC-99
--------- ---------
Greater Boston 100.0% 100.0%
Greater Washington 96.9% 99.0%
Midtown Manhattan 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 99.2% 99.0%
Bucks County, PA n/a n/a
--------- ---------
Total R&D Portfolio 98.0% 99.2%
--------- ---------
--------- ---------
25
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
IN-SERVICE INDUSTRIAL PROPERTIES
LEASE EXPIRATIONS
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
---------- ---------------- --------------- -------------------- --------------------
2001 116,747 758,295 758,295 16.21%
2002 184,904 927,038 927,038 25.67%
2003 147,305 989,907 1,053,959 20.45%
2004 235,076 1,379,208 1,463,108 32.64%
2005 - - - 0.00%
2006 49,423 379,144 436,397 6.86%
2007 20,000 222,456 258,783 2.78%
2008 83,608 742,152 815,347 11.61%
2009 - - - -
2010 - - - -
Thereafter - - - -
OCCUPANCY BY LOCATION
31-DEC-00 31-DEC-99
--------- ---------
Greater Boston 93.0% 93.0%
Greater Washington 90.1% 73.9%
Midtown Manhattan 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 100.0% 92.9%
Bucks County, PA 100.0% 100.0%
--------- ---------
Total Industrial Portfolio 95.9% 89.3%
========= =========
26
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
GRAND TOTAL OF ALL
IN-SERVICE PROPERTIES
LEASE EXPIRATION
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
---------- ---------------- --------------- -------------------- --------------------
2001 1,958,122 $ 51,724,748 $ 53,164,418 7.48%
2002 2,178,920 69,209,773 70,450,125 8.32%
2003 2,213,962 64,719,119 69,195,108 8.46%
2004 2,804,090 88,459,408 91,283,665 10.71%
2005 2,486,174 80,080,810 86,348,278 9.50%
2006 3,324,316 104,755,180 117,158,816 12.70%
2007 1,693,176 59,661,652 62,382,248 6.47%
2008 1,017,671 32,224,778 31,797,441 3.89%
2009 1,921,796 61,943,971 77,134,323 7.34%
2010 956,794 35,937,387 45,153,912 3.66%
Thereafter 5,619,671 191,908,702 235,602,629 21.47%
OCCUPANCY BY LOCATION
31-DEC-00 31-DEC-99
--------- ---------
Greater Boston 99.0% 97.0%
Greater Washington 98.4% 98.5%
Midtown Manhattan 99.9% 99.9%
Baltimore, MD 99.6% 99.8%
Richmond, VA 100.0% 98.8%
Princeton/East Brunswick, NJ 98.5% 98.7%
Greater San Francisco 98.5% 98.5%
Bucks County, PA 100.0% 100.0%
--------- ---------
Total Portfolio 98.9% 98.4%
--------- ---------
--------- ---------
27
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
IN-SERVICE GREATER BOSTON PROPERTIES
LEASE EXPIRATIONS
GREATER BOSTON
OFFICE R&D
----------------------------------------------------------- ----------------------------------------------------------
ANNUALIZED ANNUALIZED
YEAR OF RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE CURRENT ANNUALIZED RENTABLE SQUARE
LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------- ---------------- ------------------ -------------------- ---------------- ------------------ --------------------
2001 585,044 $ 16,998,617 $ 18,220,111 - $ - $ -
2002 413,198 13,952,709 14,673,130 94,140 884,697 892,197
2003 610,198 16,428,672 19,344,378 50,704 599,458 599,458
2004 755,311 26,119,028 29,448,834 - - -
2005 855,454 30,360,269 31,935,364 - - -
2006 530,881 16,508,197 18,940,980 203,000 2,487,710 2,600,210
2007 279,111 9,621,275 10,215,672 50,000 475,000 675,000
2008 74,680 1,592,040 2,771,240 - - -
2009 937,034 29,294,368 35,416,230 - - -
2010 180,932 4,947,030 8,366,737 - - -
Thereafter 591,553 14,933,656 19,852,955 147,362 2,491,391 2,997,888
INDUSTRIAL
--------------------------------------------------------------
ANNUALIZED
YEAR OF CURRENT ANNUALIZED REVENUES UNDER
LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------- ------------------ ----------------- --------------------
2001 56,747 $ 502,210 $ 502,210
2002 23,904 207,563 207,563
2003 128,105 861,075 925,127
2004 - - -
2005 - - -
2006 21,298 248,363 288,430
2007 - - -
2008 - - -
2009 - - -
2010 - - -
Thereafter - - -
28
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
IN-SERVICE GREATER WASHINGTON PROPERTIES
LEASE EXPIRATIONS
GREATER WASHINGTON
OFFICE R&D
----------------------------------------------------------- ----------------------------------------------------------
ANNUALIZED ANNUALIZED
YEAR OF RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE CURRENT ANNUALIZED RENTABLE SQUARE
LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------- ---------------- ------------------ -------------------- ---------------- ------------------ --------------------
2001 246,162 $ 7,868,195 $ 7,887,977 383,549 $ 4,656,378 $ 4,654,069
2002 231,808 6,466,627 6,631,591 175,991 2,997,172 3,033,825
2003 195,019 5,509,527 5,823,496 27,439 383,975 403,887
2004 490,316 16,076,831 14,484,467 68,821 938,300 1,023,166
2005 491,494 15,914,308 17,810,999 114,484 1,287,390 1,449,698
2006 826,400 32,141,546 34,788,725 - - -
2007 551,317 19,854,111 17,193,641 107,895 2,383,831 2,423,987
2008 371,709 15,089,110 11,655,186 - - -
2009 401,314 13,516,637 20,039,418 - - -
2010 447,335 15,955,439 19,651,177 - - -
Thereafter 1,971,740 60,219,310 70,822,000 228,351 3,851,616 4,616,430
INDUSTRIAL
--------------------------------------------------------------
ANNUALIZED
YEAR OF CURRENT ANNUALIZED REVENUES UNDER
LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------- ------------------ ----------------- --------------------
2001 - $ - $ -
2002 - - -
2003 19,200 128,832 128,832
2004 34,863 228,725 245,374
2005 - - -
2006 28,125 130,781 147,967
2007 - - -
2008 83,608 742,152 815,347
2009 - - -
2010 - - -
Thereafter - - -
29
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
IN-SERVICE GREATER SAN FRANCISCO PROPERTIES
LEASE EXPIRATIONS
GREATER SAN FRANCISCO
OFFICE R&D
----------------------------------------------------------- ----------------------------------------------------------
ANNUALIZED ANNUALIZED
YEAR OF RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE CURRENT ANNUALIZED RENTABLE SQUARE
LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------- ---------------- ------------------ -------------------- ---------------- ------------------ --------------------
2001 191,863 $ 6,269,313 $ 6,300,606 31,697 $ 396,884 $ 399,164
2002 315,249 11,362,166 11,557,627 42,486 535,706 545,994
2003 652,260 25,408,679 25,752,390 37,164 554,415 586,868
2004 718,342 29,507,505 30,157,290 - - -
2005 344,928 14,519,173 16,026,637 31,519 439,764 489,184
2006 890,101 31,091,904 35,587,773 - - -
2007 421,336 15,623,251 18,807,316 - - -
2008 167,514 6,270,345 6,679,059 - - -
2009 267,226 10,398,524 11,151,704 - - -
2010 161,199 9,066,135 10,493,595 - - -
Thereafter 197,717 7,070,573 18,365,923 - - -
INDUSTRIAL
--------------------------------------------------------------
ANNUALIZED
YEAR OF CURRENT ANNUALIZED REVENUES UNDER
LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------- ------------------ ----------------- --------------------
2001 60,000 $ 256,085 $ 256,085
2002 - - -
2003 - - -
2004 200,213 1,150,483 1,217,734
2005 - - -
2006 - - -
2007 20,000 222,456 258,783
2008 - - -
2009 - - -
2010 - - -
Thereafter - - -
30
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
IN-SERVICE MIDTOWN MANHATTAN PROPERTIES
LEASE EXPIRATIONS
MIDTOWN MANHATTAN
OFFICE R&D
----------------------------------------------------------- ----------------------------------------------------------
ANNUALIZED ANNUALIZED
YEAR OF RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE CURRENT ANNUALIZED RENTABLE SQUARE
LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------- ---------------- ------------------ -------------------- ---------------- ------------------ --------------------
2001 107,455 $ 6,028,638 $ 6,049,409 - $ - $ -
2002 508,857 27,067,076 27,112,725 - - -
2003 191,373 7,713,000 7,742,230 - - -
2004 18,275 1,020,046 1,049,905 - - -
2005 55,239 2,774,030 2,971,413 - - -
2006 46,835 2,208,443 2,801,318 - - -
2007 142,895 7,522,167 8,577,097 - - -
2008 114,411 4,909,399 5,421,829 - - -
2009 36,802 2,207,096 2,618,182 - - -
2010 35,830 2,223,354 2,550,829 - - -
Thereafter 1,601,066 79,977,946 93,177,062 - - -
INDUSTRIAL
--------------------------------------------------------------
ANNUALIZED
YEAR OF CURRENT ANNUALIZED REVENUES UNDER
LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
- ---------- ------------------ ----------------- --------------------
2001 - $ - $ -
2002 - - -
2003 - - -
2004 - - -
2005 - - -
2006 - - -
2007 - - -
2008 - - -
2009 - - -
2010 - - -
Thereafter - - -
31
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
IN-SERVICE PRINCETON/EAST BRUNSWICK PROPERTIES
LEASE EXPIRATIONS
PRINCETON/EAST BRUNSWICK
===================================================================================================================================
OFFICE R&D
---------------------------------------------------------- ----------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE CURRENT ANNUALIZED
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASE FOOTAGE SUBJECT TO REVENUES UNDER
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEPUPS EXPIRING LEASES EXPIRING LEASES
- ------------- ------------------ ------------------ ------------------- ------------------ ------------------
2001 210,439 $ 7,092,661 $ 7,233,429 -- $ --
2002 30,959 891,542 891,542 -- --
2003 121,909 3,246,664 3,448,599 -- --
2004 385,548 10,808,123 10,879,452 -- --
2005 229,465 6,251,518 6,434,414 -- --
2006 41,608 1,170,045 1,241,036 -- --
2007 69,860 2,058,017 2,275,397 -- --
2008 15,243 428,358 466,465 -- --
2009 155,012 4,398,603 5,151,881 -- --
2010 116,836 3,580,145 3,921,910 -- --
Thereafter 877,022 23,269,010 25,616,720 -- --
R&D INDUSTRIAL
-------------------- ------------------------------------------------------------------
ANNUALIZED ANNUALIZED
REVENUES UNDER RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE EXPIRING LEASES FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION WITH FUTURE STEP-UPS EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
- ------------- -------------------- ------------------ ------------------ --------------------
2001 $ -- -- $ -- --
2002 -- -- -- --
2003 -- -- -- --
2004 -- -- -- --
2005 -- -- -- --
2006 -- -- -- --
2007 -- -- -- --
2008 -- -- -- --
2009 -- -- -- --
2010 -- -- -- --
Thereafter -- -- -- --
===================================================================================================================================
32
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
IN-SERVICE OTHER PROPERTIES
LEASE EXPIRATIONS
OTHER PROPERTIES (RICHMOND VA, BALTIMORE MD, BUCKS COUNTY, PA)
===================================================================================================================================
OFFICE R&D
---------------------------------------------------------- ----------------------------------------
ANNUALIZED
RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER RENTABLE SQUARE CURRENT ANNUALIZED
YEAR OF LEASE FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASE FOOTAGE SUBJECT TO REVENUES UNDER
EXPIRATION EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEPUPS EXPIRING LEASES EXPIRING LEASES
- ------------- ------------------ ------------------ ------------------- ------------------ ------------------
2001 85,166 $ 1,655,767 $ 1,661,358 -- $ --
2002 181,328 4,125,040 4,184,456 -- --
2003 180,591 3,884,822 4,439,843 -- --
2004 132,401 2,610,367 2,777,443 -- --
2005 363,591 8,534,358 9,230,569 -- --
2006 736,068 18,768,191 20,762,377 -- --
2007 50,762 1,901,544 1,955,355 -- --
2008 190,506 3,193,374 3,988,315 -- --
2009 124,408 2,128,743 2,756,908 -- --
2010 14,662 165,284 169,664 -- --
Thereafter 4,860 95,200 153,651 -- --
R&D INDUSTRIAL
-------------------- ------------------------------------------------------------------
ANNUALIZED ANNUALIZED
REVENUES UNDER RENTABLE SQUARE CURRENT ANNUALIZED REVENUES UNDER
YEAR OF LEASE EXPIRING LEASES FOOTAGE SUBJECT TO REVENUES UNDER EXPIRING LEASES
EXPIRATION WITH FUTURE STEP-UPS EXPIRING LEASES EXPIRING LEASES WITH FUTURE STEP-UPS
- ------------- -------------------- ------------------ ------------------ --------------------
2001 $ -- -- $ -- $ --
2002 -- 161,000 719,475 719,475
2003 -- -- -- --
2004 -- -- -- --
2005 -- -- -- --
2006 -- -- -- --
2007 -- -- -- --
2008 -- -- -- --
2009 -- -- -- --
2010 -- -- -- --
Thereafter -- -- -- --
==================================================================================================================================
33
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
HOTEL PERFORMANCE
SAME PROPERTY HOTELS
LONG WHARF MARRIOTT - BOSTON
=================================================================================================================
FOURTH QUARTER FOURTH QUARTER PERCENT YTD YTD PERCENT
2000 1999 CHANGE 2000 1999 CHANGE
-------------- ------------- ------- --------- --------- -------
Occupancy 85.2% 84.6% 0.7% 89.3% 87.7% 1.8%
Average Daily Rate $ 279.79 $ 264.20 5.9% $ 260.39 $ 240.79 8.1%
REVPAR $ 238.24 $ 223.51 6.6% $ 232.53 $ 211.17 10.1%
=================================================================================================================
CAMBRIDGE CENTER MARRIOTT
=================================================================================================================
FOURTH QUARTER FOURTH QUARTER PERCENT YTD YTD PERCENT
2000 1999 CHANGE 2000 1999 CHANGE
-------------- ------------- ------- --------- --------- -------
Occupancy 81.8% 79.5% 2.9% 85.9% 83.7% 2.6%
Average Daily Rate $ 223.81 $ 210.85 6.1% $ 209.98 $ 191.63 9.6%
REVPAR $ 183.03 $ 167.69 9.1% $ 180.37 $ 160.39 12.5%
=================================================================================================================
RESIDENCE INN BY MARRIOTT
=================================================================================================================
FOURTH QUARTER FOURTH QUARTER PERCENT YTD YTD PERCENT
2000 1999 CHANGE 2000 1999 CHANGE
-------------- ------------- ------- --------- --------- -------
Occupancy 88.7% 88.2% 0.6% 91.6% 85.4% 7.3%
Average Daily Rate $ 179.29 $ 159.50 12.4% $ 172.56 $ 154.64 11.6%
REVPAR $ 159.08 $ 140.73 13.0% $ 158.06 $ 130.83 20.8%
=================================================================================================================
TOTAL SAME PROPERTY HOTEL PERFORMANCE
=================================================================================================================
FOURTH QUARTER FOURTH QUARTER PERCENT YTD YTD PERCENT
2000 1999 CHANGE 2000 1999 CHANGE
-------------- ------------- ------- --------- --------- -------
Occupancy 84.5% 83.3% 1.4% 88.4% 85.4% 3.5%
Average Daily Rate $ 235.83 $ 220.43 7.0% $ 221.36 $ 202.62 9.2%
REVPAR $ 199.07 $ 183.33 8.6% $ 195.59 $ 173.56 12.7%
=================================================================================================================
(1) Operational as of 2/01/99
34
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
SAME PROPERTY PERFORMANCE
OFFICE, R&D, INDUSTRIAL AND HOTEL PROPERTIES
=================================================================================================================================
OFFICE R&D INDUSTRIAL HOTEL GARAGE TOTAL
------ --- ---------- ----- ------ -----
Number of Properties 73 30 8 3 1 115
Square feet 21,533,033 1,831,901 872,476 937,874 332,442 25,507,726
Percent of in-service properties 91.1% 100.0% 100.0% 100.0% 100% 92.4%
Occupancy @ 12/31/99 97.8% 92.4% 93.5% -- -- 97.2%
Occupancy @ 12/31/00 99.2% 98.0% 95.9% -- -- 98.8%
Percent change from 4th quarter 2000
over 4th quarter 1999:
Revenue 6.8% 6.8% 17.2% 5.1% 28.8% 6.7%
Expense 0.8% 11.6% 14.6% 10.5% 21.0% 1.3%
Net Operating Income 9.9% 5.6% 18.0% 4.3% 32.2% 9.3%
=================================================================================================================================
SAME PROPERTY LEASE ANALYSIS - DECEMBER 31, 2000
================================================================================================
OFFICE R&D INDUSTRIAL TOTAL
------ --- ---------- -----
Vacant space available @10/01/00 (sf) 156,404 119,999 63,538 339,941
Square footage of leases expiring or
terminated 10/01/00-12/31/00 594,242 144,292 -- 738,534
------- ------- ------ ---------
Total space for lease (sf) 750,646 264,291 63,538 1,078,475
------- ------- ------ ---------
New tenants (sf) 385,854 84,500 28,125 498,479
Renewals (sf) 156,664 142,792 -- 299,456
------- ------- ------ ---------
Total space leased (sf) 542,518 227,292 28,125 797,935
------- ------- ------ ---------
Space available @ 12/31/00 (sf) 208,128 36,999 35,413 280,540
------- ------- ------ ---------
Net increase (decrease) in leased space (sf) (51,724) 83,000 28,125 59,401
Average lease term (months) 69 87 62 74
2nd generation TI/Comm PSF $ 16.91 $ 7.32 $ 2.41 $ 13.67
Increase in 2nd generation net rents (1) 51.5% 25.6% -- 48.3%
================================================================================================
(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
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
ALL "IN-SERVICE" PROPERTIES - QUARTER ENDED DECEMBER 31, 2000
================================================================================================
OFFICE R&D INDUSTRIAL TOTAL
------ --- ---------- -----
Vacant space available @ 10/01/00 (sf) 174,621 119,999 63,538 358,158
Square footage of leases expiring or
terminated 10/01/00-12/31/00 631,375 144,292 -- 775,667
-------- -------- ------- ----------
Total space for lease (sf) 805,996 264,291 63,538 1,133,825
======== ======== ======= ==========
New tenants (sf) 412,107 84,500 28,125 524,732
Renewals (sf) 169,076 142,792 -- 311,868
-------- -------- ------- ----------
Total space leased (sf) 581,183 227,292 28,125 836,600
======== ======== ======= ==========
Space available @ 12/31/00 (sf) 224,813 36,999 35,413 297,225
======== ======== ======= ==========
Net increase/(decrease) in leased space (sf) (50,192) 83,000 28,125 60,933
Average lease term (months) 67 87 62 72
2nd generation TI/Comm PSF $ 17.09 $ 7.32 $ 2.41 $ 13.94
Increase in 2nd generation net rents (1) 52.8% 25.6% 0.0% 49.7%
================================================================================================
(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).
36
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
HISTORICALLY GENERATED CAPITAL EXPENDITURES,
TENANT IMPROVEMENT COSTS AND LEASING COMMISSIONS
(IN THOUSANDS)
HISTORICAL CAPITAL EXPENDITURES
=======================================================================================================
1995 1996 1997 1998 1999 2000
Recurring capital expenditures $1,618 $1,083 $1,125 $3,543 $11,611 $11,201
====== ====== ====== ====== ======= =======
Hotel improvements, equipment upgrades
and replacements $4,420 $3,041 $2,625 $3,872 $ 2,346 $ 5,697
====== ====== ====== ====== ======= =======
=======================================================================================================
2ND GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS
====================================================================================================================================
1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ----
Office
Square feet 768,459 970,072 1,016,427 648,291 2,115,281 2,913,599
---------- ---------- ---------- ---------- ----------- -----------
Tenant improvement and lease
commissions p.s.f $ 10.66 $ 11.40 $ 10.83 $ 9.82 $ 10.60 $ 13.82
---------- ---------- ---------- ---------- ----------- -----------
R&D
Square feet 177,073 337,676 169,878 113,428 167,231 694,536
---------- ---------- ---------- ---------- ----------- -----------
Tenant improvement and lease
commissions p.s.f $ 6.99 $ 10.45 $ 2.22 $ 3.32 $ 1.94 $ 2.95
---------- ---------- ---------- ---------- ----------- -----------
Industrial
Square feet 308,388 128,148 258,795 320,608 163,962 209,125
---------- ---------- ---------- ----------- ----------- -----------
Tenant improvement and lease
commissions p.s.f $ 1.00 $ 1.71 $ 0.99 $ 1.13 $ 0.60 $ 1.38
---------- ---------- ---------- ---------- ----------- -----------
Average tenant improvement and lease
commission p.s.f $ 7.77 $ 10.31 $ 8.06 $ 6.57 $ 9.34 $ 11.16
========== ========== ========== ========== =========== ===========
====================================================================================================================================
37
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
VALUE CREATION PIPELINE - ACQUISITIONS/DISPOSITIONS
AS OF DECEMBER 31, 2000
ACQUISITIONS
===============================================================================================================================
ANTICIPATED
INITIAL FUTURE TOTAL CURRENT
PROPERTY DATE ACQUIRED SQUARE FEET INVESTMENT INVESTMENT INVESTMENT OCCUPANCY
-------- ------------- ----------- ---------- ----------- ---------- ---------
ACQUISITIONS
Class A Office Buildings
One and Two Reston Overlook Jan-00 444,286 $ 15,200,000 $ -- $ 15,200,000(1) 100%
504, 506, 508 Carnegie Center Mar-00 403,963 66,500,000 -- 66,500,000 100%
265 Franklin Street (2) Sep-00 325,699 10,500,000 7,980,000 18,480,000 100%
--------- ------------ ----------- ------------- ---
Total Value Creation Pipeline - 1,173,948 $ 92,200,000 $ 7,980,000 $ 100,180,000 100%
========= ============ =========== ============= ===
Acquisitions
===============================================================================================================================
DISPOSITIONS
============================================================================================================
NET
PROPERTY DATE DISPOSED SQUARE FEET PROCEEDS BOOK VALUE GAIN (LOSS)
-------- ------------- ----------- -------- ---------- -----------
140 Kendrick Street (3) May-00 381,000 $15,843,000 $ 15,843,000 $ --
Metropolitan Square (4) May-00 578,340 30,870,000 30,467,000 403,000
910 and 930 Clopper Road Sep-00 240,596 24,125,000 24,948,000 (823,000)
1950 Stanford Court Oct-00 53,250 2,097,000 2,008,000 89,000
--------- ----------- ------------ ---------
Total Dispositions 1,253,186 $72,935,000 $ 73,266,000 $(331,000)
========= =========== ============ =========
============================================================================================================
(1) Represents the acquisition of the joint venture partner's 75% interest.
Boston Properties now owns 100% of the property.
(2) Represents the acquisition of a 35% interest in this property through a
joint venture.
(3) Represents the disposition of a 75% interest to a joint venture partner.
Boston Properties now retains a 25% interest.
(4) Represents the disposition of a 49% interest to a joint venture partner.
Boston Properties now retains a 51% interest.
38
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
VALUE CREATION PIPELINE - CONSTRUCTION IN PROGRESS
AS OF DECEMBER 31, 2000
===================================================================================================================================
# OF
DEVELOPMENT PROPERTIES INITIAL OCCUPANCY STABILIZATION DATE LOCATION BUILDINGS
- ---------------------- ----------------- ------------------ -------- ------------
Class A Office Buildings
302 Carnegie Center Q4 2000 Q1 2001 Princeton, NJ 1
New Dominion Tech Park - Building 1 Q1 2001 Q2 2001 Herndon, VA 1
2600 Tower Oaks Boulevard Q2 2001 Q3 2001 Rockville, MD 1
Broad Run Business Park- Building E Q2 2001 Q2 2001 Dulles, VA 1
Orbital Sciences Phase II - Building 2 Q3 2001 Q3 2001 Dulles, VA 1
Quorum Office Park Q3 2001 Q4 2001 Chelmsford, MA 2
111 Huntington Avenue - Prudential Center Q3 2001 Q4 2002 Boston, MA 1
5 Times Square Q4 2001 Q2 2002 New York, NY 1
One and Two Discovery Square (50% ownership) Q4 2001 Q4 2002 Reston, VA 2
Waltham Weston Corporate Center Q4 2001 Q4 2002 Waltham, MA 1
Andover Office Park, Building 1 Q2 2001 Q2 2002 Andover, MA 1
611 Gateway Boulevard Q1 2002 Q2 2003 S. San Francisco, CA 1
Two Freedom Square (50% ownership) Q3 2002 Q1 2003 Reston, VA 1
----
Total Development Properties 15
====
ANTICIPATED CURRENT
INVESTMENT TOTAL PERCENTAGE
DEVELOPMENT PROPERTIES SQUARE FEET TO DATE INVESTMENT LEASED
- ---------------------- ----------- ---------- ----------- ----------
Class A Office Buildings
302 Carnegie Center 64,565 10,085,110 13,435,000 59%
New Dominion Tech Park - Building 1 235,201 41,870,052 48,770,000 100%
2600 Tower Oaks Boulevard 178,216 26,314,660 38,295,000 71%
Broad Run Business Park- Building E 124,650 6,531,465 14,696,000 100%
Orbital Sciences Phase II - Building 2 160,502 13,641,517 27,618,000 100%
Quorum Office Park 259,918 16,164,660 41,747,000 100%
111 Huntington Avenue - Prudential Center 890,000 164,195,234 291,637,000 74%
5 Times Square 1,099,154 281,044,727 536,115,000 100%
One and Two Discovery Square (50% ownership) 362,868 10,609,713 42,587,000(1) 43%
Waltham Weston Corporate Center 295,000 20,533,037 95,446,000 0%
Andover Office Park, Building 1 120,000 8,380,612 17,381,000 50%
611 Gateway Boulevard 249,732 8,664,576 77,523,240 0%
Two Freedom Square (50% ownership) 417,113 8,896,757 49,336,000(1) 44%
--------- ------------ -------------- ----
Total Development Properties 4,456,919 $616,932,120 $1,294,586,240 70%
========= ============ ============== ====
=================================================================================================================
DEVELOPMENTS PLACED-IN-SERVICE DURING 2000
==================================================================================================================================
PLACED # OF INVESTMENT
IN SERVICE DATE LOCATION BUILDINGS SQUARE FEET TO DATE
--------------- -------- --------- ----------- ----------
CLASS A OFFICE BUILDING
Orbital Sciences Phase I - Building 1 & 3 Q2 2000 Dulles, VA 2 174,832 30,541,295
Market Square North (50% ownership) Q4 2000 Washington, DC 1 409,843 59,184,566
140 Kendrick Street (25% ownership) Q4 2000 Needham, MA 3(3) 381,000 18,811,295
----- ------- ------------
6 965,675 $108,537,156
===== ======= ============
TOTAL PERCENTAGE
INVESTMENT LEASED
---------- ----------
CLASS A OFFICE BUILDING
Orbital Sciences Phase I - Building 1 & 3 30,885,000 100%
Market Square North (50% ownership) 60,827,000(1)(2) 100%
140 Kendrick Street (25% ownership) 19,725,000(4) 100%
------------ ----
$111,437,000 100%
============ ====
================================================================================
(1) Represents 50% of the total anticipated project-level investment.
(2) Represents the office component.
(3) Two of the three buildings were placed in service during Q4 2000. The
remaining building will be placed in-service during Q1 2001.
(4) Represents 25% of the total anticipated project-level investment.
39
BOSTON PROPERTIES, INC.
FOURTH QUARTER 2000
VALUE CREATION PIPELINE - OWNED LAND PARCELS
AS OF DECEMBER 31, 2000
========================================================
NO. OF DEVELOPABLE
LOCATION PARCELS ACREAGE SQUARE FEET
- -------- ------- ------- -----------
Rockville, MD 5 96.5 1,006,000
New York, NY 1 0.5 1,200,000
Dulles, VA 2 76.6 937,000
Gaithersburg, MD 4 27.0 850,000
San Jose, CA 5 3.7 841,000
Reston, VA 2 4.7 720,000
Boston, MA 4 2.5 699,000
Washington, DC (1) 1 1.3 550,000
Marlborough, MA 1 50.0 400,000
Herndon, VA 2 25.2 383,000
S. San Francisco, CA 1 3.0 120,799
Andover, MA 1 10.0 110,000
Springfield, VA 3 9.4 72,000
--- ----- ---------
32 310.3 7,888,799
=== ===== =========
======================================================
VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS
AS OF DECEMBER 31, 2000
========================================================
NO. OF DEVELOPABLE
LOCATION PARCELS ACREAGE SQUARE FEET
- -------- ------- ------- -----------
Princeton, NJ (2) 14 149.9 1,900,000
Weston, MA (3) 1 74.0 350,000
Framingham, MA (4) 1 21.5 300,000
Cambridge, MA (5) 1 2.6 165,000
--- ----- ---------
17 248.0 2,715,000
=== ===== =========
======================================================
(1) 25% interest in land through a joint venture.
(2) $20.00/FAR plus an earnout calculation.
(3) $18.2 million (of which $9.1 million has already been paid) subject to
receiving all necessary permits and approvals.
(4) Subject to ground lease.
(5) Prior to January 23, 2002 the cost will be $25.92/ SF of land area. Land
area is approximately 108,000 SF.
40