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Exhibit 99.2
NEWS
[FRB LOGO]
BOSTON PROPERTIES, INC.
111 HUNTINGTON AVENUE
BOSTON, MA 02199
(NYSE: BXP)
AT THE COMPANY AT FRB/WEBER SHANDWICK
Douglas T. Linde Marilynn Meek - General Info. (212) 445-8431
Chief Financial Officer Suzie Pileggi - Media (212) 445-8170
(617) 236-3300
FOR IMMEDIATE RELEASE:
April 22, 2003
BOSTON PROPERTIES, INC. ANNOUNCES FIRST QUARTER 2003 RESULTS
REPORTS DILUTED FFO PER SHARE OF $1.03 REPORTS DILUTED EPS OF $1.91
BOSTON, MA, APRIL 22, 2003 - BOSTON PROPERTIES, INC. (NYSE: BXP), a real estate
investment trust, today reported results for the first quarter ended March 31,
2003.
Funds from Operations (FFO) for the quarter ended March 31, 2003 were $102.7
million, or $1.07 per share basic and $1.03 per share diluted before an
accounting charge related to the application of SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities". This compares to FFO of $88.9
million, or $0.98 per share basic and $0.93 per share diluted for the quarter
ended March 31, 2002. This represents a 10.8% quarter to quarter increase in
diluted FFO per share. The weighted average number of basic and diluted
shares outstanding totaled 95,733,238 and 105,954,957, respectively, for the
quarter ended March 31, 2003 and 90,932,427 and 105,767,653, respectively,
for the same quarter last year.
Net income available to common shareholders per share (EPS) for the quarter
ended March 31, 2003 was $1.93 basic and $1.91 on a diluted basis. This
includes $1.31 per share, on a diluted basis, related to net gains on sales
of properties. EPS for the first quarter 2002 was $0.60 on a diluted basis.
This includes $0.06 per share, on a diluted basis, related to net gains on
sales of properties. Excluding the net gains on sales of properties this
represents an 11.1% quarter to quarter increase in diluted EPS.
The reported results are unaudited and there can be no assurance that the
results will not vary from the final information for the quarter ended March 31,
2003. In the opinion of management, all adjustments considered necessary for a
fair presentation of these reported results have been made.
As of March 31, 2003, the Company's portfolio consisted of 139 properties
comprising more than 40.9 million square feet, including five properties under
development totaling 2.5 million square feet. The overall leasing rate for the
properties in service as of March 31, 2003 was 93.0%.
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As reported in our proxy statement the Company is proposing to expand the number
of Independent Directors on its Board through the nomination of three new
directors:
o Lawrence S. Bacow is the President of and a Director for Tufts
University. He previously served as Chancellor of the Massachusetts
Institute of Technology.
o William M. Daley is the President of SBC Communications, Inc. He
served as United States Secretary of Commerce from January 1997 to
July 2000 and as Chairman of the 2000 presidential election campaign
of Vice President Al Gore.
o David A. Twardock is the President and Chief Executive Officer of
Prudential Mortgage Capital Company, LLC, the real estate affiliate of
Prudential Financial, Inc.
Ivan G. Seidenberg has decided not to stand for reelection as director due to
his commitments as president and CEO of Verizon Communications.
Significant events of the first quarter include:
o The Company's Operating Partnership closed on the following private
offerings in reliance on Rule 144A: On January 17, 2003, $175.0
million senior unsecured notes due 2013, yielding 6.28% and on
March 18, 2003, $300.0 million senior unsecured notes due 2015,
yielding 5.636%.
o The Company sold the following assets: The Candler Building in
Baltimore, Maryland for $63.1 million ($117 psf) on January 28, 2003;
875 Third Avenue in New York City for $370.1 million ($520 psf) on
February 4, 2003; and 2300 N Street in Washington, D.C. for $122.0
million ($422 psf) on March 18, 2003.
o In connection with the above transactions, the Company used the net
proceeds to pay off the following secured and unsecured indebtedness:
<Table>
<Caption>
Date Debt Amount
-------------------- ----------------------------------- ----------------
(in thousands)
January 17, 2003 Unsecured Bridge Loan* $ 105,683
January 17, 2003 Quorum Office Park 28,756
January 17, 2003 Orbital Sciences, Phase II 23,590
January 17, 2003 302 Carnegie Center 7,594
January 28, 2003 Waltham Weston Corporate Center 45,000
January 28, 2003 40 Shattuck Road 15,939
February 4, 2003 111 Huntington Avenue 203,000
February 4, 2003 875 Third Avenue 146,902
March 18, 2003 2300 N Street 66,000
----------------
$ 642,464
================
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* Incurred in connection with the acquisition of 399 Park Avenue
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o The Company extended its $605.0 million unsecured revolving credit
agreement for a three-year term expiring on January 17, 2006 with a
one-year extension provision. The interest rate on borrowings has been
reduced from LIBOR + 1.45% to LIBOR + 0.70%, subject to adjustment in
the event of a change in the Company's Operating Partnership's
unsecured debt ratings.
o The Company leased 206,958 square feet of space at Times Square
Tower in New York City to the law firm O'Melveny & Myers. The firm
will be relocating from Citigroup Center and its other space in New
York City. Times Square Tower is a 47-story, approximately 1.2
million square foot office tower in Times Square, New York City
that the Company expects to complete by the first quarter of 2004.
This project is now approximately 17% pre-leased.
o The Company placed-in-service its Waltham Weston Corporate Center
development project, a 304,050 square foot office property in Waltham,
Massachusetts. This project is 43.1% leased.
o The Company issued restricted stock awards as the primary form of
long-term incentive compensation primarily for officer level
employees and has included the related expense as a charge against
earnings over the vesting period.
Transactions completed subsequent to March 31, 2003:
o The Company used the net proceeds from its Operating Partnership's
$300.0 million offering of senior unsecured notes, a draw of
approximately $139.7 million from its unsecured line of credit and
other excess available funds to:
o Refinance its mortgage loan secured by the Five Times Square
property in New York City totaling $376.7 million on April
14, 2003.
o Repay the Shaw's Supermarket mortgage loan secured by the
property at the Prudential Center in Boston totaling $21.5
million on April 1, 2003.
o Acquire the remaining 50% outside interest in its
Discovery Square joint venture on April 1, 2003 for cash
of $18.3 million and the assumption of the mortgage debt
on the property of approximately $32.4 million.
Subsequent to the acquisition, the Company repaid in full
the mortgage debt on the property totaling $64.7 million.
Boston Properties will host a conference call tomorrow, April 23, 2003 at 10:00
AM (Eastern Time), open to the general public, to discuss the results of this
year's first quarter. The number to call for this interactive teleconference is
(800) 374-1372. A replay of the conference call will be available through April
30, 2003 by dialing (800) 642-1687 and entering the passcode 9637741. An
audio-webcast will be archived and can be accessed at WWW.BOSTONPROPERTIES.COM
in the Investor section under the header AUDIO ARCHIVE.
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Additionally, a copy of Boston Properties' first quarter 2003 "Supplemental
Operating and Financial Data" and this press release are available on the
Investor section of the Company's website at WWW.BOSTONPROPERTIES.COM. These
materials are also available by contacting Investor Relations at 617-236-3322
or by written request to:
Investor Relations
Boston Properties, Inc.
111 Huntington Avenue, Suite 300
Boston, MA 02199-7610
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 Class A office, industrial and hotel properties.
The Company is one of the largest owners and developers of Class A office
properties in the United States, concentrated in four core markets - Boston,
Midtown Manhattan, Washington, D.C. and San Francisco.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE
FEDERAL SECURITIES LAWS. YOU SHOULD EXERCISE CAUTION IN INTERPRETING AND RELYING
ON FORWARD-LOOKING STATEMENTS BECAUSE THEY INVOLVE KNOWN AND UNKNOWN RISKS,
UNCERTAINTIES AND OTHER FACTORS WHICH ARE, IN SOME CASES, BEYOND BOSTON
PROPERTIES' CONTROL AND COULD MATERIALLY AFFECT ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS. THESE FACTORS INCLUDE, WITHOUT LIMITATION, THE ABILITY TO ENTER
INTO NEW LEASES OR RENEW LEASES ON FAVORABLE TERMS, DEPENDENCE ON TENANTS'
FINANCIAL CONDITION, THE UNCERTAINTIES OF REAL ESTATE DEVELOPMENT AND
ACQUISITION ACTIVITY, THE ABILITY TO EFFECTIVELY INTEGRATE ACQUISITIONS, THE
COSTS AND AVAILABILITY OF FINANCING, THE EFFECTS OF LOCAL ECONOMIC AND MARKET
CONDITIONS, REGULATORY CHANGES AND OTHER RISKS AND UNCERTAINTIES DETAILED FROM
TIME TO TIME IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION.
Financial tables follow.
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BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
<Table>
<Caption>
THREE MONTHS ENDED
MARCH 31,
-------------------------------------
2003 2002
---------------- ----------------
(UNAUDITED AND IN THOUSANDS,
EXCEPT FOR PER SHARE AMOUNTS)
Revenue
Rental:
Base rent $247,353 $218,017
Recoveries from tenants 39,881 32,976
Parking and other 14,195 12,096
---------------- ----------------
Total rental revenue 301,429 263,089
Hotel revenue 13,246 -
Development and management services 4,590 3,698
Interest and other 415 1,272
---------------- ----------------
Total revenue 319,680 268,059
---------------- ----------------
Expenses
Operating
Rental 99,102 86,298
Hotel 11,171 -
General and administrative 11,399 11,069
Interest 73,645 60,815
Depreciation and amortization 49,824 41,550
Net derivative losses 932 303
Loss from early extinguishment of debt 1,474 -
Loss on investments in securities - 4,297
---------------- ----------------
Total expenses 247,547 204,332
---------------- ----------------
Income before minority interests in property partnerships, income from
unconsolidated joint ventures, minority interest in Operating Partnership, gain on
sale of real estate, discontinued operations and preferred dividend 72,133 63,727
Minority interests in property partnerships 397 471
Income from unconsolidated joint ventures 2,658 1,682
---------------- ----------------
Income before minority interest in Operating Partnership, gain on sale of real estate,
discontinued operations and preferred dividend 75,188 65,880
Minority interest in Operating Partnership (18,523) (17,818)
---------------- ----------------
Income before gain on sale of real estate, discontinued operations and preferred dividend 56,665 48,062
Gain on sale of real estate, net of minority interest 52,912 -
---------------- ----------------
Income before discontinued operations and preferred dividend 109,577 48,062
Discontinued Operations:
Income from discontinued operations, net of minority interest 1,940 3,106
Gains on sales of real estate from discontinued operations, net of minority interest 73,528 5,840
---------------- ----------------
Income before preferred dividend 185,045 57,008
Preferred dividend - (1,643)
---------------- ----------------
Net income available to common shareholders $185,045 $ 55,365
================ ================
Basic earnings per share:
Income available to common shareholders before discontinued operations $ 1.14 $ 0.51
Discontinued operations, net of minority interest 0.79 0.10
---------------- ----------------
Net income available to common shareholders $ 1.93 $ 0.61
================ ================
Weighted average number of common shares outstanding 95,733 90,932
================ ================
Diluted earnings per share:
Income available to common shareholders before discontinued operations $ 1.13 $ 0.50
Discontinued operations, net of minority interest 0.78 0.10
---------------- ----------------
Net income available to common shareholders $ 1.91 $ 0.60
================ ================
Weighted average number of common and common
equivalent shares outstanding 96,755 92,783
================ ================
</Table>
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BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
<Table>
<Caption>
MARCH 31, DECEMBER 31,
2003 2002
-------------------- --------------------
(IN THOUSANDS, EXCEPT FOR SHARE AMOUNTS)
(UNAUDITED)
ASSETS
Real estate $ 7,745,475 $ 7,781,684
Development in progress 418,798 448,576
Land held for future development 216,537 215,866
Real estate held for sale, net - 224,585
Less: accumulated depreciation (846,002) (822,933)
-------------------- --------------------
Total real estate 7,534,808 7,847,778
Cash and cash equivalents 384,418 55,275
Cash held in escrows 20,804 41,906
Tenant and other receivables, net 23,193 20,458
Accrued rental income, net 148,034 165,321
Deferred charges, net 165,559 176,545
Prepaid expenses and other assets 30,144 18,015
Investments in unconsolidated joint ventures 101,794 101,905
-------------------- --------------------
Total assets $ 8,408,754 $ 8,427,203
==================== ====================
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgage notes payable $ 3,758,406 $ 4,267,119
Unsecured senior notes, net of discount 1,221,707 747,375
Unsecured bridge loan - 105,683
Unsecured line of credit - 27,043
Accounts payable and accrued expenses 63,319 73,846
Dividends and distributions payable 81,128 81,226
Interest rate contracts 13,663 14,514
Accrued interest payable 37,534 25,141
Other liabilities 63,992 81,085
-------------------- --------------------
Total liabilities 5,239,749 5,423,032
-------------------- --------------------
Commitments and contingencies - -
-------------------- --------------------
Minority interests 860,182 844,581
-------------------- --------------------
Series A Convertible Redeemable Preferred Stock, liquidation
preference $50.00 per share, 0 shares outstanding in 2003 and 2002 - -
-------------------- --------------------
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, 96,007,638 and 95,441,890 shares issued and 95,928,738 and
95,362,990 shares outstanding in 2003 and 2002, respectively 959 954
Additional paid-in capital 2,010,764 1,982,689
Earnings in excess of dividends 325,114 198,586
Treasury common stock, at cost (2,722) (2,722)
Unearned compensation (8,448) (2,899)
Accumulated other comprehensive loss (16,844) (17,018)
-------------------- --------------------
Total stockholders' equity 2,308,823 2,159,590
-------------------- --------------------
Total liabilities and stockholders' equity $ 8,408,754 $ 8,427,203
==================== ====================
</Table>
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BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
<Table>
<Caption>
THREE MONTHS ENDED
MARCH 31,
---------------------------------
2003 2002
---------------- ---------------
(IN THOUSANDS, EXCEPT FOR PER
SHARE AMOUNTS)
(UNAUDITED)
Income before minority interests in property partnerships, income
from unconsolidated joint ventures, minority interest in Operating
Partnership, gain on sale of real estate, discontinued operations
and preferred dividend $ 72,133 $ 63,727
Add:
Real estate depreciation and amortization 51,791 44,499
Income from discontinued operations 2,355 3,801
Income from unconsolidated joint ventures 2,658 1,682
Loss from early extinguishment of debt associated with the sale
of 2300 N Street 1,474 -
Less:
Minority interests in property partnerships' share of funds from operations (866) (719)
Preferred dividends and distributions (5,771) (8,400)
---------------- ---------------
Funds from operations 123,774 104,590
Add (subtract):
Net derivative losses (SFAS No. 133) 932 303
Early surrender lease adjustment (2) - 3,927
---------------- ---------------
Funds from operations before net derivative losses (SFAS No. 133)
and after early surrender lease adjustment $ 124,706 $ 108,820
================ ===============
Funds from operations available to common shareholders before net derivative
losses (SFAS No. 133) and after early surrender lease adjustment $ 102,735 $ 88,929
================ ===============
Weighted average shares outstanding - basic 95,733 90,932
================ ===============
FFO per share basic before net derivative losses (SFAS No. 133)
and after early surrender adjustment $ 1.07 $ 0.98
================ ===============
FFO per share basic after net derivative losses (SFAS No. 133)
and before early surrender lease adjustment $ 1.07 $ 0.94
================ ===============
Weighted average shares outstanding - diluted 105,955 105,768
================ ===============
FFO per share diluted before net derivative losses (SFAS No. 133)
and after early surrender lease adjustment $ 1.03 $ 0.93
================ ===============
FFO per share diluted after net derivative losses (SFAS No. 133)
and before early surrender lease adjustment $ 1.02 $ 0.90
================ ===============
</Table>
(1) Pursuant to the revised definition of Funds from Operations adopted by
the Board of Governors of the National Association of Real Estate
Investment TshsflowsNinEIT"), we calculate Funds from Operations, or
"FFO," by adjusting net income (loss) (computed in accordance with
accounting principles generally accepted in the United States of
America ("GAAP"), including non-recurring items), for gains (or
losses) from sales of properties, real estate related depreciation and
amortization, and after adjustment for unconsolidated partnerships and
joint ventures. In addition to FFO (as defined by NAREIT), we also
disclose FFO after specific supplemental adjustments. Although our FFO
as adjusted clearly differs from NAREIT's definition of FFO as well
that of other real estate companies, we believe it provides a
meaningful presentation of our operating performance. In addition, we
believe that to further understand our performance, FFO and FFO as
adjusted should be compared with our reported net income and ca Our
computation of FFO may not be comparable to FFO reported by other
REITs or real estate companies that do not define the term in
accordance with the current NAREIT definition or that interpret the
current NAREIT definition differently. In addition to presenting FFO
in accordance with the NAREIT definition, we make adjustments to FFO,
as defined by NAREIT, including net derivative losses and early
surrender lease adjustments. FFO does not represent cash generated
from operating activities determined in accordance with GAAP, and
should not be considered as an alternative to net income (determined
in accordance with GAAP) as an indication of our performance, as an
alternative to net cash flows from operating activities (determined in
accordance with GAAP), as a measure of our liquidity, or as an
indicator of our ability to make cash distributions.
(2) Represents cash received under contractual obligations.
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BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
<Table>
<Caption>
% LEASED BY LOCATION
--------------------------------------------------------------
MARCH 31, 2003 DECEMBER 31, 2002
----------------------------- -----------------------------
Greater Boston 89.3% 91.8%
Greater Washington, D.C. 95.7% 95.9%
Midtown Manhattan 99.2% 98.4%
Baltimore, MD 98.5% 97.6%
Richmond, VA 92.1% 91.8%
Princeton/East Brunswick, NJ 95.0% 93.3%
Greater San Francisco 85.7% 87.4%
Bucks County, PA 100.0% 100.0%
----------------------------- -----------------------------
Total Portfolio 93.0% 93.9%
============================= =============================
</Table>
<Table>
<Caption>
% LEASED BY TYPE
--------------------------------------------------------------
MARCH 31, 2003 DECEMBER 31, 2002
----------------------------- -----------------------------
Class A Office Portfolio 93.3% 94.1%
Office/Technical Portfolio 87.8% 89.7%
Industrial Portfolio 89.0% 100.0%
----------------------------- -----------------------------
Total Portfolio 93.0% 93.9%
============================= =============================
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