Boston Properties, Inc. (NYSE: BXP), a real estate
investment trust, reported results today for the third quarter
ended September 30, 2016.
Net income attributable to common shareholders was $76.8 million
for the quarter ended September 30, 2016, compared to $184.1
million for the quarter ended September 30, 2015. Net income
attributable to common shareholders per share (EPS) for the quarter
ended September 30, 2016 was $0.50 basic and $0.50 on a
diluted basis. This compares to EPS for the quarter ended
September 30, 2015 of $1.20 basic and $1.20 on a diluted
basis. Net income attributable to common shareholders for the
quarter ended September 30, 2016 includes gains on sales of real
estate aggregating approximately $13.0 million, or $0.08 per share
basic and $0.08 per share on a diluted basis, compared to $199.5
million, or $0.58 per share basic and $0.58 per share on a diluted
basis, for the quarter ended September 30, 2015. In addition,
net income attributable to common shareholders for the quarter
ended September 30, 2016 includes accelerated depreciation expense
of approximately $50.8 million, or $(0.17) per share basic and
$(0.17) per share on a diluted basis, related to the redevelopment
of the Company's 601 Lexington Avenue property. The
weighted-average number of basic and diluted shares outstanding
totaled approximately 153,754,000 and 154,136,000, respectively,
for the quarter ended September 30, 2016 and 153,595,000 and
153,786,000, respectively, for the quarter ended September 30,
2015.
Funds from Operations (FFO) for the quarter ended
September 30, 2016 were $219.6 million, or $1.43 per share
basic and $1.42 per share diluted. This compares to FFO for the
quarter ended September 30, 2015 of $217.3 million, or $1.41
per share basic and $1.41 per share diluted.
The Company’s reported FFO of $1.42 per share diluted was
greater than the mid-point of the guidance previously provided of
$1.40-$1.42 per share diluted primarily due to better than
expected portfolio operations of $0.02 per share, partially offset
by a $(0.01) per share impairment loss related to the anticipated
sale of the remaining parcel of land at the Company's Washingtonian
North property located in Gaithersburg, Maryland.
The reported results are unaudited and there can be no assurance
that these reported results will not vary from the final
information for the quarter ended September 30, 2016. In the
opinion of management, all adjustments considered necessary for a
fair presentation of these reported results have been made.
As of September 30, 2016, the Company’s portfolio consisted
of 174 properties aggregating approximately 47.7 million square
feet, including eight properties under construction/redevelopment
totaling approximately 4.0 million square feet. The overall
percentage of leased space for the 163 properties in service
(excluding the Company’s two residential properties and hotel) as
of September 30, 2016 was 89.6%.
Significant events during the third quarter included:
- On July 1, 2016, the Company entered
the Los Angeles market through its acquisition of a 49.8% interest
in an existing joint venture that owns and operates Colorado Center
located in Santa Monica, California for a gross purchase price of
approximately $511.1 million, or approximately $503.6 million in
cash net of credits for free rent, unfunded leasing costs and other
adjustments. Colorado Center is a six-building office complex that
sits on a 15-acre site and contains an aggregate of approximately
1,184,000 net rentable square feet with an underground parking
garage for 3,100 vehicles. The property is 66% leased.
- On August 16, 2016, the Company
completed the sale of a parcel of land within its Broad Run
Business Park property located in Loudoun County, Virginia for a
gross sale price of approximately $18.0 million. Net cash proceeds
totaled approximately $17.9 million, resulting in a gain on sale of
real estate totaling approximately $13.0 million.
- On August 17, 2016, the Company’s
Operating Partnership completed a public offering of $1.0 billion
in aggregate principal amount of its 2.750% senior unsecured notes
due 2026. The notes were priced at 99.271% of the principal amount
to yield an effective rate, including financing fees and the impact
of the settlement of certain forward-starting interest rate swap
contracts, of approximately 3.495% to maturity. The notes will
mature on October 1, 2026, unless earlier redeemed. The aggregate
net proceeds from the offering were approximately $984.7 million
after deducting underwriting discounts and transaction
expenses.
- On August 17, 2016, in conjunction with
the Company's Operating Partnership's offering of senior unsecured
notes, the Company terminated forward-starting interest rate swap
contracts which fixed the ten-year swap rate at a weighted-average
rate of approximately 2.423% per annum on notional amounts
aggregating $550.0 million. The Company cash-settled the contracts
and made cash payments to the counterparties aggregating
approximately $49.3 million. The Company recognized approximately
$0.1 million of losses on interest rate contracts during the three
months ended September 30, 2016 related to the partial
ineffectiveness of the interest rate contracts. The Company will
reclassify into earnings over the ten-year term of the 2.750%
senior unsecured notes due 2026 as an increase to interest expense
approximately $49.2 million (or approximately $4.9 million per
year) of the amounts recorded on the consolidated balance sheets
within accumulated other comprehensive loss, which represents the
effective portion of the applicable interest rate contracts.
- On August 19, 2016, the consolidated
entity in which the Company has a 55% interest and that owns 601
Lexington Avenue located in New York City commenced the
redevelopment of the six-story low-rise office and retail building
component of the complex. The redeveloped portion of the low-rise
building will contain approximately 195,000 net rentable square
feet of Class A office space and approximately 25,000 net rentable
square feet of retail space. The Company recorded approximately
$50.8 million of accelerated depreciation expense for the portion
of the complex to be demolished.
- On September 1, 2016, the Company used
a portion of the net proceeds from its Operating Partnership’s
offering of senior unsecured notes and available cash to repay the
mortgage loan collateralized by its 599 Lexington Avenue property
located in New York City totaling $750.0 million. The mortgage loan
bore interest at a fixed rate of 5.57% per annum (5.41% per annum
GAAP interest rate) and was scheduled to mature on March 1, 2017.
There was no prepayment penalty. The Company recognized a gain from
early extinguishment of debt totaling approximately $0.4 million
consisting of the acceleration of the remaining balance related to
the effective portion of a previous interest rate hedging program
included within accumulated other comprehensive loss, offset by the
write-off of unamortized deferred financing costs.
- On September 1, 2016, the Company used
a portion of the net proceeds from its Operating Partnership’s
offering of senior unsecured notes and available cash to repay the
mortgage loan collateralized by its Embarcadero Center Four
property located in San Francisco, California totaling
approximately $344.8 million. The mortgage loan bore interest at a
fixed rate of 6.10% per annum (7.02% per annum GAAP interest rate)
and was scheduled to mature on December 1, 2016. There was no
prepayment penalty. The Company recognized a loss from early
extinguishment of debt totaling approximately $0.7 million
consisting of the write-off of unamortized deferred financing costs
and the acceleration of the remaining balance related to the
effective portion of a previous interest rate hedging program
included within accumulated other comprehensive loss.
- On September 16, 2016, the Company
partially placed in-service 888 Boylston Street, a Class A office
project with approximately 425,000 net rentable square feet located
in Boston, Massachusetts. The property is 71% leased.
- On September 27, 2016, the Company
executed a letter of intent for the sale of the remaining parcel of
land at its Washingtonian North property located in Gaithersburg,
Maryland. The letter of intent caused the Company to reevaluate its
strategy for the land and based on a shorter than expected hold
period, the Company reduced the carrying value of the land to the
estimated net sales price and recognized an impairment loss of
approximately $1.8 million during the three months ended September
30, 2016.
Transactions completed subsequent to September 30,
2016:
- On October 1, 2016, a joint venture in
which the Company has a 50% interest completed and fully placed
in-service 1265 Main Street, a Class A office project with
approximately 115,000 net rentable feet located in Waltham,
Massachusetts. The property is 100% leased.
- On October 20, 2016, the Company and
its partner in the unconsolidated joint venture that owns
Metropolitan Square located in Washington, DC, completed the sale
of an 80% interest in the joint venture for a gross sale price of
approximately $288.1 million, including the assumption by the buyer
of its pro rata share of the mortgage loan collateralized by the
property totaling approximately $133.4 million and certain unfunded
leasing costs totaling approximately $5.7 million. Prior to the
sale, the Company owned a 51% interest and its partner owned a 49%
interest in the joint venture. Following the sale, the Company
continues to own a 20% interest in the joint venture with the buyer
owning the remaining 80%. Metropolitan Square is an approximately
607,000 net rentable square foot Class A office property.
EPS and FFO per Share Guidance:
The Company’s guidance for the fourth quarter, full year 2016
and full year 2017 for EPS (diluted) and FFO per share (diluted) is
set forth and reconciled below. Except as described below, the
estimates reflect management’s view of current and future market
conditions, including assumptions with respect to rental rates,
occupancy levels and the earnings impact of the events referenced
in this release and otherwise referenced during the conference call
referred to below. The estimates do not include possible future
gains or losses or the impact on operating results from other
possible future property acquisitions or dispositions, other
possible capital markets activity or possible future impairment
charges. EPS estimates may be subject to fluctuations as a result
of several factors, including changes in the recognition of
depreciation and amortization expense and any gains or losses
associated with disposition activity. The Company is not able to
assess at this time the potential impact of these factors on
projected EPS. By definition, FFO does not include real
estate-related depreciation and amortization, impairment losses on
depreciable real estate or gains or losses associated with
disposition activities. There can be no assurance that the
Company’s actual results will not differ materially from the
estimates set forth below.
As shown below, the Company has updated its projected EPS
(diluted) for the full year 2016 to $2.98 - $3.00 per share from
$3.04 - $3.11 per share. This is a decrease of approximately $0.09
per share at the mid-point of the Company’s guidance consisting of
$0.19 per share of greater than budgeted depreciation expense
primarily due to the redevelopment of the low-rise portion of 601
Lexington Avenue that commenced during the third quarter of 2016,
partially offset by $0.08 per share from the gain on sale of a land
parcel during the third quarter of 2016 and $0.03 per share of
reduced interest expense resulting from refinancing activity during
the third quarter of 2016. In addition, the Company has updated its
projected guidance for FFO per share (diluted) for the full year
2016 to $5.97 - $5.99 per share from $5.92 - $5.99 per share. This
is an increase of approximately $0.03 per share at the mid-point of
the Company’s guidance primarily consisting of $0.03 per share due
to higher portfolio performance.
Fourth Quarter 2016 Full Year 2016 Low
- High Low - High Projected EPS (diluted) $
0.64 - $ 0.66 $ 2.98 - $ 3.00 Add: Projected Company Share of Real
Estate Depreciation and Amortization 0.85 - 0.85 3.46 - 3.46 Less:
Projected Company Share of Gains on Sales of Real Estate — -
— 0.47 - 0.47 Projected FFO per Share
(diluted) $ 1.49 - $ 1.51 $ 5.97 - $ 5.99
The Company's guidance for the full year 2017 for EPS (diluted)
and FFO per share (diluted) is set forth and reconciled below. In
addition, the estimates for the full year 2017 when compared to the
full year 2016 include, among other assumptions, (1) an increase in
the Company’s share of Combined Same Property NOI of 2.0% - 3.5%
resulting in an incremental $0.23 per share at the mid-point, (2)
an incremental contribution of $0.14 per share at the mid-point
from the Company’s development deliveries offset by the impact of
removing properties from service for redevelopment and a full-year
contribution from 2016 acquisitions, (3) interest expense savings
of $0.12 per share at the mid-point due to 2016 refinancing
activities and (4) an increase in development and management
service income of $0.01 per share. These items are offset by (1) a
reduction in Gains on Sales of Real Estate of $0.47 per share with
no sales assumed in 2017, (2) a decrease in lease termination fees
of approximately $0.31 per share and (3) increased general and
administrative expenses of $0.03 per share at the mid-point.
Full Year 2017 Low - High Projected EPS
(diluted) $
2.58
- $
2.76
Add: Projected Company Share of Real Estate Depreciation and
Amortization 3.47 - 3.47 Less: Projected Company Share of Gains on
Sales of Real Estate — - — Projected FFO per Share
(diluted) $
6.05
- $
6.23
Boston Properties will host a conference call on Wednesday,
October 26, 2016 at 10:00 AM Eastern Time, open to the general
public, to discuss the third quarter 2016 results, the fourth
quarter 2016, full fiscal year 2016 and full fiscal year 2017
projections and related assumptions, and other related matters that
may be of interest to investors. The number to call for this
interactive teleconference is (877) 706-4503 (Domestic) or (281)
913-8731 (International) and entering the passcode 23629459. A
replay of the conference call will be available through November
11, 2016, by dialing (855) 859-2056 (Domestic) or (404) 537-3406
(International) and entering the passcode 23629459. There will also
be a live audio webcast of the call which may be accessed on the
Company’s website at www.bostonproperties.com in the Investor
Relations section. Shortly after the call a replay of the webcast
will be available in the Investor Relations section of the
Company’s website and archived for up to twelve months following
the call.
Additionally, a copy of Boston Properties’ third quarter 2016
“Supplemental Operating and Financial Data” and this press release
are available in the Investor Relations section of the Company’s
website at www.bostonproperties.com.
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 primarily Class A office space, five retail
properties, four residential properties (including two properties
under construction) and one hotel. The Company is one of the
largest owners and developers of Class A office properties in the
United States, concentrated in five markets - Boston, Los Angeles,
New York, San Francisco and Washington, DC.
This press release contains forward-looking statements within
the meaning of the Federal securities laws. You can identify these
statements by our use of the words “assumes,” “believes,”
“estimates,” “expects,” “guidance,” “intends,” “plans,” “projects”
and similar expressions that do not relate to historical matters.
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 Company’s ability to enter into new leases
or renew leases on favorable terms, dependence on tenants’
financial condition, the uncertainties of real estate development,
acquisition and disposition activity, the ability to effectively
integrate acquisitions, the uncertainties of investing in new
markets, the costs and availability of financing, the effectiveness
of our interest rate hedging contracts, the ability of our joint
venture partners to satisfy their obligations, the effects of
local, national and international economic and market conditions,
the effects of acquisitions, dispositions and possible impairment
charges on our operating results, the impact of newly adopted
accounting principles on the Company’s accounting policies and on
period-to-period comparisons of financial results, regulatory
changes and other risks and uncertainties detailed from time to
time in the Company’s filings with the Securities and Exchange
Commission. Boston Properties does not undertake a duty to update
or revise any forward-looking statement, including its guidance for
the fourth quarter 2016, full fiscal year 2016 and full fiscal year
2017, whether as a result of new information, future events or
otherwise.
Financial tables follow.
BOSTON PROPERTIES,
INC.CONSOLIDATED BALANCE SHEETS(Unaudited)
September 30, 2016 December 31,
2015
(in thousands, except for share and par
value amounts)
ASSETS Real estate, at cost $ 18,704,856 $ 18,465,405
Construction in progress 954,013 763,935 Land held for future
development 243,887 252,195 Less: accumulated depreciation
(4,113,553 ) (3,925,894 ) Total real estate 15,789,203
15,555,641 Cash and cash equivalents 419,323 723,718 Cash held in
escrows 63,980 73,790 Investments in securities 23,022 20,380
Tenant and other receivables, net 76,258 97,865 Accrued rental
income, net 785,569 754,883 Deferred charges, net 680,192 704,867
Prepaid expenses and other assets 176,693 185,118 Investments in
unconsolidated joint ventures 775,659 235,224
Total assets $ 18,789,899 $ 18,351,486
LIABILITIES AND EQUITY Liabilities: Mortgage notes payable,
net $ 2,077,707 $ 3,435,242 Unsecured senior notes, net 7,243,767
5,264,819 Unsecured line of credit — — Mezzanine notes payable
307,448 308,482 Outside members’ notes payable 180,000 180,000
Accounts payable and accrued expenses 312,979 274,709 Dividends and
distributions payable 113,038 327,320 Accrued interest payable
234,628 190,386 Other liabilities 461,079
483,601 Total liabilities 10,930,646
10,464,559 Commitments and contingencies —
— Equity: Stockholders’ equity attributable to
Boston Properties, Inc.: Excess stock, $0.01 par value, 150,000,000
shares authorized, none issued or outstanding — — Preferred stock,
$0.01 par value, 50,000,000 shares authorized; 5.25% Series B
cumulative redeemable preferred stock, $0.01 par value, liquidation
preference $2,500 per share, 92,000 shares authorized, 80,000
shares issued and outstanding at September 30, 2016 and December
31, 2015 200,000 200,000 Common stock, $0.01 par value, 250,000,000
shares authorized, 153,851,912 and 153,658,866 issued and
153,773,012 and 153,579,966 outstanding at September 30, 2016 and
December 31, 2015, respectively 1,538 1,536 Additional paid-in
capital 6,326,580 6,305,687 Dividends in excess of earnings
(725,522 ) (780,952 ) Treasury common stock at cost, 78,900 shares
at September 30, 2016 and December 31, 2015 (2,722 ) (2,722 )
Accumulated other comprehensive loss (73,943 )
(14,114 ) Total stockholders’ equity attributable to Boston
Properties, Inc. 5,725,931 5,709,435 Noncontrolling interests:
Common units of the Operating Partnership 608,280 603,092 Property
partnerships 1,525,042 1,574,400 Total
equity 7,859,253 7,886,927 Total
liabilities and equity $ 18,789,899 $ 18,351,486
BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
Three months endedSeptember
30,
Nine months endedSeptember
30,
2016
2015
2016
2015
(in thousands, except for per share amounts) Revenue Rental
Base rent $ 489,312 $ 494,300 $ 1,518,826 $ 1,471,591 Recoveries
from tenants 92,560 91,544 267,852 266,932 Parking and other
24,638 25,509 75,576
76,849 Total rental revenue 606,510 611,353 1,862,254
1,815,372 Hotel revenue 12,354 12,619 33,919 35,107 Development and
management services 6,364 5,912
18,586 16,102 Total revenue 625,228
629,884 1,914,759
1,866,581 Expenses Operating Rental 228,560 219,796 665,670
655,610 Hotel 8,118 8,125 23,730 24,196 General and administrative
25,165 20,944 79,936 72,019 Transaction costs 249 254 1,187 789
Impairment loss 1,783 — 1,783 — Depreciation and amortization
203,748 153,015 516,371
475,082 Total expenses 467,623
402,134 1,288,677 1,227,696
Operating income 157,605 227,750 626,082 638,885 Other income
(expense) Income from unconsolidated joint ventures 1,464 2,647
5,489 20,559 Interest and other income 3,628 3,637 6,657 6,337
Gains (losses) from investments in securities 976 (1,515 ) 1,713
(1,146 ) Interest expense (104,641 ) (108,727 ) (314,953 ) (326,018
) Losses from early extinguishments of debt (371 ) — (371 ) —
Losses from interest rate contracts (140 ) —
(140 ) — Income before gains on sales of real
estate 58,521 123,792 324,477 338,617 Gains on sales of real estate
12,983 199,479 80,606
294,563 Net income 71,504 323,271 405,083 633,180 Net
income attributable to noncontrolling interests Noncontrolling
interests in property partnerships 17,225 (115,240 ) (53 ) (139,712
) Noncontrolling interest—redeemable preferred units of the
Operating Partnership — — — (6 ) Noncontrolling interest—common
units of the Operating Partnership (9,387 ) (21,302 )
(42,120 ) (50,906 ) Net income attributable to Boston
Properties, Inc. 79,342 186,729 362,910 442,556 Preferred dividends
(2,589 ) (2,647 ) (7,796 ) (7,854 ) Net
income attributable to Boston Properties, Inc. common shareholders
$ 76,753 $ 184,082 $ 355,114 $ 434,702
Basic earnings per common share attributable to Boston Properties,
Inc. common shareholders: Net income $ 0.50 $ 1.20 $
2.31 $ 2.83 Weighted average number of common shares
outstanding 153,754 153,595
153,681 153,426 Diluted earnings per common
share attributable to Boston Properties, Inc. common shareholders:
Net income $ 0.50 $ 1.20 $ 2.31 $ 2.82
Weighted average number of common and common equivalent shares
outstanding 154,136 153,786
153,971 153,825
BOSTON
PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
Three months endedSeptember
30,
Nine months endedSeptember
30,
2016
2015
2016
2015
(in thousands, except for per share amounts) Net
income attributable to Boston Properties, Inc. common shareholders
$ 76,753 $ 184,082 $ 355,114 $ 434,702 Add: Preferred dividends
2,589 2,647 7,796 7,854 Noncontrolling interest - common units of
the Operating Partnership 9,387 21,302 42,120 50,906 Noncontrolling
interest - redeemable preferred units of the Operating Partnership
— — — 6 Noncontrolling interests in property partnerships (17,225 )
115,240 53 139,712 Less: Gains on sales of real estate
12,983 199,479 80,606
294,563 Income before gains on sales of real estate 58,521
123,792 324,477 338,617 Add: Depreciation and amortization 203,748
153,015 516,371 475,082 Noncontrolling interests in property
partnerships' share of depreciation and amortization (40,907 )
(21,405 ) (79,831 ) (70,147 ) Company's share of depreciation and
amortization from unconsolidated joint ventures 9,128 3,808 18,242
2,562 Corporate-related depreciation and amortization (393 ) (334 )
(1,119 ) (1,017 ) Less: Noncontrolling interests in property
partnerships (2) (17,225 ) 14,122 53 38,594 Noncontrolling interest
- redeemable preferred units of the Operating Partnership — — — 6
Preferred dividends 2,589 2,647
7,796 7,854 Funds from operations (FFO)
attributable to the Operating Partnership common unitholders
(including Boston Properties, Inc.) 244,733 242,107 770,291 698,643
Less: Noncontrolling interest - common units of the Operating
Partnership’s share of funds from operations 25,169
24,846 79,440 72,278
Funds from operations attributable to Boston Properties, Inc.
common shareholders $ 219,564 $ 217,261 $ 690,851
$ 626,365 Boston Properties, Inc.’s percentage share
of funds from operations - basic 89.72 % 89.74 %
89.69 % 89.65 % Weighted average shares outstanding -
basic 153,754 153,595 153,681
153,426 FFO per share basic $ 1.43 $
1.41 $ 4.50 $ 4.08 Weighted average shares
outstanding - diluted 154,136 153,786
153,971 153,825 FFO per share diluted $
1.42 $ 1.41 $ 4.49 $ 4.07
(1) Pursuant to the revised definition of Funds from Operations
adopted by the Board of Governors of the National Association of
Real Estate Investment Trusts (“NAREIT”), we calculate Funds from
Operations, or “FFO,” by adjusting net income (loss) attributable
to Boston Properties, Inc. common shareholders (computed in
accordance with GAAP) for gains (or losses) from sales of
properties, impairment losses on depreciable real estate
consolidated on our balance sheet, impairment losses on our
investments in unconsolidated joint ventures driven by a measurable
decrease in the fair value of depreciable real estate held by the
unconsolidated joint ventures, real estate-related depreciation and
amortization, and our share of income (loss) from unconsolidated
partnerships and joint ventures. FFO is a non-GAAP financial
measure, but we believe the presentation of FFO, combined with the
presentation of required GAAP financial measures, has improved the
understanding of operating results of REITs among the investing
public and has helped make comparisons of REIT operating results
more meaningful. Management generally considers FFO and FFO per
share to be useful measures for understanding and comparing our
operating results because, by excluding gains and losses related to
sales of previously depreciated operating real estate assets,
impairment losses and real estate asset depreciation and
amortization (which can differ across owners of similar assets in
similar condition based on historical cost accounting and useful
life estimates), FFO and FFO per share can help investors compare
the operating performance of a company’s real estate across
reporting periods and to the operating performance of other
companies.
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 order to facilitate a clear understanding of the Company's
operating results, FFO should be examined in conjunction with net
income attributable to Boston Properties, Inc. common shareholders
as presented in the Company's consolidated financial statements.
FFO should not be considered as a substitute for net income
attributable to Boston Properties, Inc. common shareholders
(determined in accordance with GAAP) or any other GAAP financial
measures and should only be considered together with and as a
supplement to the Company's financial information prepared in
accordance with GAAP.
(2) For the three and nine months ended September 30, 2015,
excludes the noncontrolling interests in property partnerships'
share of a gain on sale of real estate totaling approximately
$101.1 million.
BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
% Leased by Location September 30,
2016 December 31, 2015 Boston 90.0 % 90.6 % New York
90.1 % 91.5 % San Francisco and Los Angeles 87.3 % 93.8 %
Washington, DC 90.1 % 91.0 % Total Portfolio 89.6 % 91.4 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161025006861/en/
Boston PropertiesMichael LaBelle, 617-236-3352Executive Vice
President, Chief Financial Officer and TreasurerorArista Joyner,
617-236-3343Investor Relations Manager
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