BOSTON PROPERTIES INC (BXP) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Boston						44.9	46.0	43.4
Other						2,505.9	2,444.8	2,353.6
Revenues [+]	2,888.6	2,765.7	2,960.6	2,717.1	2,602.1	2,550.8	2,490.8	2,397.0
Hotels						44.9	46.0	43.4
Tenant reimbursements						359.0	355.5	339.4
Lease / rental				2,103.7	2,049.4	2,017.8	1,964.7	1,886.3
Revenue growth [+]	4.4%	-6.6%	9.0%	4.4%	2.0%	2.4%	3.9%	12.2%
Boston						-2.5%	6.1%	7.6%
Cost of goods sold [+]	1,021.2	1,017.2	1,050.0	979.2	930.6	892.2	873.5	838.4
Direct hotel costs						31.5	32.1	29.2
Real estate or leased property costs					930.0	889.8	872.3
Gross profit	1,867.5	1,748.5	1,910.6	1,737.9	1,671.4	1,658.7	1,617.3	1,558.6
Gross margin	64.6%	63.2%	64.5%	64.0%	64.2%	65.0%	64.9%	65.0%
Selling, general and administrative [+]	151.6	133.1	140.8	121.7	113.7	105.2	96.3	98.9
General and administrative	151.6	133.1	140.8	121.7	113.7	105.2	96.3	98.9
Equity in earnings	-2.6	-85.1	46.6	2.2	11.2	8.1	22.8	12.8
Other operating expenses	-8.4	-598.0	146.4	-78.8	19.7	-106.2	32.1	29.2
EBITDA [+]	1,721.7	2,128.2	1,670.0	1,697.3	1,549.2	1,667.7	1,511.7	1,443.2
EBITDA growth	-19.1%	27.4%	-1.6%	9.6%	-7.1%	10.3%	4.7%	8.8%
EBITDA margin	59.6%	77.0%	56.4%	62.5%	59.5%	65.4%	60.7%	60.2%
Depreciation and amortization	717.3	683.8	677.8	645.6	617.5	694.4	639.5	628.6
EBIT [+]	1,004.4	1,444.5	992.2	1,051.6	931.7	973.3	872.1	814.6
EBIT growth	-30.5%	45.6%	-5.6%	12.9%	-4.3%	11.6%	7.1%	7.0%
EBIT margin	34.8%	52.2%	33.5%	38.7%	35.8%	38.2%	35.0%	34.0%
Non-recurring items [+]			-24.0	-11.8		-1.8
Asset impairment			-24.0	-11.8		-1.8
Interest expense, net [+]	423.3	431.7	412.7	378.2	374.5	412.8	432.2	447.0
Interest expense	423.3	431.7	412.7	378.2	374.5	412.8	432.2	455.7
Interest income								8.8
Other income (expense), net [+]	50.9	6.0	48.5	27.3	5.3	7.7	360.0	158.4
Gain (loss) on investments	5.6	5.3	6.4	-1.9	3.7	2.3	-0.7	1.0
Gain (loss) on debt retirement	-45.2		-29.5	-16.5	0.5	-0.4	-22.0	-10.6
Pre-tax income	631.9	1,018.7	652.0	712.6	562.5	570.0	799.9	526.1
Income taxes	126.7	146.0	130.5	129.7	100.0	57.2	216.8	82.4
Tax rate	20.1%	14.3%	20.0%	18.2%	17.8%	10.0%	27.1%	15.7%
Minority interest	-55.9	-97.7	-59.3	-66.8	-52.2	-59.3	-67.0
Earnings from continuing ops	496.2	862.2	511.0	572.3	451.9	502.3	572.6	433.1
Earnings from discontinued ops				0.0	0.0
Net income	496.2	862.2	511.0	572.3	451.9	502.3	572.6	433.1
Net margin	17.2%	31.2%	17.3%	21.1%	17.4%	19.7%	23.0%	18.1%

Basic EPS [+]	$3.18	$5.55	$3.31	$3.71	$2.93	$3.27	$3.73	$2.83
Growth	-42.7%	67.8%	-10.8%	26.4%	-10.3%	-12.4%	31.9%	-41.9%
Diluted EPS [+]	$3.17	$5.54	$3.30	$3.70	$2.93	$3.26	$3.72	$2.83
Growth	-42.8%	68.0%	-10.8%	26.4%	-10.3%	-12.4%	31.7%	-41.9%

Dividends per share [+]							$3.85
Growth						-100.0%

Shares outstanding (basic) [+]	156.1	155.4	154.6	154.4	154.2	153.7	153.5	153.1
Growth	0.4%	0.5%	0.1%	0.2%	0.3%	0.2%	0.2%	0.6%
Shares outstanding (diluted) [+]	156.4	155.5	154.9	154.7	154.4	154.0	153.8	153.3
Growth	0.6%	0.4%	0.1%	0.2%	0.3%	0.1%	0.3%	0.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.