Leases (Tables)

3 Months Ended

Mar. 31, 2019

Finance Lease, Liability, Maturity [Table Text Block]

The following table provides a maturity analysis for the Company's lease liabilities related to its operating and finance leases as of March 31, 2019 (in thousands):



	Operating			Finance (1)
April 1, 2019 - December 31, 2019	$	7,317		$	4,401
2020	17,488			122,070
2021	25,403			2,130
2022	11,376			1,121
2023	9,084			944
Thereafter	567,232			73,241
Total lease payments	637,900			203,907
Less: interest portion	(438,247		)	(30,784		)
Present value of lease payments	$	199,653		$	173,123

The Company recorded an adjustment to the opening balance of retained earnings related to initial direct costs that, as of January 1, 2019, had not started to amortize and are no longer allowed to be capitalized in accordance with ASU 2016-02, totaling approximately to Dividends in Excess of Earnings of Boston Properties, Inc. and Partners' Capital of Boston Properties Limited Partnership, approximately $0.4 million to Noncontrolling interests - Common Units of Boston Properties, Inc. and Noncontrolling Interest - Redeemable Partnership Units of Boston Properties Limited Partnership and $70,000 to Noncontrolling Interests - Property Partnerships of Boston Properties, Inc. and Noncontrolling Interests in Property Partnerships of Boston Properties Limited Partnership on the corresponding Consolidated Balance Sheets.

$3.9 million to Dividends in Excess of Earnings of Boston Properties, Inc. and Partners' Capital of Boston Properties Limited Partnership, approximately $0.4 million



52		P52Y0M0D
5		P5Y0M0D

Lease, Cost [Table Text Block]

The following tables provide quantitative information for the Company's operating and finance leases as of March 31, 2019 (dollars in thousands):



	Three months ended March 31, 2019
Lease costs
Operating lease costs	$	3,677
Finance lease costs
Amortization of right of use asset (1)	$	16
Interest on lease liabilities (2)	$	12

	March 31, 2019
Other information
Weighted-average remaining lease term (in years)
Operating leases	52
Finance leases	5
Weighted-average discount rate
Operating leases	5.7		%
Finance leases	4.1		%

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(1)	The finance leases relate to either land, building or assets that remain in development. The Company's policy is not to depreciate finance lease assets related to land because it is assumed to have an indefinite life. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company's policy.


(2)	Three of the finance leases relate to assets under development and as such the entire interest amount was capitalized.

Operating Lease, Lease Income [Table Text Block]

The following table summarizes the components of lease revenue recognized during the three months ended March 31, 2019 included within the Company's Consolidated Statements of Operations (in thousands):



Lease Revenue	Three months ended March 31, 2019
Fixed Contractual Payments	$	553,986
Variable lease payments	125,265
	$	679,251

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The following table provides a maturity analysis for the Company's future contractual minimum lease payments to be made by the Company as of December 31, 2018, under non-cancelable ground leases which expire on various dates through 2114:



Years Ending December 31,	(in thousands)
2019	$	11,425
2020	18,425
2021	25,310
2022	8,894
2023	9,084
Thereafter	567,232

Capital Leases in Financial Statements of Lessee Disclosure [Text Block]

The following table provides a maturity analysis for the Company's future minimum lease payments, as of December 31, 2018, related to the four capital leases, through 2036:



Years Ending December 31,	(in thousands)
2019	$	1,441
2020	12,682
2021	2,123
2022	1,253
2023	944
Thereafter	73,241
Total expected minimum lease payments	91,684
Interest portion	(27,497		)
Present value of expected net minimum lease payments	$	64,187

Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]

The future contractual minimum lease payments to be received (excluding operating expense reimbursements) by the Company as of December 31, 2018, under non-cancelable operating leases which expire on various dates through 2049:



Years Ending December 31,	(in thousands)
2019	$	2,088,171
2020	2,106,963
2021	2,015,031
2022	1,838,699
2023	1,736,636
Thereafter	12,295,464

The future contractual lease payments to be received (excluding operating expense reimbursements) by the Company as of March 31, 2019, under non-cancelable operating leases which expire on various dates through 2049:



	(in thousands)
April 1, 2019 - December 31, 2019	$	1,573,871
2020	2,147,464
2021	2,076,969
2022	1,910,362
2023	1,811,936
Thereafter	12,821,229

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table provides a maturity analysis for the Company's lease liabilities related to its operating and finance leases as of March 31, 2019 (in thousands):



	Operating			Finance (1)
April 1, 2019 - December 31, 2019	$	7,317		$	4,401
2020	17,488			122,070
2021	25,403			2,130
2022	11,376			1,121
2023	9,084			944
Thereafter	567,232			73,241
Total lease payments	637,900			203,907
Less: interest portion	(438,247		)	(30,784		)
Present value of lease payments	$	199,653		$	173,123

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(1)	Finance lease payments in 2020 and 2024 include approximately $119.8 million and $38.7 million, respectively, related to purchase options that the Company is reasonably certain that it will exercise.