Real Estate (Tables)

9 Months Ended

Sep. 30, 2019

Entity Information [Line Items]

Schedule of Real Estate Properties [Table Text Block]

Boston Properties, Inc.

Real estate consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Land	$	5,087,029		$	5,072,568
Right of use assets - finance leases	237,394			—
Right of use assets - operating leases	149,231			—
Land held for future development (1)	246,972			200,498
Buildings and improvements	13,396,648			13,356,751
Tenant improvements	2,559,907			2,396,932
Furniture, fixtures and equipment	44,908			44,351
Construction in progress	953,336			578,796
Total	22,675,425			21,649,896
Less: Accumulated depreciation	(5,164,353		)	(4,897,777		)
	$	17,511,072		$	16,752,119

_______________

(1)

Includes pre-development costs.

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 September 30, 2019 (in thousands):

	Operating			Finance
October 1, 2019 - December 31, 2019	$	2,426		$	150
2020	10,050			907
2021	24,953			5,958
2022	18,041			10,208
2023	10,345			9,708
Thereafter (1)	567,232			1,431,760
Total lease payments	633,047			1,458,691
Less: interest portion	(433,292		)	(1,237,662		)
Present value of lease payments	$	199,755		$	221,029

_______________

(1)

Finance lease payments in 2024 include approximately $38.7 million related to a purchase option that the Company is reasonably certain it will exercise.

Boston Properties Limited Partnership

Entity Information [Line Items]

Schedule of Real Estate Properties [Table Text Block]

Boston Properties Limited Partnership

Real estate consisted of the following at September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019			December 31, 2018
Land	$	4,986,576		$	4,971,475
Right of use assets - finance leases	237,394			—
Right of use assets - operating leases	149,231			—
Land held for future development (1)	246,972			200,498
Buildings and improvements	13,101,302			13,059,488
Tenant improvements	2,559,907			2,396,932
Furniture, fixtures and equipment	44,908			44,351
Construction in progress	953,336			578,796
Total	22,279,626			21,251,540
Less: Accumulated depreciation	(5,061,727		)	(4,800,475		)
	$	17,217,899		$	16,451,065

_______________

(1)

Includes pre-development costs.

Platform 16 [Member]

Entity Information [Line Items]

Finance Lease, Liability, Maturity [Table Text Block]

As of January 24, 2019, the lease payments from the finance lease related to the remaining parcels made available for lease to the Company were as follows (in thousands):

Period from January 24, 2019 through December 31, 2019	$	17,918
2020	109,460
Total expected minimum lease payments	127,378
Interest portion	(4,815		)
Present value of expected net lease payments	$	122,563

2100 Pennsylvania Avenue [Member]

Entity Information [Line Items]

Finance Lease, Liability, Maturity [Table Text Block]

As of July 16, 2019, the lease payments from the finance lease were as follows (in thousands):

Period from July 16, 2019 through December 31, 2019	$	—
2020	—
2021	3,863
2022	8,576
2023	8,669
Thereafter	1,358,518
Total expected minimum lease payments	1,379,626
Interest portion	(1,214,649		)
Present value of expected net lease payments	$	164,977