Real Estate

3 Months Ended

Mar. 31, 2021

3. Real Estate

Boston Properties, Inc.

Real estate consisted of the following at March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021		December 31, 2020
Land	$	5,068,843	$	5,069,206
Right of use assets - finance leases	237,017		237,393
Right of use assets - operating leases	144,143		146,406
Land held for future development (1)	421,349		450,954
Buildings and improvements	14,004,418		13,777,691
Tenant improvements	2,816,726		2,752,880
Furniture, fixtures and equipment	51,549		49,606
Construction in progress	794,039		868,773
Total	23,538,084		23,352,909
Less: Accumulated depreciation	(5,665,061)		(5,534,102)
	$	17,873,023	$	17,818,807

_______________

(1)Includes pre-development costs.

Boston Properties Limited Partnership

Real estate consisted of the following at March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021		December 31, 2020
Land	$	4,971,990	$	4,971,990
Right of use assets - finance leases	237,017		237,393
Right of use assets - operating leases	144,143		146,406
Land held for future development (1)	421,349		450,954
Buildings and improvements	13,725,776		13,498,098
Tenant improvements	2,816,726		2,752,880
Furniture, fixtures and equipment	51,549		49,606
Construction in progress	794,039		868,773
Total	23,162,589		22,976,100
Less: Accumulated depreciation	(5,557,784)		(5,428,576)
	$	17,604,805	$	17,547,524

_______________

(1)Includes pre-development costs.

Developments

On February 1, 2021, the Company completed and fully placed in-service One Five Nine East 53rd Street, a Class A office and retail redevelopment of the low-rise portion of its 601 Lexington Avenue property with approximately 220,000 net rentable square feet located in New York City.

On February 25, 2021, the Company commenced the development of 180 CityPoint, located in Waltham, Massachusetts. When completed, the building will consist of approximately 329,000 net rentable square feet of laboratory space.

On February 25, 2021, the Company commenced the redevelopment of 880 Winter Street, located in Waltham, Massachusetts. When completed, the building will consist of approximately 224,000 net rentable square feet of laboratory space.

On February 25, 2021, the Company commenced the redevelopment of The Prudential Center Observatory, a 59,000 net rentable square foot redevelopment of the top three floors of 800 Boylston Street - The Prudential Center, located in Boston, Massachusetts.