Real Estate

3 Months Ended

Mar. 31, 2022

3. Real Estate

BXP

Real estate consisted of the following at March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021
Land	$	5,059,311	$	5,061,169
Right of use assets - finance leases	237,501		237,507
Right of use assets - operating leases	169,248		169,778
Land held for future development (1)	582,511		560,355
Buildings and improvements	14,410,242		14,291,214
Tenant improvements	2,951,838		2,894,025
Furniture, fixtures and equipment	51,549		51,695
Construction in progress	846,775		894,172
Total	24,308,975		24,159,915
Less: Accumulated depreciation	(5,995,760)		(5,883,961)
	$	18,313,215	$	18,275,954

_______________

(1)Includes pre-development costs.

BPLP

Real estate consisted of the following at March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021
Land	$	4,963,374	$	4,964,986
Right of use assets - finance leases	237,501		237,507
Right of use assets - operating leases	169,248		169,778
Land held for future development (1)	582,511		560,355
Buildings and improvements	14,133,781		14,014,010
Tenant improvements	2,951,838		2,894,025
Furniture, fixtures and equipment	51,549		51,695
Construction in progress	846,775		894,172
Total	23,936,577		23,786,528
Less: Accumulated depreciation	(5,882,385)		(5,772,018)
	$	18,054,192	$	18,014,510

_______________

(1)Includes pre-development costs.

Pending Acquisition

On April 19, 2021, the Company entered into an agreement to acquire 11251 Roger Bacon Drive, in Reston, Virginia, for an aggregate purchase price of approximately $5.6 million. 11251 Roger Bacon Drive is an approximately 65,000 square foot office building situated on approximately 2.6 acres. The property is 100% leased to a single tenant with a lease that expires concurrently with the planned closing (See Note 12).

Disposition

On March 31, 2022, the Company completed the sale of 195 West Street located in Waltham, Massachusetts for a gross sale price of $37.7 million. Net cash proceeds totaled approximately $35.4 million, resulting in a gain on sale of real estate totaling approximately $22.7 million for BXP and approximately $23.4 million for BPLP. 195 West Street is an approximately 63,500 net rentable square foot Class A office property. 195 West Street contributed approximately $0.4 million of net income to the Company for the three months ended March 31, 2022 and contributed approximately $0.2 million of net loss to the Company for the three months ended March 31, 2021.