Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule Of Reconciliation Of Net Operating Income To Net Income

BXP

	Three months ended March 31,
	2022		2021
	(in thousands)
Net income attributable to Boston Properties, Inc. common shareholders	$	143,047	$	91,624
Add:
Preferred stock redemption charge	—		6,412
Preferred dividends	—		2,560
Noncontrolling interest—common units of the Operating Partnership	16,361		11,084
Noncontrolling interests in property partnerships	17,549		16,467
Interest expense	101,228		107,902
Losses from early extinguishment of debt	—		898
Net operating income from unconsolidated joint ventures	37,321		24,795
Depreciation and amortization expense	177,624		176,565
Transaction costs	—		331
Payroll and related costs from management services contracts	4,065		3,505
General and administrative expense	43,194		44,959
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,055		44,376
Gains (losses) from investments in securities	(2,262)		1,659
Interest and other income (loss)	1,228		1,168
Gains on sales of real estate	22,701		—
Income from unconsolidated joint ventures	2,189		5,225
Direct reimbursements of payroll and related costs from management services contracts	4,065		3,505
Development and management services revenue	5,831		6,803
Company’s share of Net Operating Income	$	459,582	$	424,366

BPLP

	Three months ended March 31,
	2022		2021
	(in thousands)
Net income attributable to Boston Properties Limited Partnership common unitholders	$	161,829	$	105,773
Add:
Preferred unit redemption charge	—		6,412
Preferred distributions	—		2,560
Noncontrolling interests in property partnerships	17,549		16,467
Interest expense	101,228		107,902
Losses from early extinguishment of debt	—		898
Net operating income from unconsolidated joint ventures	37,321		24,795
Depreciation and amortization expense	175,886		173,500
Transaction costs	—		331
Payroll and related costs from management services contracts	4,065		3,505
General and administrative expense	43,194		44,959
Less:
Net operating income attributable to noncontrolling interests in property partnerships	47,055		44,376
Gains (losses) from investments in securities	(2,262)		1,659
Interest and other income (loss)	1,228		1,168
Gains on sales of real estate	23,384		—
Income from unconsolidated joint ventures	2,189		5,225
Direct reimbursements of payroll and related costs from management services contracts	4,065		3,505
Development and management services revenue	5,831		6,803
Company’s share of Net Operating Income	$	459,582	$	424,366

Schedule Of Segment Information By Geographic Area And Property Type

Information by geographic area and property type (dollars in thousands):

For the three months ended March 31, 2022:

	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue: (1)
Office	$	242,078		$	—		$	256,870		$	132,375		$	—		$	95,565		$	726,888
Residential	3,596			—			—			2,391			—			6,979			12,966
Hotel	4,557			—			—			—			—			—			4,557
Total	250,231			—			256,870			134,766			—			102,544			744,411
% of Grand Totals	33.61		%	—		%	34.51		%	18.10		%	—		%	13.78		%	100.00		%
Rental Expenses:
Office	90,528			—			96,340			43,408			—			33,547			263,823
Residential	1,437			—			—			1,868			—			3,127			6,432
Hotel	4,840			—			—			—			—			—			4,840
Total	96,805			—			96,340			45,276			—			36,674			275,095
% of Grand Totals	35.19		%	—		%	35.02		%	16.46		%	—		%	13.33		%	100.00		%
Net operating income	$	153,426		$	—		$	160,530		$	89,490		$	—		$	65,870		$	469,316
% of Grand Totals	32.69		%	—		%	34.21		%	19.07		%	—		%	14.03		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(11,735)			—			(35,320)			—			—			—			(47,055)
Add: Company’s share of net operating income from unconsolidated joint ventures	9,693			13,757			(156)			3,181			1,955			8,891			37,321
Company’s share of net operating income	$	151,384		$	13,757		$	125,054		$	92,671		$	1,955		$	74,761		$	459,582
% of Grand Totals	32.94		%	2.99		%	27.21		%	20.16		%	0.43		%	16.27		%	100.00		%

  _______________

(1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.

For the three months ended March 31, 2021:

	Boston			Los Angeles			New York			San Francisco			Washington, DC			Total
Rental Revenue: (1)
Office	$	230,403		$	—		$	250,164		$	130,598		$	82,415		$	693,580
Residential	3,045			—			—			321			5,809			9,175
Hotel	632			—			—			—			—			632
Total	234,080			—			250,164			130,919			88,224			703,387
% of Grand Totals	33.28		%	—		%	35.57		%	18.61		%	12.54		%	100.00		%
Rental Expenses:
Office	79,881			—			99,385			40,249			31,747			251,262
Residential	1,455			—			—			1,686			2,986			6,127
Hotel	2,051			—			—			—			—			2,051
Total	83,387			—			99,385			41,935			34,733			259,440
% of Grand Totals	32.14		%	—		%	38.31		%	16.16		%	13.39		%	100.00		%
Net operating income	$	150,693		$	—		$	150,779		$	88,984		$	53,491		$	443,947
% of Grand Totals	33.94		%	—		%	33.97		%	20.04		%	12.05		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,224)			—			(34,152)			—			—			(44,376)
Add: Company’s share of net operating income from unconsolidated joint ventures	2,281			14,192			(793)			3,480			5,635			24,795
Company’s share of net operating income	$	142,750		$	14,192		$	115,834		$	92,464		$	59,126		$	424,366
% of Grand Totals	33.64		%	3.34		%	27.30		%	21.79		%	13.93		%	100.00		%

  _______________

(1)Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.